ECODEPOL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 3 filings
Turnover
≈ €1.7m
Estimated: probably between €1.0m and €2.9m
EBIT margin
Not included in this filing
Net result
€61,892▼ 77.5%
2024 · €275,176
Working capital
€183,606▼ 20.9%
2024 · €232,050
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€105,539
▼ 71.6%
2025
20232025
Net result
€61,892
▼ 77.5%
2025
middle half of the sector
20232025
Equity
€405,716
▲ 18.0%
2025
middle half of the sector
20232025
Total assets
€1.4m
▲ 61.8%
2025
middle half of the sector
20232025
Debt
€1.0m
▲ 89.9%
2025
20232025
Working capital
€183,606
▼ 20.9%
2025
middle half of the sector
20232025
Solvency
28.5%
▼ 10.6pp
2025
middle half of the sector
20232025
Current ratio
1.50
▼ 0.30
2025
middle half of the sector
20232025
Return on assets (ROA)
4.3%
▼ 26.9pp
2025
middle half of the sector
20232025
Staff (FTE)
6.9
▲ 97.1%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€0.09m-€0.4m▲ 306%€0.1m▼ 71.6%
Net result€0.07mabove the sector's middle half-€0.3m▲ 313%€0.06mwithin the sector's middle half▼ 77.5%
Equity€0.07mwithin the sector's middle half-€0.3m▲ 401%€0.4mwithin the sector's middle half▲ 18.0%
Total assets€0.3mwithin the sector's middle half-€0.9m▲ 232%€1.4mwithin the sector's middle half▲ 61.8%
Debt€0.2m-€0.5m▲ 173%€1.0m▲ 89.9%
Working capital€0.009mwithin the sector's middle half-€0.2m▲ 27×€0.2mwithin the sector's middle half▼ 20.9%
Solvency25.9%within the sector's middle half-39.1%▲ 13.2pp28.5%within the sector's middle half▼ 10.6pp
Current ratio1.07within the sector's middle half-1.80▲ 0.731.50within the sector's middle half▼ 0.30
Return on assets (ROA)25.2%within the sector's middle half-31.3%▲ 6.1pp4.3%within the sector's middle half▼ 26.9pp
Staff (FTE)1.2-3.5▲ 192%6.9▲ 97.1%
above
within
below
The sector band is the middle half of the companies in Remediation activities and other waste management service activities (NACE 39). 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 72% lower than in 2024.
Large changes and their cause
- 2025 Net result -78% on 2024. The accounts now follow the abbreviated format, last year the full format.
- 2024 Net result +313% on 2023. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€873,840 ▲ 145%
Current assets
€549,211 ▲ 5.0%
Equity and liabilities €1.4m
Equity
€405,716 ▲ 18.0%
Debt
€1.0m ▲ 89.9%
Debt's share of the balance-sheet total rises from 60.9% to 71.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€194,801▼
2024 · €414,753
Cash flow
€151,154▼
2024 · €318,697
Quick ratio
1.47▼
2024 · 1.74
Debt to equity
2.51▲
2024 · 1.56
ROE
15.3%▼
2024 · 80.0%
Interest coverage
11.95▼
2024 · 62.73
Debt ≤ 1 year
€365,605▲
2024 · €290,770
Debt > 1 year
€651,730▲
2024 · €245,060
Income taxes
€28,216▼
2024 · €89,686
Staff costs
€495,612▲
2024 · €223,135
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | - | 699 |
| full-time | - | - | 666 |
| part-time | - | - | 33 |
| in full-time equivalents | - | - | 6.9 |
| Average over the year, in full-time equivalents | - | 3.5 | 6.9 |
| On a permanent contract | 1 | 1 | 10 |
| Joined | 13 | 13 | 30 |
| Left | 84 | 84 | 27 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Securities and guarantees
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Mortgages, amount registered | - | - | €210,000 |
| Mortgage mandates | - | - | €210,000 |
| Carrying value of the mortgaged assets | - | - | €514,868 |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €143,479 | €281,458 | €627,544 |
| Financial fixed assets | €205 | - | - |
| Depreciation and write-downs of the year | €17,229 | €43,521 | €89,262 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €35,274 | €223,135 | €495,612 | ▲ 122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,229 | €43,521 | €89,262 | ▲ 105% |
| Other operating charges640/8 | €1,833 | €4,690 | €9,477 | ▲ 102% |
| Non-recurring operating charges66A | - | €7,145 | €21,276 | ▲ 198% |
| Gross operating margin9900 | €145,716 | €649,723 | €721,166 | ▲ 11.0% |
| Operating profit (loss)9901 | €91,380 | €371,232 | €105,539 | ▼ 71.6% |
| Financial income75/76B | €217 | €242 | €872 | ▲ 260% |
| Recurring financial income75 | €217 | €242 | €872 | ▲ 260% |
| Financial charges65/66B | €2,643 | €6,612 | €16,303 | ▲ 147% |
| Recurring financial charges65 | €2,643 | €6,612 | €16,303 | ▲ 147% |
| Profit (loss) for the period before taxes9903 | €88,954 | €364,862 | €90,108 | ▼ 75.3% |
| Income taxes67/77 | €22,306 | €89,686 | €28,216 | ▼ 68.5% |
| Profit (loss) for the period9904 | €66,648 | €275,176 | €61,892 | ▼ 77.5% |
| Profit (loss) for the period to be appropriated9905 | €66,648 | €275,176 | €61,892 | ▼ 77.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €0.3m | €0.9m | €1.4m | ▲ 61.8% |
| Fixed assets21/28 | €0.1m | €0.4m | €0.9m | ▲ 145% |
| Tangible fixed assets22/27 | €0.1m | €0.4m | €0.9m | ▲ 145% |
| Land and buildings22 | - | - | €0.5m | - |
| Furniture and vehicles24 | €0.1m | €0.4m | €0.4m | ▲ 0.6% |
| Financial fixed assets28 | €205 | €205 | €205 | = |
| Current assets29/58 | €0.1m | €0.5m | €0.5m | ▲ 5.0% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.01m | ▼ 15.5% |
| Stocks30/36 | €0.002m | €0.001m | €0.006m | ▲ 323% |
| Contracts in progress37 | €0.02m | €0.01m | €0.007m | ▼ 48.0% |
| Amounts receivable within one year40/41 | €0.09m | €0.4m | €0.4m | ▼ 4.5% |
| Trade receivables40 | €0.09m | €0.4m | €0.4m | ▲ 1.1% |
| Other amounts receivable41 | - | €0.02m | €0.001m | ▼ 96.9% |
| Cash at bank and in hand54/58 | €0.03m | €0.07m | €0.1m | ▲ 59.3% |
| Deferred charges and accrued income490/1 | €368 | €0.002m | €0.006m | ▲ 222% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €0.3m | €0.9m | €1.4m | ▲ 61.8% |
| Equity10/15 | €0.07m | €0.3m | €0.4m | ▲ 18.0% |
| Contributions10/11 | €0.002m | €0.002m | €0.002m | = |
| Reserves13 | €0.07m | €0.3m | €0.4m | ▲ 18.1% |
| Distributable reserves133 | €0.07m | €0.3m | €0.4m | ▲ 18.1% |
| Amounts payable17/49 | €0.2m | €0.5m | €1.0m | ▲ 89.9% |
| Amounts payable after more than one year17 | €0.07m | €0.2m | €0.7m | ▲ 166% |
| Financial debts170/4 | €0.07m | €0.2m | €0.7m | ▲ 166% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €0.4m | ▲ 25.7% |
| Current portion of amounts payable after more than one year42 | €0.02m | €0.06m | €0.09m | ▲ 48.5% |
| Trade debts44 | €0.03m | €0.1m | €0.07m | ▼ 27.2% |
| Suppliers440/4 | €0.03m | €0.1m | €0.07m | ▼ 27.2% |
| Taxes, remuneration and social security45 | €0.03m | €0.09m | €0.2m | ▲ 92.7% |
| Taxes450/3 | €0.03m | €0.07m | €0.1m | ▲ 37.3% |
| Remuneration and social security454/9 | €0.005m | €0.02m | €0.08m | ▲ 293% |
| Other amounts payable47/48 | €0.05m | €0.04m | €0.02m | ▼ 33.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,648 | €275,176 | €61,892 | ▼ 77.5% |
| + Depreciation and write-downs630 | €17,229 | €43,521 | €89,262 | ▲ 105% |
| Operating cash flow (approximation) | €83,877 | €318,697 | €151,154 | ▼ 52.6% |
| Investment in fixed assets (approximation) | - | -€273,900 | -€606,268 | ▼ 121% |
| Change in cash | - | €45,477 | €44,395 | ▼ 2.4% |
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, 2,542 companies had the same profile as ECODEPOL has now. Two years later, 95.0% were still going and 3.5% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
95.0%
was still going
1.2%
stopped otherwise
3.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ECODEPOL itself: 1.6% 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 2,542 companies, not a prediction for ECODEPOL. 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.