EFECOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 13 filings
Turnover
≈ €1.7m
Estimated: probably between €1.2m and €2.7m
Total assets
€2.3m▲ 24.5%
2024 · €1.9m
Net result
€416,564▲ 24.5%
2024 · €334,672
Working capital
€1.4m▲ 47.5%
2024 · €981,573
In the rankings
#1 company by total assets in Begijnendijk, Telecoms and IT sector#1 company by equity in Begijnendijk, Telecoms and IT sector#6 oldest company in Begijnendijk, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€591,128
▲ 22.0%
2025
20192025
Net result
€416,564
▲ 24.5%
2025
highest quarter of the sector
20192025
Equity
€2.2m
▲ 23.7%
2025
highest quarter of the sector
20192025
Total assets
€2.3m
▲ 24.5%
2025
highest quarter of the sector
20192025
Debt
€140,009
▲ 38.5%
2025
20192025
Working capital
€1.4m
▲ 47.5%
2025
highest quarter of the sector
20192025
Solvency
94.0%
▼ 0.6pp
2025
highest quarter of the sector
20192025
Current ratio
11.34
▲ 0.63
2025
highest quarter of the sector
20192025
Return on assets (ROA)
18.0%
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.3m▲ 13.7%€0.2m▼ 5.8%€0.2m▼ 4.1%€0.4m▲ 53.2%€0.5m▲ 32.7%€0.6m▲ 22.0%
Net result€0.2m-€0.2mabove the sector's middle half▲ 12.1%€0.2mabove the sector's middle half▼ 1.0%€0.2mabove the sector's middle half▼ 4.7%€0.3mabove the sector's middle half▲ 53.2%€0.3mabove the sector's middle half▲ 32.5%€0.4mabove the sector's middle half▲ 24.5%
Equity€0.8m-€0.9mabove the sector's middle half▲ 5.9%€1.1mabove the sector's middle half▲ 19.5%€1.2mabove the sector's middle half▲ 10.9%€1.4mabove the sector's middle half▲ 21.5%€1.8mabove the sector's middle half▲ 23.5%€2.2mabove the sector's middle half▲ 23.7%
Total assets€0.9m-€1.0mabove the sector's middle half▲ 18.9%€1.2mabove the sector's middle half▲ 13.7%€1.3mabove the sector's middle half▲ 9.0%€1.5mabove the sector's middle half▲ 18.7%€1.9mabove the sector's middle half▲ 21.9%€2.3mabove the sector's middle half▲ 24.5%
Debt€0.04m-€0.2m▲ 313%€0.1m▼ 20.1%€0.1m▼ 6.9%€0.1m▼ 10.4%€0.1m▼ 0.4%€0.1m▲ 38.5%
Working capital€0.8m-€0.8mabove the sector's middle half▲ 8.7%€0.6mabove the sector's middle half▼ 25.4%€0.4mabove the sector's middle half▼ 40.2%€0.7mabove the sector's middle half▲ 80.2%€1.0mabove the sector's middle half▲ 49.9%€1.4mabove the sector's middle half▲ 47.5%
Solvency95.8%-85.3%above the sector's middle half▼ 10.4pp89.7%above the sector's middle half▲ 4.4pp91.2%above the sector's middle half▲ 1.5pp93.4%above the sector's middle half▲ 2.2pp94.6%above the sector's middle half▲ 1.2pp94.0%above the sector's middle half▼ 0.6pp
Current ratio21.34-6.35above the sector's middle half▼ 14.996.00above the sector's middle half▼ 0.354.21within the sector's middle half▼ 1.797.45above the sector's middle half▲ 3.2410.71above the sector's middle half▲ 3.2611.34above the sector's middle half▲ 0.63
Return on assets (ROA)17.9%-16.8%within the sector's middle half▼ 1.0pp14.7%within the sector's middle half▼ 2.2pp12.8%within the sector's middle half▼ 1.8pp16.5%within the sector's middle half▲ 3.7pp18.0%within the sector's middle half▲ 1.4pp18.0%within the sector's middle half=
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 22% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €2.3m
Fixed assets
€729,226 ▼ 6.4%
Current assets
€1.6m ▲ 46.7%
Equity and liabilities €2.3m
Equity
€2.2m ▲ 23.7%
Debt
€140,009 ▲ 38.5%
Debt's share of the balance-sheet total rises from 5.4% to 6.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€640,890▲
2024 · €530,101
Cash flow
€466,327▲
2024 · €380,340
Debt to equity
0.06▲
2024 · 0.06
ROE
19.1%▲
2024 · 19.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€140,009▲
2024 · €101,068
Income taxes
€184,222▲
2024 · €150,878
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2020 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €881 | €406,699 | €3,594 | €53,497 | - |
| Depreciation and write-downs of the year | €16,413 | €47,173 | €42,351 | €45,668 | €49,763 |
Source: notes to the 2020 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 | €16,317 | €16,413 | €23,936 | €47,173 | €42,351 | €45,668 | €49,763 | ▲ 9.0% |
| Other operating charges640/8 | - | €483 | - | €38,238 | €2,354 | €3,701 | €3,735 | ▲ 0.9% |
| Gross operating margin9900 | €250,379 | €280,911 | €274,465 | €323,716 | €409,771 | €533,802 | €644,626 | ▲ 20.8% |
| Operating profit (loss)9901 | €232,248 | €264,015 | €248,607 | €238,305 | €365,066 | €484,433 | €591,128 | ▲ 22.0% |
| Financial income75/76B | - | - | - | €140 | €225 | €1,478 | €9,759 | ▲ 560% |
| Recurring financial income75 | €362 | - | - | €140 | €225 | €1,478 | €9,759 | ▲ 560% |
| Financial charges65/66B | - | €81 | - | €902 | €332 | €361 | €100 | ▼ 72.3% |
| Recurring financial charges65 | €112 | €81 | €1,848 | €902 | €332 | €361 | €100 | ▼ 72.3% |
| Profit (loss) for the period before taxes9903 | €232,498 | €263,934 | €246,759 | €237,543 | €364,959 | €485,550 | €600,786 | ▲ 23.7% |
| Income taxes67/77 | €76,528 | €89,138 | €73,710 | €72,652 | €112,328 | €150,878 | €184,222 | ▲ 22.1% |
| Profit (loss) for the period9904 | €155,970 | €174,796 | €173,049 | €164,891 | €252,630 | €334,672 | €416,564 | ▲ 24.5% |
| Profit (loss) for the period to be appropriated9905 | €155,970 | €174,796 | €173,049 | €164,891 | €252,630 | €334,672 | €416,564 | ▲ 24.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €1.0m | €1.2m | €1.3m | €1.5m | €1.9m | €2.3m | ▲ 24.5% |
| Fixed assets21/28 | €0.09m | €0.07m | €0.5m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 6.4% |
| Tangible fixed assets22/27 | €0.09m | €0.07m | €0.5m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 6.4% |
| Land and buildings22 | - | €0.07m | - | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.006m | €0.03m | €0.02m | ▼ 11.2% |
| Furniture and vehicles24 | - | €0.001m | - | €0.05m | €0.04m | €0.05m | €0.03m | ▼ 43.1% |
| Current assets29/58 | €0.8m | €1.0m | €0.7m | €0.5m | €0.8m | €1.1m | €1.6m | ▲ 46.7% |
| Amounts receivable within one year40/41 | €0.05m | €0.07m | €0.04m | €0.06m | €0.05m | €226 | €0.07m | ▲ 327× |
| Trade receivables40 | - | €0.04m | - | €0.04m | €0.05m | €226 | €0.07m | ▲ 320× |
| Other amounts receivable41 | - | €0.03m | - | €0.02m | - | - | €0.001m | - |
| Current investments50/53 | - | - | €0.1m | €0.1m | €0.1m | €0.7m | €0.1m | ▼ 85.7% |
| Cash at bank and in hand54/58 | €0.7m | €0.9m | €0.6m | €0.3m | €0.6m | €0.4m | €1.4m | ▲ 273% |
| Deferred charges and accrued income490/1 | - | €0.004m | - | €0.005m | €0.005m | €0.004m | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €1.0m | €1.2m | €1.3m | €1.5m | €1.9m | €2.3m | ▲ 24.5% |
| Equity10/15 | €0.8m | €0.9m | €1.1m | €1.2m | €1.4m | €1.8m | €2.2m | ▲ 23.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.8m | €0.9m | €1.0m | €1.2m | €1.4m | €1.7m | €2.2m | ▲ 23.9% |
| Non-distributable reserves130/1 | - | €0.002m | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Other1319 | - | €0.002m | - | - | - | - | - | - |
| Distributable reserves133 | - | €0.9m | - | €1.2m | €1.4m | €1.7m | €2.2m | ▲ 23.9% |
| Amounts payable17/49 | €0.04m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 38.5% |
| Amounts payable within one year42/48 | €0.04m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 38.5% |
| Trade debts44 | €0.003m | €0.003m | €0.003m | €0.002m | €0.002m | €0.002m | €119 | ▼ 94.7% |
| Suppliers440/4 | - | €0.003m | - | €0.002m | €0.002m | €0.002m | €119 | ▼ 94.7% |
| Taxes, remuneration and social security45 | - | €0.03m | - | €0.04m | €0.08m | €0.09m | €0.1m | ▲ 54.7% |
| Taxes450/3 | - | €0.03m | - | €0.04m | €0.08m | €0.09m | €0.1m | ▲ 54.7% |
| Remuneration and social security454/9 | - | - | - | - | €0.004m | - | - | - |
| Other amounts payable47/48 | - | €0.1m | - | €0.07m | €0.02m | €0.008m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 24.5% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.05m | €0.04m | €0.05m | €0.05m | ▲ 9.0% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 22.6% |
| Investment in fixed assets (approximation) | - | -€0.001m | -€0.4m | -€0.4m | -€0.004m | -€0.05m | €0 | - |
| Change in cash | - | €0.2m | -€0.3m | -€0.3m | €0.3m | -€0.2m | €1.0m | - |
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, 17,811 companies had the same profile as EFECOM has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of EFECOM 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 17,811 companies, not a prediction for EFECOM. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00021808 | |
| 30-06-2024 | micro format | 24-01-2025 | 2025-00014692 | |
| 30-06-2023 | micro format | 29-01-2024 | 2024-00013499 | |
| 30-06-2022 | micro format | 05-01-2023 | 2023-20554229 | |
| 30-06-2021 | micro format | 26-01-2022 | 2022-02100407 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04200285 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03900093 | |
| 30-06-2018 | micro format | 31-12-2018 | 2018-76100347 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03600598 | |
| 30-06-2016 | abbreviated format | 12-12-2016 | 2016-70000240 |