EcoMail
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-04-2026 PDF all 32 filings
Turnover
≈ €6.2m
Estimated: probably between €4.8m and €8.3m
EBIT margin
Not included in this filing
Net result
€97,152▲ 207%
2024 · €31,686
Working capital
€793,169▲ 12.7%
2024 · €703,789
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€135,714
▲ 175%
2025
20182025
Net result
€97,152
▲ 207%
2025
middle half of the sector
20182025
Equity
€712,441
▲ 14.4%
2025
middle half of the sector
20182025
Total assets
€2.0m
▲ 2.8%
2025
middle half of the sector
20182025
Debt
€1.3m
▼ 2.6%
2025
20182025
Working capital
€793,169
▲ 12.7%
2025
middle half of the sector
20182025
Solvency
35.8%
▲ 3.6pp
2025
middle half of the sector
20182025
Current ratio
3.55
▼ 0.15
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.9%
▲ 3.2pp
2025
middle half of the sector
20182025
Staff (FTE)
8.2
▲ 10.8%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.07m▼ 26.5%€0.2m▲ 156%€0.1m▼ 39.0%€0.03m▼ 69.6%€0.04m▲ 11.6%€0.05m▲ 37.9%€0.1m▲ 175%
Net result€0.07m-€0.04m▼ 51.8%€0.1mabove the sector's middle half▲ 185%€0.1mwithin the sector's middle half▼ 0.6%€0.01mwithin the sector's middle half▼ 89.4%€0.02mwithin the sector's middle half▲ 53.8%€0.03mwithin the sector's middle half▲ 90.3%€0.1mwithin the sector's middle half▲ 207%
Equity€0.3m-€0.3m▲ 13.1%€0.4mwithin the sector's middle half▲ 30.7%€0.6mwithin the sector's middle half▲ 54.5%€0.6mwithin the sector's middle half=€0.6mwithin the sector's middle half▲ 1.2%€0.6mwithin the sector's middle half▲ 3.8%€0.7mwithin the sector's middle half▲ 14.4%
Total assets€0.5m-€2.2m▲ 356%€2.4mabove the sector's middle half▲ 9.3%€2.5mabove the sector's middle half▲ 5.8%€2.1mwithin the sector's middle half▼ 15.1%€2.0mwithin the sector's middle half▼ 5.7%€1.9mwithin the sector's middle half▼ 3.4%€2.0mwithin the sector's middle half▲ 2.8%
Debt€0.2m-€1.9m▲ 772%€2.0m▲ 6.0%€1.9m▼ 5.4%€1.5m▼ 20.0%€1.4m▼ 8.3%€1.3m▼ 6.4%€1.3m▼ 2.6%
Working capital€0.2m-€0.3m▲ 18.5%€0.5mabove the sector's middle half▲ 89.0%€0.8mabove the sector's middle half▲ 58.9%€0.6mabove the sector's middle half▼ 16.3%€0.7mabove the sector's middle half▲ 4.3%€0.7mabove the sector's middle half▲ 4.3%€0.8mwithin the sector's middle half▲ 12.7%
Solvency54.8%-13.6%▼ 41.2pp16.2%within the sector's middle half▲ 2.7pp23.7%within the sector's middle half▲ 7.5pp27.9%within the sector's middle half▲ 4.2pp30.0%within the sector's middle half▲ 2.0pp32.2%within the sector's middle half▲ 2.2pp35.8%within the sector's middle half▲ 3.6pp
Current ratio2.15-1.72▼ 0.431.90within the sector's middle half▲ 0.192.82above the sector's middle half▲ 0.923.05above the sector's middle half▲ 0.233.43above the sector's middle half▲ 0.383.69above the sector's middle half▲ 0.263.55above the sector's middle half▼ 0.15
Return on assets (ROA)15.7%-1.7%▼ 14.1pp4.3%within the sector's middle half▲ 2.7pp4.1%within the sector's middle half▼ 0.3pp0.5%within the sector's middle half▼ 3.6pp0.8%within the sector's middle half▲ 0.3pp1.6%within the sector's middle half▲ 0.8pp4.9%within the sector's middle half▲ 3.2pp
Staff (FTE)7.3-8.8▲ 20.5%11within the sector's middle half▲ 25.0%11.5within the sector's middle half▲ 4.5%11.3within the sector's middle half▼ 1.7%10.8within the sector's middle half▼ 4.4%7.4within the sector's middle half▼ 31.5%8.2within the sector's middle half▲ 10.8%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 175% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€884,123 ▼ 8.9%
Current assets
€1.1m ▲ 14.5%
Equity and liabilities €2.0m
Equity
€712,441 ▲ 14.4%
Provisions
€23,176 ▼ 10.0%
Debt
€1.3m ▼ 2.6%
Debt's share of the balance-sheet total falls from 66.5% to 63.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€258,573▲
2024 · €182,543
Cash flow
€220,011▲
2024 · €164,887
Quick ratio
1.96▼
2024 · 2.12
Debt to equity
1.76▼
2024 · 2.07
ROE
13.6%▲
2024 · 5.1%
Interest coverage
11.62▲
2024 · 7.66
Debt ≤ 1 year
€311,601▲
2024 · €261,464
Debt > 1 year
€930,884▼
2024 · €1.0m
Income taxes
€32,471▲
2024 · €9,243
Staff costs
€379,883▲
2024 · €250,646
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 12 | 11 | 8 | 9 |
| full-time | 9 | 10 | 10 | 6 | 6 |
| part-time | 4 | 2 | 1 | 2 | 3 |
| in full-time equivalents | 11.7 | 11.5 | 10.6 | 7.4 | 8.2 |
| Average over the year, in full-time equivalents | 11.5 | 11.3 | 10.8 | 5.8 | 8.2 |
| On a permanent contract | 13 | 12 | 11 | 8 | 9 |
| Joined | 4 | 2 | 0 | 4 | 6 |
| Left | 3 | 3 | 1 | 7 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €91,133 | €8,233 | €29,254 | €27,636 | €24,780 |
| Intangible fixed assets | €38,200 | €6,480 | - | €25,622 | €13,002 |
| Depreciation and write-downs of the year | €163,703 | €158,711 | €141,087 | €133,201 | €122,859 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €411,297 | €431,016 | €432,338 | €250,646 | €379,883 | ▲ 51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,937 | €177,003 | €251,055 | €163,703 | €158,711 | €141,087 | €133,201 | €122,859 | ▼ 7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €16,516 | €12,449 | -€6,827 | -€12,836 | -€1,261 | ▲ 90.2% |
| Other operating charges640/8 | - | - | - | €9,733 | €1,403 | €1,343 | €1,340 | €9,471 | ▲ 607% |
| Gross operating margin9900 | €328,264 | €527,182 | €834,834 | €706,800 | €635,648 | €603,730 | €421,693 | €646,666 | ▲ 53.3% |
| Operating profit (loss)9901 | €91,776 | €67,430 | €172,951 | €105,551 | €32,069 | €35,789 | €49,342 | €135,714 | ▲ 175% |
| Financial income75/76B | - | - | - | €47,330 | €10,616 | €10,494 | €12,543 | €13,592 | ▲ 8.4% |
| Recurring financial income75 | €3,730 | €8,419 | - | €47,330 | €10,616 | €10,494 | €12,543 | €13,592 | ▲ 8.4% |
| Non-recurring financial income76B | - | - | - | €47,330 | €10,616 | €10,494 | €12,543 | €13,592 | ▲ 8.4% |
| Financial charges65/66B | - | - | - | €36,096 | €29,027 | €24,472 | €23,817 | €22,258 | ▼ 6.5% |
| Recurring financial charges65 | €2,199 | €39,941 | €43,056 | €36,096 | €29,027 | €24,472 | €23,817 | €22,258 | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | €93,307 | €35,909 | €129,895 | €116,785 | €13,658 | €21,811 | €38,068 | €127,048 | ▲ 234% |
| Transfer from deferred taxes780 | - | - | - | €11,015 | €3,534 | €3,179 | €2,861 | €2,575 | ▼ 10.0% |
| Income taxes67/77 | €18,840 | €0 | €27,485 | €26,019 | €6,370 | €8,342 | €9,243 | €32,471 | ▲ 251% |
| Profit (loss) for the period9904 | €74,467 | €35,909 | €102,410 | €101,781 | €10,822 | €16,648 | €31,686 | €97,152 | ▲ 207% |
| Profit (loss) for the period to be appropriated9905 | €74,467 | €35,909 | €102,410 | €101,781 | €10,822 | €16,648 | €31,686 | €97,152 | ▲ 207% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €2.2m | €2.4m | €2.5m | €2.1m | €2.0m | €1.9m | €2.0m | ▲ 2.8% |
| Formation expenses20 | - | - | - | €0 | €0 | - | - | - | - |
| Fixed assets21/28 | €0.07m | €1.5m | €1.3m | €1.3m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 8.9% |
| Intangible fixed assets21 | €0.004m | €0.02m | €0.03m | €0.05m | €0.03m | €0.01m | €0.04m | €0.05m | ▲ 34.6% |
| Tangible fixed assets22/27 | €0.06m | €1.5m | €1.3m | €1.3m | €1.1m | €1.0m | €0.9m | €0.8m | ▼ 10.6% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 8.4% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.06m | €0.07m | €0.07m | €0.06m | ▼ 16.3% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.005m | €0.003m | €0.001m | €0.001m | ▼ 27.1% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.1m | €0.1m | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.002m | €0.002m | €0.09m | €0.07m | ▼ 23.5% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 60.7% |
| Financial fixed assets28 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.4m | €0.6m | €1.0m | €1.2m | €1.0m | €1.0m | €1.0m | €1.1m | ▲ 14.5% |
| Stocks and contracts in progress3 | €0.3m | €0.4m | €0.6m | €0.7m | €0.5m | €0.6m | €0.4m | €0.5m | ▲ 20.6% |
| Stocks30/36 | - | - | - | €0.7m | €0.5m | €0.6m | €0.4m | €0.5m | ▲ 20.6% |
| Amounts receivable within one year40/41 | €0.08m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.07m | ▼ 16.6% |
| Trade receivables40 | - | - | - | €0.2m | €0.1m | €0.1m | €0.07m | €0.06m | ▼ 8.9% |
| Other amounts receivable41 | - | - | - | €0.001m | €340 | €0.007m | €0.009m | €0.002m | ▼ 75.2% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.4m | - |
| Cash at bank and in hand54/58 | €0.08m | €0.05m | €0.2m | €0.3m | €0.3m | €0.2m | €0.4m | €0.2m | ▼ 63.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | €0.03m | ▼ 1.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €2.2m | €2.4m | €2.5m | €2.1m | €2.0m | €1.9m | €2.0m | ▲ 2.8% |
| Equity10/15 | €0.3m | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 14.4% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 21.1% |
| Investment grants15 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.07m | ▼ 9.9% |
| Provisions and deferred taxes16 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 10.0% |
| Deferred taxes168 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 10.0% |
| Amounts payable17/49 | €0.2m | €1.9m | €2.0m | €1.9m | €1.5m | €1.4m | €1.3m | €1.3m | ▼ 2.6% |
| Amounts payable after more than one year17 | €0.02m | €1.5m | €1.4m | €1.4m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 8.8% |
| Financial debts170/4 | - | - | - | €1.4m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 8.8% |
| Amounts payable within one year42/48 | €0.2m | €0.4m | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 19.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.07m | €0.08m | €0.1m | €0.1m | ▲ 8.0% |
| Trade debts44 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 15.7% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 15.7% |
| Bills of exchange payable441 | - | - | - | €0 | - | - | - | - | - |
| Advances received on contracts in progress46 | - | - | - | €146 | - | €156 | €19 | €45 | ▲ 137% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.07m | €0.06m | €0.03m | €0.05m | ▲ 75.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.007m | ▼ 36.1% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.05m | €0.05m | €0.02m | €0.05m | ▲ 134% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.001m | €0.001m | €0.002m | €0.001m | ▼ 37.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.03m | €0.02m | €0.004m | €0.01m | ▲ 167% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.04m | €0.1m | €0.1m | €0.01m | €0.02m | €0.03m | €0.1m | ▲ 207% |
| + Depreciation and write-downs630 | €0.02m | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 7.8% |
| Operating cash flow (approximation) | €0.09m | €0.2m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 33.4% |
| Investment in fixed assets (approximation) | - | -€1.7m | -€0.04m | -€0.1m | -€0.01m | -€0.03m | -€0.05m | -€0.04m | ▲ 30.9% |
| Change in cash | - | -€0.03m | €0.1m | €0.1m | -€0.006m | -€0.05m | €0.2m | -€0.3m | - |
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, 17,041 companies had the same profile as EcoMail has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EcoMail 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 17,041 companies, not a prediction for EcoMail. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-04-2026 | 2026-00093649 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00333225 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00311778 | |
| 31-12-2022 | full format | 18-07-2023 | 2023-00257130 | |
| 31-12-2021 | full format | 27-07-2022 | 2022-20260755 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-27200192 | |
| 31-12-2019 | full format | 17-06-2020 | 2020-18200033 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-24200488 | |
| 31-12-2017 | full format | 11-07-2018 | 2018-31800318 | |
| 30-09-2016 | full format | 09-02-2017 | 2017-04200596 |