EEQ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-04-2026 PDF all 20 filings
Equity
€345,113▼ 6.2%
2024 · €367,959
Total assets
€524,979▼ 3.6%
2024 · €544,306
Net result
-€22,847▲ 58.8%
2024 · -€55,395
Working capital
-€124,003▼ 21.7%
2024 · -€101,870
In the rankings
#4 company by equity in Zonnebeke, Telecoms and IT sector#5 company by total assets in Zonnebeke, Telecoms and IT sector#5 oldest company in Zonnebeke, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€21,147
▼ 3.8%
2025
20192025
Net result
-€22,847
▲ 58.8%
2025
lowest quarter of the sector
20192025
Equity
€345,113
▼ 6.2%
2025
highest quarter of the sector
20192025
Total assets
€524,979
▼ 3.6%
2025
highest quarter of the sector
20192025
Debt
€179,867
▲ 2.0%
2025
20192025
Working capital
-€124,003
▼ 21.7%
2025
lowest quarter of the sector
20192025
Solvency
65.7%
▼ 1.9pp
2025
middle half of the sector
20192025
Current ratio
0.05
▼ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.4%
▲ 5.8pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€38,689-€97,322▲ 152%€69,760▼ 28.3%€34,374▼ 50.7%€64,491▲ 87.6%-€20,373-€21,147▼ 3.8%
Net result€22,710-€63,514above the sector's middle half▲ 180%€48,060above the sector's middle half▼ 24.3%€22,330within the sector's middle half▼ 53.5%€44,248within the sector's middle half▲ 98.2%-€55,395below the sector's middle half-€22,847below the sector's middle half▲ 58.8%
Equity€245,203-€308,717above the sector's middle half▲ 25.9%€356,777above the sector's middle half▲ 15.6%€379,107above the sector's middle half▲ 6.3%€423,355above the sector's middle half▲ 11.7%€367,959above the sector's middle half▼ 13.1%€345,113above the sector's middle half▼ 6.2%
Total assets€611,305-€681,006above the sector's middle half▲ 11.4%€576,730above the sector's middle half▼ 15.3%€579,526above the sector's middle half▲ 0.5%€619,538above the sector's middle half▲ 6.9%€544,306above the sector's middle half▼ 12.1%€524,979above the sector's middle half▼ 3.6%
Debt€366,101-€372,288▲ 1.7%€219,953▼ 40.9%€200,420▼ 8.9%€196,184▼ 2.1%€176,346▼ 10.1%€179,867▲ 2.0%
Working capital-€129,693--€100,813below the sector's middle half▲ 22.3%-€51,035below the sector's middle half▲ 49.4%-€51,509below the sector's middle half▼ 0.9%-€9,409below the sector's middle half▲ 81.7%-€101,870below the sector's middle half▼ 983%-€124,003below the sector's middle half▼ 21.7%
Solvency40.1%-45.3%within the sector's middle half▲ 5.2pp61.9%within the sector's middle half▲ 16.5pp65.4%within the sector's middle half▲ 3.6pp68.3%within the sector's middle half▲ 2.9pp67.6%within the sector's middle half▼ 0.7pp65.7%within the sector's middle half▼ 1.9pp
Current ratio0.12-0.50below the sector's middle half▲ 0.380.18below the sector's middle half▼ 0.320.34below the sector's middle half▲ 0.160.89below the sector's middle half▲ 0.550.11below the sector's middle half▼ 0.780.05below the sector's middle half▼ 0.06
Return on assets (ROA)3.7%-9.3%within the sector's middle half▲ 5.6pp8.3%within the sector's middle half▼ 1.0pp3.9%within the sector's middle half▼ 4.5pp7.1%within the sector's middle half▲ 3.3pp-10.2%below the sector's middle half▼ 17.3pp-4.4%below the sector's middle half▲ 5.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a loss of €21,147, larger than the loss of €20,373 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €524,979
Fixed assets
€518,472 ▼ 2.4%
Current assets
€6,508 ▼ 50.4%
Equity and liabilities €524,979
Equity
€345,113 ▼ 6.2%
Debt
€179,867 ▲ 2.0%
Debt's share of the balance-sheet total rises from 32.4% to 34.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€8,431▼
2024 · -€7,657
Cash flow
-€10,132▲
2024 · -€42,680
Debt to equity
0.52▲
2024 · 0.48
ROE
-6.6%▲
2024 · -15.1%
Interest coverage
-5.53▼
2024 · -4.16
Debt ≤ 1 year
€130,511▲
2024 · €114,989
Debt > 1 year
€49,356▼
2024 · €61,357
Income taxes
€174▼
2024 · €188
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,959 | - | - |
| Depreciation and write-downs of the year | €12,962 | €12,386 | €12,347 | €12,715 | €12,715 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,962 | €12,962 | €12,962 | €12,386 | €12,347 | €12,715 | €12,715 | = |
| Other operating charges640/8 | - | - | €3,193 | €2,997 | €3,405 | €3,495 | €5,282 | ▲ 51.1% |
| Gross operating margin9900 | €54,670 | €112,739 | €85,914 | €49,757 | €80,244 | -€4,162 | -€3,150 | ▲ 24.3% |
| Operating profit (loss)9901 | €38,689 | €97,322 | €69,760 | €34,374 | €64,491 | -€20,373 | -€21,147 | ▼ 3.8% |
| Financial income75/76B | - | - | €1 | - | €0 | - | - | - |
| Recurring financial income75 | €0 | €0 | €1 | - | €0 | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | €3,485 | €3,062 | €3,133 | €34,835 | €1,526 | ▼ 95.6% |
| Recurring financial charges65 | €4,458 | €3,988 | €3,485 | €3,062 | €3,133 | €1,842 | €1,526 | ▼ 17.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €32,993 | - | - |
| Profit (loss) for the period before taxes9903 | €34,231 | €93,334 | €66,276 | €31,311 | €61,358 | -€55,208 | -€22,672 | ▲ 58.9% |
| Income taxes67/77 | €11,521 | €29,820 | €18,216 | €8,982 | €17,109 | €188 | €174 | ▼ 7.0% |
| Profit (loss) for the period9904 | €22,710 | €63,514 | €48,060 | €22,330 | €44,248 | -€55,395 | -€22,847 | ▲ 58.8% |
| Profit (loss) for the period to be appropriated9905 | €22,710 | €63,514 | €48,060 | €22,330 | €44,248 | -€55,395 | -€22,847 | ▲ 58.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €611,305 | €681,006 | €576,730 | €579,526 | €619,538 | €544,306 | €524,979 | ▼ 3.6% |
| Fixed assets21/28 | €594,091 | €581,129 | €565,676 | €553,290 | €543,902 | €531,187 | €518,472 | ▼ 2.4% |
| Tangible fixed assets22/27 | €591,599 | €578,638 | €565,676 | €553,290 | €543,902 | €531,187 | €518,472 | ▼ 2.4% |
| Land and buildings22 | - | - | €565,230 | €553,290 | €541,350 | €529,410 | €517,470 | ▼ 2.3% |
| Plant, machinery and equipment23 | - | - | €446 | - | €2,552 | €1,777 | €1,002 | ▼ 43.6% |
| Financial fixed assets28 | €2,491 | €2,491 | - | - | - | - | - | - |
| Current assets29/58 | €17,214 | €99,877 | €11,054 | €26,236 | €75,636 | €13,119 | €6,508 | ▼ 50.4% |
| Amounts receivable after more than one year29 | - | - | €2,491 | - | - | - | - | - |
| Other amounts receivable291 | - | - | €2,491 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €6,560 | €82,594 | €510 | €14,823 | €72,676 | €2,230 | €192 | ▼ 91.4% |
| Trade receivables40 | - | - | - | €14,823 | €12,690 | - | - | - |
| Other amounts receivable41 | - | - | €510 | - | €59,987 | €2,230 | €192 | ▼ 91.4% |
| Current investments50/53 | - | - | - | - | - | €10,889 | €6,315 | ▼ 42.0% |
| Cash at bank and in hand54/58 | €10,653 | €17,282 | €8,053 | €11,414 | €2,960 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €611,305 | €681,006 | €576,730 | €579,526 | €619,538 | €544,306 | €524,979 | ▼ 3.6% |
| Equity10/15 | €245,203 | €308,717 | €356,777 | €379,107 | €423,355 | €367,959 | €345,113 | ▼ 6.2% |
| Contributions10/11 | €7,500 | - | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Reserves13 | €237,703 | €301,217 | €349,277 | €371,607 | €415,855 | €415,855 | €415,855 | = |
| Non-distributable reserves130/1 | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Reserves not available under the articles1311 | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Distributable reserves133 | - | - | €347,377 | €369,707 | €413,955 | €413,955 | €413,955 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€55,395 | -€78,242 | ▼ 41.2% |
| Amounts payable17/49 | €366,101 | €372,288 | €219,953 | €200,420 | €196,184 | €176,346 | €179,867 | ▲ 2.0% |
| Amounts payable after more than one year17 | €219,194 | €171,599 | €146,813 | €122,674 | €111,138 | €61,357 | €49,356 | ▼ 19.6% |
| Financial debts170/4 | - | - | €146,813 | €122,674 | €111,138 | €61,357 | €49,356 | ▼ 19.6% |
| Amounts payable within one year42/48 | €146,907 | €200,690 | €62,090 | €77,745 | €85,046 | €114,989 | €130,511 | ▲ 13.5% |
| Current portion of amounts payable after more than one year42 | - | - | €26,164 | €1,398 | - | €11,767 | €10,909 | ▼ 7.3% |
| Financial debts43 | - | - | - | - | - | €5,445 | - | - |
| Other loans439 | - | - | - | - | - | €5,445 | - | - |
| Trade debts44 | €29,307 | €41,150 | €1,720 | €51,003 | €53,145 | €52,654 | €56,820 | ▲ 7.9% |
| Suppliers440/4 | - | - | €1,720 | €51,003 | €53,145 | €52,654 | €56,820 | ▲ 7.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €5,445 | - |
| Taxes, remuneration and social security45 | - | - | €21,532 | €16,428 | €22,138 | - | €174 | - |
| Taxes450/3 | - | - | €21,532 | €16,428 | €22,138 | - | €174 | - |
| Other amounts payable47/48 | - | - | €12,673 | €8,915 | €9,764 | €45,123 | €57,162 | ▲ 26.7% |
| Accrued charges and deferred income492/3 | - | - | €11,050 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,710 | €63,514 | €48,060 | €22,330 | €44,248 | -€55,395 | -€22,847 | ▲ 58.8% |
| + Depreciation and write-downs630 | €12,962 | €12,962 | €12,962 | €12,386 | €12,347 | €12,715 | €12,715 | = |
| Operating cash flow (approximation) | €35,672 | €76,476 | €61,022 | €34,715 | €56,595 | -€42,680 | -€10,132 | ▲ 76.3% |
| Investment in fixed assets (approximation) | - | €0 | €2,491 | €0 | -€2,959 | €0 | €0 | - |
| Change in cash | - | €6,629 | -€9,229 | €3,361 | -€8,454 | - | - | - |
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, 8,617 companies had the same profile as EEQ has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EEQ itself: 0.3% 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 8,617 companies, not a prediction for EEQ. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 16-04-2026 | 2026-00080698 | |
| 30-09-2024 | micro format | 04-04-2025 | 2025-00063534 | |
| 30-09-2023 | micro format | 24-04-2024 | 2024-00067548 | |
| 30-09-2022 | micro format | 31-03-2023 | 2023-00050003 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20011185 | |
| 30-09-2020 | micro format | 27-04-2021 | 2021-11300117 | |
| 30-09-2019 | micro format | 06-04-2020 | 2020-08500445 | |
| 30-09-2018 | abbreviated format | 10-04-2019 | 2019-09600328 | |
| 30-09-2017 | abbreviated format | 04-04-2018 | 2018-08600390 | |
| 30-09-2016 | abbreviated format | 26-04-2017 | 2017-09800242 |