ECO3
ActiveSummary
ECO3 has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €105.4m and a net result of -€18.5m. Equity is growing by ~36.6% per year across the filed fiscal years. Its solvency ranks better than 46% of 312 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-1
Solvency64▼-3
Growth35=
Track record94
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity short (current ratio 0.65 against 0.76 in 2024; short-term debt: 57.5% and cash: 1.2% of total assets), and 61.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.5%
Return on assets
-6.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
22232425
2022 to 2025 · latest year -€18.5m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-06-2026, 52 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
52 d early
2024
72 d early
2023
on the day
2022
59 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 46 days before the deadline; the sector median for financial year 2024 is 11 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 company by equity in Mortsel, Manufacturing sector#2 company by total assets in the province of Antwerp, Machinery and equipment sector#5 employer in the province of Antwerp, Machinery and equipment sector
Turnover
€354.8m▼ 14.9%
2024 · €416.7m
EBIT margin
-7.5%▼ 1.4pp
2024 · -6.1%
Net result
-€18.5m▼ 4.6%
2024 · -€17.7m
Working capital
-€54.9m▼ 41.3%
2024 · -€38.8m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Turnover€603.9m-€414.8m▼ 31.3%€416.7m▲ 0.5%€354.8m▼ 14.9%
Operating result-€9.3m--€27.9m▼ 199%-€25.4m▲ 9.2%-€26.7m▼ 5.2%
Net result-€10.0m--€29.2m▼ 193%-€17.7m▲ 39.5%-€18.5m▼ 4.6%
EBIT margin-1.5%--6.7%▼ 5.2pp-6.1%▲ 0.6pp-7.5%▼ 1.4pp
Equity€10.0m-€170.4m▲ 1,603%€123.9m▼ 27.3%€105.4m▼ 14.9%
Total assets€313.8m-€338.7m▲ 7.9%€297.3m▼ 12.2%€273.5m▼ 8.0%
Debt€301.4m-€165.1m▼ 45.2%€170.7m▲ 3.4%€165.4m▼ 3.1%
Working capital-€129.3m-€33.7m-€38.8m-€54.9m▼ 41.3%
Staff (FTE)175.3-199.8▲ 14.0%196.1▼ 1.9%194.6▼ 0.8%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €26.7m in 2025 against €25.4m in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €273.5m
Fixed assets
€171.0m ▼ 2.7%
Current assets
€102.5m ▼ 15.6%
Equity and liabilities €273.5m
Equity
€105.4m ▼ 14.9%
Provisions
€2.8m ▲ 3.1%
Debt
€165.4m ▼ 3.1%
Debt's share of the balance-sheet total rises from 57.4% to 60.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€4.0m▲
2024 · -€4.5m
Cash flow
€4.2m▲
2024 · €3.1m
Current ratio
0.65▼
2024 · 0.76
Quick ratio
0.35▼
2024 · 0.45
Debt to equity
1.57▲
2024 · 1.38
ROE
-17.6%▼
2024 · -14.3%
ROA
-6.8%▼
2024 · -5.9%
Interest coverage
-1.76▲
2024 · -2.42
Debt ≤ 1 year
€157.4m▼
2024 · €160.3m
Income taxes
-€836,902▼
2024 · €2.0m
Staff costs
€52.4m▲
2024 · €51.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | €645.4m | €439.0m | €448.9m | €385.4m | ▼ 14.1% |
| Turnover70 | €603.9m | €414.8m | €416.7m | €354.8m | ▼ 14.9% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €31,762 | €151 | -€68,602 | €165,628 | ▲ 341% |
| Own construction capitalised72 | €26.3m | €19.5m | €20.1m | €22.2m | ▲ 10.1% |
| Other operating income74 | €14.8m | €4.5m | €12.0m | €7.9m | ▼ 33.8% |
| Non-recurring operating income76A | €301,375 | €232,637 | €106,445 | €331,268 | ▲ 211% |
| Operating charges60/66A | €654.7m | €466.9m | €474.2m | €412.1m | ▼ 13.1% |
| Goods for resale, raw materials and consumables60 | €454.7m | €308.7m | €315.0m | €259.3m | ▼ 17.7% |
| Purchases600/8 | €521.3m | €290.2m | €316.1m | €255.8m | ▼ 19.1% |
| Change in stocks: decrease (increase)609 | -€66.6m | €18.5m | -€1.1m | €3.6m | ▲ 412% |
| Services and other goods61 | €101.5m | €86.4m | €87.3m | €78.3m | ▼ 10.3% |
| Remuneration, social security and pensions62 | €56.3m | €49.9m | €51.2m | €52.4m | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26.7m | €19.9m | €20.8m | €22.7m | ▲ 8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €249,468 | €615,630 | -€111,804 | -€600,951 | ▼ 438% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €2.0m | €1.2m | -€397,496 | -€655,294 | ▼ 64.9% |
| Other operating charges640/8 | €260,354 | €93,841 | €412,951 | €573,024 | ▲ 38.8% |
| Non-recurring operating charges66A | €13.1m | - | - | - | - |
| Operating profit (loss)9901 | -€9.3m | -€27.9m | -€25.4m | -€26.7m | ▼ 5.2% |
| Financial income75/76B | €17.4m | €21.4m | €19.1m | €17.1m | ▼ 10.8% |
| Recurring financial income75 | €17.4m | €21.4m | €19.1m | €16.5m | ▼ 13.6% |
| Income from financial fixed assets750 | €5.8m | - | €10.8m | €8.1m | ▼ 24.4% |
| Income from current assets751 | €17,734 | €4.4m | €4.3m | €2.6m | ▼ 39.3% |
| Other financial income752/9 | €11.6m | €17.0m | €4.1m | €5.8m | ▲ 41.7% |
| Non-recurring financial income76B | - | - | - | €546,963 | - |
| Financial charges65/66B | €13.2m | €21.7m | €9.5m | €9.7m | ▲ 2.3% |
| Recurring financial charges65 | €13.2m | €21.7m | €9.5m | €9.7m | ▲ 2.3% |
| Debt charges650 | €1.8m | €2.9m | €1.9m | €2.3m | ▲ 21.8% |
| Other financial charges652/9 | €11.4m | €18.7m | €7.6m | €7.4m | ▼ 2.5% |
| Profit (loss) for the period before taxes9903 | -€5.1m | -€28.2m | -€15.7m | -€19.3m | ▼ 22.9% |
| Income taxes67/77 | €4.9m | €1.1m | €2.0m | -€836,902 | ▼ 143% |
| Taxes670/3 | €5.8m | €2.2m | €2.4m | €817,589 | ▼ 66.0% |
| Tax adjustments and reversals of tax provisions77 | €892,324 | €1.1m | €450,593 | €1.7m | ▲ 267% |
| Profit (loss) for the period9904 | -€10.0m | -€29.2m | -€17.7m | -€18.5m | ▼ 4.6% |
| Profit (loss) for the period to be appropriated9905 | -€10.0m | -€29.2m | -€17.7m | -€18.5m | ▼ 4.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €313.8m | €338.7m | €297.3m | €273.5m | ▼ 8.0% |
| Fixed assets21/28 | €156.6m | €152.5m | €175.8m | €171.0m | ▼ 2.7% |
| Intangible fixed assets21 | €364,614 | €284,159 | €196,923 | €361,714 | ▲ 83.7% |
| Tangible fixed assets22/27 | €1.7m | €1.9m | €2.0m | €2.0m | ▼ 4.5% |
| Plant, machinery and equipment23 | €310,239 | €227,562 | €430,780 | €541,525 | ▲ 25.7% |
| Furniture and vehicles24 | €78,443 | €58,895 | €118,690 | €133,804 | ▲ 12.7% |
| Other tangible fixed assets26 | €372,847 | €406,514 | €312,544 | €353,995 | ▲ 13.3% |
| Assets under construction and advance payments27 | €980,524 | €1.2m | €1.2m | €928,080 | ▼ 21.9% |
| Financial fixed assets28 | €154.5m | €150.4m | €173.6m | €168.7m | ▼ 2.8% |
| Affiliated companies280/1 | €154.5m | €150.4m | €173.5m | €168.7m | ▼ 2.8% |
| Participating interests280 | €154.5m | €150.4m | €162.5m | €159.9m | ▼ 1.6% |
| Amounts receivable281 | - | - | €11.1m | €8.8m | ▼ 20.6% |
| Other financial fixed assets284/8 | €5,570 | €16,020 | €26,801 | €34,538 | ▲ 28.9% |
| Amounts receivable and cash guarantees285/8 | €5,570 | €16,020 | €26,801 | €34,538 | ▲ 28.9% |
| Current assets29/58 | €157.2m | €186.2m | €121.5m | €102.5m | ▼ 15.6% |
| Amounts receivable after more than one year29 | €996,449 | €2.2m | €2.8m | €3.8m | ▲ 34.7% |
| Trade receivables290 | €427,492 | €932,274 | €472,836 | €108,928 | ▼ 77.0% |
| Other amounts receivable291 | €568,957 | €1.3m | €2.3m | €3.7m | ▲ 57.3% |
| Stocks and contracts in progress3 | €66.7m | €47.8m | €49.6m | €47.1m | ▼ 5.0% |
| Stocks30/36 | €66.7m | €47.7m | €49.6m | €46.9m | ▼ 5.4% |
| Goods purchased for resale34 | €66.7m | €47.7m | €49.6m | €46.9m | ▼ 5.4% |
| Contracts in progress37 | €31,762 | €68,602 | - | €165,628 | - |
| Amounts receivable within one year40/41 | €86.8m | €128.7m | €62.0m | €47.3m | ▼ 23.6% |
| Trade receivables40 | €70.6m | €93.5m | €51.2m | €27.5m | ▼ 46.2% |
| Other amounts receivable41 | €16.3m | €35.2m | €10.7m | €19.8m | ▲ 84.4% |
| Cash at bank and in hand54/58 | €2.6m | €6.5m | €6.1m | €3.2m | ▼ 47.0% |
| Deferred charges and accrued income490/1 | €96,427 | €932,966 | €1.1m | €1.1m | ▲ 4.3% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €313.8m | €338.7m | €297.3m | €273.5m | ▼ 8.0% |
| Equity10/15 | €10.0m | €170.4m | €123.9m | €105.4m | ▼ 14.9% |
| Contributions10/11 | €20.0m | €209.6m | €180.8m | €180.8m | = |
| Profit (loss) carried forward14 | -€10.0m | -€39.2m | -€56.9m | -€75.4m | ▼ 32.5% |
| Provisions and deferred taxes16 | €2.4m | €3.2m | €2.7m | €2.8m | ▲ 3.1% |
| Provisions for liabilities and charges160/5 | €2.4m | €3.2m | €2.7m | €2.8m | ▲ 3.1% |
| Pensions and similar obligations160 | €945,877 | €873,000 | €818,024 | €661,363 | ▼ 19.2% |
| Other liabilities and charges164/5 | €1.4m | €2.4m | €1.9m | €2.1m | ▲ 12.8% |
| Amounts payable17/49 | €301.4m | €165.1m | €170.7m | €165.4m | ▼ 3.1% |
| Amounts payable within one year42/48 | €286.6m | €152.5m | €160.3m | €157.4m | ▼ 1.8% |
| Financial debts43 | - | €10.1m | €20.0m | €22.6m | ▲ 12.8% |
| Credit institutions430/8 | - | - | €8.5m | €5.3m | ▼ 38.0% |
| Other loans439 | - | €10.1m | €11.5m | €17.3m | ▲ 50.3% |
| Trade debts44 | €114.1m | €121.0m | €123.2m | €117.6m | ▼ 4.5% |
| Suppliers440/4 | €114.1m | €121.0m | €123.2m | €117.6m | ▼ 4.5% |
| Advances received on contracts in progress46 | €101,678 | €759,626 | €637,373 | €631,969 | ▼ 0.8% |
| Taxes, remuneration and social security45 | €14.0m | €14.8m | €12.4m | €11.3m | ▼ 8.4% |
| Taxes450/3 | €5.2m | €6.2m | €2.9m | €3.5m | ▲ 20.4% |
| Remuneration and social security454/9 | €8.8m | €8.6m | €9.5m | €7.9m | ▼ 17.1% |
| Other amounts payable47/48 | €158.3m | €5.9m | €4.1m | €5.2m | ▲ 27.2% |
| Accrued charges and deferred income492/3 | €14.8m | €12.6m | €10.4m | €8.0m | ▼ 23.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10.0m | -€29.2m | -€17.7m | -€18.5m | ▼ 4.6% |
| + Depreciation and write-downs630 | €26.7m | €19.9m | €20.8m | €22.7m | ▲ 8.9% |
| Operating cash flow (approximation) | €16.7m | -€9.3m | €3.1m | €4.2m | ▲ 33.1% |
| Investment in fixed assets (approximation) | - | -€15.9m | -€44.1m | -€17.9m | ▲ 59.4% |
| Change in cash | - | €4.0m | -€458,349 | -€2.9m | ▼ 524% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-10
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet -€29.2m
Net result drops to -€29.2m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 1.22
Current ratio from 0.55 to 1.22; short-term debt falls from €286.6m to €152.5m.
31-12
Financial
Equity above €100mEq €170.4m ▲1,603%
Equity rises from €10.0m to €170.4m.
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
21-10
State Gazette act
General meeting · Demerger
Accounting effect
26-08
State Gazette act
General meeting · Demerger
Accounting effect · Paul WELLENS
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
11 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Mortsel · 1 establishment unit since 2021
Ground area
7.9 ha
Building footprint
5,389 m²
Volume, LiDAR
122,427 m³
Parcel 11029A0072/00P004, Flanders · tallest building 43.3 m, ±8 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
ECO3
since 20212.312.457.135
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11029A0072/00P004 | Flanders | 7.9 ha | 1 · 5,389 m² | 43.2 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 owner · 18 holdingsChain of control
- Aurelius Investment Lux Five s.a.r.lLU
- ECO3
Highest known parent: Aurelius Investment Lux Five s.a.r.l (Luxembourg). The sources do not say who stands above it.
Owners 1
- Aurelius Investment Lux Five s.a.r.lLUparentSourceown accounts 2025100%
Holdings 18
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
Show 8 more holdings
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100%
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100%
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99.99%
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99.99%
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99.9%
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99.9%
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80%
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51%
According to the 2025 annual accounts of ECO3 and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionReceived in a demerger part of:AGFA
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 3,067 EUR awarded · 3,067 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 3,067 EUR | 3,067 EUR |
Schemes
Recognitions · licences · registrations
Legal Entity Identifier
5493002BZ3J8RGZ1LX92
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Of 346 companies in sector 28990 we hold annual accounts for 278. 14 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded26-01-2021
Fiscal year end31-12
Activities, NACEBEL 2025
18130Pre-press and pre-media services
28990Manufacture of machinery and equipment not elsewhere classified
E-invoicing
Reachable via Peppol
Peppol ID
0208:0762496610
Registered
17-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.