ECOSEM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 52 days after the deadline Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00517637.
Annual accounts 2025 filed on 21-09-2026 at the NBB all 25 filings
Turnover
≈ €1.9m
Estimated: probably between €1.5m and €3.2m
EBIT margin
Not included in this filing
Net result
€51,595▲ 21.1%
2024 · €42,609
Working capital
€299,638▼ 11.2%
2024 · €337,274
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€75,450
▲ 17.6%
2025
20182025
Net result
€51,595
▲ 21.1%
2025
middle half of the sector
20182025
Equity
€368,774
▼ 8.1%
2025
middle half of the sector
20182025
Total assets
€568,252
▼ 2.7%
2025
middle half of the sector
20182025
Debt
€199,477
▲ 9.2%
2025
20182025
Working capital
€299,638
▼ 11.2%
2025
middle half of the sector
20182025
Solvency
64.9%
▼ 3.8pp
2025
highest quarter of the sector
20182025
Current ratio
2.69
▼ 0.63
2025
middle half of the sector
20182025
Return on assets (ROA)
9.1%
▲ 1.8pp
2025
middle half of the sector
20182025
Staff (FTE)
5.2
▼ 5.5%
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€77,860-€54,229▼ 30.4%€210,884▲ 289%€167,601▼ 20.5%€35,790▼ 78.6%€33,691▼ 5.9%€64,181▲ 90.5%€75,450▲ 17.6%
Net result€53,603-€36,227▼ 32.4%€133,770above the sector's middle half▲ 269%€114,706within the sector's middle half▼ 14.3%€28,078within the sector's middle half▼ 75.5%€19,652within the sector's middle half▼ 30.0%€42,609within the sector's middle half▲ 117%€51,595within the sector's middle half▲ 21.1%
Equity€130,090-€166,317▲ 27.8%€266,051above the sector's middle half▲ 60.0%€361,182within the sector's middle half▲ 35.8%€389,260within the sector's middle half▲ 7.8%€408,911within the sector's middle half▲ 5.0%€401,407within the sector's middle half▼ 1.8%€368,774within the sector's middle half▼ 8.1%
Total assets€312,397-€426,779▲ 36.6%€499,146above the sector's middle half▲ 17.0%€548,761within the sector's middle half▲ 9.9%€603,125within the sector's middle half▲ 9.9%€628,323within the sector's middle half▲ 4.2%€584,085within the sector's middle half▼ 7.0%€568,252within the sector's middle half▼ 2.7%
Debt€182,307-€260,462▲ 42.9%€233,095▼ 10.5%€187,580▼ 19.5%€213,866▲ 14.0%€219,411▲ 2.6%€182,678▼ 16.7%€199,477▲ 9.2%
Working capital€121,840-€162,502▲ 33.4%€258,872above the sector's middle half▲ 59.3%€354,568within the sector's middle half▲ 37.0%€374,750within the sector's middle half▲ 5.7%€345,731within the sector's middle half▼ 7.7%€337,274within the sector's middle half▼ 2.4%€299,638within the sector's middle half▼ 11.2%
Solvency41.6%-39.0%▼ 2.7pp53.3%within the sector's middle half▲ 14.3pp65.8%above the sector's middle half▲ 12.5pp64.5%above the sector's middle half▼ 1.3pp65.1%above the sector's middle half▲ 0.5pp68.7%above the sector's middle half▲ 3.6pp64.9%above the sector's middle half▼ 3.8pp
Current ratio1.71-1.75▲ 0.042.40within the sector's middle half▲ 0.653.29above the sector's middle half▲ 0.893.18above the sector's middle half▼ 0.102.74above the sector's middle half▼ 0.443.32above the sector's middle half▲ 0.582.69within the sector's middle half▼ 0.63
Return on assets (ROA)17.2%-8.5%▼ 8.7pp26.8%above the sector's middle half▲ 18.3pp20.9%above the sector's middle half▼ 5.9pp4.7%within the sector's middle half▼ 16.2pp3.1%within the sector's middle half▼ 1.5pp7.3%within the sector's middle half▲ 4.2pp9.1%within the sector's middle half▲ 1.8pp
Staff (FTE)3.74above the sector's middle half▲ 8.1%4.1within the sector's middle half▲ 2.5%5.3within the sector's middle half▲ 29.3%5.2within the sector's middle half▼ 1.9%5.5within the sector's middle half▲ 5.8%5.2within the sector's middle half▼ 5.5%
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 18% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €568,252
Fixed assets
€91,067 ▼ 10.3%
Current assets
€477,185 ▼ 1.1%
Equity and liabilities €568,252
Equity
€368,774 ▼ 8.1%
Debt
€199,477 ▲ 9.2%
Debt's share of the balance-sheet total rises from 31.3% to 35.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€107,626▲
2024 · €94,819
Cash flow
€83,771▲
2024 · €73,247
Quick ratio
2.27▼
2024 · 2.72
Debt to equity
0.54▲
2024 · 0.46
ROE
14.0%▲
2024 · 10.6%
Interest coverage
10.79▼
2024 · 13.00
Debt ≤ 1 year
€177,547▲
2024 · €145,290
Debt > 1 year
€21,311▼
2024 · €35,440
Income taxes
€22,978▲
2024 · €19,225
Staff costs
€400,628▼
2024 · €423,062
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 | 6 | 5 | 6 | 6 | 6 |
| full-time | 4 | 3 | 3 | 2 | 3 |
| part-time | 2 | 2 | 3 | 4 | 3 |
| in full-time equivalents | 5.5 | 4.6 | 5.1 | 4.5 | 5.5 |
| Average over the year, in full-time equivalents | 4.1 | 5.3 | 5.2 | 5.5 | 5.2 |
| On a permanent contract | 4 | 4 | 6 | 4 | 6 |
| Joined | - | 3 | 7 | 5 | 3 |
| Left | - | 4 | 6 | 5 | 3 |
| Training hours | 124 | 934 | 24 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €2,250 | €23,610 | €14,203 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €47,515 | - | - | - | - |
| Carrying value of the other pledged assets | €9,526 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,063 | €35,446 | €25,302 | €48,213 | €21,722 |
| Intangible fixed assets | - | - | €21,945 | - | - |
| Financial fixed assets | - | - | €4,630 | - | - |
| Depreciation and write-downs of the year | €25,314 | €17,709 | €24,672 | €30,638 | €32,176 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €6,648 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €226,339 | €266,268 | €327,107 | €423,062 | €400,628 | ▼ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,013 | €21,027 | €24,345 | €25,314 | €17,709 | €24,672 | €30,638 | €32,176 | ▲ 5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €5,873 | €13,407 | €2,848 | €19,551 | €21,005 | ▲ 7.4% |
| Other operating charges640/8 | - | - | - | €2,024 | €1,987 | €3,504 | €3,969 | €2,307 | ▼ 41.9% |
| Non-recurring operating charges66A | - | - | - | €1,595 | €3,852 | €0 | €3,000 | €0 | ▼ 100% |
| Gross operating margin9900 | €231,857 | €283,718 | €464,187 | €428,745 | €339,013 | €391,823 | €544,402 | €531,565 | ▼ 2.4% |
| Operating profit (loss)9901 | €77,860 | €54,229 | €210,884 | €167,601 | €35,790 | €33,691 | €64,181 | €75,450 | ▲ 17.6% |
| Financial income75/76B | - | - | - | €3,744 | €9,890 | €3,769 | €4,948 | €9,102 | ▲ 84.0% |
| Recurring financial income75 | €2,752 | €1,547 | €806 | €3,744 | €9,890 | €3,769 | €4,948 | €9,102 | ▲ 84.0% |
| Financial charges65/66B | - | - | - | €5,353 | €5,716 | €8,155 | €7,296 | €9,978 | ▲ 36.8% |
| Recurring financial charges65 | €5,044 | €4,309 | €9,078 | €5,353 | €5,716 | €8,155 | €7,296 | €9,978 | ▲ 36.8% |
| Profit (loss) for the period before taxes9903 | €75,569 | €51,466 | €202,612 | €165,992 | €39,965 | €29,305 | €61,833 | €74,573 | ▲ 20.6% |
| Income taxes67/77 | €21,966 | €15,239 | €68,842 | €51,287 | €11,886 | €9,653 | €19,225 | €22,978 | ▲ 19.5% |
| Profit (loss) for the period9904 | €53,603 | €36,227 | €133,770 | €114,706 | €28,078 | €19,652 | €42,609 | €51,595 | ▲ 21.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €53,603 | €36,227 | €152,071 | €114,706 | €28,078 | €19,652 | €42,609 | €51,595 | ▲ 21.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €312,397 | €426,779 | €499,146 | €548,761 | €603,125 | €628,323 | €584,085 | €568,252 | ▼ 2.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €19,357 | €47,095 | €55,279 | €39,029 | €56,767 | €83,947 | €101,521 | €91,067 | ▼ 10.3% |
| Intangible fixed assets21 | €0 | - | - | - | - | €20,252 | €15,863 | €11,474 | ▼ 27.7% |
| Tangible fixed assets22/27 | €19,265 | €47,003 | €55,187 | €38,937 | €56,675 | €58,998 | €80,962 | €74,896 | ▼ 7.5% |
| Plant, machinery and equipment23 | - | - | - | €37,870 | €55,970 | €58,656 | €49,234 | €42,240 | ▼ 14.2% |
| Furniture and vehicles24 | - | - | - | €1,067 | €704 | €342 | €31,728 | €32,656 | ▲ 2.9% |
| Financial fixed assets28 | €92 | €92 | €92 | €92 | €92 | €4,697 | €4,697 | €4,697 | = |
| Current assets29/58 | €293,040 | €379,683 | €443,867 | €509,733 | €546,359 | €544,376 | €482,564 | €477,185 | ▼ 1.1% |
| Amounts receivable after more than one year29 | - | - | - | €97,666 | €79,070 | €79,070 | €31,462 | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €97,666 | €79,070 | €79,070 | €31,462 | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €58,153 | €64,979 | €69,471 | €54,812 | €83,959 | €80,306 | €87,029 | €74,559 | ▼ 14.3% |
| Stocks30/36 | - | - | - | €54,812 | €83,959 | €80,306 | €87,029 | €74,559 | ▼ 14.3% |
| Amounts receivable within one year40/41 | €182,687 | €140,388 | €209,344 | €140,912 | €244,338 | €173,088 | €242,943 | €240,309 | ▼ 1.1% |
| Trade receivables40 | - | - | - | €111,235 | €195,819 | €152,420 | €198,669 | €188,263 | ▼ 5.2% |
| Other amounts receivable41 | - | - | - | €29,677 | €48,519 | €20,668 | €44,274 | €52,046 | ▲ 17.6% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €44,487 | €167,565 | €159,055 | €207,924 | €124,793 | €199,587 | €102,980 | €139,967 | ▲ 35.9% |
| Deferred charges and accrued income490/1 | - | - | - | €8,418 | €14,199 | €12,326 | €18,150 | €22,350 | ▲ 23.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €312,397 | €426,779 | €499,146 | €548,761 | €603,125 | €628,323 | €584,085 | €568,252 | ▼ 2.7% |
| Equity10/15 | €130,090 | €166,317 | €266,051 | €361,182 | €389,260 | €408,911 | €401,407 | €368,774 | ▼ 8.1% |
| Contributions10/11 | €6,204 | €6,204 | - | €6,204 | €6,204 | €6,204 | €6,204 | €6,204 | = |
| Reserves13 | €123,886 | €160,113 | €259,847 | €354,978 | €383,056 | €402,707 | €395,203 | €362,570 | ▼ 8.3% |
| Non-distributable reserves130/1 | - | - | - | €99,526 | €80,930 | €79,070 | €31,462 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Other1319 | - | - | - | €97,666 | €79,070 | €79,070 | €31,462 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €255,451 | €302,126 | €323,638 | €363,741 | €362,570 | ▼ 0.3% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | - | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €182,307 | €260,462 | €233,095 | €187,580 | €213,866 | €219,411 | €182,678 | €199,477 | ▲ 9.2% |
| Amounts payable after more than one year17 | €8,686 | €42,282 | €47,515 | €32,014 | €40,073 | €17,242 | €35,440 | €21,311 | ▼ 39.9% |
| Financial debts170/4 | - | - | - | €32,014 | €40,073 | €17,242 | €35,440 | €21,311 | ▼ 39.9% |
| Amounts payable within one year42/48 | €171,200 | €217,181 | €184,995 | €155,165 | €171,608 | €198,645 | €145,290 | €177,547 | ▲ 22.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,501 | €22,485 | €22,830 | €14,395 | €14,129 | ▼ 1.8% |
| Financial debts43 | - | - | - | €1,673 | €10,000 | €6,737 | €7,038 | €6,899 | ▼ 2.0% |
| Credit institutions430/8 | - | - | - | €1,673 | €10,000 | €6,737 | €6,776 | €6,751 | ▼ 0.4% |
| Other loans439 | - | - | - | €0 | - | - | €262 | €148 | ▼ 43.4% |
| Trade debts44 | €73,949 | €126,622 | €54,976 | €30,241 | €83,987 | €83,501 | €33,062 | €41,281 | ▲ 24.9% |
| Suppliers440/4 | - | - | - | €30,241 | €83,987 | €83,501 | €33,062 | €41,281 | ▲ 24.9% |
| Advances received on contracts in progress46 | - | - | - | €12,239 | €4,762 | €3,887 | €1,139 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €67,610 | €46,512 | €76,502 | €82,240 | €57,146 | ▼ 30.5% |
| Taxes450/3 | - | - | - | €32,693 | €7,851 | €22,750 | €34,192 | €14,203 | ▼ 58.5% |
| Remuneration and social security454/9 | - | - | - | €34,917 | €38,661 | €53,752 | €48,048 | €42,944 | ▼ 10.6% |
| Other amounts payable47/48 | - | - | - | €27,900 | €3,861 | €5,188 | €7,416 | €58,091 | ▲ 683% |
| Accrued charges and deferred income492/3 | - | - | - | €401 | €2,185 | €3,524 | €1,949 | €620 | ▼ 68.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,603 | €36,227 | €133,770 | €114,706 | €28,078 | €19,652 | €42,609 | €51,595 | ▲ 21.1% |
| + Depreciation and write-downs630 | €13,013 | €21,027 | €24,345 | €25,314 | €17,709 | €24,672 | €30,638 | €32,176 | ▲ 5.0% |
| Operating cash flow (approximation) | €66,616 | €57,254 | €158,115 | €140,019 | €45,787 | €44,324 | €73,247 | €83,771 | ▲ 14.4% |
| Investment in fixed assets (approximation) | - | -€48,766 | -€32,528 | -€9,063 | -€35,446 | -€51,852 | -€48,213 | -€21,722 | ▲ 54.9% |
| Change in cash | - | €123,078 | -€8,511 | €48,869 | -€83,131 | €74,794 | -€96,607 | €36,987 | - |
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 ECOSEM 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 ECOSEM itself: 0.2% 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 ECOSEM. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-09-2026 | 2026-00517637 | |
| 31-12-2024 | full format | 29-09-2025 | 2025-00527919 | |
| 31-12-2023 | full format | 24-06-2024 | 2024-00167688 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00227898 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20167850 | |
| 31-12-2020 | micro format | 13-09-2021 | 2021-67000599 | |
| 31-12-2019 | micro format | 03-11-2020 | 2020-68800322 | |
| 31-12-2018 | micro format | 30-10-2019 | 2019-72300060 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59500119 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-54400178 |