1E
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 5 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€225,669▼ 46.6%
2024 · -€153,974
Working capital
-€5.7m▼ 49.8%
2024 · -€3.8m
In the rankings
#3 company by total assets in Gerpinnes, Real estate sector#5 company by equity in Gerpinnes, Real estate sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€51,913
▲ 0.6%
2025
20212025
Net result
-€225,669
▼ 46.6%
2025
lowest quarter of the sector
20212025
Equity
€1.1m
▼ 17.6%
2025
middle half of the sector
20212025
Total assets
€7.2m
▲ 16.4%
2025
highest quarter of the sector
20212025
Debt
€6.1m
▲ 25.3%
2025
20212025
Working capital
-€5.7m
▼ 49.8%
2025
lowest quarter of the sector
20212025
Solvency
14.8%
▼ 6.1pp
2025
middle half of the sector
20212025
Current ratio
0.06
▼ 0.15
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-3.2%
▼ 0.6pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€0.07m--€0.05m▲ 28.6%-€0.4m▼ 781%-€0.05m▲ 88.0%-€0.05m▲ 0.6%
Net result-€0.07mbelow the sector's middle half--€0.05mbelow the sector's middle half▲ 26.4%-€0.4mbelow the sector's middle half▼ 745%-€0.2mbelow the sector's middle half▲ 65.0%-€0.2mbelow the sector's middle half▼ 46.6%
Equity€1.4mwithin the sector's middle half-€1.4mwithin the sector's middle half▼ 3.6%€1.4mwithin the sector's middle half▲ 4.4%€1.3mwithin the sector's middle half▼ 10.7%€1.1mwithin the sector's middle half▼ 17.6%
Total assets€1.4mwithin the sector's middle half-€1.4mwithin the sector's middle half▼ 3.9%€2.8mwithin the sector's middle half▲ 101%€6.2mwithin the sector's middle half▲ 121%€7.2mabove the sector's middle half▲ 16.4%
Debt€0.01m-€0.007m▼ 32.7%€1.4m▲ 187×€4.9m▲ 261%€6.1m▲ 25.3%
Working capital€0.9mwithin the sector's middle half-€0.7mwithin the sector's middle half▼ 24.2%-€0.3mbelow the sector's middle half-€3.8mbelow the sector's middle half▼ 1,190%-€5.7mbelow the sector's middle half▼ 49.8%
Solvency99.3%above the sector's middle half-99.5%above the sector's middle half▲ 0.2pp51.6%within the sector's middle half▼ 47.9pp20.9%within the sector's middle half▼ 30.7pp14.8%within the sector's middle half▼ 6.1pp
Current ratio91.39above the sector's middle half-97.27above the sector's middle half▲ 5.890.78within the sector's middle half▼ 96.490.21below the sector's middle half▼ 0.570.06below the sector's middle half▼ 0.15
Return on assets (ROA)-4.9%below the sector's middle half--3.8%below the sector's middle half▲ 1.2pp-15.8%below the sector's middle half▼ 12.0pp-2.5%below the sector's middle half▲ 13.3pp-3.2%below the sector's middle half▼ 0.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €51,913, smaller than the loss of €52,246 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.2m
Fixed assets
€6.8m ▲ 32.7%
Current assets
€376,646 ▼ 63.8%
Equity and liabilities €7.2m
Equity
€1.1m ▼ 17.6%
Debt
€6.1m ▲ 25.3%
Debt's share of the balance-sheet total rises from 79.1% to 85.2%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
5.77▲
2024 · 3.79
ROE
-21.3%▼
2024 · -12.0%
Debt ≤ 1 year
€6.1m▲
2024 · €4.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €542,887 | €199,237 | €1.5m | €3.4m | €1.7m |
| Depreciation and write-downs of the year | €36,401 | €29,685 | €25,093 | €566 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €13,888 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,401 | €29,685 | €25,093 | €566 | - | - |
| Other operating charges640/8 | €3,264 | €2,930 | €3,929 | €4,056 | €4,177 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | €401,243 | €2,828 | - | - |
| Gross operating margin9900 | -€29,394 | -€16,716 | -€4,217 | -€44,797 | -€47,737 | ▼ 6.6% |
| Operating profit (loss)9901 | -€69,059 | -€49,331 | -€434,482 | -€52,246 | -€51,913 | ▲ 0.6% |
| Financial charges65/66B | €1,642 | €2,711 | €5,449 | €101,728 | €173,756 | ▲ 70.8% |
| Recurring financial charges65 | €1,642 | €2,711 | €5,449 | €101,728 | €173,756 | ▲ 70.8% |
| Profit (loss) for the period before taxes9903 | -€70,701 | -€52,042 | -€439,930 | -€153,974 | -€225,669 | ▼ 46.6% |
| Profit (loss) for the period9904 | -€70,701 | -€52,042 | -€439,930 | -€153,974 | -€225,669 | ▼ 46.6% |
| Profit (loss) for the period to be appropriated9905 | -€70,701 | -€52,042 | -€439,930 | -€153,974 | -€225,669 | ▼ 46.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €1.4m | €2.8m | €6.2m | €7.2m | ▲ 16.4% |
| Fixed assets21/28 | €0.5m | €0.7m | €1.7m | €5.1m | €6.8m | ▲ 32.7% |
| Tangible fixed assets22/27 | €0.5m | €0.7m | €1.7m | €5.1m | €6.8m | ▲ 32.7% |
| Land and buildings22 | - | - | €0.1m | €0.1m | €0.1m | = |
| Furniture and vehicles24 | €0.007m | €0.005m | €0.003m | - | - | - |
| Other tangible fixed assets26 | €0.4m | €0.6m | - | - | - | - |
| Assets under construction and advance payments27 | €0.07m | €0.1m | €1.6m | €5.0m | €6.6m | ▲ 33.6% |
| Current assets29/58 | €0.9m | €0.7m | €1.1m | €1.0m | €0.4m | ▼ 63.8% |
| Amounts receivable within one year40/41 | €0.02m | €0.03m | €0.05m | €0.1m | €0.2m | ▲ 29.1% |
| Trade receivables40 | - | €0.001m | €358 | - | - | - |
| Other amounts receivable41 | €0.02m | €0.03m | €0.05m | €0.1m | €0.2m | ▲ 29.1% |
| Cash at bank and in hand54/58 | €0.9m | €0.7m | €1.0m | €0.9m | €0.2m | ▼ 76.0% |
| Deferred charges and accrued income490/1 | - | €0.001m | €0 | €0 | €0.001m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €2.8m | €6.2m | €7.2m | ▲ 16.4% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.3m | €1.1m | ▼ 17.6% |
| Contributions10/11 | €1.5m | €1.5m | €2.0m | €2.0m | €2.0m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.1m | -€0.6m | -€0.7m | -€0.9m | ▼ 31.5% |
| Amounts payable17/49 | €0.01m | €0.007m | €1.4m | €4.9m | €6.1m | ▲ 25.3% |
| Amounts payable within one year42/48 | €0.01m | €0.007m | €1.3m | €4.8m | €6.1m | ▲ 25.5% |
| Financial debts43 | - | - | €1.0m | €4.6m | €5.9m | ▲ 27.8% |
| Other loans439 | - | - | €1.0m | €4.6m | €5.9m | ▲ 27.8% |
| Trade debts44 | €0.01m | €0.007m | €0.3m | €0.3m | €0.2m | ▼ 15.9% |
| Suppliers440/4 | €0.01m | €0.007m | €0.3m | €0.3m | €0.2m | ▼ 15.9% |
| Accrued charges and deferred income492/3 | €0.001m | - | €0.005m | €0.02m | €0.02m | ▼ 12.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.07m | -€0.05m | -€0.4m | -€0.2m | -€0.2m | ▼ 46.6% |
| + Depreciation and write-downs630 | €0.04m | €0.03m | €0.03m | €0.001m | - | - |
| Operating cash flow (approximation) | -€0.03m | -€0.02m | -€0.4m | -€0.2m | -€0.2m | ▼ 47.1% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€1.1m | -€3.4m | -€1.7m | ▲ 50.5% |
| Change in cash | - | -€0.2m | €0.3m | -€0.08m | -€0.7m | ▼ 827% |
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, 618 companies had the same profile as 1E has now. Two years later, 96.6% were still going and 0.6% had gone bankrupt.
- Medium-sized
- solvency 10 to 30%
- a small loss
- without age
96.6%
was still going
2.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 1E 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 618 companies, not a prediction for 1E. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00255311 | |
| 31-12-2024 | full format | 02-07-2025 | 2025-00214119 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00184975 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00212248 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20105497 |