E.L.
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00421178.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 33 filings
Turnover
€55,302
EBIT margin
0.2%
Net result
€71▲ 37.2%
2024 · €51
Working capital
€29,172▼ 3.0%
2024 · €30,076
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€161
▲ 22.6%
2025
20182025
Net result
€71
▲ 37.2%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€30,547
▲ 0.2%
2025
middle half of the sector
20182025
Total assets
€30,629
▼ 19.9%
2025
lowest quarter of the sector
20182025
Debt
€83
▼ 98.9%
2025
20182025
Working capital
€29,172
▼ 3.0%
2025
middle half of the sector
20182025
Solvency
99.7%
▲ 20.1pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
0.2%
▲ 0.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€55,302
Operating result€1,572-€9,267▲ 489%€14,903▲ 60.8%€18,446▲ 23.8%€1,665▼ 91.0%€995▼ 40.3%€131▼ 86.8%€161▲ 22.6%
Net result€17-€7,706▲ 454×€11,650within the sector's middle half▲ 51.2%€18,139within the sector's middle half▲ 55.7%€620within the sector's middle half▼ 96.6%€693within the sector's middle half▲ 11.9%€51within the sector's middle half▼ 92.6%€71within the sector's middle half▲ 37.2%
EBIT margin0.2%
Equity€4,067-€5,323▲ 30.9%€16,973within the sector's middle half▲ 219%€35,111within the sector's middle half▲ 107%€35,731within the sector's middle half▲ 1.8%€30,425within the sector's middle half▼ 14.9%€30,476within the sector's middle half▲ 0.2%€30,547within the sector's middle half▲ 0.2%
Total assets€5,374-€14,523▲ 170%€30,729below the sector's middle half▲ 112%€37,451below the sector's middle half▲ 21.9%€36,352below the sector's middle half▼ 2.9%€32,725below the sector's middle half▼ 10.0%€38,254below the sector's middle half▲ 16.9%€30,629below the sector's middle half▼ 19.9%
Debt€1,307-€9,200▲ 604%€13,756▲ 49.5%€2,340▼ 83.0%€621▼ 73.4%€2,300▲ 270%€7,778▲ 238%€83▼ 98.9%
Working capital€3,773-€5,323▲ 41.1%€16,973within the sector's middle half▲ 219%€35,111within the sector's middle half▲ 107%€34,079within the sector's middle half▼ 2.9%€28,773within the sector's middle half▼ 15.6%€30,076within the sector's middle half▲ 4.5%€29,172within the sector's middle half▼ 3.0%
Solvency75.7%-36.7%▼ 39.0pp55.2%within the sector's middle half▲ 18.6pp93.8%above the sector's middle half▲ 38.5pp98.3%above the sector's middle half▲ 4.5pp93.0%above the sector's middle half▼ 5.3pp79.7%above the sector's middle half▼ 13.3pp99.7%above the sector's middle half▲ 20.1pp
Current ratio3.89-1.58▼ 2.312.23within the sector's middle half▲ 0.6616.01above the sector's middle half▲ 13.7755.85above the sector's middle half▲ 39.8513.51above the sector's middle half▼ 42.354.87above the sector's middle half▼ 8.64
Return on assets (ROA)0.3%-53.1%▲ 52.7pp37.9%above the sector's middle half▼ 15.1pp48.4%above the sector's middle half▲ 10.5pp1.7%within the sector's middle half▼ 46.7pp2.1%within the sector's middle half▲ 0.4pp0.1%within the sector's middle half▼ 2.0pp0.2%within the sector's middle half▲ 0.1pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 23% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30,629
Fixed assets
€1,375 ▲ 244%
Current assets
€29,255 ▼ 22.7%
Equity and liabilities €30,629
Equity
€30,547 ▲ 0.2%
Debt
€83 ▼ 98.9%
Debt's share of the balance-sheet total falls from 20.3% to 0.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1,136▼
2024 · €1,383
Cash flow
€1,045▼
2024 · €1,303
Debt to equity
0.00▼
2024 · 0.26
ROE
0.2%▲
2024 · 0.2%
Interest coverage
12.55▼
2024 · 17.31
Debt ≤ 1 year
€83▼
2024 · €7,778
A ratio outside any meaningful range has been withheld (balance sheet total €30,629, equity €30,547).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,652 | - | - | €1,949 |
| Depreciation and write-downs of the year | - | - | - | €1,252 | €975 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €55,302 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €61,394 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,965 | €294 | - | - | - | - | €1,252 | €975 | ▼ 22.2% |
| Other operating charges640/8 | - | - | - | - | - | - | €614 | €614 | = |
| Gross operating margin9900 | €9,537 | €9,562 | €14,903 | €18,446 | €1,665 | €995 | €1,998 | €1,750 | ▼ 12.4% |
| Operating profit (loss)9901 | €1,572 | €9,267 | €14,903 | €18,446 | €1,665 | €995 | €131 | €161 | ▲ 22.6% |
| Financial charges65/66B | - | - | - | €238 | €1,045 | €113 | €80 | €91 | ▲ 13.3% |
| Recurring financial charges65 | €1,143 | €899 | €200 | €238 | €1,045 | €113 | €80 | €91 | ▲ 13.3% |
| Profit (loss) for the period before taxes9903 | €429 | €8,369 | €14,704 | €18,208 | €620 | €882 | €51 | €71 | ▲ 37.2% |
| Income taxes67/77 | €412 | €663 | €3,054 | €70 | - | €188 | - | - | - |
| Profit (loss) for the period9904 | €17 | €7,706 | €11,650 | €18,139 | €620 | €693 | €51 | €71 | ▲ 37.2% |
| Profit (loss) for the period to be appropriated9905 | €17 | €7,706 | €11,650 | €18,139 | €620 | €693 | €51 | €71 | ▲ 37.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5,374 | €14,523 | €30,729 | €37,451 | €36,352 | €32,725 | €38,254 | €30,629 | ▼ 19.9% |
| Fixed assets21/28 | €294 | - | - | - | €1,652 | €1,652 | €400 | €1,375 | ▲ 244% |
| Tangible fixed assets22/27 | €294 | - | - | - | €1,652 | €1,652 | €400 | €1,375 | ▲ 244% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €975 | - |
| Furniture and vehicles24 | - | - | - | - | €1,652 | €1,652 | €400 | €400 | = |
| Current assets29/58 | €5,079 | €14,523 | €30,729 | €37,451 | €34,700 | €31,073 | €37,854 | €29,255 | ▼ 22.7% |
| Amounts receivable within one year40/41 | €449 | €4,596 | €4,856 | €24,467 | €29,830 | €17,570 | €30,590 | €97 | ▼ 99.7% |
| Trade receivables40 | - | - | - | - | €3,880 | €709 | €5,143 | - | - |
| Other amounts receivable41 | - | - | - | €24,467 | €25,950 | €16,861 | €25,447 | €97 | ▼ 99.6% |
| Cash at bank and in hand54/58 | €4,631 | €9,927 | €25,873 | €12,984 | €4,870 | €13,502 | €7,264 | €29,157 | ▲ 301% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5,374 | €14,523 | €30,729 | €37,451 | €36,352 | €32,725 | €38,254 | €30,629 | ▼ 19.9% |
| Equity10/15 | €4,067 | €5,323 | €16,973 | €35,111 | €35,731 | €30,425 | €30,476 | €30,547 | ▲ 0.2% |
| Contributions10/11 | €6,693 | €6,693 | €6,693 | €6,693 | €6,693 | €693 | €693 | €693 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€4,485 | -€3,229 | €8,420 | €26,559 | €27,179 | €27,872 | €27,924 | €27,994 | ▲ 0.3% |
| Amounts payable17/49 | €1,307 | €9,200 | €13,756 | €2,340 | €621 | €2,300 | €7,778 | €83 | ▼ 98.9% |
| Amounts payable within one year42/48 | €1,307 | €9,200 | €13,756 | €2,340 | €621 | €2,300 | €7,778 | €83 | ▼ 98.9% |
| Trade debts44 | - | - | €126 | €1,260 | €412 | €2,300 | €7,778 | - | - |
| Suppliers440/4 | - | - | - | €1,260 | €412 | €2,300 | €7,778 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,080 | €210 | - | - | - | - |
| Taxes450/3 | - | - | - | €1,080 | €210 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €83 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17 | €7,706 | €11,650 | €18,139 | €620 | €693 | €51 | €71 | ▲ 37.2% |
| + Depreciation and write-downs630 | €7,965 | €294 | - | - | - | - | €1,252 | €975 | ▼ 22.2% |
| Operating cash flow (approximation) | €7,982 | €8,000 | €11,650 | €18,139 | €620 | €693 | €1,303 | €1,045 | ▼ 19.8% |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | €0 | -€1,949 | - |
| Change in cash | - | €5,296 | €15,946 | -€12,888 | -€8,114 | €8,632 | -€6,239 | €21,894 | - |
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, 17,041 companies had the same profile as E.L. has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of E.L. 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 17,041 companies, not a prediction for E.L.. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00421178 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00404455 | |
| 31-12-2023 | micro format | 02-08-2024 | 2024-00326873 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350699 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20272296 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64300487 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800516 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-63500600 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-53400465 | |
| 31-12-2016 | full format | 21-12-2017 | 2017-72800068 |