EBELKO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 20 filings
Turnover
€4.3m
EBIT margin
8.9%
Net result
-€45,325
2024 · €55,645
Working capital
-€662,890▲ 18.6%
2024 · -€814,306
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€27,427
2025
20182025
Net result
-€45,325
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€194,538
▼ 18.9%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 31.7%
2025
middle half of the sector
20182025
Debt
€863,325
▼ 34.0%
2025
20182025
Working capital
-€662,890
▲ 18.6%
2025
lowest quarter of the sector
20182025
Solvency
18.4%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
0.23
▼ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.3%
▼ 7.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.2
▲ 6.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€4.3m
Operating result-€0.01m-€0.02m-€0.1m-€0.1m▼ 34.8%-€0.06m▲ 57.9%€0.4m€0.1m▼ 64.9%-€0.03m
Net result-€0.01m-€0.01m-€0.1mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 37.5%-€0.07mbelow the sector's middle half▲ 50.4%€0.2mabove the sector's middle half€0.06mwithin the sector's middle half▼ 77.2%-€0.05mbelow the sector's middle half
EBIT margin8.9%
Equity€0.2m-€0.3m▲ 4.8%€0.2mwithin the sector's middle half▼ 40.3%€0.01mbelow the sector's middle half▼ 92.9%-€0.06mbelow the sector's middle half€0.2mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 30.2%€0.2mwithin the sector's middle half▼ 18.9%
Total assets€0.4m-€0.3m▼ 30.9%€0.2mbelow the sector's middle half▼ 36.2%€0.1mbelow the sector's middle half▼ 21.4%€1.5mwithin the sector's middle half▲ 922%€1.9mabove the sector's middle half▲ 27.7%€1.5mwithin the sector's middle half▼ 18.2%€1.1mwithin the sector's middle half▼ 31.7%
Debt€0.2m-€0.03m▼ 82.2%€0.03m▼ 1.4%€0.1m▲ 345%€1.5m▲ 12×€1.7m▲ 10.8%€1.3m▼ 23.4%€0.9m▼ 34.0%
Working capital€0.2m-€0.3m▲ 33.7%€0.2mwithin the sector's middle half▼ 40.3%-€0.09mbelow the sector's middle half-€1.3mbelow the sector's middle half▼ 1,393%-€1.0mbelow the sector's middle half▲ 25.3%-€0.8mbelow the sector's middle half▲ 19.2%-€0.7mbelow the sector's middle half▲ 18.6%
Solvency58.9%-89.4%▲ 30.5pp83.7%above the sector's middle half▼ 5.8pp7.6%below the sector's middle half▼ 76.1pp-4.1%below the sector's middle half▼ 11.7pp9.7%below the sector's middle half▲ 13.8pp15.5%below the sector's middle half▲ 5.8pp18.4%within the sector's middle half▲ 2.9pp
Current ratio2.13-9.47▲ 7.356.13above the sector's middle half▼ 3.340.33below the sector's middle half▼ 5.800.12below the sector's middle half▼ 0.200.41below the sector's middle half▲ 0.290.34below the sector's middle half▼ 0.070.23below the sector's middle half▼ 0.11
Return on assets (ROA)-2.6%-4.1%▲ 6.7pp-56.5%below the sector's middle half▼ 60.6pp-98.9%below the sector's middle half▼ 42.3pp-4.8%below the sector's middle half▲ 94.1pp12.9%above the sector's middle half▲ 17.7pp3.6%within the sector's middle half▼ 9.3pp-4.3%below the sector's middle half▼ 7.9pp
Staff (FTE)10.1-8.8▼ 12.9%0.1below the sector's middle half▼ 98.9%7within the sector's middle half▲ 70×2within the sector's middle half▼ 71.4%13.3above the sector's middle half▲ 565%11.5above the sector's middle half▼ 13.5%12.2within the sector's middle half▲ 6.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €27,427, after a profit of €133,008 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€857,429 ▼ 23.8%
Current assets
€200,435 ▼ 52.6%
Equity and liabilities €1.1m
Equity
€194,538 ▼ 18.9%
Debt
€863,325 ▼ 34.0%
Debt's share of the balance-sheet total falls from 84.5% to 81.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€240,225▼
2024 · €390,411
Cash flow
€222,328▼
2024 · €313,049
Quick ratio
0.14▼
2024 · 0.27
Debt to equity
4.44▼
2024 · 5.45
ROE
-23.3%▼
2024 · 23.2%
Interest coverage
12.14▲
2024 · 10.47
Debt ≤ 1 year
€863,325▼
2024 · €1.2m
Income taxes
-€1,888▼
2024 · €40,078
Staff costs
€579,062▲
2024 · €484,254
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 | - | 8 | 18 | 12 | 19 |
| full-time | - | 6 | 12 | 10 | 10 |
| part-time | - | 2 | 6 | 2 | 9 |
| in full-time equivalents | - | 7.5 | 14.3 | 11.2 | 12.6 |
| Average over the year, in full-time equivalents | 0.7 | 2 | 13.3 | 11.5 | 12.2 |
| On a permanent contract | - | 8 | 18 | 12 | 19 |
| Joined | 0 | 8 | 22 | 4 | 22 |
| Left | 1 | 0 | 12 | 10 | 15 |
| Training hours | 8 | 344 | 223 | 138 | 296 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €109,756 | €1.3m | €145,369 | €189,876 | - |
| Depreciation and write-downs of the year | €8,323 | €112,583 | €242,476 | €257,403 | €267,652 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €7,340 awarded · €7,340 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | -€1,341 | €0 |
| 2023 | 1 | €0 | €7,340 |
| 2022 | 1 | €8,681 | €0 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | €4.3m | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.03m | €0.04m | €0.03m | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €3.2m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.02m | €0.08m | €0.5m | €0.5m | €0.6m | ▲ 19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | - | - | €0.008m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 4.0% |
| Other operating charges640/8 | - | - | - | €217 | €122 | €263 | €0.002m | €288 | ▼ 85.1% |
| Gross operating margin9900 | €0.3m | €0.08m | -€0.1m | -€0.1m | €0.1m | €1.2m | €0.9m | €0.8m | ▼ 6.5% |
| Operating profit (loss)9901 | -€0.01m | €0.02m | -€0.1m | -€0.1m | -€0.06m | €0.4m | €0.1m | -€0.03m | - |
| Financial income75/76B | - | - | - | €411 | - | - | - | - | - |
| Recurring financial income75 | €0.003m | €0.002m | €0.002m | €411 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €142 | €0.01m | €0.05m | €0.04m | €0.02m | ▼ 46.9% |
| Recurring financial charges65 | €0.001m | €275 | €118 | €142 | €0.01m | €0.05m | €0.04m | €0.02m | ▼ 46.9% |
| Profit (loss) for the period before taxes9903 | -€0.01m | €0.02m | -€0.1m | -€0.1m | -€0.07m | €0.3m | €0.1m | -€0.05m | - |
| Income taxes67/77 | - | €0.006m | - | - | €50 | €0.08m | €0.04m | -€0.002m | - |
| Profit (loss) for the period9904 | -€0.01m | €0.01m | -€0.1m | -€0.1m | -€0.07m | €0.2m | €0.06m | -€0.05m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | €0.01m | -€0.1m | -€0.1m | -€0.07m | €0.2m | €0.06m | -€0.05m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.3m | €0.2m | €0.1m | €1.5m | €1.9m | €1.5m | €1.1m | ▼ 31.7% |
| Fixed assets21/28 | €0.05m | - | - | €0.1m | €1.3m | €1.2m | €1.1m | €0.9m | ▼ 23.8% |
| Tangible fixed assets22/27 | €0.05m | - | - | €0.1m | €1.3m | €1.2m | €1.1m | €0.9m | ▼ 23.8% |
| Land and buildings22 | - | - | - | - | €0.09m | €0.2m | €0.3m | €0.2m | ▼ 12.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 39.9% |
| Furniture and vehicles24 | - | - | - | - | €0.008m | €0.03m | €0.02m | €0.02m | ▼ 25.4% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.7m | €0.6m | €0.6m | €0.4m | ▼ 22.3% |
| Current assets29/58 | €0.4m | €0.3m | €0.2m | €0.04m | €0.2m | €0.7m | €0.4m | €0.2m | ▼ 52.6% |
| Stocks and contracts in progress3 | €0.02m | - | - | - | €0.08m | €0.06m | €0.09m | €0.08m | ▼ 5.8% |
| Stocks30/36 | - | - | - | - | €0.08m | €0.06m | €0.09m | €0.08m | ▼ 5.8% |
| Amounts receivable within one year40/41 | €0.3m | €0.004m | €0.2m | €0.04m | €0.05m | €0.6m | €0.3m | €0.08m | ▼ 74.3% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.6m | €0.3m | €0.08m | ▼ 74.3% |
| Other amounts receivable41 | - | - | - | - | €0.002m | - | - | €13 | - |
| Cash at bank and in hand54/58 | €0.03m | - | - | - | €0.07m | €0.08m | €0.04m | €0.04m | ▲ 13.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.3m | €0.2m | €0.1m | €1.5m | €1.9m | €1.5m | €1.1m | ▼ 31.7% |
| Equity10/15 | €0.2m | €0.3m | €0.2m | €0.01m | -€0.06m | €0.2m | €0.2m | €0.2m | ▼ 18.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.09m | -€0.06m | -€0.1m | €0.1m | €0.2m | €0.1m | ▼ 26.4% |
| Amounts payable17/49 | €0.2m | €0.03m | €0.03m | €0.1m | €1.5m | €1.7m | €1.3m | €0.9m | ▼ 34.0% |
| Amounts payable within one year42/48 | €0.2m | €0.03m | €0.03m | €0.1m | €1.5m | €1.7m | €1.2m | €0.9m | ▼ 30.2% |
| Trade debts44 | €0.09m | €0.006m | €0.03m | €0.03m | €0.1m | €0.3m | €0.5m | €0.4m | ▼ 28.4% |
| Suppliers440/4 | - | - | - | €0.03m | €0.1m | €0.3m | €0.5m | €0.4m | ▼ 28.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.05m | €0.3m | €0.1m | €0.2m | ▲ 43.1% |
| Taxes450/3 | - | - | - | €0.001m | €0.02m | €0.2m | €0.03m | €0.08m | ▲ 149% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.03m | €0.1m | €0.09m | €0.09m | ▲ 3.1% |
| Other amounts payable47/48 | - | - | - | €0.1m | €1.4m | €1.1m | €0.6m | €0.3m | ▼ 45.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.07m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.01m | €0.01m | -€0.1m | -€0.1m | -€0.07m | €0.2m | €0.06m | -€0.05m | - |
| + Depreciation and write-downs630 | €0.03m | - | - | €0.008m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 4.0% |
| Operating cash flow (approximation) | €0.02m | €0.01m | -€0.1m | -€0.1m | €0.04m | €0.5m | €0.3m | €0.2m | ▼ 29.0% |
| Investment in fixed assets (approximation) | - | - | - | - | -€1.3m | -€0.1m | -€0.2m | €0 | - |
| Change in cash | - | - | - | - | - | €0.02m | -€0.05m | €0.005m | - |
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, 2,507 companies had the same profile as EBELKO has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EBELKO itself: 0.9% 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 2,507 companies, not a prediction for EBELKO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00165393 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00150290 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00149721 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00242892 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20197190 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-29500488 | |
| 31-12-2019 | abbreviated format | 08-07-2020 | 2020-27900141 | |
| 31-12-2018 | abbreviated format | 27-06-2019 | 2019-23600518 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25800527 | |
| 31-12-2016 | abbreviated format | 23-06-2017 | 2017-20800482 |