E.C.K.
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-05-2026 PDF all 49 filings
Every figure per financial year
The operating result for 2025 is 41% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 106 | 60 | 65 | 53 | 58 |
| full-time | 88 | 55 | 58 | 50 | 56 |
| part-time | 18 | 5 | 7 | 3 | 2 |
| in full-time equivalents | 101.3 | 59 | 62.8 | 52.4 | 57.5 |
| Average over the year, in full-time equivalents | 101 | 78 | 58.1 | 56.5 | 55.4 |
| On a permanent contract | 104 | 59 | 53 | 53 | 56 |
| Joined | 69 | 118 | 371 | 229 | 17 |
| Left | 71 | 164 | 366 | 241 | 12 |
| Agency workers, average number | 1.5 | 3 | 1.8 | 1.5 | 3.8 |
| Training hours | 322 | 3,765 | 196 | 54 | 264 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €718,139 | €829,878 | €1.3m | €571,355 | €511,501 |
| Intangible fixed assets | €294,098 | €168,469 | €78,891 | - | - |
| Depreciation and write-downs of the year | €3.7m | €3.3m | €2.7m | €1.4m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,008 | €20,339 | €21,153 | €21,999 | €28,300 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €2,590 awarded · €2,590 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,619 | €1,619 |
| 2022 | 1 | €971 | €971 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €38.3m | - | - | €74.5m | €67.9m | €88.2m | €120.1m | €150.0m | ▲ 25.0% |
| Turnover70 | €37.6m | €46.2m | €54.1m | €70.7m | €66.4m | €87.8m | €119.3m | €149.7m | ▲ 25.5% |
| Own construction capitalised72 | - | - | - | €0.04m | €0.03m | €0.04m | - | - | - |
| Other operating income74 | €0.4m | - | - | €0.3m | €0.6m | €0.4m | €0.8m | €0.3m | ▼ 56.9% |
| Non-recurring operating income76A | €0.3m | - | - | €3.5m | €0.9m | €0.003m | €0.003m | - | - |
| Operating charges60/66A | €30.4m | - | - | €49.4m | €52.9m | €62.6m | €70.3m | €80.1m | ▲ 13.8% |
| Goods for resale, raw materials and consumables60 | €0.7m | - | - | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 0.2% |
| Purchases600/8 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 10.9% |
| Change in stocks: decrease (increase)609 | €0.02m | - | - | -€0.02m | €0.02m | €0.002m | -€0.05m | €0.01m | - |
| Services and other goods61 | €12.5m | - | - | €29.4m | €30.0m | €31.1m | €33.0m | €32.8m | ▼ 0.8% |
| Remuneration, social security and pensions62 | €6.8m | - | - | €3.9m | €4.5m | €4.3m | €4.8m | €3.7m | ▼ 23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.6m | €2.3m | €3.3m | €3.7m | €3.3m | €2.7m | €1.4m | €1.5m | ▲ 6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.002m | - | - | -€0.004m | - | €0.2m | -€0.005m | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€0.3m | - | €0.2m | -€0.003m | - |
| Other operating charges640/8 | €8.9m | - | - | €11.8m | €14.8m | €21.9m | €30.3m | €41.6m | ▲ 36.9% |
| Non-recurring operating charges66A | €0.05m | - | - | €0.2m | €0.1m | €1.9m | €0.01m | €0.03m | ▲ 123% |
| Operating profit (loss)9901 | €7.9m | €7.7m | €16.1m | €25.1m | €15.0m | €25.7m | €49.7m | €70.0m | ▲ 40.7% |
| Financial income75/76B | - | - | - | €0.1m | €0.3m | €0.3m | €2.4m | €2.2m | ▼ 7.0% |
| Recurring financial income75 | €0.1m | €0.05m | €0.02m | €0.1m | €0.3m | €0.3m | €2.4m | €2.2m | ▼ 7.0% |
| Income from financial fixed assets750 | - | - | - | - | - | - | - | €0.03m | - |
| Income from current assets751 | - | - | - | €0.08m | €0.2m | €0.3m | €2.4m | €2.2m | ▼ 8.0% |
| Other financial income752/9 | €0.1m | - | - | €0.04m | €0.1m | €0.04m | €0.04m | €0.03m | ▼ 25.5% |
| Financial charges65/66B | €0.9m | - | - | €1.8m | €1.5m | €3.3m | €3.4m | €4.4m | ▲ 27.2% |
| Recurring financial charges65 | €0.9m | €1.0m | €1.2m | €1.8m | €1.5m | €3.3m | €3.4m | €4.4m | ▲ 27.2% |
| Debt charges650 | €0.004m | €0.006m | €0.01m | €0.005m | €0.006m | €0.2m | €0.009m | €0.01m | ▲ 8.8% |
| Other financial charges652/9 | €0.9m | - | - | €1.8m | €1.5m | €3.1m | €3.4m | €4.3m | ▲ 27.2% |
| Profit (loss) for the period before taxes9903 | €7.2m | €6.7m | €14.8m | €23.5m | €13.9m | €22.7m | €48.7m | €67.9m | ▲ 39.3% |
| Income taxes67/77 | €2.3m | €2.3m | €3.9m | €6.1m | €3.4m | €6.1m | €16.7m | €22.5m | ▲ 34.7% |
| Taxes670/3 | €2.3m | - | - | €6.1m | €3.4m | €6.1m | €16.7m | €22.5m | ▲ 34.7% |
| Profit (loss) for the period9904 | €4.9m | €4.4m | €11.0m | €17.4m | €10.5m | €16.5m | €32.0m | €45.4m | ▲ 41.8% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €2.6m | - |
| Transfer to tax-exempt reserves689 | - | - | - | €2.0m | €2.0m | €1.0m | €1.0m | €1.0m | = |
| Profit (loss) for the period to be appropriated9905 | €4.9m | €4.4m | €11.0m | €15.4m | €8.5m | €15.5m | €31.0m | €47.0m | ▲ 51.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.3m | €22.9m | €39.9m | €60.7m | €65.4m | €91.0m | €131.1m | €181.5m | ▲ 38.5% |
| Fixed assets21/28 | €13.3m | €14.6m | €18.5m | €15.8m | €13.0m | €9.6m | €8.5m | €7.4m | ▼ 12.5% |
| Intangible fixed assets21 | €7.9m | €9.7m | €14.6m | €12.5m | €10.3m | €6.8m | €5.9m | €5.0m | ▼ 14.5% |
| Tangible fixed assets22/27 | €4.3m | €3.7m | €2.8m | €2.1m | €1.7m | €2.1m | €2.1m | €1.9m | ▼ 9.5% |
| Plant, machinery and equipment23 | €2.8m | - | - | €1.6m | €1.4m | €1.9m | €1.7m | €1.6m | ▼ 8.0% |
| Furniture and vehicles24 | €0.2m | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 26.0% |
| Leasing and similar rights25 | €0.002m | - | - | €449 | - | - | - | - | - |
| Other tangible fixed assets26 | €1.3m | - | - | €0.4m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 1.1% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.02m | - | - | - |
| Financial fixed assets28 | €1.2m | €1.2m | €1.2m | €1.2m | €1.0m | €0.8m | €0.5m | €0.5m | = |
| Other financial fixed assets284/8 | €1.2m | - | - | €1.2m | €1.0m | €0.8m | €0.5m | €0.5m | = |
| Amounts receivable and cash guarantees285/8 | €1.2m | - | - | €1.2m | €1.0m | €0.8m | €0.5m | €0.5m | = |
| Current assets29/58 | €2.9m | €8.3m | €21.4m | €44.9m | €52.3m | €81.4m | €122.6m | €174.1m | ▲ 42.0% |
| Stocks and contracts in progress3 | €0.02m | €0.03m | €0.03m | €0.05m | €0.03m | €0.03m | €0.08m | €0.07m | ▼ 13.8% |
| Stocks30/36 | €0.02m | - | - | €0.05m | €0.03m | €0.03m | €0.08m | €0.07m | ▼ 13.8% |
| Raw materials and consumables30/31 | €0.003m | - | - | €0.005m | €0.006m | €0.006m | €0.008m | €0.007m | ▼ 16.4% |
| Goods purchased for resale34 | €0.02m | - | - | €0.04m | €0.03m | €0.02m | €0.07m | €0.06m | ▼ 13.5% |
| Amounts receivable within one year40/41 | €1.2m | €6.7m | €20.6m | €44.4m | €51.1m | €80.5m | €121.4m | €172.7m | ▲ 42.2% |
| Trade receivables40 | €1.1m | - | - | €8.0m | €3.7m | €4.1m | €8.1m | €13.3m | ▲ 63.7% |
| Other amounts receivable41 | €0.1m | - | - | €36.4m | €47.4m | €76.4m | €113.3m | €159.4m | ▲ 40.7% |
| Cash at bank and in hand54/58 | €1.3m | €1.1m | €0.3m | €0.3m | €0.7m | €0.8m | €1.0m | €1.3m | ▲ 25.5% |
| Deferred charges and accrued income490/1 | €0.4m | - | - | €0.06m | €0.5m | €0.1m | €0.1m | €0.1m | ▼ 14.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.3m | €22.9m | €39.9m | €60.7m | €65.4m | €91.0m | €131.1m | €181.5m | ▲ 38.5% |
| Equity10/15 | €6.0m | €10.5m | €21.4m | €38.8m | €49.3m | €65.8m | €97.8m | €143.1m | ▲ 46.4% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | €1.1m | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | €1.1m | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Contributions outside capital11 | €162 | - | - | €162 | €162 | €162 | €162 | €162 | = |
| Share premium1100/10 | - | - | - | €162 | €162 | €162 | €162 | €162 | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €2.1m | €4.1m | €5.1m | €6.1m | €7.1m | ▲ 16.3% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | €0.002m | - | - | €2.0m | €4.0m | €5.0m | €6.0m | €4.4m | ▼ 27.4% |
| Distributable reserves133 | - | - | - | - | - | - | - | €2.6m | - |
| Profit (loss) carried forward14 | €4.9m | €9.3m | €20.3m | €35.6m | €44.1m | €59.6m | €90.6m | €135.0m | ▲ 48.9% |
| Provisions and deferred taxes16 | €0.001m | €0.3m | €0.3m | €0.3m | - | - | €0.2m | €0.2m | ▼ 1.3% |
| Provisions for liabilities and charges160/5 | €0.001m | - | - | €0.3m | - | - | €0.2m | €0.2m | ▼ 1.3% |
| Pensions and similar obligations160 | €0.001m | - | - | - | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.3m | - | - | €0.2m | €0.2m | ▼ 1.3% |
| Amounts payable17/49 | €10.2m | €12.1m | €18.2m | €21.6m | €16.1m | €25.2m | €33.1m | €38.2m | ▲ 15.5% |
| Amounts payable within one year42/48 | €10.2m | €12.1m | €17.1m | €21.6m | €16.1m | €24.5m | €32.4m | €37.7m | ▲ 16.3% |
| Trade debts44 | €2.8m | €2.8m | €7.9m | €10.7m | €9.7m | €13.4m | €15.2m | €13.1m | ▼ 13.8% |
| Suppliers440/4 | €2.8m | - | - | €10.7m | €9.7m | €13.4m | €15.2m | €13.1m | ▼ 13.8% |
| Advances received on contracts in progress46 | €0.003m | - | - | €0.009m | €0.006m | €0.01m | €0.02m | €0.003m | ▼ 78.3% |
| Taxes, remuneration and social security45 | €5.0m | - | - | €10.2m | €5.7m | €10.7m | €15.4m | €20.4m | ▲ 32.6% |
| Taxes450/3 | €4.0m | - | - | €8.8m | €4.7m | €9.4m | €13.5m | €19.1m | ▲ 41.6% |
| Remuneration and social security454/9 | €1.0m | - | - | €1.4m | €1.0m | €1.3m | €1.9m | €1.3m | ▼ 31.1% |
| Other amounts payable47/48 | €2.3m | - | - | €0.6m | €0.7m | €0.4m | €1.8m | €4.2m | ▲ 129% |
| Accrued charges and deferred income492/3 | €0.04m | - | - | - | €0.001m | €0.7m | €0.7m | €0.5m | ▼ 27.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.9m | €4.4m | €11.0m | €17.4m | €10.5m | €16.5m | €32.0m | €45.4m | ▲ 41.8% |
| + Depreciation and write-downs630 | €1.6m | €2.3m | €3.3m | €3.7m | €3.3m | €2.7m | €1.4m | €1.5m | ▲ 6.2% |
| Operating cash flow (approximation) | €6.4m | €6.7m | €14.2m | €21.1m | €13.8m | €19.2m | €33.4m | €46.9m | ▲ 40.2% |
| Investment in fixed assets (approximation) | - | -€3.6m | -€7.2m | -€1.0m | -€0.6m | €0.8m | -€0.3m | -€0.5m | ▼ 58.9% |
| Change in cash | - | -€0.2m | -€0.8m | €0.03m | €0.4m | €0.06m | €0.2m | €0.3m | ▲ 15.3% |
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, 1,579 companies had the same profile as E.C.K. has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of E.C.K. 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 1,579 companies, not a prediction for E.C.K.. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-05-2026 | 2026-00130453 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00225577 | |
| 31-12-2023 | full format | 06-05-2025 | 2025-00090911 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00133386 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20129621 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-22300372 | |
| 31-12-2019 | full format | 18-06-2020 | 2020-18200476 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-28100128 | |
| 31-12-2017 | full format | 14-06-2018 | 2018-19200067 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-38300301 |