URTEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 48 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€195,611
2024 · €546,509
Working capital
-€731,477▲ 26.4%
2024 · -€993,349
In the rankings
#1 oldest company in Wortegem-Petegem, Real estate sector#5 company by total assets in Wortegem-Petegem, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€90,452
▼ 88.1%
2025
20182025
Net result
-€195,611
2025
lowest quarter of the sector
20182025
Equity
€1.6m
▼ 11.0%
2025
middle half of the sector
20182025
Total assets
€12.1m
▲ 171%
2025
highest quarter of the sector
20182025
Debt
€10.5m
▲ 290%
2025
20182025
Working capital
-€731,477
▲ 26.4%
2025
lowest quarter of the sector
20182025
Solvency
13.1%
▼ 26.7pp
2025
middle half of the sector
20182025
Current ratio
0.49
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.6%
▼ 13.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.5m-€0.5m▼ 1.7%€0.5m▼ 6.8%€0.6m▲ 25.8%€0.6m▲ 9.7%€0.7m▲ 7.4%€0.8m▲ 12.7%€0.09m▼ 88.1%
Net result€0.3m-€0.3m▼ 2.0%€0.3mabove the sector's middle half▲ 3.3%€0.4mabove the sector's middle half▲ 25.8%€0.4mabove the sector's middle half▲ 10.2%€0.5mabove the sector's middle half▲ 10.6%€0.5mabove the sector's middle half▲ 12.3%-€0.2mbelow the sector's middle half
Equity€1.3m-€1.6m▲ 24.0%€1.9mwithin the sector's middle half▲ 20.0%€2.3mwithin the sector's middle half▲ 21.0%€2.7mabove the sector's middle half▲ 19.1%€3.2mabove the sector's middle half▲ 17.7%€1.8mwithin the sector's middle half▼ 45.0%€1.6mwithin the sector's middle half▼ 11.0%
Total assets€3.1m-€3.4m▲ 9.7%€2.6mwithin the sector's middle half▼ 25.0%€2.9mwithin the sector's middle half▲ 14.1%€3.4mwithin the sector's middle half▲ 14.9%€3.9mwithin the sector's middle half▲ 14.3%€4.5mwithin the sector's middle half▲ 15.6%€12.1mabove the sector's middle half▲ 171%
Debt€1.9m-€1.9m▼ 0.2%€0.7m▼ 63.4%€0.6m▼ 5.3%€0.6m▼ 0.3%€0.6m▼ 0.6%€2.7m▲ 322%€10.5m▲ 290%
Working capital€0.8m-€1.1m▲ 37.9%€0.4mwithin the sector's middle half▼ 64.3%€1.0mabove the sector's middle half▲ 138%€1.6mabove the sector's middle half▲ 62.2%€2.2mabove the sector's middle half▲ 40.6%-€1.0mbelow the sector's middle half-€0.7mbelow the sector's middle half▲ 26.4%
Solvency40.7%-46.0%▲ 5.3pp73.7%above the sector's middle half▲ 27.7pp78.1%above the sector's middle half▲ 4.5pp81.0%above the sector's middle half▲ 2.9pp83.5%above the sector's middle half▲ 2.5pp39.7%within the sector's middle half▼ 43.8pp13.1%within the sector's middle half▼ 26.7pp
Current ratio18.93-27.41▲ 8.486.43above the sector's middle half▼ 20.9826.06above the sector's middle half▲ 19.6264.11above the sector's middle half▲ 38.050.51within the sector's middle half0.49within the sector's middle half▼ 0.02
Return on assets (ROA)10.0%-8.9%▼ 1.1pp12.3%above the sector's middle half▲ 3.4pp13.5%above the sector's middle half▲ 1.3pp13.0%above the sector's middle half▼ 0.5pp12.6%above the sector's middle half▼ 0.4pp12.2%above the sector's middle half▼ 0.4pp-1.6%below the sector's middle half▼ 13.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 88% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.1m
Fixed assets
€11.4m ▲ 231%
Current assets
€713,843 ▼ 30.8%
Equity and liabilities €12.1m
Equity
€1.6m ▼ 11.0%
Debt
€10.5m ▲ 290%
Debt's share of the balance-sheet total rises from 60.3% to 86.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €825,775
Cash flow
€894,270▲
2024 · €609,125
Debt to equity
6.65▲
2024 · 1.52
ROE
-12.4%▼
2024 · 30.8%
Interest coverage
4.15▼
2024 · 16.00
Debt ≤ 1 year
€1.4m▼
2024 · €2.0m
Debt > 1 year
€9.1m▲
2024 · €600,000
Income taxes
€0▼
2024 · €182,170
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €9.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €9.9m |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €160,041 | €146,972 | €146,972 | €62,616 | €1.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,210 | €1,210 | €1,210 | €1,815 | €1,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.8m | €0.8m | €0.9m | €0.9m | €1.4m | ▲ 57.4% |
| Other operating income74 | - | - | - | €0.8m | €0.8m | €0.9m | €0.9m | €1.4m | ▲ 57.4% |
| Operating charges60/66A | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €1.3m | ▲ 945% |
| Services and other goods61 | - | - | - | €0.01m | €0.008m | €0.02m | €0.03m | €0.1m | ▲ 480% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.06m | €1.1m | ▲ 17× |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.07m | ▲ 89.7% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - | - |
| Operating profit (loss)9901 | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.8m | €0.09m | ▼ 88.1% |
| Financial income75/76B | - | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €0.01m | €0.02m | €316 | €0.05m | €0.3m | ▲ 452% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.006m | €0.01m | €0.02m | €316 | €0.05m | €0.3m | ▲ 452% |
| Debt charges650 | €0.02m | €0.02m | €0.006m | €0.01m | €0.02m | €0 | €0.05m | €0.3m | ▲ 451% |
| Other financial charges652/9 | - | - | - | €290 | €316 | €316 | €250 | €0.002m | ▲ 573% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | -€0.2m | - |
| Income taxes67/77 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | -€0.2m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €5 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €3.4m | €2.6m | €2.9m | €3.4m | €3.9m | €4.5m | €12.1m | ▲ 171% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.1m | €1.9m | €1.8m | €1.7m | €3.4m | €11.4m | ▲ 231% |
| Tangible fixed assets22/27 | €2.3m | €2.3m | €2.1m | €1.9m | €1.8m | €1.6m | €1.6m | €10.4m | ▲ 555% |
| Land and buildings22 | - | - | - | €1.9m | €1.8m | €1.6m | €1.6m | €10.4m | ▲ 555% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €1.9m | €1.0m | ▼ 45.8% |
| Affiliated companies280/1 | - | - | - | - | - | - | €1.9m | €1.0m | ▼ 45.9% |
| Amounts receivable281 | - | - | - | - | - | - | €1.9m | €1.0m | ▼ 45.9% |
| Other financial fixed assets284/8 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Shares284 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €0.9m | €1.2m | €0.5m | €1.0m | €1.6m | €2.2m | €1.0m | €0.7m | ▼ 30.8% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.008m | €0.09m | - | €0.001m | €0 | - | - | €0.2m | - |
| Trade receivables40 | - | - | - | €0.001m | €0 | - | - | €0.05m | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.4m | €0.5m | €0.5m | €1.0m | €1.6m | €2.2m | €1.0m | €0.4m | ▼ 60.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.001m | €0.002m | €0.08m | ▲ 46× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €3.4m | €2.6m | €2.9m | €3.4m | €3.9m | €4.5m | €12.1m | ▲ 171% |
| Equity10/15 | €1.3m | €1.6m | €1.9m | €2.3m | €2.7m | €3.2m | €1.8m | €1.6m | ▼ 11.0% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Revaluation surpluses12 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.7m | €1.0m | €1.3m | €1.7m | €2.2m | €2.7m | €1.2m | €1.0m | ▼ 16.5% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.7m | €2.2m | €2.7m | €1.2m | €1.0m | ▼ 16.6% |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.03m | €0.03m | €0.005m | €0.001m | €0.003m | €0.007m | ▲ 156% |
| Amounts payable17/49 | €1.9m | €1.9m | €0.7m | €0.6m | €0.6m | €0.6m | €2.7m | €10.5m | ▲ 290% |
| Amounts payable after more than one year17 | €1.8m | €1.8m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €9.1m | ▲ 15× |
| Financial debts170/4 | - | - | - | - | - | - | - | €9.1m | - |
| Credit institutions173 | - | - | - | - | - | - | - | €9.1m | - |
| Other amounts payable178/9 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.05m | €0.04m | €0.07m | €0.04m | €0.02m | €0.02m | €2.0m | €1.4m | ▼ 28.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.5m | - |
| Trade debts44 | €0.05m | €0.03m | €0.06m | €0.002m | €0 | €0.005m | €0.02m | €0.1m | ▲ 678% |
| Suppliers440/4 | - | - | - | €0.002m | €0 | €0.005m | €0.02m | €0.1m | ▲ 678% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.02m | €0.007m | €0.02m | ▲ 186% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.02m | €0.007m | €0.02m | ▲ 186% |
| Other amounts payable47/48 | - | - | - | - | - | - | €2.0m | €0.8m | ▼ 62.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.02m | €0.02m | €0.07m | €0.002m | ▼ 96.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | -€0.2m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.06m | €1.1m | ▲ 17× |
| Operating cash flow (approximation) | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.9m | ▲ 46.8% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.02m | €0 | €0 | €0 | -€1.9m | -€9.0m | ▼ 388% |
| Change in cash | - | €0.1m | -€0.006m | €0.5m | €0.6m | €0.7m | -€1.2m | -€0.6m | ▲ 47.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 371 companies had the same profile as URTEX has now. Two years later, 96.8% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
96.8%
was still going
2.2%
stopped otherwise
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of URTEX itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 371 companies, not a prediction for URTEX. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00302343 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00201217 | |
| 31-12-2023 | full format | 31-07-2024 | 2024-00320317 | |
| 31-12-2022 | full format | 17-07-2023 | 2023-00245665 | |
| 31-12-2021 | full format | 13-07-2022 | 2022-20191174 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-34800543 | |
| 31-12-2019 | full format | 22-07-2020 | 2020-33400068 | |
| 31-12-2018 | full format | 23-07-2019 | 2019-37400311 | |
| 31-12-2017 | full format | 17-07-2018 | 2018-35100357 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-19700567 |