E2CS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 11 filings
Turnover
≈ €610,000
Estimated: probably between €370,000 and €1.1m
Total assets
€340,354▼ 23.7%
2024 · €446,277
Net result
€44,831▼ 40.0%
2024 · €74,720
Working capital
€185,518▲ 44.0%
2024 · €128,814
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€103,522
▼ 6.5%
2025
20182025
Net result
€44,831
▼ 40.0%
2025
highest quarter of the sector
20182025
Equity
€176,195
▲ 34.1%
2025
highest quarter of the sector
20182025
Total assets
€340,354
▼ 23.7%
2025
highest quarter of the sector
20182025
Debt
€164,159
▼ 47.9%
2025
20182025
Working capital
€185,518
▲ 44.0%
2025
highest quarter of the sector
20182025
Solvency
51.8%
▲ 22.3pp
2025
middle half of the sector
20182025
Current ratio
2.51
▲ 1.01
2025
middle half of the sector
20182025
Return on assets (ROA)
13.2%
▼ 3.6pp
2025
middle half of the sector
20182025
Staff (FTE)
3
▲ 57.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€192-€975€2,477▲ 154%€27,494▲ 11×€23,226▼ 15.5%€52,118▲ 124%€110,742▲ 112%€103,522▼ 6.5%
Net result-€369-€531€2,079within the sector's middle half▲ 291%€2,039within the sector's middle half▼ 1.9%€6,756within the sector's middle half▲ 231%€39,508above the sector's middle half▲ 485%€74,720above the sector's middle half▲ 89.1%€44,831above the sector's middle half▼ 40.0%
Equity€5,730-€6,261▲ 9.3%€8,340below the sector's middle half▲ 33.2%€10,379below the sector's middle half▲ 24.4%€17,135within the sector's middle half▲ 65.1%€56,644within the sector's middle half▲ 231%€131,364above the sector's middle half▲ 132%€176,195above the sector's middle half▲ 34.1%
Total assets€6,617-€33,544▲ 407%€67,769within the sector's middle half▲ 102%€107,947within the sector's middle half▲ 59.3%€122,481within the sector's middle half▲ 13.5%€224,003within the sector's middle half▲ 82.9%€446,277above the sector's middle half▲ 99.2%€340,354above the sector's middle half▼ 23.7%
Debt€887-€27,283▲ 31×€59,429▲ 118%€97,569▲ 64.2%€105,345▲ 8.0%€167,359▲ 58.9%€314,913▲ 88.2%€164,159▼ 47.9%
Working capital€5,730-€6,261▲ 9.3%-€2,388within the sector's middle half€9,419within the sector's middle half€9,330within the sector's middle half▼ 0.9%€43,865within the sector's middle half▲ 370%€128,814above the sector's middle half▲ 194%€185,518above the sector's middle half▲ 44.0%
Solvency86.6%-18.7%▼ 67.9pp12.3%below the sector's middle half▼ 6.4pp9.6%below the sector's middle half▼ 2.7pp14.0%below the sector's middle half▲ 4.4pp25.3%within the sector's middle half▲ 11.3pp29.4%within the sector's middle half▲ 4.1pp51.8%within the sector's middle half▲ 22.3pp
Current ratio7.46-1.23▼ 6.230.96within the sector's middle half▼ 0.271.10within the sector's middle half▲ 0.141.10within the sector's middle half=1.29within the sector's middle half▲ 0.191.50within the sector's middle half▲ 0.222.51within the sector's middle half▲ 1.01
Return on assets (ROA)-5.6%-1.6%▲ 7.2pp3.1%within the sector's middle half▲ 1.5pp1.9%within the sector's middle half▼ 1.2pp5.5%within the sector's middle half▲ 3.6pp17.6%above the sector's middle half▲ 12.1pp16.7%within the sector's middle half▼ 0.9pp13.2%within the sector's middle half▼ 3.6pp
Staff (FTE)0.81.8▲ 125%1▼ 44.4%1.9▲ 90.0%3▲ 57.9%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 7% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €340,354
Fixed assets
€31,987 ▼ 48.7%
Current assets
€308,367 ▼ 19.7%
Equity and liabilities €340,354
Equity
€176,195 ▲ 34.1%
Debt
€164,159 ▼ 47.9%
Debt's share of the balance-sheet total falls from 70.6% to 48.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€133,845▼
2024 · €135,030
Cash flow
€75,154▼
2024 · €99,008
Debt to equity
0.93▼
2024 · 2.40
ROE
25.4%▼
2024 · 56.9%
Interest coverage
17.79▼
2024 · 22.37
Debt ≤ 1 year
€122,849▼
2024 · €255,153
Debt > 1 year
€41,310▼
2024 · €59,761
Income taxes
€51,594▲
2024 · €29,987
Staff costs
€43,346▲
2024 · €23,906
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 | 2 | 1 | 1 | 3 | 3 |
| part-time | 2 | 1 | 1 | 3 | 3 |
| in full-time equivalents | 0.6 | 0.4 | 0.4 | 1.1 | 1.1 |
| Average over the year, in full-time equivalents | 0.3 | 0.6 | 0.4 | 0.7 | 1.1 |
| On a permanent contract | 2 | 1 | 1 | 3 | 3 |
| Joined | 2 | 0 | - | 2 | - |
| Left | 0 | 1 | - | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €20,000 | €30,551 | €59,082 | - |
| Depreciation and write-downs of the year | €320 | €1,825 | €7,120 | €24,287 | €30,323 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,362 | €1,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €4,687 | €12,004 | €10,053 | €23,906 | €43,346 | ▲ 81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €2,682 | €320 | €1,825 | €7,120 | €24,287 | €30,323 | ▲ 24.9% |
| Other operating charges640/8 | - | - | - | €16,358 | €3,093 | €8,763 | €4,324 | €6,370 | ▲ 47.3% |
| Gross operating margin9900 | -€192 | €12,232 | €6,245 | €48,860 | €40,148 | €78,053 | €163,260 | €183,561 | ▲ 12.4% |
| Operating profit (loss)9901 | -€192 | €975 | €2,477 | €27,494 | €23,226 | €52,118 | €110,742 | €103,522 | ▼ 6.5% |
| Financial income75/76B | - | - | - | €393 | €683 | €9,009 | - | €424 | - |
| Recurring financial income75 | - | - | €100 | €393 | €683 | €1 | - | €424 | - |
| Non-recurring financial income76B | - | - | - | - | - | €9,008 | - | - | - |
| Financial charges65/66B | - | - | - | €1,323 | €1,230 | €2,323 | €6,035 | €7,522 | ▲ 24.6% |
| Recurring financial charges65 | €178 | €444 | €498 | €1,323 | €1,230 | €2,323 | €6,035 | €7,522 | ▲ 24.6% |
| Profit (loss) for the period before taxes9903 | -€369 | €531 | €2,079 | €26,565 | €22,679 | €58,804 | €104,707 | €96,424 | ▼ 7.9% |
| Income taxes67/77 | - | - | - | €24,526 | €15,922 | €19,295 | €29,987 | €51,594 | ▲ 72.1% |
| Profit (loss) for the period9904 | -€369 | €531 | €2,079 | €2,039 | €6,756 | €39,508 | €74,720 | €44,831 | ▼ 40.0% |
| Profit (loss) for the period to be appropriated9905 | -€369 | €531 | €2,079 | €2,039 | €6,756 | €39,508 | €74,720 | €44,831 | ▼ 40.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6,617 | €33,544 | €67,769 | €107,947 | €122,481 | €224,003 | €446,277 | €340,354 | ▼ 23.7% |
| Fixed assets21/28 | - | - | €10,728 | €960 | €19,135 | €27,516 | €62,310 | €31,987 | ▼ 48.7% |
| Intangible fixed assets21 | - | - | €9,448 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | €1,280 | €960 | €19,135 | €27,516 | €62,310 | €31,987 | ▼ 48.7% |
| Plant, machinery and equipment23 | - | - | - | €960 | €640 | €1,550 | €980 | €730 | ▼ 25.5% |
| Furniture and vehicles24 | - | - | - | - | €18,495 | €25,966 | €61,330 | €31,257 | ▼ 49.0% |
| Current assets29/58 | €6,617 | €33,544 | €57,041 | €106,987 | €103,346 | €196,487 | €383,967 | €308,367 | ▼ 19.7% |
| Amounts receivable within one year40/41 | €4,670 | €14,198 | €31,443 | €69,910 | €76,503 | €160,757 | €325,451 | €296,637 | ▼ 8.9% |
| Trade receivables40 | - | - | - | €50,560 | €66,877 | €62,040 | €113,316 | €99,701 | ▼ 12.0% |
| Other amounts receivable41 | - | - | - | €19,351 | €9,626 | €98,718 | €212,135 | €196,936 | ▼ 7.2% |
| Cash at bank and in hand54/58 | €1,947 | €19,346 | €25,598 | €37,077 | €26,843 | €35,729 | €58,516 | €11,729 | ▼ 80.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6,617 | €33,544 | €67,769 | €107,947 | €122,481 | €224,003 | €446,277 | €340,354 | ▼ 23.7% |
| Equity10/15 | €5,730 | €6,261 | €8,340 | €10,379 | €17,135 | €56,644 | €131,364 | €176,195 | ▲ 34.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €247 | €247 | €1,860 | €1,860 | €10,935 | €50,444 | €125,164 | €169,995 | ▲ 35.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €9,075 | €50,444 | €125,164 | €169,995 | ▲ 35.8% |
| Profit (loss) carried forward14 | -€717 | -€185 | €280 | €2,319 | - | - | - | - | - |
| Amounts payable17/49 | €887 | €27,283 | €59,429 | €97,569 | €105,345 | €167,359 | €314,913 | €164,159 | ▼ 47.9% |
| Amounts payable after more than one year17 | - | - | - | - | €11,330 | €14,737 | €59,761 | €41,310 | ▼ 30.9% |
| Financial debts170/4 | - | - | - | - | €11,330 | €14,737 | €59,761 | €41,310 | ▼ 30.9% |
| Amounts payable within one year42/48 | €887 | €27,283 | €59,429 | €97,569 | €94,016 | €152,622 | €255,153 | €122,849 | ▼ 51.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €4,254 | €11,826 | €40,073 | €49,773 | ▲ 24.2% |
| Financial debts43 | - | - | - | - | - | - | - | €22,076 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €22,076 | - |
| Trade debts44 | €887 | €2,283 | €22,619 | €50,701 | €38,132 | €26,733 | €114,392 | €28,911 | ▼ 74.7% |
| Suppliers440/4 | - | - | - | €50,701 | €38,132 | €26,733 | €114,392 | €28,911 | ▼ 74.7% |
| Taxes, remuneration and social security45 | - | - | - | €13,468 | €23,249 | €28,251 | €50,517 | €22,089 | ▼ 56.3% |
| Taxes450/3 | - | - | - | €12,079 | €20,657 | €26,373 | €41,360 | €14,987 | ▼ 63.8% |
| Remuneration and social security454/9 | - | - | - | €1,389 | €2,593 | €1,877 | €9,157 | €7,102 | ▼ 22.4% |
| Other amounts payable47/48 | - | - | - | €33,400 | €28,381 | €85,813 | €50,170 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€369 | €531 | €2,079 | €2,039 | €6,756 | €39,508 | €74,720 | €44,831 | ▼ 40.0% |
| + Depreciation and write-downs630 | - | - | €2,682 | €320 | €1,825 | €7,120 | €24,287 | €30,323 | ▲ 24.9% |
| Operating cash flow (approximation) | -€369 | €531 | €4,761 | €2,359 | €8,582 | €46,628 | €99,008 | €75,154 | ▼ 24.1% |
| Investment in fixed assets (approximation) | - | - | - | €9,448 | -€20,000 | -€15,501 | -€59,082 | €0 | - |
| Change in cash | - | €17,399 | €6,252 | €11,479 | -€10,235 | €8,887 | €22,786 | -€46,786 | - |
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, 34,693 companies had the same profile as E2CS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of E2CS itself: 0.4% 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 34,693 companies, not a prediction for E2CS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00318233 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00331733 | |
| 31-12-2023 | micro format | 12-03-2024 | 2024-00042782 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00430279 | |
| 31-12-2021 | micro format | 21-07-2022 | 2022-20217372 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62700258 | |
| 31-12-2019 | micro format | 18-06-2021 | 2021-21300390 | |
| 31-12-2018 | micro format | 27-05-2021 | 2021-15400570 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60700524 | |
| 31-12-2016 | micro format | 27-09-2017 | 2017-64000130 |