WESTELEC
ActiveSummary
WESTELEC has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €3.17M and a net result of €579k. Equity is growing by ~7.6% per year across the filed fiscal years. Its solvency ranks better than 82% of 7445 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability85▲+7
Solvency97▼-3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €270k at 30 days acceptable
Liquidity ample (current ratio 3.32 against 3.89 in 2023; short-term debt: 27.9% and cash: 68.8% of total assets), and 27.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
72.1%
Return on assets
13.2%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
55 d early
2022
47 d early
2021
58 d early
2020
43 d early
2019
9 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€3.17M▲ 7.2%
2023 · €2.95M
2018: €1.73Mlowest in 7 years
2019: €2.12M▲ +22.1% vs 2018
2020: €2.47M▲ +16.6% vs 2019
2021: €2.78M▲ +12.9% vs 2020
2022: €2.81M▲ +0.8% vs 2021
2023: €2.95M▲ +5.2% vs 2022
2024: €3.17M▲ +7.2% vs 2023highest in 7 years
2018 → 2024
Total assets
€4.39M▲ 13.8%
2023 · €3.86M
2018: €2.70Mlowest in 7 years
2019: €3.06M▲ +13.2% vs 2018
2020: €2.84M▼ -7.2% vs 2019
2021: €3.38M▲ +19.1% vs 2020
2022: €3.30M▼ -2.4% vs 2021
2023: €3.86M▲ +16.8% vs 2022
2024: €4.39M▲ +13.8% vs 2023highest in 7 years
2018 → 2024
Net result
€579k▲ 96.0%
2023 · €296k
2018: €707khighest in 7 years
2019: €643k▼ -9.1% vs 2018
2020: €352k▼ -45.3% vs 2019
2021: €-288k▼ -182% vs 2020lowest in 7 years
2022: €23k▲ +108% vs 2021
2023: €296k▲ +1162% vs 2022
2024: €579k▲ +96.0% vs 2023
2018 → 2024
Working capital
€2.84M▲ 8.6%
2023 · €2.61M
2018: €1.62Mlowest in 7 years
2019: €2.04M▲ +25.7% vs 2018
2020: €2.42M▲ +18.7% vs 2019
2021: €2.59M▲ +7.1% vs 2020
2022: €2.56M▼ -1.2% vs 2021
2023: €2.61M▲ +2.1% vs 2022
2024: €2.84M▲ +8.6% vs 2023highest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€2.47M-€2.78M▲ 12.9%€2.81M▲ 0.8%€2.95M▲ 5.2%€3.17M▲ 7.2%
2020: €2.47Mlowest in 5 years
2021: €2.78M▲ +12.9% vs 2020
2022: €2.81M▲ +0.8% vs 2021
2023: €2.95M▲ +5.2% vs 2022
2024: €3.17M▲ +7.2% vs 2023highest in 5 years
Operating result€481k-€-280k€31k€310k▲ 895%€714k▲ 130%
2020: €481k
2021: €-280k▼ -158% vs 2020lowest in 5 years
2022: €31k▲ +111% vs 2021
2023: €310k▲ +895% vs 2022
2024: €714k▲ +130% vs 2023highest in 5 years
Net result€352k-€-288k€23k€296k▲ 1,162%€579k▲ 96.0%
2020: €352k
2021: €-288k▼ -182% vs 2020lowest in 5 years
2022: €23k▲ +108% vs 2021
2023: €296k▲ +1162% vs 2022
2024: €579k▲ +96.0% vs 2023highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 130% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.39M
Fixed assets
€329k ▼ 3.5%
Current assets
€4.06M ▲ 15.5%
Equity and liabilities €4.39M
Equity
€3.17M ▲ 7.2%
Debt
€1.22M ▲ 35.4%
Debt's share of the balance-sheet total rises from 23.4% to 27.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€801k▲
2023 · €385k
Cash flow
€666k▲
2023 · €371k
Current ratio
3.32▼
2023 · 3.89
Quick ratio
3.19▼
2023 · 3.83
Debt to equity
0.39▲
2023 · 0.31
ROE
18.3%▲
2023 · 10.0%
ROA
13.2%▲
2023 · 7.7%
Interest coverage
333.20▲
2023 · 136.63
Debt ≤ 1 year
€1.22M▲
2023 · €903k
Income taxes
€209k▲
2023 · €40k
Staff costs
€1.92M▲
2023 · €1.54M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 55 lines
Balance sheet
Code20232024
Assets
Total assets20/58€3.86M€4.39M▲
Fixed assets21/28€341k€329k▼
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€298k€286k▼
Land and buildings22€22k€16k▼
Plant, machinery and equipment23€25k€27k▲
Furniture and vehicles24€249k€241k▼
Other tangible fixed assets26€2k€2k▼
Financial fixed assets28€43k€43k=
Current assets29/58€3.52M€4.06M▲
Stocks and contracts in progress3€58k€160k▲
Stocks30/36€58k€160k▲
Contracts in progress37€0€0=
Amounts receivable within one year40/41€1.17M€881k▼
Trade receivables40€1.03M€684k▼
Other amounts receivable41€139k€197k▲
Cash at bank and in hand54/58€2.29M€3.02M▲
Equity and liabilities
Total equity and liabilities10/49€3.86M€4.39M▲
Equity10/15€2.95M€3.17M▲
Contributions10/11€234k€234k=
Capital10€234k€234k=
Issued capital100€234k€234k=
Reserves13€2.84M€2.84M=
Non-distributable reserves130/1€23k€23k=
Legal reserve130€23k€23k=
Distributable reserves133€2.82M€2.82M=
Profit (loss) carried forward14€-119k€93k▲
Amounts payable17/49€903k€1.22M▲
Amounts payable within one year42/48€903k€1.22M▲
Trade debts44€549k€578k▲
Suppliers440/4€549k€578k▲
Taxes, remuneration and social security45€205k€278k▲
Taxes450/3€13k€35k▲
Remuneration and social security454/9€191k€243k▲
Other amounts payable47/48€150k€367k▲
Accrued charges and deferred income492/3€117-
Income statement
Code20232024
Remuneration, social security and pensions62€1.54M€1.92M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€75k€86k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€-117k
Other operating charges640/8€8k€20k▲
Gross operating margin9900€1.94M€2.62M▲
Operating profit (loss)9901€310k€714k▲
Financial income75/76B€29k€76k▲
Recurring financial income75€29k€76k▲
Financial charges65/66B€3k€2k▼
Recurring financial charges65€3k€2k▼
Profit (loss) for the period before taxes9903€336k€788k▲
Income taxes67/77€40k€209k▲
Profit (loss) for the period9904€296k€579k▲
Profit (loss) for the period to be appropriated9905€296k€579k▲
Appropriation of the result
Profit (loss) to be appropriated9906€31k€460k▲
Profit (loss) brought forward from the previous period14P€-265k€-119k▲
Profit to be distributed694/7€150k€367k▲
Return on contributions (dividend)694€150k€367k▲
Social balance
Average headcount (FTE)908724.928.2▲
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €1.18M | €1.18M | €1.54M | €1.92M | ▲ 24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38k | €33k | €46k | €75k | €86k | ▲ 15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €188k | €-21k | - | €-117k | - |
| Other operating charges640/8 | - | €20k | €29k | €8k | €20k | ▲ 140% |
| Gross operating margin9900 | €1.70M | €1.14M | €1.26M | €1.94M | €2.62M | ▲ 35.3% |
| Operating profit (loss)9901 | €481k | €-280k | €31k | €310k | €714k | ▲ 130% |
| Financial income75/76B | - | €6 | €2k | €29k | €76k | ▲ 165% |
| Recurring financial income75 | €5k | €6 | €2k | €29k | €76k | ▲ 165% |
| Financial charges65/66B | - | €8k | €4k | €3k | €2k | ▼ 14.7% |
| Recurring financial charges65 | €5k | €8k | €4k | €3k | €2k | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €481k | €-287k | €29k | €336k | €788k | ▲ 135% |
| Income taxes67/77 | €129k | €1k | €6k | €40k | €209k | ▲ 419% |
| Profit (loss) for the period9904 | €352k | €-288k | €23k | €296k | €579k | ▲ 96.0% |
| Profit (loss) for the period to be appropriated9905 | €352k | €-288k | €23k | €296k | €579k | ▲ 96.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.84M | €3.38M | €3.30M | €3.86M | €4.39M | ▲ 13.8% |
| Fixed assets21/28 | €66k | €195k | €316k | €341k | €329k | ▼ 3.5% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €28k | €152k | €273k | €298k | €286k | ▼ 4.0% |
| Land and buildings22 | - | €34k | €28k | €22k | €16k | ▼ 26.5% |
| Plant, machinery and equipment23 | - | €14k | €14k | €25k | €27k | ▲ 8.7% |
| Furniture and vehicles24 | - | €104k | €229k | €249k | €241k | ▼ 3.0% |
| Other tangible fixed assets26 | - | - | €3k | €2k | €2k | ▼ 25.2% |
| Financial fixed assets28 | €38k | €43k | €43k | €43k | €43k | = |
| Current assets29/58 | €2.77M | €3.19M | €2.98M | €3.52M | €4.06M | ▲ 15.5% |
| Stocks and contracts in progress3 | €220k | €369k | €122k | €58k | €160k | ▲ 175% |
| Stocks30/36 | - | €369k | €122k | €58k | €160k | ▲ 175% |
| Contracts in progress37 | - | - | - | €0 | €0 | - |
| Amounts receivable within one year40/41 | €405k | €824k | €595k | €1.17M | €881k | ▼ 24.8% |
| Trade receivables40 | - | €687k | €515k | €1.03M | €684k | ▼ 33.8% |
| Other amounts receivable41 | - | €137k | €80k | €139k | €197k | ▲ 41.6% |
| Cash at bank and in hand54/58 | €2.14M | €1.99M | €2.27M | €2.29M | €3.02M | ▲ 32.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.84M | €3.38M | €3.30M | €3.86M | €4.39M | ▲ 13.8% |
| Equity10/15 | €2.47M | €2.78M | €2.81M | €2.95M | €3.17M | ▲ 7.2% |
| Contributions10/11 | €215k | €234k | €234k | €234k | €234k | = |
| Capital10 | - | €234k | €234k | €234k | €234k | = |
| Issued capital100 | - | €234k | €234k | €234k | €234k | = |
| Reserves13 | €2.25M | €2.84M | €2.84M | €2.84M | €2.84M | = |
| Non-distributable reserves130/1 | - | €23k | €23k | €23k | €23k | = |
| Legal reserve130 | - | €23k | €23k | €23k | €23k | = |
| Distributable reserves133 | - | €2.82M | €2.82M | €2.82M | €2.82M | = |
| Profit (loss) carried forward14 | - | €-288k | €-265k | €-119k | €93k | ▲ 178% |
| Amounts payable17/49 | €374k | €598k | €494k | €903k | €1.22M | ▲ 35.4% |
| Amounts payable within one year42/48 | €358k | €598k | €426k | €903k | €1.22M | ▲ 35.4% |
| Trade debts44 | €171k | €402k | €280k | €549k | €578k | ▲ 5.4% |
| Suppliers440/4 | - | €402k | €280k | €549k | €578k | ▲ 5.4% |
| Taxes, remuneration and social security45 | - | €196k | €145k | €205k | €278k | ▲ 35.7% |
| Taxes450/3 | - | €75k | €35k | €13k | €35k | ▲ 162% |
| Remuneration and social security454/9 | - | €121k | €111k | €191k | €243k | ▲ 26.8% |
| Other amounts payable47/48 | - | - | - | €150k | €367k | ▲ 145% |
| Accrued charges and deferred income492/3 | - | €67 | €68k | €117 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €352k | €-288k | €23k | €296k | €579k | ▲ 96.0% |
| + Depreciation and write-downs630 | €38k | €33k | €46k | €75k | €86k | ▲ 15.0% |
| Operating cash flow (approximation) | €389k | €-255k | €70k | €371k | €666k | ▲ 79.6% |
| Investment in fixed assets (approximation) | - | €-163k | €-167k | €-100k | €-74k | ▲ 25.4% |
| Change in cash | - | €-146k | €274k | €18k | €733k | ▲ 4,067% |
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
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €23k
Net result €23k after one loss-making year.
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €-288k
Net result drops to €-288k, the lowest in the series; recovery starts the following year.
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Liquidity doublescurrent ratio 7.76
Current ratio from 3.15 to 7.76; short-term debt falls from €947k to €358k.
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €2MEq €2.12M ▲22.1%
2 profitable years in a row build equity to €2.12M.
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
19-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts
We know of 17 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
17 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, Ieper · 1 establishment unit since 1999
Ground area
7,459 m²
Building footprint
3,447 m²
Volume, LiDAR
16,611 m³
Parcel 33306B0388/00G000, Flanders · tallest building 6.8 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
WESTELEC
since 19992.092.416.197
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33306B0388/00G000 | Flanders | 7,459 m² | 1 · 3,447 m² | 6.8 m · 2 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.
Public money · subsidies and aid
Flemish government
2024 to 2025 · 2 entries · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,000 EUR | 1,000 EUR |
| 2024 | 1 | 1,000 EUR | 1,000 EUR |
Schemes
Premie kwalificerend werkplekleren
Recognitions · licences · registrations
Recognised contractor
4 categoriesWESTELEC NV04347
Dual-learning approval
5 live approvalsElektrische installaties duaal (so)
Elektrotechnicus (vwo)
Elektrotechnicus duaal (so)
Elektrotechnisch installateur (vwo)
Installateur elektrotechnische basiscomponenten duaal (so)
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Of 22,815 companies in sector 43211 we hold annual accounts for 10,325. 1,918 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded03-08-1999
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
Contact
E-mail
info@westelec.be
Phone
057/21.36.70
Fax
057/21.36.80
Scores and ratios are computed by Checked and are not a credit decision.