EconCore
ActiveSummary
EconCore has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.6m and a net result of €228,142. Equity has been shrinking by about 11% per year since 2019. The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 22-12-2005 Normal situation
- Registered office
- 137 active companies are registered at this address 5 started in the 12 months before. Source: KBO register, as of 3 November 2026.
- Activity
- Manufacture of paper and paper products NACE 17120and 4 others
- Joint committees
- 100 Aanvullend Paritair Comité voor de werklieden
- 111 Paritair Comité voor de metaal-, machine- en elektrische bouw
- 116 Paritair Comité voor de scheikundige nijverheid · annual accounts 31-03-2026and 1 other
- Establishment unit
- 2.151.406.847 3001 Leuven, since 18-01-2006
- Financial year end
- 31 March
- Peppol
- Reachable since 12-12-2025
Board and ownership
- Auditor
- Steven Vanderhaegen
Shareholders
- Allegro Investment Fund13.67%· score 532025 annual accounts of Allegro Investment Fund
- Holdings
- Shares in 1 company ThermHex Waben GmbH
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
Annual accounts to 31-03-2026
- Gross margin
- €1.3m
- ▲ 38.9%
- Turnover
- ≈ €2.2m
- estimated
- Profit
- €228,142
- Equity
- €2.6m
- ▲ 2.5%
- Total assets
- €3.4m
- ▼ 7.5%
- Employees on 31-03-2026
- 3
- =
Score breakdownlowers riskFigures for financial year 2026 (filed on 03-09-2026)Size: 2.8 FTE, total assets €3.4mLiquidity: current ratio 2.85, cash €497,937Founded in 2005Show the evidence
Checked score
Score 2026
96
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 68% of micro companies in paper (NACE 17)
Financial strength · tick: 2025
Strong
Solvency
100+7
equity 75.5% of total assets
Liquidity
65+7
short-term debt 15.6% · cash 14.6%
Profitability
77+31
return on assets 6.7%
Bankruptcy probability within 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.7%
01-2025: 0.7%● unchanged vs 12-2024
02-2025: 0.7%● unchanged vs 01-2025
03-2025: 0.7%● unchanged vs 02-2025
04-2025: 0.7%● unchanged vs 03-2025
05-2025: 0.7%● unchanged vs 04-2025
06-2025: 0.7%● unchanged vs 05-2025
07-2025: 0.9%▲ +0.2 percentage points vs 06-2025
08-2025: 0.9%● unchanged vs 07-2025
09-2025: 1.2%▲ +0.3 percentage points vs 08-2025
10-2025: 1.2%● unchanged vs 09-2025highest value
11-2025: 0.6%▼ -0.6 percentage points vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.7%▲ +0.1 percentage points vs 05-2026
07-2026: 0.9%▲ +0.2 percentage points vs 06-2026
08-2026: 1.0%▲ +0.1 percentage points vs 07-2026
09-2026: 1.2%▲ +0.2 percentage points vs 08-2026
10-2026: < 0.1%▼ -1.2 percentage points vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Credit of up to €240,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.85 (2.37 in 2025), above the usual 1.5. Short-term debt is 15.6% and cash 14.6% of total assets. 24.5% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 17, micro). It does better than 90% of them on solvency, 69% on liquidity, 63% on profitability and 49% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskneutral
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 days early
2025
10 days early
2024
45 days early
2023
on the day
2022
25 days early
2021
27 days early
2020
40 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 17), the median for financial year 2024 was 13 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 6 October (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-03-2027 year end31-10-2027 deadline
Financials
Financials · financial year 2026, full format
Annual accounts 2026 filed on 02-09-2026 at the NBB all 20 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
EBIT margin
Not included in this filing
Net result
€228,142
2025 · -€515,450
Working capital
€983,591▲ 27.9%
2025 · €769,009
In the rankings
#10 company by total assets in Flemish Brabant, Paper sector#10 company by equity in Flemish Brabant, Paper sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€40,536
2026
20192026
Net result
€228,142
2026
20192026
Equity
€2.6m
▲ 2.5%
2026
20192026
Total assets
€3.4m
▼ 7.5%
2026
20192026
Debt
€797,411
▼ 28.3%
2026
20192026
Working capital
€983,591
▲ 27.9%
2026
20192026
Solvency
75.5%
▲ 7.4pp
2026
20192026
Current ratio
2.85
▲ 0.48
2026
20192026
Return on assets (ROA)
6.7%
▲ 20.7pp
2026
20192026
Staff (FTE)
2.8
▼ 22.2%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.5m-€0.03m▼ 93.4%-€0.5m-€0.2m▲ 53.1%-€1.1m▼ 359%-€0.8m▲ 30.9%-€0.8m▲ 3.4%€0.04m
Net result€0.7m-€0.2m▼ 74.1%-€0.4mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 75.1%-€1.0mbelow the sector's middle half▼ 878%-€0.6mbelow the sector's middle half▲ 39.2%-€0.5mbelow the sector's middle half▲ 11.6%€0.2m
Equity€5.1m-€5.2m▲ 2.4%€5.2mabove the sector's middle half▼ 0.2%€5.0mabove the sector's middle half▼ 2.5%€4.4mabove the sector's middle half▼ 13.5%€3.3mabove the sector's middle half▼ 23.4%€2.5mabove the sector's middle half▼ 25.2%€2.6m▲ 2.5%
Total assets€6.2m-€6.3m▲ 0.8%€6.5mabove the sector's middle half▲ 4.3%€6.6mabove the sector's middle half▲ 0.7%€6.6mabove the sector's middle half▲ 0.4%€4.8mabove the sector's middle half▼ 26.7%€3.7mabove the sector's middle half▼ 24.0%€3.4m▼ 7.5%
Debt€1.1m-€1.1m▼ 6.3%€1.3m▲ 26.6%€1.5m▲ 13.0%€2.1m▲ 38.7%€1.4m▼ 33.3%€1.1m▼ 21.0%€0.8m▼ 28.3%
Working capital€2.4m-€2.3m▼ 3.6%€2.2mabove the sector's middle half▼ 6.3%€1.7mabove the sector's middle half▼ 21.5%€1.2mwithin the sector's middle half▼ 26.7%€1.0mwithin the sector's middle half▼ 19.4%€0.8mwithin the sector's middle half▼ 23.1%€1.0m▲ 27.9%
Solvency81.7%-83.0%▲ 1.3pp79.3%above the sector's middle half▼ 3.6pp76.8%above the sector's middle half▼ 2.5pp66.2%above the sector's middle half▼ 10.6pp69.2%within the sector's middle half▲ 3.0pp68.1%within the sector's middle half▼ 1.1pp75.5%▲ 7.4pp
Current ratio5.76-5.19▼ 0.574.33above the sector's middle half▼ 0.864.67above the sector's middle half▲ 0.342.40within the sector's middle half▼ 2.272.53within the sector's middle half▲ 0.132.37within the sector's middle half▼ 0.162.85▲ 0.48
Return on assets (ROA)11.7%-3.0%▼ 8.7pp-6.0%below the sector's middle half▼ 9.1pp-1.5%below the sector's middle half▲ 4.6pp-14.5%below the sector's middle half▼ 13.1pp-12.1%below the sector's middle half▲ 2.5pp-14.0%below the sector's middle half▼ 2.0pp6.7%▲ 20.7pp
Staff (FTE)7-9.1▲ 30.0%8.9within the sector's middle half▼ 2.2%10.2within the sector's middle half▲ 14.6%9.8within the sector's middle half▼ 3.9%6within the sector's middle half▼ 38.8%3.6within the sector's middle half▼ 40.0%2.8▼ 22.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of paper and paper products (NACE 17). 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 2026 is a profit of €40,536, after a loss of €764,954 in 2025. It is the highest result since 2022.
The turnover shown is an estimate from the gross margin.
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
Debt to equity
0.31▼
2025 · 0.44
ROE
8.9%▲
2025 · -20.6%
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.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 9 | 5 | 3 | 3 |
| full-time | 10 | 8 | 4 | 2 | 2 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 10.8 | 8.8 | 4.8 | 2.8 | 2.8 |
| Average over the year, in full-time equivalents | 10.2 | 9.8 | 6 | 3.6 | 2.8 |
| On a permanent contract | 10 | 8 | 5 | 3 | 3 |
| Joined | 2 | 0 | 0 | 0 | - |
| Left | 1 | 2 | 4 | 2 | - |
| Training hours | 215 | - | - | 68 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €630,714 | €937,491 | €350,020 | €199,291 | €87,531 |
| Pledge on the business | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 |
| Mandates to pledge the business | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €993,253 | €866,189 | €272,084 | €92,694 | €54,551 |
| Intangible fixed assets | €644,898 | €597,001 | €316,438 | €260,786 | €247,720 |
| Financial fixed assets | €18,095 | €212,900 | €900 | €7,750 | - |
| Depreciation and write-downs of the year | €943,370 | €1.1m | €1.2m | €927,074 | €762,275 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €95,341 awarded · €95,527 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €140 | €140 |
| 2024 | 3 | -€150,811 | €12,495 |
| 2023 | 2 | €15,706 | €15,892 |
| 2022 | 2 | €230,306 | €67,000 |
European research
3 projects · €610,335 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
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.2m | €0 | €0.02m | €0.03m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.9m | €0.7m | €0.5m | €0.4m | ▼ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.7m | €0.9m | €0.8m | €0.9m | €1.1m | €1.2m | €0.9m | €0.8m | ▼ 17.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €0.04m | -€0.03m | -€0.003m | - | - |
| Other operating charges640/8 | - | - | - | €0.09m | €0.06m | €0.07m | €0.04m | €0.03m | ▼ 28.7% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | €475 | €0.2m | €0.001m | ▼ 99.7% |
| Gross operating margin9900 | €2.1m | €1.8m | €1.1m | €1.6m | €1.0m | €1.1m | €0.9m | €1.3m | ▲ 38.9% |
| Operating profit (loss)9901 | €0.5m | €0.03m | -€0.5m | -€0.2m | -€1.1m | -€0.8m | -€0.8m | €0.04m | - |
| Financial income75/76B | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 32.0% |
| Recurring financial income75 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 24.0% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.03m | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.02m | ▼ 37.0% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.03m | €0.03m | €0.03m | €0.04m | €0.03m | €0.02m | ▼ 37.0% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.1m | -€0.4m | -€0.2m | -€1.0m | -€0.6m | -€0.5m | €0.2m | - |
| Transfer from deferred taxes780 | - | - | - | - | - | €0.007m | €0.02m | €0.02m | ▲ 28.5% |
| Income taxes67/77 | -€0.1m | -€0.05m | -€0.05m | -€0.06m | -€0.04m | -€0.02m | -€0.005m | -€0.009m | ▼ 73.4% |
| Profit (loss) for the period9904 | €0.7m | €0.2m | -€0.4m | -€0.1m | -€1.0m | -€0.6m | -€0.5m | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €0.2m | -€0.4m | -€0.1m | -€1.0m | -€0.6m | -€0.5m | €0.2m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.2m | €6.3m | €6.5m | €6.6m | €6.6m | €4.8m | €3.7m | €3.4m | ▼ 7.5% |
| Fixed assets21/28 | €3.3m | €3.4m | €3.7m | €4.4m | €4.5m | €3.2m | €2.3m | €1.9m | ▼ 19.7% |
| Intangible fixed assets21 | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €0.7m | €0.5m | €0.4m | ▼ 16.7% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.1m | €1.6m | €1.8m | €1.5m | €0.8m | €0.5m | ▼ 44.7% |
| Plant, machinery and equipment23 | - | - | - | €0.9m | €0.9m | €0.8m | €0.5m | €0.3m | ▼ 35.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.02m | €0.003m | €0.005m | ▲ 57.9% |
| Leasing and similar rights25 | - | - | - | €0.7m | €0.9m | €0.7m | €0.4m | €0.2m | ▼ 57.9% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0 | - | - |
| Financial fixed assets28 | €2.0m | €2.0m | €2.0m | €2.0m | €1.7m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €2.9m | €2.9m | €2.8m | €2.2m | €2.1m | €1.7m | €1.3m | €1.5m | ▲ 13.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 18.3% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 18.3% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | €0.04m | €0 | - | - |
| Stocks30/36 | - | - | - | €0.1m | €0.07m | €0.04m | €0 | - | - |
| Amounts receivable within one year40/41 | €1.6m | €1.2m | €1.3m | €1.3m | €1.5m | €0.9m | €0.8m | €0.9m | ▲ 7.0% |
| Trade receivables40 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 15.3% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.8m | €0.3m | €0.1m | €0.08m | ▼ 36.8% |
| Cash at bank and in hand54/58 | €1.1m | €1.4m | €1.2m | €0.4m | €0.2m | €0.4m | €0.3m | €0.5m | ▲ 45.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.08m | €0.02m | €0.02m | ▼ 1.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.2m | €6.3m | €6.5m | €6.6m | €6.6m | €4.8m | €3.7m | €3.4m | ▼ 7.5% |
| Equity10/15 | €5.1m | €5.2m | €5.2m | €5.0m | €4.4m | €3.3m | €2.5m | €2.6m | ▲ 2.5% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €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 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Profit (loss) carried forward14 | €2.3m | €2.5m | €2.1m | €2.0m | €1.1m | €0.5m | -€0.04m | €0.2m | - |
| Investment grants15 | - | - | - | €0.8m | €1.0m | €0.6m | €0.3m | €0.1m | ▼ 60.2% |
| Provisions and deferred taxes16 | - | - | - | - | €0.1m | €0.08m | €0.06m | €0.04m | ▼ 39.7% |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.04m | €0.01m | €0.01m | €0.01m | = |
| Other liabilities and charges164/5 | - | - | - | - | €0.04m | €0.01m | €0.01m | €0.01m | = |
| Deferred taxes168 | - | - | - | - | €0.08m | €0.07m | €0.05m | €0.03m | ▼ 47.7% |
| Amounts payable17/49 | €1.1m | €1.1m | €1.3m | €1.5m | €2.1m | €1.4m | €1.1m | €0.8m | ▼ 28.3% |
| Amounts payable after more than one year17 | €0.05m | €0.05m | €0.3m | €0.5m | €0.7m | €0.4m | €0.2m | €0.03m | ▼ 80.9% |
| Financial debts170/4 | - | - | - | €0.5m | €0.7m | €0.4m | €0.2m | €0.03m | ▼ 80.9% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.6m | €0.5m | €0.9m | €0.7m | €0.6m | €0.5m | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 36.8% |
| Trade debts44 | €0.2m | €0.3m | €0.4m | €0.1m | €0.2m | €0.2m | €0.09m | €0.03m | ▼ 63.5% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.09m | €0.03m | ▼ 63.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.09m | €0.06m | €0.08m | ▲ 44.4% |
| Taxes450/3 | - | - | - | €0.005m | €0 | €0.005m | €0.004m | €0.004m | ▼ 1.9% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.1m | €0.08m | €0.05m | €0.08m | ▲ 48.0% |
| Other amounts payable47/48 | - | - | - | - | €0.3m | €0.07m | €0.2m | €0.3m | ▲ 43.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.6m | €0.6m | €0.3m | €0.4m | €0.2m | ▼ 37.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.2m | -€0.4m | -€0.1m | -€1.0m | -€0.6m | -€0.5m | €0.2m | - |
| + Depreciation and write-downs630 | €0.7m | €0.9m | €0.8m | €0.9m | €1.1m | €1.2m | €0.9m | €0.8m | ▼ 17.8% |
| Operating cash flow (approximation) | €1.4m | €1.0m | €0.4m | €0.8m | €0.1m | €0.6m | €0.4m | €1.0m | ▲ 141% |
| Investment in fixed assets (approximation) | - | -€0.9m | -€1.1m | -€1.6m | -€1.2m | €0.1m | -€0.09m | -€0.3m | ▼ 225% |
| Change in cash | - | €0.3m | -€0.2m | -€0.8m | -€0.2m | €0.2m | -€0.07m | €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, 31,368 companies had the same profile as EconCore 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 EconCore 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 EconCore. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 02-09-2026 | 2026-00496563 | |
| 31-03-2025 | abbreviated format | 21-10-2025 | 2025-00546590 | |
| 31-03-2024 | abbreviated format | 16-09-2024 | 2024-00461972 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00504116 | |
| 31-03-2022 | abbreviated format | 06-10-2022 | 2022-20456563 | |
| 31-03-2021 | abbreviated format | 04-10-2021 | 2021-71500385 | |
| 31-03-2020 | abbreviated format | 21-09-2020 | 2020-54500289 | |
| 31-03-2019 | abbreviated format | 19-09-2019 | 2019-65100361 | |
| 31-03-2018 | abbreviated format | 26-09-2018 | 2018-67200297 | |
| 31-03-2017 | abbreviated format | 19-09-2017 | 2017-61700584 |
Board & ownership
Directors
Directors
5 directors, 1 in day-to-day management, last change in 2025
Board 5
Pflug Jochen
Current
Director · in office according to the act of 30-06-2023
Van de Weyer Walter
Current
Director · in office according to the act of 30-06-2023
Balcke Jan
Current
Director · appointed in the act of 11-10-2023
Perdu Bram
Current
Director · appointed in the act of 11-10-2023
Schaumann Fritz
Current
Director · appointed in the act of 12-11-2025
Day-to-day management 1
Pflug Jochen
Current
Managing director and chair of the board · in office according to the act of 30-06-2023
Statutory auditor 1
Steven Vanderhaegen
Current
Statutory auditor · appointed in the act of 30-06-2023
Signing authorityThe articles say who may bind the company, for example by signing a contract.
deed of 12-11-2025
“Voorkant: Naam en hoedanigheld van de instrumenterende notaris, hetzij van de perso(0)n(en) bevoegd de rechtspersoon ten aanzien van derden…”
“Alle andere akten, met inbegrip van de akten waaraan een openbaar of ministerieel ambtenaar zijn medewerking verleent, worden geldig…”
Full text
Alle andere akten, met inbegrip van de akten waaraan een openbaar of ministerieel ambtenaar zijn medewerking verleent, worden geldig ondertekend door twee (2) bestuurders van verschillende soorten, gezamenlijk handelend, waarbij één van hen ofwel een bestuurder benoemd op voordracht van de soort A- aandelen ofwel een bestuurder op gezamenlijke voordracht van de soort B en C- aandelen is, of door een speciaal lasthebber, al dan niet bestuurder, alleen handelend en met dit doel aangesteld door de Raad van Bestuur.
“Onverminderd het voorgaande worden nieuwe licentieovereenkomsten, evenals het aanvullen of wijzigen van bestaande licentieovereenkomsten…”
Full text
Onverminderd het voorgaande worden nieuwe licentieovereenkomsten, evenals het aanvullen of wijzigen van bestaande licentieovereenkomsten, met betrekking tot het octrooi 'Half closed thermoplastic honeycomb, their production process and equipment to produce', internationaal octrooinummer WO2006053407A1, Europees octrooinummer EP1824667A1 en octrooinummer in de Verenigde Staten US8795806B2, geldig ondertekend door één (1) A-bestuurder en de Katholieke Universiteit Leuven, met zetel gevestigd te 3000 Leuven, Oude Markt 13, ondernemingsnummer 0419.052.173, RPR Leuven, in haar hoedanigheid van bijzondere gevolmachtigde.
“Dagelijks bestuur Voor daden van dagelijks bestuur wordt de vennootschap geldig vertegenwoordigd door de gedelegeerd bestuurder…”
Full text
Dagelijks bestuur Voor daden van dagelijks bestuur wordt de vennootschap geldig vertegenwoordigd door de gedelegeerd bestuurder, afzonderlijk optredend. De persoon of personen gelast met het dagelijks bestuur zullen in deze hoedanigheid beschikken over alle machten van en over de maatschappelijke handtekening voor alle handelingen van het dagelijks bestuur, zonder beperking van bedrag. De heer Pflug Jochen, verklaart het hem toegekende mandaat van gedelegeerd bestuurder en voorzitter van de raad van bestuur te aanvaarden en niet getroffen te zijn door enige verbodsbepaling voor het uitoefenen van zijn mandaat.
Owners and capital
Shareholders
1 ownerOwners 1
- Equity -€11,566 Profit of €228,512 in 2025 (profit of €33,820 in 2024) Checked score 5313.67%
Capital transactions
Capital over time
- 04-04-2024 Capital stated in the deed · €2,108,579 · 314,200 shares
Mandate history
10 people, 6 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Pflug Jochen |
|
| Van de Weyer Walter |
|
| Balcke Jan |
|
| Perdu Bram |
|
| Schaumann Fritz |
|
| Steven Vanderhaegen |
|
| Roman THOMASSIN |
|
| Ekenhorst Derk |
|
| Schlimper Ralf |
|
| LK INVESTMENT |
|
Articles of association
- Daily managementDay-to-day management handles the everyday running of the business without the full board.
- The delegates act alonedeed of 23-10-2024 (in Dutch)
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “5, overblijvende bestuurders voorzien voorlopig via lijst ontslagnemende bestuurder of nieuwe lijst van aandeelhouders die uittredende…”deed of 04-04-2024 (in Dutch)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
-
100%
Companies at the same address
136 other companies- Van der Fraenen, Quinten (sole trader) Establishment · since 2026 1042402778
- FIDACTA BELGIË Registered office · since 2026 1041967565
- Stratarius Establishment · since 2026 1041705071
- Deal Advisor Registered office · since 2026 1035583876
- Mojo Establishment · since 2026 1013693748
- Brent Meurrens Aannemingen Registered office · since 2026 1032292509
- u-blox Leuven Registered office · since 2025 1028300859
- Peeters, Jessica (sole trader) Establishment · since 2025 1027720839
- Pharrics Registered office · since 2025 1027629084
- Kjøller, Jens (sole trader) Establishment · since 2025 1024049784
Connections & network
5 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
AmphiStar
Shared corporate director
→
Cyient Semiconductors
Shared corporate director
→
QAELUM
Shared corporate director
→
REIN4CED
Shared corporate director
→
Show 1 more companies with a shared director
SENIOR ASSIST
Shared corporate director
→
Timeline
Acts, filings and financial milestones
Deadline for the 2027 accounts:
2026
02-09
full format · 59 days before the deadline
31-03
Financial
Back to profitnet €228,142
The net result is €228,142, after 5 loss-making years.
2025
12-11
Gazette deed
1 director appointed, 6 reappointedAppointment: Schaumann Fritz (director) · Reappointments: Balcke Jan, Perdu Bram and 3 others · Declaration10 points ▸
Gazette deed
1 director appointed, 6 reappointed
Appointment: Schaumann Fritz (director) · Reappointments: Balcke Jan, Perdu Bram and 3 others · Declaration10 points ▸
- General meeting, 02-09-2025
- Director appointment, Schaumann Fritz (director)
- Director reappointment, Balcke Jan (director)
- Director reappointment, Perdu Bram (director)
- Director reappointment, Pflug Jochen (director)
- Director reappointment, Schaumann Fritz (director)
- Director reappointment, Van de Weyer Walter (director)
- Board meeting, 02-09-2025
- Director reappointment, Pflug Jochen (managing director and chair of the board)
- Declaration, “acceptatie mandaat gedelegeerd bestuurder en voorzitter, niet getroffen te zijn door enige verbodsbepaling voor het uitoefenen van zijn mandaat” (deed in Dutch)
21-10
abbreviated format · 10 days before the deadline
09-05
Gazette deed
Resignation: Roman THOMASSIN (director)Appointment: Fritz SCHAUMANN (director)4 points ▸
Gazette deed
Resignation: Roman THOMASSIN (director)
Appointment: Fritz SCHAUMANN (director)4 points ▸
- Board meeting, 03-04-2025
- Director resignation, Roman THOMASSIN (director)
- Director appointment, Fritz SCHAUMANN (director)
- Other provision, “aanvaarding mandaat en verbodsbepaling” (deed in Dutch)
2024
23-10
Gazette deed
Registered office moved within LeuvenNew seat: 3001 Leuven, Philipssite 5 bus 1 · Previous seat: 3001 Leuven, Ambachtenlaan 25 · Reappointments: Balcke Jan, Perdu Bram and 3 others11 points ▸
Gazette deed
Registered office moved within Leuven
New seat: 3001 Leuven, Philipssite 5 bus 1 · Previous seat: 3001 Leuven, Ambachtenlaan 25 · Reappointments: Balcke Jan, Perdu Bram and 3 others11 points ▸
- General meeting, 03-09-2024
- Director reappointment, Balcke Jan (director)
- Director reappointment, Perdu Bram (director)
- Director reappointment, Pflug Jochen (director)
- Director reappointment, Thomassin Roman (director)
- Director reappointment, Van de Weyer Walter (director)
- Declaration, “acceptatie mandaat” (deed in Dutch), mentioned 5 times in the deed
- Board meeting, 03-09-2024
- Director reappointment, Pflug Jochen (managing director and chair of the board)
- Declaration, “acceptatie mandaat gedelegeerd bestuurder en voorzitter, niet getroffen te zijn door enige verbodsbepaling” (deed in Dutch)
- Registered-office move, 3001 Leuven, Philipssite 5 bus 1
16-09
abbreviated format · 45 days before the deadline
04-04
Gazette deed
Amendment of the articlesCapital · Financial instrument5 points ▸
Gazette deed
Amendment of the articles
Capital · Financial instrument5 points ▸
- General meeting, 22-03-2024
- Amendment of the articles, mentioned 3 times in the deed
- Capital, €2,108,579
- Financial instrument, 54517, “zelfde rechten als kapitaalaandelen voor stemrechten,winstverdeling,aandeel vereffeningsoverschot conform artikel 39” (deed in Dutch)
- Financial instrument, 12460, “zelfde rechten als kapitaalaandelen voor winstverdeling,aandeel vereffeningsoverschot conform artikel 39” (deed in Dutch)
2023
31-10
abbreviated format · on the deadline day
11-10
Gazette deed
6 directors appointed, 2 directors resigning, 5 reappointedResignations: LK INVESTMENT BV (director) and Ekenhorst Derk (director) · Permanent representative: Kindt Luc · Appointments: Perdu Bram, Thomassin Roman and 2 others15 points ▸
Gazette deed
6 directors appointed, 2 directors resigning, 5 reappointed
Resignations: LK INVESTMENT BV (director) and Ekenhorst Derk (director) · Permanent representative: Kindt Luc · Appointments: Perdu Bram, Thomassin Roman and 2 others15 points ▸
- Board meeting, 18-08-2023
- Director resignation, LK INVESTMENT BV (director)
- Permanent representative, Kindt Luc
- Director appointment, Perdu Bram (director), mentioned 2 times in the deed
- Director resignation, Ekenhorst Derk (director)
- Director appointment, Thomassin Roman (director), mentioned 2 times in the deed
- General meeting, 05-09-2023
- Director appointment, Balcke Jan (director)
- Director reappointment, Van De Weyer Walter (director)
- Director reappointment, Thomassin Roman (director)
- Director reappointment, Perdu Bram (director)
- Director reappointment, Pflug Jochen (director)
- The act holds 3 more points.
30-06
Gazette deed
1 director appointed, 1 director resigning, 6 reappointedReappointments: Ekenhorst Derk, Van De Weyer Walter and 4 others · Permanent representative: Kindt Luc · Resignation: Schlimper Ralf (director)14 points ▸
Gazette deed
1 director appointed, 1 director resigning, 6 reappointed
Reappointments: Ekenhorst Derk, Van De Weyer Walter and 4 others · Permanent representative: Kindt Luc · Resignation: Schlimper Ralf (director)14 points ▸
- General meeting, 06-09-2022
- Director reappointment, Ekenhorst Derk (director)
- Director reappointment, Van De Weyer Walter (director)
- Director reappointment, Pflug Jochen (director)
- Director reappointment, Schlimper Ralf (director)
- Director reappointment, LK INVESTMENT BV (director)
- Permanent representative, Kindt Luc
- Auditor reappointment, Vanderhaegen Steven (statutory auditor)
- Board meeting, 06-09-2022
- Director reappointment, Pflug Jochen (managing director and chair of the board)
- Board meeting, 02-02-2023
- Director resignation, Schlimper Ralf (director)
- The act holds 2 more points.
31-03
Financial
Weakest financial yearnet -€959,032
The net result drops to -€959,032, the lowest from 2019 to 2026. It recovers the following year.
Show earlier events
2022
06-10
abbreviated format · 25 days before the deadline
2021
04-10
abbreviated format · 27 days before the deadline
2020
21-09
abbreviated format · 40 days before the deadline
2019
19-09
abbreviated format · 42 days before the deadline
2018
26-09
abbreviated format · 35 days before the deadline
2017
19-09
abbreviated format · 42 days before the deadline
2006
19-01
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
EconCore in Dutch
Enterprise number
0878.425.664
LEI code
549300GG4NCTJSJ1JO12
no longer live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
22-12-2005
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 04-04-2024 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 04-04-2024 (in Dutch)Registered office and establishments
Registered office
Philipssite 5, 3001 Leuven, Belgium
Establishment unit
EconCore, Philipssite 5, 3001 Leuven since 18-01-2006 · unit number 2.151.406.847
Activities
NACEBEL 2025VAT activities
17120
Manufacture of paper and paper products main activity
17210
Manufacture of paper and paper products
22260
Manufacture of rubber and plastic products
72109
Other research and development on natural sciences
Social security (RSZ) activities
71121
Engineering and related technical consultancy, excluding land surveyors main activity
Codes under NACEBEL 2008
VAT activities
17120
Manufacture of paper and paper products main activity
17210
Manufacture of paper and paper products
22290
Manufacture of rubber and plastic products
72190
Scientific research and development
Social security (RSZ) activities
71121
Engineering activities main activity
Codes under NACEBEL 2003
21122
main activity
21121
21210
25240
73100
Joint committees
100 Aanvullend Paritair Comité voor de werklieden
111 Paritair Comité voor de metaal-, machine- en elektrische bouw
116 Paritair Comité voor de scheikundige nijverheid
209 Paritair Comité voor de bedienden der metaalfabrikatennijverheid annual accounts 31-03-2026
Invoicing and payment
VAT number
BE 0878.425.664
Financial year and general meeting
Accounts at the NBBFinancial year end
31-03
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Tuesday of September at 09:00
deed of 04-04-2024 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
6,606 m²
Building footprint
2,028 m²
Building volume
47,312 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24433E0025/00C002 | Flanders | 6,606 m² | 1 · 2,027 m² | 32.0 m · 9 |