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e2e Services

Active
Private limited companyfounded 2013active for 12 yearsGroenveld 77, 1930 Zaventem, BelgiumKBO/BCE: BE 0542.366.689

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 11-05-2026 PDF all 12 filings

Turnover
≈ €170,000
Estimated: probably between €130,000 and €220,000
Total assets
€52,676=
2024 · €52,651
Net result
€33,025▼ 26.5%
2024 · €44,913
Working capital
€23,131▲ 49.8%
2024 · €15,440
Multi-year overview
2018 to 2025, 8 financial years
Operating result
€44,070
▼ 23.7% 2025
20182025
Net result
€33,025
▼ 26.5% 2025
middle half of the sector
20182025
Equity
€29,038
▲ 23.5% 2025
middle half of the sector
20182025
Total assets
€52,676
= 2025
lowest quarter of the sector
20182025
Debt
€23,638
▼ 18.9% 2025
20182025
Working capital
€23,131
▲ 49.8% 2025
middle half of the sector
20182025
Solvency
55.1%
▲ 10.5pp 2025
middle half of the sector
20182025
Current ratio
1.98
▲ 0.45 2025
middle half of the sector
20182025
Return on assets (ROA)
62.7%
▼ 22.6pp 2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€39,879-€39,560▼ 0.8%€37,114▼ 6.2%€39,605▲ 6.7%€38,656▼ 2.4%€58,368▲ 51.0%€57,742▼ 1.1%€44,070▼ 23.7%
Net result€31,082-€30,859▼ 0.7%€28,493within the sector's middle half▼ 7.7%€30,569within the sector's middle half▲ 7.3%€28,317within the sector's middle half▼ 7.4%€46,056within the sector's middle half▲ 62.6%€44,913within the sector's middle half▼ 2.5%€33,025within the sector's middle half▼ 26.5%
Equity€22,224-€28,083▲ 26.4%€26,575within the sector's middle half▼ 5.4%€27,144below the sector's middle half▲ 2.1%€27,462within the sector's middle half▲ 1.2%€31,518within the sector's middle half▲ 14.8%€23,513below the sector's middle half▼ 25.4%€29,038within the sector's middle half▲ 23.5%
Total assets€59,545-€58,136▼ 2.4%€64,991below the sector's middle half▲ 11.8%€63,163below the sector's middle half▼ 2.8%€59,271below the sector's middle half▼ 6.2%€88,100within the sector's middle half▲ 48.6%€52,651below the sector's middle half▼ 40.2%€52,676below the sector's middle half=
Debt€37,321-€30,054▼ 19.5%€38,416▲ 27.8%€36,019▼ 6.2%€31,810▼ 11.7%€56,582▲ 77.9%€29,138▼ 48.5%€23,638▼ 18.9%
Working capital€12,337-€18,522▲ 50.1%€17,491within the sector's middle half▼ 5.6%€18,221within the sector's middle half▲ 4.2%€20,804within the sector's middle half▲ 14.2%€14,619within the sector's middle half▼ 29.7%€15,440within the sector's middle half▲ 5.6%€23,131within the sector's middle half▲ 49.8%
Solvency37.3%-48.3%▲ 11.0pp40.9%within the sector's middle half▼ 7.4pp43.0%within the sector's middle half▲ 2.1pp46.3%within the sector's middle half▲ 3.4pp35.8%within the sector's middle half▼ 10.6pp44.7%within the sector's middle half▲ 8.9pp55.1%within the sector's middle half▲ 10.5pp
Current ratio1.33-1.62▲ 0.291.46within the sector's middle half▼ 0.161.51within the sector's middle half▲ 0.051.66within the sector's middle half▲ 0.151.26below the sector's middle half▼ 0.401.53within the sector's middle half▲ 0.271.98within the sector's middle half▲ 0.45
Return on assets (ROA)52.2%-53.1%▲ 0.9pp43.8%above the sector's middle half▼ 9.2pp48.4%above the sector's middle half▲ 4.6pp47.8%above the sector's middle half▼ 0.6pp52.3%above the sector's middle half▲ 4.5pp85.3%above the sector's middle half▲ 33.0pp62.7%above the sector's middle half▼ 22.6pp
above within below The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 24% lower than in 2024. It is the second fall in a row.

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 €52,676
Fixed assets €5,908 ▼ 27.9%
Current assets €46,768 ▲ 5.2%
Equity and liabilities €52,676
Equity €29,038 ▲ 23.5%
Debt €23,638 ▼ 18.9%
Debt's share of the balance-sheet total falls from 55.3% to 44.9%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€48,150▼
2024 · €62,182
Cash flow
€37,105▼
2024 · €49,353
Debt to equity
0.81▼
2024 · 1.24
ROE
113.7%▼
2024 · 191.0%
Interest coverage
39.78▼
2024 · 49.91
Debt ≤ 1 year
€23,638▼
2024 · €29,022
Income taxes
€9,834▼
2024 · €11,599
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€2,692-€14,560€1,229€1,799
Financial fixed assets----€0
Depreciation and write-downs of the year€2,490€2,021€4,563€4,439€4,080

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2024 · 1 entry · €878 awarded · €293 paid
Schemes
1 entry · €878 · €293 paid · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet Code20242025
Assets
Total assets20/58€52,651€52,676=
Fixed assets21/28€8,189€5,908▼
Tangible fixed assets22/27€8,079€5,798▼
Plant, machinery and equipment23€3,163€930▼
Furniture and vehicles24€1,814€2,670▲
Other tangible fixed assets26€3,102€2,198▼
Financial fixed assets28€110€110=
Current assets29/58€44,462€46,768▲
Amounts receivable within one year40/41€14,330€13,143▼
Trade receivables40€11,458€12,977▲
Other amounts receivable41€2,872€166▼
Cash at bank and in hand54/58€29,115€32,112▲
Deferred charges and accrued income490/1€1,018€1,513▲
Equity and liabilities
Total equity and liabilities10/49€52,651€52,676=
Equity10/15€23,513€29,038▲
Contributions10/11€18,600€18,600=
Reserves13€4,913€10,438▲
Distributable reserves133€4,913€10,438▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€29,138€23,638▼
Amounts payable within one year42/48€29,022€23,638▼
Trade debts44€3,692€125▼
Suppliers440/4€3,692€125▼
Taxes, remuneration and social security45€10,792€9,404▼
Taxes450/3€10,792€9,404▼
Other amounts payable47/48€14,538€14,109▼
Accrued charges and deferred income492/3€116€0▼
Income statement Code20242025
Non-recurring operating income76A€14,000€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,439€4,080▼
Other operating charges640/8€2,055€654▼
Gross operating margin9900€64,237€48,804▼
Operating profit (loss)9901€57,742€44,070▼
Financial income75/76B€15€0▼
Recurring financial income75€15€0▼
Financial charges65/66B€1,246€1,210▼
Recurring financial charges65€1,246€1,210▼
Profit (loss) for the period before taxes9903€56,512€42,860▼
Income taxes67/77€11,599€9,834▼
Profit (loss) for the period9904€44,913€33,025▼
Profit (loss) for the period to be appropriated9905€44,913€33,025▼
Appropriation of the result
Profit (loss) to be appropriated9906€44,913€33,025▼
Profit (loss) brought forward from the previous period14P€0-
Transfer from equity791/2€12,918€0▼
Transfer to equity691/2€4,913€5,525▲
To other reserves6921€4,913€5,525▲
Profit to be distributed694/7€52,918€27,500▼
Return on contributions (dividend)694€52,918€27,500▼

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 11-05-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A------€14,000€0▼ 100%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2,226€3,157€3,072€2,490€2,021€4,563€4,439€4,080▼ 8.1%
Other operating charges640/8---€222€225€625€2,055€654▼ 68.2%
Non-recurring operating charges66A---€362€0----
Gross operating margin9900€42,434€43,269€40,658€42,679€40,903€63,555€64,237€48,804▼ 24.0%
Operating profit (loss)9901€39,879€39,560€37,114€39,605€38,656€58,368€57,742€44,070▼ 23.7%
Financial income75/76B---€22€4€319€15€0▼ 100%
Recurring financial income75€0--€22€4€319€15€0▼ 100%
Financial charges65/66B---€321€321€101€1,246€1,210▼ 2.9%
Recurring financial charges65€251€279€450€321€321€101€1,246€1,210▼ 2.9%
Profit (loss) for the period before taxes9903€39,628€39,281€36,663€39,306€38,339€58,586€56,512€42,860▼ 24.2%
Income taxes67/77€8,546€8,422€8,171€8,737€10,022€12,529€11,599€9,834▼ 15.2%
Profit (loss) for the period9904€31,082€30,859€28,493€30,569€28,317€46,056€44,913€33,025▼ 26.5%
Profit (loss) for the period to be appropriated9905€31,082€30,859€28,493€30,569€28,317€46,056€44,913€33,025▼ 26.5%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€59,545€58,136€64,991€63,163€59,271€88,100€52,651€52,676=
Fixed assets21/28€9,887€9,561€9,084€8,924€6,902€16,899€8,189€5,908▼ 27.9%
Tangible fixed assets22/27€9,777€9,451€8,974€8,814€6,792€16,789€8,079€5,798▼ 28.2%
Plant, machinery and equipment23---€2,527€1,515€5,925€3,163€930▼ 70.6%
Furniture and vehicles24---€475€369€6,859€1,814€2,670▲ 47.2%
Other tangible fixed assets26---€5,812€4,909€4,005€3,102€2,198▼ 29.1%
Financial fixed assets28€110€110€110€110€110€110€110€110=
Current assets29/58€49,658€48,576€55,907€54,240€52,369€71,201€44,462€46,768▲ 5.2%
Amounts receivable within one year40/41€13,856€12,796€14,269€12,904€12,408€14,756€14,330€13,143▼ 8.3%
Trade receivables40---€12,141€10,770€13,807€11,458€12,977▲ 13.3%
Other amounts receivable41---€763€1,638€949€2,872€166▼ 94.2%
Cash at bank and in hand54/58€28,727€28,983€34,393€32,432€38,197€54,310€29,115€32,112▲ 10.3%
Deferred charges and accrued income490/1---€8,904€1,763€2,135€1,018€1,513▲ 48.7%
Equity and liabilities
Total equity and liabilities10/49€59,545€58,136€64,991€63,163€59,271€88,100€52,651€52,676=
Equity10/15€22,224€28,083€26,575€27,144€27,462€31,518€23,513€29,038▲ 23.5%
Contributions10/11€18,600€18,600-€18,600€18,600€18,600€18,600€18,600=
Reserves13€1,860€1,860€1,860€1,860€1,860€12,918€4,913€10,438▲ 112%
Non-distributable reserves130/1---€1,860€1,860€0---
Reserves not available under the articles1311---€1,860€1,860€0---
Distributable reserves133-----€12,918€4,913€10,438▲ 112%
Profit (loss) carried forward14€1,764€7,623€6,115€6,684€7,002€0€0€0-
Amounts payable17/49€37,321€30,054€38,416€36,019€31,810€56,582€29,138€23,638▼ 18.9%
Amounts payable within one year42/48€37,321€30,054€38,416€36,019€31,565€56,582€29,022€23,638▼ 18.6%
Trade debts44€2,903€1,692€1,166€1,584€2,366€4,833€3,692€125▼ 96.6%
Suppliers440/4---€1,584€2,366€4,833€3,692€125▼ 96.6%
Taxes, remuneration and social security45---€8,541€4,200€8,282€10,792€9,404▼ 12.9%
Taxes450/3---€8,541€4,200€8,282€10,792€9,404▼ 12.9%
Other amounts payable47/48---€25,893€24,998€43,467€14,538€14,109▼ 2.9%
Accrued charges and deferred income492/3----€245€0€116€0▼ 100%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€31,082€30,859€28,493€30,569€28,317€46,056€44,913€33,025▼ 26.5%
+ Depreciation and write-downs630€2,226€3,157€3,072€2,490€2,021€4,563€4,439€4,080▼ 8.1%
Operating cash flow (approximation)€33,308€34,016€31,564€33,059€30,339€50,619€49,353€37,105▼ 24.8%
Investment in fixed assets (approximation)--€2,832-€2,595-€2,330€0-€14,560€4,271-€1,799-
Change in cash-€256€5,410-€1,961€5,765€16,112-€25,195€2,997-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 34,693 companies had the same profile as e2e Services 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 e2e Services itself: < 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 e2e 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 12 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 11-05-2026 2026-00107974 PDF
31-12-2024 micro format 23-06-2025 2025-00165096 PDF
31-12-2023 micro format 15-07-2024 2024-00245787 PDF
31-12-2022 micro format 04-07-2023 2023-00205325 PDF
31-12-2021 micro format 04-07-2022 2022-20151382 PDF
31-12-2020 micro format 05-07-2021 2021-31200464 PDF
31-12-2019 micro format 25-06-2020 2020-20600296 PDF
31-12-2018 micro format 01-07-2019 2019-26800083 PDF
31-12-2017 micro format 22-06-2018 2018-22000007 PDF
31-12-2016 micro format 06-07-2017 2017-28900113 PDF

Show all 12 filings

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