ECOFID
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 30 filings
Turnover
€40,319▼ 51.4%
2024 · €82,940
EBIT margin
-1.5%▼ 4.3pp
2024 · 2.8%
Net result
-€1,430
2024 · €69
Working capital
€18,330▲ 8.3%
2024 · €16,928
Multi-year overview
2019 to 2025, 5 financial yearsTurnover
€40,319
▼ 51.4%
2025
20192025
Operating result
-€598
2025
20192025
Net result
-€1,430
2025
lowest quarter of the sector
20192025
EBIT margin
-1.5%
▼ 4.3pp
2025
20192025
Equity
€18,330
▼ 7.2%
2025
lowest quarter of the sector
20192025
Total assets
€19,172
▼ 35.3%
2025
lowest quarter of the sector
20192025
Debt
€842
▼ 91.5%
2025
20192025
Working capital
€18,330
▲ 8.3%
2025
middle half of the sector
20192025
Solvency
95.6%
▲ 28.9pp
2025
highest quarter of the sector
20192025
Current ratio
22.77
▲ 20.05
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-7.5%
▼ 7.7pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192021202220242025
Turnover€103,772€82,940-€40,319▼ 51.4%
Operating result-€19,283-€5,467-€21,281▲ 289%€2,342--€598
Net result-€19,835-€5,092within the sector's middle half-€16,961within the sector's middle half▲ 233%€69below the sector's middle half--€1,430below the sector's middle half
EBIT margin20.5%2.8%--1.5%▼ 4.3pp
Equity-€9,876--€6,657below the sector's middle half-€10,304below the sector's middle half€19,760below the sector's middle half-€18,330below the sector's middle half▼ 7.2%
Total assets€18,409-€27,515below the sector's middle half-€34,171below the sector's middle half▲ 24.2%€29,621below the sector's middle half-€19,172below the sector's middle half▼ 35.3%
Debt€28,285-€34,172-€23,867▼ 30.2%€9,861-€842▼ 91.5%
Working capital-€14,076--€20,129below the sector's middle half--€2,630below the sector's middle half▲ 86.9%€16,928within the sector's middle half-€18,330within the sector's middle half▲ 8.3%
Solvency-53.6%--24.2%below the sector's middle half-30.2%within the sector's middle half▲ 54.3pp66.7%within the sector's middle half-95.6%above the sector's middle half▲ 28.9pp
Current ratio0.50-0.41below the sector's middle half-0.89below the sector's middle half▲ 0.482.72within the sector's middle half-22.77above the sector's middle half▲ 20.05
Return on assets (ROA)-107.7%-18.5%within the sector's middle half-49.6%above the sector's middle half▲ 31.1pp0.2%below the sector's middle half--7.5%below the sector's middle half▼ 7.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €598, after a profit of €2,342 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €19,172
Equity
€18,330 ▼ 7.2%
Debt
€842 ▼ 91.5%
Debt's share of the balance-sheet total falls from 33.3% to 4.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,234▼
2024 · €7,393
Cash flow
€1,403▼
2024 · €5,121
Debt to equity
0.05▼
2024 · 0.50
ROE
-7.8%▼
2024 · 0.4%
Interest coverage
8.79▼
2024 · 30.22
Debt ≤ 1 year
€842▼
2024 · €9,861
Income taxes
€577▼
2024 · €2,028
Customer credit
36 days▲
2024 · 15 days
Supplier credit
0 days▼
2024 · 23 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,905 | €7,080 | - | - |
| Depreciation and write-downs of the year | €3,091 | €7,619 | €5,051 | €2,832 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €103,772 | €82,940 | €40,319 | ▼ 51.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €80,523 | €78,197 | €39,792 | ▼ 49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,613 | €3,091 | €7,619 | €5,051 | €2,832 | ▼ 43.9% |
| Other operating charges640/8 | - | €440 | €1,586 | €997 | €610 | ▼ 38.8% |
| Gross operating margin9900 | -€16,240 | €8,997 | €30,486 | €8,390 | €2,844 | ▼ 66.1% |
| Operating profit (loss)9901 | -€19,283 | €5,467 | €21,281 | €2,342 | -€598 | - |
| Financial charges65/66B | - | €245 | €247 | €245 | €254 | ▲ 3.9% |
| Recurring financial charges65 | €247 | €245 | €247 | €245 | €254 | ▲ 3.9% |
| Profit (loss) for the period before taxes9903 | -€19,529 | €5,222 | €21,034 | €2,097 | -€853 | - |
| Income taxes67/77 | €306 | €130 | €4,073 | €2,028 | €577 | ▼ 71.5% |
| Profit (loss) for the period9904 | -€19,835 | €5,092 | €16,961 | €69 | -€1,430 | - |
| Profit (loss) for the period to be appropriated9905 | -€19,835 | €5,092 | €16,961 | €69 | -€1,430 | - |
| Line | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18,409 | €27,515 | €34,171 | €29,621 | €19,172 | ▼ 35.3% |
| Fixed assets21/28 | €4,201 | €13,473 | €12,935 | €2,832 | - | - |
| Tangible fixed assets22/27 | €4,201 | €13,473 | €12,935 | €2,832 | - | - |
| Furniture and vehicles24 | - | €13,473 | €12,935 | €2,832 | - | - |
| Current assets29/58 | €14,208 | €14,042 | €21,237 | €26,789 | €19,172 | ▼ 28.4% |
| Amounts receivable within one year40/41 | €10,664 | €11,783 | €10,714 | €3,433 | €3,970 | ▲ 15.6% |
| Trade receivables40 | - | €11,180 | €10,261 | €3,352 | - | - |
| Other amounts receivable41 | - | €603 | €454 | €81 | €3,970 | ▲ 49× |
| Cash at bank and in hand54/58 | €3,545 | €750 | €8,965 | €23,356 | €15,202 | ▼ 34.9% |
| Deferred charges and accrued income490/1 | - | €1,509 | €1,558 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18,409 | €27,515 | €34,171 | €29,621 | €19,172 | ▼ 35.3% |
| Equity10/15 | -€9,876 | -€6,657 | €10,304 | €19,760 | €18,330 | ▼ 7.2% |
| Contributions10/11 | €6,205 | €6,205 | €6,205 | €8,065 | €8,065 | = |
| Capital10 | - | €6,205 | €6,205 | €8,065 | €8,065 | = |
| Issued capital100 | - | €18,600 | €18,600 | €20,459 | €20,459 | = |
| Uncalled capital101 | - | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Reserves13 | €6,265 | €6,265 | €6,265 | €4,406 | €4,406 | = |
| Non-distributable reserves130/1 | - | €1,859 | €1,859 | - | - | - |
| Legal reserve130 | - | €1,859 | €1,859 | - | - | - |
| Tax-exempt reserves132 | - | €4,406 | €4,406 | €4,406 | €4,406 | = |
| Profit (loss) carried forward14 | -€22,346 | -€19,127 | -€2,166 | €7,290 | €5,860 | ▼ 19.6% |
| Amounts payable17/49 | €28,285 | €34,172 | €23,867 | €9,861 | €842 | ▼ 91.5% |
| Amounts payable within one year42/48 | €28,285 | €34,172 | €23,867 | €9,861 | €842 | ▼ 91.5% |
| Trade debts44 | €264 | €753 | €3,469 | €4,842 | €6 | ▼ 99.9% |
| Suppliers440/4 | - | €753 | €3,469 | €4,842 | €6 | ▼ 99.9% |
| Taxes, remuneration and social security45 | - | €4,338 | €9,999 | €3,668 | €836 | ▼ 77.2% |
| Taxes450/3 | - | €2,838 | €9,499 | €3,668 | €836 | ▼ 77.2% |
| Remuneration and social security454/9 | - | €1,500 | €500 | - | - | - |
| Other amounts payable47/48 | - | €29,081 | €10,398 | €1,351 | - | - |
| Line | 2019 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,835 | €5,092 | €16,961 | €69 | -€1,430 | - |
| + Depreciation and write-downs630 | €2,613 | €3,091 | €7,619 | €5,051 | €2,832 | ▼ 43.9% |
| Operating cash flow (approximation) | -€17,222 | €8,182 | €24,580 | €5,121 | €1,403 | ▼ 72.6% |
| Investment in fixed assets (approximation) | - | - | -€7,080 | - | - | - |
| Change in cash | - | - | €8,215 | - | -€8,153 | - |
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, 12,322 companies had the same profile as ECOFID has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ECOFID 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 12,322 companies, not a prediction for ECOFID. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 31-03-2026 | 2026-00067595 | |
| 30-09-2024 | micro format | 26-03-2025 | 2025-00055106 | |
| 30-09-2022 | micro format | 27-03-2023 | 2023-00045901 | |
| 30-09-2021 | micro format | 04-04-2022 | 2022-20000206 | |
| 30-09-2019 | micro format | 27-04-2020 | 2020-09900549 | |
| 30-09-2018 | micro format | 21-03-2019 | 2019-07400314 | |
| 30-09-2017 | micro format | 28-03-2018 | 2018-07900216 | |
| 30-09-2016 | full format | 28-03-2017 | 2017-07300219 | |
| 30-09-2015 | full format | 25-03-2016 | 2016-07200521 | |
| 30-09-2014 | full format | 30-03-2015 | 2015-07500356 |