e2e Services
ActiveFinancials · 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 yearsOperating 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
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
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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.
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.
| 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 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00165096 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00245787 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205325 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20151382 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-31200464 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20600296 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26800083 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-22000007 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-28900113 |