W.T.E.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 14 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €230,000
Total assets
€322,641▲ 6.3%
2024 · €303,388
Net result
€45,082▼ 22.1%
2024 · €57,889
Working capital
€93,814▲ 92.6%
2024 · €48,708
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€63,783
▼ 30.7%
2025
20182025
Net result
€45,082
▼ 22.1%
2025
highest quarter of the sector
20182025
Equity
€241,805
▲ 19.3%
2025
highest quarter of the sector
20182025
Total assets
€322,641
▲ 6.3%
2025
highest quarter of the sector
20182025
Debt
€80,836
▼ 19.7%
2025
20182025
Working capital
€93,814
▲ 92.6%
2025
middle half of the sector
20182025
Solvency
74.9%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
2.22
▲ 0.70
2025
middle half of the sector
20182025
Return on assets (ROA)
14.0%
▼ 5.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,120-€12,472▲ 23.2%€23,600▲ 89.2%€25,388▲ 7.6%€51,101▲ 101%€52,773▲ 3.3%€91,982▲ 74.3%€63,783▼ 30.7%
Net result€6,005-€6,001▼ 0.1%€17,361within the sector's middle half▲ 189%€13,833within the sector's middle half▼ 20.3%€13,838within the sector's middle half=€41,359above the sector's middle half▲ 199%€57,889above the sector's middle half▲ 40.0%€45,082above the sector's middle half▼ 22.1%
Equity€69,368-€75,369▲ 8.7%€92,730within the sector's middle half▲ 23.0%€105,763within the sector's middle half▲ 14.1%€118,874within the sector's middle half▲ 12.4%€150,733within the sector's middle half▲ 26.8%€202,722above the sector's middle half▲ 34.5%€241,805above the sector's middle half▲ 19.3%
Total assets€148,054-€161,417▲ 9.0%€194,862within the sector's middle half▲ 20.7%€218,599within the sector's middle half▲ 12.2%€226,570within the sector's middle half▲ 3.6%€258,552within the sector's middle half▲ 14.1%€303,388within the sector's middle half▲ 17.3%€322,641above the sector's middle half▲ 6.3%
Debt€78,686-€86,048▲ 9.4%€102,132▲ 18.7%€112,836▲ 10.5%€107,696▼ 4.6%€107,819▲ 0.1%€100,665▼ 6.6%€80,836▼ 19.7%
Working capital€5,386--€3,431-€21,845below the sector's middle half▼ 537%-€14,714below the sector's middle half▲ 32.6%-€5,657below the sector's middle half▲ 61.6%€5,833within the sector's middle half€48,708within the sector's middle half▲ 735%€93,814within the sector's middle half▲ 92.6%
Solvency46.9%-46.7%▼ 0.2pp47.6%within the sector's middle half▲ 0.9pp48.4%within the sector's middle half▲ 0.8pp52.5%within the sector's middle half▲ 4.1pp58.3%within the sector's middle half▲ 5.8pp66.8%within the sector's middle half▲ 8.5pp74.9%within the sector's middle half▲ 8.1pp
Current ratio1.14-0.93▼ 0.200.70below the sector's middle half▼ 0.230.84below the sector's middle half▲ 0.130.94below the sector's middle half▲ 0.101.06below the sector's middle half▲ 0.121.52within the sector's middle half▲ 0.462.22within the sector's middle half▲ 0.70
Return on assets (ROA)4.1%-3.7%▼ 0.3pp8.9%within the sector's middle half▲ 5.2pp6.3%within the sector's middle half▼ 2.6pp6.1%within the sector's middle half▼ 0.2pp16.0%within the sector's middle half▲ 9.9pp19.1%within the sector's middle half▲ 3.1pp14.0%within the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 31% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €322,641
Fixed assets
€151,917 ▼ 5.5%
Current assets
€170,724 ▲ 19.7%
Equity and liabilities €322,641
Equity
€241,805 ▲ 19.3%
Debt
€80,836 ▼ 19.7%
Debt's share of the balance-sheet total falls from 33.2% to 25.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€77,501▼
2024 · €104,747
Cash flow
€58,801▼
2024 · €70,653
Debt to equity
0.33▼
2024 · 0.50
ROE
18.6%▼
2024 · 28.6%
Interest coverage
18.07▲
2024 · 16.31
Debt ≤ 1 year
€76,910▼
2024 · €93,889
Income taxes
€26,163▼
2024 · €29,099
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,464 | €6,816 | €25,301 | €17,597 | €4,844 |
| Depreciation and write-downs of the year | €8,003 | €8,952 | €9,939 | €12,764 | €13,719 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,490 | €5,376 | €5,925 | €8,003 | €8,952 | €9,939 | €12,764 | €13,719 | ▲ 7.5% |
| Other operating charges640/8 | - | - | - | €548 | €713 | €739 | €650 | €838 | ▲ 28.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €449 | - | - |
| Gross operating margin9900 | €15,718 | €18,549 | €30,275 | €33,939 | €60,767 | €63,450 | €105,846 | €78,340 | ▼ 26.0% |
| Operating profit (loss)9901 | €10,120 | €12,472 | €23,600 | €25,388 | €51,101 | €52,773 | €91,982 | €63,783 | ▼ 30.7% |
| Financial income75/76B | - | - | - | €0 | €554 | €2,196 | €1,429 | €11,751 | ▲ 723% |
| Recurring financial income75 | €1,459 | €19 | €8 | €0 | €554 | €2,196 | €1,429 | €11,751 | ▲ 723% |
| Financial charges65/66B | - | - | - | €3,986 | €15,284 | €8,715 | €6,423 | €4,288 | ▼ 33.2% |
| Recurring financial charges65 | €2,365 | €2,200 | €3,438 | €3,242 | €15,284 | €8,715 | €6,423 | €4,288 | ▼ 33.2% |
| Non-recurring financial charges66B | - | - | - | €744 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €9,214 | €10,291 | €20,170 | €21,403 | €36,371 | €46,254 | €86,988 | €71,246 | ▼ 18.1% |
| Income taxes67/77 | €3,209 | €4,291 | €2,809 | €7,570 | €22,532 | €4,895 | €29,099 | €26,163 | ▼ 10.1% |
| Profit (loss) for the period9904 | €6,005 | €6,001 | €17,361 | €13,833 | €13,838 | €41,359 | €57,889 | €45,082 | ▼ 22.1% |
| Profit (loss) for the period to be appropriated9905 | €6,005 | €6,001 | €17,361 | €13,833 | €13,838 | €41,359 | €57,889 | €45,082 | ▼ 22.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €148,054 | €161,417 | €194,862 | €218,599 | €226,570 | €258,552 | €303,388 | €322,641 | ▲ 6.3% |
| Fixed assets21/28 | €103,398 | €112,198 | €142,721 | €143,181 | €141,045 | €156,407 | €160,792 | €151,917 | ▼ 5.5% |
| Tangible fixed assets22/27 | €103,398 | €112,198 | €142,721 | €143,181 | €141,045 | €156,407 | €160,792 | €151,917 | ▼ 5.5% |
| Land and buildings22 | - | - | - | €125,818 | €123,761 | €151,930 | €153,430 | €142,137 | ▼ 7.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €956 | €2,022 | ▲ 111% |
| Furniture and vehicles24 | - | - | - | €1,552 | €3,230 | €4,477 | €6,406 | €7,758 | ▲ 21.1% |
| Assets under construction and advance payments27 | - | - | - | €15,811 | €14,054 | - | - | - | - |
| Current assets29/58 | €44,656 | €49,219 | €52,142 | €75,418 | €85,524 | €102,144 | €142,596 | €170,724 | ▲ 19.7% |
| Amounts receivable within one year40/41 | €8,800 | €11,771 | €3,290 | €25,303 | €25,215 | €27,872 | €26,843 | €15,567 | ▼ 42.0% |
| Trade receivables40 | - | - | - | €25,183 | €25,169 | €27,586 | €26,574 | €13,862 | ▼ 47.8% |
| Other amounts receivable41 | - | - | - | €120 | €46 | €286 | €269 | €1,705 | ▲ 533% |
| Current investments50/53 | €18,844 | €22,946 | €27,888 | €39,170 | €46,784 | €69,230 | €106,009 | €130,238 | ▲ 22.9% |
| Cash at bank and in hand54/58 | €17,013 | €14,503 | €19,883 | €9,505 | €11,276 | €2,690 | €7,152 | €22,458 | ▲ 214% |
| Deferred charges and accrued income490/1 | - | - | - | €1,440 | €2,250 | €2,353 | €2,592 | €2,461 | ▼ 5.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €148,054 | €161,417 | €194,862 | €218,599 | €226,570 | €258,552 | €303,388 | €322,641 | ▲ 6.3% |
| Equity10/15 | €69,368 | €75,369 | €92,730 | €105,763 | €118,874 | €150,733 | €202,722 | €241,805 | ▲ 19.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €48,260 | €54,260 | €70,260 | €83,093 | €96,204 | €132,133 | €184,122 | €223,205 | ▲ 21.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €81,233 | €94,344 | €130,273 | €182,262 | €221,345 | ▲ 21.4% |
| Profit (loss) carried forward14 | €2,508 | €2,509 | €3,870 | €4,070 | €4,070 | - | - | - | - |
| Amounts payable17/49 | €78,686 | €86,048 | €102,132 | €112,836 | €107,696 | €107,819 | €100,665 | €80,836 | ▼ 19.7% |
| Amounts payable after more than one year17 | €38,196 | €32,271 | €26,244 | €20,113 | €13,878 | €7,536 | €1,085 | - | - |
| Financial debts170/4 | - | - | - | €20,113 | €13,878 | €7,536 | €1,085 | - | - |
| Amounts payable within one year42/48 | €39,270 | €52,650 | €73,987 | €90,132 | €91,181 | €96,311 | €93,889 | €76,910 | ▼ 18.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,130 | €6,235 | €6,342 | €6,451 | €5,617 | ▼ 12.9% |
| Trade debts44 | €2,985 | €13,923 | €3,873 | €7,460 | €2,679 | €689 | €1,735 | €2,809 | ▲ 61.9% |
| Suppliers440/4 | - | - | - | €7,460 | €2,679 | €689 | €1,735 | €2,809 | ▲ 61.9% |
| Taxes, remuneration and social security45 | - | - | - | €10,729 | €18,511 | €4,676 | €14,084 | €12,699 | ▼ 9.8% |
| Taxes450/3 | - | - | - | €10,729 | €18,511 | €4,676 | €14,084 | €12,699 | ▼ 9.8% |
| Other amounts payable47/48 | - | - | - | €65,812 | €63,755 | €84,604 | €71,620 | €55,786 | ▼ 22.1% |
| Accrued charges and deferred income492/3 | - | - | - | €2,591 | €2,637 | €3,971 | €5,691 | €3,925 | ▼ 31.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,005 | €6,001 | €17,361 | €13,833 | €13,838 | €41,359 | €57,889 | €45,082 | ▼ 22.1% |
| + Depreciation and write-downs630 | €4,490 | €5,376 | €5,925 | €8,003 | €8,952 | €9,939 | €12,764 | €13,719 | ▲ 7.5% |
| Operating cash flow (approximation) | €10,495 | €11,376 | €23,286 | €21,836 | €22,790 | €51,298 | €70,653 | €58,801 | ▼ 16.8% |
| Investment in fixed assets (approximation) | - | -€14,175 | -€36,448 | -€8,464 | -€6,816 | -€25,301 | -€17,148 | -€4,844 | ▲ 71.8% |
| Change in cash | - | -€2,510 | €5,381 | -€10,378 | €1,771 | -€8,586 | €4,462 | €15,306 | ▲ 243% |
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, 34,693 companies had the same profile as W.T.E. has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of W.T.E. 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 34,693 companies, not a prediction for W.T.E.. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00228150 | |
| 31-12-2024 | micro format | 08-06-2025 | 2025-00125604 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00274061 | |
| 31-12-2022 | micro format | 31-05-2023 | 2023-00102133 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20468107 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26100542 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18700497 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-51000356 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49100370 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49700149 |