ECCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 14 filings
Turnover
€17.1m▲ 32.7%
2020 · €12.9m
EBIT margin
22.6%▼ 6.3pp
2020 · 28.9%
Net result
€1.8m▼ 27.9%
2024 · €2.6m
Working capital
€5.4m▲ 34.4%
2024 · €4.0m
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€1.8m
▼ 20.7%
2025
20192025
Net result
€1.8m
▼ 27.9%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€6.4m
▲ 26.6%
2025
highest quarter of the sector
20192025
Total assets
€10.1m
▲ 27.5%
2025
highest quarter of the sector
20192025
Debt
€3.7m
▲ 29.3%
2025
20192025
Working capital
€5.4m
▲ 34.4%
2025
highest quarter of the sector
20192025
Solvency
63.4%
▼ 0.5pp
2025
middle half of the sector
20192025
Current ratio
2.77
▲ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
18.3%
▼ 14.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
17.6
▲ 43.1%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€12.9m€17.1m▲ 32.7%
Operating result€2.1m-€3.7m▲ 77.4%€3.9m▲ 3.9%€2.4m▼ 38.8%€2.1m▼ 11.5%€2.3m▲ 9.6%€1.8m▼ 20.7%
Net result€1.8m-€2.9mabove the sector's middle half▲ 68.1%€3.2mabove the sector's middle half▲ 10.3%€2.2mabove the sector's middle half▼ 31.9%€2.0mabove the sector's middle half▼ 7.9%€2.6mabove the sector's middle half▲ 25.4%€1.8mabove the sector's middle half▼ 27.9%
EBIT margin28.9%22.6%▼ 6.3pp
Equity€3.2m-€6.2mabove the sector's middle half▲ 91.6%€9.4mabove the sector's middle half▲ 52.7%€11.6mabove the sector's middle half▲ 23.5%€13.6mabove the sector's middle half▲ 17.5%€5.0mabove the sector's middle half▼ 63.0%€6.4mabove the sector's middle half▲ 26.6%
Total assets€4.6m-€8.8mwithin the sector's middle half▲ 91.3%€14.1mabove the sector's middle half▲ 60.4%€15.4mabove the sector's middle half▲ 9.2%€16.0mabove the sector's middle half▲ 3.9%€7.9mabove the sector's middle half▼ 50.5%€10.1mabove the sector's middle half▲ 27.5%
Debt€1.4m-€2.6m▲ 90.6%€4.7m▲ 78.6%€3.8m▼ 19.6%€2.3m▼ 38.3%€2.9m▲ 23.2%€3.7m▲ 29.3%
Working capital€2.5m-€5.9mabove the sector's middle half▲ 133%€8.8mabove the sector's middle half▲ 50.0%€10.8mabove the sector's middle half▲ 22.9%€12.6mabove the sector's middle half▲ 16.3%€4.0mabove the sector's middle half▼ 68.2%€5.4mabove the sector's middle half▲ 34.4%
Solvency70.1%-70.2%above the sector's middle half▲ 0.1pp66.8%above the sector's middle half▼ 3.4pp75.6%above the sector's middle half▲ 8.8pp85.5%above the sector's middle half▲ 9.9pp63.9%within the sector's middle half▼ 21.6pp63.4%within the sector's middle half▼ 0.5pp
Current ratio3.52-3.81above the sector's middle half▲ 0.293.39above the sector's middle half▼ 0.424.93above the sector's middle half▲ 1.548.43above the sector's middle half▲ 3.502.60within the sector's middle half▼ 5.832.77within the sector's middle half▲ 0.17
Return on assets (ROA)38.2%-33.6%above the sector's middle half▼ 4.6pp23.1%above the sector's middle half▼ 10.5pp14.4%above the sector's middle half▼ 8.7pp12.8%above the sector's middle half▼ 1.6pp32.3%above the sector's middle half▲ 19.6pp18.3%above the sector's middle half▼ 14.0pp
Staff (FTE)4.8-5.8within the sector's middle half▲ 20.8%5within the sector's middle half▼ 13.8%8.1above the sector's middle half▲ 62.0%8.8above the sector's middle half▲ 8.6%12.3above the sector's middle half▲ 39.8%17.6above the sector's middle half▲ 43.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 21% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.1m
Fixed assets
€1.7m ▲ 18.8%
Current assets
€8.4m ▲ 29.4%
Equity and liabilities €10.1m
Equity
€6.4m ▲ 26.6%
Debt
€3.7m ▲ 29.3%
Debt's share of the balance-sheet total rises from 36.1% to 36.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.4m▼
2024 · €2.8m
Cash flow
€2.4m▼
2024 · €3.0m
Quick ratio
2.04▲
2024 · 1.82
Debt to equity
0.58▲
2024 · 0.56
ROE
28.8%▼
2024 · 50.6%
Interest coverage
13.62▼
2024 · 18.23
Debt ≤ 1 year
€3.0m▲
2024 · €2.5m
Debt > 1 year
€650,377▲
2024 · €339,911
Income taxes
-€74,713▼
2024 · €19,279
Staff costs
€1.8m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 10 | 16 | 21 |
| full-time | 7 | 8 | 13 | 18 |
| part-time | 2 | 2 | 3 | 3 |
| in full-time equivalents | 8.7 | 9.7 | 15.7 | 20.7 |
| Average over the year, in full-time equivalents | 8.1 | 8.8 | 12.3 | 17.6 |
| On a permanent contract | 9 | 10 | 16 | 21 |
| Joined | 9 | 10 | 9 | 10 |
| Left | 6 | 9 | 3 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €962,651 | €614,349 | €913,176 |
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | €27,500 |
| Carrying value of the mortgaged assets | €566,740 | €541,834 | €554,542 | €575,442 |
| Pledge on the business | €935,000 | €935,000 | €935,000 | €935,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €755,942 | €374,736 | €178,306 | €763,200 |
| Intangible fixed assets | €14,150 | €5,463 | €62,266 | €29,672 |
| Financial fixed assets | €6,050 | - | - | €50,000 |
| Depreciation and write-downs of the year | €571,334 | €481,209 | €484,001 | €579,266 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €35,173 awarded · €32,709 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €7,327 | €7,327 |
| 2024 | 1 | €13,632 | €13,632 |
| 2023 | 2 | €5,464 | €3,000 |
| 2022 | 2 | €8,750 | €8,750 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €12.9m | €17.1m | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.001m | €0.005m | €0.004m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.9m | €1.3m | €1.8m | ▲ 38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.4m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.05m | -€0.01m | €0 | €0.09m | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.2m | €0.09m | €0.06m | ▼ 25.6% |
| Non-recurring operating charges66A | - | - | - | - | €0.004m | €0 | - | - |
| Gross operating margin9900 | €3.0m | - | - | €3.8m | €3.7m | €4.1m | €4.3m | ▲ 4.4% |
| Operating profit (loss)9901 | €2.1m | €3.7m | €3.9m | €2.4m | €2.1m | €2.3m | €1.8m | ▼ 20.7% |
| Financial income75/76B | - | - | - | €0.4m | €0.3m | €0.4m | €0.1m | ▼ 72.0% |
| Recurring financial income75 | €0.06m | €0.06m | €0.07m | €0.4m | €0.3m | €0.4m | €0.1m | ▼ 72.0% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 15.6% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 15.6% |
| Debt charges650 | - | €0.01m | €0.02m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.1m | €3.7m | €3.8m | €2.5m | €2.3m | €2.6m | €1.8m | ▼ 31.3% |
| Income taxes67/77 | €0.3m | €0.7m | €0.5m | €0.3m | €0.2m | €0.02m | -€0.07m | - |
| Profit (loss) for the period9904 | €1.8m | €2.9m | €3.2m | €2.2m | €2.0m | €2.6m | €1.8m | ▼ 27.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | €0.6m | €0.4m | €0.8m | ▲ 95.1% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.4m | €1.0m | €0.04m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €2.2m | €2.2m | €2.3m | €1.8m | €1.7m | €2.9m | €2.7m | ▼ 9.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.6m | €8.8m | €14.1m | €15.4m | €16.0m | €7.9m | €10.1m | ▲ 27.5% |
| Fixed assets21/28 | €1.1m | €0.8m | €1.5m | €1.7m | €1.6m | €1.4m | €1.7m | ▲ 18.8% |
| Intangible fixed assets21 | €124 | - | €0.08m | €0.05m | €0.01m | €0.07m | €0.06m | ▼ 4.8% |
| Tangible fixed assets22/27 | €1.1m | €0.8m | €1.5m | €1.7m | €1.6m | €1.3m | €1.5m | ▲ 16.2% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.6m | €0.6m | ▲ 3.8% |
| Plant, machinery and equipment23 | - | - | - | €1.0m | €1.0m | €0.6m | €0.3m | ▼ 50.8% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 31.8% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.5m | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.005m | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.007m | €0.007m | €0.001m | €0.05m | ▲ 68× |
| Current assets29/58 | €3.5m | €8.0m | €12.5m | €13.6m | €14.3m | €6.5m | €8.4m | ▲ 29.4% |
| Amounts receivable after more than one year29 | - | - | - | €4.9m | €4.9m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €4.9m | €4.9m | €0 | - | - |
| Stocks and contracts in progress3 | €0.4m | €0.6m | €0.7m | €1.2m | €1.9m | €2.0m | €2.2m | ▲ 12.9% |
| Stocks30/36 | - | - | - | €1.2m | €1.9m | €2.0m | €2.2m | ▲ 12.9% |
| Amounts receivable within one year40/41 | €1.5m | €0.9m | €1.9m | €1.4m | €2.4m | €1.9m | €2.3m | ▲ 23.6% |
| Trade receivables40 | - | - | - | €0.6m | €0.4m | €0.6m | €0.4m | ▼ 21.6% |
| Other amounts receivable41 | - | - | - | €0.8m | €2.0m | €1.3m | €1.9m | ▲ 42.7% |
| Current investments50/53 | - | - | - | - | €3.2m | €0 | €0.2m | - |
| Cash at bank and in hand54/58 | €1.6m | €6.4m | €9.9m | €5.8m | €1.9m | €2.6m | €3.6m | ▲ 38.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.1m | €0.1m | €0.1m | ▲ 34.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.6m | €8.8m | €14.1m | €15.4m | €16.0m | €7.9m | €10.1m | ▲ 27.5% |
| Equity10/15 | €3.2m | €6.2m | €9.4m | €11.6m | €13.6m | €5.0m | €6.4m | ▲ 26.6% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €3.2m | €6.1m | €9.4m | €11.6m | €13.6m | €5.0m | €6.4m | ▲ 26.7% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2.1m | €2.5m | €2.1m | €1.2m | ▼ 40.0% |
| Distributable reserves133 | - | - | - | €9.5m | €11.1m | €2.9m | €5.1m | ▲ 73.9% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €1.4m | €2.6m | €4.7m | €3.8m | €2.3m | €2.9m | €3.7m | ▲ 29.3% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €1.0m | €1.0m | €0.6m | €0.3m | €0.7m | ▲ 91.3% |
| Financial debts170/4 | - | - | - | €1.0m | €0.6m | €0.3m | €0.7m | ▲ 91.3% |
| Amounts payable within one year42/48 | €1.0m | €2.1m | €3.7m | €2.8m | €1.7m | €2.5m | €3.0m | ▲ 21.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 4.2% |
| Trade debts44 | €0.5m | €1.4m | €3.1m | €2.2m | €0.9m | €2.0m | €2.0m | ▼ 2.0% |
| Suppliers440/4 | - | - | - | €2.2m | €0.9m | €2.0m | €2.0m | ▼ 2.0% |
| Advances received on contracts in progress46 | - | - | - | - | €0.005m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.2m | €0.2m | €0.3m | ▲ 46.3% |
| Taxes450/3 | - | - | - | €0.01m | €0.04m | €0.03m | €0.05m | ▲ 63.1% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 42.8% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0 | €0.5m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.002m | €0.01m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.8m | €2.9m | €3.2m | €2.2m | €2.0m | €2.6m | €1.8m | ▼ 27.9% |
| + Depreciation and write-downs630 | €0.4m | €0.3m | €0.4m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 19.7% |
| Operating cash flow (approximation) | €2.2m | €3.2m | €3.6m | €2.8m | €2.5m | €3.0m | €2.4m | ▼ 20.3% |
| Investment in fixed assets (approximation) | - | €0.004m | -€1.1m | -€0.8m | -€0.4m | -€0.2m | -€0.8m | ▼ 259% |
| Change in cash | - | €4.9m | €3.5m | -€4.1m | -€3.9m | €0.7m | €1.0m | ▲ 41.9% |
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, 17,811 companies had the same profile as ECCO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of ECCO 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 17,811 companies, not a prediction for ECCO. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00279800 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00319438 | |
| 31-12-2023 | abbreviated format | 11-06-2024 | 2024-00122744 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00242209 | |
| 31-08-2021 | full format | 23-03-2022 | 2022-08300430 | |
| 31-08-2020 | full format | 15-02-2021 | 2021-05500069 | |
| 31-08-2019 | abbreviated format | 17-03-2020 | 2020-06900361 | |
| 31-08-2018 | abbreviated format | 26-04-2019 | 2019-10900238 | |
| 31-08-2017 | abbreviated format | 31-05-2018 | 2018-14900029 | |
| 30-09-2015 | abbreviated format | 29-04-2016 | 2016-11100058 |