E. CLAES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 7 filings
Turnover
≈ €520,000
Estimated: probably between €350,000 and €810,000
Total assets
€844,976▲ 9.4%
2024 · €772,564
Net result
€121,746▼ 8.2%
2024 · €132,657
Working capital
-€172,829▼ 13.4%
2024 · -€152,368
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€174,875
▼ 6.9%
2025
20192025
Net result
€121,746
▼ 8.2%
2025
20192025
Equity
€3,246
▲ 116%
2025
20192025
Total assets
€844,976
▲ 9.4%
2025
20192025
Debt
€841,730
▲ 9.2%
2025
20192025
Working capital
-€172,829
▼ 13.4%
2025
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€15,102-€83,508€65,239▼ 21.9%€69,923▲ 7.2%€148,786▲ 113%€187,798▲ 26.2%€174,875▼ 6.9%
Net result-€15,273-€68,081€50,688▼ 25.5%€51,927▲ 2.4%€101,994▲ 96.4%€132,657▲ 30.1%€121,746▼ 8.2%
Equity-€14,273-€53,807€104,495▲ 94.2%€131,422▲ 25.8%€1,000▼ 99.2%€1,500▲ 50.0%€3,246▲ 116%
Total assets€812-€61,596▲ 76×€123,899▲ 101%€864,080▲ 597%€919,108▲ 6.4%€772,564▼ 15.9%€844,976▲ 9.4%
Debt€15,085-€7,789▼ 48.4%€19,403▲ 149%€732,657▲ 38×€918,108▲ 25.3%€771,064▼ 16.0%€841,730▲ 9.2%
Working capital-€13,523-€54,252€105,375▲ 94.2%-€13,130-€148,765▼ 1,033%-€152,368▼ 2.4%-€172,829▼ 13.4%
Staff (FTE)0.30.5▲ 66.7%
The operating result for 2025 is 7% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €844,976
Fixed assets
€703,337 ▼ 0.7%
Current assets
€141,639 ▲ 119%
Equity and liabilities €844,976
Equity
€3,246 ▲ 116%
Debt
€841,730 ▲ 9.2%
Debt's share of the balance-sheet total falls from 99.8% to 99.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€203,023▼
2024 · €215,846
Cash flow
€149,894▼
2024 · €160,706
Current ratio
0.45▲
2024 · 0.30
ROA
14.4%▼
2024 · 17.2%
Interest coverage
13.87▼
2024 · 14.21
Debt ≤ 1 year
€314,468▲
2024 · €216,925
Debt > 1 year
€527,262▼
2024 · €554,139
Income taxes
€38,490▼
2024 · €39,953
A ratio outside any meaningful range has been withheld (balance sheet total €844,976, equity €3,246).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 0 | - |
| part-time | 1 | - |
| in full-time equivalents | 0.3 | - |
| Average over the year, in full-time equivalents | 0.1 | 0.2 |
| On a permanent contract | 0 | - |
| Joined | 1 | 0 |
| Left | 0 | 1 |
| Training hours | 0 | - |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €60,000 | €60,000 | €60,000 | €60,000 |
| Mortgage mandates | - | €575,000 | €575,000 | €575,000 | €575,000 |
| Carrying value of the mortgaged assets | - | €735,652 | €720,488 | €697,801 | €684,788 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €778,750 | €11,474 | - | €23,478 |
| Financial fixed assets | - | - | - | €600 | €0 |
| Depreciation and write-downs of the year | - | €27,160 | €27,608 | €28,048 | €28,148 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €2,643 | €5,135 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €27,160 | €27,608 | €28,048 | €28,148 | ▲ 0.4% |
| Other operating charges640/8 | - | - | €1,420 | €2,734 | €2,333 | €3,476 | €5,397 | ▲ 55.3% |
| Gross operating margin9900 | -€14,650 | €83,714 | €66,659 | €102,459 | €183,863 | €219,322 | €208,421 | ▼ 5.0% |
| Operating profit (loss)9901 | -€15,102 | €83,508 | €65,239 | €69,923 | €148,786 | €187,798 | €174,875 | ▼ 6.9% |
| Financial income75/76B | - | - | €0 | €1 | €271 | €0 | €0 | - |
| Recurring financial income75 | €0 | €222 | €0 | €1 | €271 | €0 | €0 | - |
| Financial charges65/66B | - | - | €435 | €4,765 | €19,866 | €15,188 | €14,640 | ▼ 3.6% |
| Recurring financial charges65 | €21 | €236 | €435 | €4,765 | €19,866 | €15,188 | €14,640 | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | -€15,123 | €83,493 | €64,804 | €65,159 | €129,191 | €172,610 | €160,236 | ▼ 7.2% |
| Income taxes67/77 | €150 | €15,413 | €14,116 | €13,232 | €27,197 | €39,953 | €38,490 | ▼ 3.7% |
| Profit (loss) for the period9904 | -€15,273 | €68,081 | €50,688 | €51,927 | €101,994 | €132,657 | €121,746 | ▼ 8.2% |
| Profit (loss) for the period to be appropriated9905 | -€15,273 | €68,081 | €50,688 | €51,927 | €101,994 | €132,657 | €121,746 | ▼ 8.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €812 | €61,596 | €123,899 | €864,080 | €919,108 | €772,564 | €844,976 | ▲ 9.4% |
| Fixed assets21/28 | - | - | - | €751,590 | €735,456 | €708,007 | €703,337 | ▼ 0.7% |
| Tangible fixed assets22/27 | - | - | - | €751,590 | €735,456 | €707,407 | €702,737 | ▼ 0.7% |
| Land and buildings22 | - | - | - | €735,652 | €720,488 | €697,801 | €684,788 | ▼ 1.9% |
| Plant, machinery and equipment23 | - | - | - | €1,344 | €840 | €336 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €14,594 | €14,127 | €9,271 | €9,686 | ▲ 4.5% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €8,263 | - |
| Financial fixed assets28 | - | - | - | - | - | €600 | €600 | = |
| Current assets29/58 | €812 | €61,596 | €123,899 | €112,490 | €183,652 | €64,557 | €141,639 | ▲ 119% |
| Amounts receivable within one year40/41 | - | €9,110 | €280 | €0 | €13,293 | €500 | €11,756 | ▲ 24× |
| Trade receivables40 | - | - | €280 | €0 | €1,595 | €500 | €10,256 | ▲ 21× |
| Other amounts receivable41 | - | - | €0 | - | €11,698 | €0 | €1,500 | - |
| Cash at bank and in hand54/58 | €653 | €37,010 | €72,642 | €42,206 | €87,609 | €20,966 | €84,939 | ▲ 305% |
| Deferred charges and accrued income490/1 | - | - | €50,976 | €70,283 | €82,750 | €43,091 | €44,944 | ▲ 4.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €812 | €61,596 | €123,899 | €864,080 | €919,108 | €772,564 | €844,976 | ▲ 9.4% |
| Equity10/15 | -€14,273 | €53,807 | €104,495 | €131,422 | €1,000 | €1,500 | €3,246 | ▲ 116% |
| Contributions10/11 | - | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | - | €52,807 | €103,495 | €130,422 | €0 | €500 | €2,246 | ▲ 349% |
| Distributable reserves133 | - | - | €103,495 | €130,422 | €0 | €500 | €2,246 | ▲ 349% |
| Profit (loss) carried forward14 | -€15,273 | €0 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €15,085 | €7,789 | €19,403 | €732,657 | €918,108 | €771,064 | €841,730 | ▲ 9.2% |
| Amounts payable after more than one year17 | - | - | - | €605,943 | €580,361 | €554,139 | €527,262 | ▼ 4.9% |
| Financial debts170/4 | - | - | - | €605,943 | €580,361 | €554,139 | €527,262 | ▼ 4.9% |
| Amounts payable within one year42/48 | €14,335 | €7,344 | €18,523 | €125,620 | €332,417 | €216,925 | €314,468 | ▲ 45.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,957 | €25,582 | €26,222 | €26,877 | ▲ 2.5% |
| Financial debts43 | - | - | €3,250 | €3,250 | €3,250 | €0 | - | - |
| Credit institutions430/8 | - | - | €3,250 | €3,250 | €3,250 | €0 | - | - |
| Trade debts44 | - | €1,531 | €363 | €16,919 | €3,802 | €5,744 | €3,566 | ▼ 37.9% |
| Suppliers440/4 | - | - | €363 | €16,919 | €3,802 | €5,744 | €3,566 | ▼ 37.9% |
| Taxes, remuneration and social security45 | - | - | €3,616 | €1,532 | €1,900 | €6,853 | €5,040 | ▼ 26.4% |
| Taxes450/3 | - | - | €3,616 | €1,532 | €1,900 | €6,853 | €5,040 | ▼ 26.4% |
| Other amounts payable47/48 | - | - | €11,294 | €78,962 | €297,883 | €178,107 | €278,985 | ▲ 56.6% |
| Accrued charges and deferred income492/3 | - | - | €880 | €1,095 | €5,330 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,273 | €68,081 | €50,688 | €51,927 | €101,994 | €132,657 | €121,746 | ▼ 8.2% |
| + Depreciation and write-downs630 | - | - | - | €27,160 | €27,608 | €28,048 | €28,148 | ▲ 0.4% |
| Operating cash flow (approximation) | -€15,273 | €68,081 | €50,688 | €79,087 | €129,602 | €160,706 | €149,894 | ▼ 6.7% |
| Investment in fixed assets (approximation) | - | - | - | - | -€11,474 | -€600 | -€23,478 | ▼ 3,813% |
| Change in cash | - | €36,357 | €35,633 | -€30,436 | €45,403 | -€66,643 | €63,973 | - |
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, 875 companies had the same profile as E. CLAES has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of E. CLAES itself: 0.5% 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 875 companies, not a prediction for E. CLAES. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00190566 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00307511 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00175645 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00296594 | |
| 31-12-2021 | micro format | 04-05-2022 | 2022-20020362 | |
| 31-12-2020 | micro format | 04-08-2021 | 2021-45800412 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34200588 |