3E
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-05-2026 PDF all 26 filings
Turnover
€13.0m▲ 15.8%
2024 · €11.2m
EBIT margin
-31.6%▲ 12.3pp
2024 · -43.9%
Net result
-€4.3m▲ 3.8%
2024 · -€4.5m
Working capital
-€1.3m▲ 43.9%
2024 · -€2.3m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€13.0m
▲ 15.8%
2025
20182025
Operating result
-€4.1m
▲ 16.6%
2025
20182025
Net result
-€4.3m
▲ 3.8%
2025
lowest quarter of the sector
20182025
EBIT margin
-31.6%
▲ 12.3pp
2025
20182025
Equity
€2.1m
▲ 406%
2025
middle half of the sector
20182025
Total assets
€15.8m
▲ 12.5%
2025
highest quarter of the sector
20182025
Debt
€13.7m
▲ 0.5%
2025
20182025
Working capital
-€1.3m
▲ 43.9%
2025
lowest quarter of the sector
20182025
Solvency
13.3%
▲ 10.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.84
▲ 0.13
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-27.4%
▲ 4.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
78.3
▼ 5.0%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€9.1m-€9.1m▲ 0.4%€8.1m▼ 11.3%€9.3m▲ 15.3%€9.3m▼ 0.1%€10.9m▲ 16.9%€11.2m▲ 3.3%€13.0m▲ 15.8%
Operating result€0.2m-€1.4m▲ 622%€0.1m▼ 91.1%-€0.02m-€2.6m▼ 12,865%-€3.3m▼ 28.8%-€4.9m▼ 48.3%-€4.1m▲ 16.6%
Net result€0.04m-€0.06m▲ 42.7%-€0.09mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 61.7%€2.0mabove the sector's middle half-€3.5mbelow the sector's middle half-€4.5mbelow the sector's middle half▼ 30.1%-€4.3mbelow the sector's middle half▲ 3.8%
EBIT margin2.2%-15.5%▲ 13.4pp1.6%▼ 14.0pp-0.2%▼ 1.8pp-27.8%▼ 27.5pp-30.6%▼ 2.8pp-43.9%▼ 13.3pp-31.6%▲ 12.3pp
Equity€1.0m-€1.0m▲ 6.6%€1.3mabove the sector's middle half▲ 30.1%€1.2mabove the sector's middle half▼ 10.7%€3.4mabove the sector's middle half▲ 180%-€0.1mbelow the sector's middle half€0.4mwithin the sector's middle half€2.1mwithin the sector's middle half▲ 406%
Total assets€8.9m-€10.1m▲ 13.6%€9.1mabove the sector's middle half▼ 10.0%€9.8mabove the sector's middle half▲ 7.7%€9.3mabove the sector's middle half▼ 4.8%€10.8mabove the sector's middle half▲ 16.1%€14.0mabove the sector's middle half▲ 29.8%€15.8mabove the sector's middle half▲ 12.5%
Debt€7.9m-€9.0m▲ 14.5%€7.7m▼ 14.5%€8.6m▲ 10.9%€5.9m▼ 30.6%€10.9m▲ 83.3%€13.6m▲ 24.8%€13.7m▲ 0.5%
Working capital€1.0m-€0.7m▼ 28.3%-€0.2mbelow the sector's middle half-€1.2mbelow the sector's middle half▼ 409%-€1.0mbelow the sector's middle half▲ 17.5%-€4.9mbelow the sector's middle half▼ 413%-€2.3mbelow the sector's middle half▲ 52.7%-€1.3mbelow the sector's middle half▲ 43.9%
Solvency10.9%-10.3%▼ 0.7pp14.8%below the sector's middle half▲ 4.6pp12.3%below the sector's middle half▼ 2.5pp36.1%within the sector's middle half▲ 23.8pp-0.9%below the sector's middle half▼ 37.0pp3.0%below the sector's middle half▲ 3.8pp13.3%below the sector's middle half▲ 10.3pp
Current ratio1.24-1.14▼ 0.100.95below the sector's middle half▼ 0.180.79below the sector's middle half▼ 0.160.82below the sector's middle half▲ 0.030.48below the sector's middle half▼ 0.340.72below the sector's middle half▲ 0.230.84below the sector's middle half▲ 0.13
Return on assets (ROA)0.5%-0.6%▲ 0.1pp-1.0%below the sector's middle half▼ 1.6pp-1.5%below the sector's middle half▼ 0.5pp22.0%above the sector's middle half▲ 23.4pp-32.0%below the sector's middle half▼ 53.9pp-32.0%below the sector's middle half▼ 0.1pp-27.4%below the sector's middle half▲ 4.6pp
Staff (FTE)55.8-63.3▲ 13.4%53.9above the sector's middle half▼ 14.8%55above the sector's middle half▲ 2.0%56.9above the sector's middle half▲ 3.5%72.8above the sector's middle half▲ 27.9%82.4above the sector's middle half▲ 13.2%78.3above the sector's middle half▼ 5.0%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 €4.1m, smaller than the loss of €4.9m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.8m
Fixed assets
€8.8m ▲ 8.2%
Current assets
€7.0m ▲ 18.4%
Equity and liabilities €15.8m
Equity
€2.1m ▲ 406%
Debt
€13.7m ▲ 0.5%
Debt's share of the balance-sheet total falls from 97.0% to 86.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€1.6m▲
2024 · -€2.8m
Cash flow
-€1.8m▲
2024 · -€2.4m
Quick ratio
0.72▲
2024 · 0.57
Debt to equity
6.52▼
2024 · 32.85
ROE
-206.2%
Interest coverage
-3.00▲
2024 · -6.42
Debt ≤ 1 year
€8.3m▲
2024 · €8.2m
Debt > 1 year
€4.2m▲
2024 · €4.2m
Income taxes
-€71,043▼
2024 · -€68,924
Customer credit
72 days▼
2024 · 92 days
Supplier credit
362 days▼
2024 · 478 days
Staff costs
€7.4m▲
2024 · €7.2m
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 | 56 | 63 | 81 | 85 | 77 |
| full-time | 50 | 53 | 77 | 74 | 67 |
| part-time | 6 | 10 | 4 | 11 | 10 |
| in full-time equivalents | 54.5 | 60.6 | 79.9 | 82.4 | 74.8 |
| Average over the year, in full-time equivalents | 55 | 56.9 | 72.8 | 82 | 78.3 |
| On a permanent contract | 56 | 63 | 81 | 85 | 77 |
| Joined | 15 | 17 | 40 | 21 | 15 |
| Left | 10 | 10 | 22 | 17 | 23 |
| Agency workers, average number | 0.1 | 0.1 | 0.4 | 1 | - |
| Training hours | 1,135 | 3,111 | 9,100 | 3,622 | 4,697 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.3m | €1.8m | €2.9m | €4.1m | €3.9m |
| Pledge on the business | €3.0m | €3.3m | €4.5m | €5.0m | €5.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €115,987 | €284,786 | €220,016 | €168,326 | €161,740 |
| Intangible fixed assets | €1.5m | €2.4m | €2.8m | €2.9m | €3.0m |
| Financial fixed assets | - | €50,000 | - | €1.0m | - |
| Depreciation and write-downs of the year | €1.0m | €1.3m | €1.7m | €2.1m | €2.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €13,500 | €14,520 | €14,749 | €16,354 | €20,000 |
| Other work by the auditor | - | €3,750 | €19,695 | €32,025 | €19,990 |
| Work by persons linked to the auditor | €3,072 | €8,327 | €39,177 | €17,557 | €14,828 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Federal government
2023 to 2025 · 3 entries · €1.5m in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Economie | 1 | €782,878 |
| 2024 | FOD Economie | 1 | €378,834 |
| 2023 | FOD Economie | 1 | €378,834 |
European Union, budget
2021 to 2025 · 11 entries · €8.3m in total| Year | Entries | Awarded |
|---|---|---|
| 2025 | 5 | €0.6m |
| 2024 | 1 | €0.3m |
| 2023 | 1 | €5.0m |
| 2022 | 2 | €0.3m |
| 2021 | 2 | €2.1m |
Projects
CONSULTANCY - CLEAN ENERGY FOR EU ISLANDS: 30 RENEWABLE ISLANDS FOR 2030
SECOND PHASE OF THE OPERATION OF THE “CLEAN ENERGY FOR EU ISLANDS SECRETARIAT”
ACTION GRANT
SUPERNOVA - OPERATION AND MAINTENANCE AND GRID FRIENDLY TOOLS AND SOLUTIONS FOR SOLAR DATA FUSION AND INSIGHT EXPLOSION FOR RELIABLE, BANKABLE, CIRCULAR PV PLANTS
SYMBIOSYST - CREATE A SYMBIOSIS WHERE PV AND AGRICULTURE CAN HAVE A MUTUALLY BENEFICIAL RELATIONSHIP
European research
29 projects · 7 as coordinator · €11.1m EU contributionProjects
SQ Building – Solving the Trilemma of Comfort, Energy and Operational Costs in Buildings
Designing eTrading Solutions for Electricity Balancing and Redispatching in Europe
Commercialization of a breakthrough wind resource assessment technology for automated planning of bankable wind farms
A Toolbox for Offshore Wind Farm Cluster Design
Tools for Enhanced Photovoltaic System Performance
Show 24 more projects
Interoperable Solutions Connecting Smart Homes, Buildings and Grids
Bankable by Design, Continuous, and Predictive Climate Adaptation Investments with Co-Benefits
Increase Friendly Integration of Reliable PV plants considering different market segments
Bringing down costs of BIPV multifunctional solutions and processes along the value chain, enabling widespread nZEBs implementation
Software for the Optimal Place CAlculation for WIND-farms
Aeroelastic tailoring of a passive wind turbine rotor and validation of design code
Improving the Financeability and Attractiveness of Sustainable Energy Investments in Photovolatics: Quantifying and Managing the Technical Risk for Current and New Business Models
Cyber Physical System based Proactive Collaborative Maintenance
OPERATION AND MAINTENANCE AND GRID FRIENDLY TOOLS AND SOLUTIONS FOR SOLAR DATA FUSION AND INSIGHT EXPLOSION FOR RELIABLE, BANKABLE, CIRCULAR PV PLANTS
Turning Wind Energy Meteorology into System Integration Services for Energy Market Participants
Best practices and implementation of innovative business models for Renewable Energy aggregatorS
Create a Symbiosis where PV and agriculture can have a mutually beneficial relationship
INverter Systems for Power Integration and Resilient Energy Systems
Arrowhead Tools for Engineering of Digitalisation Solutions
ENDORSE (ENergy DOwnstReam SErvices) - Providing energy components for GMES
Actual execution of the Implementation Plan for Photovoltaics and monitoring the Implementation Plan’s delivery
ExcEED – European Energy Efficient buildingdistrict Database: from data to information to knowledge
Towards COast to COast NETworks of marine protected areas ( from the shore to the high and deep sea), coupled with sea-based wind energy potential
Arrowhead
Financing Ambitious Local Climate Objectives
Innovative controls for renewable sources Integration into smart energy systems
Northern Seas Wind Index Database
Pilot Demonstration of Eleven 7MW-Class WEC at Estinnes in Belgium
Metamorphosis of Power Distribution: System Services from Photovoltaics
Public contracts
2 awards · 2022 to 2023
Offshore studie strike
2022/77268/E2/REPOWERING: ETUDE THEORIQUE
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €10.6m | €10.5m | €12.9m | €13.6m | €15.4m | ▲ 13.4% |
| Turnover70 | €9.1m | €9.1m | €8.1m | €9.3m | €9.3m | €10.9m | €11.2m | €13.0m | ▲ 15.8% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.03m | -€0.3m | €0.07m | €0.2m | -€0.2m | - |
| Own construction capitalised72 | - | - | - | €0.9m | €1.1m | €1.5m | €1.8m | €2.1m | ▲ 16.1% |
| Other operating income74 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.5m | ▲ 51.0% |
| Non-recurring operating income76A | - | - | - | €0.06m | €0.09m | €0.1m | - | €0.01m | - |
| Operating charges60/66A | - | - | - | €10.6m | €13.1m | €16.3m | €18.5m | €19.5m | ▲ 5.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €2.0m | €1.6m | €2.3m | €1.8m | €2.1m | ▲ 19.8% |
| Purchases600/8 | - | - | - | €2.0m | €1.6m | €2.3m | €1.8m | €2.1m | ▲ 19.8% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.009m | -€0.006m | -€0.01m | €0.008m | €0.01m | ▲ 24.3% |
| Services and other goods61 | - | - | - | €3.0m | €4.0m | €6.0m | €7.1m | €7.2m | ▲ 2.3% |
| Remuneration, social security and pensions62 | - | - | - | €4.3m | €4.6m | €6.2m | €7.2m | €7.4m | ▲ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.9m | €0.9m | €0.9m | €1.0m | €1.3m | €1.7m | €2.1m | €2.5m | ▲ 18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.2m | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.1m | €0.08m | €0.1m | €0.08m | ▼ 41.1% |
| Non-recurring operating charges66A | - | - | - | €0.08m | €1.5m | €0.03m | €0.2m | - | - |
| Operating profit (loss)9901 | €0.2m | €1.4m | €0.1m | -€0.02m | -€2.6m | -€3.3m | -€4.9m | -€4.1m | ▲ 16.6% |
| Financial income75/76B | - | - | - | €0.03m | €4.9m | €0.03m | €0.8m | €0.4m | ▼ 55.8% |
| Recurring financial income75 | €0.08m | €0.07m | €0.03m | €0.03m | €0.09m | €0.03m | €0.8m | €0.4m | ▼ 55.8% |
| Income from current assets751 | - | - | - | €0.02m | €0.02m | €0.01m | €0.8m | €0.4m | ▼ 55.5% |
| Other financial income752/9 | - | - | - | €0.02m | €0.07m | €0.01m | €0.03m | €0.01m | ▼ 66.4% |
| Non-recurring financial income76B | - | - | - | - | €4.8m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.2m | €0.3m | €0.2m | €0.5m | €0.7m | ▲ 40.2% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | €0.2m | €0.5m | €0.7m | ▲ 40.2% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.4m | €0.5m | ▲ 22.2% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.04m | €0.04m | €0.03m | €0.1m | ▲ 304% |
| Profit (loss) for the period before taxes9903 | -€0.01m | €0.03m | -€0.1m | -€0.2m | €2.0m | -€3.5m | -€4.6m | -€4.4m | ▲ 3.7% |
| Income taxes67/77 | -€0.06m | -€0.03m | -€0.02m | -€0.03m | -€0.04m | -€0.07m | -€0.07m | -€0.07m | ▼ 3.1% |
| Taxes670/3 | - | - | - | - | - | - | €0.001m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.03m | €0.04m | €0.07m | €0.07m | €0.07m | ▲ 2.1% |
| Profit (loss) for the period9904 | €0.04m | €0.06m | -€0.09m | -€0.1m | €2.0m | -€3.5m | -€4.5m | -€4.3m | ▲ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.06m | -€0.09m | -€0.1m | €2.0m | -€3.5m | -€4.5m | -€4.3m | ▲ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.9m | €10.1m | €9.1m | €9.8m | €9.3m | €10.8m | €14.0m | €15.8m | ▲ 12.5% |
| Fixed assets21/28 | €3.6m | €4.0m | €4.4m | €5.4m | €5.0m | €6.2m | €8.1m | €8.8m | ▲ 8.2% |
| Intangible fixed assets21 | €1.9m | €1.8m | €2.2m | €2.8m | €4.1m | €5.3m | €6.3m | €7.0m | ▲ 11.4% |
| Tangible fixed assets22/27 | €0.3m | €0.7m | €0.5m | €0.5m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 10.7% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.9% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.08m | €0.06m | €0.06m | €0.04m | ▼ 33.9% |
| Other tangible fixed assets26 | - | - | - | €0.04m | €0.08m | €0.09m | €0.08m | €0.07m | ▼ 17.7% |
| Financial fixed assets28 | €1.4m | €1.6m | €1.6m | €2.1m | €0.3m | €0.3m | €1.3m | €1.3m | ▲ 0.3% |
| Affiliated companies280/1 | - | - | - | €0.2m | €0.3m | €0.3m | €1.3m | €1.3m | = |
| Participating interests280 | - | - | - | €0.2m | €0.3m | €0.3m | €1.3m | €1.3m | = |
| Companies linked by participating interests282/3 | - | - | - | €1.8m | - | - | - | - | - |
| Participating interests282 | - | - | - | €1.8m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.006m | €0.01m | ▲ 67.9% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.006m | €0.01m | ▲ 67.9% |
| Current assets29/58 | €5.2m | €6.0m | €4.7m | €4.4m | €4.3m | €4.6m | €5.9m | €7.0m | ▲ 18.4% |
| Amounts receivable after more than one year29 | - | - | - | €0.09m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.09m | - | - | - | - | - |
| Stocks and contracts in progress3 | €0.01m | €0.008m | €0.01m | €1.2m | €0.9m | €1.0m | €1.2m | €1.0m | ▼ 15.9% |
| Stocks30/36 | - | - | - | €0.002m | €0.008m | €0.02m | €0.01m | €0 | ▼ 100% |
| Goods purchased for resale34 | - | - | - | €0.002m | €0.008m | €0.02m | €0.01m | €0 | ▼ 100% |
| Contracts in progress37 | - | - | - | €1.2m | €0.9m | €1.0m | €1.2m | €1.0m | ▼ 15.1% |
| Amounts receivable within one year40/41 | €2.3m | €2.3m | €2.0m | €2.1m | €2.5m | €3.1m | €3.9m | €4.7m | ▲ 21.2% |
| Trade receivables40 | - | - | - | €1.4m | €1.4m | €2.4m | €2.8m | €2.5m | ▼ 10.3% |
| Other amounts receivable41 | - | - | - | €0.7m | €1.1m | €0.7m | €1.1m | €2.2m | ▲ 104% |
| Current investments50/53 | €1.0m | €1.0m | €0.9m | €0.02m | - | - | - | - | - |
| Other investments51/53 | - | - | - | €0.02m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.2m | €1.9m | €0.4m | €0.8m | €0.7m | €0.2m | €0.5m | €1.0m | ▲ 82.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.9m | €10.1m | €9.1m | €9.8m | €9.3m | €10.8m | €14.0m | €15.8m | ▲ 12.5% |
| Equity10/15 | €1.0m | €1.0m | €1.3m | €1.2m | €3.4m | -€0.1m | €0.4m | €2.1m | ▲ 406% |
| Contributions10/11 | €0.8m | €0.8m | €1.2m | €1.2m | €1.3m | €1.3m | €0.4m | €2.4m | ▲ 503% |
| Capital10 | - | - | - | €1.2m | €1.3m | €1.3m | €0.4m | €2.4m | ▲ 503% |
| Issued capital100 | - | - | - | €1.2m | €1.3m | €1.3m | €0.4m | €2.4m | ▲ 503% |
| Reserves13 | €0.07m | €0.08m | €0.08m | €0.08m | €0.2m | €0.2m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.06m | €0.06m | €0.06m | - | - | - |
| Profit (loss) carried forward14 | €0.06m | €0.1m | €0.03m | -€0.1m | €1.8m | -€1.6m | -€0.1m | -€0.4m | ▼ 259% |
| Amounts payable17/49 | €7.9m | €9.0m | €7.7m | €8.6m | €5.9m | €10.9m | €13.6m | €13.7m | ▲ 0.5% |
| Amounts payable after more than one year17 | €3.6m | €3.3m | €2.4m | €2.6m | €0.6m | €0.7m | €4.2m | €4.2m | ▲ 0.5% |
| Financial debts170/4 | - | - | - | €2.6m | €0.6m | €0.7m | €4.2m | €4.2m | ▲ 0.5% |
| Subordinated loans170 | - | - | - | - | - | - | €3.9m | €4.0m | ▲ 1.4% |
| Credit institutions173 | - | - | - | €0.7m | €0.5m | €0.6m | €0.3m | €0.3m | ▼ 12.0% |
| Other loans174 | - | - | - | €1.9m | €0.04m | €0.2m | - | - | - |
| Amounts payable within one year42/48 | €4.2m | €5.3m | €4.9m | €5.6m | €5.3m | €9.5m | €8.2m | €8.3m | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.8m | €1.2m | €3.5m | €0.4m | €0.2m | ▼ 50.1% |
| Financial debts43 | - | - | - | €0.4m | €1.0m | €2.1m | €3.6m | €3.5m | ▼ 3.4% |
| Credit institutions430/8 | - | - | - | €0.4m | €1.0m | €2.1m | €3.6m | €3.5m | ▼ 3.4% |
| Trade debts44 | €0.8m | €0.8m | €0.8m | €1.1m | €1.3m | €1.8m | €2.3m | €2.1m | ▼ 9.4% |
| Suppliers440/4 | - | - | - | €1.1m | €1.3m | €1.8m | €2.3m | €2.1m | ▼ 9.4% |
| Advances received on contracts in progress46 | - | - | - | €1.4m | €0.9m | €0.6m | €0.4m | €0.9m | ▲ 112% |
| Taxes, remuneration and social security45 | - | - | - | €0.8m | €0.9m | €1.4m | €1.3m | €1.4m | ▲ 5.7% |
| Taxes450/3 | - | - | - | €0.09m | €0.09m | €0.1m | €0.2m | €0.2m | ▼ 0.9% |
| Remuneration and social security454/9 | - | - | - | €0.7m | €0.8m | €1.3m | €1.2m | €1.2m | ▲ 6.5% |
| Other amounts payable47/48 | - | - | - | €77 | €77 | €0.09m | €0.1m | €0.2m | ▲ 77.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.4m | €0.09m | €0.7m | €1.2m | €1.2m | ▼ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.06m | -€0.09m | -€0.1m | €2.0m | -€3.5m | -€4.5m | -€4.3m | ▲ 3.8% |
| + Depreciation and write-downs630 | €0.9m | €0.9m | €0.9m | €1.0m | €1.3m | €1.7m | €2.1m | €2.5m | ▲ 18.1% |
| Operating cash flow (approximation) | €0.9m | €1.0m | €0.8m | €0.9m | €3.3m | -€1.7m | -€2.4m | -€1.8m | ▲ 23.3% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€1.3m | -€2.0m | -€0.9m | -€3.0m | -€4.0m | -€3.2m | ▲ 21.6% |
| Change in cash | - | €0.7m | -€1.5m | €0.4m | -€0.1m | -€0.5m | €0.3m | €0.4m | ▲ 33.6% |
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, 1,608 companies had the same profile as 3E has now. Two years later, 88.9% were still going and 4.1% had gone bankrupt.
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
- without size
88.9%
was still going
6.7%
stopped otherwise
4.1%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 3E itself: 1.0% 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 1,608 companies, not a prediction for 3E. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-05-2026 | 2026-00111297 | |
| 31-12-2024 | full format | 20-05-2025 | 2025-00101452 | |
| 31-12-2023 | full format | 31-07-2024 | 2024-00319527 | |
| 31-12-2022 | full format | 24-05-2023 | 2023-00094864 | |
| 31-12-2021 | full format | 11-05-2022 | 2022-20025722 | |
| 31-12-2020 | full format | 17-05-2021 | 2021-14200374 | |
| 31-12-2019 | full format | 26-05-2020 | 2020-13200123 | |
| 31-12-2018 | full format | 29-05-2019 | 2019-15300055 | |
| 31-12-2017 | full format | 25-05-2018 | 2018-13900437 | |
| 31-12-2016 | full format | 10-05-2017 | 2017-11800289 |