E-STATE
ActiveSummary
E-STATE has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €50.8m and a net result of €464,669. Equity is growing by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 91% of 1660 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▲+19
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 8.73 against 5.09 in 2024; short-term debt: 1.9% and cash: 3.8% of total assets), and 8.6% 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
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
91.4%
Return on assets
0.8%
Age of the figures
9 mo
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
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 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
42 d early
2023
42 d early
2022
25 d early
2021
32 d early
2020
58 d late
2019
30 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 17 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€464,669▲ 42.2%
2024 · €326,843
Working capital
€8.3m▲ 22.9%
2024 · €6.8m
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€123,006€702,468▲ 471%€2.6m▲ 272%€428,190▼ 83.6%€538,263▲ 25.7%
Net result€1.7m€2.2m▲ 31.0%€1.0m▼ 54.2%€326,843▼ 67.7%€464,669▲ 42.2%
Equity€46.9m▲ 598%€48.9m▲ 4.3%€49.9m▲ 2.1%€50.3m▲ 0.7%€50.8m▲ 0.9%
Total assets€52.6m▲ 371%€54.5m▲ 3.6%€55.8m▲ 2.3%€55.6m▼ 0.4%€55.5m▼ 0.1%
Debt€5.6m▲ 29.2%€5.5m▼ 1.7%€5.5m=€5.0m▼ 9.7%€4.5m▼ 10.6%
Working capital€4.5m▲ 205%€6.2m▲ 37.0%€6.8m▲ 9.1%€6.8m▼ 0.2%€8.3m▲ 22.9%
Staff (FTE)1▲ 100%1=1=1=1=
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 26% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55.5m
Fixed assets
€46.1m ▼ 2.2%
Current assets
€9.4m ▲ 11.6%
Equity and liabilities €55.5m
Equity
€50.8m ▲ 0.9%
Provisions
€307,401 ▼ 0.6%
Debt
€4.5m ▼ 10.6%
Debt's share of the balance-sheet total falls from 9.0% to 8.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€746,472▲
2024 · €670,073
Cash flow
€672,877▲
2024 · €568,726
Current ratio
8.73▲
2024 · 5.09
Debt to equity
0.09▼
2024 · 0.10
ROE
0.9%▲
2024 · 0.6%
ROA
0.8%▲
2024 · 0.6%
Interest coverage
4.53▲
2024 · 2.34
Debt ≤ 1 year
€1.1m▼
2024 · €1.7m
Debt > 1 year
€3.4m▲
2024 · €3.3m
Income taxes
€171,441▼
2024 · €175,013
Staff costs
€27,874▼
2024 · €31,576
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €444,348 | €5,740 | €2.0m | €2,268 | €64,450 | ▲ 2,741% |
| Remuneration, social security and pensions62 | €25,961 | €23,634 | €25,704 | €31,576 | €27,874 | ▼ 11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €543,127 | €315,761 | €415,680 | €241,883 | €208,208 | ▼ 13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €64,400 | €28,000 | - | - | - | - |
| Other operating charges640/8 | €44,408 | €39,284 | €31,472 | €93,370 | €28,873 | ▼ 69.1% |
| Non-recurring operating charges66A | - | - | - | €37,122 | €0 | ▼ 100% |
| Gross operating margin9900 | €800,902 | €1.1m | €3.1m | €832,142 | €803,219 | ▼ 3.5% |
| Operating profit (loss)9901 | €123,006 | €702,468 | €2.6m | €428,190 | €538,263 | ▲ 25.7% |
| Financial income75/76B | €1.8m | €1.8m | €70,699 | €360,266 | €260,871 | ▼ 27.6% |
| Recurring financial income75 | €1.8m | €1.8m | €70,699 | €360,261 | €260,871 | ▼ 27.6% |
| Non-recurring financial income76B | - | - | - | €5 | €0 | ▼ 100% |
| Financial charges65/66B | €87,751 | €86,933 | €1.3m | €286,600 | €164,786 | ▼ 42.5% |
| Recurring financial charges65 | €87,751 | €86,933 | €1.3m | €286,600 | €164,786 | ▼ 42.5% |
| Profit (loss) for the period before taxes9903 | €1.8m | €2.4m | €1.4m | €501,856 | €634,348 | ▲ 26.4% |
| Transfer from deferred taxes780 | €5,313 | €5,313 | €6,189 | - | €12,581 | - |
| Transfer to deferred taxes680 | - | - | €249,897 | €0 | €10,819 | - |
| Income taxes67/77 | €124,720 | €183,673 | €121,546 | €175,013 | €171,441 | ▼ 2.0% |
| Profit (loss) for the period9904 | €1.7m | €2.2m | €1.0m | €326,843 | €464,669 | ▲ 42.2% |
| Transfer from tax-exempt reserves789 | €34,318 | €10,318 | €12,947 | €47,718 | €37,742 | ▼ 20.9% |
| Transfer to tax-exempt reserves689 | - | - | €749,691 | €0 | €32,456 | - |
| Profit (loss) for the period to be appropriated9905 | €1.7m | €2.2m | €276,063 | €374,561 | €469,954 | ▲ 25.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €52.6m | €54.5m | €55.8m | €55.6m | €55.5m | ▼ 0.1% |
| Fixed assets21/28 | €47.0m | €46.9m | €47.2m | €47.2m | €46.1m | ▼ 2.2% |
| Tangible fixed assets22/27 | €8.3m | €8.1m | €5.5m | €5.5m | €4.2m | ▼ 23.8% |
| Land and buildings22 | €8.1m | €7.8m | €5.3m | €5.1m | €3.8m | ▼ 25.6% |
| Furniture and vehicles24 | €22,218 | €19,153 | €11,948 | €12,698 | €11,345 | ▼ 10.7% |
| Other tangible fixed assets26 | €209,934 | €217,204 | €212,885 | €407,585 | €399,391 | ▼ 2.0% |
| Financial fixed assets28 | €38.6m | €38.8m | €41.7m | €41.7m | €41.9m | ▲ 0.6% |
| Current assets29/58 | €5.7m | €7.6m | €8.6m | €8.4m | €9.4m | ▲ 11.6% |
| Amounts receivable after more than one year29 | - | - | - | - | €1.8m | - |
| Other amounts receivable291 | - | - | - | - | €1.8m | - |
| Amounts receivable within one year40/41 | €223,555 | €227,834 | €347,460 | €422,810 | €161,206 | ▼ 61.9% |
| Trade receivables40 | - | - | €575 | €45,061 | €14,198 | ▼ 68.5% |
| Other amounts receivable41 | €223,555 | €227,834 | €346,885 | €377,748 | €147,008 | ▼ 61.1% |
| Current investments50/53 | €948,539 | €1.2m | €4.2m | €3.7m | €5.4m | ▲ 43.6% |
| Cash at bank and in hand54/58 | €4.5m | €6.2m | €4.0m | €4.3m | €2.1m | ▼ 50.6% |
| Deferred charges and accrued income490/1 | €5,426 | €1,636 | €2,180 | €4,303 | €25,981 | ▲ 504% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €52.6m | €54.5m | €55.8m | €55.6m | €55.5m | ▼ 0.1% |
| Equity10/15 | €46.9m | €48.9m | €49.9m | €50.3m | €50.8m | ▲ 0.9% |
| Contributions10/11 | €38.5m | €38.5m | €38.5m | €38.5m | €38.5m | = |
| Outside capital11 | €38.5m | €38.5m | €38.5m | - | - | - |
| Other1109/19 | €38.5m | €38.5m | €38.5m | - | - | - |
| Reserves13 | €434,935 | €224,617 | €1.0m | €1.0m | €996,204 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | €50,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | €50,000 | - | - | - |
| Tax-exempt reserves132 | €210,935 | €200,617 | €937,361 | €927,489 | €922,204 | ▼ 0.6% |
| Distributable reserves133 | €224,000 | €24,000 | €24,000 | €74,000 | €74,000 | = |
| Profit (loss) carried forward14 | €8.0m | €10.2m | €10.4m | €10.8m | €11.2m | ▲ 4.4% |
| Provisions and deferred taxes16 | €108,615 | €103,302 | €347,010 | €309,163 | €307,401 | ▼ 0.6% |
| Deferred taxes168 | €108,615 | €103,302 | €347,010 | €309,163 | €307,401 | ▼ 0.6% |
| Amounts payable17/49 | €5.6m | €5.5m | €5.5m | €5.0m | €4.5m | ▼ 10.6% |
| Amounts payable after more than one year17 | €4.5m | €4.1m | €3.7m | €3.3m | €3.4m | ▲ 1.7% |
| Financial debts170/4 | €4.5m | €4.1m | €3.7m | €3.3m | €3.3m | ▲ 1.6% |
| Other amounts payable178/9 | €15,116 | €15,116 | €15,116 | €16,816 | €19,516 | ▲ 16.1% |
| Amounts payable within one year42/48 | €1.1m | €1.4m | €1.8m | €1.7m | €1.1m | ▼ 34.9% |
| Current portion of amounts payable after more than one year42 | €881,658 | €884,950 | €1.4m | €1.4m | €942,192 | ▼ 32.2% |
| Trade debts44 | €57,073 | €8,315 | €211,078 | €37,878 | €16,865 | ▼ 55.5% |
| Suppliers440/4 | €57,073 | €8,315 | €211,078 | €37,878 | €16,865 | ▼ 55.5% |
| Taxes, remuneration and social security45 | €38,902 | €264,835 | €124,020 | €169,956 | €117,922 | ▼ 30.6% |
| Taxes450/3 | €36,929 | €264,835 | €124,020 | €166,808 | €114,976 | ▼ 31.1% |
| Remuneration and social security454/9 | €1,973 | - | €0 | €3,148 | €2,946 | ▼ 6.4% |
| Other amounts payable47/48 | €152,314 | €271,439 | €94,182 | €56,508 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €7,171 | - | - | €13,598 | €6,913 | ▼ 49.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.7m | €2.2m | €1.0m | €326,843 | €464,669 | ▲ 42.2% |
| + Depreciation and write-downs630 | €543,127 | €315,761 | €415,680 | €241,883 | €208,208 | ▼ 13.9% |
| Operating cash flow (approximation) | €2.2m | €2.5m | €1.4m | €568,726 | €672,877 | ▲ 18.3% |
| Investment in fixed assets (approximation) | - | -€249,162 | -€719,910 | -€208,901 | €832,452 | ▲ 498% |
| Change in cash | - | €1.7m | -€2.2m | €222,673 | -€2.2m | ▼ 1,070% |
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
24-09
State Gazette act
Director resignation · Permanent representative
Director discharge · Director appointment
22-09
State Gazette act
Director resignation · Permanent representative
Director discharge · Director appointment
18-09
State Gazette act
General meeting · Director resignation
Permanent representative · Director discharge
18-09
State Gazette act
Director resignation · Permanent representative
Director discharge · Director appointment
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €50mEq €50.3m ▲0.7%
4 profitable years in a row build equity to €50.3m.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €2.2m ▲31%
Net result €2.2m, the highest in the series.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
29-03
State Gazette act
General meeting · Registered-office move
Purpose change · Statutes amendment
Show earlier events
07-03
State Gazette act
General meeting · Statutes amendment
Purpose change · Capital
01-03
State Gazette act
General meeting · Statutes amendment
Capital · Corporate purpose
16-02
State Gazette act
General meeting · Statutes amendment
Purpose change · Capital
2021
31-12
Financial
Back to profitnet €1.7m
Net result €1.7m after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 5.02
Current ratio from 1.94 to 5.02; short-term debt falls from €1.6m to €1.1m.
31-12
Financial
Equity above €25mEq €46.9m ▲598%
Equity rises from €6.7m to €46.9m.
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 58 days late
2020
31-12
Financial
Weakest financial yearnet -€114,826
Net result drops to -€114,826, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €4,992
Net result €4,992 after one loss-making year.
11-07
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
21-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
09-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Ukkel · 1 establishment unit since 2001
Ground area
3,221 m²
Building footprint
509 m²
Volume, LiDAR
4,659 m³
2 parcels, Brussels · tallest building 20.2 m, ±4 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Haras de Fonteny
since 20012.092.612.078
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614H0055/02X030 | Brussels | 2,758 m² | 1 · 246 m² | 11.7 m · 3 fl. |
| 21612C0001/00N036 | Brussels | 463 m² | 1 · 263 m² | 20.2 m · 4 fl. |
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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
17.5%
According to the 2025 annual accounts of E-STATE and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Ownership & control
6 board mandatesBoard mandates of this companythis company sits on their board6
1 location
1 location
1 location
1 location
1 location
Recognitions · licences · registrations
Legal Entity Identifier
967600E10MJ60DJY2089
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Identification & contact
Identification
Legal formPrivate limited company
Founded07-09-1999
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
73200Market research and public opinion polling
70100Activities of head offices
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466809530
Also
9925:BE0466809530
Registered
24-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.