EHCS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 31 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €230,000
Total assets
€239,209▲ 37.3%
2024 · €174,162
Net result
€1,165▼ 68.1%
2024 · €3,655
Working capital
€33,706▼ 29.1%
2024 · €47,559
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,194
▼ 49.5%
2025
20192025
Net result
€1,165
▼ 68.1%
2025
middle half of the sector
20192025
Equity
€39,083
▼ 30.2%
2025
middle half of the sector
20192025
Total assets
€239,209
▲ 37.3%
2025
middle half of the sector
20192025
Debt
€200,126
▲ 69.3%
2025
20192025
Working capital
€33,706
▼ 29.1%
2025
middle half of the sector
20192025
Solvency
16.3%
▼ 15.8pp
2025
lowest quarter of the sector
20192025
Current ratio
1.32
▼ 0.83
2025
middle half of the sector
20192025
Return on assets (ROA)
0.5%
▼ 1.6pp
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€612-€33,697▲ 55×€4,360▼ 87.1%€34,585▲ 693%€19,097▼ 44.8%€14,240▼ 25.4%€7,194▼ 49.5%
Net result-€969-€21,150within the sector's middle half-€3,735below the sector's middle half€22,874within the sector's middle half€15,584within the sector's middle half▼ 31.9%€3,655within the sector's middle half▼ 76.5%€1,165within the sector's middle half▼ 68.1%
Equity€16,317-€36,654within the sector's middle half▲ 125%€32,919within the sector's middle half▼ 10.2%€54,993within the sector's middle half▲ 67.1%€69,777within the sector's middle half▲ 26.9%€55,973within the sector's middle half▼ 19.8%€39,083within the sector's middle half▼ 30.2%
Total assets€45,549-€51,005below the sector's middle half▲ 12.0%€57,443below the sector's middle half▲ 12.6%€71,102within the sector's middle half▲ 23.8%€184,029within the sector's middle half▲ 159%€174,162within the sector's middle half▼ 5.4%€239,209within the sector's middle half▲ 37.3%
Debt€29,233-€14,351▼ 50.9%€24,524▲ 70.9%€16,109▼ 34.3%€114,253▲ 609%€118,190▲ 3.4%€200,126▲ 69.3%
Working capital€15,527-€26,101within the sector's middle half▲ 68.1%€27,898within the sector's middle half▲ 6.9%€52,869within the sector's middle half▲ 89.5%€58,109within the sector's middle half▲ 9.9%€47,559within the sector's middle half▼ 18.2%€33,706within the sector's middle half▼ 29.1%
Solvency35.8%-71.9%above the sector's middle half▲ 36.0pp57.3%within the sector's middle half▼ 14.6pp77.3%above the sector's middle half▲ 20.0pp37.9%within the sector's middle half▼ 39.4pp32.1%within the sector's middle half▼ 5.8pp16.3%below the sector's middle half▼ 15.8pp
Current ratio1.73-2.82within the sector's middle half▲ 1.092.14within the sector's middle half▼ 0.684.28above the sector's middle half▲ 2.142.32within the sector's middle half▼ 1.962.15within the sector's middle half▼ 0.171.32within the sector's middle half▼ 0.83
Return on assets (ROA)-2.1%-41.5%above the sector's middle half▲ 43.6pp-6.5%below the sector's middle half▼ 48.0pp32.2%above the sector's middle half▲ 38.7pp8.5%within the sector's middle half▼ 23.7pp2.1%within the sector's middle half▼ 6.4pp0.5%within the sector's middle half▼ 1.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 49% lower than in 2024. It is the third fall in a row.
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 €239,209
Fixed assets
€101,325 ▲ 18.8%
Current assets
€137,884 ▲ 55.1%
Equity and liabilities €239,209
Equity
€39,083 ▼ 30.2%
Debt
€200,126 ▲ 69.3%
Debt's share of the balance-sheet total rises from 67.9% to 83.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€31,513▲
2024 · €19,427
Cash flow
€25,484▲
2024 · €8,843
Quick ratio
1.13▼
2024 · 1.70
Debt to equity
5.12▲
2024 · 2.11
ROE
3.0%▼
2024 · 6.5%
Interest coverage
5.24▲
2024 · 2.31
Debt ≤ 1 year
€104,179▲
2024 · €41,340
Debt > 1 year
€95,948▲
2024 · €76,849
Income taxes
€226▼
2024 · €2,194
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €92,693 | €8,491 | €48,600 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,898 | €12,858 | €5,188 | €24,319 |
Source: notes to the 2022 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 | €2,984 | €4,039 | €2,509 | €1,898 | €12,858 | €5,188 | €24,319 | ▲ 369% |
| Other operating charges640/8 | - | - | - | €1,227 | €1,570 | €3,134 | €2,968 | ▼ 5.3% |
| Gross operating margin9900 | €4,253 | €42,569 | €10,150 | €37,710 | €33,525 | €22,561 | €34,481 | ▲ 52.8% |
| Operating profit (loss)9901 | €612 | €33,697 | €4,360 | €34,585 | €19,097 | €14,240 | €7,194 | ▼ 49.5% |
| Financial income75/76B | - | - | - | €17 | €1,112 | €19 | €214 | ▲ 11× |
| Recurring financial income75 | €64 | €109 | €732 | €17 | €1,112 | €19 | €214 | ▲ 11× |
| Financial charges65/66B | - | - | - | €187 | €3,148 | €8,410 | €6,018 | ▼ 28.4% |
| Recurring financial charges65 | €1,469 | €214 | €163 | €187 | €3,148 | €8,410 | €6,018 | ▼ 28.4% |
| Profit (loss) for the period before taxes9903 | -€793 | €33,592 | €4,929 | €34,416 | €17,062 | €5,849 | €1,390 | ▼ 76.2% |
| Income taxes67/77 | €176 | €12,442 | €8,664 | €11,542 | €1,478 | €2,194 | €226 | ▼ 89.7% |
| Profit (loss) for the period9904 | -€969 | €21,150 | -€3,735 | €22,874 | €15,584 | €3,655 | €1,165 | ▼ 68.1% |
| Profit (loss) for the period to be appropriated9905 | -€969 | €21,150 | -€3,735 | €22,874 | €15,584 | €3,655 | €1,165 | ▼ 68.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €45,549 | €51,005 | €57,443 | €71,102 | €184,029 | €174,162 | €239,209 | ▲ 37.3% |
| Fixed assets21/28 | €8,789 | €10,553 | €5,021 | €2,125 | €81,960 | €85,263 | €101,325 | ▲ 18.8% |
| Tangible fixed assets22/27 | €8,789 | €10,553 | €4,221 | €1,325 | €81,160 | €84,463 | €100,525 | ▲ 19.0% |
| Plant, machinery and equipment23 | - | - | - | €930 | €8,457 | €4,712 | €2,330 | ▼ 50.5% |
| Furniture and vehicles24 | - | - | - | €395 | €72,703 | €79,751 | €98,195 | ▲ 23.1% |
| Financial fixed assets28 | - | - | €800 | €800 | €800 | €800 | €800 | = |
| Current assets29/58 | €36,760 | €40,452 | €52,422 | €68,978 | €102,070 | €88,900 | €137,884 | ▲ 55.1% |
| Stocks and contracts in progress3 | €2,850 | €7,250 | €9,500 | €28,100 | €35,400 | €18,500 | €19,800 | ▲ 7.0% |
| Stocks30/36 | - | - | - | €28,100 | €35,400 | €18,500 | €19,800 | ▲ 7.0% |
| Amounts receivable within one year40/41 | €29,419 | €24,476 | €29,229 | €33,571 | €56,356 | €61,879 | €93,351 | ▲ 50.9% |
| Trade receivables40 | - | - | - | €26,829 | €42,548 | €55,486 | €89,074 | ▲ 60.5% |
| Other amounts receivable41 | - | - | - | €6,742 | €13,808 | €6,393 | €4,277 | ▼ 33.1% |
| Cash at bank and in hand54/58 | €3,557 | €6,784 | €12,882 | €6,465 | €7,625 | €4,271 | €21,483 | ▲ 403% |
| Deferred charges and accrued income490/1 | - | - | - | €842 | €2,689 | €4,250 | €3,250 | ▼ 23.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €45,549 | €51,005 | €57,443 | €71,102 | €184,029 | €174,162 | €239,209 | ▲ 37.3% |
| Equity10/15 | €16,317 | €36,654 | €32,919 | €54,993 | €69,777 | €55,973 | €39,083 | ▼ 30.2% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €2,000 | €2,000 | = |
| Reserves13 | - | €18,054 | €18,054 | €40,128 | €54,912 | €57,708 | €39,653 | ▼ 31.3% |
| Distributable reserves133 | - | - | - | €40,128 | €54,912 | €57,708 | €39,653 | ▼ 31.3% |
| Profit (loss) carried forward14 | -€2,283 | - | -€3,735 | -€3,735 | -€3,735 | -€3,735 | -€2,570 | ▲ 31.2% |
| Amounts payable17/49 | €29,233 | €14,351 | €24,524 | €16,109 | €114,253 | €118,190 | €200,126 | ▲ 69.3% |
| Amounts payable after more than one year17 | €8,000 | - | - | - | €70,292 | €76,849 | €95,948 | ▲ 24.9% |
| Financial debts170/4 | - | - | - | - | €70,292 | €76,849 | €95,948 | ▲ 24.9% |
| Amounts payable within one year42/48 | €21,233 | €14,351 | €24,524 | €16,109 | €43,961 | €41,340 | €104,179 | ▲ 152% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,844 | €12,788 | €21,123 | ▲ 65.2% |
| Financial debts43 | - | - | - | - | €4,599 | €3,672 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | €4,599 | €3,672 | €0 | ▼ 100% |
| Trade debts44 | €4,628 | €5,103 | €12,764 | €1,027 | €24,254 | €17,346 | €52,454 | ▲ 202% |
| Suppliers440/4 | - | - | - | €1,027 | €24,254 | €17,346 | €52,454 | ▲ 202% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €9,223 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,042 | €2,323 | €2,591 | €3,324 | ▲ 28.3% |
| Taxes450/3 | - | - | - | €5,542 | €367 | €736 | €1,489 | ▲ 102% |
| Remuneration and social security454/9 | - | - | - | €1,500 | €1,956 | €1,855 | €1,835 | ▼ 1.1% |
| Other amounts payable47/48 | - | - | - | €8,041 | €5,941 | €4,943 | €18,054 | ▲ 265% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€969 | €21,150 | -€3,735 | €22,874 | €15,584 | €3,655 | €1,165 | ▼ 68.1% |
| + Depreciation and write-downs630 | €2,984 | €4,039 | €2,509 | €1,898 | €12,858 | €5,188 | €24,319 | ▲ 369% |
| Operating cash flow (approximation) | €2,016 | €25,189 | -€1,226 | €24,771 | €28,442 | €8,843 | €25,484 | ▲ 188% |
| Investment in fixed assets (approximation) | - | -€5,803 | €3,023 | €999 | -€92,693 | -€8,491 | -€40,381 | ▼ 376% |
| Change in cash | - | €3,227 | €6,098 | -€6,417 | €1,160 | -€3,354 | €17,212 | - |
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, 3,984 companies had the same profile as EHCS has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EHCS itself: 0.4% 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 3,984 companies, not a prediction for EHCS. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00224679 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00126290 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00531141 | |
| 30-06-2022 | micro format | 16-11-2022 | 2022-20522189 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81100515 | |
| 30-06-2020 | micro format | 17-12-2020 | 2020-76000591 | |
| 30-06-2019 | micro format | 14-11-2019 | 2019-73800083 | |
| 30-06-2018 | micro format | 26-11-2018 | 2018-72900404 | |
| 30-06-2017 | micro format | 06-12-2017 | 2017-71400243 | |
| 30-06-2016 | abbreviated format | 12-01-2017 | 2017-01200265 |