VELEC
ActiveSummary
VELEC has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.1m and a net result of -€2,195. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 75% of 112 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability35▼-5
Solvency90▲+1
Growth35▼-6
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity short (current ratio 0.06 against 0.25 in 2023; short-term debt: 3.6% and cash: 0.1% of total assets), and 35.2% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 27
Relative position
BE, all sectors
reference
Manufacture of electrical equipment (NACE 27)
about 104% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-09-2025, 48 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
48 d late
2023
44 d early
2022
3 d late
2021
35 d early
2020
12 d early
2019
44 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 14 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€760,333▼ 45.9%
2023 · €1.4m
EBIT margin
4.6%▲ 0.1pp
2023 · 4.5%
Net result
-€2,195
2023 · €18,642
Working capital
-€317,131▲ 1.4%
2023 · -€321,784
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 27, Manufacture of electrical equipment, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€2.0m▲ 0.3%€3.0m▲ 45.9%€4.0m▲ 34.7%€1.4m▼ 64.7%€760,333▼ 45.9%
Operating result€22,908€21,401▼ 6.6%€375,968▲ 1,657%€63,207▼ 83.2%€34,838▼ 44.9%
Net result-€126,537below the sector's middle half-€125,662below the sector's middle half▲ 0.7%€245,381within the sector's middle half€18,642within the sector's middle half▼ 92.4%-€2,195within the sector's middle half
EBIT margin1.1%▲ 5.8pp0.7%▼ 0.4pp9.4%▲ 8.7pp4.5%▼ 4.9pp4.6%▲ 0.1pp
Equity€5.9mabove the sector's middle half▼ 2.1%€5.8mabove the sector's middle half▼ 2.1%€6.1mabove the sector's middle half▲ 4.2%€6.1mwithin the sector's middle half▲ 0.3%€6.1mwithin the sector's middle half=
Total assets€10.6mabove the sector's middle half▼ 8.5%€9.8mabove the sector's middle half▼ 7.3%€9.9mabove the sector's middle half▲ 0.9%€9.4mwithin the sector's middle half▼ 4.6%€9.4mwithin the sector's middle half▼ 1.0%
Debt€4.7m▼ 15.5%€4.0m▼ 13.9%€3.9m▼ 3.9%€3.4m▼ 12.4%€3.3m▼ 2.6%
Working capital-€308,816-€514,806▼ 66.7%-€747,297▼ 45.2%-€321,784▲ 56.9%-€317,131▲ 1.4%
Solvency56.0%within the sector's middle half▲ 3.6pp59.1%above the sector's middle half▲ 3.1pp61.1%within the sector's middle half▲ 1.9pp64.2%within the sector's middle half▲ 3.2pp64.8%within the sector's middle half▲ 0.6pp
Staff (FTE)5.9within the sector's middle half=6.4within the sector's middle half▲ 8.5%6within the sector's middle half▼ 6.3%8.6within the sector's middle half▲ 43.3%9within the sector's middle half▲ 4.7%
above
within
below
the middle half (P25 to P75) of NACE 27, Manufacture of electrical equipment, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2023 Turnover -65%, Net result -92% on 2022. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 45% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9.4m
Fixed assets
€9.3m ▼ 0.1%
Current assets
€21,919 ▼ 79.6%
Equity and liabilities €9.4m
Equity
€6.1m =
Debt
€3.3m ▼ 2.6%
Debt's share of the balance-sheet total falls from 35.8% to 35.2%. Debt is lower.
Key figures and ratios
EBITDA
€45,757▼
2023 · €73,455
Cash flow
€8,724▼
2023 · €28,890
Current ratio
0.06▼
2023 · 0.25
Debt to equity
0.54▼
2023 · 0.56
ROE
0.0%▼
2023 · 0.3%
ROA
0.0%▼
2023 · 0.2%
Interest coverage
1.44▼
2023 · 2.40
Debt ≤ 1 year
€339,050▼
2023 · €429,396
Debt > 1 year
€3.0m=
2023 · €3.0m
Income taxes
€4,033▼
2023 · €13,084
Staff costs
€543,117▲
2023 · €501,271
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.4m | €761,128 | ▼ 46.7% |
| Turnover70 | €2.0m | €3.0m | €4.0m | €1.4m | €760,333 | ▼ 45.9% |
| Other operating income74 | - | - | - | €23,610 | €795 | ▼ 96.6% |
| Operating charges60/66A | - | - | - | €1.4m | €726,289 | ▼ 46.8% |
| Goods, raw materials, services and sundry goods60/61 | - | €2.4m | €3.5m | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €414,597 | - | - |
| Purchases600/8 | - | - | - | €0 | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | €414,597 | - | - |
| Services and other goods61 | - | - | - | €417,680 | €169,946 | ▼ 59.3% |
| Remuneration, social security and pensions62 | - | €319,256 | €317,220 | €501,271 | €543,117 | ▲ 8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €422,144 | €423,409 | €5,183 | €10,248 | €10,919 | ▲ 6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €261 | €150 | -€4,047 | - | - |
| Other operating charges640/8 | - | €1,028 | €1,394 | €25,059 | €2,307 | ▼ 90.8% |
| Gross operating margin9900 | €716,244 | €765,355 | €699,916 | - | - | - |
| Operating profit (loss)9901 | €22,908 | €21,401 | €375,968 | €63,207 | €34,838 | ▼ 44.9% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | - | €44,445 | €35,191 | €31,482 | €33,001 | ▲ 4.8% |
| Recurring financial charges65 | €48,797 | €44,445 | €35,191 | €31,482 | €33,001 | ▲ 4.8% |
| Debt charges650 | - | - | - | €30,615 | €31,797 | ▲ 3.9% |
| Other financial charges652/9 | - | - | - | €867 | €1,204 | ▲ 38.8% |
| Profit (loss) for the period before taxes9903 | -€25,889 | -€23,044 | €340,777 | €31,725 | €1,837 | ▼ 94.2% |
| Income taxes67/77 | €100,648 | €102,618 | €95,396 | €13,084 | €4,033 | ▼ 69.2% |
| Taxes670/3 | - | - | - | €13,084 | €4,033 | ▼ 69.2% |
| Profit (loss) for the period9904 | -€126,537 | -€125,662 | €245,381 | €18,642 | -€2,195 | ▼ 112% |
| Profit (loss) for the period to be appropriated9905 | -€126,537 | -€125,662 | €245,381 | €18,642 | -€2,195 | ▼ 112% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.6m | €9.8m | €9.9m | €9.4m | €9.4m | ▼ 1.0% |
| Fixed assets21/28 | €9.7m | €9.3m | €9.3m | €9.3m | €9.3m | ▼ 0.1% |
| Intangible fixed assets21 | €420,364 | €67 | €569 | €449 | €329 | ▼ 26.7% |
| Tangible fixed assets22/27 | €10,772 | €11,561 | €38,740 | €32,007 | €26,332 | ▼ 17.7% |
| Plant, machinery and equipment23 | - | €9,128 | €25,146 | €16,385 | €15,866 | ▼ 3.2% |
| Furniture and vehicles24 | - | €2,433 | €13,594 | €15,622 | €10,466 | ▼ 33.0% |
| Financial fixed assets28 | €9.3m | €9.3m | €9.3m | €9.3m | €9.3m | = |
| Affiliated companies280/1 | - | - | - | €9.3m | €9.3m | = |
| Participating interests280 | - | - | - | €9.3m | €9.3m | = |
| Current assets29/58 | €851,342 | €498,148 | €559,737 | €107,611 | €21,919 | ▼ 79.6% |
| Stocks and contracts in progress3 | €182,204 | €342,880 | €410,550 | - | - | - |
| Stocks30/36 | - | €342,880 | €410,550 | - | - | - |
| Amounts receivable within one year40/41 | €496,785 | €100,779 | €62,225 | €83,753 | €11,762 | ▼ 86.0% |
| Trade receivables40 | - | €100,427 | €41,416 | €83,753 | €795 | ▼ 99.1% |
| Other amounts receivable41 | - | €352 | €20,809 | - | €10,967 | - |
| Cash at bank and in hand54/58 | €172,012 | €54,489 | €85,541 | €23,858 | €10,157 | ▼ 57.4% |
| Deferred charges and accrued income490/1 | - | €0 | €1,421 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.6m | €9.8m | €9.9m | €9.4m | €9.4m | ▼ 1.0% |
| Equity10/15 | €5.9m | €5.8m | €6.1m | €6.1m | €6.1m | = |
| Contributions10/11 | - | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Reserves13 | €419,868 | €419,868 | €419,868 | €419,868 | €419,868 | = |
| Non-distributable reserves130/1 | - | €19,868 | €19,868 | €19,868 | €19,868 | = |
| Reserves not available under the articles1311 | - | €19,868 | €19,868 | €19,868 | €19,868 | = |
| Distributable reserves133 | - | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Profit (loss) carried forward14 | €2.3m | €2.2m | €2.5m | €2.5m | €2.5m | ▼ 0.1% |
| Amounts payable17/49 | €4.7m | €4.0m | €3.9m | €3.4m | €3.3m | ▼ 2.6% |
| Amounts payable after more than one year17 | €3.5m | €3.0m | €2.6m | €3.0m | €3.0m | = |
| Other amounts payable178/9 | - | €3.0m | €2.6m | €3.0m | €3.0m | = |
| Amounts payable within one year42/48 | €1.2m | €1.0m | €1.3m | €429,396 | €339,050 | ▼ 21.0% |
| Financial debts43 | - | €42,000 | €0 | - | - | - |
| Credit institutions430/8 | - | €42,000 | €0 | - | - | - |
| Trade debts44 | €303,160 | €550,772 | €765,697 | €319,701 | €204,873 | ▼ 35.9% |
| Suppliers440/4 | - | €550,772 | €765,697 | €319,701 | €204,873 | ▼ 35.9% |
| Taxes, remuneration and social security45 | - | €55,956 | €143,468 | €82,348 | €77,057 | ▼ 6.4% |
| Taxes450/3 | - | €24,626 | €107,651 | €19,664 | €20,520 | ▲ 4.4% |
| Remuneration and social security454/9 | - | €31,330 | €35,817 | €62,684 | €56,537 | ▼ 9.8% |
| Other amounts payable47/48 | - | €364,226 | €397,868 | €27,347 | €57,120 | ▲ 109% |
| Accrued charges and deferred income492/3 | - | €219 | €29 | €46 | €1,100 | ▲ 2,266% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€126,537 | -€125,662 | €245,381 | €18,642 | -€2,195 | ▼ 112% |
| + Depreciation and write-downs630 | €422,144 | €423,409 | €5,183 | €10,248 | €10,919 | ▲ 6.5% |
| Operating cash flow (approximation) | €295,607 | €297,747 | €250,564 | €28,890 | €8,724 | ▼ 69.8% |
| Investment in fixed assets (approximation) | - | -€3,902 | -€32,864 | -€3,395 | -€5,124 | ▼ 50.9% |
| Change in cash | - | -€117,524 | €31,052 | -€61,683 | -€13,701 | ▲ 77.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
07-08
State Gazette act
General meeting · Permanent representative
Declaration · Other statement
2025
17-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 48 days late
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 3 days late
2022
31-12
Financial
Back to profitnet €245,381
Net result €245,381 after 2 loss-making years.
26-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
19-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€126,537
Net result drops to -€126,537, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Highest result since 2018net €6.7m ▲4,641%
Net result €6.7m, the highest in the series.
31-12
Financial
Equity above €5mEq €6.1m ▲151%
2 profitable years in a row build equity to €6.1m.
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
20-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
12 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 1994
Ground area
2,535 m²
Building footprint
1,026 m²
Volume, LiDAR
4,736 m³
Parcel 46014A1059/00H000, Flanders · tallest building 6.4 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Spinnerslaan 10, 9160 Lokeren
since 19942.067.618.841
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46014A1059/00H000 | Flanders | 2,535 m² | 1 · 1,026 m² | 6.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 owners · 1 holding · 2 subsidiaries in the treeChain of control
- LED Invest
- Téco Holding
- VELEC
Highest known parent: LED Invest. The sources do not say who stands above it.
Owners 2
- Téco Holdingparent99.99%
- Sourceaccounts BHB 20240.01%
Holdings 1
-
99.78%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
TECONEX 99.78%1 subsidiary
- TECONEX GmbHDE 100%
According to the 2024 annual accounts of VELEC and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
7 connected companiesThis company
Company
Director
Shareholding
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Linked via shared directors
Show 3 more companies with a shared director
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Of 155 companies in sector 27120 we hold annual accounts for 113. 57 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-07-1994
Fiscal year end31-12
Activities, NACEBEL 2025
27120Manufacture of electrical equipment
46643Wholesale of electrical equipment, including installation materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452965551
Registered
20-11-2020
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.