EBO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 20 filings
Turnover
≈ €270,000
Estimated: probably between €180,000 and €410,000
Total assets
€363,458▼ 9.3%
2024 · €400,746
Net result
€2,455▲ 6.9%
2024 · €2,296
Working capital
€91,351▲ 15.6%
2024 · €79,002
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,280
▼ 13.5%
2025
20182025
Net result
€2,455
▲ 6.9%
2025
middle half of the sector
20182025
Equity
€116,578
▼ 6.1%
2025
middle half of the sector
20182025
Total assets
€363,458
▼ 9.3%
2025
middle half of the sector
20182025
Debt
€246,880
▼ 10.8%
2025
20182025
Working capital
€91,351
▲ 15.6%
2025
middle half of the sector
20182025
Solvency
32.1%
▲ 1.1pp
2025
middle half of the sector
20182025
Current ratio
1.62
▲ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
0.9
▼ 18.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€27,892-€25,633▼ 8.1%-€5,446€4,178€48,627▲ 12×€45,354▼ 6.7%€9,573▼ 78.9%€8,280▼ 13.5%
Net result€11,618-€8,015▼ 31.0%-€16,506below the sector's middle half-€5,770below the sector's middle half▲ 65.0%€35,067above the sector's middle half€26,812within the sector's middle half▼ 23.5%€2,296within the sector's middle half▼ 91.4%€2,455within the sector's middle half▲ 6.9%
Equity€254,209-€262,224▲ 3.2%€245,718above the sector's middle half▼ 6.3%€239,948above the sector's middle half▼ 2.3%€275,015above the sector's middle half▲ 14.6%€121,827within the sector's middle half▼ 55.7%€124,123within the sector's middle half▲ 1.9%€116,578within the sector's middle half▼ 6.1%
Total assets€525,136-€499,364▼ 4.9%€451,804above the sector's middle half▼ 9.5%€475,373above the sector's middle half▲ 5.2%€515,193above the sector's middle half▲ 8.4%€430,220within the sector's middle half▼ 16.5%€400,746within the sector's middle half▼ 6.9%€363,458within the sector's middle half▼ 9.3%
Debt€270,927-€237,140▼ 12.5%€206,086▼ 13.1%€235,424▲ 14.2%€240,178▲ 2.0%€308,393▲ 28.4%€276,622▼ 10.3%€246,880▼ 10.8%
Working capital€193,982-€222,854▲ 14.9%€212,017above the sector's middle half▼ 4.9%€180,602above the sector's middle half▼ 14.8%€212,422above the sector's middle half▲ 17.6%€56,059within the sector's middle half▼ 73.6%€79,002within the sector's middle half▲ 40.9%€91,351within the sector's middle half▲ 15.6%
Solvency48.4%-52.5%▲ 4.1pp54.4%within the sector's middle half▲ 1.9pp50.5%within the sector's middle half▼ 3.9pp53.4%within the sector's middle half▲ 2.9pp28.3%within the sector's middle half▼ 25.1pp31.0%within the sector's middle half▲ 2.7pp32.1%within the sector's middle half▲ 1.1pp
Current ratio3.65-4.70▲ 1.055.48above the sector's middle half▲ 0.793.01above the sector's middle half▼ 2.473.02within the sector's middle half▲ 0.011.30within the sector's middle half▼ 1.721.48within the sector's middle half▲ 0.181.62within the sector's middle half▲ 0.14
Return on assets (ROA)2.2%-1.6%▼ 0.6pp-3.7%below the sector's middle half▼ 5.3pp-1.2%below the sector's middle half▲ 2.4pp6.8%within the sector's middle half▲ 8.0pp6.2%within the sector's middle half▼ 0.6pp0.6%within the sector's middle half▼ 5.7pp0.7%within the sector's middle half▲ 0.1pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1.1▲ 10.0%0.9▼ 18.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 14% lower than in 2024. It is the third 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 €363,458
Fixed assets
€125,492 ▼ 20.4%
Current assets
€237,966 ▼ 2.1%
Equity and liabilities €363,458
Equity
€116,578 ▼ 6.1%
Debt
€246,880 ▼ 10.8%
Debt's share of the balance-sheet total falls from 69.0% to 67.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€41,542▼
2024 · €43,667
Cash flow
€35,717▼
2024 · €36,390
Quick ratio
0.44▼
2024 · 0.46
Debt to equity
2.12▼
2024 · 2.23
ROE
2.1%▲
2024 · 1.8%
Interest coverage
9.57▲
2024 · 7.62
Debt ≤ 1 year
€146,615▼
2024 · €164,062
Debt > 1 year
€100,265▼
2024 · €112,560
Income taxes
€1,599=
2024 · €1,599
Staff costs
€61,115▼
2024 · €72,090
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 | 1 | - | 1 | 1 | - |
| full-time | 1 | - | 1 | 1 | - |
| part-time | - | - | 0 | 0 | - |
| in full-time equivalents | 1 | - | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1.1 | 0.9 |
| On a permanent contract | 1 | - | 1 | 1 | - |
| Joined | - | - | - | 1 | 0 |
| Left | - | - | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,018 | €17,812 | €24,943 | €2,381 | €1,410 |
| Financial fixed assets | - | - | €135 | - | - |
| Depreciation and write-downs of the year | €29,382 | €25,215 | €32,973 | €34,094 | €33,262 |
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 | - | - | - | €31,600 | €39,062 | - | €783 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €54,321 | €62,085 | €69,241 | €72,090 | €61,115 | ▼ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,082 | €41,704 | €25,349 | €29,382 | €25,215 | €32,973 | €34,094 | €33,262 | ▼ 2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€11,430 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €24,469 | €19,391 | €4,801 | €4,082 | €4,205 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | - | - | €620 | - | €439 | €337 | ▼ 23.2% |
| Gross operating margin9900 | €125,159 | €136,713 | €75,755 | €100,919 | €155,938 | €152,368 | €120,278 | €107,199 | ▼ 10.9% |
| Operating profit (loss)9901 | €27,892 | €25,633 | -€5,446 | €4,178 | €48,627 | €45,354 | €9,573 | €8,280 | ▼ 13.5% |
| Financial income75/76B | - | - | - | €170 | €18 | €76 | €55 | €113 | ▲ 106% |
| Recurring financial income75 | €284 | €180 | €432 | €170 | €18 | €76 | €55 | €113 | ▲ 106% |
| Financial charges65/66B | - | - | - | €9,259 | €6,863 | €7,349 | €5,733 | €4,340 | ▼ 24.3% |
| Recurring financial charges65 | €9,454 | €14,410 | €10,828 | €9,259 | €6,863 | €7,349 | €5,733 | €4,340 | ▼ 24.3% |
| Profit (loss) for the period before taxes9903 | €18,722 | €11,403 | -€15,842 | -€4,912 | €41,782 | €38,081 | €3,895 | €4,054 | ▲ 4.1% |
| Income taxes67/77 | €7,104 | €3,388 | €664 | €858 | €6,716 | €11,269 | €1,599 | €1,599 | = |
| Profit (loss) for the period9904 | €11,618 | €8,015 | -€16,506 | -€5,770 | €35,067 | €26,812 | €2,296 | €2,455 | ▲ 6.9% |
| Profit (loss) for the period to be appropriated9905 | €11,618 | €8,015 | -€16,506 | -€5,770 | €35,067 | €26,812 | €2,296 | €2,455 | ▲ 6.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €525,136 | €499,364 | €451,804 | €475,373 | €515,193 | €430,220 | €400,746 | €363,458 | ▼ 9.3% |
| Formation expenses20 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €257,934 | €216,230 | €192,496 | €205,132 | €197,728 | €189,833 | €157,681 | €125,492 | ▼ 20.4% |
| Tangible fixed assets22/27 | €257,839 | €216,135 | €192,401 | €205,037 | €197,633 | €189,603 | €157,451 | €125,262 | ▼ 20.4% |
| Land and buildings22 | - | - | - | €171,764 | €156,004 | €144,893 | €128,085 | €111,277 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | - | €3,228 | €4,830 | €4,507 | €4,212 | ▼ 6.6% |
| Furniture and vehicles24 | - | - | - | €33,272 | €38,402 | €39,880 | €24,859 | €9,774 | ▼ 60.7% |
| Financial fixed assets28 | €95 | €95 | €95 | €95 | €95 | €230 | €230 | €230 | = |
| Current assets29/58 | €267,202 | €283,134 | €259,309 | €270,241 | €317,465 | €240,387 | €243,064 | €237,966 | ▼ 2.1% |
| Stocks and contracts in progress3 | €78,947 | €89,553 | €86,930 | €110,146 | €141,214 | €142,948 | €167,605 | €173,461 | ▲ 3.5% |
| Stocks30/36 | - | - | - | €80,414 | €96,083 | €120,179 | €99,183 | €117,666 | ▲ 18.6% |
| Contracts in progress37 | - | - | - | €29,731 | €45,131 | €22,768 | €68,422 | €55,795 | ▼ 18.5% |
| Amounts receivable within one year40/41 | €122,157 | €133,005 | €126,529 | €133,050 | €152,764 | €57,105 | €67,373 | €54,439 | ▼ 19.2% |
| Trade receivables40 | - | - | - | €51,834 | €61,269 | €44,864 | €50,192 | €49,406 | ▼ 1.6% |
| Other amounts receivable41 | - | - | - | €81,217 | €91,495 | €12,242 | €17,180 | €5,033 | ▼ 70.7% |
| Cash at bank and in hand54/58 | €13,170 | €9,690 | €7,744 | €24,921 | €14,798 | €32,246 | €1,918 | €4,865 | ▲ 154% |
| Deferred charges and accrued income490/1 | - | - | - | €2,124 | €8,689 | €8,088 | €6,169 | €5,201 | ▼ 15.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €525,136 | €499,364 | €451,804 | €475,373 | €515,193 | €430,220 | €400,746 | €363,458 | ▼ 9.3% |
| Equity10/15 | €254,209 | €262,224 | €245,718 | €239,948 | €275,015 | €121,827 | €124,123 | €116,578 | ▼ 6.1% |
| Contributions10/11 | €192,400 | €192,400 | - | €192,400 | €192,400 | €12,400 | €12,400 | €12,400 | = |
| Contributions outside capital11 | - | - | - | €192,400 | - | - | - | - | - |
| Other1109/19 | - | - | - | €192,400 | - | - | - | - | - |
| Reserves13 | €13,268 | €13,268 | €13,268 | €13,268 | €48,268 | €73,268 | €75,268 | €67,268 | ▼ 10.6% |
| Non-distributable reserves130/1 | - | - | - | €3,268 | €3,268 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,268 | €3,268 | - | - | - | - |
| Distributable reserves133 | - | - | - | €10,000 | €45,000 | €73,268 | €75,268 | €67,268 | ▼ 10.6% |
| Profit (loss) carried forward14 | €48,541 | €56,556 | €40,050 | €34,280 | €34,347 | €36,159 | €36,455 | €36,910 | ▲ 1.2% |
| Amounts payable17/49 | €270,927 | €237,140 | €206,086 | €235,424 | €240,178 | €308,393 | €276,622 | €246,880 | ▼ 10.8% |
| Amounts payable after more than one year17 | €196,617 | €176,860 | €158,794 | €145,785 | €135,134 | €124,065 | €112,560 | €100,265 | ▼ 10.9% |
| Financial debts170/4 | - | - | - | €145,785 | €135,134 | €124,065 | €112,560 | €100,265 | ▼ 10.9% |
| Amounts payable within one year42/48 | €73,220 | €60,280 | €47,292 | €89,639 | €105,044 | €184,328 | €164,062 | €146,615 | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,009 | €10,651 | €11,070 | €11,505 | €11,957 | ▲ 3.9% |
| Financial debts43 | - | - | - | - | - | - | €4,132 | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €4,132 | - | - |
| Trade debts44 | €26,733 | €22,282 | €22,768 | €23,806 | €40,867 | €27,176 | €22,867 | €38,068 | ▲ 66.5% |
| Suppliers440/4 | - | - | - | €23,806 | €40,867 | €27,176 | €22,867 | €38,068 | ▲ 66.5% |
| Taxes, remuneration and social security45 | - | - | - | €2,824 | €13,759 | €18,879 | €8,337 | €3,855 | ▼ 53.8% |
| Taxes450/3 | - | - | - | €1,790 | €8,050 | €13,308 | €7,154 | €1,598 | ▼ 77.7% |
| Remuneration and social security454/9 | - | - | - | €1,034 | €5,709 | €5,571 | €1,183 | €2,257 | ▲ 90.7% |
| Other amounts payable47/48 | - | - | - | €50,000 | €39,767 | €127,203 | €117,221 | €92,736 | ▼ 20.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,618 | €8,015 | -€16,506 | -€5,770 | €35,067 | €26,812 | €2,296 | €2,455 | ▲ 6.9% |
| + Depreciation and write-downs630 | €43,082 | €41,704 | €25,349 | €29,382 | €25,215 | €32,973 | €34,094 | €33,262 | ▼ 2.4% |
| Operating cash flow (approximation) | €54,701 | €49,719 | €8,843 | €23,612 | €60,282 | €59,785 | €36,390 | €35,717 | ▼ 1.9% |
| Investment in fixed assets (approximation) | - | €0 | -€1,615 | -€42,018 | -€17,812 | -€25,078 | -€1,943 | -€1,073 | ▲ 44.8% |
| Change in cash | - | -€3,480 | -€1,946 | €17,177 | -€10,123 | €17,448 | -€30,328 | €2,947 | - |
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, 17,041 companies had the same profile as EBO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EBO 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 17,041 companies, not a prediction for EBO. 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 | micro format | 28-07-2026 | 2026-00357449 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00227168 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00443185 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00432643 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20399475 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-52600524 | |
| 31-12-2019 | micro format | 09-12-2020 | 2020-75200114 | |
| 31-12-2018 | micro format | 26-09-2019 | 2019-66700037 | |
| 31-12-2017 | micro format | 27-09-2018 | 2018-66500340 | |
| 31-12-2016 | micro format | 25-09-2017 | 2017-63200442 |