Equity
Debts exceed assets in financial year 2024.
Debts exceed assets in financial year 2024.
Every financial year from 2021 to 2024 closed with a loss. 2022 was the heaviest.
2025 accounts not filed: deadline was 31-07-2026.
The dashed line is the sector median: 0.6% across 40,275 companies (NACE 47, micro).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 6% of them on solvency, 52% on liquidity, 6% on profitability and 30% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,008 companies had the same profile as E-COM has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of E-COM itself: 6.2% within 12 months.
The method was tested on the 497,447 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 6,008 companies, not a prediction for E-COM. 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.
The balance sheet total is too small for a liquidity verdict. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 3 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
E-COM files the micro format. That format states no turnover. The gross margin fell from €9,625 in 2021 to -€13 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 10 November 2026.
Turnover and EBIT margin are not published. The micro format does not require them.
| Line | Trend | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
101 | 3 | 28,452 | 33,200 | |
21/28 |
- | - | 20,901 | 24,885 | |
21 |
- | - | 15,901 | 19,885 | |
28 |
- | - | 5,000 | 5,000 | |
29/58 |
101 | 3 | 7,551 | 8,315 | |
40/41 |
20 | - | 3,604 | 1,653 | |
41 |
20 | - | 3,604 | 1,653 | |
54/58 |
81 | 3 | 3,947 | 6,662 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
101 | 3 | 28,452 | 33,200 | |
10/15 |
-83,494 | -78,648 | -50,102 | -1,562 | |
10/11 |
4,000 | 4,000 | 4,000 | 4,000 | |
14 |
-87,494 | -82,648 | -54,102 | -5,562 | |
17/49 |
83,595 | 78,651 | 78,554 | 34,762 | |
42/48 |
83,595 | 78,651 | 78,554 | 34,762 | |
44 |
1,274 | 27,685 | 14,686 | 15,751 | |
440/4 |
1,274 | 27,685 | 14,686 | 15,751 | |
45 |
34,737 | 21,256 | 46,866 | 14,163 | |
450/3 |
34,737 | 18,603 | 44,248 | 14,163 | |
454/9 |
- | 2,653 | 2,618 | - | |
47/48 |
47,584 | 29,709 | 17,002 | 4,848 | |
| Income statement | |||||
9900 |
-13 | -2,093 | -1,012 | 9,625 | |
62 |
- | - | 25,690 | 6,088 | |
630 |
- | - | 3,985 | 1,538 | |
640/8 |
261 | 5,537 | 5,263 | 299 | |
9901 |
-274 | -7,629 | -35,950 | 1,699 | |
65/66B |
4,571 | 20,917 | 12,590 | 7,261 | |
65 |
4,571 | 5,017 | 12,590 | 7,261 | |
66B |
- | 15,901 | - | - | |
9903 |
-4,846 | -28,546 | -48,540 | -5,562 | |
9904 |
-4,846 | -28,546 | -48,540 | -5,562 | |
9905 |
-4,846 | -28,546 | -48,540 | -5,562 | |
| Appropriation of the result | |||||
9906 |
-87,494 | -82,648 | -54,102 | -5,562 | |
14P |
-82,648 | -54,102 | -5,562 | - | |
| Document | |||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 07-07-2025.
| Line | Trend | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| - | - | -31,965 | 3,238 | ||
| - | - | -44,555 | -4,023 | ||
| - | - | 0 | 26,424 | ||
| 79 | -3,945 | -2,714 | - | ||
| -83,494 | -78,648 | -71,002 | -26,447 | ||
| - | - | -176.1% | -4.7% | ||
| - | - | 0.10 | 0.24 | ||
| - | - | -170.6% | -16.8% | ||
| - | - | -2.54 | 0.45 |
The ratios are withheld because a balance sheet total of €101 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Intangible fixed assets | - | - | - | €21,424 |
| Financial fixed assets | - | - | - | €5,000 |
| - | - | €3,985 | €1,538 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a loss of €274, smaller than the loss of €7,629 in 2023.
Equity is negative. Debt (€83,595) exceeds the balance-sheet total (€101).
E-COM has no parent and no holdings in its annual accounts. FOSSÉ Maxime Valentin is the only director.
| IB FINANCES & Co
registered office since 18-09-2013 · founded in 2013 |
total assets €99.4m (2025) 0538.711.175 |
| DREAM YACHT GROUP
registered office since 28-09-2017 · founded in 2017 |
turnover €1.0m (2025) 0681.876.643 |
| Curium International
registered office since 20-08-2003 · founded in 2003 · group CURIUM BIDCO S.À R.L. |
turnover €3.5m (2025) 0860.215.596 |
| OpticLibre Group
registered office since 20-02-2020 · founded in 2020 |
5.5 FTE (2025) 0743.913.586 |
| Société Belge Etam
establishment since 29-04-2010 · founded in 1928 · group INVESTINT |
210 FTE (2025) 0400.558.827 |
| Medtech Group
registered office since 27-12-2018 · founded in 2018 |
total assets €22.0m (2025) 0716.909.380 |
| Digitaline
registered office since 17-06-2022 · founded in 2022 · accounts filed late |
total assets €10.5m (2024) 0787.397.597 |
| AEXIS GROUP
registered office since 22-12-2015 · founded in 2015 |
total assets €9.2m (2025) 0644.747.419 |
| MALEA-STRIMA
establishment since 12-06-2024 · founded in 2024 · negative equity (2025) |
total assets €9.0m (2025) 1010.295.184 |
| CAPE COD INVEST
registered office since 01-01-2015 · founded in 2015 |
total assets €5.8m (2025) 0507.909.519 |
| HELLO SERVICES via FOUCART Claude Louis Marie, at E-COM, last mentioned in 2020 · Director · deed of 15-10-2024 founded in 2024 |
total assets €23,010 (2025) |
The connected companies are in the list below.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Bischoffsheimlaan 39 registered office 1000 Brussels | ||
| Oude Vijversstraat 55 1190 Forest 47120 Other non-specialised retail sale | 11-09-2020 | 2.308.279.504 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21382C0034/00S006 | 2,633 m² | 1 · 433 m² | 9.4 m · 2 |
| 21803C0630/00H003 | 808 m² | 1 · 279 m² | 26.6 m · 8 |
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