ECDA
ActiveSummary
ECDA has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €170,534 and a net result of €61,489. Equity is growing by about 15% per year across the filed financial years. Its solvency ranks better than 45% of 38,983 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, micro format
2025 annual accounts filed late (29 days) Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00452214.
Equity
€170,534▼ 13.1%
2024 · €196,274
Total assets
€343,324▲ 52.5%
2024 · €225,062
Net result
€61,489▲ 15.7%
2024 · €53,135
Working capital
-€19,989
2024 · €121,821
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 25% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€91,464
2025
Net result€61,489
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€343,324
2025
Equity€170,534
2025
Debt€172,790
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€19,989
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)17.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency49.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.83
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€29,417-€28,458▼ 3.3%€36,384▲ 27.9%€42,113▲ 15.7%€40,768▼ 3.2%€66,913▲ 64.1%€72,912▲ 9.0%€91,464▲ 25.4%
Net result€16,152-€15,757▼ 2.4%€22,695within the sector's middle half▲ 44.0%€26,802within the sector's middle half▲ 18.1%€37,732within the sector's middle half▲ 40.8%€47,851within the sector's middle half▲ 26.8%€53,135within the sector's middle half▲ 11.0%€61,489within the sector's middle half▲ 15.7%
Equity€75,809-€91,565▲ 20.8%€88,077within the sector's middle half▼ 3.8%€104,987within the sector's middle half▲ 19.2%€127,198within the sector's middle half▲ 21.2%€158,896within the sector's middle half▲ 24.9%€196,274within the sector's middle half▲ 23.5%€170,534within the sector's middle half▼ 13.1%
Total assets€115,254-€99,142▼ 14.0%€112,035within the sector's middle half▲ 13.0%€133,028within the sector's middle half▲ 18.7%€157,421within the sector's middle half▲ 18.3%€188,488within the sector's middle half▲ 19.7%€225,062within the sector's middle half▲ 19.4%€343,324within the sector's middle half▲ 52.5%
Debt€39,445-€7,577▼ 80.8%€23,958▲ 216%€28,041▲ 17.0%€30,223▲ 7.8%€29,592▼ 2.1%€28,788▼ 2.7%€172,790▲ 500%
Working capital€3,911-€19,511▲ 399%€16,220within the sector's middle half▼ 16.9%€32,959within the sector's middle half▲ 103%€48,871within the sector's middle half▲ 48.3%€82,633within the sector's middle half▲ 69.1%€121,821within the sector's middle half▲ 47.4%-€19,989below the sector's middle half
Solvency65.8%-92.4%▲ 26.6pp78.6%above the sector's middle half▼ 13.7pp78.9%above the sector's middle half▲ 0.3pp80.8%above the sector's middle half▲ 1.9pp84.3%above the sector's middle half▲ 3.5pp87.2%above the sector's middle half▲ 2.9pp49.7%within the sector's middle half▼ 37.5pp
Current ratio1.11-4.12▲ 3.021.76within the sector's middle half▼ 2.372.26within the sector's middle half▲ 0.512.73within the sector's middle half▲ 0.474.02within the sector's middle half▲ 1.295.59above the sector's middle half▲ 1.570.83below the sector's middle half▼ 4.76
Return on assets (ROA)14.0%-15.9%▲ 1.9pp20.3%within the sector's middle half▲ 4.4pp20.1%within the sector's middle half▼ 0.1pp24.0%within the sector's middle half▲ 3.8pp25.4%within the sector's middle half▲ 1.4pp23.6%within the sector's middle half▼ 1.8pp17.9%within the sector's middle half▼ 5.7pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €343,324
Fixed assets
€247,464 ▲ 223%
Current assets
€95,860 ▼ 35.4%
Equity and liabilities €343,324
Equity
€170,534 ▼ 13.1%
Debt
€172,790 ▲ 500%
Debt's share of the balance-sheet total rises from 12.8% to 50.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€93,057▲
2024 · €74,685
Cash flow
€63,082▲
2024 · €54,908
Debt to equity
1.01▲
2024 · 0.15
ROE
36.1%▲
2024 · 27.1%
Interest coverage
93.81▼
2024 · over 100
Debt ≤ 1 year
€115,849▲
2024 · €26,528
Debt > 1 year
€56,941
Income taxes
€30,504▲
2024 · €20,968
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,406 | €1,106 | €734 | €432 | €727 | €1,857 | €1,773 | €1,593 | ▼ 10.2% |
| Other operating charges640/8 | - | - | - | €901 | €1,129 | €1,097 | €1,131 | €1,159 | ▲ 2.5% |
| Gross operating margin9900 | €31,702 | €30,454 | €38,012 | €43,446 | €42,624 | €69,867 | €75,816 | €94,216 | ▲ 24.3% |
| Operating profit (loss)9901 | €29,417 | €28,458 | €36,384 | €42,113 | €40,768 | €66,913 | €72,912 | €91,464 | ▲ 25.4% |
| Financial income75/76B | - | - | - | - | €15,085 | - | €1,236 | €1,521 | ▲ 23.1% |
| Recurring financial income75 | - | - | - | - | €2 | - | €1,236 | €1,521 | ▲ 23.1% |
| Non-recurring financial income76B | - | - | - | - | €15,083 | - | - | - | - |
| Financial charges65/66B | - | - | - | €105 | €139 | €45 | €45 | €992 | ▲ 2,104% |
| Recurring financial charges65 | €1,706 | €483 | €710 | €105 | €139 | €45 | €45 | €992 | ▲ 2,104% |
| Profit (loss) for the period before taxes9903 | €27,711 | €27,975 | €35,674 | €42,008 | €55,714 | €66,868 | €74,103 | €91,993 | ▲ 24.1% |
| Income taxes67/77 | €11,559 | €12,218 | €12,979 | €15,206 | €17,982 | €19,017 | €20,968 | €30,504 | ▲ 45.5% |
| Profit (loss) for the period9904 | €16,152 | €15,757 | €22,695 | €26,802 | €37,732 | €47,851 | €53,135 | €61,489 | ▲ 15.7% |
| Profit (loss) for the period to be appropriated9905 | €16,152 | €15,757 | €22,695 | €26,802 | €37,732 | €47,851 | €53,135 | €61,489 | ▲ 15.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €115,254 | €99,142 | €112,035 | €133,028 | €157,421 | €188,488 | €225,062 | €343,324 | ▲ 52.5% |
| Fixed assets21/28 | €74,491 | €73,385 | €74,377 | €73,945 | €80,343 | €78,486 | €76,713 | €247,464 | ▲ 223% |
| Tangible fixed assets22/27 | €1,756 | €650 | €1,642 | €1,210 | €7,608 | €5,751 | €3,978 | €4,806 | ▲ 20.8% |
| Furniture and vehicles24 | - | - | - | €1,210 | €7,608 | €5,751 | €3,978 | €4,806 | ▲ 20.8% |
| Financial fixed assets28 | €72,735 | €72,735 | €72,735 | €72,735 | €72,735 | €72,735 | €72,735 | €242,658 | ▲ 234% |
| Current assets29/58 | €40,763 | €25,757 | €37,658 | €59,083 | €77,078 | €110,002 | €148,349 | €95,860 | ▼ 35.4% |
| Amounts receivable within one year40/41 | €16,008 | €2,868 | €1,311 | - | €3,518 | €7,502 | €59,573 | €2,032 | ▼ 96.6% |
| Other amounts receivable41 | - | - | - | - | €3,518 | €7,502 | €59,573 | €2,032 | ▼ 96.6% |
| Current investments50/53 | - | - | - | - | - | - | €40,000 | €40,000 | = |
| Cash at bank and in hand54/58 | €24,466 | €22,595 | €36,050 | €58,782 | €66,213 | €98,405 | €48,376 | €53,387 | ▲ 10.4% |
| Deferred charges and accrued income490/1 | - | - | - | €301 | €7,347 | €4,095 | €400 | €441 | ▲ 10.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €115,254 | €99,142 | €112,035 | €133,028 | €157,421 | €188,488 | €225,062 | €343,324 | ▲ 52.5% |
| Equity10/15 | €75,809 | €91,565 | €88,077 | €104,987 | €127,198 | €158,896 | €196,274 | €170,534 | ▼ 13.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €69,609 | €85,365 | €81,877 | €98,787 | €120,998 | €152,696 | €190,074 | €164,334 | ▼ 13.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €96,927 | €119,138 | €152,696 | €190,074 | €164,334 | ▼ 13.5% |
| Amounts payable17/49 | €39,445 | €7,577 | €23,958 | €28,041 | €30,223 | €29,592 | €28,788 | €172,790 | ▲ 500% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €56,941 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €56,941 | - |
| Amounts payable within one year42/48 | €36,852 | €6,246 | €21,438 | €26,124 | €28,207 | €27,369 | €26,528 | €115,849 | ▲ 337% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €13,059 | - |
| Financial debts43 | - | - | - | - | €508 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €508 | - | - | - | - |
| Trade debts44 | €4,026 | €1,588 | €2,127 | €2,387 | €2,988 | €2,896 | €1,747 | €2,697 | ▲ 54.4% |
| Suppliers440/4 | - | - | - | €2,387 | €2,988 | €2,896 | €1,747 | €2,697 | ▲ 54.4% |
| Taxes, remuneration and social security45 | - | - | - | €10,617 | €9,160 | €8,167 | €8,871 | €12,711 | ▲ 43.3% |
| Taxes450/3 | - | - | - | €10,617 | €9,160 | €8,167 | €8,871 | €12,711 | ▲ 43.3% |
| Other amounts payable47/48 | - | - | - | €13,120 | €15,551 | €16,306 | €15,910 | €87,382 | ▲ 449% |
| Accrued charges and deferred income492/3 | - | - | - | €1,917 | €2,016 | €2,223 | €2,260 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,152 | €15,757 | €22,695 | €26,802 | €37,732 | €47,851 | €53,135 | €61,489 | ▲ 15.7% |
| + Depreciation and write-downs630 | €1,406 | €1,106 | €734 | €432 | €727 | €1,857 | €1,773 | €1,593 | ▼ 10.2% |
| Operating cash flow (approximation) | €17,558 | €16,863 | €23,429 | €27,234 | €38,459 | €49,708 | €54,908 | €63,082 | ▲ 14.9% |
| Investment in fixed assets (approximation) | - | €0 | -€1,726 | €0 | -€7,125 | €0 | €0 | -€172,344 | - |
| Change in cash | - | -€1,871 | €13,455 | €22,732 | €7,431 | €32,192 | -€50,029 | €5,011 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 29-08-2026 | 2026-00452214 |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00364872 |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00379660 |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00381197 |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20302908 |
| 31-12-2020 | micro format | 25-08-2021 | 2021-54000455 |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49200003 |
| 31-12-2018 | micro format | 12-08-2019 | 2019-46200511 |
| 31-12-2017 | micro format | 20-07-2018 | 2018-36500308 |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53500448 |
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Of the 82,290 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,878. 41,573 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2023 · 1 entry · €119 awarded · €119 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.