E.S.D.
ActiveSummary
E.S.D. has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €887,055 and a net result of €19,240. Equity is growing by ~21.4% per year across the filed fiscal years. Its solvency ranks better than 55% of 7940 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▼-14
Solvency73▲+5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity tight (current ratio 1.04 against 1.19 in 2024; short-term debt: 29.8% and cash: 11% of total assets), and 51.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
48.4%
Return on assets
1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-07-2026, 12 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
12 d early
2024
on the day
2023
69 d late
2022
21 d early
2021
30 d late
2020
26 d late
2019
88 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€720,819
EBIT margin
16.0%
Net result
€19,240▼ 76.7%
2024 · €82,408
Working capital
€22,480▼ 80.5%
2024 · €115,020
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€125,904▼ 35.0%€331,704▲ 163%€225,079▼ 32.1%€158,369▼ 29.6%€62,862▼ 60.3%
Net result€83,578within the sector's middle half▼ 36.4%€262,916above the sector's middle half▲ 215%€139,778above the sector's middle half▼ 46.8%€82,408within the sector's middle half▼ 41.0%€19,240within the sector's middle half▼ 76.7%
EBIT margin
Equity€439,114within the sector's middle half▲ 23.5%€645,629within the sector's middle half▲ 47.0%€785,407above the sector's middle half▲ 21.6%€867,815above the sector's middle half▲ 10.5%€887,055above the sector's middle half▲ 2.2%
Total assets€1.0mwithin the sector's middle half▲ 38.4%€1.9mabove the sector's middle half▲ 88.4%€2.0mabove the sector's middle half▲ 7.0%€2.0mabove the sector's middle half▼ 2.1%€1.8mabove the sector's middle half▼ 8.3%
Debt€573,389▲ 52.5%€1.3m▲ 120%€1.3m▼ 0.5%€1.1m▼ 10.0%€945,402▼ 16.4%
Working capital€251,258within the sector's middle half▲ 2.1%-€46,065below the sector's middle half€76,027within the sector's middle half€115,020within the sector's middle half▲ 51.3%€22,480within the sector's middle half▼ 80.5%
Solvency43.4%within the sector's middle half▼ 5.2pp33.8%within the sector's middle half▼ 9.5pp38.5%within the sector's middle half▲ 4.6pp43.4%within the sector's middle half▲ 5.0pp48.4%within the sector's middle half▲ 5.0pp
Current ratio2.41within the sector's middle half▲ 0.010.94below the sector's middle half▼ 1.481.11below the sector's middle half▲ 0.181.19within the sector's middle half▲ 0.081.04below the sector's middle half▼ 0.15
Return on assets (ROA)8.3%within the sector's middle half▼ 9.7pp13.8%above the sector's middle half▲ 5.5pp6.8%within the sector's middle half▼ 6.9pp4.1%within the sector's middle half▼ 2.7pp1.0%within the sector's middle half▼ 3.1pp
Staff (FTE)1below the sector's middle half▼ 50.0%1.4below the sector's middle half▲ 40.0%2.3within the sector's middle half▲ 64.3%2.9within the sector's middle half▲ 26.1%2.4within the sector's middle half▼ 17.2%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 60% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.3m ▼ 2.2%
Current assets
€567,717 ▼ 19.5%
Equity and liabilities €1.8m
Equity
€887,055 ▲ 2.2%
Debt
€945,402 ▼ 16.4%
Debt's share of the balance-sheet total falls from 56.6% to 51.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€152,218▼
2024 · €236,113
Cash flow
€108,596▼
2024 · €160,151
Quick ratio
0.71▼
2024 · 0.87
Debt to equity
1.07▼
2024 · 1.30
ROE
2.2%▼
2024 · 9.5%
Interest coverage
4.10▼
2024 · 5.29
Debt ≤ 1 year
€545,237▼
2024 · €589,951
Debt > 1 year
€373,826▼
2024 · €476,920
Income taxes
€7,243▼
2024 · €32,915
Staff costs
€185,526▼
2024 · €207,555
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,040 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €68,415 | €86,049 | €159,920 | €207,555 | €185,526 | ▼ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €85,503 | €34,278 | €69,854 | €77,744 | €89,356 | ▲ 14.9% |
| Other operating charges640/8 | €4,150 | €4,473 | €1,389 | €11,693 | €11,468 | ▼ 1.9% |
| Gross operating margin9900 | €283,972 | €456,504 | €456,243 | €455,361 | €349,211 | ▼ 23.3% |
| Operating profit (loss)9901 | €125,904 | €331,704 | €225,079 | €158,369 | €62,862 | ▼ 60.3% |
| Financial income75/76B | €1,541 | €2,329 | €4,621 | €1,579 | €754 | ▼ 52.2% |
| Recurring financial income75 | €1,541 | €2,329 | €4,621 | €1,579 | €754 | ▼ 52.2% |
| Financial charges65/66B | €10,331 | €26,647 | €30,778 | €44,626 | €37,133 | ▼ 16.8% |
| Recurring financial charges65 | €10,331 | €26,647 | €30,778 | €44,626 | €37,133 | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €117,114 | €307,386 | €198,922 | €115,322 | €26,483 | ▼ 77.0% |
| Income taxes67/77 | €33,536 | €44,470 | €59,144 | €32,915 | €7,243 | ▼ 78.0% |
| Profit (loss) for the period9904 | €83,578 | €262,916 | €139,778 | €82,408 | €19,240 | ▼ 76.7% |
| Profit (loss) for the period to be appropriated9905 | €83,578 | €262,916 | €139,778 | €82,408 | €19,240 | ▼ 76.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.9m | €2.0m | €2.0m | €1.8m | ▼ 8.3% |
| Fixed assets21/28 | €583,667 | €1.2m | €1.3m | €1.3m | €1.3m | ▼ 2.2% |
| Tangible fixed assets22/27 | €578,532 | €1.2m | €1.3m | €1.3m | €1.3m | ▼ 2.2% |
| Land and buildings22 | €514,351 | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 2.3% |
| Plant, machinery and equipment23 | €16,379 | €34,224 | €39,042 | €42,740 | €35,126 | ▼ 17.8% |
| Furniture and vehicles24 | €36,339 | €70,689 | €122,692 | €134,392 | €139,127 | ▲ 3.5% |
| Other tangible fixed assets26 | €3,088 | €0 | - | - | - | - |
| Assets under construction and advance payments27 | €8,376 | €0 | - | - | - | - |
| Financial fixed assets28 | €5,135 | €5,135 | €5,135 | €135 | €135 | = |
| Current assets29/58 | €428,835 | €664,124 | €751,771 | €704,971 | €567,717 | ▼ 19.5% |
| Stocks and contracts in progress3 | €136,500 | €189,545 | €393,592 | €194,000 | €181,000 | ▼ 6.7% |
| Stocks30/36 | €65,000 | €179,745 | €218,012 | €194,000 | €170,000 | ▼ 12.4% |
| Contracts in progress37 | €71,500 | €9,800 | €175,580 | €0 | €11,000 | - |
| Amounts receivable within one year40/41 | €116,679 | €196,509 | €276,106 | €132,402 | €176,849 | ▲ 33.6% |
| Trade receivables40 | €100,215 | €180,045 | €252,833 | €82,195 | €162,166 | ▲ 97.3% |
| Other amounts receivable41 | €16,464 | €16,464 | €23,273 | €50,207 | €14,683 | ▼ 70.8% |
| Current investments50/53 | - | €33,125 | €23,202 | €0 | - | - |
| Cash at bank and in hand54/58 | €172,149 | €243,149 | €52,609 | €370,082 | €202,180 | ▼ 45.4% |
| Deferred charges and accrued income490/1 | €3,507 | €1,795 | €6,262 | €8,487 | €7,687 | ▼ 9.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.9m | €2.0m | €2.0m | €1.8m | ▼ 8.3% |
| Equity10/15 | €439,114 | €645,629 | €785,407 | €867,815 | €887,055 | ▲ 2.2% |
| Contributions10/11 | €76,400 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €362,714 | €625,629 | €765,407 | €847,815 | €867,055 | ▲ 2.3% |
| Non-distributable reserves130/1 | €7,640 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €7,640 | €0 | - | - | - | - |
| Distributable reserves133 | €355,074 | €625,629 | €765,407 | €847,815 | €867,055 | ▲ 2.3% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €573,389 | €1.3m | €1.3m | €1.1m | €945,402 | ▼ 16.4% |
| Amounts payable after more than one year17 | €393,614 | €549,896 | €560,160 | €476,920 | €373,826 | ▼ 21.6% |
| Financial debts170/4 | €393,614 | €549,896 | €560,160 | €476,920 | €373,826 | ▼ 21.6% |
| Amounts payable within one year42/48 | €177,577 | €710,189 | €675,744 | €589,951 | €545,237 | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | €78,380 | €85,354 | €110,408 | €124,225 | €103,094 | ▼ 17.0% |
| Trade debts44 | €17,911 | €185,135 | €137,441 | €53,114 | €63,473 | ▲ 19.5% |
| Suppliers440/4 | €17,911 | €185,135 | €137,441 | €53,114 | €63,473 | ▲ 19.5% |
| Taxes, remuneration and social security45 | €24,809 | €41,475 | €50,715 | €27,010 | €20,218 | ▼ 25.1% |
| Taxes450/3 | €16,836 | €32,254 | €34,247 | €14,845 | €2,365 | ▼ 84.1% |
| Remuneration and social security454/9 | €7,973 | €9,221 | €16,469 | €12,165 | €17,853 | ▲ 46.8% |
| Other amounts payable47/48 | €56,477 | €398,225 | €377,180 | €385,602 | €358,452 | ▼ 7.0% |
| Accrued charges and deferred income492/3 | €2,197 | €2,105 | €20,492 | €63,588 | €26,340 | ▼ 58.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,578 | €262,916 | €139,778 | €82,408 | €19,240 | ▼ 76.7% |
| + Depreciation and write-downs630 | €85,503 | €34,278 | €69,854 | €77,744 | €89,356 | ▲ 14.9% |
| Operating cash flow (approximation) | €169,081 | €297,193 | €209,632 | €160,151 | €108,596 | ▼ 32.2% |
| Investment in fixed assets (approximation) | - | -€694,307 | -€116,190 | -€81,013 | -€60,795 | ▲ 25.0% |
| Change in cash | - | €71,000 | -€190,540 | €317,472 | -€167,901 | ▼ 153% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
19-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €19,240 ▼76.7%
Net result drops to €19,240, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
08-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 69 days late
2023
10-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €262,916 ▲215%
Operating result €331,704, net result €262,916, both a record.
31-12
Financial
Equity above €500,000Eq €645,629 ▲47%
5 profitable years in a row build equity to €645,629.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
04-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €200,000Eq €224,174 ▲53.1%
2 profitable years in a row build equity to €224,174.
13-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Torhout · 1 establishment unit since 2006
Ground area
3,119 m²
Building footprint
731 m²
Volume, LiDAR
991 m³
2 parcels, Flanders · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
E.S.D.
since 20062.152.379.025
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36011A0081/00E000 | Flanders | 1,946 m² | 1 · 236 m² | 7.9 m · 2 fl. |
| 31523E0704/00A000 | Flanders | 1,173 m² | 1 · 495 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 50,397 EUR awarded · 25,397 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 50,000 EUR | 25,093 EUR |
| 2024 | 1 | 93 EUR | 0 EUR |
| 2023 | 1 | 304 EUR | 304 EUR |
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Of 22,827 companies in sector 43211 we hold annual accounts for 10,338. 5,016 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-03-2006
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0879920454
Registered
05-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.