eCnergie
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 12 filings
Turnover
≈ €85,000
Estimated: probably between €56,000 and €110,000
Total assets
€47,706▼ 10.4%
2024 · €53,260
Net result
€14,235▼ 24.4%
2024 · €18,833
Working capital
€21,579▲ 81.1%
2024 · €11,916
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€24,346
▼ 7.6%
2025
20192025
Net result
€14,235
▼ 24.4%
2025
middle half of the sector
20192025
Equity
€31,285
▲ 83.5%
2025
middle half of the sector
20192025
Total assets
€47,706
▼ 10.4%
2025
lowest quarter of the sector
20192025
Debt
€16,421
▼ 54.7%
2025
20192025
Working capital
€21,579
▲ 81.1%
2025
middle half of the sector
20192025
Solvency
65.6%
▲ 33.6pp
2025
middle half of the sector
20192025
Current ratio
2.31
▲ 0.99
2025
middle half of the sector
20192025
Return on assets (ROA)
29.8%
▼ 5.5pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€21,520--€14,270€9,981-€3,709€11,125€26,343▲ 137%€24,346▼ 7.6%
Net result€15,807--€15,130below the sector's middle half€8,240within the sector's middle half-€4,437below the sector's middle half€6,407within the sector's middle half€18,833within the sector's middle half▲ 194%€14,235within the sector's middle half▼ 24.4%
Equity€48,108-€30,479within the sector's middle half▼ 36.6%€32,719within the sector's middle half▲ 7.3%€28,281within the sector's middle half▼ 13.6%€17,617below the sector's middle half▼ 37.7%€17,050below the sector's middle half▼ 3.2%€31,285within the sector's middle half▲ 83.5%
Total assets€78,287-€48,575below the sector's middle half▼ 38.0%€54,637below the sector's middle half▲ 12.5%€41,743below the sector's middle half▼ 23.6%€40,936below the sector's middle half▼ 1.9%€53,260below the sector's middle half▲ 30.1%€47,706below the sector's middle half▼ 10.4%
Debt€30,179-€18,096▼ 40.0%€21,919▲ 21.1%€13,461▼ 38.6%€23,319▲ 73.2%€36,211▲ 55.3%€16,421▼ 54.7%
Working capital€45,429-€27,553within the sector's middle half▼ 39.3%€30,123within the sector's middle half▲ 9.3%€23,306within the sector's middle half▼ 22.6%€11,500within the sector's middle half▼ 50.7%€11,916within the sector's middle half▲ 3.6%€21,579within the sector's middle half▲ 81.1%
Solvency61.5%-62.7%within the sector's middle half▲ 1.3pp59.9%within the sector's middle half▼ 2.9pp67.8%within the sector's middle half▲ 7.9pp43.0%within the sector's middle half▼ 24.7pp32.0%within the sector's middle half▼ 11.0pp65.6%within the sector's middle half▲ 33.6pp
Current ratio2.51-2.52within the sector's middle half▲ 0.022.37within the sector's middle half▼ 0.152.73within the sector's middle half▲ 0.361.49within the sector's middle half▼ 1.241.33within the sector's middle half▼ 0.162.31within the sector's middle half▲ 0.99
Return on assets (ROA)20.2%--31.1%below the sector's middle half▼ 51.3pp15.1%within the sector's middle half▲ 46.2pp-10.6%below the sector's middle half▼ 25.7pp15.7%within the sector's middle half▲ 26.3pp35.4%above the sector's middle half▲ 19.7pp29.8%above the sector's middle half▼ 5.5pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 8% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47,706
Fixed assets
€9,706 ▲ 89.1%
Current assets
€38,001 ▼ 21.0%
Equity and liabilities €47,706
Equity
€31,285 ▲ 83.5%
Debt
€16,421 ▼ 54.7%
Debt's share of the balance-sheet total falls from 68.0% to 34.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,468▼
2024 · €27,326
Cash flow
€15,358▼
2024 · €19,817
Debt to equity
0.52▼
2024 · 2.12
ROE
45.5%▼
2024 · 110.5%
Interest coverage
12.23▼
2024 · 40.42
Debt ≤ 1 year
€16,421▼
2024 · €36,211
Income taxes
€8,082▲
2024 · €7,016
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,575 | €2,697 | - | €5,695 |
| Depreciation and write-downs of the year | €1,195 | €1,556 | €983 | €1,123 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,045 | €1,054 | €1,023 | €1,195 | €1,556 | €983 | €1,123 | ▲ 14.2% |
| Other operating charges640/8 | - | - | - | €598 | €3,747 | €1,441 | €890 | ▼ 38.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,735 | - |
| Gross operating margin9900 | €22,859 | -€12,589 | €11,690 | -€1,915 | €16,428 | €28,767 | €28,094 | ▼ 2.3% |
| Operating profit (loss)9901 | €21,520 | -€14,270 | €9,981 | -€3,709 | €11,125 | €26,343 | €24,346 | ▼ 7.6% |
| Financial income75/76B | - | - | - | - | €69 | €182 | €53 | ▼ 71.0% |
| Recurring financial income75 | €531 | - | - | - | €69 | €182 | €53 | ▼ 71.0% |
| Financial charges65/66B | - | - | - | €580 | €513 | €676 | €2,082 | ▲ 208% |
| Recurring financial charges65 | €889 | €682 | €645 | €580 | €513 | €676 | €2,082 | ▲ 208% |
| Profit (loss) for the period before taxes9903 | €21,162 | -€14,952 | €9,337 | -€4,289 | €10,681 | €25,849 | €22,317 | ▼ 13.7% |
| Income taxes67/77 | €5,355 | €178 | €1,096 | €148 | €4,274 | €7,016 | €8,082 | ▲ 15.2% |
| Profit (loss) for the period9904 | €15,807 | -€15,130 | €8,240 | -€4,437 | €6,407 | €18,833 | €14,235 | ▼ 24.4% |
| Profit (loss) for the period to be appropriated9905 | €15,807 | -€15,130 | €8,240 | -€4,437 | €6,407 | €18,833 | €14,235 | ▼ 24.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €78,287 | €48,575 | €54,637 | €41,743 | €40,936 | €53,260 | €47,706 | ▼ 10.4% |
| Fixed assets21/28 | €2,680 | €2,926 | €2,596 | €4,976 | €6,117 | €5,133 | €9,706 | ▲ 89.1% |
| Tangible fixed assets22/27 | €2,680 | €2,926 | €2,596 | €4,976 | €6,117 | €5,133 | €9,706 | ▲ 89.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €594 | - |
| Furniture and vehicles24 | - | - | - | €482 | €96 | €0 | €4,605 | - |
| Other tangible fixed assets26 | - | - | - | €4,494 | €6,020 | €5,133 | €4,506 | ▼ 12.2% |
| Current assets29/58 | €75,607 | €45,649 | €52,042 | €36,767 | €34,819 | €48,127 | €38,001 | ▼ 21.0% |
| Amounts receivable within one year40/41 | €42,140 | €20,431 | €24,551 | €22,519 | €15,194 | €13,013 | €9,356 | ▼ 28.1% |
| Trade receivables40 | - | - | - | €22,519 | €12,653 | €7,889 | €2,643 | ▼ 66.5% |
| Other amounts receivable41 | - | - | - | - | €2,541 | €5,124 | €6,714 | ▲ 31.0% |
| Cash at bank and in hand54/58 | €33,467 | €25,218 | €27,491 | €14,249 | €19,625 | €35,114 | €28,379 | ▼ 19.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €265 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €78,287 | €48,575 | €54,637 | €41,743 | €40,936 | €53,260 | €47,706 | ▼ 10.4% |
| Equity10/15 | €48,108 | €30,479 | €32,719 | €28,281 | €17,617 | €17,050 | €31,285 | ▲ 83.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €10,360 | €10,360 | €18,600 | €18,600 | €10,100 | €10,100 | €24,335 | ▲ 141% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €16,740 | €8,240 | €10,100 | €24,335 | ▲ 141% |
| Profit (loss) carried forward14 | €31,548 | €13,919 | €7,919 | €3,481 | €1,317 | €750 | €750 | = |
| Amounts payable17/49 | €30,179 | €18,096 | €21,919 | €13,461 | €23,319 | €36,211 | €16,421 | ▼ 54.7% |
| Amounts payable within one year42/48 | €30,179 | €18,096 | €21,919 | €13,461 | €23,319 | €36,211 | €16,421 | ▼ 54.7% |
| Trade debts44 | €372 | €1,996 | €1,354 | €5,329 | €430 | €0 | €2,692 | - |
| Suppliers440/4 | - | - | - | €5,329 | €430 | €0 | €2,692 | - |
| Taxes, remuneration and social security45 | - | - | - | €8,105 | €14,317 | €16,810 | €13,729 | ▼ 18.3% |
| Taxes450/3 | - | - | - | €8,105 | €14,317 | €16,810 | €13,729 | ▼ 18.3% |
| Other amounts payable47/48 | - | - | - | €27 | €8,571 | €19,401 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,807 | -€15,130 | €8,240 | -€4,437 | €6,407 | €18,833 | €14,235 | ▼ 24.4% |
| + Depreciation and write-downs630 | €1,045 | €1,054 | €1,023 | €1,195 | €1,556 | €983 | €1,123 | ▲ 14.2% |
| Operating cash flow (approximation) | €16,852 | -€14,076 | €9,264 | -€3,242 | €7,963 | €19,817 | €15,358 | ▼ 22.5% |
| Investment in fixed assets (approximation) | - | -€1,300 | -€693 | -€3,575 | -€2,697 | €0 | -€5,695 | - |
| Change in cash | - | -€8,249 | €2,273 | -€13,242 | €5,376 | €15,489 | -€6,735 | - |
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, 34,693 companies had the same profile as eCnergie has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of eCnergie itself: < 0.1% 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 34,693 companies, not a prediction for eCnergie. 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.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00092679 | |
| 30-09-2024 | micro format | 20-02-2025 | 2025-00036922 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00056719 | |
| 30-09-2022 | micro format | 28-02-2023 | 2023-00032616 | |
| 30-09-2021 | micro format | 09-02-2022 | 2022-05300443 | |
| 30-09-2020 | micro format | 31-03-2021 | 2021-09300360 | |
| 30-09-2019 | micro format | 30-01-2020 | 2020-04300586 | |
| 30-09-2018 | micro format | 24-01-2019 | 2019-02400008 | |
| 30-09-2017 | full format | 29-01-2018 | 2018-03000092 | |
| 30-09-2016 | full format | 24-01-2017 | 2017-02300007 |