ECOX
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 5 filings
Turnover
≈ €1.1m
Estimated: probably between €710,000 and €2.7m
Total assets
€553,152▲ 29.4%
2025 · €427,356
Net result
€58,329▲ 119%
2025 · €26,643
Working capital
€100,645▲ 69.7%
2025 · €59,310
Multi-year overview
2022 to 2026, 5 financial yearsOperating result
€97,476
▲ 173%
2026
20222026
Net result
€58,329
▲ 119%
2026
20222026
Equity
€137,071
▲ 74.1%
2026
20222026
Total assets
€553,152
▲ 29.4%
2026
20222026
Debt
€416,081
▲ 19.4%
2026
20222026
Working capital
€100,645
▲ 69.7%
2026
20222026
Solvency
24.8%
▲ 6.4pp
2026
20222026
Current ratio
1.25
▲ 0.07
2026
20222026
Return on assets (ROA)
10.5%
▲ 4.3pp
2026
20222026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20222023202420252026
Operating result-€2,979--€2,943▲ 1.2%€33,836€35,702▲ 5.5%€97,476▲ 173%
Net result-€2,979below the sector's middle half--€3,016below the sector's middle half▼ 1.2%€28,094above the sector's middle half€26,643above the sector's middle half▼ 5.2%€58,329▲ 119%
Equity€27,021below the sector's middle half-€24,005below the sector's middle half▼ 11.2%€52,099within the sector's middle half▲ 117%€78,742within the sector's middle half▲ 51.1%€137,071▲ 74.1%
Total assets€28,271below the sector's middle half-€33,894below the sector's middle half▲ 19.9%€69,434within the sector's middle half▲ 105%€427,356above the sector's middle half▲ 515%€553,152▲ 29.4%
Debt€1,250-€9,889▲ 691%€17,335▲ 75.3%€348,615▲ 20×€416,081▲ 19.4%
Working capital€27,021within the sector's middle half-€24,005within the sector's middle half▼ 11.2%€52,099within the sector's middle half▲ 117%€59,310within the sector's middle half▲ 13.8%€100,645▲ 69.7%
Solvency95.6%above the sector's middle half-70.8%above the sector's middle half▼ 24.8pp75.0%above the sector's middle half▲ 4.2pp18.4%within the sector's middle half▼ 56.6pp24.8%▲ 6.4pp
Current ratio22.62above the sector's middle half-3.43above the sector's middle half▼ 19.194.01above the sector's middle half▲ 0.581.18within the sector's middle half▼ 2.821.25▲ 0.07
Return on assets (ROA)-10.5%below the sector's middle half--8.9%below the sector's middle half▲ 1.6pp40.5%above the sector's middle half▲ 49.4pp6.2%within the sector's middle half▼ 34.2pp10.5%▲ 4.3pp
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 2026 is 173% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €553,152
Fixed assets
€52,471 ▲ 14.8%
Current assets
€500,680 ▲ 31.2%
Equity and liabilities €553,152
Equity
€137,071 ▲ 74.1%
Debt
€416,081 ▲ 19.4%
Debt's share of the balance-sheet total falls from 81.6% to 75.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€109,570▲
2025 · €36,979
Cash flow
€70,424▲
2025 · €27,920
Quick ratio
0.64▲
2025 · 0.61
Debt to equity
3.04▼
2025 · 4.43
ROE
42.6%▲
2025 · 33.8%
Interest coverage
5.85▼
2025 · 21.24
Debt ≤ 1 year
€400,035▲
2025 · €322,323
Debt > 1 year
€16,045▼
2025 · €26,291
Income taxes
€20,825▲
2025 · €7,351
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €47,000 | €28,843 |
| Depreciation and write-downs of the year | - | - | - | €1,277 | €12,095 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1,277 | €12,095 | ▲ 847% |
| Other operating charges640/8 | - | €112 | €663 | €1,244 | €92,152 | ▲ 74× |
| Gross operating margin9900 | -€2,979 | -€2,831 | €34,499 | €38,223 | €201,723 | ▲ 428% |
| Operating profit (loss)9901 | -€2,979 | -€2,943 | €33,836 | €35,702 | €97,476 | ▲ 173% |
| Financial income75/76B | €0 | - | - | €33 | €419 | ▲ 13× |
| Recurring financial income75 | €0 | - | - | €33 | €419 | ▲ 13× |
| Financial charges65/66B | - | €73 | €217 | €1,741 | €18,740 | ▲ 976% |
| Recurring financial charges65 | - | €73 | €217 | €1,741 | €18,740 | ▲ 976% |
| Profit (loss) for the period before taxes9903 | -€2,979 | -€3,016 | €33,619 | €33,994 | €79,154 | ▲ 133% |
| Income taxes67/77 | - | - | €5,525 | €7,351 | €20,825 | ▲ 183% |
| Profit (loss) for the period9904 | -€2,979 | -€3,016 | €28,094 | €26,643 | €58,329 | ▲ 119% |
| Profit (loss) for the period to be appropriated9905 | -€2,979 | -€3,016 | €28,094 | €26,643 | €58,329 | ▲ 119% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28,271 | €33,894 | €69,434 | €427,356 | €553,152 | ▲ 29.4% |
| Fixed assets21/28 | - | - | - | €45,723 | €52,471 | ▲ 14.8% |
| Tangible fixed assets22/27 | - | - | - | €45,723 | €52,471 | ▲ 14.8% |
| Plant, machinery and equipment23 | - | - | - | - | €16,144 | - |
| Furniture and vehicles24 | - | - | - | €35,723 | €36,327 | ▲ 1.7% |
| Assets under construction and advance payments27 | - | - | - | €10,000 | €0 | ▼ 100% |
| Current assets29/58 | €28,271 | €33,894 | €69,434 | €381,633 | €500,680 | ▲ 31.2% |
| Stocks and contracts in progress3 | €25,505 | €29,762 | €29,762 | €184,663 | €245,951 | ▲ 33.2% |
| Stocks30/36 | €25,505 | €29,762 | €29,762 | €184,663 | €245,951 | ▲ 33.2% |
| Amounts receivable within one year40/41 | €485 | €3,592 | €1,702 | €107,172 | €39,400 | ▼ 63.2% |
| Trade receivables40 | - | - | €1,345 | €48,255 | €39,400 | ▼ 18.4% |
| Other amounts receivable41 | €485 | €3,592 | €357 | €58,917 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €2,281 | €540 | €37,970 | €89,754 | €215,230 | ▲ 140% |
| Deferred charges and accrued income490/1 | - | - | - | €43 | €99 | ▲ 129% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28,271 | €33,894 | €69,434 | €427,356 | €553,152 | ▲ 29.4% |
| Equity10/15 | €27,021 | €24,005 | €52,099 | €78,742 | €137,071 | ▲ 74.1% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | - | - | - | - | €107,071 | - |
| Distributable reserves133 | - | - | - | - | €107,071 | - |
| Profit (loss) carried forward14 | -€2,979 | -€5,995 | €22,099 | €48,742 | €0 | ▼ 100% |
| Amounts payable17/49 | €1,250 | €9,889 | €17,335 | €348,615 | €416,081 | ▲ 19.4% |
| Amounts payable after more than one year17 | - | - | - | €26,291 | €16,045 | ▼ 39.0% |
| Financial debts170/4 | - | - | - | €26,291 | €16,045 | ▼ 39.0% |
| Amounts payable within one year42/48 | €1,250 | €9,889 | €17,335 | €322,323 | €400,035 | ▲ 24.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,899 | €10,246 | ▲ 3.5% |
| Financial debts43 | - | - | - | €100,000 | €300,000 | ▲ 200% |
| Credit institutions430/8 | - | - | - | €100,000 | €300,000 | ▲ 200% |
| Trade debts44 | €1,250 | €4,889 | €4,515 | €70,377 | €35,712 | ▼ 49.3% |
| Suppliers440/4 | €1,250 | €4,889 | €4,515 | €70,377 | €35,712 | ▼ 49.3% |
| Advances received on contracts in progress46 | - | - | - | €134,696 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | €5,525 | €7,351 | €54,078 | ▲ 636% |
| Taxes450/3 | - | - | €5,525 | €7,351 | €54,078 | ▲ 636% |
| Other amounts payable47/48 | - | €5,000 | €7,295 | €0 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,979 | -€3,016 | €28,094 | €26,643 | €58,329 | ▲ 119% |
| + Depreciation and write-downs630 | - | - | - | €1,277 | €12,095 | ▲ 847% |
| Operating cash flow (approximation) | -€2,979 | -€3,016 | €28,094 | €27,920 | €70,424 | ▲ 152% |
| Investment in fixed assets (approximation) | - | - | - | - | -€18,843 | - |
| Change in cash | - | -€1,741 | €37,430 | €51,784 | €125,476 | ▲ 142% |
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, 2,684 companies had the same profile as ECOX has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ECOX 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 2,684 companies, not a prediction for ECOX. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 28-10-2026 | 2026-00570371 | |
| 31-03-2025 | micro format | 03-08-2025 | 2025-00357696 | |
| 31-03-2024 | micro format | 23-10-2024 | 2024-00511998 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00507637 | |
| 31-03-2022 | abbreviated format | 09-11-2022 | 2022-20520234 |