DEN ELS
ActiveSummary
DEN ELS has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€31,279) and a net result of €19,142. Equity is growing by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 16754 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+2
Solvency14▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 3.11 against 3.16 in 2024; short-term debt: 19.8% and cash: 58.6% of total assets), but equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-10.8%
Return on assets
6.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 16754 sector peers (2025).
NBB · sector comparisonPosition among 16754 sector peers
Solvency
better than 5%
← weakest
strongest →
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 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
51 d early
2023
48 d early
2022
21 d late
2021
5 d early
2020
30 d late
2019
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 14 June (4 of the last 5 filed years within 42 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€31,279▲ 38.0%
2024 · -€50,421
Total assets
€290,695▼ 11.5%
2024 · €328,536
Net result
€19,142▲ 24.8%
2024 · €15,338
Working capital
€121,802▼ 0.9%
2024 · €122,959
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 86, Human health activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,417€60,546▲ 481%€35,723▼ 41.0%€21,610▼ 39.5%€24,589▲ 13.8%
Net result€1,734below the sector's middle half€52,445within the sector's middle half▲ 2,925%€28,468below the sector's middle half▼ 45.7%€15,338below the sector's middle half▼ 46.1%€19,142below the sector's middle half▲ 24.8%
Equity-€146,671below the sector's middle half▲ 1.2%-€94,226below the sector's middle half▲ 35.8%-€65,759below the sector's middle half▲ 30.2%-€50,421below the sector's middle half▲ 23.3%-€31,279below the sector's middle half▲ 38.0%
Total assets€415,516below the sector's middle half▼ 10.3%€416,173below the sector's middle half▲ 0.2%€369,317below the sector's middle half▼ 11.3%€328,536below the sector's middle half▼ 11.0%€290,695within the sector's middle half▼ 11.5%
Debt€562,187▼ 8.1%€510,399▼ 9.2%€435,076▼ 14.8%€378,957▼ 12.9%€321,974▼ 15.0%
Working capital€17,096below the sector's middle half▼ 4.3%€62,450within the sector's middle half▲ 265%€127,109within the sector's middle half▲ 104%€122,959within the sector's middle half▼ 3.3%€121,802within the sector's middle half▼ 0.9%
Solvency-35.3%below the sector's middle half▼ 3.3pp-22.6%below the sector's middle half▲ 12.7pp-17.8%below the sector's middle half▲ 4.8pp-15.3%below the sector's middle half▲ 2.5pp-10.8%below the sector's middle half▲ 4.6pp
Current ratio1.25below the sector's middle half▼ 0.041.86within the sector's middle half▲ 0.613.26within the sector's middle half▲ 1.403.16within the sector's middle half▼ 0.103.11within the sector's middle half▼ 0.04
Return on assets (ROA)0.4%below the sector's middle half▲ 5.8pp12.6%within the sector's middle half▲ 12.2pp7.7%within the sector's middle half▼ 4.9pp4.7%below the sector's middle half▼ 3.0pp6.6%below the sector's middle half▲ 1.9pp
Staff (FTE)1.4within the sector's middle half▼ 6.7%1.3within the sector's middle half▼ 7.1%0below the sector's middle half▼ 100%
above
within
below
the middle half (P25 to P75) of NACE 86, Human health activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 14% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €290,695
Fixed assets
€111,299 ▼ 25.1%
Current assets
€179,396 ▼ 0.3%
Key figures and ratios
EBITDA
€61,884▲
2024 · €58,906
Cash flow
€56,438▲
2024 · €52,633
Debt to equity
-10.29▼
2024 · -7.52
Interest coverage
11.36▲
2024 · 9.39
Debt ≤ 1 year
€57,594▲
2024 · €56,983
Debt > 1 year
€264,380▼
2024 · €321,974
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,640 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,640 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €64,029 | €57,977 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,477 | €46,866 | €37,341 | €37,296 | €37,296 | = |
| Other operating charges640/8 | €2,663 | €3,484 | €2,542 | €2,560 | €2,534 | ▼ 1.0% |
| Gross operating margin9900 | €130,585 | €168,874 | €75,606 | €61,466 | €64,419 | ▲ 4.8% |
| Operating profit (loss)9901 | €10,417 | €60,546 | €35,723 | €21,610 | €24,589 | ▲ 13.8% |
| Financial income75/76B | €5 | - | - | - | - | - |
| Recurring financial income75 | €5 | - | - | - | - | - |
| Financial charges65/66B | €8,688 | €8,101 | €7,255 | €6,273 | €5,446 | ▼ 13.2% |
| Recurring financial charges65 | €8,688 | €8,101 | €7,255 | €6,273 | €5,446 | ▼ 13.2% |
| Profit (loss) for the period before taxes9903 | €1,734 | €52,445 | €28,468 | €15,338 | €19,142 | ▲ 24.8% |
| Profit (loss) for the period9904 | €1,734 | €52,445 | €28,468 | €15,338 | €19,142 | ▲ 24.8% |
| Profit (loss) for the period to be appropriated9905 | €1,734 | €52,445 | €28,468 | €15,338 | €19,142 | ▲ 24.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €415,516 | €416,173 | €369,317 | €328,536 | €290,695 | ▼ 11.5% |
| Fixed assets21/28 | €329,471 | €281,174 | €185,890 | €148,595 | €111,299 | ▼ 25.1% |
| Intangible fixed assets21 | €968 | - | - | - | - | - |
| Tangible fixed assets22/27 | €328,503 | €281,174 | €185,890 | €148,595 | €111,299 | ▼ 25.1% |
| Land and buildings22 | €53,333 | €45,249 | €185,890 | €148,595 | €111,299 | ▼ 25.1% |
| Furniture and vehicles24 | €463 | - | - | - | - | - |
| Leasing and similar rights25 | €274,707 | €235,925 | €0 | - | - | - |
| Current assets29/58 | €86,045 | €134,999 | €183,427 | €179,941 | €179,396 | ▼ 0.3% |
| Amounts receivable within one year40/41 | €9,157 | €9,157 | €20,204 | €9,093 | €9,093 | = |
| Trade receivables40 | €9,093 | €9,093 | €20,204 | €9,093 | €9,093 | = |
| Other amounts receivable41 | €64 | €64 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €38,401 | €92,127 | €163,223 | €170,849 | €170,304 | ▼ 0.3% |
| Deferred charges and accrued income490/1 | €38,487 | €33,715 | €0 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €415,516 | €416,173 | €369,317 | €328,536 | €290,695 | ▼ 11.5% |
| Equity10/15 | -€146,671 | -€94,226 | -€65,759 | -€50,421 | -€31,279 | ▲ 38.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | €18,600 | €18,600 | - | - | - | - |
| Profit (loss) carried forward14 | -€165,271 | -€112,826 | -€84,359 | -€69,021 | -€49,879 | ▲ 27.7% |
| Amounts payable17/49 | €562,187 | €510,399 | €435,076 | €378,957 | €321,974 | ▼ 15.0% |
| Amounts payable after more than one year17 | €489,935 | €434,740 | €378,757 | €321,974 | €264,380 | ▼ 17.9% |
| Financial debts170/4 | €489,935 | €434,740 | €378,757 | €321,974 | €264,380 | ▼ 17.9% |
| Amounts payable within one year42/48 | €68,949 | €72,549 | €56,319 | €56,983 | €57,594 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | €54,417 | €55,195 | €55,983 | €56,783 | €57,594 | ▲ 1.4% |
| Trade debts44 | €5,784 | €12,121 | €335 | €200 | €0 | ▼ 100% |
| Suppliers440/4 | €5,784 | €12,121 | €335 | €200 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €4,343 | €5,233 | €0 | - | - | - |
| Remuneration and social security454/9 | €4,343 | €5,233 | €0 | - | - | - |
| Other amounts payable47/48 | €4,404 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €3,304 | €3,110 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,734 | €52,445 | €28,468 | €15,338 | €19,142 | ▲ 24.8% |
| + Depreciation and write-downs630 | €53,477 | €46,866 | €37,341 | €37,296 | €37,296 | = |
| Operating cash flow (approximation) | €55,210 | €99,311 | €65,809 | €52,633 | €56,438 | ▲ 7.2% |
| Investment in fixed assets (approximation) | - | €1,431 | €57,942 | €0 | €0 | - |
| Change in cash | - | €53,726 | €71,096 | €7,625 | -€545 | ▼ 107% |
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
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 21 days late
2022
31-12
Financial
Highest result since 2018net €52,445 ▲2,925%
Operating result €60,546, net result €52,445, both a record.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €1,734
Net result €1,734 after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
31-12
Financial
Weakest financial yearnet -€24,936
Net result drops to -€24,936, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial
Back to profitnet €1,307
Net result €1,307 after one loss-making year.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Ranst · 1 establishment unit since 2009
Ground area
5,629 m²
Building footprint
402 m²
Parcel 11031C0501/00Z002, Flanders. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
DEN ELS
since 20092.178.617.327
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11031C0501/00Z002 | Flanders | 5,629 m² | 1 · 402 m² | - |
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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
33.33%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 16,631 companies in sector 86220 we hold annual accounts for 7,986. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-02-2009
Fiscal year end31-12
Activities, NACEBEL 2025
86220Specialist medical practice
85599Other education
96999Other personal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0809956136
Also
9925:BE0809956136
Registered
27-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.