EL CORE
ActiveSummary
EL CORE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €25,254 and a net result of €13,277. Equity is shrinking by ~21.7% per year across the filed fiscal years. Its solvency ranks better than 23% of 1540 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+8
Solvency35▲+6
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity short (current ratio 0.68 against 0.33 in 2024; short-term debt: 42% and cash: 22.4% of total assets), and 90.3% of the assets are financed with debt.
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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 59
Relative position
BE, all sectors
reference
Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59)
about 37% 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 1540 sector peers (2025).
NBB · sector comparisonPosition among 1540 sector peers
Solvency
better than 23%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €25,254
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
6 d late
2023
27 d late
2022
on the day
2021
18 d late
2020
5 d late
2019
42 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 2 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 41% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€25,254▲ 111%
2024 · €11,977
Total assets
€260,979▼ 2.2%
2024 · €266,844
Net result
€13,277
2024 · -€3,863
Working capital
-€35,022▲ 61.2%
2024 · -€90,242
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,839▼ 828%-€5,614▲ 3.9%€2,616-€1,897€19,403
Net result-€10,277▼ 3.9%-€7,220▲ 29.7%€386-€3,863€13,277
Equity€22,675▼ 31.2%€15,455▼ 31.8%€15,840▲ 2.5%€11,977▼ 24.4%€25,254▲ 111%
Total assets€329,899▼ 9.1%€307,551▼ 6.8%€295,861▼ 3.8%€266,844▼ 9.8%€260,979▼ 2.2%
Debt€304,469▼ 6.7%€292,096▼ 4.1%€280,020▼ 4.1%€254,867▼ 9.0%€235,725▼ 7.5%
Working capital-€133,524▲ 20.0%-€107,184▲ 19.7%-€82,832▲ 22.7%-€90,242▼ 8.9%-€35,022▲ 61.2%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €19,403 after a loss of €1,897 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €260,979
Fixed assets
€186,441 ▼ 16.5%
Current assets
€74,538 ▲ 70.6%
Equity and liabilities €260,979
Equity
€25,254 ▲ 111%
Debt
€235,725 ▼ 7.5%
Debt's share of the balance-sheet total falls from 95.5% to 90.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€60,657▲
2024 · €43,709
Cash flow
€54,530▲
2024 · €41,743
Current ratio
0.68▲
2024 · 0.33
Debt to equity
9.33▼
2024 · 21.28
ROE
52.6%▲
2024 · -32.3%
ROA
5.1%▲
2024 · -1.4%
Interest coverage
16.87▼
2024 · 29.79
Debt ≤ 1 year
€109,560▼
2024 · €133,922
Debt > 1 year
€120,000=
2024 · €120,000
Income taxes
€2,536▲
2024 · €500
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,322 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
3.1%
stopped otherwise
95%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,322 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €9,059 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54,566 | €54,326 | €47,287 | €45,606 | €41,254 | ▼ 9.5% |
| Other operating charges640/8 | - | €1,180 | €2,668 | €4,545 | €3,202 | ▼ 29.5% |
| Gross operating margin9900 | €51,853 | €49,892 | €52,571 | €48,254 | €63,859 | ▲ 32.3% |
| Operating profit (loss)9901 | -€5,839 | -€5,614 | €2,616 | -€1,897 | €19,403 | ▲ 1,123% |
| Financial income75/76B | - | - | - | €1 | €4 | ▲ 290% |
| Recurring financial income75 | €0 | - | - | €1 | €4 | ▲ 290% |
| Financial charges65/66B | - | €4,893 | €1,472 | €1,467 | €3,595 | ▲ 145% |
| Recurring financial charges65 | €5,518 | €4,893 | €1,472 | €1,467 | €3,595 | ▲ 145% |
| Profit (loss) for the period before taxes9903 | -€11,357 | -€10,506 | €1,144 | -€3,363 | €15,813 | ▲ 570% |
| Transfer from deferred taxes780 | - | €2,754 | - | - | - | - |
| Income taxes67/77 | -€162 | -€532 | €758 | €500 | €2,536 | ▲ 407% |
| Profit (loss) for the period9904 | -€10,277 | -€7,220 | €386 | -€3,863 | €13,277 | ▲ 444% |
| Transfer from tax-exempt reserves789 | - | €5,346 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€8,495 | -€1,874 | €386 | -€3,863 | €13,277 | ▲ 444% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €329,899 | €307,551 | €295,861 | €266,844 | €260,979 | ▼ 2.2% |
| Fixed assets21/28 | €286,028 | €249,574 | €223,217 | €223,164 | €186,441 | ▼ 16.5% |
| Tangible fixed assets22/27 | €286,028 | €249,574 | €220,717 | €220,664 | €183,941 | ▼ 16.6% |
| Land and buildings22 | - | €162,979 | €151,780 | €160,571 | €139,548 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | €11,000 | €5,500 | - | - | - |
| Furniture and vehicles24 | - | €44,041 | €33,950 | €26,007 | €15,646 | ▼ 39.8% |
| Other tangible fixed assets26 | - | €31,554 | €29,488 | €34,086 | €28,746 | ▼ 15.7% |
| Financial fixed assets28 | - | - | €2,500 | €2,500 | €2,500 | = |
| Current assets29/58 | €43,871 | €57,977 | €72,643 | €43,681 | €74,538 | ▲ 70.6% |
| Amounts receivable within one year40/41 | €17,375 | €5,511 | €9,065 | €3,415 | €952 | ▼ 72.1% |
| Trade receivables40 | - | €5,500 | €8,248 | - | - | - |
| Other amounts receivable41 | - | €11 | €817 | €3,415 | €952 | ▼ 72.1% |
| Cash at bank and in hand54/58 | €26,496 | €46,566 | €36,329 | €16,441 | €58,338 | ▲ 255% |
| Deferred charges and accrued income490/1 | - | €5,900 | €27,250 | €23,825 | €15,248 | ▼ 36.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €329,899 | €307,551 | €295,861 | €266,844 | €260,979 | ▼ 2.2% |
| Equity10/15 | €22,675 | €15,455 | €15,840 | €11,977 | €25,254 | ▲ 111% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €8,671 | €3,325 | €3,325 | €3,325 | €3,325 | = |
| Non-distributable reserves130/1 | - | €3,325 | €3,325 | - | - | - |
| Reserves not available under the articles1311 | - | €3,325 | €3,325 | - | - | - |
| Distributable reserves133 | - | - | - | €3,325 | €3,325 | = |
| Profit (loss) carried forward14 | -€5,996 | -€7,870 | -€7,485 | -€11,348 | €1,929 | ▲ 117% |
| Provisions and deferred taxes16 | €2,754 | - | - | - | - | - |
| Amounts payable17/49 | €304,469 | €292,096 | €280,020 | €254,867 | €235,725 | ▼ 7.5% |
| Amounts payable after more than one year17 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Financial debts170/4 | - | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Amounts payable within one year42/48 | €177,394 | €165,161 | €155,475 | €133,922 | €109,560 | ▼ 18.2% |
| Financial debts43 | - | €913 | €89 | €853 | €215 | ▼ 74.8% |
| Credit institutions430/8 | - | €913 | €89 | €853 | €215 | ▼ 74.8% |
| Trade debts44 | €2,925 | €6,178 | €4,620 | €2,685 | €1,723 | ▼ 35.8% |
| Suppliers440/4 | - | €6,178 | €4,620 | €2,685 | €1,723 | ▼ 35.8% |
| Taxes, remuneration and social security45 | - | €1,462 | €405 | €405 | €1,035 | ▲ 156% |
| Taxes450/3 | - | €1,440 | €405 | €405 | €1,035 | ▲ 156% |
| Remuneration and social security454/9 | - | €23 | - | - | - | - |
| Other amounts payable47/48 | - | €156,608 | €150,361 | €129,979 | €106,587 | ▼ 18.0% |
| Accrued charges and deferred income492/3 | - | €6,935 | €4,545 | €945 | €6,165 | ▲ 552% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,277 | -€7,220 | €386 | -€3,863 | €13,277 | ▲ 444% |
| + Depreciation and write-downs630 | €54,566 | €54,326 | €47,287 | €45,606 | €41,254 | ▼ 9.5% |
| Operating cash flow (approximation) | €44,289 | €47,106 | €47,673 | €41,743 | €54,530 | ▲ 30.6% |
| Investment in fixed assets (approximation) | - | -€17,872 | -€20,930 | -€45,553 | -€4,531 | ▲ 90.1% |
| Change in cash | - | €20,069 | -€10,236 | -€19,888 | €41,897 | ▲ 311% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €13,277
Net result €13,277 after one loss-making year.
06-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 6 days late
2024
27-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
30-06
Financial
Back to profitnet €386
Net result €386 after 3 loss-making years.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
18-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 18 days late
2021
30-06
Financial
Weakest financial yearnet -€10,277
Net result drops to -€10,277, the lowest in the series; recovery starts the following year.
05-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 5 days late
2019
20-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
09-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
12-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Herent · 1 establishment unit since 2007
Ground area
613 m²
Building footprint
179 m²
Volume, LiDAR
1,058 m³
Parcel 24127E0018/00F010, Flanders · tallest building 8.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Arnoudt Rulenslaan 35, 3020 Herent
since 20072.168.286.332
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24127E0018/00F010 | Flanders | 613 m² | 1 · 179 m² | 8.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 796 companies in sector 59201 we hold annual accounts for 162. 134 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
Founded16-11-2007
Fiscal year end30-06
Activities, NACEBEL 2025
59201Sound recording
47690Retail sale of other cultural and recreation goods
90201Performing arts by independent artists
E-invoicing
Reachable via Peppol
Peppol ID
0208:0893516290
Also
9925:BE0893516290
Registered
02-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.