ACTIVE

KARELCO

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Financial year 2025 · closed on 31/12/2025

Net result

20,2 k €

-3.1% YoY

Gross margin

44,5 k €

+346.1% YoY

Equity

1,8 M €

+1.1% YoY

What does KARELCO do?

KARELCO is a Private limited company incorporated in 1993. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Genk.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0451.554.202

Incorporation

03/12/1993

Legal form

Private limited company

Registered office

Armand Maclotlaan 17 a
3600 Genk · FlandreSee on map

Contributed capital

1 465 750,00 €

Latest accounts

31/12/2025

Activities (NACE)

68201Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	44,5 k €	+346%	10 k €	-10.9%	11,2 k €	+984%	1 k €	-98.0%	51 k €	+8.6%	47 k €	-38.1%	75,9 k €	-10.7%	85 k €	-35.3%	131,2 k €	-20.7%	165,5 k €	+20.9%	136,9 k €	-21.4%	174,1 k €	-18.1%	212,6 k €	+25.2%	169,9 k €	+25.3%	135,6 k €	-7.4%	146,4 k €	-45.5%	268,9 k €	-22.4%	346,2 k €	-4.0%	360,8 k €	+14.1%	316,3 k €
EBITDA	37,9 k €	+1528%	2,3 k €	-47.8%	4,5 k €	+199%	-4,5 k €	-111%	42,3 k €	+2.4%	41,3 k €	-41.2%	70,2 k €	+7.2%	65,5 k €	-41.5%	112 k €	-19.7%	139,4 k €	+32.2%	105,4 k €	-27.9%	146,2 k €	-21.1%	185,4 k €	+29.9%	142,7 k €	+34.0%	106,5 k €	-9.3%	117,4 k €	-51.0%	239,6 k €	-19.7%	298,4 k €	-0.2%	298,9 k €	+5.9%	282,3 k €
Operating result	12,6 k €	+152%	-23,9 k €	+12.4%	-27,3 k €	+7.4%	-29,5 k €	-821%	-3,2 k €	-111%	28,9 k €	-40.2%	48,3 k €	+35.6%	35,6 k €	-60.4%	89,8 k €	-21.4%	114,3 k €	+44.2%	79,3 k €	-32.8%	118,1 k €	-23.1%	153,5 k €	+87.3%	81,9 k €	-18.3%	100,3 k €	+27.7%	78,5 k €	-61.6%	204,3 k €	-22.4%	263,2 k €	-0.2%	263,9 k €	+4.6%	252,2 k €
Net result	20,2 k €	-3.1%	20,8 k €	+181%	-25,7 k €	+12.7%	-29,5 k €	-359%	-6,4 k €	-155%	11,7 k €	-60.1%	29,2 k €	+45.9%	20,1 k €	-63.1%	54,4 k €	-16.0%	64,7 k €	+8.5%	59,7 k €	-37.6%	95,6 k €	-27.6%	132,1 k €	+47.5%	89,6 k €	-14.2%	104,4 k €	+18.6%	88 k €	-49.4%	173,8 k €	-18.7%	213,9 k €	+0.5%	212,9 k €	+15.2%	184,9 k €
Balance sheet
Equity	1,8 M €	+1.1%	1,8 M €	+1.2%	1,7 M €	-1.5%	1,8 M €	-1.6%	1,8 M €	-0.4%	1,8 M €	-11.2%	2 M €	+1.4%	2 M €	+1.0%	2 M €	+2.8%	1,9 M €	+3.5%	1,9 M €	+3.3%	1,8 M €	+5.6%	1,7 M €	-1.6%	1,7 M €	+5.4%	1,7 M €	+6.7%	1,5 M €	+3.0%	1,5 M €	+13.1%	1,3 M €	+19.2%	1,1 M €	+23.6%	902,9 k €
Total assets	1,8 M €	+1.2%	1,8 M €	+1.1%	1,7 M €	-1.4%	1,8 M €	-2.0%	1,8 M €	-8.5%	2 M €	-2.9%	2 M €	-0.4%	2 M €	+0.5%	2 M €	+4.0%	2 M €	+2.6%	1,9 M €	+4.5%	1,8 M €	+4.9%	1,7 M €	-3.4%	1,8 M €	+6.6%	1,7 M €	+8.5%	1,6 M €	+2.8%	1,5 M €	+11.0%	1,4 M €	+14.9%	1,2 M €	+29.0%	921,3 k €
Cash	383,7 k €	+296%	96,9 k €	-45.8%	178,6 k €	-86.1%	1,3 M €	-1.0%	1,3 M €	-12.5%	1,5 M €	-7.2%	1,6 M €	+1.0%	1,6 M €	+0.9%	1,6 M €	+23.0%	1,3 M €	-5.0%	1,3 M €	+6.1%	1,3 M €	+15.0%	1,1 M €	-14.0%	1,3 M €	-14.4%	1,5 M €	+9.8%	1,4 M €	+14.6%	1,2 M €	+252%	338,1 k €	+942%	32,4 k €	-90.5%	341,8 k €
Debts	3,6 k €	+72.7%	2,1 k €	-42.2%	3,6 k €	+4.6%	3,4 k €	-65.9%	10 k €	-94.2%	171,8 k €	+3548%	4,7 k €	-87.7%	38,4 k €	-20.6%	48,4 k €	+110%	23 k €	-40.0%	38,4 k €	+135%	16,4 k €	-38.8%	26,8 k €	-55.1%	59,7 k €	+56.9%	38 k €	+290%	9,8 k €	-13.0%	11,2 k €	-68.1%	35,1 k €	-50.8%	71,5 k €	+313%	17,3 k €
Other
Workforce	–		–		–		–		–		–		0,1 ETP	-80.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	-16.7%	0,6 ETP	-33.3%	0,9 ETP	+12.5%	0,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

Karel Olaerts

Director

Active

Ended mandates

KAREL OLAERTS

Managing director · since 06 avril 2007 · until 12 juin 2012

Ended

MARIELLA GABRIELS

Director · since 06 avril 2007 · until 12 juin 2012

Ended

KAREL OLAERTS

Managing director

Ended

KAREL OLAERTS

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	16/06/2026	20/06/2025	12/06/2024	14/07/2023	21/06/2022	04/08/2021
General meeting	09/06/2026	10/06/2025	11/06/2024	13/06/2023	14/06/2022	08/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	09/06/2026	16/06/2026	Dutch	PDF
Micro model	31/12/2024	10/06/2025	20/06/2025	Dutch	PDF
Micro model	31/12/2023	11/06/2024	12/06/2024	Dutch	PDF
Micro model	31/12/2022	13/06/2023	14/07/2023	Dutch	PDF
Abridged model	31/12/2021	14/06/2022	21/06/2022	Dutch	PDF
Abridged model	31/12/2020	08/06/2021	04/08/2021	Dutch	PDF
Abridged model	31/12/2019	09/06/2020	21/08/2020	Dutch	PDF
Abridged model	31/12/2018	11/06/2019	23/08/2019	Dutch	PDF
Abridged model	31/12/2017	12/06/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	13/06/2017	24/07/2017	Dutch	PDF
Abridged model	31/12/2015	14/06/2016	17/06/2016	Dutch	PDF
Abridged model	31/12/2014	09/06/2015	26/06/2015	Dutch	PDF
Abridged model	31/12/2013	10/06/2014	14/08/2014	Dutch	PDF
Abridged model	31/12/2012	11/06/2013	11/07/2013	Dutch	PDF
Abridged model	31/12/2011	12/06/2012	09/07/2012	Dutch	PDF
Abridged model	31/12/2010	14/06/2011	10/08/2011	Dutch	PDF
Abridged model	31/12/2009	08/06/2010	26/07/2010	Dutch	PDF
Abridged model	31/12/2008	09/06/2009	22/07/2009	Dutch	PDF
Abridged model	31/12/2007	10/06/2008	07/08/2008	Dutch	PDF
Abridged model	31/12/2006	12/06/2007	31/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

Karel Olaerts

Director

Active

Ended mandates

KAREL OLAERTS

Managing director · since 06 avril 2007 · until 12 juin 2012

Ended

MARIELLA GABRIELS

Director · since 06 avril 2007 · until 12 juin 2012

Ended

KAREL OLAERTS

Managing director

Ended

KAREL OLAERTS

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/12/2022
WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares11/02/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates22/06/2010
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - WIJZIGING RECHTSVORM
PDF
Mandates17/04/2007
ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202520,2 k €↓
2024
Annual accounts 202420,8 k €↑
2023
Annual accounts 2023-25,7 k €↑
2022
Annual accounts 2022-29,5 k €↓
2021
Annual accounts 2021-6,4 k €↓
2020
Annual accounts 202011,7 k €↓
2019
Annual accounts 201929,2 k €↑
2018
Annual accounts 201820,1 k €↓
2017
Annual accounts 201754,4 k €↓
2016
Annual accounts 201664,7 k €↑
2015
Annual accounts 201559,7 k €↓
2014
Annual accounts 201495,6 k €↓
2013
Annual accounts 2013132,1 k €↑
2012
Annual accounts 201289,6 k €↓
2011
Annual accounts 2011104,4 k €↑
2010
Annual accounts 201088 k €↓
2009
Annual accounts 2009173,8 k €↓
2008
Annual accounts 2008213,9 k €↑
2007
Annual accounts 2007212,9 k €↑
2006
Annual accounts 2006184,9 k €
03/12/1993
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

KARELCO

Overview

What does KARELCO do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline