ECOVIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-12-2025 PDF all 3 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €310,000
Total assets
€140,462▼ 4.4%
2024 · €146,949
Net result
€18,007▼ 55.9%
2024 · €40,866
Working capital
€79,439▲ 17.9%
2024 · €67,385
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€26,839
▼ 54.6%
2025
20232025
Net result
€18,007
▼ 55.9%
2025
middle half of the sector
20232025
Equity
€102,170
▲ 21.4%
2025
middle half of the sector
20232025
Total assets
€140,462
▼ 4.4%
2025
middle half of the sector
20232025
Debt
€38,292
▼ 39.0%
2025
20232025
Working capital
€79,439
▲ 17.9%
2025
middle half of the sector
20232025
Solvency
72.7%
▲ 15.5pp
2025
highest quarter of the sector
20232025
Current ratio
4.05
▲ 1.27
2025
highest quarter of the sector
20232025
Return on assets (ROA)
12.8%
▼ 15.0pp
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€50,943-€59,092▲ 16.0%€26,839▼ 54.6%
Net result€38,297above the sector's middle half-€40,866above the sector's middle half▲ 6.7%€18,007within the sector's middle half▼ 55.9%
Equity€43,297within the sector's middle half-€84,163within the sector's middle half▲ 94.4%€102,170within the sector's middle half▲ 21.4%
Total assets€103,712within the sector's middle half-€146,949within the sector's middle half▲ 41.7%€140,462within the sector's middle half▼ 4.4%
Debt€60,415-€62,786▲ 3.9%€38,292▼ 39.0%
Working capital€34,650within the sector's middle half-€67,385within the sector's middle half▲ 94.5%€79,439within the sector's middle half▲ 17.9%
Solvency41.7%within the sector's middle half-57.3%within the sector's middle half▲ 15.5pp72.7%above the sector's middle half▲ 15.5pp
Current ratio2.44within the sector's middle half-2.78within the sector's middle half▲ 0.354.05above the sector's middle half▲ 1.27
Return on assets (ROA)36.9%above the sector's middle half-27.8%above the sector's middle half▼ 9.1pp12.8%within the sector's middle half▼ 15.0pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 55% lower than in 2024 and the lowest since 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140,462
Fixed assets
€34,960 ▼ 16.3%
Current assets
€105,502 ▲ 0.3%
Equity and liabilities €140,462
Equity
€102,170 ▲ 21.4%
Debt
€38,292 ▼ 39.0%
Debt's share of the balance-sheet total falls from 42.7% to 27.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,540▼
2024 · €72,349
Cash flow
€32,708▼
2024 · €54,123
Quick ratio
3.40▲
2024 · 2.71
Debt to equity
0.37▼
2024 · 0.75
ROE
17.6%▼
2024 · 48.6%
Interest coverage
81.62▼
2024 · over 100
Debt ≤ 1 year
€26,063▼
2024 · €37,817
Debt > 1 year
€12,180▼
2024 · €24,269
Income taxes
€9,730▼
2024 · €17,567
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €58,844 | €10,089 | €7,914 |
| Financial fixed assets | €250 | - | - |
| Depreciation and write-downs of the year | €14,179 | €13,257 | €14,701 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,179 | €13,257 | €14,701 | ▲ 10.9% |
| Other operating charges640/8 | €480 | €1,484 | €1,631 | ▲ 9.9% |
| Non-recurring operating charges66A | €2,630 | - | - | - |
| Gross operating margin9900 | €68,232 | €73,833 | €43,171 | ▼ 41.5% |
| Operating profit (loss)9901 | €50,943 | €59,092 | €26,839 | ▼ 54.6% |
| Financial income75/76B | - | - | €1,407 | - |
| Recurring financial income75 | - | - | €1,407 | - |
| Financial charges65/66B | €624 | €659 | €509 | ▼ 22.7% |
| Recurring financial charges65 | €624 | €659 | €509 | ▼ 22.7% |
| Profit (loss) for the period before taxes9903 | €50,320 | €58,433 | €27,737 | ▼ 52.5% |
| Income taxes67/77 | €12,023 | €17,567 | €9,730 | ▼ 44.6% |
| Profit (loss) for the period9904 | €38,297 | €40,866 | €18,007 | ▼ 55.9% |
| Profit (loss) for the period to be appropriated9905 | €38,297 | €40,866 | €18,007 | ▼ 55.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €103,712 | €146,949 | €140,462 | ▼ 4.4% |
| Formation expenses20 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €44,915 | €41,747 | €34,960 | ▼ 16.3% |
| Tangible fixed assets22/27 | €44,665 | €41,497 | €34,710 | ▼ 16.4% |
| Land and buildings22 | - | €2,904 | €8,741 | ▲ 201% |
| Plant, machinery and equipment23 | €8,953 | €6,097 | €4,190 | ▼ 31.3% |
| Furniture and vehicles24 | €35,712 | €32,496 | €21,779 | ▼ 33.0% |
| Financial fixed assets28 | €250 | €250 | €250 | = |
| Current assets29/58 | €58,797 | €105,202 | €105,502 | ▲ 0.3% |
| Stocks and contracts in progress3 | €4,961 | €2,675 | €16,780 | ▲ 527% |
| Stocks30/36 | €4,961 | €2,675 | €1,000 | ▼ 62.6% |
| Contracts in progress37 | - | - | €15,780 | - |
| Amounts receivable within one year40/41 | €13,920 | €945 | - | - |
| Trade receivables40 | €13,920 | - | - | - |
| Other amounts receivable41 | - | €945 | - | - |
| Current investments50/53 | - | - | €36,856 | - |
| Cash at bank and in hand54/58 | €37,391 | €98,267 | €47,807 | ▼ 51.4% |
| Deferred charges and accrued income490/1 | €2,525 | €3,316 | €4,060 | ▲ 22.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €103,712 | €146,949 | €140,462 | ▼ 4.4% |
| Equity10/15 | €43,297 | €84,163 | €102,170 | ▲ 21.4% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €38,297 | €79,163 | €97,170 | ▲ 22.7% |
| Distributable reserves133 | €38,297 | €79,163 | €97,170 | ▲ 22.7% |
| Amounts payable17/49 | €60,415 | €62,786 | €38,292 | ▼ 39.0% |
| Amounts payable after more than one year17 | €36,269 | €24,269 | €12,180 | ▼ 49.8% |
| Financial debts170/4 | €36,269 | €24,269 | €12,180 | ▼ 49.8% |
| Amounts payable within one year42/48 | €24,146 | €37,817 | €26,063 | ▼ 31.1% |
| Current portion of amounts payable after more than one year42 | €11,910 | €11,999 | €12,089 | ▲ 0.7% |
| Trade debts44 | €4,438 | €7,970 | €2,182 | ▼ 72.6% |
| Suppliers440/4 | €4,438 | €7,970 | €2,182 | ▼ 72.6% |
| Taxes, remuneration and social security45 | €7,509 | €17,584 | €9,781 | ▼ 44.4% |
| Taxes450/3 | €7,509 | €17,584 | €9,781 | ▼ 44.4% |
| Other amounts payable47/48 | €289 | €264 | €2,010 | ▲ 662% |
| Accrued charges and deferred income492/3 | - | €699 | €49 | ▼ 93.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,297 | €40,866 | €18,007 | ▼ 55.9% |
| + Depreciation and write-downs630 | €14,179 | €13,257 | €14,701 | ▲ 10.9% |
| Operating cash flow (approximation) | €52,476 | €54,123 | €32,708 | ▼ 39.6% |
| Investment in fixed assets (approximation) | - | -€10,089 | -€7,914 | ▲ 21.6% |
| Change in cash | - | €60,875 | -€50,460 | - |
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, 39,278 companies had the same profile as ECOVIC has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
That fits the bankruptcy probability of ECOVIC itself: 0.4% 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 39,278 companies, not a prediction for ECOVIC. 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.