EFTHEIA
ActiveSummary
EFTHEIA has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €369k and a net result of €137k. Equity is growing by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 37% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+9
Solvency63▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity short (current ratio 0.76 against 0.76 in 2024; short-term debt: 57.7% and cash: 0% of total assets), and 62.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
37.5%
Return on assets
13.9%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-06-2026, 50 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
50 d early
2024
69 d early
2023
58 d early
2022
54 d early
2021
62 d early
2020
57 d early
2019
46 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€369k▼ 0.2%
2024 · €370k
2018: €153klowest in 8 years
2019: €186k▲ +22.1% vs 2018
2020: €260k▲ +39.5% vs 2019
2021: €228k▼ -12.2% vs 2020
2022: €288k▲ +26.1% vs 2021
2023: €361k▲ +25.3% vs 2022
2024: €370k▲ +2.5% vs 2023highest in 8 years
2025: €369k▼ -0.2% vs 2024
2018 → 2025
Total assets
€984k▼ 8.7%
2024 · €1.08M
2018: €1.28Mhighest in 8 years
2019: €1.24M▼ -3.5% vs 2018
2020: €1.18M▼ -4.3% vs 2019
2021: €1.16M▼ -1.5% vs 2020
2022: €1.03M▼ -11.4% vs 2021
2023: €1.05M▲ +2.1% vs 2022
2024: €1.08M▲ +2.4% vs 2023
2025: €984k▼ -8.7% vs 2024lowest in 8 years
2018 → 2025
Net result
€137k▲ 81.9%
2024 · €75k
2018: €94lowest in 8 years
2019: €34k▲ +35616% vs 2018
2020: €76k▲ +125% vs 2019
2021: €80k▲ +5.7% vs 2020
2022: €60k▼ -25.7% vs 2021
2023: €73k▲ +22.4% vs 2022
2024: €75k▲ +3.1% vs 2023
2025: €137k▲ +81.9% vs 2024highest in 8 years
2018 → 2025
Working capital
€-134k▲ 6.3%
2024 · €-143k
2018: €-66k
2019: €-75k▼ -14.3% vs 2018
2020: €-50k▲ +33.9% vs 2019highest in 8 years
2021: €-165k▼ -232% vs 2020lowest in 8 years
2022: €-137k▲ +16.8% vs 2021
2023: €-112k▲ +17.9% vs 2022
2024: €-143k▼ -27.6% vs 2023
2025: €-134k▲ +6.3% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€228k-€288k▲ 26.1%€361k▲ 25.3%€370k▲ 2.5%€369k▼ 0.2%
2021: €228klowest in 5 years
2022: €288k▲ +26.1% vs 2021
2023: €361k▲ +25.3% vs 2022
2024: €370k▲ +2.5% vs 2023highest in 5 years
2025: €369k▼ -0.2% vs 2024
Operating result€133k-€108k▼ 18.7%€131k▲ 20.8%€111k▼ 15.0%€192k▲ 73.0%
2021: €133k
2022: €108k▼ -18.7% vs 2021lowest in 5 years
2023: €131k▲ +20.8% vs 2022
2024: €111k▼ -15.0% vs 2023
2025: €192k▲ +73.0% vs 2024highest in 5 years
Net result€80k-€60k▼ 25.7%€73k▲ 22.4%€75k▲ 3.1%€137k▲ 81.9%
2021: €80k
2022: €60k▼ -25.7% vs 2021lowest in 5 years
2023: €73k▲ +22.4% vs 2022
2024: €75k▲ +3.1% vs 2023
2025: €137k▲ +81.9% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 73% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €984k
Fixed assets
€551k ▼ 12.6%
Current assets
€434k ▼ 3.4%
Equity and liabilities €984k
Equity
€369k ▼ 0.2%
Debt
€615k ▼ 13.2%
Debt's share of the balance-sheet total falls from 65.7% to 62.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€272k▲
2024 · €191k
Cash flow
€217k▲
2024 · €155k
Current ratio
0.76▲
2024 · 0.76
Debt to equity
1.67▼
2024 · 1.92
ROE
37.1%▲
2024 · 20.3%
ROA
13.9%▲
2024 · 7.0%
Interest coverage
18.78▲
2024 · 10.36
Debt ≤ 1 year
€568k▼
2024 · €592k
Debt > 1 year
€47k▼
2024 · €116k
Income taxes
€41k▲
2024 · €18k
Staff costs
€224k▼
2024 · €253k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.08M€984k▼
Fixed assets21/28€630k€551k▼
Tangible fixed assets22/27€630k€550k▼
Land and buildings22€597k€534k▼
Plant, machinery and equipment23€2k€3k▲
Furniture and vehicles24€30k€14k▼
Financial fixed assets28€125€125=
Current assets29/58€449k€434k▼
Amounts receivable after more than one year29€2k-
Other amounts receivable291€2k-
Amounts receivable within one year40/41€431k€427k▼
Trade receivables40€399k€410k▲
Other amounts receivable41€31k€17k▼
Cash at bank and in hand54/58€7€7=
Deferred charges and accrued income490/1€16k€7k▼
Equity and liabilities
Total equity and liabilities10/49€1.08M€984k▼
Equity10/15€370k€369k▼
Contributions10/11€58k€58k=
Reserves13€312k€312k▼
Distributable reserves133€312k€312k▼
Amounts payable17/49€709k€615k▼
Amounts payable after more than one year17€116k€47k▼
Financial debts170/4€116k€47k▼
Amounts payable within one year42/48€592k€568k▼
Current portion of amounts payable after more than one year42€100k€69k▼
Financial debts43€186k€186k▲
Credit institutions430/8€186k€186k▲
Trade debts44€237k€195k▼
Suppliers440/4€237k€195k▼
Taxes, remuneration and social security45€55k€44k▼
Taxes450/3€27k€18k▼
Remuneration and social security454/9€29k€26k▼
Other amounts payable47/48€15k€73k▲
Accrued charges and deferred income492/3€488-
Income statement
Code20242025
Remuneration, social security and pensions62€253k€224k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€80k€80k▲
Other operating charges640/8€11k€12k▲
Non-recurring operating charges66A€300€174▼
Gross operating margin9900€455k€508k▲
Operating profit (loss)9901€111k€192k▲
Financial income75/76B€42€41▼
Recurring financial income75€42€41▼
Financial charges65/66B€18k€15k▼
Recurring financial charges65€18k€15k▼
Profit (loss) for the period before taxes9903€93k€178k▲
Income taxes67/77€18k€41k▲
Profit (loss) for the period9904€75k€137k▲
Profit (loss) for the period to be appropriated9905€75k€137k▲
Appropriation of the result
Profit (loss) to be appropriated9906€75k€137k▲
Transfer from equity791/2€14k€76k▲
Transfer to equity691/2€24k€75k▲
To other reserves6921€24k€75k▲
Profit to be distributed694/7€66k€138k▲
Return on contributions (dividend)694€16k€78k▲
Directors or managers695€50k€60k▲
Social balance
Average headcount (FTE)90874.24.2=
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €145k | €233k | €243k | €253k | €224k | ▼ 11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67k | €82k | €79k | €80k | €80k | ▲ 0.7% |
| Other operating charges640/8 | €12k | €11k | €10k | €11k | €12k | ▲ 2.3% |
| Non-recurring operating charges66A | €377 | €220 | €111 | €300 | €174 | ▼ 42.0% |
| Gross operating margin9900 | €358k | €435k | €463k | €455k | €508k | ▲ 11.6% |
| Operating profit (loss)9901 | €133k | €108k | €131k | €111k | €192k | ▲ 73.0% |
| Financial income75/76B | €9 | €5 | €16 | €42 | €41 | ▼ 3.5% |
| Recurring financial income75 | €9 | €5 | €16 | €42 | €41 | ▼ 3.5% |
| Financial charges65/66B | €16k | €19k | €20k | €18k | €15k | ▼ 21.2% |
| Recurring financial charges65 | €16k | €19k | €20k | €18k | €15k | ▼ 21.2% |
| Profit (loss) for the period before taxes9903 | €117k | €90k | €111k | €93k | €178k | ▲ 91.6% |
| Income taxes67/77 | €37k | €30k | €38k | €18k | €41k | ▲ 133% |
| Profit (loss) for the period9904 | €80k | €60k | €73k | €75k | €137k | ▲ 81.9% |
| Profit (loss) for the period to be appropriated9905 | €80k | €60k | €73k | €75k | €137k | ▲ 81.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.16M | €1.03M | €1.05M | €1.08M | €984k | ▼ 8.7% |
| Fixed assets21/28 | €768k | €736k | €689k | €630k | €551k | ▼ 12.6% |
| Intangible fixed assets21 | €6k | - | - | - | - | - |
| Tangible fixed assets22/27 | €762k | €736k | €688k | €630k | €550k | ▼ 12.6% |
| Land and buildings22 | €687k | €674k | €644k | €597k | €534k | ▼ 10.6% |
| Plant, machinery and equipment23 | €1k | €2k | €2k | €2k | €3k | ▲ 5.6% |
| Furniture and vehicles24 | €74k | €60k | €43k | €30k | €14k | ▼ 53.4% |
| Financial fixed assets28 | €125 | €125 | €125 | €125 | €125 | = |
| Current assets29/58 | €397k | €296k | €365k | €449k | €434k | ▼ 3.4% |
| Amounts receivable after more than one year29 | - | - | €3k | €2k | - | - |
| Other amounts receivable291 | - | - | €3k | €2k | - | - |
| Amounts receivable within one year40/41 | €394k | €292k | €344k | €431k | €427k | ▼ 0.8% |
| Trade receivables40 | €362k | €256k | €340k | €399k | €410k | ▲ 2.6% |
| Other amounts receivable41 | €32k | €36k | €4k | €31k | €17k | ▼ 44.2% |
| Cash at bank and in hand54/58 | €7 | €7 | €7 | €7 | €7 | = |
| Deferred charges and accrued income490/1 | €4k | €4k | €18k | €16k | €7k | ▼ 59.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.16M | €1.03M | €1.05M | €1.08M | €984k | ▼ 8.7% |
| Equity10/15 | €228k | €288k | €361k | €370k | €369k | ▼ 0.2% |
| Contributions10/11 | €58k | €58k | €58k | €58k | €58k | = |
| Reserves13 | €171k | €230k | €303k | €312k | €312k | ▼ 0.2% |
| Distributable reserves133 | €171k | €230k | €303k | €312k | €312k | ▼ 0.2% |
| Amounts payable17/49 | €937k | €744k | €693k | €709k | €615k | ▼ 13.2% |
| Amounts payable after more than one year17 | €374k | €311k | €215k | €116k | €47k | ▼ 59.6% |
| Financial debts170/4 | €374k | €311k | €215k | €116k | €47k | ▼ 59.6% |
| Amounts payable within one year42/48 | €562k | €433k | €477k | €592k | €568k | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | €83k | €92k | €96k | €100k | €69k | ▼ 30.7% |
| Financial debts43 | €173k | €42k | €165k | €186k | €186k | ▲ 0.4% |
| Credit institutions430/8 | €173k | €42k | €165k | €186k | €186k | ▲ 0.4% |
| Trade debts44 | €283k | €215k | €189k | €237k | €195k | ▼ 17.6% |
| Suppliers440/4 | €283k | €215k | €189k | €237k | €195k | ▼ 17.6% |
| Taxes, remuneration and social security45 | €22k | €42k | €26k | €55k | €44k | ▼ 20.0% |
| Taxes450/3 | €7k | €2k | €7k | €27k | €18k | ▼ 31.2% |
| Remuneration and social security454/9 | €15k | €40k | €19k | €29k | €26k | ▼ 9.5% |
| Other amounts payable47/48 | €1k | €42k | €1k | €15k | €73k | ▲ 393% |
| Accrued charges and deferred income492/3 | €700 | - | - | €488 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80k | €60k | €73k | €75k | €137k | ▲ 81.9% |
| + Depreciation and write-downs630 | €67k | €82k | €79k | €80k | €80k | ▲ 0.7% |
| Operating cash flow (approximation) | €147k | €142k | €152k | €155k | €217k | ▲ 40.2% |
| Investment in fixed assets (approximation) | - | €-50k | €-31k | €-21k | €-1k | ▲ 95.0% |
| Change in cash | - | €0 | €0 | €0 | €0 | - |
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
11-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €137k ▲81.9%
Operating result €192k, net result €137k, both a record.
23-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
04-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200kEq €260k ▲39.5%
3 profitable years in a row build equity to €260k.
15-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Schaarbeek · 1 establishment unit since 2001
Ground area
3,925 m²
Building footprint
1,108 m²
Volume, LiDAR
18,948 m³
2 parcels, Brussels · tallest building 25.4 m, ±6 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Nieuwbrug 2, 1000 Brussel
since 20012.093.162.208
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21812N0980/00D000 | Brussels | 3,679 m² | 1 · 979 m² | 25.4 m · 6 fl. |
| 21906D0004/00R004 | Brussels | 246 m² | 1 · 129 m² | 19.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
European Union, budget
2021 to 2025 · 11 entries · 5,100,802 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2025 | 3 | 1,153,276 EUR |
| 2024 | 2 | 1,026,065 EUR |
| 2023 | 3 | 1,023,361 EUR |
| 2022 | 2 | 949,050 EUR |
| 2021 | 1 | 949,050 EUR |
Projects
ADVICE ON INTRA-EU MOBILITY AND SOCIAL SECURITY COORDINATION LOT 1: PROVISION OF LEGAL EXPERTISE AND DISSEMINATION OF KNOWLEDGE
VT/2025/005 MOBILITY-LEG & COMM. SUPPORT
ADVICE ON INTRA-EU MOBILITY AND SOCIAL SECURITY COORDINATION
REPORT ON OVERVIEW AND ANALYSIS OF MEMBER STATES TOOLS, PROCESSES AND PROCEDURES RELATED TO ADMINISTRATION AND ISSUE OF PORTABLE DOCUMENT A1 IN SITUATIONS OF POSTING (ART. 12 OF REGULATION 883/2004)
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 36,863 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-03-2001
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.