E-NOVA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-06-2026 at the NBB all 15 filings
Turnover
€748,763▼ 9.2%
2024 · €824,796
EBIT margin
7.3%▼ 10.6pp
2024 · 17.9%
Net result
€23,628▼ 80.2%
2024 · €119,336
Working capital
€173,376▲ 27.1%
2024 · €136,382
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€748,763
▼ 9.2%
2025
20192025
Operating result
€54,552
▼ 63.1%
2025
20192025
Net result
€23,628
▼ 80.2%
2025
middle half of the sector
20192025
EBIT margin
7.3%
▼ 10.6pp
2025
20192025
Equity
€195,218
▲ 13.8%
2025
middle half of the sector
20192025
Total assets
€662,391
▲ 8.5%
2025
middle half of the sector
20192025
Debt
€467,172
▲ 6.4%
2025
20192025
Working capital
€173,376
▲ 27.1%
2025
middle half of the sector
20192025
Solvency
29.5%
▲ 1.4pp
2025
middle half of the sector
20192025
Current ratio
1.38
▲ 0.07
2025
middle half of the sector
20192025
Return on assets (ROA)
3.6%
▼ 16.0pp
2025
middle half of the sector
20192025
Staff (FTE)
8.2
▲ 12.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€44,173-€186,148▲ 321%€576,108€824,796▲ 43.2%€748,763▼ 9.2%
Operating result€959-€9,417▲ 882%€97,413▲ 934%-€10,641-€80,298▼ 655%€147,653€54,552▼ 63.1%
Net result€762-€6,388within the sector's middle half▲ 739%€68,138within the sector's middle half▲ 967%-€4,529below the sector's middle half-€84,256▼ 1,760%€119,336€23,628within the sector's middle half▼ 80.2%
EBIT margin2.2%-5.1%▲ 2.9pp-13.9%17.9%▲ 31.8pp7.3%▼ 10.6pp
Equity€66,673-€72,756within the sector's middle half▲ 9.1%€141,232within the sector's middle half▲ 94.1%€136,511within the sector's middle half▼ 3.3%€52,254▼ 61.7%€171,590▲ 228%€195,218within the sector's middle half▲ 13.8%
Total assets€95,993-€119,406below the sector's middle half▲ 24.4%€295,894within the sector's middle half▲ 148%€497,958above the sector's middle half▲ 68.3%€395,548▼ 20.6%€610,630▲ 54.4%€662,391within the sector's middle half▲ 8.5%
Debt€29,320-€46,650▲ 59.1%€154,663▲ 232%€361,447▲ 134%€343,293▼ 5.0%€439,040▲ 27.9%€467,172▲ 6.4%
Working capital€47,033-€65,260within the sector's middle half▲ 38.8%€129,159within the sector's middle half▲ 97.9%€128,491above the sector's middle half▼ 0.5%€40,781▼ 68.3%€136,382▲ 234%€173,376within the sector's middle half▲ 27.1%
Solvency69.5%-60.9%within the sector's middle half▼ 8.5pp47.7%within the sector's middle half▼ 13.2pp27.4%within the sector's middle half▼ 20.3pp13.2%▼ 14.2pp28.1%▲ 14.9pp29.5%within the sector's middle half▲ 1.4pp
Current ratio2.60-2.40within the sector's middle half▼ 0.211.84within the sector's middle half▼ 0.561.36within the sector's middle half▼ 0.481.12▼ 0.241.31▲ 0.191.38within the sector's middle half▲ 0.07
Return on assets (ROA)0.8%-5.3%within the sector's middle half▲ 4.6pp23.0%above the sector's middle half▲ 17.7pp-0.9%below the sector's middle half▼ 23.9pp-21.3%▼ 20.4pp19.5%▲ 40.8pp3.6%within the sector's middle half▼ 16.0pp
Staff (FTE)1below the sector's middle half3.8▲ 280%4.9▲ 28.9%7.3▲ 49.0%8.2within the sector's middle half▲ 12.3%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 63% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €662,391
Fixed assets
€31,443 ▼ 10.7%
Current assets
€630,948 ▲ 9.6%
Equity and liabilities €662,391
Equity
€195,218 ▲ 13.8%
Debt
€467,172 ▲ 6.4%
Debt's share of the balance-sheet total falls from 71.9% to 70.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€64,209▼
2024 · €153,645
Cash flow
€33,286▼
2024 · €125,328
Debt to equity
2.39▼
2024 · 2.56
ROE
12.1%▼
2024 · 69.5%
Interest coverage
3.80▼
2024 · 71.86
Debt ≤ 1 year
€457,572▲
2024 · €439,040
Income taxes
€16,682▼
2024 · €26,371
Customer credit
290 days▲
2024 · 213 days
Supplier credit
2844 days▲
2024 · 2254 days
Staff costs
€577,061▲
2024 · €395,908
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 6 | 8 | 8 |
| full-time | 5 | 4 | 6 | 7 | 6 |
| part-time | - | 0 | 0 | 1 | 2 |
| in full-time equivalents | 5 | 4 | 6 | 7.8 | 7.6 |
| Average over the year, in full-time equivalents | 1 | 3.8 | 4.9 | 7.3 | 8.2 |
| On a permanent contract | 3 | 4 | 6 | 8 | 8 |
| Joined | 5 | 3 | 7 | 5 | 2 |
| Left | 0 | 4 | 5 | 3 | 2 |
| Agency workers, average number | - | - | 4.9 | - | - |
| Training hours | - | - | - | 392 | 56 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | - | €1 |
| Overdue social security (RSZ) debts | - | - | - | - | €2 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,629 | - | €7,501 | €29,727 | €6,255 |
| Financial fixed assets | €363 | - | - | - | - |
| Depreciation and write-downs of the year | €3,415 | €142 | €4,047 | €5,992 | €9,658 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €3,000 | €3,097 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
15 awards · 2024 to 2026
Accord-cadre relatif à la réalisation d'audits UREBA et d'études de préfaisabilité SER: Audits énergétiques
Accord-cadre relatif à la réalisation d'audits UREBA et d'études de préfaisabilité SER: Etudes de préfaisabilité pour des systèmes SER
Certification PEB d'un ensemble de logements publics sociaux existants: MS/6100/PEB/01 - 1
Accord-cadre relatif à l'élaboration de stratégies immobilières des bâtiments publics: Plans d’action
Fédération Wallonie-Bruxelles – Accord-cadre de prestations de services d’études préalables et d’assistance à maîtrise d’ouvrage (6 lots): CA-CF-MP4915 - 3 AE - Audit énergétique
Show 10 more contracts
Accord-cadre de services « Rapports techniques »: S/24/0596 - 1
Marché de services en 7 lots répartis chacun en plusieurs tranches relatif à la réalisation d'audits énergétiques (études de préfaisabilité) de divers bâtiments de la Ville de Liège: BAT2024-0111/SN - 2
Marché de services en 7 lots répartis chacun en plusieurs tranches relatif à la réalisation d'audits énergétiques (études de préfaisabilité) de divers bâtiments de la Ville de Liège: BAT2024-0111/SN - 4
Marché de services en 7 lots répartis chacun en plusieurs tranches relatif à la réalisation d'audits énergétiques (études de préfaisabilité) de divers bâtiments de la Ville de Liège: BAT2024-0111/SN - 5
Marché de services en 7 lots répartis chacun en plusieurs tranches relatif à la réalisation d'audits énergétiques (études de préfaisabilité) de divers bâtiments de la Ville de Liège: BAT2024-0111/SN - 6
Marché de services en 7 lots répartis chacun en plusieurs tranches relatif à la réalisation d'audits énergétiques (études de préfaisabilité) de divers bâtiments de la Ville de Liège: BAT2024-0111/SN - 7
Accord-cadre relatif à l'élaboration de stratégies immobilières des bâtiments publics: Audits énergétiques
Accord-cadre relatif à l'élaboration de stratégies immobilières des bâtiments publics: Etudes de préfaisabilité pour des systèmes SER
Accord-cadre relatif à l'élaboration de stratégies immobilières des bâtiments publics: Plans d'action
Marché de services en 2 lots ayant pour objet la réalisation de simulations thermiques dynamiques et audits énergétiques au sein du Bureau d'Etudes: BE-65810 - lot 2
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €563,929 | €893,967 | €790,143 | ▼ 11.6% |
| Turnover70 | €44,173 | €186,148 | - | - | €576,108 | €824,796 | €748,763 | ▼ 9.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | -€41,457 | €0 | - | - |
| Other operating income74 | - | - | - | - | €27,459 | €69,171 | €26,071 | ▼ 62.3% |
| Non-recurring operating income76A | - | - | - | - | €1,819 | €0 | €15,309 | - |
| Operating charges60/66A | - | - | - | - | €644,227 | €746,314 | €735,591 | ▼ 1.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €41,679 | €12,286 | ▼ 70.5% |
| Purchases600/8 | - | - | - | - | - | €41,679 | €12,286 | ▼ 70.5% |
| Services and other goods61 | - | - | - | - | €358,866 | €299,583 | €121,552 | ▼ 59.4% |
| Remuneration, social security and pensions62 | - | - | €35,348 | €195,119 | €235,098 | €395,908 | €577,061 | ▲ 45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,318 | €12,851 | €3,415 | €142 | €4,047 | €5,992 | €9,658 | ▲ 61.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €27,698 | -€19,732 | €0 | - |
| Other operating charges640/8 | - | - | €826 | €758 | €6,800 | €10,569 | €15,035 | ▲ 42.3% |
| Non-recurring operating charges66A | - | - | - | €3,756 | €11,718 | €12,316 | €0 | ▼ 100% |
| Gross operating margin9900 | €17,524 | €23,119 | €137,002 | €189,133 | - | - | - | - |
| Operating profit (loss)9901 | €959 | €9,417 | €97,413 | -€10,641 | -€80,298 | €147,653 | €54,552 | ▼ 63.1% |
| Financial income75/76B | - | - | €395 | €2,443 | €20 | €209 | €2,645 | ▲ 13× |
| Recurring financial income75 | €314 | €305 | €395 | €1 | €20 | €209 | €2,645 | ▲ 13× |
| Income from financial fixed assets750 | - | - | - | - | - | €113 | €2,645 | ▲ 23× |
| Other financial income752/9 | - | - | - | - | €20 | €96 | €0 | ▼ 100.0% |
| Non-recurring financial income76B | - | - | - | €2,442 | €0 | - | - | - |
| Financial charges65/66B | - | - | €467 | €446 | €2,978 | €2,156 | €16,886 | ▲ 683% |
| Recurring financial charges65 | €222 | €516 | €467 | €446 | €2,978 | €2,156 | €16,886 | ▲ 683% |
| Debt charges650 | - | - | - | - | €2,799 | €2,138 | €16,886 | ▲ 690% |
| Other financial charges652/9 | - | - | - | - | €180 | €18 | €0 | ▼ 99.9% |
| Profit (loss) for the period before taxes9903 | €1,051 | €9,206 | €97,341 | -€8,644 | -€83,256 | €145,706 | €40,311 | ▼ 72.3% |
| Transfer from deferred taxes780 | - | - | - | €192 | €0 | - | - | - |
| Income taxes67/77 | €290 | €2,818 | €29,202 | -€3,923 | €1,000 | €26,371 | €16,682 | ▼ 36.7% |
| Taxes670/3 | - | - | - | - | €1,000 | €26,371 | €16,682 | ▼ 36.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0 | - | - | - |
| Profit (loss) for the period9904 | €762 | €6,388 | €68,138 | -€4,529 | -€84,256 | €119,336 | €23,628 | ▼ 80.2% |
| Profit (loss) for the period to be appropriated9905 | €762 | €6,388 | €68,138 | -€4,529 | -€84,256 | €119,336 | €23,628 | ▼ 80.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €95,993 | €119,406 | €295,894 | €497,958 | €395,548 | €610,630 | €662,391 | ▲ 8.5% |
| Formation expenses20 | - | - | €0 | - | - | - | - | - |
| Fixed assets21/28 | €19,640 | €7,497 | €12,073 | €8,020 | €11,473 | €35,208 | €31,443 | ▼ 10.7% |
| Intangible fixed assets21 | €7,500 | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €11,985 | €7,341 | €11,555 | €7,657 | €11,110 | €34,845 | €31,443 | ▼ 9.8% |
| Plant, machinery and equipment23 | - | - | €0 | - | €2,591 | €28,766 | €22,222 | ▼ 22.8% |
| Furniture and vehicles24 | - | - | €7,798 | €7,657 | €8,520 | €6,079 | €9,221 | ▲ 51.7% |
| Other tangible fixed assets26 | - | - | €3,756 | €0 | - | - | - | - |
| Financial fixed assets28 | €155 | €155 | €518 | €363 | €363 | €363 | €0 | ▼ 100% |
| Other financial fixed assets284/8 | - | - | - | - | €363 | €363 | €0 | ▼ 100% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €363 | €363 | €0 | ▼ 100% |
| Current assets29/58 | €76,354 | €111,910 | €283,822 | €489,938 | €384,074 | €575,422 | €630,948 | ▲ 9.6% |
| Stocks and contracts in progress3 | - | - | €0 | €41,457 | €0 | €0 | €0 | - |
| Stocks30/36 | - | - | €0 | - | - | - | - | - |
| Contracts in progress37 | - | - | - | €41,457 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €60,064 | €94,169 | €208,718 | €295,763 | €350,895 | €570,188 | €627,059 | ▲ 10.0% |
| Trade receivables40 | - | - | €189,825 | €285,513 | €291,638 | €481,033 | €595,588 | ▲ 23.8% |
| Other amounts receivable41 | - | - | €18,893 | €10,250 | €59,257 | €89,155 | €31,470 | ▼ 64.7% |
| Cash at bank and in hand54/58 | €11,680 | €17,741 | €75,104 | €152,718 | €32,813 | €4,774 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | - | €366 | €460 | €3,889 | ▲ 746% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €95,993 | €119,406 | €295,894 | €497,958 | €395,548 | €610,630 | €662,391 | ▲ 8.5% |
| Equity10/15 | €66,673 | €72,756 | €141,232 | €136,511 | €52,254 | €171,590 | €195,218 | ▲ 13.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €47,452 | €53,752 | €53,752 | €53,560 | €53,560 | €53,560 | €53,560 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | €192 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | €51,700 | €51,700 | €51,700 | €51,700 | €51,700 | = |
| Profit (loss) carried forward14 | €12 | €100 | €68,880 | €64,351 | -€19,906 | €99,430 | €123,058 | ▲ 23.8% |
| Investment grants15 | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €29,320 | €46,650 | €154,663 | €361,447 | €343,293 | €439,040 | €467,172 | ▲ 6.4% |
| Amounts payable within one year42/48 | €29,320 | €46,650 | €154,663 | €361,447 | €343,293 | €439,040 | €457,572 | ▲ 4.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €25,000 | €0 | €0 | - |
| Financial debts43 | - | - | - | - | - | €25,000 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €25,000 | - | - |
| Trade debts44 | €12,828 | €43,032 | €115,860 | €218,148 | €151,343 | €257,346 | €95,721 | ▼ 62.8% |
| Suppliers440/4 | - | - | €115,860 | €218,148 | €151,343 | €257,346 | €95,721 | ▼ 62.8% |
| Advances received on contracts in progress46 | - | - | €1,325 | €58,422 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €34,469 | €81,868 | €55,532 | €39,257 | €68,671 | ▲ 74.9% |
| Taxes450/3 | - | - | €29,871 | €51,418 | €13,752 | €1,210 | €14,475 | ▲ 12× |
| Remuneration and social security454/9 | - | - | €4,598 | €30,450 | €41,780 | €38,047 | €54,196 | ▲ 42.4% |
| Other amounts payable47/48 | - | - | €3,009 | €3,009 | €111,418 | €117,437 | €293,180 | ▲ 150% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €9,600 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €762 | €6,388 | €68,138 | -€4,529 | -€84,256 | €119,336 | €23,628 | ▼ 80.2% |
| + Depreciation and write-downs630 | €16,318 | €12,851 | €3,415 | €142 | €4,047 | €5,992 | €9,658 | ▲ 61.2% |
| Operating cash flow (approximation) | €17,079 | €19,239 | €71,554 | -€4,387 | -€80,209 | €125,328 | €33,286 | ▼ 73.4% |
| Investment in fixed assets (approximation) | - | -€708 | -€7,992 | €3,911 | -€7,501 | -€29,727 | -€5,892 | ▲ 80.2% |
| Change in cash | - | €6,062 | €57,363 | €77,614 | -€119,904 | -€28,039 | -€4,774 | ▲ 83.0% |
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, 4,508 companies had the same profile as E-NOVA has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of E-NOVA itself: 0.8% 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 4,508 companies, not a prediction for E-NOVA. 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 | 10-06-2026 | 2026-00165715 | |
| 31-12-2024 | unclassified schema | 22-07-2025 | 2025-00299629 | |
| 31-12-2023 | unclassified schema | 08-07-2024 | 2024-00236954 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00343266 | |
| 31-12-2021 | full format | 18-07-2022 | 2022-20195150 | |
| 30-06-2020 | full format | 27-11-2020 | 2020-72800014 | |
| 30-06-2019 | full format | 30-12-2019 | 2019-77800487 | |
| 30-06-2018 | full format | 21-12-2018 | 2018-75500401 | |
| 30-06-2017 | full format | 22-12-2017 | 2017-73100034 | |
| 30-06-2016 | full format | 29-12-2016 | 2016-72000237 |