eCADE
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00556705.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 8 filings
Turnover
€0▼ 100%
2021 · €52,981
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€14,044▲ 46.6%
2024 · -€26,293
Working capital
-€2,492▼ 223%
2024 · -€771
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€0
2025
20182025
Operating result
-€13,132
▲ 49.9%
2025
20182025
Net result
-€14,044
▲ 46.6%
2025
middle half of the sector
20182025
Equity
-€11,489
2025
lowest quarter of the sector
20182025
Total assets
€104,286
▼ 20.1%
2025
lowest quarter of the sector
20182025
Debt
€115,774
▼ 9.5%
2025
20182025
Working capital
-€2,492
▼ 223%
2025
middle half of the sector
20182025
Solvency
-11.0%
▼ 13.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.84
▼ 0.13
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-13.5%
▲ 6.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€34,455€52,981€0
Operating result-€26,412--€88,860▼ 236%-€151,159▼ 70.1%-€67,367▲ 55.4%-€45,349▲ 32.7%-€58,912▼ 29.9%-€26,205▲ 55.5%-€13,132▲ 49.9%
Net result-€26,565--€92,617▼ 249%-€157,166below the sector's middle half▼ 69.7%-€70,884below the sector's middle half▲ 54.9%-€40,510below the sector's middle half▲ 42.9%-€61,157below the sector's middle half▼ 51.0%-€26,293below the sector's middle half▲ 57.0%-€14,044within the sector's middle half▲ 46.6%
Equity€153,435-€60,819▼ 60.4%€201,400within the sector's middle half▲ 231%€130,515within the sector's middle half▼ 35.2%€90,005within the sector's middle half▼ 31.0%€28,848below the sector's middle half▼ 67.9%€2,555below the sector's middle half▼ 91.1%-€11,489below the sector's middle half
Total assets€256,366-€257,622▲ 0.5%€332,901within the sector's middle half▲ 29.2%€257,906within the sector's middle half▼ 22.5%€191,391within the sector's middle half▼ 25.8%€144,105below the sector's middle half▼ 24.7%€130,475below the sector's middle half▼ 9.5%€104,286below the sector's middle half▼ 20.1%
Debt€102,931-€196,803▲ 91.2%€131,501▼ 33.2%€127,391▼ 3.1%€101,386▼ 20.4%€115,256▲ 13.7%€127,920▲ 11.0%€115,774▼ 9.5%
Working capital€23,808-€3,662▼ 84.6%€10,686below the sector's middle half▲ 192%-€3,899below the sector's middle half€16,112within the sector's middle half€690below the sector's middle half▼ 95.7%-€771below the sector's middle half-€2,492within the sector's middle half▼ 223%
Solvency59.9%-23.6%▼ 36.2pp60.5%within the sector's middle half▲ 36.9pp50.6%within the sector's middle half▼ 9.9pp47.0%within the sector's middle half▼ 3.6pp20.0%within the sector's middle half▼ 27.0pp2.0%below the sector's middle half▼ 18.1pp-11.0%below the sector's middle half▼ 13.0pp
Current ratio1.48-1.18▼ 0.301.34within the sector's middle half▲ 0.160.86below the sector's middle half▼ 0.4812.62above the sector's middle half▲ 11.761.05below the sector's middle half▼ 11.580.97below the sector's middle half▼ 0.070.84below the sector's middle half▼ 0.13
Return on assets (ROA)-10.4%--36.0%▼ 25.6pp-47.2%below the sector's middle half▼ 11.3pp-27.5%below the sector's middle half▲ 19.7pp-21.2%below the sector's middle half▲ 6.3pp-42.4%below the sector's middle half▼ 21.3pp-20.2%below the sector's middle half▲ 22.3pp-13.5%below the sector's middle half▲ 6.7pp
Staff (FTE)0.91below the sector's middle half0below the sector's middle half▼ 100%
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 a loss of €13,132, smaller than the loss of €26,205 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €104,286
Fixed assets
€91,003 ▼ 11.9%
Current assets
€13,283 ▼ 51.1%
Equity and liabilities
Equity-€11,489
Debt€115,774
Equity is negative. Debt (€115,774) exceeds the balance-sheet total (€104,286).
Key figures and ratios
EBITDA
-€808▲
2024 · -€1,374
Cash flow
-€1,720▼
2024 · -€1,462
Interest coverage
-0.89▲
2024 · -15.62
Debt ≤ 1 year
€15,774▼
2024 · €27,920
Debt > 1 year
€100,000=
2024 · €100,000
Supplier credit
14088 days▲
2024 · 9899 days
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| in full-time equivalents | 0 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 0 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | - | - | €100,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | €4,500 | €0 | - | - | - |
| Depreciation and write-downs of the year | €60,800 | €60,521 | €45,735 | €24,832 | €12,324 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €34,455 | - | €52,981 | - | - | - | €0 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €29,567 | - | - | €952 | €409 | ▼ 57.1% |
| Remuneration, social security and pensions62 | - | - | - | €26,136 | €154 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,786 | €26,044 | €48,701 | €60,800 | €60,521 | €45,735 | €24,832 | €12,324 | ▼ 50.4% |
| Other operating charges640/8 | - | - | - | €3,845 | - | €489 | €772 | €400 | ▼ 48.2% |
| Gross operating margin9900 | -€10,820 | €4,479 | -€2,072 | €23,414 | €15,326 | -€12,688 | -€602 | -€409 | ▲ 32.1% |
| Operating profit (loss)9901 | -€26,412 | -€88,860 | -€151,159 | -€67,367 | -€45,349 | -€58,912 | -€26,205 | -€13,132 | ▲ 49.9% |
| Financial income75/76B | - | - | - | - | €5,150 | - | - | - | - |
| Recurring financial income75 | - | - | - | - | €5,150 | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,518 | €311 | €2,244 | €88 | €912 | ▲ 937% |
| Recurring financial charges65 | €153 | €3,756 | €6,007 | €3,518 | €311 | €2,244 | €88 | €912 | ▲ 937% |
| Profit (loss) for the period before taxes9903 | -€26,565 | -€92,617 | -€157,166 | -€70,884 | -€40,510 | -€61,157 | -€26,293 | -€14,044 | ▲ 46.6% |
| Profit (loss) for the period9904 | -€26,565 | -€92,617 | -€157,166 | -€70,884 | -€40,510 | -€61,157 | -€26,293 | -€14,044 | ▲ 46.6% |
| Profit (loss) for the period to be appropriated9905 | -€26,565 | -€92,617 | -€157,166 | -€70,884 | -€40,510 | -€61,157 | -€26,293 | -€14,044 | ▲ 46.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €256,366 | €257,622 | €332,901 | €257,906 | €191,391 | €144,105 | €130,475 | €104,286 | ▼ 20.1% |
| Fixed assets21/28 | €182,694 | €233,415 | €290,714 | €234,414 | €173,893 | €128,158 | €103,326 | €91,003 | ▼ 11.9% |
| Intangible fixed assets21 | €182,694 | €232,408 | €290,210 | €234,414 | €173,893 | €128,158 | €103,326 | €91,003 | ▼ 11.9% |
| Tangible fixed assets22/27 | - | €1,007 | €504 | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €73,672 | €24,207 | €42,187 | €23,492 | €17,498 | €15,947 | €27,149 | €13,283 | ▼ 51.1% |
| Amounts receivable within one year40/41 | €64,450 | €3,623 | €4,700 | €10,076 | €6,399 | €5,673 | €16,048 | €2,450 | ▼ 84.7% |
| Trade receivables40 | - | - | - | €8,584 | €4,901 | €4,175 | €13,976 | €847 | ▼ 93.9% |
| Other amounts receivable41 | - | - | - | €1,492 | €1,498 | €1,498 | €2,073 | €1,603 | ▼ 22.7% |
| Cash at bank and in hand54/58 | €9,223 | €20,583 | €37,487 | €13,416 | €11,100 | €10,274 | €11,100 | €10,833 | ▼ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €256,366 | €257,622 | €332,901 | €257,906 | €191,391 | €144,105 | €130,475 | €104,286 | ▼ 20.1% |
| Equity10/15 | €153,435 | €60,819 | €201,400 | €130,515 | €90,005 | €28,848 | €2,555 | -€11,489 | - |
| Contributions10/11 | €180,000 | €180,000 | €457,700 | €457,700 | €457,700 | €457,700 | €457,700 | €457,700 | = |
| Capital10 | - | - | - | €457,700 | €457,700 | €457,700 | €457,700 | €457,700 | = |
| Issued capital100 | - | - | - | €457,700 | €457,700 | €457,700 | €457,700 | €457,700 | = |
| Profit (loss) carried forward14 | -€26,565 | -€119,181 | -€276,348 | -€347,232 | -€387,743 | -€448,899 | -€475,193 | -€489,236 | ▼ 3.0% |
| Investment grants15 | - | - | - | €20,048 | €20,048 | €20,048 | €20,048 | €20,048 | = |
| Amounts payable17/49 | €102,931 | €196,803 | €131,501 | €127,391 | €101,386 | €115,256 | €127,920 | €115,774 | ▼ 9.5% |
| Amounts payable after more than one year17 | €53,066 | €176,259 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Financial debts170/4 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Amounts payable within one year42/48 | €49,864 | €20,544 | €31,501 | €27,391 | €1,386 | €15,256 | €27,920 | €15,774 | ▼ 43.5% |
| Trade debts44 | €32,539 | €16,611 | €28,580 | €27,391 | €1,090 | €15,256 | €25,819 | €15,774 | ▼ 38.9% |
| Suppliers440/4 | - | - | - | €27,391 | €1,090 | €15,256 | €25,819 | €15,774 | ▼ 38.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €296 | - | €1,957 | - | - |
| Taxes450/3 | - | - | - | - | €296 | - | €1,957 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €144 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€26,565 | -€92,617 | -€157,166 | -€70,884 | -€40,510 | -€61,157 | -€26,293 | -€14,044 | ▲ 46.6% |
| + Depreciation and write-downs630 | €14,786 | €26,044 | €48,701 | €60,800 | €60,521 | €45,735 | €24,832 | €12,324 | ▼ 50.4% |
| Operating cash flow (approximation) | -€11,779 | -€66,573 | -€108,465 | -€10,084 | €20,010 | -€15,422 | -€1,462 | -€1,720 | ▼ 17.7% |
| Investment in fixed assets (approximation) | - | -€76,765 | -€106,000 | -€4,500 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €11,361 | €16,904 | -€24,071 | -€2,316 | -€826 | €826 | -€268 | - |
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, 6,008 companies had the same profile as eCADE has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of eCADE itself is lower: 1.2% within 12 months. It rests on far more data about eCADE than the profile alone.
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 6,008 companies, not a prediction for eCADE. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-10-2026 | 2026-00556705 | |
| 31-12-2024 | full format | 07-11-2025 | 2025-00564023 | |
| 31-12-2023 | full format | 07-10-2024 | 2024-00496053 | |
| 31-12-2022 | full format | 13-09-2023 | 2023-00445151 | |
| 31-12-2021 | full format | 17-10-2022 | 2022-20462204 | |
| 31-12-2020 | full format | 28-10-2021 | 2021-73700116 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-56800105 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55100552 |