E SOLUTION
ActiveSummary
E SOLUTION has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47,591 and a net result of €14,245. Equity is growing by ~56.6% per year across the filed fiscal years. Its solvency ranks better than 43% of 7058 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+17
Solvency70▲+17
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 1.8 against 2.3 in 2024; short-term debt: 54.9% and cash: 15.1% of total assets), but 54.9% 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
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
45.1%
Return on assets
13.5%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
97 d late
2022
30 d late
2021
9 d late
2020
18 d late
2019
12 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Is the workforce growing, and do people stay?Employer check
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Financials · fiscal year 2025, micro schema
Equity
€47,591▲ 42.7%
2024 · €33,347
Total assets
€105,618▼ 12.6%
2024 · €120,860
Net result
€14,245▲ 50.5%
2024 · €9,467
Working capital
€46,332▼ 30.7%
2024 · €66,862
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€17,942€24,243▲ 35.1%€169▼ 99.3%-€422€9,115
Net result€20,170€8,366▼ 58.5%€6,768▼ 19.1%€9,467▲ 39.9%€14,245▲ 50.5%
Equity€8,745€17,111▲ 95.7%€23,880▲ 39.6%€33,347▲ 39.6%€47,591▲ 42.7%
Total assets€72,932▼ 1.5%€67,067▼ 8.0%€84,224▲ 25.6%€120,860▲ 43.5%€105,618▼ 12.6%
Debt€64,187▼ 24.9%€49,955▼ 22.2%€60,344▲ 20.8%€87,513▲ 45.0%€58,027▼ 33.7%
Working capital€1,841€12,785▲ 594%€21,009▲ 64.3%€66,862▲ 218%€46,332▼ 30.7%
Staff (FTE)1▲ 42.9%0.9▼ 10.0%1.1▲ 22.2%1.1=1.1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €9,115 after a loss of €422 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €105,618
Fixed assets
€1,259 ▼ 52.6%
Current assets
€104,359 ▼ 11.7%
Equity and liabilities €105,618
Equity
€47,591 ▲ 42.7%
Debt
€58,027 ▼ 33.7%
Debt's share of the balance-sheet total falls from 72.4% to 54.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10,509▲
2024 · €2,094
Cash flow
€15,639▲
2024 · €11,982
Current ratio
1.80▼
2024 · 2.30
Quick ratio
1.46▼
2024 · 1.81
Debt to equity
1.22▼
2024 · 2.62
ROE
29.9%▲
2024 · 28.4%
ROA
13.5%▲
2024 · 7.8%
Interest coverage
3.67▲
2024 · 2.44
Debt ≤ 1 year
€58,027▲
2024 · €51,345
Income taxes
€5,192▲
2024 · €4,886
Staff costs
€35,155▼
2024 · €39,135
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €204 | €16,158 | €32,091 | €39,135 | €35,155 | ▼ 10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,990 | €3,823 | €2,795 | €2,515 | €1,395 | ▼ 44.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €6,419 | - | - |
| Other operating charges640/8 | €1,532 | €1,438 | €2,829 | €842 | €307 | ▼ 63.6% |
| Non-recurring operating charges66A | - | - | - | €274 | - | - |
| Gross operating margin9900 | €23,667 | €45,662 | €37,883 | €48,765 | €45,971 | ▼ 5.7% |
| Operating profit (loss)9901 | €17,942 | €24,243 | €169 | -€422 | €9,115 | ▲ 2,262% |
| Financial income75/76B | €10,233 | €8,548 | €12,079 | €15,632 | €13,186 | ▼ 15.7% |
| Recurring financial income75 | €10,233 | €8,548 | €10,269 | €15,632 | €13,186 | ▼ 15.7% |
| Non-recurring financial income76B | - | - | €1,810 | - | - | - |
| Financial charges65/66B | €5,575 | €18,628 | €1,277 | €858 | €2,864 | ▲ 234% |
| Recurring financial charges65 | €5,575 | €16,078 | €1,277 | €858 | €2,864 | ▲ 234% |
| Non-recurring financial charges66B | - | €2,550 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €22,599 | €14,163 | €10,971 | €14,353 | €19,436 | ▲ 35.4% |
| Income taxes67/77 | €2,429 | €5,797 | €4,203 | €4,886 | €5,192 | ▲ 6.2% |
| Profit (loss) for the period9904 | €20,170 | €8,366 | €6,768 | €9,467 | €14,245 | ▲ 50.5% |
| Profit (loss) for the period to be appropriated9905 | €20,170 | €8,366 | €6,768 | €9,467 | €14,245 | ▲ 50.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €72,932 | €67,067 | €84,224 | €120,860 | €105,618 | ▼ 12.6% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €7,630 | €7,313 | €5,169 | €2,654 | €1,259 | ▼ 52.6% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €7,630 | €7,313 | €5,169 | €2,654 | €1,259 | ▼ 52.6% |
| Plant, machinery and equipment23 | €3,173 | €4,581 | €3,874 | €2,498 | €1,259 | ▼ 49.6% |
| Furniture and vehicles24 | €4,457 | €2,733 | €1,295 | €155 | - | - |
| Current assets29/58 | €65,303 | €59,753 | €79,055 | €118,206 | €104,359 | ▼ 11.7% |
| Stocks and contracts in progress3 | €19,788 | €18,326 | €28,303 | €25,144 | €19,815 | ▼ 21.2% |
| Stocks30/36 | €19,788 | €18,326 | €28,303 | €25,144 | €19,815 | ▼ 21.2% |
| Amounts receivable within one year40/41 | €31,719 | €24,757 | €35,639 | €69,497 | €68,563 | ▼ 1.3% |
| Trade receivables40 | €2,576 | €9,838 | €28,773 | €63,799 | €63,563 | ▼ 0.4% |
| Other amounts receivable41 | €29,143 | €14,918 | €6,866 | €5,699 | €5,000 | ▼ 12.3% |
| Cash at bank and in hand54/58 | €13,685 | €16,671 | €14,666 | €22,635 | €15,980 | ▼ 29.4% |
| Deferred charges and accrued income490/1 | €110 | - | €448 | €929 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €72,932 | €67,067 | €84,224 | €120,860 | €105,618 | ▼ 12.6% |
| Equity10/15 | €8,745 | €17,111 | €23,880 | €33,347 | €47,591 | ▲ 42.7% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€1,255 | €7,111 | €13,880 | €23,347 | €37,591 | ▲ 61.0% |
| Amounts payable17/49 | €64,187 | €49,955 | €60,344 | €87,513 | €58,027 | ▼ 33.7% |
| Amounts payable after more than one year17 | - | €2,987 | €1,964 | €907 | - | - |
| Financial debts170/4 | - | €2,987 | €1,964 | €907 | - | - |
| Amounts payable within one year42/48 | €63,461 | €46,968 | €58,046 | €51,345 | €58,027 | ▲ 13.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €907 | - |
| Financial debts43 | - | €992 | €1,024 | €1,057 | - | - |
| Credit institutions430/8 | - | €992 | €1,024 | €1,057 | - | - |
| Trade debts44 | €43,277 | €22,367 | €26,037 | €16,611 | €31,591 | ▲ 90.2% |
| Suppliers440/4 | €43,277 | €22,367 | €26,037 | €16,611 | €31,591 | ▲ 90.2% |
| Advances received on contracts in progress46 | €10,815 | €7,210 | €3,855 | - | - | - |
| Taxes, remuneration and social security45 | €5,220 | €14,448 | €27,130 | €33,676 | €25,529 | ▼ 24.2% |
| Taxes450/3 | €4,598 | €10,078 | €12,229 | €14,627 | €11,151 | ▼ 23.8% |
| Remuneration and social security454/9 | €621 | €4,370 | €14,901 | €19,050 | €14,379 | ▼ 24.5% |
| Other amounts payable47/48 | €4,150 | €1,950 | - | - | - | - |
| Accrued charges and deferred income492/3 | €726 | - | €335 | €35,262 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,170 | €8,366 | €6,768 | €9,467 | €14,245 | ▲ 50.5% |
| + Depreciation and write-downs630 | €3,990 | €3,823 | €2,795 | €2,515 | €1,395 | ▼ 44.5% |
| Operating cash flow (approximation) | €24,160 | €12,189 | €9,563 | €11,982 | €15,639 | ▲ 30.5% |
| Investment in fixed assets (approximation) | - | -€3,506 | -€650 | €0 | €0 | - |
| Change in cash | - | €2,986 | -€2,005 | €7,969 | -€6,655 | ▼ 184% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
05-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 97 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
31-12
Financial
Back to profitnet €20,170
Net result €20,170 after one loss-making year.
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
31-12
Financial
Weakest financial yearnet -€7,874
Net result drops to -€7,874, the lowest in the series; recovery starts the following year.
12-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 12 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
15-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 199 days late
15-02
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 564 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Herstal · 2 establishment units since 2016
Ground area
7,080 m²
Building footprint
2,748 m²
Volume, LiDAR
20,470 m³
Parcel 62312B0024/00F005, Wallonia · tallest building 9.4 m, ±3 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
2 establishment units
THEMIS
since 20162.250.737.718
THEMIS FIT
since 20202.306.588.338
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62312B0024/00F005 | Wallonia | 7,080 m² | 1 · 2,748 m² | 9.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteHerstal2.306.588.338
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Of 9,862 companies in sector 73110 we hold annual accounts for 3,752. 2,992 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
Founded02-03-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47639Retail sale of other sporting goods
73110Advertising agencies
70200Business and other management consultancy
Contact
E-mail
info@themis-security.beHerstal
Phone
0495540962Herstal
Scores and ratios are computed by Checked and are not a credit decision.