ECES
ActiveSummary
ECES has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €913,935 and a net result of €66,421. Equity is growing by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 92% of 11472 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▼-5
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €70,000 at 30 days acceptable
Liquidity ample (current ratio 29.73 against 20.69 in 2024; short-term debt: 2.4% and cash: 5.1% of total assets), and 7.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
92.8%
Return on assets
6.7%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
on the day
2022
3 d early
2021
5 d early
2020
30 d early
2019
22 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 9 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€913,935▲ 7.8%
2024 · €847,514
Total assets
€985,232▲ 4.8%
2024 · €940,360
Net result
€66,421▼ 34.2%
2024 · €100,951
Working capital
€679,376▲ 10.2%
2024 · €616,395
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€76,757▼ 3.6%€44,361▼ 42.2%€119,101▲ 168%€130,721▲ 9.8%€90,891▼ 30.5%
Net result€29,673above the sector's middle half▼ 41.9%€28,351above the sector's middle half▼ 4.5%€78,099above the sector's middle half▲ 175%€100,951above the sector's middle half▲ 29.3%€66,421above the sector's middle half▼ 34.2%
Equity€640,113above the sector's middle half▲ 4.9%€668,464above the sector's middle half▲ 4.4%€746,563above the sector's middle half▲ 11.7%€847,514above the sector's middle half▲ 13.5%€913,935above the sector's middle half▲ 7.8%
Total assets€822,745above the sector's middle half▲ 20.3%€813,010above the sector's middle half▼ 1.2%€884,131above the sector's middle half▲ 8.7%€940,360above the sector's middle half▲ 6.4%€985,232above the sector's middle half▲ 4.8%
Debt€182,632▲ 150%€144,546▼ 20.9%€137,568▼ 4.8%€92,847▼ 32.5%€71,296▼ 23.2%
Working capital€440,118▼ 19.1%€467,999▲ 6.3%€506,047▲ 8.1%€616,395▲ 21.8%€679,376▲ 10.2%
Solvency77.8%above the sector's middle half▼ 11.5pp82.2%above the sector's middle half▲ 4.4pp84.4%above the sector's middle half▲ 2.2pp90.1%above the sector's middle half▲ 5.7pp92.8%above the sector's middle half▲ 2.6pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 30% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €985,232
Fixed assets
€282,208 ▼ 3.6%
Current assets
€703,024 ▲ 8.5%
Equity and liabilities €985,232
Equity
€913,935 ▲ 7.8%
Debt
€71,296 ▼ 23.2%
Debt's share of the balance-sheet total falls from 9.9% to 7.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€114,970▼
2024 · €154,249
Cash flow
€90,500▼
2024 · €124,479
Current ratio
29.73▲
2024 · 20.69
Quick ratio
29.58▲
2024 · 20.58
Debt to equity
0.08▼
2024 · 0.11
ROE
7.3%▼
2024 · 11.9%
ROA
6.7%▼
2024 · 10.7%
Interest coverage
29.03▼
2024 · 31.08
Debt ≤ 1 year
€23,648▼
2024 · €31,305
Debt > 1 year
€47,294▼
2024 · €60,456
Income taxes
€40,870▼
2024 · €46,188
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,082 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,393 | €20,690 | €20,610 | €23,528 | €24,079 | ▲ 2.3% |
| Other operating charges640/8 | €2,397 | €2,208 | €3,252 | €3,457 | €2,932 | ▼ 15.2% |
| Gross operating margin9900 | €120,546 | €67,260 | €142,963 | €157,706 | €117,902 | ▼ 25.2% |
| Operating profit (loss)9901 | €76,757 | €44,361 | €119,101 | €130,721 | €90,891 | ▼ 30.5% |
| Financial income75/76B | €7 | €255 | €1,839 | €21,382 | €20,361 | ▼ 4.8% |
| Recurring financial income75 | €7 | €255 | €1,839 | €21,382 | €20,361 | ▼ 4.8% |
| Financial charges65/66B | €24,279 | €1,864 | €4,518 | €4,963 | €3,961 | ▼ 20.2% |
| Recurring financial charges65 | €24,279 | €1,864 | €4,518 | €4,963 | €3,961 | ▼ 20.2% |
| Profit (loss) for the period before taxes9903 | €52,484 | €42,752 | €116,422 | €147,139 | €107,292 | ▼ 27.1% |
| Transfer from deferred taxes780 | €309 | - | - | - | - | - |
| Income taxes67/77 | €23,120 | €14,401 | €38,323 | €46,188 | €40,870 | ▼ 11.5% |
| Profit (loss) for the period9904 | €29,673 | €28,351 | €78,099 | €100,951 | €66,421 | ▼ 34.2% |
| Transfer from tax-exempt reserves789 | €600 | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | €28 | €28 | €28 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €30,245 | €28,323 | €78,071 | €100,951 | €66,421 | ▼ 34.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €822,745 | €813,010 | €884,131 | €940,360 | €985,232 | ▲ 4.8% |
| Fixed assets21/28 | €332,743 | €315,724 | €313,835 | €292,660 | €282,208 | ▼ 3.6% |
| Intangible fixed assets21 | - | - | - | - | €872 | - |
| Tangible fixed assets22/27 | €332,743 | €315,724 | €313,835 | €292,660 | €281,337 | ▼ 3.9% |
| Land and buildings22 | €331,547 | €315,182 | €295,682 | €276,182 | €256,681 | ▼ 7.1% |
| Plant, machinery and equipment23 | €88 | - | - | - | - | - |
| Furniture and vehicles24 | €448 | €224 | €18,116 | €16,464 | €24,655 | ▲ 49.8% |
| Other tangible fixed assets26 | €660 | €318 | €38 | €15 | €0 | ▼ 100% |
| Current assets29/58 | €490,002 | €497,286 | €570,296 | €647,700 | €703,024 | ▲ 8.5% |
| Stocks and contracts in progress3 | €3,443 | €3,443 | €3,397 | €3,370 | €3,453 | ▲ 2.5% |
| Stocks30/36 | €3,443 | €3,443 | €3,397 | €3,370 | €3,453 | ▲ 2.5% |
| Amounts receivable within one year40/41 | €150 | €7,246 | €2,266 | €4,091 | €1 | ▼ 100.0% |
| Trade receivables40 | €150 | €3,647 | €0 | €4,090 | €0 | ▼ 100% |
| Other amounts receivable41 | - | €3,599 | €2,266 | €1 | €1 | = |
| Current investments50/53 | €549 | €549 | €475,549 | €613,379 | €640,549 | ▲ 4.4% |
| Cash at bank and in hand54/58 | €478,612 | €485,213 | €87,245 | €18,028 | €50,317 | ▲ 179% |
| Deferred charges and accrued income490/1 | €7,249 | €835 | €1,839 | €8,832 | €8,704 | ▼ 1.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €822,745 | €813,010 | €884,131 | €940,360 | €985,232 | ▲ 4.8% |
| Equity10/15 | €640,113 | €668,464 | €746,563 | €847,514 | €913,935 | ▲ 7.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €632,499 | €660,527 | €737,555 | €841,305 | €907,705 | ▲ 7.9% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Tax-exempt reserves132 | €139 | €167 | €195 | €195 | €195 | = |
| Distributable reserves133 | €630,500 | €658,500 | €735,500 | €841,110 | €907,510 | ▲ 7.9% |
| Profit (loss) carried forward14 | €1,413 | €1,737 | €2,808 | €9 | €30 | ▲ 242% |
| Amounts payable17/49 | €182,632 | €144,546 | €137,568 | €92,847 | €71,296 | ▼ 23.2% |
| Amounts payable after more than one year17 | €128,108 | €114,288 | €72,549 | €60,456 | €47,294 | ▼ 21.8% |
| Financial debts170/4 | €128,108 | €114,288 | €72,549 | €60,456 | €47,294 | ▼ 21.8% |
| Amounts payable within one year42/48 | €49,884 | €29,286 | €64,249 | €31,305 | €23,648 | ▼ 24.5% |
| Current portion of amounts payable after more than one year42 | €14,664 | €13,855 | €42,008 | €12,102 | €12,948 | ▲ 7.0% |
| Trade debts44 | €9,082 | €6,024 | €3,381 | €1,458 | €205 | ▼ 85.9% |
| Suppliers440/4 | €9,082 | €6,024 | €3,381 | €1,458 | €205 | ▼ 85.9% |
| Taxes, remuneration and social security45 | €22,201 | €4,689 | €13,384 | €11,918 | €7,354 | ▼ 38.3% |
| Taxes450/3 | €21,601 | €4,089 | €13,384 | €11,318 | €6,754 | ▼ 40.3% |
| Remuneration and social security454/9 | €600 | €600 | €0 | €600 | €600 | = |
| Other amounts payable47/48 | €3,938 | €4,717 | €5,476 | €5,827 | €3,142 | ▼ 46.1% |
| Accrued charges and deferred income492/3 | €4,640 | €972 | €770 | €1,085 | €355 | ▼ 67.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,673 | €28,351 | €78,099 | €100,951 | €66,421 | ▼ 34.2% |
| + Depreciation and write-downs630 | €41,393 | €20,690 | €20,610 | €23,528 | €24,079 | ▲ 2.3% |
| Operating cash flow (approximation) | €71,066 | €49,042 | €98,709 | €124,479 | €90,500 | ▼ 27.3% |
| Investment in fixed assets (approximation) | - | -€3,672 | -€18,721 | -€2,353 | -€13,627 | ▼ 479% |
| Change in cash | - | €6,601 | -€397,968 | -€69,217 | €32,289 | ▲ 147% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Highest result since 2018net €100,951 ▲29.3%
Operating result €130,721, net result €100,951, both a record.
30-09
Financial
Liquidity doublescurrent ratio 20.69
Current ratio from 8.88 to 20.69; short-term debt falls from €64,249 to €31,305.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Weakest financial yearnet €28,351 ▼4.5%
Net result drops to €28,351, the lowest in the series; recovery starts the following year.
25-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
02-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brugge · 1 establishment unit since 2005
Ground area
3,100 m²
Building footprint
334 m²
Volume, LiDAR
1,681 m³
2 parcels, Flanders · tallest building 17.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Emily et Nous
since 20052.147.657.204
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31362A0028/00F000 | Flanders | 2,509 m² | 1 · 185 m² | 17.4 m · 2 fl. |
| 31425C0141/00M000 | Flanders | 592 m² | 1 · 150 m² | 8.8 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
984500760C694C4B8862
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Of 6,146 companies in sector 46190 we hold annual accounts for 2,570. 1,251 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-06-2005
Fiscal year end30-09
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
47789Other retail sale of new goods
82300Organisation of conventions and trade shows
E-invoicing
Reachable via Peppol
Peppol ID
0208:0874470737
Also
9925:BE0874470737
Registered
10-06-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.