E.S.E. Services
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 14-08-2026 at the NBB all 22 filings
Turnover
≈ €1.0m
Estimated: probably between €690,000 and €2.6m
Total assets
€353,362▼ 17.8%
2025 · €429,824
Net result
€80,980▼ 16.1%
2025 · €96,504
Working capital
€147,967▲ 51.5%
2025 · €97,662
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€116,796
▼ 19.6%
2026
20192026
Net result
€80,980
▼ 16.1%
2026
20192026
Equity
€206,180
▲ 64.7%
2026
20192026
Total assets
€353,362
▼ 17.8%
2026
20192026
Debt
€147,182
▼ 51.7%
2026
20192026
Working capital
€147,967
▲ 51.5%
2026
20192026
Solvency
58.3%
▲ 29.2pp
2026
20192026
Current ratio
2.55
▲ 1.12
2026
20192026
Return on assets (ROA)
22.9%
▲ 0.5pp
2026
20192026
Staff (FTE)
0.9
▼ 10.0%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€41,422-€49,652▲ 19.9%€71,099▲ 43.2%€57,971▼ 18.5%€38,548▼ 33.5%€18,437▼ 52.2%€145,230▲ 688%€116,796▼ 19.6%
Net result€24,017-€27,824▲ 15.9%€45,076above the sector's middle half▲ 62.0%€32,664above the sector's middle half▼ 27.5%€20,698above the sector's middle half▼ 36.6%€5,998within the sector's middle half▼ 71.0%€96,504above the sector's middle half▲ 16×€80,980▼ 16.1%
Equity€100,446-€128,270▲ 27.7%€123,412above the sector's middle half▼ 3.8%€156,076above the sector's middle half▲ 26.5%€176,774above the sector's middle half▲ 13.3%€158,495above the sector's middle half▼ 10.3%€125,200within the sector's middle half▼ 21.0%€206,180▲ 64.7%
Total assets€350,599-€349,325▼ 0.4%€372,247above the sector's middle half▲ 6.6%€381,180above the sector's middle half▲ 2.4%€337,611above the sector's middle half▼ 11.4%€328,773above the sector's middle half▼ 2.6%€429,824above the sector's middle half▲ 30.7%€353,362▼ 17.8%
Debt€250,152-€221,055▼ 11.6%€248,835▲ 12.6%€225,104▼ 9.5%€160,838▼ 28.5%€170,278▲ 5.9%€304,624▲ 78.9%€147,182▼ 51.7%
Working capital€108,880-€149,583▲ 37.4%€150,303above the sector's middle half▲ 0.5%€157,973above the sector's middle half▲ 5.1%€181,811above the sector's middle half▲ 15.1%€144,993above the sector's middle half▼ 20.3%€97,662above the sector's middle half▼ 32.6%€147,967▲ 51.5%
Solvency28.6%-36.7%▲ 8.1pp33.2%within the sector's middle half▼ 3.6pp40.9%within the sector's middle half▲ 7.8pp52.4%within the sector's middle half▲ 11.4pp48.2%within the sector's middle half▼ 4.2pp29.1%within the sector's middle half▼ 19.1pp58.3%▲ 29.2pp
Current ratio2.92-4.34▲ 1.422.61within the sector's middle half▼ 1.732.78above the sector's middle half▲ 0.175.10above the sector's middle half▲ 2.312.95above the sector's middle half▼ 2.151.42within the sector's middle half▼ 1.522.55▲ 1.12
Return on assets (ROA)6.9%-8.0%▲ 1.1pp12.1%within the sector's middle half▲ 4.1pp8.6%within the sector's middle half▼ 3.5pp6.1%within the sector's middle half▼ 2.4pp1.8%within the sector's middle half▼ 4.3pp22.5%above the sector's middle half▲ 20.6pp22.9%▲ 0.5pp
Staff (FTE)1-1=1=1.1▲ 10.0%1.2▲ 9.1%1.2=1▼ 16.7%0.9▼ 10.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 20% lower than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €353,362
Fixed assets
€109,761 ▲ 8.0%
Current assets
€243,601 ▼ 25.8%
Equity and liabilities €353,362
Equity
€206,180 ▲ 64.7%
Debt
€147,182 ▼ 51.7%
Debt's share of the balance-sheet total falls from 70.9% to 41.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€148,900▼
2025 · €174,317
Cash flow
€113,084▼
2025 · €125,591
Debt to equity
0.71▼
2025 · 2.43
ROE
39.3%▼
2025 · 77.1%
Interest coverage
21.45▲
2025 · 20.74
Debt ≤ 1 year
€95,634▼
2025 · €230,572
Debt > 1 year
€50,893▼
2025 · €73,714
Income taxes
€33,296▼
2025 · €41,671
Staff costs
€43,118▲
2025 · €39,252
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 0 |
| part-time | 1 | 1 | 0 | 0 | 1 |
| in full-time equivalents | 1.2 | 1.2 | 1 | 1 | 0.8 |
| Average over the year, in full-time equivalents | 1.1 | 1.2 | 1.2 | 1 | 0.9 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 1 | 1 | 0 | - | - |
| Left | 0 | 0 | 1 | - | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €29,259 | €2,263 | €23,865 | €21,397 | €40,467 |
| Depreciation and write-downs of the year | €23,401 | €24,635 | €25,998 | €29,087 | €32,104 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €25,361 | €0 | €175 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €33,918 | €37,987 | €38,502 | €39,252 | €43,118 | ▲ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,773 | €36,704 | €33,922 | €23,401 | €24,635 | €25,998 | €29,087 | €32,104 | ▲ 10.4% |
| Other operating charges640/8 | - | - | - | €2,901 | €3,539 | €3,665 | €4,278 | €4,082 | ▼ 4.6% |
| Non-recurring operating charges66A | - | - | - | - | €128 | €0 | - | €191 | - |
| Gross operating margin9900 | €112,779 | €121,863 | €139,997 | €118,191 | €104,837 | €86,603 | €217,848 | €196,291 | ▼ 9.9% |
| Operating profit (loss)9901 | €41,422 | €49,652 | €71,099 | €57,971 | €38,548 | €18,437 | €145,230 | €116,796 | ▼ 19.6% |
| Financial income75/76B | - | - | - | €0 | €29 | €465 | €1,352 | €4,422 | ▲ 227% |
| Recurring financial income75 | €0 | €16 | €3 | €0 | €29 | €465 | €1,352 | €4,422 | ▲ 227% |
| Financial charges65/66B | - | - | - | €7,671 | €9,887 | €9,499 | €8,407 | €6,942 | ▼ 17.4% |
| Recurring financial charges65 | €10,587 | €9,412 | €8,486 | €7,671 | €9,887 | €9,499 | €8,407 | €6,942 | ▼ 17.4% |
| Profit (loss) for the period before taxes9903 | €30,835 | €40,256 | €62,616 | €50,300 | €28,690 | €9,402 | €138,175 | €114,276 | ▼ 17.3% |
| Income taxes67/77 | €6,818 | €12,432 | €17,540 | €17,635 | €7,992 | €3,404 | €41,671 | €33,296 | ▼ 20.1% |
| Profit (loss) for the period9904 | €24,017 | €27,824 | €45,076 | €32,664 | €20,698 | €5,998 | €96,504 | €80,980 | ▼ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €24,017 | €27,824 | €45,076 | €32,664 | €20,698 | €5,998 | €96,504 | €80,980 | ▼ 16.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €350,599 | €349,325 | €372,247 | €381,180 | €337,611 | €328,773 | €429,824 | €353,362 | ▼ 17.8% |
| Fixed assets21/28 | €184,869 | €154,954 | €128,694 | €134,552 | €111,413 | €109,280 | €101,590 | €109,761 | ▲ 8.0% |
| Tangible fixed assets22/27 | €184,869 | €154,954 | €128,694 | €134,552 | €111,413 | €109,280 | €101,590 | €109,761 | ▲ 8.0% |
| Land and buildings22 | - | - | - | €123,036 | €102,797 | €90,804 | €85,469 | €95,059 | ▲ 11.2% |
| Plant, machinery and equipment23 | - | - | - | €4,398 | €2,943 | €7,624 | €9,040 | €9,825 | ▲ 8.7% |
| Furniture and vehicles24 | - | - | - | €7,118 | €5,673 | €10,852 | €7,081 | €4,878 | ▼ 31.1% |
| Current assets29/58 | €165,730 | €194,371 | €243,552 | €246,628 | €226,199 | €219,493 | €328,234 | €243,601 | ▼ 25.8% |
| Amounts receivable within one year40/41 | €43,128 | €129,926 | €103,438 | €121,594 | €137,115 | €73,633 | €122,063 | €57,284 | ▼ 53.1% |
| Trade receivables40 | - | - | - | €114,229 | €129,511 | €60,691 | €121,749 | €54,047 | ▼ 55.6% |
| Other amounts receivable41 | - | - | - | €7,365 | €7,604 | €12,942 | €315 | €3,237 | ▲ 929% |
| Current investments50/53 | - | - | - | - | - | - | - | €150,000 | - |
| Cash at bank and in hand54/58 | €115,650 | €58,707 | €135,410 | €119,049 | €85,268 | €141,992 | €200,530 | €14,499 | ▼ 92.8% |
| Deferred charges and accrued income490/1 | - | - | - | €5,985 | €3,816 | €3,869 | €5,641 | €21,819 | ▲ 287% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €350,599 | €349,325 | €372,247 | €381,180 | €337,611 | €328,773 | €429,824 | €353,362 | ▼ 17.8% |
| Equity10/15 | €100,446 | €128,270 | €123,412 | €156,076 | €176,774 | €158,495 | €125,200 | €206,180 | ▲ 64.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €2,000 | €2,000 | = |
| Reserves13 | €102,705 | €130,529 | €125,671 | €143,676 | €164,374 | €146,095 | €123,200 | €204,180 | ▲ 65.7% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €143,676 | €164,374 | €146,095 | €123,200 | €204,180 | ▲ 65.7% |
| Profit (loss) carried forward14 | -€14,659 | -€14,659 | -€14,659 | €0 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €250,152 | €221,055 | €248,835 | €225,104 | €160,838 | €170,278 | €304,624 | €147,182 | ▼ 51.7% |
| Amounts payable after more than one year17 | €191,422 | €173,898 | €155,585 | €136,448 | €116,450 | €95,552 | €73,714 | €50,893 | ▼ 31.0% |
| Financial debts170/4 | - | - | - | €136,448 | €116,450 | €95,552 | €73,714 | €50,893 | ▼ 31.0% |
| Amounts payable within one year42/48 | €56,849 | €44,788 | €93,250 | €88,656 | €44,387 | €74,501 | €230,572 | €95,634 | ▼ 58.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,061 | €23,800 | €24,727 | €25,658 | €44,933 | ▲ 75.1% |
| Financial debts43 | - | - | - | - | - | - | - | €4,981 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €4,981 | - |
| Trade debts44 | €1,294 | €8,710 | €5,010 | €31,442 | €3,471 | €12,340 | €11,964 | €4,634 | ▼ 61.3% |
| Suppliers440/4 | - | - | - | €31,442 | €3,471 | €12,340 | €11,964 | €4,634 | ▼ 61.3% |
| Taxes, remuneration and social security45 | - | - | - | €11,054 | €17,116 | €13,157 | €65,410 | €34,731 | ▼ 46.9% |
| Taxes450/3 | - | - | - | €3,763 | €6,466 | €5,842 | €57,986 | €23,392 | ▼ 59.7% |
| Remuneration and social security454/9 | - | - | - | €7,291 | €10,650 | €7,315 | €7,424 | €11,340 | ▲ 52.7% |
| Other amounts payable47/48 | - | - | - | €24,100 | €0 | €24,277 | €127,539 | €6,354 | ▼ 95.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €225 | €338 | €655 | ▲ 93.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,017 | €27,824 | €45,076 | €32,664 | €20,698 | €5,998 | €96,504 | €80,980 | ▼ 16.1% |
| + Depreciation and write-downs630 | €35,773 | €36,704 | €33,922 | €23,401 | €24,635 | €25,998 | €29,087 | €32,104 | ▲ 10.4% |
| Operating cash flow (approximation) | €59,790 | €64,528 | €78,998 | €56,065 | €45,332 | €31,997 | €125,591 | €113,084 | ▼ 10.0% |
| Investment in fixed assets (approximation) | - | -€6,789 | -€7,662 | -€29,259 | -€1,496 | -€23,865 | -€21,397 | -€40,275 | ▼ 88.2% |
| Change in cash | - | -€56,943 | €76,703 | -€16,361 | -€33,781 | €56,724 | €58,538 | -€186,031 | - |
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, 31,368 companies had the same profile as E.S.E. Services has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of E.S.E. Services itself: 0.2% 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 31,368 companies, not a prediction for E.S.E. Services. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 14-08-2026 | 2026-00400873 | |
| 30-06-2025 | micro format | 19-12-2025 | 2025-00585968 | |
| 30-06-2024 | micro format | 07-10-2024 | 2024-00503066 | |
| 30-06-2023 | micro format | 19-01-2024 | 2024-00004835 | |
| 30-06-2022 | micro format | 09-01-2023 | 2023-20555702 | |
| 30-06-2021 | micro format | 05-01-2022 | 2022-00300423 | |
| 30-06-2020 | micro format | 19-01-2021 | 2021-01100490 | |
| 30-06-2019 | micro format | 15-01-2020 | 2020-01300428 | |
| 30-06-2018 | micro format | 14-01-2019 | 2019-01400320 | |
| 30-06-2017 | micro format | 12-01-2018 | 2018-01200262 |