Summary
Elbas is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €15k and a net result of €4k. Equity is shrinking by ~23.3% per year across the filed fiscal years. Its solvency ranks better than 9% of 8048 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 8048 sector peers (2025).
NBB · sector comparisonPosition among 8048 sector peers
Solvency
better than 9%
← weakest
strongest →
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 15-12-2025, 47 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
47 d early
2024
15 d early
2023
on the day
2022
4 d early
2021
11 d late
2020
23 d late
← before the deadline
after the deadline →
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 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€15k▲ 37.5%
2024 · €11k
Net result
€4k
2024 · €-25k
Total assets
€1.69M▼ 1.7%
2024 · €1.71M
Solvency
0.9%▲ 0.2pp
2024 · 0.6%
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€15k▼ 53.6%€-21k€24k€19k▼ 21.5%€9k▼ 53.6%
Net result€9k▼ 66.4%€-27k€18k€-25k€4k
Equity€45k▲ 24.4%€18k▼ 59.9%€36k▲ 98.7%€11k▼ 70.4%€15k▲ 37.5%
Total assets€1.28M▲ 11.8%€1.71M▲ 33.6%€1.75M▲ 2.4%€1.71M▼ 2.1%€1.69M▼ 1.7%
Debt€1.23M▲ 11.4%€1.69M▲ 37.1%€1.71M▲ 1.3%€1.70M▼ 0.6%€1.67M▼ 1.9%
Working capital€-11k€-4k▲ 67.3%€43k€10k▼ 75.6%€35k▲ 239%
Solvency3.5%▲ 0.4pp1.1%▼ 2.5pp2.1%▲ 1.0pp0.6%▼ 1.4pp0.9%▲ 0.2pp
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 54% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.69M
Fixed assets
€1.57M ▼ 3.3%
Current assets
€110k ▲ 28.8%
Equity and liabilities €1.69M
Equity
€15k ▲ 37.5%
Debt
€1.67M ▼ 1.9%
Debt's share of the balance-sheet total falls from 99.4% to 99.1%. Equity is higher and debt is lower.
Key figures and ratios
ROE
27.2%▲
2024 · -238.1%
ROA
0.2%▲
2024 · -1.5%
Debt ≤ 1 year
€75k▼
2024 · €75k
Debt > 1 year
€1.59M▼
2024 · €1.63M
A ratio outside any meaningful range has been withheld (balance sheet total €1.69M, equity €15k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26k | €46k | €53k | €55k | €56k | ▲ 1.8% |
| Other operating charges640/8 | - | €4k | €5k | €13k | €4k | ▼ 67.1% |
| Non-recurring operating charges66A | - | - | €340 | - | - | - |
| Gross operating margin9900 | €42k | €29k | €83k | €87k | €69k | ▼ 20.5% |
| Operating profit (loss)9901 | €15k | €-21k | €24k | €19k | €9k | ▼ 53.6% |
| Financial income75/76B | - | €876 | - | - | - | - |
| Recurring financial income75 | €2k | €876 | - | - | - | - |
| Financial charges65/66B | - | €6k | €6k | €5k | €5k | ▼ 7.8% |
| Recurring financial charges65 | €6k | €6k | €6k | €5k | €5k | ▼ 7.8% |
| Profit (loss) for the period before taxes9903 | €11k | €-26k | €19k | €14k | €4k | ▼ 71.1% |
| Income taxes67/77 | €2k | €696 | €797 | €39k | - | - |
| Profit (loss) for the period9904 | €9k | €-27k | €18k | €-25k | €4k | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | €9k | €-27k | €18k | €-25k | €4k | ▲ 116% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.28M | €1.71M | €1.75M | €1.71M | €1.69M | ▼ 1.7% |
| Fixed assets21/28 | €1.20M | €1.65M | €1.65M | €1.63M | €1.57M | ▼ 3.3% |
| Tangible fixed assets22/27 | €1.20M | €1.65M | €1.65M | €1.63M | €1.57M | ▼ 3.3% |
| Land and buildings22 | - | €1.65M | €1.65M | €1.62M | €1.57M | ▼ 3.3% |
| Plant, machinery and equipment23 | - | €1k | €913 | €639 | €365 | ▼ 42.9% |
| Furniture and vehicles24 | - | €4k | €4k | €4k | €5k | ▲ 21.6% |
| Current assets29/58 | €81k | €56k | €97k | €86k | €110k | ▲ 28.8% |
| Amounts receivable within one year40/41 | €22k | €25k | €63k | €39k | €28k | ▼ 28.0% |
| Trade receivables40 | - | €6k | €63k | €38k | €28k | ▼ 26.1% |
| Other amounts receivable41 | - | €19k | €203 | €1k | - | - |
| Cash at bank and in hand54/58 | €59k | €31k | €33k | €46k | €82k | ▲ 77.0% |
| Deferred charges and accrued income490/1 | - | €196 | €215 | €680 | €666 | ▼ 2.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.28M | €1.71M | €1.75M | €1.71M | €1.69M | ▼ 1.7% |
| Equity10/15 | €45k | €18k | €36k | €11k | €15k | ▲ 37.5% |
| Contributions10/11 | - | €10k | €10k | €10k | €10k | = |
| Reserves13 | €35k | €8k | €26k | €667 | €5k | ▲ 599% |
| Distributable reserves133 | - | €8k | €26k | €667 | €5k | ▲ 599% |
| Amounts payable17/49 | €1.23M | €1.69M | €1.71M | €1.70M | €1.67M | ▼ 1.9% |
| Amounts payable after more than one year17 | €1.14M | €1.63M | €1.66M | €1.63M | €1.59M | ▼ 2.0% |
| Financial debts170/4 | - | €1.63M | €1.66M | €1.63M | €1.59M | ▼ 2.0% |
| Amounts payable within one year42/48 | €93k | €60k | €54k | €75k | €75k | ▼ 0.3% |
| Current portion of amounts payable after more than one year42 | - | €31k | €32k | €32k | €32k | ▲ 1.3% |
| Trade debts44 | €33k | €15k | €15k | - | - | - |
| Suppliers440/4 | - | €15k | €15k | - | - | - |
| Taxes, remuneration and social security45 | - | €13k | €5k | €8k | €7k | ▼ 11.0% |
| Taxes450/3 | - | €13k | €5k | €8k | €5k | ▼ 35.4% |
| Remuneration and social security454/9 | - | - | - | - | €2k | - |
| Other amounts payable47/48 | - | - | €2k | €35k | €35k | ▲ 0.8% |
| Accrued charges and deferred income492/3 | - | €1k | €1k | €1k | €2k | ▲ 9.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €-27k | €18k | €-25k | €4k | ▲ 116% |
| + Depreciation and write-downs630 | €26k | €46k | €53k | €55k | €56k | ▲ 1.8% |
| Operating cash flow (approximation) | €35k | €19k | €71k | €30k | €60k | ▲ 103% |
| Investment in fixed assets (approximation) | - | €-502k | €-53k | €-30k | €-3k | ▲ 90.8% |
| Change in cash | - | €-28k | €2k | €13k | €36k | ▲ 176% |
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
2025
15-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
16-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €18k
Net result €18k after one loss-making year.
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Weakest financial yearnet €-27k
Net result drops to €-27k, the lowest in the series; recovery starts the following year.
11-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
23-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Houthalen-Helchteren · 1 establishment unit since 2019
Ground area
2,569 m²
Building footprint
563 m²
Volume, LiDAR
1,646 m³
Parcel 72015D0425/00L000, Flanders · tallest building 19.9 m. Linked by address, not a title deed.
1 establishment unit
Elbas
since 20192.295.516.480
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72015D0425/00L000 | Flanders | 2,569 m² | 1 · 563 m² | 19.9 m |
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 24,730 companies in sector 64210 we hold annual accounts for 19,766. 6,315 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
Founded13-08-2019
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
68110Buying and selling of own real estate
Contact
E-mail
sarah@espa.be
Phone
011790640
Scores and ratios are computed by Checked and are not a credit decision.