EJ@work
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 12 filings
Turnover
€28,811▼ 46.9%
2024 · €54,220
EBIT margin
-31.4%▼ 50.3pp
2024 · 18.8%
Net result
-€13,783
2024 · €3,741
Working capital
-€42,983▼ 55.6%
2024 · -€27,620
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€28,811
▼ 46.9%
2025
20182025
Operating result
-€9,058
2025
20182025
Net result
-€13,783
2025
lowest quarter of the sector
20182025
EBIT margin
-31.4%
▼ 50.3pp
2025
20182025
Equity
€45,530
▼ 23.2%
2025
middle half of the sector
20182025
Total assets
€147,829
▼ 13.3%
2025
middle half of the sector
20182025
Debt
€102,299
▼ 7.9%
2025
20182025
Working capital
-€42,983
▼ 55.6%
2025
lowest quarter of the sector
20182025
Solvency
30.8%
▼ 4.0pp
2025
middle half of the sector
20182025
Current ratio
0.11
▼ 0.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-9.3%
▼ 11.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€54,220€28,811▼ 46.9%
Operating result-€1,587-€6,164€19,339▲ 214%€11,381▼ 41.2%€13,295▲ 16.8%€22,986▲ 72.9%€10,213▼ 55.6%-€9,058
Net result-€9,948--€1,556▲ 84.4%€9,621within the sector's middle half€4,086within the sector's middle half▼ 57.5%€5,670within the sector's middle half▲ 38.8%€12,940within the sector's middle half▲ 128%€3,741within the sector's middle half▼ 71.1%-€13,783below the sector's middle half
EBIT margin18.8%-31.4%▼ 50.3pp
Equity€24,810-€23,254▼ 6.3%€32,875within the sector's middle half▲ 41.4%€36,962within the sector's middle half▲ 12.4%€42,632within the sector's middle half▲ 15.3%€55,572within the sector's middle half▲ 30.4%€59,313within the sector's middle half▲ 6.7%€45,530within the sector's middle half▼ 23.2%
Total assets€274,324-€250,209▼ 8.8%€228,086within the sector's middle half▼ 8.8%€213,656within the sector's middle half▼ 6.3%€198,059within the sector's middle half▼ 7.3%€181,063within the sector's middle half▼ 8.6%€170,422within the sector's middle half▼ 5.9%€147,829within the sector's middle half▼ 13.3%
Debt€249,513-€226,955▼ 9.0%€195,210▼ 14.0%€176,694▼ 9.5%€155,428▼ 12.0%€125,491▼ 19.3%€111,109▼ 11.5%€102,299▼ 7.9%
Working capital-€21,519--€30,618▼ 42.3%-€23,708below the sector's middle half▲ 22.6%-€27,696below the sector's middle half▼ 16.8%-€30,209below the sector's middle half▼ 9.1%-€28,850below the sector's middle half▲ 4.5%-€27,620below the sector's middle half▲ 4.3%-€42,983below the sector's middle half▼ 55.6%
Solvency9.0%-9.3%▲ 0.2pp14.4%below the sector's middle half▲ 5.1pp17.3%below the sector's middle half▲ 2.9pp21.5%below the sector's middle half▲ 4.2pp30.7%within the sector's middle half▲ 9.2pp34.8%within the sector's middle half▲ 4.1pp30.8%within the sector's middle half▼ 4.0pp
Current ratio0.32-0.20▼ 0.130.26below the sector's middle half▲ 0.060.26below the sector's middle half=0.25below the sector's middle half=0.19below the sector's middle half▼ 0.060.31below the sector's middle half▲ 0.120.11below the sector's middle half▼ 0.20
Return on assets (ROA)-3.6%--0.6%▲ 3.0pp4.2%within the sector's middle half▲ 4.8pp1.9%within the sector's middle half▼ 2.3pp2.9%within the sector's middle half▲ 1.0pp7.1%within the sector's middle half▲ 4.3pp2.2%within the sector's middle half▼ 5.0pp-9.3%below the sector's middle half▼ 11.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €9,058, after a profit of €10,213 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €147,829
Fixed assets
€142,278 ▼ 9.9%
Current assets
€5,551 ▼ 55.6%
Equity and liabilities €147,829
Equity
€45,530 ▼ 23.2%
Debt
€102,299 ▼ 7.9%
Debt's share of the balance-sheet total rises from 65.2% to 69.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€6,576▼
2024 · €26,640
Cash flow
€1,851▼
2024 · €20,168
Debt to equity
2.25▲
2024 · 1.87
ROE
-30.3%▼
2024 · 6.3%
Interest coverage
1.43▼
2024 · 5.11
Debt ≤ 1 year
€48,534▲
2024 · €40,130
Debt > 1 year
€53,765▼
2024 · €70,979
Income taxes
€134▼
2024 · €1,257
Customer credit
17 days▲
2024 · 15 days
Supplier credit
7 days▼
2024 · 9 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,230 | - | €2,724 | - | - |
| Depreciation and write-downs of the year | €16,239 | €16,237 | €16,315 | €16,427 | €15,634 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €54,220 | €28,811 | ▼ 46.9% |
| Non-recurring operating income76A | - | - | - | €8,722 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €35,559 | €30,312 | ▼ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,957 | €24,492 | €23,773 | €16,239 | €16,237 | €16,315 | €16,427 | €15,634 | ▼ 4.8% |
| Other operating charges640/8 | - | - | - | €1,731 | €1,145 | €1,487 | €1,390 | €1,486 | ▲ 6.9% |
| Gross operating margin9900 | €23,797 | €33,452 | €45,563 | €29,350 | €30,677 | €40,788 | €28,030 | €8,062 | ▼ 71.2% |
| Operating profit (loss)9901 | -€1,587 | €6,164 | €19,339 | €11,381 | €13,295 | €22,986 | €10,213 | -€9,058 | - |
| Financial income75/76B | - | - | - | - | - | €11 | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | €11 | - | - | - |
| Financial charges65/66B | - | - | - | €6,798 | €6,736 | €6,438 | €5,215 | €4,591 | ▼ 12.0% |
| Recurring financial charges65 | €7,955 | €7,348 | €6,560 | €6,798 | €6,736 | €6,438 | €5,215 | €4,591 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | -€9,542 | -€1,184 | €12,779 | €4,583 | €6,559 | €16,559 | €4,998 | -€13,649 | - |
| Income taxes67/77 | €406 | €373 | €3,158 | €496 | €889 | €3,619 | €1,257 | €134 | ▼ 89.3% |
| Profit (loss) for the period9904 | -€9,948 | -€1,556 | €9,621 | €4,086 | €5,670 | €12,940 | €3,741 | -€13,783 | - |
| Profit (loss) for the period to be appropriated9905 | -€9,948 | -€1,556 | €9,621 | €4,086 | €5,670 | €12,940 | €3,741 | -€13,783 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €274,324 | €250,209 | €228,086 | €213,656 | €198,059 | €181,063 | €170,422 | €147,829 | ▼ 13.3% |
| Fixed assets21/28 | €264,079 | €242,696 | €219,785 | €204,168 | €187,931 | €174,339 | €157,912 | €142,278 | ▼ 9.9% |
| Tangible fixed assets22/27 | €264,079 | €242,696 | €219,785 | €204,168 | €187,931 | €174,339 | €157,912 | €142,278 | ▼ 9.9% |
| Plant, machinery and equipment23 | - | - | - | €6,279 | €5,276 | €6,919 | €5,727 | €4,772 | ▼ 16.7% |
| Furniture and vehicles24 | - | - | - | €3,392 | €2,407 | €1,423 | €439 | €9 | ▼ 97.9% |
| Leasing and similar rights25 | - | - | - | €146,322 | €134,992 | €123,663 | €112,333 | €101,004 | ▼ 10.1% |
| Other tangible fixed assets26 | - | - | - | €48,175 | €45,255 | €42,334 | €39,414 | €36,493 | ▼ 7.4% |
| Current assets29/58 | €10,245 | €7,513 | €8,300 | €9,488 | €10,129 | €6,724 | €12,510 | €5,551 | ▼ 55.6% |
| Amounts receivable within one year40/41 | €2,515 | €4,791 | €1,508 | €5,634 | €4,166 | - | €2,243 | €1,371 | ▼ 38.9% |
| Trade receivables40 | - | - | - | €3,630 | €3,229 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €2,004 | €937 | - | €2,243 | €1,371 | ▼ 38.9% |
| Cash at bank and in hand54/58 | €7,074 | €2,048 | €6,061 | €3,533 | €5,627 | €6,371 | €10,024 | €3,943 | ▼ 60.7% |
| Deferred charges and accrued income490/1 | - | - | - | €322 | €335 | €352 | €243 | €236 | ▼ 2.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €274,324 | €250,209 | €228,086 | €213,656 | €198,059 | €181,063 | €170,422 | €147,829 | ▼ 13.3% |
| Equity10/15 | €24,810 | €23,254 | €32,875 | €36,962 | €42,632 | €55,572 | €59,313 | €45,530 | ▼ 23.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €19,408 | €19,408 | €19,408 | €19,408 | €19,408 | = |
| Contributions outside capital11 | - | - | - | €19,408 | €19,408 | - | - | - | - |
| Other1109/19 | - | - | - | €19,408 | €19,408 | - | - | - | - |
| Reserves13 | €16,158 | €16,158 | €16,158 | €17,554 | €23,224 | €36,164 | €39,905 | €39,905 | = |
| Distributable reserves133 | - | - | - | €17,554 | €23,224 | €36,164 | €39,905 | €39,905 | = |
| Profit (loss) carried forward14 | -€9,948 | -€11,504 | -€1,883 | - | - | - | - | -€13,783 | - |
| Amounts payable17/49 | €249,513 | €226,955 | €195,210 | €176,694 | €155,428 | €125,491 | €111,109 | €102,299 | ▼ 7.9% |
| Amounts payable after more than one year17 | €217,749 | €188,823 | €163,202 | €139,511 | €115,090 | €89,917 | €70,979 | €53,765 | ▼ 24.3% |
| Financial debts170/4 | - | - | - | €139,511 | €115,090 | €89,917 | €70,979 | €53,765 | ▼ 24.3% |
| Amounts payable within one year42/48 | €31,764 | €38,131 | €32,009 | €37,184 | €40,338 | €35,574 | €40,130 | €48,534 | ▲ 20.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,691 | €24,421 | €25,173 | €18,938 | €17,214 | ▼ 9.1% |
| Financial debts43 | - | - | - | - | - | €843 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €843 | - | - | - |
| Trade debts44 | €378 | €595 | €517 | €921 | €459 | €533 | €840 | €610 | ▼ 27.4% |
| Suppliers440/4 | - | - | - | €921 | €459 | €533 | €840 | €610 | ▼ 27.4% |
| Taxes, remuneration and social security45 | - | - | - | €4,572 | €2,764 | €2,931 | €2,727 | €1,242 | ▼ 54.5% |
| Taxes450/3 | - | - | - | €4,572 | €2,764 | €2,931 | €2,727 | €1,242 | ▼ 54.5% |
| Other amounts payable47/48 | - | - | - | €8,000 | €12,694 | €6,093 | €17,625 | €29,468 | ▲ 67.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,948 | -€1,556 | €9,621 | €4,086 | €5,670 | €12,940 | €3,741 | -€13,783 | - |
| + Depreciation and write-downs630 | €22,957 | €24,492 | €23,773 | €16,239 | €16,237 | €16,315 | €16,427 | €15,634 | ▼ 4.8% |
| Operating cash flow (approximation) | €13,009 | €22,936 | €33,394 | €20,325 | €21,907 | €29,256 | €20,168 | €1,851 | ▼ 90.8% |
| Investment in fixed assets (approximation) | - | -€3,110 | -€862 | -€622 | €0 | -€2,724 | €0 | €0 | - |
| Change in cash | - | -€5,026 | €4,014 | -€2,528 | €2,095 | €744 | €3,653 | -€6,080 | - |
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, 6,908 companies had the same profile as EJ@work has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EJ@work 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 6,908 companies, not a prediction for EJ@work. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160799 | |
| 31-12-2024 | micro format | 29-06-2025 | 2025-00193172 | |
| 31-12-2023 | micro format | 09-06-2024 | 2024-00117083 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00139901 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20082387 | |
| 31-12-2020 | micro format | 05-06-2021 | 2021-17700355 | |
| 31-12-2019 | micro format | 03-06-2020 | 2020-14300278 | |
| 31-12-2018 | micro format | 10-06-2019 | 2019-17000069 | |
| 31-12-2017 | micro format | 08-07-2018 | 2018-30800288 | |
| 31-12-2016 | abbreviated format | 11-06-2017 | 2017-16000116 |