E-LITE
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00386367.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 15 filings
Turnover
≈ €1.5m
Estimated: probably between €1.2m and €3.4m
EBIT margin
Not included in this filing
Net result
-€441,024▼ 36.1%
2024 · -€324,114
Working capital
-€1.8m▼ 36.6%
2024 · -€1.3m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€193,896
▼ 54.5%
2025
20182025
Net result
-€441,024
▼ 36.1%
2025
lowest quarter of the sector
20182025
Equity
€1.5m
▼ 22.5%
2025
middle half of the sector
20182025
Total assets
€18.0m
▼ 2.2%
2025
highest quarter of the sector
20182025
Debt
€16.5m
▲ 0.2%
2025
20182025
Working capital
-€1.8m
▼ 36.6%
2025
lowest quarter of the sector
20182025
Solvency
8.4%
▼ 2.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.55
▼ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.4%
▼ 0.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.8m-€1.0m▲ 25.2%€0.6m▼ 46.8%€1.0m▲ 79.9%€0.8m▼ 19.0%€0.5m▼ 37.6%€0.4m▼ 15.1%€0.2m▼ 54.5%
Net result€0.3m-€0.4m▲ 39.8%€0.05mwithin the sector's middle half▼ 89.5%€0.4mabove the sector's middle half▲ 840%€0.2mabove the sector's middle half▼ 53.4%-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 1.0%-€0.4mbelow the sector's middle half▼ 36.1%
Equity€1.5m-€1.9m▲ 30.0%€2.0mwithin the sector's middle half▲ 2.4%€2.4mwithin the sector's middle half▲ 22.3%€2.6mwithin the sector's middle half▲ 8.5%€2.3mwithin the sector's middle half▼ 12.3%€2.0mwithin the sector's middle half▼ 14.2%€1.5mwithin the sector's middle half▼ 22.5%
Total assets€19.4m-€18.9m▼ 2.4%€18.2mabove the sector's middle half▼ 3.5%€18.8mabove the sector's middle half▲ 3.2%€21.8mabove the sector's middle half▲ 15.9%€18.8mabove the sector's middle half▼ 13.8%€18.5mabove the sector's middle half▼ 1.9%€18.0mabove the sector's middle half▼ 2.2%
Debt€17.9m-€17.0m▼ 5.0%€16.3m▼ 4.1%€16.4m▲ 0.9%€19.2m▲ 16.9%€16.5m▼ 14.0%€16.5m▼ 0.2%€16.5m▲ 0.2%
Working capital€0.8m-€0.7m▼ 11.5%€0.3mwithin the sector's middle half▼ 60.1%-€7.6mbelow the sector's middle half€2.1mabove the sector's middle half€2.4mabove the sector's middle half▲ 15.7%-€1.3mbelow the sector's middle half-€1.8mbelow the sector's middle half▼ 36.6%
Solvency7.6%-10.1%▲ 2.5pp10.8%within the sector's middle half▲ 0.6pp12.7%within the sector's middle half▲ 2.0pp11.9%within the sector's middle half▼ 0.8pp12.1%within the sector's middle half▲ 0.2pp10.6%within the sector's middle half▼ 1.5pp8.4%below the sector's middle half▼ 2.2pp
Current ratio2.89-2.41▼ 0.481.40within the sector's middle half▼ 1.000.21below the sector's middle half▼ 1.191.64within the sector's middle half▲ 1.438.37above the sector's middle half▲ 6.730.67within the sector's middle half▼ 7.690.55within the sector's middle half▼ 0.12
Return on assets (ROA)1.6%-2.3%▲ 0.7pp0.3%within the sector's middle half▼ 2.1pp2.3%within the sector's middle half▲ 2.1pp0.9%within the sector's middle half▼ 1.4pp-1.7%within the sector's middle half▼ 2.6pp-1.8%within the sector's middle half=-2.4%below the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 55% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18.0m
Fixed assets
€15.9m ▲ 0.7%
Current assets
€2.2m ▼ 19.1%
Equity and liabilities €18.0m
Equity
€1.5m ▼ 22.5%
Debt
€16.5m ▲ 0.2%
Debt's share of the balance-sheet total rises from 89.4% to 91.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€622,032▼
2024 · €857,851
Cash flow
-€12,888▼
2024 · €107,209
Debt to equity
10.88▲
2024 · 8.42
ROE
-29.1%▼
2024 · -16.5%
Interest coverage
0.98▼
2024 · 1.10
Debt ≤ 1 year
€4.0m▼
2024 · €4.0m
Debt > 1 year
€12.0m=
2024 · €12.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €9.0m | €12.0m | €12.0m | €12.0m | €12.0m |
| Mortgages, amount registered | €15.2m | €27,500 | €27,500 | €27,500 | €27,500 |
| Mortgage mandates | - | €15.2m | €15.2m | €15.2m | €15.2m |
| Carrying value of the mortgaged assets | €16.8m | €16.4m | €16.0m | €15.8m | €15.9m |
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 | - | €48,209 | €31,581 | €140,878 | €533,641 |
| Depreciation and write-downs of the year | €420,910 | €421,270 | €421,098 | €431,323 | €428,136 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.004m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.08m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 10.4% |
| Gross operating margin9900 | €1.7m | €1.8m | €1.4m | €1.7m | €1.7m | €1.4m | €1.3m | €1.2m | ▼ 13.8% |
| Operating profit (loss)9901 | €0.8m | €1.0m | €0.6m | €1.0m | €0.8m | €0.5m | €0.4m | €0.2m | ▼ 54.5% |
| Financial income75/76B | - | - | - | €315 | €0.001m | €452 | €0.03m | €0.002m | ▼ 94.2% |
| Recurring financial income75 | - | - | - | €315 | €0.001m | €452 | €0.03m | €0.002m | ▼ 94.2% |
| Financial charges65/66B | - | - | - | €0.4m | €0.5m | €0.8m | €0.8m | €0.6m | ▼ 18.0% |
| Recurring financial charges65 | €0.5m | €0.5m | €0.4m | €0.4m | €0.5m | €0.8m | €0.8m | €0.6m | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.6m | €0.1m | €0.6m | €0.3m | -€0.3m | -€0.3m | -€0.4m | ▼ 37.9% |
| Income taxes67/77 | - | €0.1m | €0.08m | €0.2m | €0.1m | -€13 | €0.004m | - | - |
| Profit (loss) for the period9904 | €0.3m | €0.4m | €0.05m | €0.4m | €0.2m | -€0.3m | -€0.3m | -€0.4m | ▼ 36.1% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.4m | €0.05m | €0.4m | €0.2m | -€0.3m | -€0.3m | -€0.4m | ▼ 36.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.4m | €18.9m | €18.2m | €18.8m | €21.8m | €18.8m | €18.5m | €18.0m | ▼ 2.2% |
| Fixed assets21/28 | €18.1m | €17.6m | €17.2m | €16.8m | €16.4m | €16.0m | €15.8m | €15.9m | ▲ 0.7% |
| Tangible fixed assets22/27 | €18.1m | €17.6m | €17.2m | €16.8m | €16.4m | €16.0m | €15.8m | €15.9m | ▲ 0.7% |
| Land and buildings22 | - | - | - | €16.7m | €16.3m | €15.9m | €15.5m | €15.1m | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.7m | ▲ 235% |
| Current assets29/58 | €1.3m | €1.3m | €1.0m | €2.0m | €5.4m | €2.8m | €2.7m | €2.2m | ▼ 19.1% |
| Amounts receivable within one year40/41 | €0.04m | €0.02m | €177 | €0.08m | €0.06m | €0.6m | €0.5m | €0.3m | ▼ 36.7% |
| Trade receivables40 | - | - | - | €0.08m | €0.05m | €0.6m | €0.5m | €0.3m | ▼ 36.7% |
| Other amounts receivable41 | - | - | - | - | €0.008m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.7m | €0.9m | €0.7m | €1.6m | €4.9m | €1.9m | €1.6m | €1.6m | ▼ 6.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.4m | €0.3m | €0.5m | €0.3m | ▼ 42.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.4m | €18.9m | €18.2m | €18.8m | €21.8m | €18.8m | €18.5m | €18.0m | ▼ 2.2% |
| Equity10/15 | €1.5m | €1.9m | €2.0m | €2.4m | €2.6m | €2.3m | €2.0m | €1.5m | ▼ 22.5% |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Capital10 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Issued capital100 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Reserves13 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | -€0.5m | -€0.08m | -€0.04m | €0.4m | €0.6m | €0.3m | -€0.07m | -€0.5m | ▼ 604% |
| Amounts payable17/49 | €17.9m | €17.0m | €16.3m | €16.4m | €19.2m | €16.5m | €16.5m | €16.5m | ▲ 0.2% |
| Amounts payable after more than one year17 | €17.4m | €16.4m | €15.5m | €6.8m | €15.8m | €15.8m | €12.0m | €12.0m | = |
| Financial debts170/4 | - | - | - | - | €12.0m | €12.0m | €12.0m | €12.0m | = |
| Other amounts payable178/9 | - | - | - | €6.8m | €3.8m | €3.8m | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.7m | €9.6m | €3.3m | €0.3m | €4.0m | €4.0m | ▼ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9.0m | €3.0m | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €3.8m | €3.8m | = |
| Other loans439 | - | - | - | - | - | - | €3.8m | €3.8m | = |
| Trade debts44 | €0.2m | €0.1m | €0.2m | €0.06m | €0.1m | €0.08m | €0.1m | €0.07m | ▼ 41.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.1m | €0.08m | €0.1m | €0.07m | ▼ 41.1% |
| Advances received on contracts in progress46 | - | - | - | €0.1m | €0.01m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.1m | €0.01m | €0.02m | ▲ 155% |
| Taxes450/3 | - | - | - | €0.2m | €0.1m | €0.1m | €0.01m | €0.02m | ▲ 155% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.06m | €0.1m | €0.1m | €0.1m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.1m | €0.4m | €0.5m | €0.5m | ▲ 13.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.4m | €0.05m | €0.4m | €0.2m | -€0.3m | -€0.3m | -€0.4m | ▼ 36.1% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.7% |
| Operating cash flow (approximation) | €0.7m | €0.9m | €0.5m | €0.9m | €0.6m | €0.1m | €0.1m | -€0.01m | - |
| Investment in fixed assets (approximation) | - | €0.02m | €0 | €0 | -€0.05m | -€0.03m | -€0.1m | -€0.5m | ▼ 279% |
| Change in cash | - | €0.1m | -€0.2m | €0.9m | €3.3m | -€3.0m | -€0.2m | -€0.1m | ▲ 52.3% |
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, 108 companies had the same profile as E-LITE has now. Two years later, 93.5% were still going and 0.9% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency under 10%
- a small loss
93.5%
was still going
5.6%
stopped otherwise
0.9%
went bankrupt
That fits the bankruptcy probability of E-LITE 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 108 companies, not a prediction for E-LITE. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 04-08-2026 | 2026-00386367 | |
| 31-12-2024 | full format | 14-08-2025 | 2025-00380572 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00213540 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00173921 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20116419 | |
| 31-12-2020 | full format | 18-05-2021 | 2021-14600027 | |
| 31-12-2019 | full format | 27-04-2020 | 2020-10200322 | |
| 31-12-2018 | full format | 25-06-2019 | 2019-23800435 | |
| 31-12-2017 | full format | 28-06-2018 | 2018-25400369 | |
| 31-12-2016 | full format | 05-05-2017 | 2017-11500398 |