ECOSTAL GROUP · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

ECOSTAL GROUP is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €178.47M and a net result of €-31.53M. Equity is growing by ~86.5% per year across the filed fiscal years. Its solvency ranks better than 86% of 681 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 4 annual accounts.

Signals

2 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 86% of 681 peers (2024). A comfortable equity buffer.

View the sector comparison

Growing equity

Equity grew over 2022-2024. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 29 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-07-2025, 3 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

The year end is derived from 4 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	28-07-2025	3 d early	2025-00334432
31-12-2023	31-07-2024	09-07-2024	22 d early	2024-00236371
31-12-2022	31-07-2023	29-06-2023	32 d early	2023-00181923
31-12-2021	31-07-2022	19-07-2022	12 d early	2022-20219548

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2020, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Financials

Equity€178.47M+10.6%

Net result€-31.53M

Total assets€189.99M+8.4%

Solvency93.9%+1.9pp

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 28-07-2025 with the NBB · fiscal year 2024 · volledig

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~86.5%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 64, Financial services · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	93.9%	44.8%	better than 86% of 681 sector peers
Net result	€-31.53M	€47k	better than 5% of 680 sector peers
Equity	€178.47M	€1.35M	better than 94% of 681 sector peers
Staff costs	€173k	€196k	higher than 47% of 165 sector peers
Employees (FTE)	2.3	1.3	better than 61% of 193 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P86

Improving position over 2021-2024 · n=225-681

Net result P5

Stable position over 2021-2024 · n=225-680

Equity P94

Improving position over 2021-2024 · n=225-681

Staff costs P47

Stable position over 2021-2024 · n=78-165

Describes the position versus peers, not a forecast.

Net profit

€-31.53M

- 21-24

Total assets

€189.99M

+8.4% 21-24

Equity

€178.47M

+10.6% 21-24

Employees (FTE)

2

+130.0% 21-24

Staff costs

€173k

+22.1% 21-24

Income taxes

€313

+27.5% 21-24

Debt

€11.52M

-17.1% 21-24

Debt ≤ 1y

€2.06M

+53.6% 21-24

Show 4 other metrics

Debt > 1y

€9.33M

-25.6% 21-24

Solvency

93.9%

+2.0% 21-24

ROE

-17.7%

- 21-24

ROA

-16.6%

- 21-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	volledig
Revenue	n/a
EBITDA	n/a
Net profit	€-31.53M
Cash flow	n/a
Staff costs	€173k
Income taxes	€313
Dividends	-
Total assets	€189.99M
Equity	€178.47M
Debt	€11.52M
of which ≤ 1y	€2.06M
of which > 1y	€9.33M
Working capital	n/a
Employees (FTE)	2.3

Ratios (computed)

	2024
Current ratio	n/a
Quick ratio	n/a
Working capital ratio	n/a
Solvency	93.9%
Debt / equity	n/a
Long-term debt ratio	n/a
Interest coverage	n/a
Gross margin	n/a
Net margin	n/a
ROA	-16.6%
ROE	-17.7%
EBITDA margin	n/a
Days sales outstanding	n/a
Days payable outstanding	n/a
Inventory turnover	n/a
Days inventory (DSI)	n/a

Balance-sheet composition 2024

Assets

Fixed assets €168.33M · 88.6% Current assets €21.58M · 11.4%

Equity & liabilities

Equity €178.47M · 93.9% Debt €11.52M · 6.1%

Full annual accounts (27 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€189.99M
Fixed assets	21/28	€168.33M
Formation expenses	20	€85k
Intangible fixed assets	21	€281k
Tangible fixed assets	22/27	€32k
Financial fixed assets	28	€168.02M
Current assets	29/58	€21.58M
Stocks & contracts in progress	3	€0
Amounts receivable within one year	40/41	€21.12M
Cash & bank	54/58	€434k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€189.99M
Equity	10/15	€178.47M
Contributions / capital	10/11	€209.54M
Reserves	13	€10k
Accumulated profits (losses)	14	€-31.08M
Amounts payable	17/49	€11.52M
Amounts payable after one year	17	€9.33M
Amounts payable within one year	42/48	€2.06M
Trade debts payable within one year	44	€1.20M
Income statement
Turnover	70	€1.44M
Operating result	9901	€-868k
Financial income	75	€1.59M
Financial charges	65	€257k
Result before taxes	9903	€-31.53M
Income taxes	67/77	€313
Net result for the period	9904	€-31.53M
Result to be appropriated	9905	€-31.53M

This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

Model not applicable to financial institutions

The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Directors

Directors & mandates

17 directors

15 of this company's 16 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

SRL GTM GROUPLegal entity
Managing director· perm. rep.: Loic Marie PEQUIGNOT
State Gazette act 26042251 (25-03-2026)

Current
31-12-2025 → present
WE EnvironnementPublic limited company
Director· perm. rep.: Renaud Schetter
State Gazette act 25078569 (23-06-2025)

Current
28-03-2025 → present
GTM GROUPPrivate limited company
Director· perm. rep.: Christophe PIRON
State Gazette act 25037422 (19-03-2025)

Current
19-03-2025 → present
3 events
- 19-03-2025 Appointed· Director
- 11-12-2024 Resigned· Director
- 04-12-2024 Resigned· Managing director
The Witty Bee SRLLegal entity
Managing director· perm. rep.: Alexander de Wit
State Gazette act 25037422 (19-03-2025)

Current
04-12-2024 → present
ARVEST GROUPLegal entity
Director· perm. rep.: WARNANT Yves
State Gazette act 24423191 (21-08-2024)

Current
21-08-2024 → present
ENEVISIONLegal entity
Director· perm. rep.: DEGREZ Christophe
State Gazette act 24423191 (21-08-2024)

Current
21-08-2024 → present

Show 7 more sitting directors

PARGESTIONLegal entity
Director· perm. rep.: PARLONGUE Pierre
State Gazette act 24423191 (21-08-2024)

Current
21-08-2024 → present
The Witty BeLegal entity
Director· perm. rep.: DE WIT Alexandre
State Gazette act 24423191 (21-08-2024)

Current
21-08-2024 → present
THEMA INVESTLegal entity
Director· perm. rep.: DAUVISTER Stéphane
State Gazette act 24423191 (21-08-2024)

Current
21-08-2024 → present
CPM-PartnersLegal entity
Director· perm. rep.: PIRON Christophe
State Gazette act 24423191 (21-08-2024)

Current
06-12-2023 → present
2 events
- 21-08-2024 Mandate renewed· Director
- 06-12-2023 Appointed· Managing director
SA THEMA INVESTLegal entity
Managing director· perm. rep.: Stéphane DAUVISTER
State Gazette act 26042251 (25-03-2026)

Current
01-01-2022 → present
2 events
- 31-12-2025 Appointed· Managing director
- 01-01-2022 Appointed· Director
Frédéric GODIN
Director
State Gazette act 21085672 (16-07-2021)

Current
30-06-2021 → present
VALIVOIRE SPRLLegal entity
Director· perm. rep.: Yves Wanant
State Gazette act 21067686 (08-06-2021)

Current
19-04-2021 → present

Former directors (4)

ENEVISIONPrivate limited company
Director· perm. rep.: Christophe DEGREZ
State Gazette act 26042251 (25-03-2026)

Former
- → 31-12-2025
PARGESTIONPrivate limited company
Director· perm. rep.: Pierre PARLONGUE
State Gazette act 26042251 (25-03-2026)

Former
- → 31-12-2025
SPARAXISPublic limited company
Director· perm. rep.: Loic SACRE
State Gazette act 26042251 (25-03-2026)

Former
- → 31-12-2025
The Witty BeePrivate limited company
Director· perm. rep.: Alexander DE WIT
State Gazette act 26042251 (25-03-2026)

Former
- → 31-12-2025

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Statutory auditor

2 auditors

Statutory auditor	IRE/IBR number	Tenure
BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISESCurrent Company auditor · represented by Christophe PELZER	A02534	06-12-2023 → present
BDO Réviseurs d’EntreprisesCurrent Company auditor · represented by Christophe PELZER	A02534	18-07-2024 → present

Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Activiteiten van holdings(64210)
Legal form	Public limited company(014)
Incorporation	30-10-2020
Status	Active
Postal code	4632

Structure & network

Connections & network

8 connected companies

Group structureShared directors

2 further connections in this company's network. Available in Kantoor S.

See plans →

Group structure

GTM GROUP

Sits on the board · 2 subsidiaries · 1 location

Control→

WE Environnement

Sits on the board · 3 subsidiaries · 1 location

Control→

ECOSTAL

We sit on their board · 1 location

→

PROJECT 0

We sit on their board · 1 location

→

Show 1 more group companies

SIGUESOL

We sit on their board · 1 location

→

Network connections

Belgian Offshore Platform

Shared corporate director

→

DEME ENVIRONNEMENT

Shared corporate director

→

ONEFIELD TELCO

Shared corporate director

→

Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

5 parties

Control over this companysits on this company's board2

WE Environnement

3 subsidiaries · 1 location

GTM GROUP

2 subsidiaries · 1 location

controls

ECOSTAL GROUPBE 0757.661.456

controls

Where this company holds controlthis company sits on their board3

ECOSTAL

1 location

PROJECT 0

1 location

SIGUESOL

1 location

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

Ecostal Group

Rue du Relais(CER) 1, 4632 SoumagneHoldings

since 20202.311.905.423

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1.1 ha

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62021A0212/00A000	Wallonia	1.1 ha	-	-

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

1 of 16 acts read

Of the 16 Belgian State Gazette acts we know for this company, 1 has been read. The other 15 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

What every Belgian State Gazette publication actually says, each act broken down into appointments, capital movements, seat moves and statute amendments.

2026

25-03-2026 Resignations & appointments

16 facts

General meeting , 15/01/2026
Director resignation, ENEVISION (administrateur)
Permanent representative, Christophe DEGREZ
Director resignation, PARGESTION (administrateur)
Permanent representative, Pierre PARLONGUE
Director resignation, THE WITTY BEE (administrateur)

+10 further facts

Original publication ↗

Analysis

Financial profile

4 of 5 axes measured

66 / 100

Strong profile, led by solvency.

Computed on 4 of 5 axes. Not measured: health. An unmeasured axis is not a zero: no data was read for it.

Health -

Profitability 0

Solvency 100

Growth 68

Stability 94

Credit advice

verdict per customer and amount

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We hold annual accounts for 5,578 of the 24,684 companies in this sector. 306 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Groothandel in informatie- en communicatieapparatuur46500Groothandel in elektronische en telecommunicatieapparatuur en delen daarvan46520Holdings64200Activiteiten van holdings64210Dakwerkzaamheden43410Verhuur en exploitatie van eigen of geleased niet-residentieel onroerend goed, exclusief terreinen68203Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220Overige zakelijke dienstverlening, neg82990

Primary activity highlighted.

Names & trade names

Legal nameFR

ECOSTAL GROUP

Registered office

Rue du Relais(CER) 1

4632 Soumagne, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.