ELBEMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 36 filings
Turnover
≈ €500,000
Estimated: probably between €350,000 and €760,000
Total assets
€374,114▲ 19.0%
2024 · €314,465
Net result
€54,499▲ 37.1%
2024 · €39,752
Working capital
€112,976▼ 12.9%
2024 · €129,752
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€79,049
▲ 34.8%
2025
20182025
Net result
€54,499
▲ 37.1%
2025
highest quarter of the sector
20182025
Equity
€273,123
▲ 0.9%
2025
highest quarter of the sector
20182025
Total assets
€374,114
▲ 19.0%
2025
highest quarter of the sector
20182025
Debt
€100,990
▲ 130%
2025
20182025
Working capital
€112,976
▼ 12.9%
2025
highest quarter of the sector
20182025
Solvency
73.0%
▼ 13.1pp
2025
highest quarter of the sector
20182025
Current ratio
2.15
▼ 2.40
2025
middle half of the sector
20182025
Return on assets (ROA)
14.6%
▲ 1.9pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,023-€30,670▲ 17.9%€33,261▲ 8.4%€16,270▼ 51.1%€22,792▲ 40.1%€21,420▼ 6.0%€58,621▲ 174%€79,049▲ 34.8%
Net result€15,965-€26,821▲ 68.0%€22,069within the sector's middle half▼ 17.7%€4,516within the sector's middle half▼ 79.5%€12,600within the sector's middle half▲ 179%€11,698within the sector's middle half▼ 7.2%€39,752above the sector's middle half▲ 240%€54,499above the sector's middle half▲ 37.1%
Equity€197,667-€224,488▲ 13.6%€246,557above the sector's middle half▲ 9.8%€226,574above the sector's middle half▼ 8.1%€219,174above the sector's middle half▼ 3.3%€230,873above the sector's middle half▲ 5.3%€270,624above the sector's middle half▲ 17.2%€273,123above the sector's middle half▲ 0.9%
Total assets€370,466-€411,315▲ 11.0%€384,472above the sector's middle half▼ 6.5%€355,207above the sector's middle half▼ 7.6%€290,380within the sector's middle half▼ 18.3%€271,435within the sector's middle half▼ 6.5%€314,465above the sector's middle half▲ 15.9%€374,114above the sector's middle half▲ 19.0%
Debt€172,799-€186,827▲ 8.1%€137,915▼ 26.2%€128,633▼ 6.7%€71,206▼ 44.6%€40,562▼ 43.0%€43,840▲ 8.1%€100,990▲ 130%
Working capital€95,986-€114,219▲ 19.0%€120,658above the sector's middle half▲ 5.6%€94,273above the sector's middle half▼ 21.9%€87,605above the sector's middle half▼ 7.1%€93,561above the sector's middle half▲ 6.8%€129,752above the sector's middle half▲ 38.7%€112,976above the sector's middle half▼ 12.9%
Solvency53.4%-54.6%▲ 1.2pp64.1%above the sector's middle half▲ 9.6pp63.8%above the sector's middle half▼ 0.3pp75.5%above the sector's middle half▲ 11.7pp85.1%above the sector's middle half▲ 9.6pp86.1%above the sector's middle half▲ 1.0pp73.0%above the sector's middle half▼ 13.1pp
Current ratio2.51-2.41▼ 0.102.81above the sector's middle half▲ 0.412.06within the sector's middle half▼ 0.762.51within the sector's middle half▲ 0.453.31above the sector's middle half▲ 0.804.56above the sector's middle half▲ 1.252.15within the sector's middle half▼ 2.40
Return on assets (ROA)4.3%-6.5%▲ 2.2pp5.7%within the sector's middle half▼ 0.8pp1.3%within the sector's middle half▼ 4.5pp4.3%within the sector's middle half▲ 3.1pp4.3%within the sector's middle half=12.6%within the sector's middle half▲ 8.3pp14.6%within the sector's middle half▲ 1.9pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 35% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €374,114
Fixed assets
€163,305 ▲ 10.2%
Current assets
€210,809 ▲ 26.8%
Equity and liabilities €374,114
Equity
€273,123 ▲ 0.9%
Debt
€100,990 ▲ 130%
Debt's share of the balance-sheet total rises from 13.9% to 27.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€95,209▲
2024 · €72,463
Cash flow
€70,659▲
2024 · €53,594
Quick ratio
1.72▼
2024 · 3.85
Debt to equity
0.37▲
2024 · 0.16
ROE
20.0%▲
2024 · 14.7%
Interest coverage
39.24▲
2024 · 29.51
Debt ≤ 1 year
€97,833▲
2024 · €36,479
Debt > 1 year
€2,219▼
2024 · €7,361
Income taxes
€22,343▲
2024 · €16,996
Staff costs
€51,958▲
2024 · €44,920
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,389 | - | €9,298 | €24,764 | €31,232 |
| Depreciation and write-downs of the year | €27,864 | €27,211 | €16,592 | €13,842 | €16,160 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €39,593 | €39,938 | €42,422 | €44,920 | €51,958 | ▲ 15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,159 | €30,451 | €26,632 | €27,864 | €27,211 | €16,592 | €13,842 | €16,160 | ▲ 16.7% |
| Other operating charges640/8 | - | - | - | €3,031 | €2,670 | €3,372 | €3,571 | €3,364 | ▼ 5.8% |
| Gross operating margin9900 | €82,897 | €100,416 | €98,704 | €86,758 | €92,611 | €83,806 | €120,954 | €150,531 | ▲ 24.5% |
| Operating profit (loss)9901 | €26,023 | €30,670 | €33,261 | €16,270 | €22,792 | €21,420 | €58,621 | €79,049 | ▲ 34.8% |
| Financial income75/76B | - | - | - | €1,873 | - | €29 | €582 | €220 | ▼ 62.3% |
| Recurring financial income75 | €858 | €8,637 | €2,322 | €1,873 | - | €29 | €582 | €220 | ▼ 62.3% |
| Financial charges65/66B | - | - | - | €3,355 | €3,476 | €2,508 | €2,455 | €2,426 | ▼ 1.2% |
| Recurring financial charges65 | €3,232 | €2,746 | €2,553 | €3,355 | €3,476 | €2,508 | €2,455 | €2,426 | ▼ 1.2% |
| Profit (loss) for the period before taxes9903 | €23,649 | €36,562 | €33,030 | €14,788 | €19,316 | €18,941 | €56,747 | €76,842 | ▲ 35.4% |
| Income taxes67/77 | €7,684 | €9,741 | €10,961 | €10,272 | €6,716 | €7,243 | €16,996 | €22,343 | ▲ 31.5% |
| Profit (loss) for the period9904 | €15,965 | €26,821 | €22,069 | €4,516 | €12,600 | €11,698 | €39,752 | €54,499 | ▲ 37.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €24,007 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €15,965 | €26,821 | €30,043 | €28,523 | €12,600 | €11,698 | €39,752 | €54,499 | ▲ 37.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €370,466 | €411,315 | €384,472 | €355,207 | €290,380 | €271,435 | €314,465 | €374,114 | ▲ 19.0% |
| Fixed assets21/28 | €210,912 | €215,950 | €197,292 | €171,816 | €144,605 | €137,311 | €148,233 | €163,305 | ▲ 10.2% |
| Tangible fixed assets22/27 | €210,734 | €215,771 | €197,113 | €171,638 | €144,427 | €137,133 | €148,055 | €163,127 | ▲ 10.2% |
| Land and buildings22 | - | - | - | €143,600 | €135,176 | €127,682 | €123,678 | €137,259 | ▲ 11.0% |
| Plant, machinery and equipment23 | - | - | - | €1,857 | €1,357 | €856 | €356 | €1,713 | ▲ 382% |
| Furniture and vehicles24 | - | - | - | €26,181 | €7,894 | €8,595 | €24,021 | €24,154 | ▲ 0.6% |
| Financial fixed assets28 | €178 | €178 | €178 | €178 | €178 | €178 | €178 | €178 | = |
| Current assets29/58 | €159,554 | €195,366 | €187,180 | €183,391 | €145,775 | €134,124 | €166,232 | €210,809 | ▲ 26.8% |
| Stocks and contracts in progress3 | €2,350 | €2,650 | €2,550 | €32,800 | €10,900 | €16,000 | €25,610 | €42,500 | ▲ 66.0% |
| Stocks30/36 | - | - | - | €11,700 | €3,400 | €4,500 | €5,510 | €3,500 | ▼ 36.5% |
| Contracts in progress37 | - | - | - | €21,100 | €7,500 | €11,500 | €20,100 | €39,000 | ▲ 94.0% |
| Amounts receivable within one year40/41 | €56,163 | €105,970 | €83,188 | €109,396 | €56,907 | €58,507 | €94,785 | €124,591 | ▲ 31.4% |
| Trade receivables40 | - | - | - | €69,786 | €47,738 | €49,589 | €83,580 | €118,940 | ▲ 42.3% |
| Other amounts receivable41 | - | - | - | €39,610 | €9,168 | €8,918 | €11,204 | €5,651 | ▼ 49.6% |
| Current investments50/53 | €30,000 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €71,041 | €86,255 | €98,204 | €36,050 | €73,670 | €55,060 | €42,297 | €40,812 | ▼ 3.5% |
| Deferred charges and accrued income490/1 | - | - | - | €5,145 | €4,299 | €4,556 | €3,540 | €2,906 | ▼ 17.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €370,466 | €411,315 | €384,472 | €355,207 | €290,380 | €271,435 | €314,465 | €374,114 | ▲ 19.0% |
| Equity10/15 | €197,667 | €224,488 | €246,557 | €226,574 | €219,174 | €230,873 | €270,624 | €273,123 | ▲ 0.9% |
| Contributions10/11 | €103,125 | €103,125 | - | €103,125 | €83,125 | €83,125 | €83,125 | €31,125 | ▼ 62.6% |
| Reserves13 | €94,221 | €121,042 | €143,111 | €123,127 | €135,728 | €147,748 | €187,499 | €241,998 | ▲ 29.1% |
| Non-distributable reserves130/1 | - | - | - | €10,313 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,313 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €112,815 | €135,728 | €147,748 | €187,499 | €241,998 | ▲ 29.1% |
| Profit (loss) carried forward14 | €321 | €321 | €321 | €321 | €321 | - | - | - | - |
| Amounts payable17/49 | €172,799 | €186,827 | €137,915 | €128,633 | €71,206 | €40,562 | €43,840 | €100,990 | ▲ 130% |
| Amounts payable after more than one year17 | €109,230 | €105,621 | €71,392 | €39,516 | €13,036 | - | €7,361 | €2,219 | ▼ 69.9% |
| Financial debts170/4 | - | - | - | €39,516 | €13,036 | - | €7,361 | €2,219 | ▼ 69.9% |
| Amounts payable within one year42/48 | €63,569 | €81,146 | €66,522 | €89,118 | €58,171 | €40,562 | €36,479 | €97,833 | ▲ 168% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,877 | €26,485 | €13,036 | €4,894 | €5,142 | ▲ 5.1% |
| Trade debts44 | €18,083 | €26,948 | €19,920 | €24,766 | €18,390 | €12,478 | €22,743 | €37,571 | ▲ 65.2% |
| Suppliers440/4 | - | - | - | €24,766 | €18,390 | €12,478 | €22,743 | €37,571 | ▲ 65.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,976 | €2,787 | €4,955 | €3,541 | €16,636 | ▲ 370% |
| Taxes450/3 | - | - | - | €6,234 | €2,787 | €20 | €2,515 | €16,098 | ▲ 540% |
| Remuneration and social security454/9 | - | - | - | €1,742 | - | €4,935 | €1,026 | €538 | ▼ 47.6% |
| Other amounts payable47/48 | - | - | - | €24,499 | €10,508 | €10,093 | €5,301 | €38,484 | ▲ 626% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €939 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,965 | €26,821 | €22,069 | €4,516 | €12,600 | €11,698 | €39,752 | €54,499 | ▲ 37.1% |
| + Depreciation and write-downs630 | €29,159 | €30,451 | €26,632 | €27,864 | €27,211 | €16,592 | €13,842 | €16,160 | ▲ 16.7% |
| Operating cash flow (approximation) | €45,124 | €57,272 | €48,701 | €32,380 | €39,812 | €28,291 | €53,594 | €70,659 | ▲ 31.8% |
| Investment in fixed assets (approximation) | - | -€35,489 | -€7,974 | -€2,389 | €0 | -€9,298 | -€24,764 | -€31,232 | ▼ 26.1% |
| Change in cash | - | €15,214 | €11,949 | -€62,154 | €37,620 | -€18,610 | -€12,763 | -€1,485 | ▲ 88.4% |
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, 31,368 companies had the same profile as ELBEMO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELBEMO itself: 0.2% 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 31,368 companies, not a prediction for ELBEMO. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00293469 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00210025 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00268147 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00197556 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20075863 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-36200413 | |
| 31-12-2019 | micro format | 24-06-2020 | 2020-20900159 | |
| 31-12-2018 | micro format | 18-06-2019 | 2019-21700254 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-22600512 | |
| 31-12-2016 | micro format | 01-07-2017 | 2017-26400152 |