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).
Overview
- Staff
- 73.4 FTE
- Equity
- €3.8m
- Profit
- €1.2m
- Parent
- Expertum Group · 100%
- Holdings
- 8
Why 70raises riskEquity €3.8m (12.7% of total assets)Liquidity: current ratio 1.27, cash €1.1mSector: Retail trade (NACE 47)lowers riskFounded in 2008Show the evidence
Checked score
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, medium-sized): better than 30% on solvency, 57% on liquidity, 42% on profitability and 83% on growth.
The bankruptcy probability was computed on 18-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 30 days before the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Appointment: Moore Audit BV (statutory auditor)Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
Source amounts without an identifiable currency are assumed to be EUR.
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.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
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).
| 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 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
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 |
| 2022 | 3 | €17,137 | €16,813 |
Public contracts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Statutory auditor 1
Mandate history
- Statutory auditor
| Name | Functions and periods |
|---|---|
| BV MOORE AUDIT |
|
Owners and capital
Owners
1 ownerChain of control
- Expertum Group
- ECE
Highest known parent: Expertum Group. The sources do not say who stands above it.
Owners 1
-
100%
According to the 2025 annual accounts of ECE and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
8 holdings · 5 subsidiaries in the treeHoldings 8
Source for every holding own accounts 2025
-
100%
-
100%
- CarvaljoNLEquity €344,658Result €273,7060%
- ECE AdriaticsSIEquity €221,794Result €8350%
- ECE BVNLEquity -€1.8mResult -€913,4380%
- ECI Savetjodavna Izvrsnost DOOHREquity €214,159Result €211,9660%
- Partner in TechnologyNLEquity €2.6mResult €619,7700%
- QrcusNLEquity €563,702Result €331,6090%
All subsidiaries, including indirect ones 5
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
According to the 2025 annual accounts of ECE and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
07-09
Gazette deed
Appointment: Moore Audit BV (statutory auditor)2 facts ▸
- General meeting, 30-06-2026
- Auditor appointment, Moore Audit BV (statutory auditor)
Show earlier events
About the unread acts
Of the 9 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 18 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21307F0126/00G000 | Brussels | 2.4 ha | 1 · 4,149 m² | 20.6 m · 5 |
| 41016D0941/00G000 | Flanders | 9,851 m² | 1 · 3,461 m² | 12.9 m · 3 |