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E&C

Active
Private limited companyfounded 2017active for 9 yearsBorlostraat 5C, 3891 Gingelom, BelgiumKBO/BCE: BE 0672.494.466

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 30-07-2026 at the NBB all 3 filings

Equity
-€5,567▼ 130%
2024 · -€2,416
Total assets
€1,081▼ 33.6%
2024 · €1,629
Net result
-€3,151▼ 572%
2024 · -€469
Working capital
-€5,567▼ 130%
2024 · -€2,416
Multi-year overview
2023 to 2025, 3 financial years
Operating result
-€2,955
▼ 727% 2025
20232025
Net result
-€3,151
▼ 572% 2025
20232025
Equity
-€5,567
▼ 130% 2025
20232025
Total assets
€1,081
▼ 33.6% 2025
20232025
Debt
€6,648
▲ 64.4% 2025
20232025
Working capital
-€5,567
▼ 130% 2025
20232025
Staff (FTE)
0
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202320242025
Operating result-€3,287--€358▲ 89.1%-€2,955▼ 727%
Net result-€3,360--€469▲ 86.0%-€3,151▼ 572%
Equity-€1,947--€2,416▼ 24.1%-€5,567▼ 130%
Total assets€3,635-€1,629▼ 55.2%€1,081▼ 33.6%
Debt€5,582-€4,044▼ 27.5%€6,648▲ 64.4%
Working capital-€1,947--€2,416▼ 24.1%-€5,567▼ 130%
Staff (FTE)0.2-0▼ 100%0

The operating result for 2025 is a loss of €2,955, larger than the loss of €358 in 2024.

Turnover and EBIT margin are not published. The abbreviated format does not require them.

Key figures and ratios
2025 value · change against 2024
Debt ≤ 1 year
€6,648▲
2024 · €4,044
Staff costs
-€657▼
2024 · €94
The ratios are withheld because a balance sheet total of €1,081 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-2023
Average over the year, in full-time equivalents0.2
Joined13
Left12

Source: social balance sheet in the 2023 annual accounts

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 32 lines
Balance sheet Code20242025
Assets
Total assets20/58€1,629€1,081▼
Current assets29/58€1,629€1,081▼
Amounts receivable within one year40/41€1,064€775▼
Trade receivables40€1,064€775▼
Other amounts receivable41€0-
Cash at bank and in hand54/58€564€306▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€1,629€1,081▼
Equity10/15-€2,416-€5,567▼
Contributions10/11€500€500=
Profit (loss) carried forward14-€2,916-€6,067▼
Amounts payable17/49€4,044€6,648▲
Amounts payable within one year42/48€4,044€6,648▲
Trade debts44€100€504▲
Suppliers440/4€100€504▲
Taxes, remuneration and social security45€0-
Remuneration and social security454/9€0-
Other amounts payable47/48€3,944€6,144▲
Income statement Code20242025
Remuneration, social security and pensions62€94-€657▼
Other operating charges640/8€0€1,062▲
Gross operating margin9900-€264-€2,551▼
Operating profit (loss)9901-€358-€2,955▼
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€111€196▲
Recurring financial charges65€111€196▲
Profit (loss) for the period before taxes9903-€469-€3,151▼
Profit (loss) for the period9904-€469-€3,151▼
Profit (loss) for the period to be appropriated9905-€469-€3,151▼
Appropriation of the result
Profit (loss) to be appropriated9906-€2,916-€6,067▼
Profit (loss) brought forward from the previous period14P-€2,447-€2,916▼
Social balance sheet
Average headcount (FTE)90870.00.0=

The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 30-07-2026.

Line202320242025Change
Remuneration, social security and pensions62€5,283€94-€657-
Other operating charges640/8€682€0€1,062-
Gross operating margin9900€2,678-€264-€2,551▼ 868%
Operating profit (loss)9901-€3,287-€358-€2,955▼ 727%
Financial income75/76B€2€0--
Recurring financial income75€2€0--
Financial charges65/66B€74€111€196▲ 75.7%
Recurring financial charges65€74€111€196▲ 75.7%
Profit (loss) for the period before taxes9903-€3,360-€469-€3,151▼ 572%
Income taxes67/77€0---
Profit (loss) for the period9904-€3,360-€469-€3,151▼ 572%
Profit (loss) for the period to be appropriated9905-€3,360-€469-€3,151▼ 572%
Line202320242025Change
Assets
Total assets20/58€3,635€1,629€1,081▼ 33.6%
Current assets29/58€3,635€1,629€1,081▼ 33.6%
Amounts receivable within one year40/41€1,310€1,064€775▼ 27.2%
Trade receivables40€675€1,064€775▼ 27.2%
Other amounts receivable41€635€0--
Cash at bank and in hand54/58€549€564€306▼ 45.7%
Deferred charges and accrued income490/1€1,776€0--
Equity and liabilities
Total equity and liabilities10/49€3,635€1,629€1,081▼ 33.6%
Equity10/15-€1,947-€2,416-€5,567▼ 130%
Contributions10/11€500€500€500=
Profit (loss) carried forward14-€2,447-€2,916-€6,067▼ 108%
Amounts payable17/49€5,582€4,044€6,648▲ 64.4%
Amounts payable within one year42/48€5,582€4,044€6,648▲ 64.4%
Trade debts44€2,615€100€504▲ 404%
Suppliers440/4€2,615€100€504▲ 404%
Taxes, remuneration and social security45€830€0--
Taxes450/3€0---
Remuneration and social security454/9€830€0--
Other amounts payable47/48€2,137€3,944€6,144▲ 55.8%
Line202320242025Change
Profit (loss) for the period9904-€3,360-€469-€3,151▼ 572%
Operating cash flow (approximation)-€3,360-€469-€3,151▼ 572%
Change in cash-€15-€258-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 6,008 companies had the same profile as E&C has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.

  • Micro
  • 5 to 10 years old
  • negative equity
  • a loss of 10% of the balance sheet or more
83.0% was still going
8.4% stopped otherwise
7.9% went bankrupt

Another 0.8% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of E&C itself: 3.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 6,008 companies, not a prediction for E&C. 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.

Filings with the National Bank (3)
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 30-07-2026 2026-00368923 PDF
31-12-2024 abbreviated format 25-08-2025 2025-00405549 PDF
31-12-2023 abbreviated format 22-08-2024 2024-00365230 PDF

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