VELEC
ActiveSummary
VELEC has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.07M and a net result of €-2k. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 75% of 112 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability35▼-5
Solvency90▲+1
Growth35▼-6
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity short (current ratio 0.06 against 0.25 in 2023; short-term debt: 3.6% and cash: 0.1% of total assets), and 35.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three 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 27
Relative position
BE, all sectors
reference
Manufacture of electrical equipment (NACE 27)
about 104% 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-09-2025, 48 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
48 d late
2023
44 d early
2022
3 d late
2021
35 d early
2020
12 d early
2019
44 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
€760k▼ 45.9%
2023 · €1.40M
2018: €1.76M
2019: €2.02M▲ +15.0% vs 2018
2020: €2.03M▲ +0.3% vs 2019
2021: €2.95M▲ +45.9% vs 2020
2022: €3.98M▲ +34.7% vs 2021highest in 7 years
2023: €1.40M▼ -64.7% vs 2022
2024: €760k▼ -45.9% vs 2023lowest in 7 years
2018 → 2024
EBIT margin
4.6%▲ 0.1pp
2023 · 4.5%
2018: 2.7%
2019: -4.7%▼ -275% vs 2018lowest in 7 years
2020: 1.1%▲ +124% vs 2019
2021: 0.7%▼ -36.0% vs 2020
2022: 9.4%▲ +1204% vs 2021highest in 7 years
2023: 4.5%▼ -52.4% vs 2022
2024: 4.6%▲ +1.8% vs 2023
2018 → 2024
Net result
€-2k
2023 · €19k
2018: €142k
2019: €6.74M▲ +4641% vs 2018highest in 7 years
2020: €-127k▼ -102% vs 2019lowest in 7 years
2021: €-126k▲ +0.7% vs 2020
2022: €245k▲ +295% vs 2021
2023: €19k▼ -92.4% vs 2022
2024: €-2k▼ -112% vs 2023
2018 → 2024
Working capital
€-317k▲ 1.4%
2023 · €-322k
2018: €843k
2019: €906k▲ +7.5% vs 2018highest in 7 years
2020: €-309k▼ -134% vs 2019
2021: €-515k▼ -66.7% vs 2020
2022: €-747k▼ -45.2% vs 2021lowest in 7 years
2023: €-322k▲ +56.9% vs 2022
2024: €-317k▲ +1.4% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€2.03M-€2.95M▲ 45.9%€3.98M▲ 34.7%€1.40M▼ 64.7%€760k▼ 45.9%
2020: €2.03M
2021: €2.95M▲ +45.9% vs 2020
2022: €3.98M▲ +34.7% vs 2021highest in 5 years
2023: €1.40M▼ -64.7% vs 2022
2024: €760k▼ -45.9% vs 2023lowest in 5 years
Equity€5.93M-€5.81M▼ 2.1%€6.05M▲ 4.2%€6.07M▲ 0.3%€6.07M=
2020: €5.93M
2021: €5.81M▼ -2.1% vs 2020lowest in 5 years
2022: €6.05M▲ +4.2% vs 2021
2023: €6.07M▲ +0.3% vs 2022highest in 5 years
2024: €6.07M● -0.0% vs 2023
Operating result€23k-€21k▼ 6.6%€376k▲ 1,657%€63k▼ 83.2%€35k▼ 44.9%
2020: €23k
2021: €21k▼ -6.6% vs 2020lowest in 5 years
2022: €376k▲ +1657% vs 2021highest in 5 years
2023: €63k▼ -83.2% vs 2022
2024: €35k▼ -44.9% vs 2023
Net result€-127k-€-126k▲ 0.7%€245k€19k▼ 92.4%€-2k
2020: €-127klowest in 5 years
2021: €-126k▲ +0.7% vs 2020
2022: €245k▲ +295% vs 2021highest in 5 years
2023: €19k▼ -92.4% vs 2022
2024: €-2k▼ -112% vs 2023
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 45% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9.36M
Fixed assets
€9.34M ▼ 0.1%
Current assets
€22k ▼ 79.6%
Equity and liabilities €9.36M
Equity
€6.07M =
Debt
€3.29M ▼ 2.6%
Debt's share of the balance-sheet total falls from 35.8% to 35.2%. Debt is lower.
Key figures and ratios
EBITDA
€46k▼
2023 · €73k
Cash flow
€9k▼
2023 · €29k
Current ratio
0.06▼
2023 · 0.25
Debt to equity
0.54▼
2023 · 0.56
ROE
0.0%▼
2023 · 0.3%
ROA
0.0%▼
2023 · 0.2%
Interest coverage
1.44▼
2023 · 2.40
Debt ≤ 1 year
€339k▼
2023 · €429k
Debt > 1 year
€2.95M=
2023 · €2.95M
Income taxes
€4k▼
2023 · €13k
Staff costs
€543k▲
2023 · €501k
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 · 59 lines
Balance sheet
Code20232024
Assets
Total assets20/58€9.45M€9.36M▼
Fixed assets21/28€9.34M€9.34M▼
Intangible fixed assets21€449€329▼
Tangible fixed assets22/27€32k€26k▼
Plant, machinery and equipment23€16k€16k▼
Furniture and vehicles24€16k€10k▼
Financial fixed assets28€9.31M€9.31M=
Affiliated companies280/1€9.31M€9.31M=
Participating interests280€9.31M€9.31M=
Current assets29/58€108k€22k▼
Amounts receivable within one year40/41€84k€12k▼
Trade receivables40€84k€795▼
Other amounts receivable41-€11k
Cash at bank and in hand54/58€24k€10k▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€9.45M€9.36M▼
Equity10/15€6.07M€6.07M=
Contributions10/11€3.17M€3.17M=
Reserves13€420k€420k=
Non-distributable reserves130/1€20k€20k=
Reserves not available under the articles1311€20k€20k=
Distributable reserves133€400k€400k=
Profit (loss) carried forward14€2.48M€2.48M▼
Amounts payable17/49€3.38M€3.29M▼
Amounts payable after more than one year17€2.95M€2.95M=
Other amounts payable178/9€2.95M€2.95M=
Amounts payable within one year42/48€429k€339k▼
Trade debts44€320k€205k▼
Suppliers440/4€320k€205k▼
Taxes, remuneration and social security45€82k€77k▼
Taxes450/3€20k€21k▲
Remuneration and social security454/9€63k€57k▼
Other amounts payable47/48€27k€57k▲
Accrued charges and deferred income492/3€46€1k▲
Income statement
Code20232024
Operating income70/76A€1.43M€761k▼
Turnover70€1.40M€760k▼
Other operating income74€24k€795▼
Operating charges60/66A€1.36M€726k▼
Goods for resale, raw materials and consumables60€415k-
Purchases600/8€0-
Change in stocks: decrease (increase)609€415k-
Services and other goods61€418k€170k▼
Remuneration, social security and pensions62€501k€543k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€11k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-4k-
Other operating charges640/8€25k€2k▼
Operating profit (loss)9901€63k€35k▼
Financial charges65/66B€31k€33k▲
Recurring financial charges65€31k€33k▲
Debt charges650€31k€32k▲
Other financial charges652/9€867€1k▲
Profit (loss) for the period before taxes9903€32k€2k▼
Income taxes67/77€13k€4k▼
Taxes670/3€13k€4k▼
Profit (loss) for the period9904€19k€-2k▼
Profit (loss) for the period to be appropriated9905€19k€-2k▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.48M€2.48M▼
Profit (loss) brought forward from the previous period14P€2.46M€2.48M▲
Social balance
Average headcount (FTE)90878.69.0▲
The notes to these accounts (46 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.43M | €761k | ▼ 46.7% |
| Turnover70 | €2.03M | €2.95M | €3.98M | €1.40M | €760k | ▼ 45.9% |
| Other operating income74 | - | - | - | €24k | €795 | ▼ 96.6% |
| Operating charges60/66A | - | - | - | €1.36M | €726k | ▼ 46.8% |
| Goods, raw materials, services and sundry goods60/61 | - | €2.40M | €3.47M | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €415k | - | - |
| Purchases600/8 | - | - | - | €0 | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | €415k | - | - |
| Services and other goods61 | - | - | - | €418k | €170k | ▼ 59.3% |
| Remuneration, social security and pensions62 | - | €319k | €317k | €501k | €543k | ▲ 8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €422k | €423k | €5k | €10k | €11k | ▲ 6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €261 | €150 | €-4k | - | - |
| Other operating charges640/8 | - | €1k | €1k | €25k | €2k | ▼ 90.8% |
| Gross operating margin9900 | €716k | €765k | €700k | - | - | - |
| Operating profit (loss)9901 | €23k | €21k | €376k | €63k | €35k | ▼ 44.9% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | - | €44k | €35k | €31k | €33k | ▲ 4.8% |
| Recurring financial charges65 | €49k | €44k | €35k | €31k | €33k | ▲ 4.8% |
| Debt charges650 | - | - | - | €31k | €32k | ▲ 3.9% |
| Other financial charges652/9 | - | - | - | €867 | €1k | ▲ 38.8% |
| Profit (loss) for the period before taxes9903 | €-26k | €-23k | €341k | €32k | €2k | ▼ 94.2% |
| Income taxes67/77 | €101k | €103k | €95k | €13k | €4k | ▼ 69.2% |
| Taxes670/3 | - | - | - | €13k | €4k | ▼ 69.2% |
| Profit (loss) for the period9904 | €-127k | €-126k | €245k | €19k | €-2k | ▼ 112% |
| Profit (loss) for the period to be appropriated9905 | €-127k | €-126k | €245k | €19k | €-2k | ▼ 112% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.59M | €9.82M | €9.91M | €9.45M | €9.36M | ▼ 1.0% |
| Fixed assets21/28 | €9.74M | €9.32M | €9.35M | €9.34M | €9.34M | ▼ 0.1% |
| Intangible fixed assets21 | €420k | €67 | €569 | €449 | €329 | ▼ 26.7% |
| Tangible fixed assets22/27 | €11k | €12k | €39k | €32k | €26k | ▼ 17.7% |
| Plant, machinery and equipment23 | - | €9k | €25k | €16k | €16k | ▼ 3.2% |
| Furniture and vehicles24 | - | €2k | €14k | €16k | €10k | ▼ 33.0% |
| Financial fixed assets28 | €9.31M | €9.31M | €9.31M | €9.31M | €9.31M | = |
| Affiliated companies280/1 | - | - | - | €9.31M | €9.31M | = |
| Participating interests280 | - | - | - | €9.31M | €9.31M | = |
| Current assets29/58 | €851k | €498k | €560k | €108k | €22k | ▼ 79.6% |
| Stocks and contracts in progress3 | €182k | €343k | €411k | - | - | - |
| Stocks30/36 | - | €343k | €411k | - | - | - |
| Amounts receivable within one year40/41 | €497k | €101k | €62k | €84k | €12k | ▼ 86.0% |
| Trade receivables40 | - | €100k | €41k | €84k | €795 | ▼ 99.1% |
| Other amounts receivable41 | - | €352 | €21k | - | €11k | - |
| Cash at bank and in hand54/58 | €172k | €54k | €86k | €24k | €10k | ▼ 57.4% |
| Deferred charges and accrued income490/1 | - | €0 | €1k | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.59M | €9.82M | €9.91M | €9.45M | €9.36M | ▼ 1.0% |
| Equity10/15 | €5.93M | €5.81M | €6.05M | €6.07M | €6.07M | = |
| Contributions10/11 | - | €3.17M | €3.17M | €3.17M | €3.17M | = |
| Reserves13 | €420k | €420k | €420k | €420k | €420k | = |
| Non-distributable reserves130/1 | - | €20k | €20k | €20k | €20k | = |
| Reserves not available under the articles1311 | - | €20k | €20k | €20k | €20k | = |
| Distributable reserves133 | - | €400k | €400k | €400k | €400k | = |
| Profit (loss) carried forward14 | €2.34M | €2.22M | €2.46M | €2.48M | €2.48M | ▼ 0.1% |
| Amounts payable17/49 | €4.66M | €4.01M | €3.86M | €3.38M | €3.29M | ▼ 2.6% |
| Amounts payable after more than one year17 | €3.50M | €3.00M | €2.55M | €2.95M | €2.95M | = |
| Other amounts payable178/9 | - | €3.00M | €2.55M | €2.95M | €2.95M | = |
| Amounts payable within one year42/48 | €1.16M | €1.01M | €1.31M | €429k | €339k | ▼ 21.0% |
| Financial debts43 | - | €42k | €0 | - | - | - |
| Credit institutions430/8 | - | €42k | €0 | - | - | - |
| Trade debts44 | €303k | €551k | €766k | €320k | €205k | ▼ 35.9% |
| Suppliers440/4 | - | €551k | €766k | €320k | €205k | ▼ 35.9% |
| Taxes, remuneration and social security45 | - | €56k | €143k | €82k | €77k | ▼ 6.4% |
| Taxes450/3 | - | €25k | €108k | €20k | €21k | ▲ 4.4% |
| Remuneration and social security454/9 | - | €31k | €36k | €63k | €57k | ▼ 9.8% |
| Other amounts payable47/48 | - | €364k | €398k | €27k | €57k | ▲ 109% |
| Accrued charges and deferred income492/3 | - | €219 | €29 | €46 | €1k | ▲ 2,266% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-127k | €-126k | €245k | €19k | €-2k | ▼ 112% |
| + Depreciation and write-downs630 | €422k | €423k | €5k | €10k | €11k | ▲ 6.5% |
| Operating cash flow (approximation) | €296k | €298k | €251k | €29k | €9k | ▼ 69.8% |
| Investment in fixed assets (approximation) | - | €-4k | €-33k | €-3k | €-5k | ▼ 50.9% |
| Change in cash | - | €-118k | €31k | €-62k | €-14k | ▲ 77.8% |
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
2026
07-08
State Gazette act
General meeting · Director reappointment
Permanent representative
2025
17-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 48 days late
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 3 days late
2022
31-12
Financial
Back to profitnet €245k
Net result €245k after 2 loss-making years.
26-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
19-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €-127k
Net result drops to €-127k, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Highest result since 2018net €6.74M ▲4,641%
Net result €6.74M, the highest in the series.
31-12
Financial
Equity above €5MEq €6.06M ▲151%
2 profitable years in a row build equity to €6.06M.
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
20-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Lokeren · 1 establishment unit since 1994
Ground area
2,535 m²
Building footprint
1,026 m²
Volume, LiDAR
4,736 m³
Parcel 46014A1059/00H000, Flanders · tallest building 6.4 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Spinnerslaan 10, 9160 Lokeren
since 19942.067.618.841
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46014A1059/00H000 | Flanders | 2,535 m² | 1 · 1,026 m² | 6.4 m · 1 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.
Structure & network
Connections & network
7 connected companiesThis company
Company
Director
Shareholding
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Linked via shared directors
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Of 155 companies in sector 27120 we hold annual accounts for 113. 57 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-07-1994
Fiscal year end31-12
Activities, NACEBEL 2025
27120Manufacture of electrical equipment
46643Wholesale of electrical equipment, including installation materials
Scores and ratios are computed by Checked and are not a credit decision.