ECM
ActiveFinancials · financial year 2024, abbreviated format
2024 annual accounts filed 288 days after the deadline Filed on 15 October 2025, deadline 31 December 2024 (7 months after the close on 31 May 2024, Companies Code art. 3:10). Source: NBB, 2025-00547558.
Annual accounts 2024 filed on 15-10-2025 PDF all 7 filings
Equity
€2.0m▼ 67.6%
2022 · €6.3m
Total assets
€9.4m▼ 31.1%
2022 · €13.6m
Net result
-€4.3m▼ 1,073%
2022 · -€365,035
Working capital
-€1.7m
2022 · €2.3m
Multi-year overview
2019 to 2024, 5 financial yearsOperating result
-€90,104
2024
20192024
Net result
-€4.3m
2024
20192024
Equity
€2.0m
2024
20192024
Total assets
€9.4m
2024
20192024
Debt
€7.3m
2024
20192024
Working capital
-€1.7m
2024
20192024
Staff (FTE)
0
2024
20192024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222024
Operating result-€0.08m--€0.007m▲ 90.7%-€0.05m▼ 595%€0.1m-€0.09m-
Net result€0.8m--€0.02m€0.6m-€0.4m-€4.3m-
Equity€6.1m-€6.1m▼ 0.4%€6.7m▲ 9.5%€6.3m▼ 5.5%€2.0m-
Total assets€7.2m-€6.6m▼ 7.8%€7.3m▲ 10.5%€13.6m▲ 86.7%€9.4m-
Debt€1.0m-€0.5m▼ 51.7%€0.6m▲ 22.2%€7.3m▲ 12×€7.3m-
Working capital€1.6m-€1.6m▼ 0.1%€2.1m▲ 36.7%€2.3m▲ 8.9%-€1.7m-
Staff (FTE)0-
The operating result for 2024 is a loss of €90,104, against €110,337 in 2022. Comparable figures for the intervening years are unavailable.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2024 in colour, 2022 as the grey bar beneath
Assets €9.4m
Fixed assets
€4.1m ▲ 0.1%
Current assets
€5.3m ▼ 44.6%
Equity and liabilities €9.4m
Equity
€2.0m ▼ 67.6%
Debt
€7.3m ▲ 0.4%
Debt's share of the balance-sheet total rises from 53.6% to 78.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€69,802▼
2022 · €117,954
Cash flow
-€4.3m▼
2022 · -€357,418
Current ratio
0.75▼
2022 · 1.32
Debt to equity
3.59▲
2022 · 1.16
ROE
-208.9%▼
2022 · -5.8%
ROA
-45.5%▼
2022 · -2.7%
Interest coverage
-0.02▼
2022 · 0.01
Debt ≤ 1 year
€7.0m▼
2022 · €7.2m
Debt > 1 year
€26,942▼
2022 · €45,911
Income taxes
€10,602▲
2022 · €305
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 31-05-2024 |
|---|---|---|
| Tangible fixed assets | - | €23,373 |
| Depreciation and write-downs of the year | €7,617 | €20,303 |
Source: notes to the 2022 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.2m | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.05m | €0.05m | €0.008m | €0.02m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.02m | - |
| Gross operating margin9900 | €0.04m | €0.05m | €0.005m | €0.1m | -€0.05m | - |
| Operating profit (loss)9901 | -€0.08m | -€0.007m | -€0.05m | €0.1m | -€0.09m | - |
| Financial income75/76B | - | - | - | €12.0m | €0.09m | - |
| Recurring financial income75 | €0.9m | €0.001m | €1.5m | €12.0m | €0.09m | - |
| Financial charges65/66B | - | - | - | €12.5m | €4.3m | - |
| Recurring financial charges65 | €0.01m | €0.01m | €0.7m | €12.5m | €4.3m | - |
| Profit (loss) for the period before taxes9903 | €0.8m | -€0.02m | €0.7m | -€0.4m | -€4.3m | - |
| Income taxes67/77 | €0.001m | €0.001m | €0.2m | €305 | €0.01m | - |
| Profit (loss) for the period9904 | €0.8m | -€0.02m | €0.6m | -€0.4m | -€4.3m | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | -€0.02m | €0.2m | -€0.4m | -€4.3m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.2m | €6.6m | €7.3m | €13.6m | €9.4m | - |
| Fixed assets21/28 | €5.0m | €5.0m | €4.9m | €4.1m | €4.1m | - |
| Intangible fixed assets21 | €0.001m | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €1.0m | €0.2m | €0.2m | - |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | - |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.001m | - |
| Furniture and vehicles24 | - | - | - | - | €0.02m | - |
| Financial fixed assets28 | €4.0m | €4.0m | €4.0m | €3.9m | €3.9m | - |
| Current assets29/58 | €2.1m | €1.6m | €2.4m | €9.5m | €5.3m | - |
| Stocks and contracts in progress3 | €1.0m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.1m | €0.1m | €0.09m | - |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | - |
| Other amounts receivable41 | - | - | - | €0.07m | €0.06m | - |
| Current investments50/53 | - | - | - | €4.2m | €4.7m | - |
| Cash at bank and in hand54/58 | €0.7m | €1.3m | €2.2m | €5.2m | €0.5m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.2m | €6.6m | €7.3m | €13.6m | €9.4m | - |
| Equity10/15 | €6.1m | €6.1m | €6.7m | €6.3m | €2.0m | - |
| Contributions10/11 | €4.0m | - | - | €4.0m | €4.0m | - |
| Reserves13 | €2.2m | €2.1m | €2.7m | €2.7m | €2.7m | - |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | - |
| Reserves not available under the articles1311 | - | - | - | €0.1m | €0.1m | - |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | - |
| Distributable reserves133 | - | - | - | €2.3m | €2.3m | - |
| Profit (loss) carried forward14 | - | - | - | -€0.4m | -€4.6m | - |
| Amounts payable17/49 | €1.0m | €0.5m | €0.6m | €7.3m | €7.3m | - |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.05m | €0.03m | - |
| Financial debts170/4 | - | - | - | €0.05m | €0.03m | - |
| Amounts payable within one year42/48 | €0.6m | €0.07m | €0.2m | €7.2m | €7.0m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | - |
| Trade debts44 | €0.03m | €0.02m | €0.006m | €0.03m | €0.07m | - |
| Suppliers440/4 | - | - | - | €0.03m | €0.07m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €393 | - |
| Taxes450/3 | - | - | - | €0.004m | €393 | - |
| Other amounts payable47/48 | - | - | - | €7.2m | €7.0m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.07m | €0.3m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | -€0.02m | €0.6m | -€0.4m | -€4.3m | - |
| + Depreciation and write-downs630 | €0.1m | €0.05m | €0.05m | €0.008m | €0.02m | - |
| Operating cash flow (approximation) | €0.9m | €0.03m | €0.6m | -€0.4m | -€4.3m | - |
| Investment in fixed assets (approximation) | - | €0.02m | -€0.005m | €0.8m | - | - |
| Change in cash | - | €0.6m | €1.0m | €3.0m | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2024 | abbreviated format | 15-10-2025 | 2025-00547558 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00011303 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-04300267 | |
| 30-06-2020 | abbreviated format | 22-12-2020 | 2020-77000050 | |
| 30-06-2019 | abbreviated format | 20-12-2019 | 2019-77000575 | |
| 30-06-2018 | abbreviated format | 21-12-2018 | 2018-75700296 | |
| 30-06-2017 | abbreviated format | 22-12-2017 | 2017-73000374 |