EconCore
ActiveSummary
EconCore has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.6m and a net result of €228,142. Equity is shrinking by ~11.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability77▲+31
Solvency100▲+7
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210,000 at 30 days acceptable
Liquidity ample (current ratio 2.85 against 2.37 in 2025; short-term debt: 15.6% and cash: 14.6% of total assets), and 24.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Manufacture of paper and paper products (NACE 17)
about 49% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
75.5%
Return on assets
6.7%
Age of the figures
6 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 02-09-2026, 59 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
59 d early
2025
10 d early
2024
45 d early
2023
on the day
2022
25 d early
2021
27 d early
2020
40 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 34% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, full schema
In the rankings
#9 company by total assets in Flemish Brabant, Paper sector#9 company by equity in Flemish Brabant, Paper sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€228,142
2025 · -€515,450
Working capital
€983,591▲ 27.9%
2025 · €769,009
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Operating result-€249,348▲ 53.1%-€1.1m▼ 359%-€791,684▲ 30.9%-€764,954▲ 3.4%€40,536
Net result-€98,097▲ 75.1%-€959,032▼ 878%-€582,801▲ 39.2%-€515,450▲ 11.6%€228,142
Equity€5.0m▼ 2.5%€4.4m▼ 13.5%€3.3m▼ 23.4%€2.5m▼ 25.2%€2.6m▲ 2.5%
Total assets€6.6m▲ 0.7%€6.6m▲ 0.4%€4.8m▼ 26.7%€3.7m▼ 24.0%€3.4m▼ 7.5%
Debt€1.5m▲ 13.0%€2.1m▲ 38.7%€1.4m▼ 33.3%€1.1m▼ 21.0%€797,411▼ 28.3%
Working capital€1.7m▼ 21.5%€1.2m▼ 26.7%€1.0m▼ 19.4%€769,009▼ 23.1%€983,591▲ 27.9%
Staff (FTE)10.2▲ 14.6%9.8▼ 3.9%6▼ 38.8%3.6▼ 40.0%2.8▼ 22.2%
Why a figure moved sharply
- 2023 Net result -878% on 2022. Cause not known from the registers.
- 2022 Net result +75% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2026: €40,536 after a loss of €764,954 in 2025, the highest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €3.4m
Fixed assets
€1.9m ▼ 19.7%
Current assets
€1.5m ▲ 13.9%
Equity and liabilities €3.4m
Equity
€2.6m ▲ 2.5%
Provisions
€35,813 ▼ 39.7%
Debt
€797,411 ▼ 28.3%
Debt's share of the balance-sheet total falls from 30.3% to 23.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€802,811▲
2025 · €162,120
Cash flow
€990,417▲
2025 · €411,624
Current ratio
2.85▲
2025 · 2.37
Debt to equity
0.31▼
2025 · 0.44
ROE
8.9%▲
2025 · -20.6%
ROA
6.7%▲
2025 · -14.0%
Interest coverage
42.30▲
2025 · 5.38
Debt ≤ 1 year
€531,916▼
2025 · €561,258
Debt > 1 year
€33,796▼
2025 · €177,382
Income taxes
-€8,663▼
2025 · -€4,997
Staff costs
€437,594▼
2025 · €484,519
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €207,190 | €0 | €19,829 | €34,371 | - | - |
| Remuneration, social security and pensions62 | €841,660 | €905,332 | €664,231 | €484,519 | €437,594 | ▼ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €943,370 | €1.1m | €1.2m | €927,074 | €762,275 | ▼ 17.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €41,500 | -€28,896 | -€2,604 | - | - |
| Other operating charges640/8 | €94,628 | €58,472 | €70,603 | €39,590 | €28,245 | ▼ 28.7% |
| Non-recurring operating charges66A | €676 | €0 | €475 | €230,011 | €694 | ▼ 99.7% |
| Gross operating margin9900 | €1.6m | €966,930 | €1.1m | €913,637 | €1.3m | ▲ 38.9% |
| Operating profit (loss)9901 | -€249,348 | -€1.1m | -€791,684 | -€764,954 | €40,536 | ▲ 105% |
| Financial income75/76B | €121,494 | €178,474 | €217,238 | €256,307 | €174,343 | ▼ 32.0% |
| Recurring financial income75 | €121,494 | €178,474 | €217,238 | €229,337 | €174,343 | ▼ 24.0% |
| Non-recurring financial income76B | - | - | - | €26,969 | - | - |
| Financial charges65/66B | €26,500 | €30,765 | €40,017 | €30,144 | €18,980 | ▼ 37.0% |
| Recurring financial charges65 | €26,500 | €30,765 | €40,017 | €30,144 | €18,980 | ▼ 37.0% |
| Profit (loss) for the period before taxes9903 | -€154,354 | -€997,933 | -€614,463 | -€538,791 | €195,899 | ▲ 136% |
| Transfer from deferred taxes780 | - | - | €7,265 | €18,344 | €23,579 | ▲ 28.5% |
| Income taxes67/77 | -€56,257 | -€38,901 | -€24,396 | -€4,997 | -€8,663 | ▼ 73.4% |
| Profit (loss) for the period9904 | -€98,097 | -€959,032 | -€582,801 | -€515,450 | €228,142 | ▲ 144% |
| Profit (loss) for the period to be appropriated9905 | -€98,097 | -€959,032 | -€582,801 | -€515,450 | €228,142 | ▲ 144% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.6m | €6.6m | €4.8m | €3.7m | €3.4m | ▼ 7.5% |
| Fixed assets21/28 | €4.4m | €4.5m | €3.2m | €2.3m | €1.9m | ▼ 19.7% |
| Intangible fixed assets21 | €827,774 | €917,609 | €695,420 | €489,831 | €407,912 | ▼ 16.7% |
| Tangible fixed assets22/27 | €1.6m | €1.8m | €1.5m | €846,608 | €467,829 | ▼ 44.7% |
| Plant, machinery and equipment23 | €881,637 | €862,266 | €782,842 | €474,010 | €306,919 | ▼ 35.3% |
| Furniture and vehicles24 | €11,945 | €24,225 | €15,623 | €3,468 | €5,475 | ▲ 57.9% |
| Leasing and similar rights25 | €664,337 | €933,395 | €672,198 | €369,131 | €155,436 | ▼ 57.9% |
| Other tangible fixed assets26 | €10,326 | €14,445 | €10,540 | €0 | - | - |
| Financial fixed assets28 | €2.0m | €1.7m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €2.2m | €2.1m | €1.7m | €1.3m | €1.5m | ▲ 13.9% |
| Amounts receivable after more than one year29 | €188,863 | €195,984 | €179,279 | €149,661 | €122,229 | ▼ 18.3% |
| Other amounts receivable291 | €188,863 | €195,984 | €179,279 | €149,661 | €122,229 | ▼ 18.3% |
| Stocks and contracts in progress3 | €138,072 | €74,380 | €40,634 | €0 | - | - |
| Stocks30/36 | €138,072 | €74,380 | €40,634 | €0 | - | - |
| Amounts receivable within one year40/41 | €1.3m | €1.5m | €942,911 | €815,169 | €871,897 | ▲ 7.0% |
| Trade receivables40 | €728,462 | €707,694 | €688,894 | €684,384 | €789,232 | ▲ 15.3% |
| Other amounts receivable41 | €530,175 | €766,913 | €254,017 | €130,785 | €82,664 | ▼ 36.8% |
| Cash at bank and in hand54/58 | €424,384 | €242,422 | €413,068 | €341,590 | €497,937 | ▲ 45.8% |
| Deferred charges and accrued income490/1 | €144,334 | €140,531 | €78,069 | €23,847 | €23,444 | ▼ 1.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.6m | €6.6m | €4.8m | €3.7m | €3.4m | ▼ 7.5% |
| Equity10/15 | €5.0m | €4.4m | €3.3m | €2.5m | €2.6m | ▲ 2.5% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Capital10 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Issued capital100 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €158,867 | €158,867 | €158,867 | €158,867 | €168,331 | ▲ 6.0% |
| Non-distributable reserves130/1 | €158,867 | €158,867 | €158,867 | €158,867 | €168,331 | ▲ 6.0% |
| Legal reserve130 | €158,867 | €158,867 | €158,867 | €158,867 | €168,331 | ▲ 6.0% |
| Profit (loss) carried forward14 | €2.0m | €1.1m | €476,230 | -€39,220 | €179,457 | ▲ 558% |
| Investment grants15 | €762,168 | €1.0m | €601,500 | €275,166 | €109,407 | ▼ 60.2% |
| Provisions and deferred taxes16 | - | €116,502 | €80,340 | €59,393 | €35,813 | ▼ 39.7% |
| Provisions for liabilities and charges160/5 | - | €41,500 | €12,604 | €10,000 | €10,000 | = |
| Other liabilities and charges164/5 | - | €41,500 | €12,604 | €10,000 | €10,000 | = |
| Deferred taxes168 | - | €75,002 | €67,737 | €49,393 | €25,813 | ▼ 47.7% |
| Amounts payable17/49 | €1.5m | €2.1m | €1.4m | €1.1m | €797,411 | ▼ 28.3% |
| Amounts payable after more than one year17 | €470,259 | €667,259 | €405,520 | €177,382 | €33,796 | ▼ 80.9% |
| Financial debts170/4 | €470,259 | €667,259 | €405,520 | €177,382 | €33,796 | ▼ 80.9% |
| Amounts payable within one year42/48 | €461,006 | €886,501 | €653,901 | €561,258 | €531,916 | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | €160,455 | €257,672 | €261,739 | €225,809 | €142,652 | ▼ 36.8% |
| Trade debts44 | €145,715 | €167,958 | €232,120 | €87,059 | €31,818 | ▼ 63.5% |
| Suppliers440/4 | €145,715 | €167,958 | €232,120 | €87,059 | €31,818 | ▼ 63.5% |
| Taxes, remuneration and social security45 | €154,836 | €130,871 | €86,042 | €56,390 | €81,446 | ▲ 44.4% |
| Taxes450/3 | €4,755 | €0 | €4,601 | €4,024 | €3,948 | ▼ 1.9% |
| Remuneration and social security454/9 | €150,081 | €130,871 | €81,441 | €52,366 | €77,498 | ▲ 48.0% |
| Other amounts payable47/48 | - | €330,000 | €74,000 | €192,000 | €276,000 | ▲ 43.8% |
| Accrued charges and deferred income492/3 | €590,350 | €556,958 | €347,443 | €373,032 | €231,698 | ▼ 37.9% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€98,097 | -€959,032 | -€582,801 | -€515,450 | €228,142 | ▲ 144% |
| + Depreciation and write-downs630 | €943,370 | €1.1m | €1.2m | €927,074 | €762,275 | ▼ 17.8% |
| Operating cash flow (approximation) | €845,273 | €148,237 | €572,451 | €411,624 | €990,417 | ▲ 141% |
| Investment in fixed assets (approximation) | - | -€1.2m | €131,167 | -€92,842 | -€301,576 | ▼ 225% |
| Change in cash | - | -€181,962 | €170,645 | -€71,477 | €156,347 | ▲ 319% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
02-09
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-03
Financial
Back to profitnet €228,142
Net result €228,142 after 5 loss-making years.
2025
21-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€959,032
Net result drops to -€959,032, the lowest in the series; recovery starts the following year.
2022
06-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
04-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
21-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
19-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
19-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 26 acts read
About the unread acts
We know of 26 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
26 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leuven · 1 establishment unit since 2006
Ground area
6,606 m²
Building footprint
2,028 m²
Volume, LiDAR
47,312 m³
Parcel 24433E0025/00C002, Flanders · tallest building 32.1 m, ±9 floors. Linked by address, not a title deed.
136
companies at this address
See who is registered here
1 establishment unit
EconCore
since 20062.151.406.847
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24433E0025/00C002 | Flanders | 6,606 m² | 1 · 2,027 m² | 32.0 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 95,341 EUR awarded · 95,527 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 140 EUR | 140 EUR |
| 2024 | 3 | -150,811 EUR | 12,495 EUR |
| 2023 | 2 | 15,706 EUR | 15,892 EUR |
| 2022 | 2 | 230,306 EUR | 67,000 EUR |
European research
3 projects · 610,335 EUR EU contributionProgrammes
Projects
Fuselage, Rear Fuselage and Empennage with Cabin and Cargo Architecture Solution validation and Technologies for H2 integration
Industrial Production Processes for Nanoreinforced Composite Structures
Microcellular nanocomposite for substitution of Balsa wood and PVC core material
Recognitions · licences · registrations
Legal Entity Identifier
549300GG4NCTJSJ1JO12
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Of 125 companies in sector 17120 we hold annual accounts for 92. 47 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded22-12-2005
Fiscal year end31-03
Activities, NACEBEL 2025
17120Manufacture of paper and paper products
71121Engineering and related technical consultancy, excluding land surveyors
17210Manufacture of paper and paper products
22260Manufacture of rubber and plastic products
72109Other research and development on natural sciences
E-invoicing
Reachable via Peppol
Peppol ID
0208:0878425664
Also
9925:BE0878425664
Registered
12-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.