ECODREAM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-12-2025 PDF all 15 filings
Turnover
€43.1m▲ 10.2%
2024 · €39.1m
EBIT margin
3.2%▲ 1.1pp
2024 · 2.1%
Net result
€589,004▲ 46.9%
2024 · €401,080
Working capital
-€2.7m▼ 184%
2024 · -€940,834
In the rankings
#1 company by staff growth in the province of Liège, Transport and storage sector#1 employer in Tinlot#1 company by total assets in Tinlot
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€43.1m
▲ 10.2%
2025
20192025
Operating result
€1.4m
▲ 71.0%
2025
20192025
Net result
€589,004
▲ 46.9%
2025
highest quarter of the sector
20192025
EBIT margin
3.2%
▲ 1.1pp
2025
20192025
Equity
€8.2m
▲ 12.1%
2025
highest quarter of the sector
20192025
Total assets
€33.6m
▲ 13.4%
2025
highest quarter of the sector
20192025
Debt
€25.4m
▲ 13.6%
2025
20192025
Working capital
-€2.7m
▼ 184%
2025
lowest quarter of the sector
20192025
Solvency
24.3%
▼ 0.3pp
2025
middle half of the sector
20192025
Current ratio
0.84
▼ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
1.8%
▲ 0.4pp
2025
middle half of the sector
20192025
Staff (FTE)
77.4
▲ 46.9%
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
Turnover€6.3m-€27.7m€39.1m▲ 41.2%€43.1m▲ 10.2%
Operating result€0.2m-€0.05m▼ 70.9%€0.3m▲ 444%€1.3m▲ 345%€0.9m▼ 30.8%€0.8m▼ 8.0%€1.4m▲ 71.0%
Net result€0.1m-€0.1mwithin the sector's middle half▲ 21.7%€0.3mwithin the sector's middle half▲ 97.0%€0.8mabove the sector's middle half▲ 232%€0.5mwithin the sector's middle half▼ 45.0%€0.4mwithin the sector's middle half▼ 12.5%€0.6mabove the sector's middle half▲ 46.9%
EBIT margin2.9%-3.2%2.1%▼ 1.1pp3.2%▲ 1.1pp
Equity€0.5m-€0.7mwithin the sector's middle half▲ 37.3%€1.0mwithin the sector's middle half▲ 40.9%€6.4mwithin the sector's middle half▲ 528%€6.8mwithin the sector's middle half▲ 6.5%€7.3mabove the sector's middle half▲ 6.5%€8.2mabove the sector's middle half▲ 12.1%
Total assets€7.8m-€10.3mwithin the sector's middle half▲ 32.8%€15.2mwithin the sector's middle half▲ 46.5%€21.4mwithin the sector's middle half▲ 41.1%€27.5mabove the sector's middle half▲ 28.7%€29.6mabove the sector's middle half▲ 7.7%€33.6mabove the sector's middle half▲ 13.4%
Debt€7.3m-€9.6m▲ 32.5%€14.1m▲ 46.9%€15.0m▲ 5.8%€20.7m▲ 38.2%€22.4m▲ 8.1%€25.4m▲ 13.6%
Working capital-€1.2m--€1.5mbelow the sector's middle half▼ 23.8%-€2.9mbelow the sector's middle half▼ 93.7%-€0.5mbelow the sector's middle half▲ 84.6%€0.4mwithin the sector's middle half-€0.9mbelow the sector's middle half-€2.7mbelow the sector's middle half▼ 184%
Solvency6.8%-7.0%below the sector's middle half▲ 0.2pp6.7%below the sector's middle half▼ 0.3pp30.0%within the sector's middle half▲ 23.3pp24.9%within the sector's middle half▼ 5.2pp24.6%within the sector's middle half▼ 0.3pp24.3%within the sector's middle half▼ 0.3pp
Current ratio0.67-0.71below the sector's middle half▲ 0.040.71below the sector's middle half=0.96within the sector's middle half▲ 0.241.03within the sector's middle half▲ 0.080.94within the sector's middle half▼ 0.100.84below the sector's middle half▼ 0.10
Return on assets (ROA)1.3%-1.2%within the sector's middle half▼ 0.1pp1.7%within the sector's middle half▲ 0.4pp3.9%within the sector's middle half▲ 2.2pp1.7%within the sector's middle half▼ 2.2pp1.4%within the sector's middle half▼ 0.3pp1.8%within the sector's middle half▲ 0.4pp
Staff (FTE)15.7-25.8within the sector's middle half▲ 64.3%35within the sector's middle half▲ 35.7%43.4within the sector's middle half▲ 24.0%47within the sector's middle half▲ 8.3%52.7within the sector's middle half▲ 12.1%77.4above the sector's middle half▲ 46.9%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 71% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33.6m
Fixed assets
€19.7m ▲ 25.4%
Current assets
€13.9m ▼ 0.2%
Equity and liabilities €33.6m
Equity
€8.2m ▲ 12.1%
Provisions
€35,000
Debt
€25.4m ▲ 13.6%
Debt's share of the balance-sheet total rises from 75.4% to 75.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4.2m▲
2024 · €3.3m
Cash flow
€3.4m▲
2024 · €2.9m
Quick ratio
0.82▼
2024 · 0.92
Debt to equity
3.11▲
2024 · 3.07
ROE
7.2%▲
2024 · 5.5%
Interest coverage
8.06▼
2024 · 9.00
Debt ≤ 1 year
€16.6m▲
2024 · €14.9m
Debt > 1 year
€7.7m▲
2024 · €6.5m
Income taxes
€357,468▲
2024 · €237,355
Customer credit
87 days▼
2024 · 119 days
Supplier credit
146 days▼
2024 · 154 days
Staff costs
€4.7m▲
2024 · €3.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 44 | 43 | 61 | 89 |
| full-time | 42 | 43 | 60 | 87 |
| part-time | 2 | - | 1 | 2 |
| in full-time equivalents | 43.4 | 43 | 60.9 | 88.7 |
| Average over the year, in full-time equivalents | 40.6 | 47 | 52.7 | 77.4 |
| On a permanent contract | 43 | 43 | 61 | 85 |
| Joined | 52 | 36 | 48 | 71 |
| Left | 49 | 37 | 30 | 43 |
| Agency workers, average number | - | - | 15.4 | 10.2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €5.2m | €8.8m | €9.8m | €12.7m |
| Mortgages, amount registered | €52,500 | €105,000 | €105,000 | €105,000 |
| Mortgage mandates | €2.9m | €5.0m | €5.0m | €5.0m |
| Carrying value of the mortgaged assets | €5.8m | €9.3m | €9.4m | €9.3m |
| Pledge on the business | €1.8m | €1.8m | €2.8m | €2.8m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.1m | €5.7m | €3.7m | €7.2m |
| Intangible fixed assets | - | €1,265 | €1,800 | - |
| Financial fixed assets | €937 | - | - | - |
| Depreciation and write-downs of the year | €1.9m | €2.1m | €2.5m | €2.8m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Fee for the audit | - | €6,000 | €6,000 | €6,000 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €28.3m | €40.0m | €44.8m | ▲ 12.0% |
| Turnover70 | €6.3m | - | - | - | €27.7m | €39.1m | €43.1m | ▲ 10.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | €0.1m | - |
| Own construction capitalised72 | - | - | - | - | €0.2m | €0.2m | €0.4m | ▲ 97.2% |
| Other operating income74 | - | - | - | - | €0.4m | €0.6m | €1.2m | ▲ 82.1% |
| Non-recurring operating income76A | - | - | - | - | €0.002m | €0.003m | €0.002m | ▼ 42.5% |
| Operating charges60/66A | - | - | - | - | €27.4m | €39.2m | €43.4m | ▲ 10.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €15.8m | €25.5m | €26.6m | ▲ 4.6% |
| Purchases600/8 | - | - | - | - | €16.2m | €25.4m | €26.6m | ▲ 4.8% |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€0.4m | €0.08m | €0.03m | ▼ 63.4% |
| Services and other goods61 | - | - | - | - | €6.8m | €8.1m | €8.8m | ▲ 8.1% |
| Remuneration, social security and pensions62 | - | - | - | €1.9m | €2.5m | €3.0m | €4.7m | ▲ 57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.7m | €1.2m | €1.5m | €1.9m | €2.1m | €2.5m | €2.8m | ▲ 14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0.04m | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0.04m | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.07m | €0.08m | €0.1m | ▲ 32.7% |
| Non-recurring operating charges66A | - | - | - | €0.03m | €0.02m | €0.008m | €0.3m | ▲ 34× |
| Gross operating margin9900 | €1.5m | €2.5m | €3.6m | €5.2m | - | - | - | - |
| Operating profit (loss)9901 | €0.2m | €0.05m | €0.3m | €1.3m | €0.9m | €0.8m | €1.4m | ▲ 71.0% |
| Financial income75/76B | - | - | - | €0.08m | €0.05m | €0.2m | €0.08m | ▼ 56.4% |
| Recurring financial income75 | €0.03m | €0.2m | €0.2m | €0.08m | €0.05m | €0.2m | €0.08m | ▼ 56.4% |
| Income from current assets751 | - | - | - | - | €0.004m | - | - | - |
| Other financial income752/9 | - | - | - | - | €0.05m | €0.2m | €0.08m | ▼ 56.4% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.4m | €0.5m | ▲ 43.8% |
| Recurring financial charges65 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | ▲ 43.8% |
| Debt charges650 | - | - | - | - | €0.2m | €0.4m | €0.5m | ▲ 43.3% |
| Other financial charges652/9 | - | - | - | - | €0.003m | €0.002m | €0.005m | ▲ 133% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.1m | €0.3m | €1.2m | €0.7m | €0.6m | €0.9m | ▲ 48.2% |
| Income taxes67/77 | - | €0.001m | €0.003m | €0.3m | €0.2m | €0.2m | €0.4m | ▲ 50.6% |
| Taxes670/3 | - | - | - | - | €0.2m | €0.2m | €0.4m | ▲ 48.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.005m | €0.003m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.3m | €0.8m | €0.5m | €0.4m | €0.6m | ▲ 46.9% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.3m | €0.8m | €0.5m | €0.4m | €0.6m | ▲ 46.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €7.8m | €10.3m | €15.2m | €21.4m | €27.5m | €29.6m | €33.6m | ▲ 13.4% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €5.3m | €6.6m | €7.9m | €11.7m | €14.6m | €15.7m | €19.7m | ▲ 25.4% |
| Intangible fixed assets21 | €0 | €0 | €0.004m | €0.003m | €0.003m | €0.003m | €0.002m | ▼ 41.5% |
| Tangible fixed assets22/27 | €5.3m | €6.6m | €7.8m | €11.7m | €14.6m | €15.7m | €19.7m | ▲ 25.4% |
| Land and buildings22 | - | - | - | €8.7m | €9.3m | €9.4m | €9.3m | ▼ 1.4% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.6m | €0.6m | €0.3m | ▼ 53.9% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 12.1% |
| Leasing and similar rights25 | - | - | - | €2.3m | €4.4m | €5.3m | €8.0m | ▲ 50.9% |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.08m | €0.1m | €0.09m | ▼ 18.3% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.03m | €1.8m | ▲ 59× |
| Financial fixed assets28 | - | - | €0.008m | €0.009m | €0.02m | €0.03m | €0.04m | ▲ 46.1% |
| Other financial fixed assets284/8 | - | - | - | - | €0.02m | €0.03m | €0.04m | ▲ 46.1% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €0.02m | €0.03m | €0.04m | ▲ 46.1% |
| Current assets29/58 | €2.5m | €3.7m | €7.3m | €9.7m | €12.9m | €13.9m | €13.9m | ▼ 0.2% |
| Stocks and contracts in progress3 | €0.06m | €0.2m | €0.05m | €0.03m | €0.4m | €0.3m | €0.4m | ▲ 21.5% |
| Stocks30/36 | - | - | - | €0.03m | €0.4m | €0.3m | €0.3m | ▼ 8.7% |
| Goods purchased for resale34 | - | - | - | - | €0.4m | €0.3m | €0.3m | ▼ 8.7% |
| Property held for sale35 | - | - | - | - | - | - | €0 | - |
| Contracts in progress37 | - | - | - | - | - | - | €0.1m | - |
| Amounts receivable within one year40/41 | €2.3m | €3.2m | €6.9m | €9.4m | €12.4m | €13.5m | €12.9m | ▼ 4.5% |
| Trade receivables40 | - | - | - | €8.8m | €12.1m | €12.8m | €10.2m | ▼ 19.9% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.3m | €0.8m | €2.7m | ▲ 258% |
| Cash at bank and in hand54/58 | €0.08m | €0.2m | €0.3m | €0.3m | €0.04m | €0.02m | €0.2m | ▲ 947% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.04m | €0.04m | €0.4m | ▲ 898% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €7.8m | €10.3m | €15.2m | €21.4m | €27.5m | €29.6m | €33.6m | ▲ 13.4% |
| Equity10/15 | €0.5m | €0.7m | €1.0m | €6.4m | €6.8m | €7.3m | €8.2m | ▲ 12.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Revaluation surpluses12 | - | - | - | €4.6m | €4.6m | €4.6m | €4.6m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | €0.2m | €0.4m | €0.6m | €1.4m | €1.9m | €2.3m | €2.9m | ▲ 25.6% |
| Investment grants15 | - | - | - | €0.2m | €0.1m | €0.2m | €0.5m | ▲ 169% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.04m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.04m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.04m | - |
| Amounts payable17/49 | €7.3m | €9.6m | €14.1m | €15.0m | €20.7m | €22.4m | €25.4m | ▲ 13.6% |
| Amounts payable after more than one year17 | €3.4m | €4.4m | €3.9m | €2.7m | €6.2m | €6.5m | €7.7m | ▲ 18.2% |
| Financial debts170/4 | - | - | - | €2.7m | €6.2m | €6.5m | €7.7m | ▲ 18.2% |
| Leasing and similar obligations172 | - | - | - | - | €2.9m | €3.5m | €5.1m | ▲ 45.9% |
| Credit institutions173 | - | - | - | - | €3.3m | €3.0m | €2.6m | ▼ 13.7% |
| Amounts payable within one year42/48 | €3.7m | €5.2m | €10.2m | €10.2m | €12.5m | €14.9m | €16.6m | ▲ 11.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.9m | €2.0m | €2.3m | €2.9m | ▲ 27.6% |
| Financial debts43 | - | - | - | €1.0m | €0.6m | €1.0m | €2.0m | ▲ 96.4% |
| Credit institutions430/8 | - | - | - | €0.6m | €0.6m | €1.0m | €2.0m | ▲ 96.4% |
| Other loans439 | - | - | - | €0.4m | €0 | - | - | - |
| Trade debts44 | €1.1m | €1.7m | €3.9m | €6.7m | €9.3m | €10.7m | €10.6m | ▼ 0.8% |
| Suppliers440/4 | - | - | - | €6.7m | €9.3m | €10.7m | €10.6m | ▼ 0.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.2m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.6m | €0.8m | €0.8m | ▼ 2.4% |
| Taxes450/3 | - | - | - | €0.07m | €0.3m | €0.5m | €0.2m | ▼ 50.8% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.2m | €0.3m | €0.6m | ▲ 65.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.005m | €0.01m | €0.02m | ▲ 125% |
| Accrued charges and deferred income492/3 | - | - | - | €2.1m | €2.1m | €1.0m | €1.1m | ▲ 17.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.3m | €0.8m | €0.5m | €0.4m | €0.6m | ▲ 46.9% |
| + Depreciation and write-downs630 | €0.7m | €1.2m | €1.5m | €1.9m | €2.1m | €2.5m | €2.8m | ▲ 14.3% |
| Operating cash flow (approximation) | €0.8m | €1.3m | €1.8m | €2.7m | €2.5m | €2.9m | €3.4m | ▲ 18.8% |
| Investment in fixed assets (approximation) | - | -€2.6m | -€2.7m | -€5.7m | -€5.0m | -€3.6m | -€6.8m | ▼ 91.8% |
| Change in cash | - | €0.09m | €0.1m | -€0.04m | -€0.2m | -€0.02m | €0.2m | - |
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, 290 companies had the same profile as ECODREAM has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of ECODREAM 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 290 companies, not a prediction for ECODREAM. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 29-12-2025 | 2025-00591849 | |
| 30-06-2024 | full format | 26-12-2024 | 2024-00625863 | |
| 30-06-2023 | full format | 29-12-2023 | 2023-00539767 | |
| 30-06-2022 | full format | 10-01-2023 | 2023-20555911 | |
| 30-06-2021 | full format | 31-12-2021 | 2021-82400506 | |
| 30-06-2020 | full format | 02-03-2021 | 2021-06700594 | |
| 30-06-2019 | full format | 30-12-2019 | 2019-77700514 | |
| 30-06-2018 | full format | 04-01-2019 | 2019-00600583 | |
| 30-06-2017 | full format | 27-12-2017 | 2017-72900162 | |
| 30-06-2016 | full format | 20-12-2016 | 2016-70500138 |