ECE
ActiveSummary
ECE has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.8m and a net result of €1.2m. Equity is growing by about 8.6% per year across the filed financial years. Its solvency ranks better than 23% of 4,978 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Financials · financial year 2025, full format
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€19.8m▲ 12.4%
2024 · €17.6m
EBIT margin
12.4%=
2024 · 12.4%
Net result
€1.2m▲ 15.3%
2024 · €1.0m
Working capital
€2.6m▼ 57.9%
2024 · €6.1m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 12% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€19.8m
2025
Operating result€2.5m
2025
Net result€1.2m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€29.9m
2025
Equity€3.8m
2025
Debt€26.1m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€2.6m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin12.4%
2025
Return on assets (ROA)4.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency12.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.27
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)73.4
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: 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), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€15.2m€15.6m▲ 2.6%€19.4m▲ 23.8%€18.1m▼ 6.4%€17.3m▼ 4.4%€17.6m▲ 1.8%€19.8m▲ 12.4%
Operating result€1.7m-€1.8m▲ 9.3%€1.9m▲ 6.7%€2.3m▲ 20.1%€2.1m▼ 12.3%€2.5m▲ 20.1%€2.2m▼ 11.2%€2.5m▲ 12.5%
Net result€1.1m-€1.2m▲ 10.0%€1.3m▲ 10.9%€1.5mabove the sector's middle half▲ 19.5%€1.4mabove the sector's middle half▼ 10.3%€1.5mabove the sector's middle half▲ 8.9%€1.0mabove the sector's middle half▼ 31.1%€1.2mabove the sector's middle half▲ 15.3%
EBIT margin12.0%12.4%▲ 0.5pp12.1%▼ 0.4pp11.3%▼ 0.8pp14.2%▲ 2.9pp12.4%▼ 1.8pp12.4%=
Equity€1.7m-€1.7m=€1.7m=€1.7mabove the sector's middle half=€3.0mabove the sector's middle half▲ 83.7%€1.6mabove the sector's middle half▼ 48.8%€2.6mabove the sector's middle half▲ 66.7%€3.8mabove the sector's middle half▲ 46.1%
Total assets€5.7m-€5.7m=€6.4m▲ 12.3%€7.1mabove the sector's middle half▲ 11.9%€7.1mabove the sector's middle half▼ 1.0%€18.0mabove the sector's middle half▲ 154%€21.9mabove the sector's middle half▲ 21.8%€29.9mabove the sector's middle half▲ 36.9%
Debt€4.0m-€4.0m=€4.7m▲ 17.3%€5.5m▲ 16.0%€4.0m▼ 26.7%€16.4m▲ 308%€19.3m▲ 17.5%€26.1m▲ 35.7%
Working capital€1.7m-€1.7m=€1.6m▼ 4.2%€1.7mabove the sector's middle half▲ 6.3%€3.3mabove the sector's middle half▲ 93.8%€1.9mabove the sector's middle half▼ 42.4%€6.1mabove the sector's middle half▲ 219%€2.6mabove the sector's middle half▼ 57.9%
Solvency29.2%-29.2%=26.0%▼ 3.2pp23.2%within the sector's middle half▼ 2.8pp43.1%within the sector's middle half▲ 19.9pp8.7%below the sector's middle half▼ 34.4pp11.9%below the sector's middle half▲ 3.2pp12.7%below the sector's middle half▲ 0.8pp
Current ratio1.43-1.43=1.34▼ 0.081.32within the sector's middle half▼ 0.021.90within the sector's middle half▲ 0.581.33within the sector's middle half▼ 0.572.13within the sector's middle half▲ 0.801.27within the sector's middle half▼ 0.86
Return on assets (ROA)18.6%-20.5%▲ 1.9pp20.3%▼ 0.2pp21.7%above the sector's middle half▲ 1.4pp19.6%above the sector's middle half▼ 2.0pp8.4%within the sector's middle half▼ 11.2pp4.8%within the sector's middle half▼ 3.7pp4.0%within the sector's middle half▼ 0.8pp
Staff (FTE)68.8-68.6▼ 0.3%71.3▲ 3.9%79above the sector's middle half▲ 10.8%72.7above the sector's middle half▼ 8.0%69.3above the sector's middle half▼ 4.7%68above the sector's middle half▼ 1.9%73.4above the sector's middle half▲ 7.9%
above
within
below
the middle half of NACE 47, Retail trade: 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29.9m
Fixed assets
€18.1m ▲ 72.8%
Current assets
€11.9m ▲ 4.1%
Equity and liabilities €29.9m
Equity
€3.8m ▲ 46.1%
Debt
€26.1m ▲ 35.7%
Debt's share of the balance-sheet total falls from 88.1% to 87.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.6m▲
2024 · €2.2m
Cash flow
€1.3m▲
2024 · €1.1m
Debt to equity
6.88▼
2024 · 7.41
ROE
31.6%▼
2024 · 40.0%
Interest coverage
2.52▲
2024 · 2.31
Debt ≤ 1 year
€9.3m▲
2024 · €5.4m
Debt > 1 year
€16.2m▲
2024 · €13.6m
Income taxes
€500,484▲
2024 · €432,951
Staff costs
€7.7m▲
2024 · €7.4m
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €20.0m | €18.8m | €17.9m | €18.4m | €20.4m | ▲ 10.6% |
| Turnover70 | - | €15.2m | €15.6m | €19.4m | €18.1m | €17.3m | €17.6m | €19.8m | ▲ 12.4% |
| Own construction capitalised72 | - | - | - | - | - | - | €0.2m | €0 | ▼ 100% |
| Other operating income74 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 6.0% |
| Non-recurring operating income76A | - | - | - | - | - | €0.001m | €0.002m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €17.7m | €16.7m | €15.5m | €16.2m | €17.9m | ▲ 10.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €6.8m | €6.3m | €5.3m | €5.7m | €6.9m | ▲ 20.6% |
| Purchases600/8 | - | - | - | €6.8m | €6.3m | €5.3m | €5.7m | €6.9m | ▲ 20.6% |
| Services and other goods61 | - | - | - | €3.2m | €3.1m | €2.4m | €3.0m | €3.2m | ▲ 6.9% |
| Remuneration, social security and pensions62 | - | - | - | €7.6m | €7.3m | €7.7m | €7.4m | €7.7m | ▲ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.1m | ▲ 73.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | -€0.01m | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.003m | €0.01m | €0.01m | ▼ 5.2% |
| Gross operating margin9900 | €7.6m | - | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | €1.7m | €1.8m | €1.9m | €2.3m | €2.1m | €2.5m | €2.2m | €2.5m | ▲ 12.5% |
| Financial income75/76B | - | - | - | €0.02m | €0.006m | €0.04m | €0.3m | €0.3m | ▲ 3.0% |
| Recurring financial income75 | €0.01m | €0.03m | €0.03m | €0.02m | €0.006m | €0.04m | €0.3m | €0.3m | ▲ 3.0% |
| Income from current assets751 | - | - | - | €14 | €135 | €0.03m | €0.3m | €0.3m | ▲ 3.3% |
| Other financial income752/9 | - | - | - | €0.02m | €0.006m | €0.006m | €0.001m | €130 | ▼ 81.6% |
| Financial charges65/66B | - | - | - | €0.07m | €0.1m | €0.4m | €1.0m | €1.0m | ▲ 5.5% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.06m | €0.07m | €0.1m | €0.4m | €1.0m | €1.0m | ▲ 5.5% |
| Debt charges650 | - | €0.03m | €0.04m | €0.06m | €0.09m | €0.3m | €1.0m | €1.0m | ▲ 4.5% |
| Other financial charges652/9 | - | - | - | €0.003m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 59.7% |
| Profit (loss) for the period before taxes9903 | €1.7m | €1.8m | €1.9m | €2.3m | €2.0m | €2.1m | €1.5m | €1.7m | ▲ 15.4% |
| Income taxes67/77 | €0.6m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.4m | €0.5m | ▲ 15.6% |
| Taxes670/3 | - | - | - | €0.7m | €0.6m | €0.6m | €0.4m | €0.5m | ▲ 15.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.05m | €0 | - | - | - |
| Profit (loss) for the period9904 | €1.1m | €1.2m | €1.3m | €1.5m | €1.4m | €1.5m | €1.0m | €1.2m | ▲ 15.3% |
| Profit (loss) for the period to be appropriated9905 | €1.1m | €1.2m | €1.3m | €1.5m | €1.4m | €1.5m | €1.0m | €1.2m | ▲ 15.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.7m | €5.7m | €6.4m | €7.1m | €7.1m | €18.0m | €21.9m | €29.9m | ▲ 36.9% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.09m | €0.1m | €0.1m | €0.1m | €0.09m | €10.2m | €10.5m | €18.1m | ▲ 72.8% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | €0.2m | €0.2m | ▼ 20.0% |
| Tangible fixed assets22/27 | €0.08m | €0.1m | €0.1m | €0.09m | €0.08m | €0.09m | €0.1m | €0.2m | ▲ 71.2% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.005m | €0.03m | €0.04m | €0.05m | ▲ 36.7% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.07m | €0.07m | €0.07m | €0.1m | ▲ 86.1% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.001m | €403 | €0 | €0.003m | - |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €10.2m | €10.2m | €17.7m | ▲ 74.6% |
| Affiliated companies280/1 | - | - | - | - | - | €10.1m | €10.1m | €17.7m | ▲ 74.7% |
| Participating interests280 | - | - | - | - | - | €10.1m | €10.1m | €17.7m | ▲ 74.7% |
| Other financial fixed assets284/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €5.6m | €5.6m | €6.3m | €7.0m | €7.0m | €7.7m | €11.4m | €11.9m | ▲ 4.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €2.3m | €6.5m | €6.3m | ▼ 3.4% |
| Other amounts receivable291 | - | - | - | - | - | €2.3m | €6.5m | €6.3m | ▼ 3.4% |
| Stocks and contracts in progress3 | €0 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €4.1m | €4.1m | €3.7m | €4.2m | €3.9m | €4.6m | €3.9m | €4.4m | ▲ 12.9% |
| Trade receivables40 | - | - | - | €4.2m | €3.9m | €4.6m | €3.9m | €4.1m | ▲ 5.7% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.006m | €0.001m | €0.002m | €0.3m | ▲ 17,360% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.5m | €1.5m | €2.7m | €2.8m | €3.0m | €0.8m | €0.7m | €1.1m | ▲ 54.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.08m | €0.1m | €0.3m | €0.1m | ▼ 67.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.7m | €5.7m | €6.4m | €7.1m | €7.1m | €18.0m | €21.9m | €29.9m | ▲ 36.9% |
| Equity10/15 | €1.7m | €1.7m | €1.7m | €1.7m | €3.0m | €1.6m | €2.6m | €3.8m | ▲ 46.1% |
| Contributions10/11 | €0.04m | €0.04m | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Capital10 | - | - | - | €0.04m | €0.04m | - | - | - | - |
| Issued capital100 | - | - | - | €0.04m | €0.04m | - | - | - | - |
| Reserves13 | €1.6m | €1.6m | €1.6m | €1.6m | €3.0m | €1.5m | €2.6m | €3.8m | ▲ 46.9% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0 | - | - | - |
| Legal reserve130 | - | - | - | €0.004m | €0.004m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.6m | €3.0m | €1.5m | €2.6m | €3.8m | ▲ 46.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €4.0m | €4.0m | €4.7m | €5.5m | €4.0m | €16.4m | €19.3m | €26.1m | ▲ 35.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | €10.0m | €13.6m | €16.2m | ▲ 19.5% |
| Financial debts170/4 | - | - | - | - | - | €10.0m | €13.6m | €16.2m | ▲ 19.5% |
| Subordinated loans170 | - | - | - | - | - | - | - | €0.9m | - |
| Credit institutions173 | - | - | - | - | - | €10.0m | €13.6m | €12.0m | ▼ 11.7% |
| Other loans174 | - | - | - | - | - | - | - | €3.3m | - |
| Amounts payable within one year42/48 | €3.9m | €3.9m | €4.7m | €5.3m | €3.7m | €5.8m | €5.4m | €9.3m | ▲ 74.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €1.5m | €1.5m | €3.1m | ▲ 111% |
| Financial debts43 | - | - | - | €0.2m | €0.1m | €0.9m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.1m | €0.9m | €0 | - | - |
| Trade debts44 | €1.5m | €1.5m | €1.3m | €1.8m | €1.6m | €1.0m | €1.5m | €1.8m | ▲ 16.2% |
| Suppliers440/4 | - | - | - | €1.8m | €1.6m | €1.0m | €1.5m | €1.8m | ▲ 16.2% |
| Taxes, remuneration and social security45 | - | - | - | €2.3m | €1.9m | €2.3m | €1.9m | €1.9m | ▼ 2.2% |
| Taxes450/3 | - | - | - | €1.1m | €0.8m | €0.9m | €0.5m | €0.4m | ▼ 19.9% |
| Remuneration and social security454/9 | - | - | - | €1.2m | €1.1m | €1.4m | €1.4m | €1.4m | ▲ 4.7% |
| Other amounts payable47/48 | - | - | - | €1.1m | €0 | €0.2m | €0.5m | €2.6m | ▲ 428% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.3m | €0.6m | €0.3m | €0.6m | ▲ 75.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.1m | €1.2m | €1.3m | €1.5m | €1.4m | €1.5m | €1.0m | €1.2m | ▲ 15.3% |
| + Depreciation and write-downs630 | €0.04m | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.1m | ▲ 73.7% |
| Operating cash flow (approximation) | €1.1m | €1.2m | €1.4m | €1.6m | €1.5m | €1.6m | €1.1m | €1.3m | ▲ 18.5% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€0.06m | -€0.04m | -€0.05m | -€10.2m | -€0.3m | -€7.7m | ▼ 2,813% |
| Change in cash | - | -€0.009m | €1.2m | €0.06m | €0.2m | -€2.2m | -€0.01m | €0.4m | - |
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 | full format | 28-07-2026 | 2026-00360692 |
| 31-12-2024 | full format | 11-07-2025 | 2025-00265891 |
| 31-12-2023 | full format | 03-07-2024 | 2024-00223309 |
| 31-12-2022 | full format | 08-06-2023 | 2023-00120640 |
| 31-12-2021 | full format | 05-07-2022 | 2022-20160280 |
| 31-12-2020 | full format | 01-06-2021 | 2021-17000028 |
| 31-12-2019 | full format | 08-07-2020 | 2020-28700131 |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-24900476 |
| 31-12-2017 | abbreviated format | 22-06-2018 | 2018-21500328 |
| 31-12-2016 | abbreviated format | 13-06-2017 | 2017-16700184 |
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Subsidies and aid
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2022 to 2025 · 10 entries · €74,130 awarded · €74,255 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €23,346 | €23,346 |
| 2024 | 3 | €18,255 | €18,870 |
| 2023 | 2 | €15,392 | €15,226 |
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Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.