AB-ECHAF
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00406040.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 15 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
EBIT margin
Not included in this filing
Net result
€52,069▼ 36.8%
2024 · €82,343
Working capital
€54,099
2024 · -€35,336
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€143,685
▼ 20.4%
2025
20182025
Net result
€52,069
▼ 36.8%
2025
middle half of the sector
20182025
Equity
€403,990
▲ 1.0%
2025
middle half of the sector
20182025
Total assets
€1.2m
▼ 7.0%
2025
middle half of the sector
20182025
Debt
€828,357
▼ 10.5%
2025
20182025
Working capital
€54,099
2025
middle half of the sector
20182025
Solvency
32.8%
▲ 2.6pp
2025
middle half of the sector
20182025
Current ratio
1.12
▲ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 2.0pp
2025
middle half of the sector
20182025
Staff (FTE)
12.3
▲ 19.4%
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
Operating result€0.1m-€0.3m▲ 83.2%€0.1m▼ 59.9%€0.04m▼ 63.8%€0.06m▲ 63.6%€0.2m▲ 174%€0.2m▲ 6.3%€0.1m▼ 20.4%
Net result€0.08m-€0.2m▲ 137%€0.06mwithin the sector's middle half▼ 69.4%€0.002mwithin the sector's middle half▼ 97.3%€0.02mwithin the sector's middle half▲ 15×€0.09mabove the sector's middle half▲ 266%€0.08mabove the sector's middle half▼ 9.4%€0.05mwithin the sector's middle half▼ 36.8%
Equity€0.2m-€0.4m▲ 67.1%€0.4mwithin the sector's middle half▲ 3.5%€0.3mabove the sector's middle half▼ 11.8%€0.3mabove the sector's middle half▼ 6.7%€0.4mabove the sector's middle half▲ 13.3%€0.4mabove the sector's middle half▲ 9.4%€0.4mwithin the sector's middle half▲ 1.0%
Total assets€1.4m-€1.4m=€1.3mwithin the sector's middle half▼ 5.7%€1.2mabove the sector's middle half▼ 6.0%€1.1mabove the sector's middle half▼ 5.6%€1.2mabove the sector's middle half▲ 2.2%€1.3mabove the sector's middle half▲ 13.4%€1.2mwithin the sector's middle half▼ 7.0%
Debt€1.1m-€1.0m▼ 13.3%€0.9m▼ 9.2%€0.9m▼ 3.5%€0.8m▼ 5.2%€0.8m▼ 2.2%€0.9m▲ 15.2%€0.8m▼ 10.5%
Working capital-€0.2m--€0.04m▲ 72.7%-€0.06mwithin the sector's middle half▼ 40.3%-€0.07mbelow the sector's middle half▼ 16.6%-€0.04mwithin the sector's middle half▲ 42.4%-€0.1mbelow the sector's middle half▼ 129%-€0.04mwithin the sector's middle half▲ 63.0%€0.05mwithin the sector's middle half
Solvency16.6%-27.7%▲ 11.1pp30.4%within the sector's middle half▲ 2.7pp28.5%within the sector's middle half▼ 1.9pp28.2%within the sector's middle half▼ 0.3pp31.3%within the sector's middle half▲ 3.1pp30.2%within the sector's middle half▼ 1.1pp32.8%within the sector's middle half▲ 2.6pp
Current ratio0.59-0.88▲ 0.290.80within the sector's middle half▼ 0.080.82within the sector's middle half▲ 0.020.91within the sector's middle half▲ 0.090.81within the sector's middle half▼ 0.090.93within the sector's middle half▲ 0.121.12within the sector's middle half▲ 0.18
Return on assets (ROA)6.2%-14.6%▲ 8.5pp4.8%within the sector's middle half▼ 9.9pp0.1%within the sector's middle half▼ 4.6pp2.2%within the sector's middle half▲ 2.0pp7.8%within the sector's middle half▲ 5.6pp6.2%within the sector's middle half▼ 1.6pp4.2%within the sector's middle half▼ 2.0pp
Staff (FTE)9.6-9.6=9.1within the sector's middle half▼ 5.2%10.1▲ 11.0%10.9▲ 7.9%10.2▼ 6.4%10.3▲ 1.0%12.3above the sector's middle half▲ 19.4%
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 20% lower than in 2024 and the lowest since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€710,631 ▼ 16.1%
Current assets
€521,715 ▲ 9.1%
Equity and liabilities €1.2m
Equity
€403,990 ▲ 1.0%
Debt
€828,357 ▼ 10.5%
Debt's share of the balance-sheet total falls from 69.8% to 67.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€295,313▼
2024 · €368,849
Cash flow
€203,697▼
2024 · €270,784
Debt to equity
2.05▼
2024 · 2.31
ROE
12.9%▼
2024 · 20.6%
Interest coverage
4.55▼
2024 · 6.05
Debt ≤ 1 year
€467,616▼
2024 · €513,519
Debt > 1 year
€360,740▼
2024 · €411,986
Income taxes
€27,365▼
2024 · €37,252
Staff costs
€935,777▲
2024 · €752,088
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 | 9 | 11 | 9 | 12 | 12 |
| full-time | 9 | 11 | 9 | 12 | 12 |
| in full-time equivalents | 9 | 11 | 9 | 12 | 12 |
| Average over the year, in full-time equivalents | 10.1 | 10.9 | 10.2 | 10.3 | 12.3 |
| On a permanent contract | 6 | 6 | 6 | 7 | 9 |
| Joined | 18 | 11 | 10 | 7 | 15 |
| Left | 18 | 9 | 12 | 4 | 15 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €21,613 | €36,471 | €167,116 | €332,263 | €87,834 |
| Depreciation and write-downs of the year | €132,972 | €123,819 | €105,269 | €188,441 | €151,628 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.003m | €0.007m | ▲ 169% |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 19.5% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.04m | ▲ 98.8% |
| Gross operating margin9900 | €0.8m | €0.9m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.3m | ▲ 11.5% |
| Operating profit (loss)9901 | €0.1m | €0.3m | €0.1m | €0.04m | €0.06m | €0.2m | €0.2m | €0.1m | ▼ 20.4% |
| Financial income75/76B | - | - | - | €372 | €0.001m | €36 | €129 | €0.001m | ▲ 358% |
| Recurring financial income75 | €1 | €0.001m | €398 | €372 | €0.001m | €36 | €129 | €0.001m | ▲ 358% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.04m | €0.06m | €0.06m | ▲ 6.4% |
| Recurring financial charges65 | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | €0.04m | €0.06m | €0.06m | ▲ 6.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €133 | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.2m | €0.07m | €0.007m | €0.04m | €0.1m | €0.1m | €0.08m | ▼ 33.6% |
| Income taxes67/77 | €0.004m | €0.02m | €0.006m | €0.006m | €0.01m | €0.04m | €0.04m | €0.03m | ▼ 26.5% |
| Profit (loss) for the period9904 | €0.08m | €0.2m | €0.06m | €0.002m | €0.02m | €0.09m | €0.08m | €0.05m | ▼ 36.8% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.2m | €0.06m | €0.002m | €0.02m | €0.09m | €0.08m | €0.05m | ▼ 36.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.3m | €1.2m | €1.1m | €1.2m | €1.3m | €1.2m | ▼ 7.0% |
| Formation expenses20 | - | - | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €0.9m | €0.7m | €0.8m | €0.8m | €0.7m | ▼ 16.1% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €0.9m | €0.7m | €0.8m | €0.8m | €0.7m | ▼ 16.1% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 6.2% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.2m | €0.3m | €0.2m | €0.09m | ▼ 52.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.009m | €0.01m | €0.04m | €0.01m | ▼ 66.9% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.09m | €0.04m | €0.2m | €0.3m | ▲ 7.2% |
| Other tangible fixed assets26 | - | - | - | €0.004m | €0.003m | €0.003m | €0.002m | €0.001m | ▼ 33.3% |
| Financial fixed assets28 | - | €135 | €135 | €135 | - | - | - | - | - |
| Current assets29/58 | €0.2m | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 9.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 12.6% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 9.3% |
| Other amounts receivable41 | - | - | - | - | €270 | €310 | €0.01m | €0.02m | ▲ 120% |
| Cash at bank and in hand54/58 | €0.005m | €0.1m | €0.06m | €0.02m | €0.02m | €0.05m | €0.1m | €0.1m | ▲ 17.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.01m | €0.04m | €0.02m | ▼ 45.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.3m | €1.2m | €1.1m | €1.2m | €1.3m | €1.2m | ▼ 7.0% |
| Equity10/15 | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 1.0% |
| Contributions10/11 | €0.05m | €0.05m | €0 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Contributions outside capital11 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Other1109/19 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Revaluation surpluses12 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.05m | ▼ 50.0% |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.01m | €0.05m | €0.05m | €0.08m | €0.2m | €0.2m | €0.3m | ▲ 20.9% |
| Amounts payable17/49 | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 10.5% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.4m | €0.4m | ▼ 12.4% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.3m | €0.4m | €0.4m | ▼ 12.4% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 8.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 6.1% |
| Financial debts43 | - | - | - | €0.09m | €0.1m | €0.1m | €0.06m | - | - |
| Credit institutions430/8 | - | - | - | €0.09m | €0.1m | €0.1m | €0.06m | - | - |
| Trade debts44 | €0.05m | €0.04m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 5.1% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 5.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 2.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.04m | €0.05m | €0.06m | €0.05m | ▼ 22.0% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 9.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,480 | €200,123 | €61,281 | €1,638 | €24,812 | €90,909 | €82,343 | €52,069 | ▼ 36.8% |
| + Depreciation and write-downs630 | €121,271 | €128,255 | €131,338 | €132,972 | €123,819 | €105,269 | €188,441 | €151,628 | ▼ 19.5% |
| Operating cash flow (approximation) | €205,751 | €328,378 | €192,619 | €134,610 | €148,631 | €196,178 | €270,784 | €203,697 | ▼ 24.8% |
| Investment in fixed assets (approximation) | - | -€47,112 | -€122,274 | €26,367 | €25,937 | -€119,136 | -€284,283 | -€15,037 | ▲ 94.7% |
| Change in cash | - | €141,307 | -€90,969 | -€35,070 | -€4,578 | €36,071 | €51,068 | €17,755 | ▼ 65.2% |
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, 6,049 companies had the same profile as AB-ECHAF has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of AB-ECHAF 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 6,049 companies, not a prediction for AB-ECHAF. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-08-2026 | 2026-00406040 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00339862 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00292539 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00272533 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20134420 | |
| 31-12-2020 | full format | 30-09-2021 | 2021-70900297 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57100134 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21300188 | |
| 31-12-2017 | full format | 27-06-2018 | 2018-24200570 | |
| 31-12-2016 | full format | 20-07-2017 | 2017-34200176 |