2B/ECO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 15 filings
Turnover
≈ €2,900
Estimated: probably between €1,200 and €5,700
Total assets
€32,284▲ 1.1%
2024 · €31,931
Net result
€271
2024 · -€3,729
Working capital
€25,335▲ 1.1%
2024 · €25,065
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€16
▲ 99.6%
2025
20202025
Net result
€271
2025
lowest quarter of the sector
20202025
Equity
€25,335
▲ 1.1%
2025
middle half of the sector
20202025
Total assets
€32,284
▲ 1.1%
2025
lowest quarter of the sector
20202025
Debt
€6,949
▲ 1.2%
2025
20202025
Working capital
€25,335
▲ 1.1%
2025
middle half of the sector
20202025
Solvency
78.5%
=
2025
highest quarter of the sector
20202025
Current ratio
4.65
=
2025
highest quarter of the sector
20202025
Return on assets (ROA)
0.8%
▲ 12.5pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€19,235--€383€408-€6,956-€3,866▲ 44.4%-€16▲ 99.6%
Net result€17,973within the sector's middle half--€271below the sector's middle half€344below the sector's middle half-€7,029below the sector's middle half-€3,729below the sector's middle half▲ 46.9%€271below the sector's middle half
Equity€119,750within the sector's middle half-€119,479within the sector's middle half▼ 0.2%€35,823within the sector's middle half▼ 70.0%€28,794within the sector's middle half▼ 19.6%€25,065within the sector's middle half▼ 13.0%€25,335within the sector's middle half▲ 1.1%
Total assets€147,441within the sector's middle half-€127,242within the sector's middle half▼ 13.7%€128,069within the sector's middle half▲ 0.6%€35,830below the sector's middle half▼ 72.0%€31,931below the sector's middle half▼ 10.9%€32,284below the sector's middle half▲ 1.1%
Debt€27,691-€7,763▼ 72.0%€92,246▲ 12×€7,036▼ 92.4%€6,866▼ 2.4%€6,949▲ 1.2%
Working capital€119,750above the sector's middle half-€119,479above the sector's middle half▼ 0.2%€35,823within the sector's middle half▼ 70.0%€28,794within the sector's middle half▼ 19.6%€25,065within the sector's middle half▼ 13.0%€25,335within the sector's middle half▲ 1.1%
Solvency81.2%above the sector's middle half-93.9%above the sector's middle half▲ 12.7pp28.0%within the sector's middle half▼ 65.9pp80.4%above the sector's middle half▲ 52.4pp78.5%above the sector's middle half▼ 1.9pp78.5%above the sector's middle half=
Current ratio5.32above the sector's middle half-16.39above the sector's middle half▲ 11.071.39within the sector's middle half▼ 15.005.09above the sector's middle half▲ 3.704.65above the sector's middle half▼ 0.444.65above the sector's middle half=
Return on assets (ROA)12.2%within the sector's middle half--0.2%below the sector's middle half▼ 12.4pp0.3%below the sector's middle half▲ 0.5pp-19.6%below the sector's middle half▼ 19.9pp-11.7%below the sector's middle half▲ 7.9pp0.8%within the sector's middle half▲ 12.5pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 €16, smaller than the loss of €3,866 in 2024.
Turnover and EBIT margin are not published. The micro 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
Equity and liabilities €32,284
Equity
€25,335 ▲ 1.1%
Debt
€6,949 ▲ 1.2%
Debt's share of the balance-sheet total stays at 21.5%.
Key figures and ratios
Debt to equity
0.27▲
2024 · 0.27
ROE
1.1%▲
2024 · -14.9%
Debt ≤ 1 year
€6,949▲
2024 · €6,866
Income taxes
€0▼
2024 · €6
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | €491 | €492 | €632 | €449 | ▼ 28.9% |
| Gross operating margin9900 | €20,305 | -€240 | €899 | -€6,464 | -€3,235 | €434 | - |
| Operating profit (loss)9901 | €19,235 | -€383 | €408 | -€6,956 | -€3,866 | -€16 | ▲ 99.6% |
| Financial income75/76B | - | - | €135 | €102 | €163 | €286 | ▲ 75.2% |
| Recurring financial income75 | €226 | €163 | €135 | €102 | €163 | €286 | ▲ 75.2% |
| Financial charges65/66B | - | - | €189 | €175 | €20 | - | - |
| Recurring financial charges65 | €164 | €93 | €189 | €175 | €20 | - | - |
| Profit (loss) for the period before taxes9903 | €19,297 | -€314 | €354 | -€7,029 | -€3,723 | €271 | - |
| Income taxes67/77 | €1,324 | -€43 | €10 | - | €6 | €0 | ▼ 99.8% |
| Profit (loss) for the period9904 | €17,973 | -€271 | €344 | -€7,029 | -€3,729 | €271 | - |
| Profit (loss) for the period to be appropriated9905 | €17,973 | -€271 | €344 | -€7,029 | -€3,729 | €271 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €147,441 | €127,242 | €128,069 | €35,830 | €31,931 | €32,284 | ▲ 1.1% |
| Current assets29/58 | €147,441 | €127,242 | €128,069 | €35,830 | €31,931 | €32,284 | ▲ 1.1% |
| Amounts receivable within one year40/41 | €9,502 | €11,524 | €10,868 | €10,448 | €12,357 | €12,696 | ▲ 2.7% |
| Trade receivables40 | - | - | €7,766 | €6,109 | €6,390 | €11,560 | ▲ 80.9% |
| Other amounts receivable41 | - | - | €3,102 | €4,339 | €5,967 | €1,136 | ▼ 81.0% |
| Cash at bank and in hand54/58 | €137,338 | €115,106 | €117,049 | €25,230 | €19,202 | €19,370 | ▲ 0.9% |
| Deferred charges and accrued income490/1 | - | - | €152 | €152 | €372 | €218 | ▼ 41.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €147,441 | €127,242 | €128,069 | €35,830 | €31,931 | €32,284 | ▲ 1.1% |
| Equity10/15 | €119,750 | €119,479 | €35,823 | €28,794 | €25,065 | €25,335 | ▲ 1.1% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Capital10 | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Issued capital100 | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €89,700 | €89,479 | €5,819 | €1,650 | €1,650 | €1,650 | = |
| Non-distributable reserves130/1 | - | - | €1,650 | €1,650 | €1,650 | €1,650 | = |
| Legal reserve130 | - | - | €1,650 | €1,650 | €1,650 | €1,650 | = |
| Distributable reserves133 | - | - | €4,169 | - | - | - | - |
| Profit (loss) carried forward14 | €50 | €0 | €4 | -€2,856 | -€6,585 | -€6,315 | ▲ 4.1% |
| Amounts payable17/49 | €27,691 | €7,763 | €92,246 | €7,036 | €6,866 | €6,949 | ▲ 1.2% |
| Amounts payable within one year42/48 | €27,691 | €7,763 | €92,246 | €7,036 | €6,866 | €6,949 | ▲ 1.2% |
| Trade debts44 | €4,556 | €280 | €1,322 | €113 | €265 | €326 | ▲ 23.1% |
| Suppliers440/4 | - | - | €1,322 | €113 | €265 | €326 | ▲ 23.1% |
| Other amounts payable47/48 | - | - | €90,923 | €6,923 | €6,602 | €6,623 | ▲ 0.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,973 | -€271 | €344 | -€7,029 | -€3,729 | €271 | - |
| Operating cash flow (approximation) | €17,973 | -€271 | €344 | -€7,029 | -€3,729 | €271 | - |
| Change in cash | - | -€22,232 | €1,943 | -€91,819 | -€6,028 | €168 | - |
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, 10,904 companies had the same profile as 2B/ECO has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of 2B/ECO 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 10,904 companies, not a prediction for 2B/ECO. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00031000 | |
| 30-06-2024 | micro format | 24-01-2025 | 2025-00017551 | |
| 30-06-2023 | micro format | 26-12-2023 | 2023-00537002 | |
| 30-06-2022 | micro format | 11-01-2023 | 2023-20557349 | |
| 30-06-2021 | micro format | 20-12-2021 | 2021-80800276 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03600228 | |
| 30-06-2018 | micro format | 14-01-2019 | 2019-01400199 | |
| 30-06-2017 | micro format | 23-01-2018 | 2018-02200085 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-71400438 | |
| 30-06-2015 | abbreviated format | 08-01-2016 | 2016-00900246 |