ECLIPSO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 5 filings
Turnover
≈ €44,000
Estimated: probably between €19,000 and €89,000
EBIT margin
Not included in this filing
Net result
€3,688▲ 88.6%
2024 · €1,956
Working capital
€20,825▲ 25.4%
2024 · €16,606
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€4,481
▲ 50.5%
2025
20212025
Net result
€3,688
▲ 88.6%
2025
middle half of the sector
20212025
Equity
€21,295
▲ 20.9%
2025
middle half of the sector
20212025
Total assets
€34,786
▲ 26.3%
2025
lowest quarter of the sector
20212025
Debt
€13,491
▲ 35.7%
2025
20212025
Working capital
€20,825
▲ 25.4%
2025
middle half of the sector
20212025
Solvency
61.2%
▼ 2.7pp
2025
middle half of the sector
20212025
Current ratio
2.54
▼ 0.13
2025
middle half of the sector
20212025
Return on assets (ROA)
10.6%
▲ 3.5pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,222-€8,280▼ 10.2%€1,267▼ 84.7%€2,977▲ 135%€4,481▲ 50.5%
Net result€7,729within the sector's middle half-€5,907within the sector's middle half▼ 23.6%€715below the sector's middle half▼ 87.9%€1,956within the sector's middle half▲ 173%€3,688within the sector's middle half▲ 88.6%
Equity€9,029below the sector's middle half-€14,936below the sector's middle half▲ 65.4%€15,651below the sector's middle half▲ 4.8%€17,607within the sector's middle half▲ 12.5%€21,295within the sector's middle half▲ 20.9%
Total assets€31,187below the sector's middle half-€35,452below the sector's middle half▲ 13.7%€32,495below the sector's middle half▼ 8.3%€27,548below the sector's middle half▼ 15.2%€34,786below the sector's middle half▲ 26.3%
Debt€22,158-€20,515▼ 7.4%€16,843▼ 17.9%€9,941▼ 41.0%€13,491▲ 35.7%
Working capital€4,904within the sector's middle half-€10,122within the sector's middle half▲ 106%€11,346within the sector's middle half▲ 12.1%€16,606within the sector's middle half▲ 46.4%€20,825within the sector's middle half▲ 25.4%
Solvency29.0%within the sector's middle half-42.1%within the sector's middle half▲ 13.2pp48.2%within the sector's middle half▲ 6.0pp63.9%within the sector's middle half▲ 15.7pp61.2%within the sector's middle half▼ 2.7pp
Current ratio1.35within the sector's middle half-1.62within the sector's middle half▲ 0.271.67within the sector's middle half▲ 0.062.67within the sector's middle half▲ 1.002.54within the sector's middle half▼ 0.13
Return on assets (ROA)24.8%above the sector's middle half-16.7%above the sector's middle half▼ 8.1pp2.2%within the sector's middle half▼ 14.5pp7.1%within the sector's middle half▲ 4.9pp10.6%within the sector's middle half▲ 3.5pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 50% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34,786
Fixed assets
€470 ▼ 53.1%
Current assets
€34,317 ▲ 29.3%
Equity and liabilities €34,786
Equity
€21,295 ▲ 20.9%
Debt
€13,491 ▲ 35.7%
Debt's share of the balance-sheet total rises from 36.1% to 38.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5,013▼
2024 · €7,351
Cash flow
€4,220▼
2024 · €6,330
Debt to equity
0.63▲
2024 · 0.56
ROE
17.3%▲
2024 · 11.1%
Interest coverage
47.56▲
2024 · 8.27
Debt ≤ 1 year
€13,491▲
2024 · €9,941
Income taxes
€1,109▲
2024 · €608
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,659 | €1,078 | - | €1,070 | - |
| Depreciation and write-downs of the year | €450 | €4,403 | €4,578 | €4,374 | €532 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €450 | €4,403 | €4,578 | €4,374 | €532 | ▼ 87.8% |
| Other operating charges640/8 | €85 | €106 | €137 | €419 | €419 | ▲ 0.1% |
| Gross operating margin9900 | €9,757 | €12,790 | €5,982 | €7,770 | €5,432 | ▼ 30.1% |
| Operating profit (loss)9901 | €9,222 | €8,280 | €1,267 | €2,977 | €4,481 | ▲ 50.5% |
| Financial income75/76B | €151 | €445 | €456 | €475 | €421 | ▼ 11.3% |
| Recurring financial income75 | €151 | €445 | €456 | €475 | €421 | ▼ 11.3% |
| Financial charges65/66B | €137 | €1,336 | €732 | €889 | €105 | ▼ 88.1% |
| Recurring financial charges65 | €137 | €1,336 | €732 | €889 | €105 | ▼ 88.1% |
| Profit (loss) for the period before taxes9903 | €9,236 | €7,389 | €991 | €2,564 | €4,797 | ▲ 87.1% |
| Income taxes67/77 | €1,507 | €1,482 | €276 | €608 | €1,109 | ▲ 82.4% |
| Profit (loss) for the period9904 | €7,729 | €5,907 | €715 | €1,956 | €3,688 | ▲ 88.6% |
| Profit (loss) for the period to be appropriated9905 | €7,729 | €5,907 | €715 | €1,956 | €3,688 | ▲ 88.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €31,187 | €35,452 | €32,495 | €27,548 | €34,786 | ▲ 26.3% |
| Fixed assets21/28 | €12,209 | €8,884 | €4,305 | €1,002 | €470 | ▼ 53.1% |
| Tangible fixed assets22/27 | €12,209 | €8,884 | €4,305 | €1,002 | €470 | ▼ 53.1% |
| Furniture and vehicles24 | €500 | €1,169 | €584 | €1,002 | €470 | ▼ 53.1% |
| Leasing and similar rights25 | €11,709 | €7,715 | €3,721 | - | - | - |
| Current assets29/58 | €18,977 | €26,568 | €28,189 | €26,546 | €34,317 | ▲ 29.3% |
| Amounts receivable within one year40/41 | €13,997 | €24,876 | €24,795 | €22,439 | €20,238 | ▼ 9.8% |
| Trade receivables40 | €8,630 | €16,244 | €16,772 | €14,278 | €12,335 | ▼ 13.6% |
| Other amounts receivable41 | €5,366 | €8,632 | €8,023 | €8,160 | €7,903 | ▼ 3.2% |
| Cash at bank and in hand54/58 | €4,981 | €1,692 | €2,222 | €3,304 | €13,354 | ▲ 304% |
| Deferred charges and accrued income490/1 | - | - | €1,172 | €804 | €724 | ▼ 9.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €31,187 | €35,452 | €32,495 | €27,548 | €34,786 | ▲ 26.3% |
| Equity10/15 | €9,029 | €14,936 | €15,651 | €17,607 | €21,295 | ▲ 20.9% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €300 | €300 | €300 | €300 | €300 | = |
| Non-distributable reserves130/1 | - | €300 | €300 | €300 | €300 | = |
| Reserves not available under the articles1311 | - | €300 | €300 | €300 | €300 | = |
| Distributable reserves133 | €300 | - | - | - | - | - |
| Profit (loss) carried forward14 | €5,729 | €11,636 | €12,351 | €14,307 | €17,995 | ▲ 25.8% |
| Amounts payable17/49 | €22,158 | €20,515 | €16,843 | €9,941 | €13,491 | ▲ 35.7% |
| Amounts payable after more than one year17 | €8,084 | €4,070 | - | - | - | - |
| Financial debts170/4 | €8,084 | €4,070 | - | - | - | - |
| Amounts payable within one year42/48 | €14,074 | €16,445 | €16,843 | €9,941 | €13,491 | ▲ 35.7% |
| Current portion of amounts payable after more than one year42 | €3,226 | €4,014 | €4,070 | - | - | - |
| Trade debts44 | €6,641 | €8,142 | €9,665 | €7,556 | €9,882 | ▲ 30.8% |
| Suppliers440/4 | €6,641 | €8,142 | €9,665 | €7,556 | €9,882 | ▲ 30.8% |
| Taxes, remuneration and social security45 | €2,507 | €4,289 | €3,108 | €2,384 | €3,609 | ▲ 51.4% |
| Taxes450/3 | €1,507 | €2,989 | €1,758 | €884 | €1,109 | ▲ 25.4% |
| Remuneration and social security454/9 | €1,000 | €1,300 | €1,350 | €1,500 | €2,500 | ▲ 66.7% |
| Other amounts payable47/48 | €1,700 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,729 | €5,907 | €715 | €1,956 | €3,688 | ▲ 88.6% |
| + Depreciation and write-downs630 | €450 | €4,403 | €4,578 | €4,374 | €532 | ▼ 87.8% |
| Operating cash flow (approximation) | €8,179 | €10,310 | €5,294 | €6,330 | €4,220 | ▼ 33.3% |
| Investment in fixed assets (approximation) | - | -€1,078 | €0 | -€1,070 | €0 | - |
| Change in cash | - | -€3,289 | €530 | €1,081 | €10,050 | ▲ 829% |
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, 26,972 companies had the same profile as ECLIPSO has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ECLIPSO itself: 0.5% 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 26,972 companies, not a prediction for ECLIPSO. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00250754 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00395544 | |
| 31-12-2023 | full format | 27-08-2024 | 2024-00398229 | |
| 31-12-2022 | micro format | 19-09-2023 | 2023-00453451 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20113361 |