WILBOCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 47 filings
Turnover
€748,229▼ 22.0%
2024 · €959,382
EBIT margin
6.1%▲ 4.5pp
2024 · 1.6%
Net result
€30,162▲ 166%
2024 · €11,351
Working capital
€517,879▼ 7.0%
2024 · €557,000
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€748,229
▼ 22.0%
2025
20182025
Operating result
€45,696
▲ 203%
2025
20182025
Net result
€30,162
▲ 166%
2025
middle half of the sector
20182025
EBIT margin
6.1%
▲ 4.5pp
2025
20182025
Equity
€569,962
▼ 5.0%
2025
middle half of the sector
20182025
Total assets
€981,382
▲ 10.1%
2025
middle half of the sector
20182025
Debt
€411,420
▲ 41.0%
2025
20182025
Working capital
€517,879
▼ 7.0%
2025
highest quarter of the sector
20182025
Solvency
58.1%
▼ 9.2pp
2025
middle half of the sector
20182025
Current ratio
2.82
▼ 1.30
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.1%
▲ 1.8pp
2025
middle half of the sector
20182025
Staff (FTE)
7.8
▼ 17.0%
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
Turnover€1.2m-€1.6m▲ 30.4%€1.6m▲ 2.3%€1.7m▲ 6.1%€1.4m▼ 16.3%€1.1m▼ 24.0%€1.0m▼ 12.3%€0.7m▼ 22.0%
Operating result€0.2m-€0.08m▼ 54.1%€0.09m▲ 4.0%€0.06m▼ 27.1%-€0.001m-€0.04m▼ 3,584%€0.02m€0.05m▲ 203%
Net result€0.2m-€0.07m▼ 55.6%€0.05mwithin the sector's middle half▼ 25.1%€0.04mwithin the sector's middle half▼ 19.2%-€0.02mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 147%€0.01mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 166%
EBIT margin15.2%-5.3%▼ 9.8pp5.4%▲ 0.1pp3.7%▼ 1.7pp-0.1%▼ 3.8pp-3.5%▼ 3.4pp1.6%▲ 5.1pp6.1%▲ 4.5pp
Equity€0.5m-€0.6m▲ 9.6%€0.6mwithin the sector's middle half▲ 9.4%€0.6mwithin the sector's middle half▲ 6.9%€0.6mwithin the sector's middle half▼ 2.7%€0.6mwithin the sector's middle half▼ 6.7%€0.6mwithin the sector's middle half▲ 1.9%€0.6mwithin the sector's middle half▼ 5.0%
Total assets€1.2m-€1.5m▲ 20.3%€1.3mwithin the sector's middle half▼ 9.9%€1.1mwithin the sector's middle half▼ 14.2%€1.0mwithin the sector's middle half▼ 11.0%€1.0mwithin the sector's middle half▼ 2.4%€0.9mwithin the sector's middle half▼ 9.4%€1.0mwithin the sector's middle half▲ 10.1%
Debt€0.7m-€0.9m▲ 28.0%€0.7m▼ 21.7%€0.5m▼ 32.1%€0.4m▼ 22.2%€0.4m▲ 4.8%€0.3m▼ 26.3%€0.4m▲ 41.0%
Working capital€0.4m-€0.4m▲ 0.7%€0.5mabove the sector's middle half▲ 15.1%€0.5mabove the sector's middle half▲ 13.0%€0.5mabove the sector's middle half▼ 1.4%€0.5mwithin the sector's middle half▼ 10.7%€0.6mabove the sector's middle half▲ 15.5%€0.5mabove the sector's middle half▼ 7.0%
Solvency41.5%-37.8%▼ 3.7pp45.9%within the sector's middle half▲ 8.1pp57.2%within the sector's middle half▲ 11.3pp62.5%above the sector's middle half▲ 5.4pp59.8%within the sector's middle half▼ 2.8pp67.3%above the sector's middle half▲ 7.5pp58.1%within the sector's middle half▼ 9.2pp
Current ratio2.09-1.94▼ 0.142.24within the sector's middle half▲ 0.292.95above the sector's middle half▲ 0.713.39above the sector's middle half▲ 0.452.90above the sector's middle half▼ 0.504.12above the sector's middle half▲ 1.232.82above the sector's middle half▼ 1.30
Return on assets (ROA)12.8%-4.7%▼ 8.1pp3.9%within the sector's middle half▼ 0.8pp3.7%within the sector's middle half▼ 0.2pp-1.7%below the sector's middle half▼ 5.4pp-4.3%below the sector's middle half▼ 2.6pp1.3%within the sector's middle half▲ 5.6pp3.1%within the sector's middle half▲ 1.8pp
Staff (FTE)9.9-15.4▲ 55.6%19.1above the sector's middle half▲ 24.0%16.3within the sector's middle half▼ 14.7%13.5within the sector's middle half▼ 17.2%10.5within the sector's middle half▼ 22.2%9.4within the sector's middle half▼ 10.5%7.8within the sector's middle half▼ 17.0%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 over 3 times that of 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €981,382
Fixed assets
€179,437 ▲ 14.9%
Current assets
€801,945 ▲ 9.1%
Equity and liabilities €981,382
Equity
€569,962 ▼ 5.0%
Debt
€411,420 ▲ 41.0%
Debt's share of the balance-sheet total rises from 32.7% to 41.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€75,743▼
2024 · €107,052
Cash flow
€60,209▼
2024 · €103,331
Debt to equity
0.72▲
2024 · 0.49
ROE
5.3%▲
2024 · 1.9%
Interest coverage
9.29▼
2024 · 24.74
Debt ≤ 1 year
€284,066▲
2024 · €178,324
Debt > 1 year
€127,354▲
2024 · €113,409
Income taxes
€8,425▲
2024 · €474
Customer credit
213 days▼
2024 · 215 days
Supplier credit
129 days▲
2024 · 89 days
Staff costs
€347,240▼
2024 · €460,507
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 | 13 | 12 | 10 | 9 | 8 |
| full-time | 13 | 12 | 9 | 8 | 8 |
| part-time | 0 | 0 | 1 | 1 | 0 |
| in full-time equivalents | 13 | 12 | 9.8 | 8.8 | 7.8 |
| Average over the year, in full-time equivalents | 16.3 | 13.5 | 10.5 | 9.4 | 7.8 |
| On a permanent contract | 13 | 12 | 10 | 9 | 8 |
| Joined | 34 | 19 | 0 | 1 | 0 |
| Left | 39 | 20 | 2 | 2 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €4,526 | €1,991 | €2,086 | - | - |
| Overdue social security (RSZ) debts | €5,074 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €350,141 | €268,730 | €248,786 | €150,374 | €188,369 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €40,000 | €107,900 | - | €53,275 |
| Depreciation and write-downs of the year | €139,674 | €101,632 | €103,444 | €91,980 | €30,047 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €677 awarded · €614 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €63 | €0 |
| 2024 | 1 | €581 | €581 |
| 2022 | 1 | €33 | €33 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.2m | €1.6m | €1.6m | €1.7m | €1.4m | €1.1m | €1.0m | €0.7m | ▼ 22.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.7m | €0.7m | €0.5m | €0.4m | €0.3m | ▼ 17.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.6m | €0.5m | €0.5m | €0.3m | ▼ 24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | €0.03m | ▼ 67.3% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.009m | ▲ 3.5% |
| Non-recurring operating charges66A | - | - | - | €269 | - | - | €63 | - | - |
| Gross operating margin9900 | €0.8m | €1.0m | €1.1m | €1.0m | €0.8m | €0.6m | €0.6m | €0.4m | ▼ 25.0% |
| Operating profit (loss)9901 | €0.2m | €0.08m | €0.09m | €0.06m | -€0.001m | -€0.04m | €0.02m | €0.05m | ▲ 203% |
| Financial income75/76B | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 3.6% |
| Recurring financial income75 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 3.6% |
| Financial charges65/66B | - | - | - | €0.006m | €0.005m | €0.006m | €0.004m | €0.008m | ▲ 88.4% |
| Recurring financial charges65 | €0.007m | €0.006m | €0.008m | €0.006m | €0.005m | €0.006m | €0.004m | €0.008m | ▲ 88.4% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.08m | €0.08m | €0.06m | -€0.005m | -€0.04m | €0.01m | €0.04m | ▲ 226% |
| Income taxes67/77 | €0.02m | €0.009m | €0.03m | €0.02m | €0.01m | €111 | €474 | €0.008m | ▲ 18× |
| Profit (loss) for the period9904 | €0.2m | €0.07m | €0.05m | €0.04m | -€0.02m | -€0.04m | €0.01m | €0.03m | ▲ 166% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.07m | €0.05m | €0.04m | -€0.02m | -€0.04m | €0.01m | €0.03m | ▲ 166% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.5m | €1.3m | €1.1m | €1.0m | €1.0m | €0.9m | €1.0m | ▲ 10.1% |
| Fixed assets21/28 | €0.4m | €0.6m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 14.9% |
| Tangible fixed assets22/27 | €0.4m | €0.5m | €0.4m | €0.2m | €0.2m | €0.2m | €0.08m | €0.1m | ▲ 28.5% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.2m | €0.2m | €0.08m | €0.1m | ▲ 28.5% |
| Financial fixed assets28 | €0.07m | €0.07m | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Current assets29/58 | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | ▲ 9.1% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.5m | €0.3m | €0.2m | €0.4m | €0.6m | €0.5m | ▼ 23.4% |
| Trade receivables40 | - | - | - | €0.2m | €0.1m | €0.3m | €0.6m | €0.4m | ▼ 22.5% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.06m | €0.07m | €0.07m | €0.05m | ▼ 30.8% |
| Current investments50/53 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 1.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.5m | €0.3m | €0.4m | €0.5m | €0.3m | €0.04m | €0.2m | ▲ 521% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 36.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.5m | €1.3m | €1.1m | €1.0m | €1.0m | €0.9m | €1.0m | ▲ 10.1% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 5.0% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 13.1% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 13.3% |
| Profit (loss) carried forward14 | €0.01m | €0.04m | €0.03m | €0.07m | €0.1m | €0.1m | €0.1m | €0.03m | ▼ 73.8% |
| Amounts payable17/49 | €0.7m | €0.9m | €0.7m | €0.5m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 41.0% |
| Amounts payable after more than one year17 | €0.3m | €0.5m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 12.3% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 12.3% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 59.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.04m | €0.06m | ▲ 65.1% |
| Trade debts44 | €0.1m | €0.07m | €0.06m | €0.05m | €0.05m | €0.08m | €0.09m | €0.1m | ▲ 19.1% |
| Suppliers440/4 | - | - | - | €0.05m | €0.05m | €0.08m | €0.09m | €0.1m | ▲ 19.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.05m | €0.06m | €0.04m | €0.04m | ▲ 18.4% |
| Taxes450/3 | - | - | - | €0.005m | €0.002m | €0.002m | €0.002m | €0.01m | ▲ 700% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 11.5% |
| Other amounts payable47/48 | - | - | - | €0.004m | €0.007m | €0.01m | €0.01m | €0.07m | ▲ 529% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €156,309 | €69,410 | €51,995 | €41,989 | -€17,206 | -€42,555 | €11,351 | €30,162 | ▲ 166% |
| + Depreciation and write-downs630 | €139,696 | €120,894 | €156,604 | €139,674 | €101,632 | €103,444 | €91,980 | €30,047 | ▼ 67.3% |
| Operating cash flow (approximation) | €296,005 | €190,304 | €208,599 | €181,663 | €84,426 | €60,889 | €103,331 | €60,209 | ▼ 41.7% |
| Investment in fixed assets (approximation) | - | -€305,262 | -€1,437 | €0 | -€39,765 | -€107,900 | €0 | -€53,275 | - |
| Change in cash | - | €99,933 | -€145,144 | €138,669 | €29,734 | -€211,486 | -€221,902 | €209,701 | - |
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, 17,041 companies had the same profile as WILBOCO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WILBOCO 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 17,041 companies, not a prediction for WILBOCO. 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 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00207127 | |
| 31-12-2024 | abbreviated format | 19-06-2025 | 2025-00155036 | |
| 31-12-2023 | abbreviated format | 28-08-2024 | 2024-00397321 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00419053 | |
| 31-12-2021 | abbreviated format | 27-08-2022 | 2022-20330193 | |
| 31-12-2020 | abbreviated format | 25-08-2021 | 2021-53100468 | |
| 31-12-2019 | abbreviated format | 04-08-2020 | 2020-39800462 | |
| 31-12-2018 | abbreviated format | 13-08-2019 | 2019-46900365 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-47700270 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-47500282 |