WALDECOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 6 filings
Turnover
≈ €340,000
Estimated: probably between €240,000 and €490,000
Total assets
€199,347▲ 105%
2024 · €97,474
Net result
€48,159▲ 609%
2024 · €6,794
Working capital
-€9,895
2024 · €71,372
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€69,557
▲ 170%
2025
20202025
Net result
€48,159
▲ 609%
2025
highest quarter of the sector
20202025
Equity
€78,785
=
2025
middle half of the sector
20202025
Total assets
€199,347
▲ 105%
2025
middle half of the sector
20202025
Debt
€120,562
▲ 545%
2025
20202025
Working capital
-€9,895
2025
lowest quarter of the sector
20202025
Solvency
39.5%
▼ 41.3pp
2025
middle half of the sector
20202025
Current ratio
0.86
▼ 3.96
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
24.2%
▲ 17.2pp
2025
highest quarter of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€41,682-€2,357▼ 94.3%€7,294▲ 210%€19,928▲ 173%€25,732▲ 29.1%€69,557▲ 170%
Net result€34,699above the sector's middle half-€936within the sector's middle half▼ 97.3%€4,973within the sector's middle half▲ 431%€25,383within the sector's middle half▲ 410%€6,794within the sector's middle half▼ 73.2%€48,159above the sector's middle half▲ 609%
Equity€40,699within the sector's middle half-€41,635within the sector's middle half▲ 2.3%€46,607within the sector's middle half▲ 11.9%€71,991within the sector's middle half▲ 54.5%€78,785within the sector's middle half▲ 9.4%€78,785within the sector's middle half=
Total assets€95,206within the sector's middle half-€70,466within the sector's middle half▼ 26.0%€75,252within the sector's middle half▲ 6.8%€100,744within the sector's middle half▲ 33.9%€97,474within the sector's middle half▼ 3.2%€199,347within the sector's middle half▲ 105%
Debt€54,507-€28,831▼ 47.1%€28,645▼ 0.6%€28,754▲ 0.4%€18,689▼ 35.0%€120,562▲ 545%
Working capital€28,604within the sector's middle half-€27,234within the sector's middle half▼ 4.8%€41,039within the sector's middle half▲ 50.7%€61,509within the sector's middle half▲ 49.9%€71,372within the sector's middle half▲ 16.0%-€9,895below the sector's middle half
Solvency42.7%within the sector's middle half-59.1%within the sector's middle half▲ 16.3pp61.9%within the sector's middle half▲ 2.8pp71.5%above the sector's middle half▲ 9.5pp80.8%above the sector's middle half▲ 9.4pp39.5%within the sector's middle half▼ 41.3pp
Current ratio1.78within the sector's middle half-2.51within the sector's middle half▲ 0.733.30above the sector's middle half▲ 0.793.45above the sector's middle half▲ 0.154.82above the sector's middle half▲ 1.370.86below the sector's middle half▼ 3.96
Return on assets (ROA)36.4%above the sector's middle half-1.3%within the sector's middle half▼ 35.1pp6.6%within the sector's middle half▲ 5.3pp25.2%above the sector's middle half▲ 18.6pp7.0%within the sector's middle half▼ 18.2pp24.2%above the sector's middle half▲ 17.2pp
Staff (FTE)0.3below the sector's middle half-0.3=0.1▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 170% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €199,347
Fixed assets
€140,020 ▲ 19×
Current assets
€59,327 ▼ 34.1%
Equity and liabilities €199,347
Equity
€78,785 =
Debt
€120,562 ▲ 545%
Debt's share of the balance-sheet total rises from 19.2% to 60.5%. Debt is higher.
Key figures and ratios
EBITDA
€83,245▲
2024 · €32,401
Cash flow
€61,846▲
2024 · €13,463
Debt to equity
1.53▲
2024 · 0.24
ROE
61.1%▲
2024 · 8.6%
Interest coverage
29.04▲
2024 · 16.17
Debt ≤ 1 year
€69,222▲
2024 · €18,689
Debt > 1 year
€51,340
Income taxes
€18,665▲
2024 · €17,032
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.3 | 0.1 |
| Joined | 3 | 8 |
| Left | 3 | 8 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,755 | - | €4,574 | - | €160,004 |
| Depreciation and write-downs of the year | €7,649 | €6,548 | €6,860 | €6,669 | €13,688 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €50,967 | - |
| Remuneration, social security and pensions62 | - | €5,274 | €3,055 | €602 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,793 | €7,649 | €6,548 | €6,860 | €6,669 | €13,688 | ▲ 105% |
| Other operating charges640/8 | - | €652 | €1,091 | €989 | €1,248 | €2,265 | ▲ 81.5% |
| Gross operating margin9900 | €51,242 | €15,931 | €17,988 | €28,378 | €33,649 | €85,510 | ▲ 154% |
| Operating profit (loss)9901 | €41,682 | €2,357 | €7,294 | €19,928 | €25,732 | €69,557 | ▲ 170% |
| Financial income75/76B | - | €5 | €0 | €69 | €97 | €133 | ▲ 36.5% |
| Recurring financial income75 | €1 | €5 | €0 | €69 | €97 | €133 | ▲ 36.5% |
| Financial charges65/66B | - | €1,241 | €516 | €1,635 | €2,003 | €2,867 | ▲ 43.1% |
| Recurring financial charges65 | €643 | €1,241 | €516 | €1,635 | €2,003 | €2,867 | ▲ 43.1% |
| Profit (loss) for the period before taxes9903 | €41,040 | €1,120 | €6,779 | €18,362 | €23,826 | €66,824 | ▲ 180% |
| Income taxes67/77 | €6,341 | €184 | €1,806 | -€7,021 | €17,032 | €18,665 | ▲ 9.6% |
| Profit (loss) for the period9904 | €34,699 | €936 | €4,973 | €25,383 | €6,794 | €48,159 | ▲ 609% |
| Profit (loss) for the period to be appropriated9905 | €34,699 | €936 | €4,973 | €25,383 | €6,794 | €48,159 | ▲ 609% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €95,206 | €70,466 | €75,252 | €100,744 | €97,474 | €199,347 | ▲ 105% |
| Fixed assets21/28 | €30,095 | €25,201 | €16,368 | €14,082 | €7,413 | €140,020 | ▲ 19× |
| Tangible fixed assets22/27 | €30,095 | €25,201 | €16,368 | €14,082 | €7,413 | €140,020 | ▲ 19× |
| Plant, machinery and equipment23 | - | €2,999 | €176 | €2,198 | €1,147 | €96 | ▼ 91.6% |
| Furniture and vehicles24 | - | €22,202 | €16,192 | €11,884 | €6,266 | €139,924 | ▲ 22× |
| Current assets29/58 | €65,112 | €45,266 | €58,885 | €86,662 | €90,061 | €59,327 | ▼ 34.1% |
| Amounts receivable within one year40/41 | €26,442 | €33,527 | €40,041 | €55,704 | €76,018 | €33,423 | ▼ 56.0% |
| Trade receivables40 | - | €28,820 | €37,286 | €30,933 | €60,627 | €21,128 | ▼ 65.2% |
| Other amounts receivable41 | - | €4,707 | €2,755 | €24,771 | €15,392 | €12,294 | ▼ 20.1% |
| Current investments50/53 | €36,387 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €11,739 | €17,104 | €29,534 | €13,568 | €23,879 | ▲ 76.0% |
| Deferred charges and accrued income490/1 | - | - | €1,740 | €1,424 | €475 | €2,025 | ▲ 327% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €95,206 | €70,466 | €75,252 | €100,744 | €97,474 | €199,347 | ▲ 105% |
| Equity10/15 | €40,699 | €41,635 | €46,607 | €71,991 | €78,785 | €78,785 | = |
| Contributions10/11 | - | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | - | - | - | - | €6,794 | €6,794 | = |
| Distributable reserves133 | - | - | - | - | €6,794 | €6,794 | = |
| Profit (loss) carried forward14 | €34,699 | €35,635 | €40,607 | €65,991 | €65,991 | €65,991 | = |
| Amounts payable17/49 | €54,507 | €28,831 | €28,645 | €28,754 | €18,689 | €120,562 | ▲ 545% |
| Amounts payable after more than one year17 | €18,000 | €10,800 | €10,800 | €3,600 | - | €51,340 | - |
| Financial debts170/4 | - | €10,800 | €10,800 | €3,600 | - | €51,340 | - |
| Amounts payable within one year42/48 | €36,507 | €18,031 | €17,845 | €25,154 | €18,689 | €69,222 | ▲ 270% |
| Current portion of amounts payable after more than one year42 | - | €3,600 | - | €3,600 | €3,600 | €13,166 | ▲ 266% |
| Trade debts44 | €26,394 | €6,138 | €7,309 | €1,845 | €6,124 | €3,032 | ▼ 50.5% |
| Suppliers440/4 | - | €6,138 | €7,309 | €1,845 | €6,124 | €3,032 | ▼ 50.5% |
| Taxes, remuneration and social security45 | - | €5,888 | €9,268 | €10,200 | €1,832 | €4,865 | ▲ 166% |
| Taxes450/3 | - | €184 | €270 | €10,200 | €1,832 | €4,665 | ▲ 155% |
| Remuneration and social security454/9 | - | €5,704 | €8,998 | - | - | €200 | - |
| Other amounts payable47/48 | - | €2,406 | €1,268 | €9,509 | €7,134 | €48,159 | ▲ 575% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,699 | €936 | €4,973 | €25,383 | €6,794 | €48,159 | ▲ 609% |
| + Depreciation and write-downs630 | €2,793 | €7,649 | €6,548 | €6,860 | €6,669 | €13,688 | ▲ 105% |
| Operating cash flow (approximation) | €37,492 | €8,585 | €11,520 | €32,243 | €13,463 | €61,846 | ▲ 359% |
| Investment in fixed assets (approximation) | - | -€2,755 | €2,285 | -€4,574 | €0 | -€146,295 | - |
| Change in cash | - | - | €5,365 | €12,430 | -€15,966 | €10,311 | - |
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, 26,972 companies had the same profile as WALDECOR has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WALDECOR itself: 0.7% 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 26,972 companies, not a prediction for WALDECOR. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00213886 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00233685 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00364695 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00419176 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20364739 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53600149 |