EcomDirect
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 24 filings
Turnover
€65,821▲ 9.8%
2021 · €59,922
EBIT margin
2.2%▲ 4.0pp
2021 · -1.9%
Net result
€7,243
2024 · -€2,088
Working capital
€47,498▲ 13.7%
2024 · €41,768
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€9,788
2025
20192025
Net result
€7,243
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€50,887
▲ 16.6%
2025
middle half of the sector
20192025
Total assets
€59,271
▲ 35.1%
2025
middle half of the sector
20192025
Debt
€8,384
▲ 35×
2025
20192025
Working capital
€47,498
▲ 13.7%
2025
middle half of the sector
20192025
Solvency
85.9%
▼ 13.6pp
2025
highest quarter of the sector
20192025
Current ratio
6.67
2025
highest quarter of the sector
20192025
Return on assets (ROA)
12.2%
▲ 17.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€59,922€65,821▲ 9.8%
Operating result€4,314-€19,850▲ 360%-€1,113€1,421-€6,352-€3,277▲ 48.4%€9,788
Net result€1,924-€19,322within the sector's middle half▲ 904%-€2,528below the sector's middle half€1,283within the sector's middle half-€4,877below the sector's middle half-€2,088within the sector's middle half▲ 57.2%€7,243within the sector's middle half
EBIT margin-1.9%2.2%▲ 4.0pp
Equity€32,532-€51,854within the sector's middle half▲ 59.4%€49,326within the sector's middle half▼ 4.9%€50,609within the sector's middle half▲ 2.6%€45,733within the sector's middle half▼ 9.6%€43,645within the sector's middle half▼ 4.6%€50,887within the sector's middle half▲ 16.6%
Total assets€35,182-€63,436within the sector's middle half▲ 80.3%€53,537below the sector's middle half▼ 15.6%€55,011below the sector's middle half▲ 2.8%€49,387below the sector's middle half▼ 10.2%€43,884below the sector's middle half▼ 11.1%€59,271within the sector's middle half▲ 35.1%
Debt€2,650-€11,582▲ 337%€4,211▼ 63.6%€4,402▲ 4.5%€3,654▼ 17.0%€239▼ 93.5%€8,384▲ 35×
Working capital€25,669-€45,988within the sector's middle half▲ 79.2%€44,457within the sector's middle half▼ 3.3%€46,737within the sector's middle half▲ 5.1%€42,858within the sector's middle half▼ 8.3%€41,768within the sector's middle half▼ 2.5%€47,498within the sector's middle half▲ 13.7%
Solvency92.5%-81.7%above the sector's middle half▼ 10.7pp92.1%above the sector's middle half▲ 10.4pp92.0%above the sector's middle half▼ 0.1pp92.6%above the sector's middle half▲ 0.6pp99.5%above the sector's middle half▲ 6.9pp85.9%above the sector's middle half▼ 13.6pp
Current ratio10.69-4.97above the sector's middle half▼ 5.7211.56above the sector's middle half▲ 6.5911.62above the sector's middle half▲ 0.0612.73above the sector's middle half▲ 1.116.67above the sector's middle half
Return on assets (ROA)5.5%-30.5%above the sector's middle half▲ 25.0pp-4.7%below the sector's middle half▼ 35.2pp2.3%within the sector's middle half▲ 7.1pp-9.9%below the sector's middle half▼ 12.2pp-4.8%below the sector's middle half▲ 5.1pp12.2%within the sector's middle half▲ 17.0pp
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 a profit of €9,788, after a loss of €3,277 in 2024. It is the highest result since 2020.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €59,271
Fixed assets
€3,390 ▲ 80.6%
Current assets
€55,882 ▲ 33.0%
Equity and liabilities €59,271
Equity
€50,887 ▲ 16.6%
Debt
€8,384 ▲ 35×
Debt's share of the balance-sheet total rises from 0.5% to 14.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11,553▲
2024 · -€2,280
Cash flow
€9,007▲
2024 · -€1,090
Debt to equity
0.16▲
2024 · 0.01
ROE
14.2%▲
2024 · -4.8%
Interest coverage
12.50▲
2024 · -18.00
Debt ≤ 1 year
€8,384▲
2024 · €239
Income taxes
€3,163
Staff costs
€6,290
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,564 |
| Depreciation and write-downs of the year | €997 | €997 | €997 | €1,765 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,000 | €2,000 |
| 2023 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €59,922 | €65,821 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €2,000 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €62,032 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €6,290 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €997 | €997 | €997 | €997 | €997 | €997 | €1,765 | ▲ 76.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €9,006 | - |
| Other operating charges640/8 | - | - | - | €598 | €2,089 | - | €120 | - |
| Non-recurring operating charges66A | - | - | - | €772 | €1,046 | - | - | - |
| Gross operating margin9900 | €6,206 | €21,238 | €1,250 | €3,789 | -€2,221 | -€2,280 | €26,969 | - |
| Operating profit (loss)9901 | €4,314 | €19,850 | -€1,113 | €1,421 | -€6,352 | -€3,277 | €9,788 | - |
| Financial income75/76B | - | - | - | - | €1,542 | €1,316 | €1,541 | ▲ 17.1% |
| Recurring financial income75 | €625 | €1,616 | €2,484 | - | €1,542 | €1,316 | €1,541 | ▲ 17.1% |
| Financial charges65/66B | - | - | - | €105 | €67 | €127 | €924 | ▲ 629% |
| Recurring financial charges65 | €146 | €71 | €113 | €105 | €67 | €127 | €924 | ▲ 629% |
| Profit (loss) for the period before taxes9903 | €4,793 | €21,395 | €1,258 | €1,316 | -€4,877 | -€2,088 | €10,405 | - |
| Income taxes67/77 | €2,870 | €2,074 | €3,786 | €33 | - | - | €3,163 | - |
| Profit (loss) for the period9904 | €1,924 | €19,322 | -€2,528 | €1,283 | -€4,877 | -€2,088 | €7,243 | - |
| Profit (loss) for the period to be appropriated9905 | €1,924 | €19,322 | -€2,528 | €1,283 | -€4,877 | -€2,088 | €7,243 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €35,182 | €63,436 | €53,537 | €55,011 | €49,387 | €43,884 | €59,271 | ▲ 35.1% |
| Fixed assets21/28 | €6,863 | €5,866 | €4,869 | €3,872 | €2,874 | €1,877 | €3,390 | ▲ 80.6% |
| Tangible fixed assets22/27 | €5,658 | €4,661 | €3,664 | €2,667 | €1,669 | €672 | €2,185 | ▲ 225% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,338 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €847 | - |
| Other tangible fixed assets26 | - | - | - | €2,667 | €1,669 | €672 | €0 | ▼ 100% |
| Financial fixed assets28 | €1,205 | €1,205 | €1,205 | €1,205 | €1,205 | €1,205 | €1,205 | = |
| Current assets29/58 | €28,319 | €57,570 | €48,668 | €51,139 | €46,512 | €42,007 | €55,882 | ▲ 33.0% |
| Stocks and contracts in progress3 | €15,317 | €12,657 | €13,835 | €13,383 | €14,328 | €9,006 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €13,383 | €14,328 | €9,006 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €11,243 | €31,405 | €22,528 | €26,116 | €26,521 | €29,978 | €44,995 | ▲ 50.1% |
| Trade receivables40 | - | - | - | €3,504 | €3,504 | €3,504 | €17,252 | ▲ 392% |
| Other amounts receivable41 | - | - | - | €22,613 | €23,018 | €26,475 | €27,743 | ▲ 4.8% |
| Cash at bank and in hand54/58 | €1,759 | €13,508 | €12,211 | €11,473 | €5,496 | €2,855 | €10,886 | ▲ 281% |
| Deferred charges and accrued income490/1 | - | - | - | €167 | €167 | €167 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €35,182 | €63,436 | €53,537 | €55,011 | €49,387 | €43,884 | €59,271 | ▲ 35.1% |
| Equity10/15 | €32,532 | €51,854 | €49,326 | €50,609 | €45,733 | €43,645 | €50,887 | ▲ 16.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,388 | €1,388 | €1,388 | €1,388 | €1,388 | €1,388 | €1,388 | = |
| Non-distributable reserves130/1 | - | - | - | €1,388 | €1,388 | €1,388 | €1,388 | = |
| Reserves not available under the articles1311 | - | - | - | €1,388 | €1,388 | €1,388 | €1,388 | = |
| Other1319 | - | - | - | - | - | - | €0 | - |
| Profit (loss) carried forward14 | €12,552 | €31,874 | €29,346 | €30,629 | €25,752 | €23,664 | €30,907 | ▲ 30.6% |
| Amounts payable17/49 | €2,650 | €11,582 | €4,211 | €4,402 | €3,654 | €239 | €8,384 | ▲ 35× |
| Amounts payable within one year42/48 | €2,650 | €11,582 | €4,211 | €4,402 | €3,654 | €239 | €8,384 | ▲ 35× |
| Trade debts44 | €1,993 | €7,761 | €4,211 | €2,883 | €3,621 | €206 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €2,883 | €3,621 | €206 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €1,519 | €33 | €33 | €8,384 | ▲ 251× |
| Taxes450/3 | - | - | - | €1,519 | €33 | €33 | €5,814 | ▲ 174× |
| Remuneration and social security454/9 | - | - | - | - | - | - | €2,570 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,924 | €19,322 | -€2,528 | €1,283 | -€4,877 | -€2,088 | €7,243 | - |
| + Depreciation and write-downs630 | €997 | €997 | €997 | €997 | €997 | €997 | €1,765 | ▲ 76.9% |
| Operating cash flow (approximation) | €2,921 | €20,319 | -€1,531 | €2,280 | -€3,879 | -€1,090 | €9,007 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€3,277 | - |
| Change in cash | - | €11,749 | -€1,297 | -€738 | -€5,977 | -€2,642 | €8,032 | - |
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, 31,368 companies had the same profile as EcomDirect has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EcomDirect 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 31,368 companies, not a prediction for EcomDirect. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00105299 | |
| 30-09-2024 | micro format | 19-02-2025 | 2025-00037608 | |
| 30-09-2023 | micro format | 09-01-2024 | 2024-00001027 | |
| 30-09-2022 | micro format | 15-12-2022 | 2022-20540154 | |
| 30-09-2021 | micro format | 31-01-2022 | 2022-04300283 | |
| 30-09-2020 | micro format | 26-01-2021 | 2021-01900231 | |
| 30-09-2019 | micro format | 07-03-2020 | 2020-06700430 | |
| 30-09-2018 | micro format | 21-02-2019 | 2019-05600301 | |
| 30-09-2017 | micro format | 30-09-2018 | 2018-67100561 | |
| 30-09-2016 | abbreviated format | 30-09-2018 | 2018-67100588 |