WEGO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-03-2026 PDF all 37 filings
Turnover
≈ €670,000
Estimated: probably between €470,000 and €970,000
Total assets
€824,913▲ 9.3%
2024 · €754,581
Net result
€89,940▼ 1.2%
2024 · €91,041
Working capital
€18,698▼ 16.1%
2024 · €22,293
In the rankings
#4 oldest company in East Flanders, Energy sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€133,112
▼ 1.7%
2025
20182025
Net result
€89,940
▼ 1.2%
2025
highest quarter of the sector
20182025
Equity
€381,285
▼ 5.4%
2025
highest quarter of the sector
20182025
Total assets
€824,913
▲ 9.3%
2025
highest quarter of the sector
20182025
Debt
€442,338
▲ 26.3%
2025
20182025
Working capital
€18,698
▼ 16.1%
2025
middle half of the sector
20182025
Solvency
46.2%
▼ 7.2pp
2025
middle half of the sector
20182025
Current ratio
1.07
▼ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
10.9%
▼ 1.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.8
▲ 27.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,101-€26,652▼ 14.3%€54,967▲ 106%€61,409▲ 11.7%€71,968▲ 17.2%€120,806▲ 67.9%€135,483▲ 12.1%€133,112▼ 1.7%
Net result€17,200-€16,356▼ 4.9%€38,219above the sector's middle half▲ 134%€40,647above the sector's middle half▲ 6.4%€50,985above the sector's middle half▲ 25.4%€79,881above the sector's middle half▲ 56.7%€91,041above the sector's middle half▲ 14.0%€89,940above the sector's middle half▼ 1.2%
Equity€153,098-€169,454▲ 10.7%€207,673within the sector's middle half▲ 22.6%€248,320within the sector's middle half▲ 19.6%€266,895within the sector's middle half▲ 7.5%€328,536within the sector's middle half▲ 23.1%€403,018above the sector's middle half▲ 22.7%€381,285above the sector's middle half▼ 5.4%
Total assets€649,295-€699,493▲ 7.7%€683,337within the sector's middle half▼ 2.3%€690,952within the sector's middle half▲ 1.1%€706,809within the sector's middle half▲ 2.3%€724,165within the sector's middle half▲ 2.5%€754,581within the sector's middle half▲ 4.2%€824,913above the sector's middle half▲ 9.3%
Debt€489,252-€524,631▲ 7.2%€473,981▼ 9.7%€441,027▼ 7.0%€438,389▼ 0.6%€394,182▼ 10.1%€350,195▼ 11.2%€442,338▲ 26.3%
Working capital€50,963--€6,738€5,303within the sector's middle half-€18,303within the sector's middle half-€26,179below the sector's middle half▼ 43.0%€32,544within the sector's middle half€22,293within the sector's middle half▼ 31.5%€18,698within the sector's middle half▼ 16.1%
Solvency23.6%-24.2%▲ 0.6pp30.4%within the sector's middle half▲ 6.2pp35.9%within the sector's middle half▲ 5.5pp37.8%within the sector's middle half▲ 1.8pp45.4%within the sector's middle half▲ 7.6pp53.4%within the sector's middle half▲ 8.0pp46.2%within the sector's middle half▼ 7.2pp
Current ratio1.35-0.96▼ 0.401.04within the sector's middle half▲ 0.080.86within the sector's middle half▼ 0.180.82within the sector's middle half▼ 0.041.22within the sector's middle half▲ 0.401.16within the sector's middle half▼ 0.061.07within the sector's middle half▼ 0.09
Return on assets (ROA)2.6%-2.3%▼ 0.3pp5.6%within the sector's middle half▲ 3.3pp5.9%within the sector's middle half▲ 0.3pp7.2%within the sector's middle half▲ 1.3pp11.0%within the sector's middle half▲ 3.8pp12.1%above the sector's middle half▲ 1.0pp10.9%above the sector's middle half▼ 1.2pp
Staff (FTE)2.7-2.2▼ 18.5%2.2=2.2=2.2=2.3▲ 4.5%2.2▼ 4.3%2.8▲ 27.3%
above
within
below
The sector band is the middle half of the companies in Electricity, gas, steam and air conditioning supply (NACE 35). 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 2% 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 €824,913
Fixed assets
€546,160 ▼ 7.9%
Current assets
€278,753 ▲ 72.6%
Equity and liabilities €824,913
Equity
€381,285 ▼ 5.4%
Provisions
€1,289 ▼ 5.8%
Debt
€442,338 ▲ 26.3%
Debt's share of the balance-sheet total rises from 46.4% to 53.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€189,442▲
2024 · €186,536
Cash flow
€146,270▲
2024 · €142,094
Quick ratio
1.04▼
2024 · 1.11
Debt to equity
1.16▲
2024 · 0.87
ROE
23.6%▲
2024 · 22.6%
Interest coverage
81.87▲
2024 · 53.97
Debt ≤ 1 year
€260,054▲
2024 · €139,191
Debt > 1 year
€182,284▼
2024 · €211,004
Income taxes
€42,378▲
2024 · €41,682
Staff costs
€142,123▲
2024 · €108,005
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 | 6 |
| full-time | 1 | 1 | 1 | 2 | 2 |
| part-time | 2 | 2 | 2 | 1 | 4 |
| in full-time equivalents | 2.2 | 2.2 | 2.2 | 2.8 | 4 |
| Average over the year, in full-time equivalents | 2.2 | 2.2 | 2.3 | 2.2 | 2.8 |
| On a permanent contract | 3 | 3 | 3 | 2 | 5 |
| Joined | - | 7 | 5 | 22 | 18 |
| Left | - | 7 | 5 | 22 | 15 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €87,682 | €55,570 | €8,604 | €100,840 | €9,685 |
| Depreciation and write-downs of the year | €51,411 | €48,889 | €51,143 | €51,053 | €56,330 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €99,454 | €103,932 | €119,717 | €108,005 | €142,123 | ▲ 31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,476 | €65,595 | €42,151 | €51,411 | €48,889 | €51,143 | €51,053 | €56,330 | ▲ 10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,475 | €867 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €5,640 | €3,677 | €5,125 | €4,898 | €4,220 | ▼ 13.9% |
| Non-recurring operating charges66A | - | - | - | €567 | - | - | - | - | - |
| Gross operating margin9900 | €194,404 | €187,224 | €183,796 | €217,006 | €229,333 | €296,791 | €299,439 | €335,784 | ▲ 12.1% |
| Operating profit (loss)9901 | €31,101 | €26,652 | €54,967 | €61,409 | €71,968 | €120,806 | €135,483 | €133,112 | ▼ 1.7% |
| Financial income75/76B | - | - | - | €416 | €316 | €3,148 | €618 | €1,441 | ▲ 133% |
| Recurring financial income75 | €967 | €157 | €2,343 | €416 | €316 | €3,148 | €618 | €1,441 | ▲ 133% |
| Financial charges65/66B | - | - | - | €5,104 | €4,721 | €5,381 | €3,456 | €2,314 | ▼ 33.1% |
| Recurring financial charges65 | €5,861 | €5,891 | €5,639 | €5,104 | €4,721 | €5,381 | €3,456 | €2,314 | ▼ 33.1% |
| Profit (loss) for the period before taxes9903 | €26,207 | €20,917 | €51,670 | €56,722 | €67,563 | €118,573 | €132,645 | €132,239 | ▼ 0.3% |
| Transfer from deferred taxes780 | - | - | - | €79 | €79 | €79 | €79 | €79 | = |
| Income taxes67/77 | €9,086 | €4,640 | €13,531 | €16,154 | €16,656 | €38,770 | €41,682 | €42,378 | ▲ 1.7% |
| Profit (loss) for the period9904 | €17,200 | €16,356 | €38,219 | €40,647 | €50,985 | €79,881 | €91,041 | €89,940 | ▼ 1.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €316 | €316 | €316 | €316 | €316 | = |
| Profit (loss) for the period to be appropriated9905 | €17,515 | €16,672 | €38,534 | €40,963 | €51,301 | €80,197 | €91,357 | €90,256 | ▼ 1.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €649,295 | €699,493 | €683,337 | €690,952 | €706,809 | €724,165 | €754,581 | €824,913 | ▲ 9.3% |
| Fixed assets21/28 | €454,638 | €549,466 | €543,465 | €579,169 | €585,850 | €543,310 | €593,097 | €546,160 | ▼ 7.9% |
| Tangible fixed assets22/27 | €454,638 | €549,466 | €543,465 | €579,169 | €585,850 | €543,310 | €593,097 | €546,160 | ▼ 7.9% |
| Land and buildings22 | - | - | - | €397,898 | €386,120 | €372,652 | €359,183 | €345,714 | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €159,084 | €137,737 | €113,883 | €160,018 | €142,782 | ▼ 10.8% |
| Furniture and vehicles24 | - | - | - | €22,186 | €61,993 | €56,775 | €73,896 | €57,664 | ▼ 22.0% |
| Current assets29/58 | €194,657 | €150,028 | €139,872 | €111,783 | €120,960 | €180,855 | €161,485 | €278,753 | ▲ 72.6% |
| Stocks and contracts in progress3 | €3,781 | €4,344 | €5,983 | €8,351 | €7,696 | €7,900 | €6,768 | €8,832 | ▲ 30.5% |
| Stocks30/36 | - | - | - | €8,351 | €7,696 | €7,900 | €6,768 | €8,832 | ▲ 30.5% |
| Amounts receivable within one year40/41 | €35,542 | €54,020 | €26,888 | €32,835 | €41,089 | €30,861 | €42,377 | €51,267 | ▲ 21.0% |
| Trade receivables40 | - | - | - | €29,371 | €34,144 | €28,856 | €39,202 | €50,197 | ▲ 28.0% |
| Other amounts receivable41 | - | - | - | €3,464 | €6,944 | €2,005 | €3,175 | €1,070 | ▼ 66.3% |
| Cash at bank and in hand54/58 | €138,009 | €73,515 | €105,246 | €69,866 | €67,325 | €138,673 | €107,309 | €213,530 | ▲ 99.0% |
| Deferred charges and accrued income490/1 | - | - | - | €731 | €4,851 | €3,421 | €5,030 | €5,124 | ▲ 1.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €649,295 | €699,493 | €683,337 | €690,952 | €706,809 | €724,165 | €754,581 | €824,913 | ▲ 9.3% |
| Equity10/15 | €153,098 | €169,454 | €207,673 | €248,320 | €266,895 | €328,536 | €403,018 | €381,285 | ▼ 5.4% |
| Contributions10/11 | €125,000 | €125,000 | €125,000 | €129,248 | €102,648 | €101,048 | €100,248 | €25,000 | ▼ 75.1% |
| Reserves13 | €28,098 | €44,454 | €82,673 | €119,072 | €164,247 | €227,489 | €302,771 | €356,285 | ▲ 17.7% |
| Tax-exempt reserves132 | - | - | - | €3,474 | €3,158 | €2,843 | €2,527 | €2,211 | ▼ 12.5% |
| Distributable reserves133 | - | - | - | €115,598 | €161,088 | €224,646 | €300,244 | €354,075 | ▲ 17.9% |
| Provisions and deferred taxes16 | €6,945 | €5,408 | €1,684 | €1,605 | €1,526 | €1,447 | €1,368 | €1,289 | ▼ 5.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €737 | €737 | €737 | €737 | €737 | = |
| Other liabilities and charges164/5 | - | - | - | €737 | €737 | €737 | €737 | €737 | = |
| Deferred taxes168 | - | - | - | €869 | €790 | €711 | €632 | €553 | ▼ 12.5% |
| Amounts payable17/49 | €489,252 | €524,631 | €473,981 | €441,027 | €438,389 | €394,182 | €350,195 | €442,338 | ▲ 26.3% |
| Amounts payable after more than one year17 | €345,558 | €367,316 | €326,700 | €306,279 | €291,250 | €245,870 | €211,004 | €182,284 | ▼ 13.6% |
| Financial debts170/4 | - | - | - | €127,092 | €108,913 | €60,833 | €26,020 | - | - |
| Other amounts payable178/9 | - | - | - | €179,188 | €182,338 | €185,038 | €184,984 | €182,284 | ▼ 1.5% |
| Amounts payable within one year42/48 | €143,694 | €156,765 | €134,570 | €130,086 | €147,138 | €148,312 | €139,191 | €260,054 | ▲ 86.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €39,084 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | €47,079 | €48,141 | €34,813 | €26,016 | ▼ 25.3% |
| Credit institutions430/8 | - | - | - | - | €47,079 | €48,141 | €34,813 | €26,016 | ▼ 25.3% |
| Trade debts44 | €68,609 | €66,107 | €46,113 | €55,448 | €33,860 | €29,002 | €47,949 | €73,642 | ▲ 53.6% |
| Suppliers440/4 | - | - | - | €55,448 | €33,860 | €29,002 | €47,949 | €73,642 | ▲ 53.6% |
| Taxes, remuneration and social security45 | - | - | - | €34,865 | €33,788 | €43,703 | €33,044 | €38,320 | ▲ 16.0% |
| Taxes450/3 | - | - | - | €17,507 | €24,744 | €33,376 | €23,638 | €21,928 | ▼ 7.2% |
| Remuneration and social security454/9 | - | - | - | €17,358 | €9,043 | €10,327 | €9,406 | €16,391 | ▲ 74.3% |
| Other amounts payable47/48 | - | - | - | €690 | €32,411 | €27,466 | €23,386 | €122,077 | ▲ 422% |
| Accrued charges and deferred income492/3 | - | - | - | €4,661 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,200 | €16,356 | €38,219 | €40,647 | €50,985 | €79,881 | €91,041 | €89,940 | ▼ 1.2% |
| + Depreciation and write-downs630 | €40,476 | €65,595 | €42,151 | €51,411 | €48,889 | €51,143 | €51,053 | €56,330 | ▲ 10.3% |
| Operating cash flow (approximation) | €57,675 | €81,951 | €80,369 | €92,058 | €99,874 | €131,025 | €142,094 | €146,270 | ▲ 2.9% |
| Investment in fixed assets (approximation) | - | -€160,423 | -€36,150 | -€87,115 | -€55,570 | -€8,604 | -€100,840 | -€9,393 | ▲ 90.7% |
| Change in cash | - | -€64,494 | €31,731 | -€35,380 | -€2,541 | €71,348 | -€31,363 | €106,220 | - |
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, 31,368 companies had the same profile as WEGO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WEGO 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 31,368 companies, not a prediction for WEGO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-03-2026 | 2026-00059239 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00194687 | |
| 31-12-2023 | micro format | 30-05-2024 | 2024-00100930 | |
| 31-12-2022 | micro format | 15-05-2023 | 2023-00088304 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20096915 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23200592 | |
| 31-12-2019 | micro format | 13-08-2020 | 2020-40900503 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57900385 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41000224 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27200360 |