WIRELINE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-04-2026 PDF all 9 filings
Turnover
≈ €1.6m
Estimated: probably between €940,000 and €2.7m
Total assets
€1.2m▲ 6.8%
2024 · €1.1m
Net result
€99,550▲ 25.5%
2024 · €79,303
Working capital
€663,477=
2024 · €663,712
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€114,192
▲ 27.1%
2025
20182025
Net result
€99,550
▲ 25.5%
2025
middle half of the sector
20182025
Equity
€575,525
▲ 0.3%
2025
middle half of the sector
20182025
Total assets
€1.2m
▲ 6.8%
2025
middle half of the sector
20182025
Debt
€626,994
▲ 13.6%
2025
20182025
Working capital
€663,477
=
2025
highest quarter of the sector
20182025
Solvency
47.9%
▼ 3.1pp
2025
middle half of the sector
20182025
Current ratio
2.96
▲ 0.06
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.3%
▲ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
6
▼ 25.0%
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
Operating result€0.09m-€0.2m▲ 95.6%€0.3m▲ 65.0%€0.08m▼ 72.1%€0.2m▲ 189%€0.02m▼ 90.6%€0.09m▲ 294%€0.1m▲ 27.1%
Net result€0.07m-€0.1m▲ 90.9%€0.2mabove the sector's middle half▲ 70.4%€0.06mwithin the sector's middle half▼ 72.8%€0.2mwithin the sector's middle half▲ 195%€0.003mbelow the sector's middle half▼ 98.5%€0.08mwithin the sector's middle half▲ 28×€0.1mwithin the sector's middle half▲ 25.5%
Equity€0.1m-€0.3m▲ 108%€0.4mwithin the sector's middle half▲ 49.6%€0.4mwithin the sector's middle half▲ 9.3%€0.6mwithin the sector's middle half▲ 35.1%€0.6mwithin the sector's middle half▲ 0.5%€0.6mwithin the sector's middle half▲ 0.3%€0.6mwithin the sector's middle half▲ 0.3%
Total assets€0.5m-€0.7m▲ 30.6%€0.9mwithin the sector's middle half▲ 41.9%€1.0mwithin the sector's middle half▲ 4.8%€1.2mwithin the sector's middle half▲ 18.8%€1.1mwithin the sector's middle half▼ 7.2%€1.1mwithin the sector's middle half▲ 3.0%€1.2mwithin the sector's middle half▲ 6.8%
Debt€0.4m-€0.4m▲ 5.9%€0.6m▲ 37.1%€0.6m▲ 1.7%€0.6m▲ 6.7%€0.5m▼ 14.5%€0.6m▲ 6.0%€0.6m▲ 13.6%
Working capital€0.2m-€0.3m▲ 44.1%€0.4mwithin the sector's middle half▲ 33.5%€0.6mwithin the sector's middle half▲ 39.3%€0.8mwithin the sector's middle half▲ 32.5%€0.7mwithin the sector's middle half▼ 9.6%€0.7mwithin the sector's middle half▼ 4.2%€0.7mabove the sector's middle half=
Solvency24.3%-38.7%▲ 14.3pp40.7%within the sector's middle half▲ 2.1pp42.5%within the sector's middle half▲ 1.7pp48.3%within the sector's middle half▲ 5.9pp52.4%within the sector's middle half▲ 4.0pp51.0%within the sector's middle half▼ 1.4pp47.9%within the sector's middle half▼ 3.1pp
Current ratio2.08-2.25▲ 0.172.02within the sector's middle half▼ 0.232.94above the sector's middle half▲ 0.923.84above the sector's middle half▲ 0.903.64above the sector's middle half▼ 0.202.90above the sector's middle half▼ 0.742.96above the sector's middle half▲ 0.06
Return on assets (ROA)13.7%-20.0%▲ 6.3pp24.1%above the sector's middle half▲ 4.0pp6.3%within the sector's middle half▼ 17.8pp15.5%above the sector's middle half▲ 9.3pp0.3%below the sector's middle half▼ 15.3pp7.0%within the sector's middle half▲ 6.8pp8.3%within the sector's middle half▲ 1.2pp
Staff (FTE)3.7-4.4▲ 18.9%6.1within the sector's middle half▲ 38.6%8.6within the sector's middle half▲ 41.0%10.8within the sector's middle half▲ 25.6%9within the sector's middle half▼ 16.7%8within the sector's middle half▼ 11.1%6within the sector's middle half▼ 25.0%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 27% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €1.2m
Fixed assets
€201,278 ▲ 78.1%
Current assets
€1.0m ▼ 1.1%
Equity and liabilities €1.2m
Equity
€575,525 ▲ 0.3%
Debt
€626,994 ▲ 13.6%
Debt's share of the balance-sheet total rises from 49.0% to 52.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€174,094▲
2024 · €140,556
Cash flow
€159,453▲
2024 · €130,008
Quick ratio
2.30▲
2024 · 2.28
Debt to equity
1.09▲
2024 · 0.96
ROE
17.3%▲
2024 · 13.8%
Interest coverage
13.18▼
2024 · 14.70
Debt ≤ 1 year
€337,764▼
2024 · €349,029
Debt > 1 year
€283,750▲
2024 · €198,750
Income taxes
€1,429▲
2024 · €989
Staff costs
€478,951▼
2024 · €599,539
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 | 9 | 11 | 9 | 7 | 6 |
| full-time | 9 | 10 | 9 | 7 | 6 |
| part-time | - | 1 | - | - | - |
| in full-time equivalents | 9 | 10.8 | 9 | 7 | 6 |
| Average over the year, in full-time equivalents | 8.6 | 10.8 | 9 | 8 | 6 |
| On a permanent contract | 9 | 11 | 9 | 7 | 6 |
| Joined | 2 | 3 | 0 | 0 | 1 |
| Left | 1 | 1 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,193 | €75,272 | €51,570 | €31,077 | €162,929 |
| Financial fixed assets | - | - | €800 | - | - |
| Depreciation and write-downs of the year | €39,277 | €49,094 | €47,328 | €50,704 | €59,902 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €4,611 awarded · €4,151 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €667 | €749 |
| 2024 | 1 | €1,457 | €915 |
| 2023 | 1 | €1,522 | €1,522 |
| 2022 | 1 | €965 | €965 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,240 | €5,000 | €3,506 | €11,326 | €9,841 | ▼ 13.1% |
| Remuneration, social security and pensions62 | - | - | - | €569,934 | €685,098 | €680,468 | €599,539 | €478,951 | ▼ 20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,524 | €32,304 | €29,747 | €39,277 | €49,094 | €47,328 | €50,704 | €59,902 | ▲ 18.1% |
| Other operating charges640/8 | - | - | - | €5,801 | €6,968 | €7,697 | €8,056 | €7,878 | ▼ 2.2% |
| Gross operating margin9900 | €340,296 | €465,903 | €732,903 | €699,167 | €984,288 | €758,316 | €748,150 | €660,924 | ▼ 11.7% |
| Operating profit (loss)9901 | €93,485 | €182,835 | €301,645 | €84,156 | €243,129 | €22,823 | €89,852 | €114,192 | ▲ 27.1% |
| Financial income75/76B | - | - | - | €1,226 | €440 | €0 | €0 | €1 | ▲ 181% |
| Recurring financial income75 | €34 | €3,486 | €1,932 | €1,226 | €440 | €0 | €0 | €1 | ▲ 181% |
| Financial charges65/66B | - | - | - | €8,063 | €8,960 | €17,011 | €9,560 | €13,213 | ▲ 38.2% |
| Recurring financial charges65 | €5,987 | €9,232 | €6,518 | €8,063 | €8,960 | €7,788 | €9,560 | €13,213 | ▲ 38.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €9,223 | - | - | - |
| Profit (loss) for the period before taxes9903 | €87,532 | €177,088 | €297,058 | €77,318 | €234,609 | €5,812 | €80,292 | €100,980 | ▲ 25.8% |
| Income taxes67/77 | €17,554 | €43,470 | €69,306 | €15,275 | €51,552 | €3,019 | €989 | €1,429 | ▲ 44.6% |
| Profit (loss) for the period9904 | €69,978 | €133,618 | €227,752 | €62,043 | €183,057 | €2,793 | €79,303 | €99,550 | ▲ 25.5% |
| Profit (loss) for the period to be appropriated9905 | €69,978 | €133,618 | €227,752 | €62,043 | €183,057 | €2,793 | €79,303 | €99,550 | ▲ 25.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.7m | €0.9m | €1.0m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 6.8% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 78.1% |
| Tangible fixed assets22/27 | €0.07m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 91.8% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.1m | €0.08m | €0.06m | €0.07m | ▲ 9.4% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.04m | €0.04m | €0.05m | ▲ 34.8% |
| Other tangible fixed assets26 | - | - | - | €0.007m | €0.006m | €0.005m | €0.004m | €0.08m | ▲ 20× |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.007m | €0.007m | €0.008m | €0.008m | - | - |
| Current assets29/58 | €0.4m | €0.6m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 1.1% |
| Stocks and contracts in progress3 | €0.05m | €0.08m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.5% |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.6% |
| Contracts in progress37 | - | - | - | €0.02m | €0.01m | €0.01m | €0.03m | €0.03m | ▼ 4.2% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.4m | €0.4m | €0.2m | €0.4m | €0.7m | €0.7m | ▼ 3.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 37.6% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.009m | €0.1m | €0.4m | €0.5m | ▲ 31.4% |
| Cash at bank and in hand54/58 | €0.1m | €0.3m | €0.3m | €0.3m | €0.6m | €0.3m | €0.03m | €0.02m | ▼ 28.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.03m | €0.04m | €0.05m | €0.07m | ▲ 32.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.7m | €0.9m | €1.0m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 6.8% |
| Equity10/15 | €0.1m | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 0.3% |
| Contributions10/11 | €0.04m | €0.04m | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €0.09m | €0.2m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.3% |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.3% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | ▲ 13.6% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 42.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 42.8% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.01m | €0.01m | €0.05m | - | - |
| Financial debts43 | - | - | - | €0.02m | - | - | €0.06m | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | - | - | €0.06m | - | - |
| Trade debts44 | €0.08m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 79.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 79.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.06m | ▼ 6.8% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.04m | €0.02m | €0.005m | ▼ 69.5% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.08m | €0.07m | €0.05m | €0.05m | ▲ 17.2% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.04m | €0.001m | €0.08m | €0.1m | ▲ 24.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.004m | €0.009m | €0.004m | €0.005m | ▲ 37.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,978 | €133,618 | €227,752 | €62,043 | €183,057 | €2,793 | €79,303 | €99,550 | ▲ 25.5% |
| + Depreciation and write-downs630 | €28,524 | €32,304 | €29,747 | €39,277 | €49,094 | €47,328 | €50,704 | €59,902 | ▲ 18.1% |
| Operating cash flow (approximation) | €98,502 | €165,922 | €257,499 | €101,319 | €232,150 | €50,120 | €130,008 | €159,453 | ▲ 22.6% |
| Investment in fixed assets (approximation) | - | -€43,543 | -€48,201 | -€29,693 | -€75,272 | -€42,607 | -€26,782 | -€148,166 | ▼ 453% |
| Change in cash | - | €220,084 | -€68,347 | €506 | €385,041 | -€333,011 | -€285,309 | -€8,722 | ▲ 96.9% |
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 WIRELINE 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 WIRELINE 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 34,693 companies, not a prediction for WIRELINE. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-04-2026 | 2026-00076809 | |
| 31-12-2024 | abbreviated format | 31-03-2025 | 2025-00058501 | |
| 31-12-2023 | abbreviated format | 03-06-2024 | 2024-00105764 | |
| 31-12-2022 | abbreviated format | 15-02-2023 | 2023-00027554 | |
| 31-12-2021 | abbreviated format | 21-04-2022 | 2022-20005309 | |
| 31-12-2020 | abbreviated format | 08-06-2021 | 2021-17800423 | |
| 31-12-2019 | abbreviated format | 27-03-2020 | 2020-07600315 | |
| 31-12-2018 | abbreviated format | 13-03-2019 | 2019-06900065 | |
| 31-12-2017 | abbreviated format | 13-06-2018 | 2018-18000364 |