EDC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 36 filings
Turnover
≈ €500,000
Estimated: probably between €310,000 and €940,000
Total assets
€1.1m▲ 3.3%
2024 · €1.0m
Net result
€102,125▲ 163%
2024 · €38,896
Working capital
€152,015▲ 195%
2024 · €51,483
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€102,697
▲ 120%
2025
20182025
Net result
€102,125
▲ 163%
2025
20182025
Equity
€346,340
▲ 41.8%
2025
20182025
Total assets
€1.1m
▲ 3.3%
2025
20182025
Debt
€731,757
▼ 8.4%
2025
20182025
Working capital
€152,015
▲ 195%
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.1m--€0.08m▲ 36.7%-€0.05m▲ 40.6%-€0.05m▼ 8.7%-€0.04m▲ 30.3%-€0.005m▲ 86.0%€0.05m€0.1m▲ 120%
Net result-€0.2m--€0.1m▲ 33.9%-€0.06m▲ 39.4%-€0.07m▼ 12.1%-€0.06m▲ 18.7%-€0.04m▲ 37.6%€0.04m€0.1m▲ 163%
Equity€0.5m-€0.4m▼ 19.6%€0.4m▼ 14.8%€0.3m▼ 19.4%€0.2m▼ 19.6%€0.2m▼ 15.2%€0.2m▲ 18.9%€0.3m▲ 41.8%
Total assets€1.3m-€1.1m▼ 13.3%€1.0m▼ 12.2%€0.8m▼ 13.7%€1.0m▲ 13.5%€1.1m▲ 12.1%€1.0m▼ 2.1%€1.1m▲ 3.3%
Debt€0.7m-€0.7m▼ 8.6%€0.6m▼ 10.4%€0.5m▼ 10.0%€0.7m▲ 32.2%€0.9m▲ 21.5%€0.8m▼ 7.1%€0.7m▼ 8.4%
Working capital€0.2m-€0.1m▼ 47.6%€0.04m▼ 64.4%-€0.05m€0.01m-€0.1m€0.05m€0.2m▲ 195%
Staff (FTE)1.2-
The operating result for 2025 is 120% higher than in 2024 and the highest since 2021. 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
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€924,750 ▼ 6.5%
Current assets
€153,348 ▲ 181%
Equity and liabilities €1.1m
Equity
€346,340 ▲ 41.8%
Debt
€731,757 ▼ 8.4%
Debt's share of the balance-sheet total falls from 76.6% to 67.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€182,998▲
2024 · €126,193
Cash flow
€182,427▲
2024 · €118,369
Quick ratio
94.58▲
2024 · 1.22
Debt to equity
2.11▼
2024 · 3.27
ROE
29.5%▲
2024 · 15.9%
ROA
9.5%▲
2024 · 3.7%
Interest coverage
over 100▲
2024 · 17.00
Debt ≤ 1 year
€1,333▼
2024 · €3,078
Debt > 1 year
€610,195▼
2024 · €675,708
Income taxes
€368▼
2024 · €400
A ratio outside any meaningful range has been withheld (balance sheet total €1.1m, equity €346,340).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €50,000 | €50,000 | - | - |
| Mortgage mandates | - | €995,000 | €995,000 | - | - |
| Carrying value of the mortgaged assets | - | €257,708 | €212,244 | - | - |
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 | €8,633 | €197,821 | €129,000 | €131,301 | €16,402 |
| Depreciation and write-downs of the year | €59,574 | €58,374 | €60,582 | €79,473 | €80,301 |
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 | - | - | - | - | €21,000 | €21,800 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €70,685 | €70,685 | €58,906 | €59,574 | €58,374 | €60,582 | €79,473 | €80,301 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €16,428 | €13,288 | €12,607 | €40,420 | €13,417 | ▼ 66.8% |
| Gross operating margin9900 | -€608 | €2,561 | €25,409 | €22,168 | €34,161 | €67,929 | €166,613 | €196,415 | ▲ 17.9% |
| Operating profit (loss)9901 | -€131,846 | -€83,446 | -€49,526 | -€53,834 | -€37,501 | -€5,259 | €46,719 | €102,697 | ▲ 120% |
| Financial income75/76B | - | - | - | €0 | €1 | €0 | €0 | €0 | ▼ 78.4% |
| Recurring financial income75 | €445 | €59 | €1 | €0 | €1 | €0 | €0 | €0 | ▼ 78.4% |
| Financial charges65/66B | - | - | - | €18,613 | €21,358 | €31,565 | €7,424 | €203 | ▼ 97.3% |
| Recurring financial charges65 | €31,233 | €25,085 | €20,279 | €18,613 | €21,358 | €31,565 | €7,424 | €203 | ▼ 97.3% |
| Profit (loss) for the period before taxes9903 | -€161,697 | -€106,819 | -€64,639 | -€72,447 | -€58,859 | -€36,823 | €39,296 | €102,494 | ▲ 161% |
| Income taxes67/77 | €271 | €286 | €274 | €291 | €296 | €96 | €400 | €368 | ▼ 8.1% |
| Profit (loss) for the period9904 | -€161,968 | -€107,105 | -€64,913 | -€72,738 | -€59,155 | -€36,919 | €38,896 | €102,125 | ▲ 163% |
| Profit (loss) for the period to be appropriated9905 | -€161,968 | -€107,105 | -€64,913 | -€72,738 | -€59,155 | -€36,919 | €38,896 | €102,125 | ▲ 163% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.1m | €1.0m | €0.8m | €1.0m | €1.1m | €1.0m | €1.1m | ▲ 3.3% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €1.0m | €0.9m | ▼ 6.5% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €1.0m | €0.9m | ▼ 6.5% |
| Land and buildings22 | - | - | - | €0.8m | €0.9m | €0.8m | €0.9m | €0.9m | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 21.3% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0 | €0.1m | €0.1m | €0.07m | ▼ 26.6% |
| Financial fixed assets28 | €87 | €87 | €87 | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.2m | €0.1m | €0.03m | €0.08m | €0.1m | €0.05m | €0.2m | ▲ 181% |
| Stocks and contracts in progress3 | - | - | - | - | €0.08m | €0.07m | €0.05m | €0.03m | ▼ 46.3% |
| Stocks30/36 | - | - | - | - | €0.08m | €0.07m | €0.05m | €0.03m | ▼ 46.3% |
| Amounts receivable within one year40/41 | €0.003m | €280 | €239 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.1m | €0.03m | €0.001m | €0.05m | €0.001m | €0.1m | ▲ 179× |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.003m | €0.003m | €0.003m | ▲ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.0m | €0.8m | €1.0m | €1.1m | €1.0m | €1.1m | ▲ 3.3% |
| Equity10/15 | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 41.8% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.4m | -€0.4m | -€0.5m | -€0.5m | -€0.5m | -€0.4m | ▲ 20.3% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.6m | €0.5m | €0.7m | €0.9m | €0.8m | €0.7m | ▼ 8.4% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.5m | €0.4m | €0.5m | €0.5m | €0.7m | €0.6m | ▼ 9.7% |
| Financial debts170/4 | - | - | - | €0.1m | €0.05m | €0.01m | €0 | - | - |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.5m | €0.5m | €0.7m | €0.6m | ▼ 9.7% |
| Amounts payable within one year42/48 | €0.08m | €0.08m | €0.07m | €0.08m | €0.07m | €0.3m | €0.003m | €0.001m | ▼ 56.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.05m | €0.04m | €0 | - | - |
| Financial debts43 | - | - | - | - | €0.01m | €0.2m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €0.01m | €0 | - | - | - |
| Other loans439 | - | - | - | - | - | €0.2m | €0 | - | - |
| Trade debts44 | €0.004m | €0.004m | €242 | €0.002m | €0.002m | €371 | €453 | €0.001m | ▲ 113% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €371 | €453 | €0.001m | ▲ 113% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.01m | €0.003m | €368 | ▼ 86.0% |
| Taxes450/3 | - | - | - | €371 | €296 | €0.008m | €400 | €368 | ▼ 8.0% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€161,968 | -€107,105 | -€64,913 | -€72,738 | -€59,155 | -€36,919 | €38,896 | €102,125 | ▲ 163% |
| + Depreciation and write-downs630 | €70,685 | €70,685 | €58,906 | €59,574 | €58,374 | €60,582 | €79,473 | €80,301 | ▲ 1.0% |
| Operating cash flow (approximation) | -€91,284 | -€36,420 | -€6,007 | -€13,164 | -€781 | €23,662 | €118,369 | €182,427 | ▲ 54.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€8,547 | -€119,506 | -€129,000 | -€131,301 | -€16,402 | ▲ 87.5% |
| Change in cash | - | -€96,563 | -€73,908 | -€82,157 | -€25,013 | €50,904 | -€51,406 | €122,199 | - |
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, 20,136 companies had the same profile as EDC has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of EDC itself: < 0.1% 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 20,136 companies, not a prediction for EDC. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00191264 | |
| 31-12-2024 | micro format | 05-06-2025 | 2025-00122195 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00152495 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00180957 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20146247 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-29600276 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31300281 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-23900212 | |
| 31-12-2017 | abbreviated format | 27-06-2018 | 2018-23600440 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-21100400 |