ECOWA
ActiveSummary
ECOWA has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67,431 and a net result of €15. Equity is shrinking by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 66% of 28806 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-18
Solvency86▲+18
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days acceptable
Liquidity ample (current ratio 2.55 against 1.83 in 2024; short-term debt: 27.6% and cash: 22.8% of total assets), and 38.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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 2025Solvency, return and age of the figures
Solvency
61.3%
Return on assets
0%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
3 d early
2024
30 d early
2023
32 d early
2022
30 d late
2021
24 d late
2020
31 d late
2019
29 d late
← 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 7 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 27 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close01-10-2026 today30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidies
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
€468,671
EBIT margin
0.8%
Net result
€15▼ 99.9%
2024 · €27,962
Working capital
€46,947▼ 41.3%
2024 · €80,018
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€468,671
Operating result€3,904▲ 426%€12,986▲ 233%€15,471▲ 19.1%€30,630▲ 98.0%€6,143▼ 79.9%
Net result-€12,859below the sector's middle half▼ 6.4%€13,170within the sector's middle half€10,800within the sector's middle half▼ 18.0%€27,962within the sector's middle half▲ 159%€15below the sector's middle half▼ 99.9%
EBIT margin0.8%
Equity€88,530within the sector's middle half▼ 12.7%€101,700within the sector's middle half▲ 14.9%€112,500within the sector's middle half▲ 10.6%€82,274within the sector's middle half▼ 26.9%€67,431within the sector's middle half▼ 18.0%
Total assets€158,651within the sector's middle half▼ 13.6%€191,517within the sector's middle half▲ 20.7%€166,683within the sector's middle half▼ 13.0%€190,514within the sector's middle half▲ 14.3%€110,054within the sector's middle half▼ 42.2%
Debt€70,121▼ 14.8%€89,817▲ 28.1%€54,183▼ 39.7%€108,240▲ 99.8%€42,623▼ 60.6%
Working capital€120,898above the sector's middle half▲ 22.5%€108,547above the sector's middle half▼ 10.2%€123,054above the sector's middle half▲ 13.4%€80,018within the sector's middle half▼ 35.0%€46,947within the sector's middle half▼ 41.3%
Solvency55.8%within the sector's middle half▲ 0.6pp53.1%within the sector's middle half▼ 2.7pp67.5%within the sector's middle half▲ 14.4pp43.2%within the sector's middle half▼ 24.3pp61.3%within the sector's middle half▲ 18.1pp
Current ratio5.06above the sector's middle half▲ 2.743.19above the sector's middle half▼ 1.875.36above the sector's middle half▲ 2.171.83within the sector's middle half▼ 3.532.55within the sector's middle half▲ 0.72
Return on assets (ROA)-8.1%below the sector's middle half▼ 1.5pp6.9%within the sector's middle half▲ 15.0pp6.5%within the sector's middle half▼ 0.4pp14.7%within the sector's middle half▲ 8.2pp0.0%below the sector's middle half▼ 14.7pp
Staff (FTE)1.9▼ 36.7%1▼ 47.4%0.8▼ 20.0%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 80% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €110,054
Fixed assets
€32,727 ▲ 134%
Current assets
€77,327 ▼ 56.2%
Equity and liabilities €110,054
Equity
€67,431 ▼ 18.0%
Debt
€42,623 ▼ 60.6%
Debt's share of the balance-sheet total falls from 56.8% to 38.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,786▼
2024 · €35,276
Cash flow
€5,658▼
2024 · €32,609
Debt to equity
0.63▼
2024 · 1.32
ROE
0.0%▼
2024 · 34.0%
Interest coverage
14.51▼
2024 · 44.04
Debt ≤ 1 year
€30,380▼
2024 · €96,512
Debt > 1 year
€12,243▲
2024 · €11,727
Income taxes
€5,316▲
2024 · €4,500
Staff costs
€457▼
2024 · €31,743
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,048 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
2.2%
went bankrupt
3.8%
stopped otherwise
94%
still going
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,048 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €468,671 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €362,447 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €94,476 | €73,780 | €66,894 | €31,743 | €457 | ▼ 98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,580 | €8,791 | €18,061 | €4,647 | €5,644 | ▲ 21.5% |
| Other operating charges640/8 | €825 | €901 | €683 | €720 | €667 | ▼ 7.4% |
| Non-recurring operating charges66A | - | - | €11,181 | €7,437 | - | - |
| Gross operating margin9900 | €107,786 | €96,457 | €112,290 | €75,177 | €12,911 | ▼ 82.8% |
| Operating profit (loss)9901 | €3,904 | €12,986 | €15,471 | €30,630 | €6,143 | ▼ 79.9% |
| Financial income75/76B | €1,084 | €1,559 | €2,436 | €2,634 | €0 | ▼ 100.0% |
| Recurring financial income75 | €1,084 | €1,559 | €2,436 | €2,634 | €0 | ▼ 100.0% |
| Financial charges65/66B | €3,613 | €1,270 | €1,305 | €801 | €812 | ▲ 1.4% |
| Recurring financial charges65 | €3,613 | €1,270 | €1,305 | €801 | €812 | ▲ 1.4% |
| Profit (loss) for the period before taxes9903 | €1,376 | €13,275 | €16,603 | €32,462 | €5,330 | ▼ 83.6% |
| Income taxes67/77 | €14,235 | €105 | €5,803 | €4,500 | €5,316 | ▲ 18.1% |
| Profit (loss) for the period9904 | -€12,859 | €13,170 | €10,800 | €27,962 | €15 | ▼ 99.9% |
| Profit (loss) for the period to be appropriated9905 | -€12,859 | €13,170 | €10,800 | €27,962 | €15 | ▼ 99.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €158,651 | €191,517 | €166,683 | €190,514 | €110,054 | ▼ 42.2% |
| Fixed assets21/28 | €7,977 | €33,488 | €15,427 | €13,983 | €32,727 | ▲ 134% |
| Tangible fixed assets22/27 | €7,977 | €33,488 | €15,427 | €13,983 | €32,727 | ▲ 134% |
| Land and buildings22 | €5,893 | €5,124 | €4,355 | €3,586 | €2,817 | ▼ 21.4% |
| Plant, machinery and equipment23 | €1,759 | €1,183 | €647 | €111 | €3,236 | ▲ 2,808% |
| Furniture and vehicles24 | €325 | €27,181 | €10,424 | €10,285 | €26,674 | ▲ 159% |
| Current assets29/58 | €150,674 | €158,029 | €151,257 | €176,531 | €77,327 | ▼ 56.2% |
| Amounts receivable within one year40/41 | €120,717 | €118,937 | €121,032 | €164,351 | €52,202 | ▼ 68.2% |
| Trade receivables40 | €83,001 | €87,777 | €73,989 | €100,472 | €40,796 | ▼ 59.4% |
| Other amounts receivable41 | €37,716 | €31,160 | €47,043 | €63,879 | €11,406 | ▼ 82.1% |
| Cash at bank and in hand54/58 | €29,957 | €39,092 | €30,225 | €12,180 | €25,125 | ▲ 106% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €158,651 | €191,517 | €166,683 | €190,514 | €110,054 | ▼ 42.2% |
| Equity10/15 | €88,530 | €101,700 | €112,500 | €82,274 | €67,431 | ▼ 18.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €95,189 | €82,330 | €95,500 | €63,674 | €48,831 | ▼ 23.3% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | €93,329 | €80,470 | €93,640 | €63,674 | €48,831 | ▼ 23.3% |
| Profit (loss) carried forward14 | -€12,859 | €13,170 | €10,800 | €0 | - | - |
| Amounts payable17/49 | €70,121 | €89,817 | €54,183 | €108,240 | €42,623 | ▼ 60.6% |
| Amounts payable after more than one year17 | €40,345 | €39,988 | €25,980 | €11,727 | €12,243 | ▲ 4.4% |
| Financial debts170/4 | €40,345 | €39,988 | €25,980 | €11,727 | €12,243 | ▲ 4.4% |
| Amounts payable within one year42/48 | €29,776 | €49,481 | €28,203 | €96,512 | €30,380 | ▼ 68.5% |
| Current portion of amounts payable after more than one year42 | €10,930 | €13,767 | €14,008 | €14,253 | €14,484 | ▲ 1.6% |
| Trade debts44 | €16,958 | €32,059 | €12,391 | €9,850 | €13,667 | ▲ 38.8% |
| Suppliers440/4 | €16,958 | €32,059 | €12,391 | €9,850 | €13,667 | ▲ 38.8% |
| Taxes, remuneration and social security45 | €1,888 | €3,655 | €1,804 | €1,821 | - | - |
| Taxes450/3 | €0 | €0 | €0 | €0 | - | - |
| Remuneration and social security454/9 | €1,888 | €3,655 | €1,804 | €1,821 | - | - |
| Other amounts payable47/48 | €0 | €0 | €0 | €70,588 | €2,229 | ▼ 96.8% |
| Accrued charges and deferred income492/3 | - | €348 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,859 | €13,170 | €10,800 | €27,962 | €15 | ▼ 99.9% |
| + Depreciation and write-downs630 | €8,580 | €8,791 | €18,061 | €4,647 | €5,644 | ▲ 21.5% |
| Operating cash flow (approximation) | -€4,279 | €21,961 | €28,862 | €32,609 | €5,658 | ▼ 82.6% |
| Investment in fixed assets (approximation) | - | -€34,302 | €0 | -€3,203 | -€24,388 | ▼ 661% |
| Change in cash | - | €9,135 | -€8,867 | -€18,045 | €12,945 | ▲ 172% |
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 2026, expected by
2026
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
30-09
Financial
Back to profitnet €13,170
Net result €13,170 after 2 loss-making years.
30-09
Financial
Equity above €100,000Eq €101,700 ▲14.9%
Equity rises from €88,530 to €101,700.
24-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
30-09
Financial
Weakest financial yearnet -€12,859
Net result drops to -€12,859, the lowest in the series; recovery starts the following year.
30-09
Financial
Liquidity doublescurrent ratio 5.06
Current ratio from 2.32 to 5.06; short-term debt falls from €74,972 to €29,776.
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 29 days late
2019
28-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has 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.
Directors · office · real estate
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Aarschot · 1 establishment unit since 2016
Ground area
155 m²
Building footprint
119 m²
Volume, LiDAR
606 m³
Parcel 24001A0122/00S000, Flanders · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ECOWA
since 20162.258.973.414
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24001A0122/00S000 | Flanders | 155 m² | 1 · 119 m² | 10.1 m · 2 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.
Subsidies and aid
Flemish government
2025 · 1 entry · 142 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 142 EUR | 0 EUR |
Similar companies · same sector, comparable size
Sani Nick
BE 0793.895.411
Maldegem · Eq €67,405
JuLi Construct
BE 0800.033.135
Pajottegem · Eq €67,488
Wimtech
BE 0810.865.857
Nieuwerkerken (Limb.) · Eq €67,360
GOETHALS - SLOS
BE 0453.504.593
Lievegem · Eq €67,576
EAUDEGAMME CHAUFFAGE
BE 0656.839.458
Jette · Eq €67,610
Of 9,531 companies in this sector we hold annual accounts for 5,666. 4,760 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded28-11-2016
Fiscal year end30-09
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0666751571
Also
9925:BE0666751571
Registered
03-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.