ELCA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 32 filings
Turnover
≈ €610,000
Estimated: probably between €410,000 and €950,000
Total assets
€369,314▼ 2.7%
2024 · €379,512
Net result
€12,797
2024 · -€6,407
Working capital
€80,551▲ 60.0%
2024 · €50,330
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,777
2025
20192025
Net result
€12,797
2025
middle half of the sector
20192025
Equity
€133,884
▲ 10.6%
2025
middle half of the sector
20192025
Total assets
€369,314
▼ 2.7%
2025
middle half of the sector
20192025
Debt
€235,430
▼ 8.9%
2025
20192025
Working capital
€80,551
▲ 60.0%
2025
middle half of the sector
20192025
Solvency
36.3%
▲ 4.3pp
2025
middle half of the sector
20192025
Current ratio
1.35
▲ 0.15
2025
middle half of the sector
20192025
Return on assets (ROA)
3.5%
▲ 5.2pp
2025
middle half of the sector
20192025
Staff (FTE)
4
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€4,390--€38,702€26,587€88,551▲ 233%€22,381▼ 74.7%-€1,991€20,777
Net result€365--€43,042below the sector's middle half€23,011within the sector's middle half€84,958above the sector's middle half▲ 269%€18,112within the sector's middle half▼ 78.7%-€6,407below the sector's middle half€12,797within the sector's middle half
Equity€44,606-€1,443below the sector's middle half▼ 96.8%€24,425within the sector's middle half▲ 17×€109,383within the sector's middle half▲ 348%€127,494within the sector's middle half▲ 16.6%€121,087within the sector's middle half▼ 5.0%€133,884within the sector's middle half▲ 10.6%
Total assets€210,187-€197,777within the sector's middle half▼ 5.9%€243,697within the sector's middle half▲ 23.2%€314,699within the sector's middle half▲ 29.1%€342,062within the sector's middle half▲ 8.7%€379,512within the sector's middle half▲ 10.9%€369,314within the sector's middle half▼ 2.7%
Debt€165,514-€196,320▲ 18.6%€219,272▲ 11.7%€205,316▼ 6.4%€214,567▲ 4.5%€258,425▲ 20.4%€235,430▼ 8.9%
Working capital-€36,517--€81,546below the sector's middle half▼ 123%-€58,540below the sector's middle half▲ 28.2%€12,722within the sector's middle half€41,076within the sector's middle half▲ 223%€50,330within the sector's middle half▲ 22.5%€80,551within the sector's middle half▲ 60.0%
Solvency21.2%-0.7%below the sector's middle half▼ 20.5pp10.0%below the sector's middle half▲ 9.3pp34.8%within the sector's middle half▲ 24.7pp37.3%within the sector's middle half▲ 2.5pp31.9%within the sector's middle half▼ 5.4pp36.3%within the sector's middle half▲ 4.3pp
Current ratio0.77-0.58below the sector's middle half▼ 0.190.73below the sector's middle half▲ 0.161.06within the sector's middle half▲ 0.331.19within the sector's middle half▲ 0.131.20within the sector's middle half=1.35within the sector's middle half▲ 0.15
Return on assets (ROA)0.2%--21.8%below the sector's middle half▼ 21.9pp9.4%within the sector's middle half▲ 31.2pp27.0%above the sector's middle half▲ 17.6pp5.3%within the sector's middle half▼ 21.7pp-1.7%below the sector's middle half▼ 7.0pp3.5%within the sector's middle half▲ 5.2pp
Staff (FTE)4.3-4.3above the sector's middle half=3▼ 30.2%4.1▲ 36.7%4.1=4▼ 2.4%4=
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 profit of €20,777, after a loss of €1,991 in 2024.
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 €369,314
Fixed assets
€58,303 ▼ 20.0%
Current assets
€311,011 ▲ 1.4%
Equity and liabilities €369,314
Equity
€133,884 ▲ 10.6%
Debt
€235,430 ▼ 8.9%
Debt's share of the balance-sheet total falls from 68.1% to 63.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,700▲
2024 · €9,546
Cash flow
€23,721▲
2024 · €5,130
Quick ratio
0.62▲
2024 · 0.50
Debt to equity
1.76▼
2024 · 2.13
ROE
9.6%▲
2024 · -5.3%
Interest coverage
7.19▲
2024 · 2.15
Debt ≤ 1 year
€230,461▼
2024 · €256,286
Income taxes
€3,607
Staff costs
€208,868▲
2024 · €192,205
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 4 | 4 |
| full-time | 5 | 4 | 4 | 4 |
| part-time | - | 0 | 0 | 0 |
| in full-time equivalents | 5 | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 4.1 | 4.1 | 4 | 4 |
| On a permanent contract | 5 | 4 | 4 | 4 |
| Joined | 2 | 0 | - | - |
| Left | 0 | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €25,149 | €7,744 | - | - |
| Financial fixed assets | €11,310 | - | - | - |
| Depreciation and write-downs of the year | €22,619 | €14,460 | €11,537 | €10,924 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €616 awarded · €397 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €117 | €0 |
| 2024 | 1 | €499 | €397 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €175,545 | €189,336 | €192,205 | €208,868 | ▲ 8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,592 | €14,156 | €14,938 | €22,619 | €14,460 | €11,537 | €10,924 | ▼ 5.3% |
| Other operating charges640/8 | - | - | - | €524 | €5,566 | €4,037 | €3,938 | ▼ 2.4% |
| Non-recurring operating charges66A | - | - | - | €196 | - | - | - | - |
| Gross operating margin9900 | €177,988 | €133,735 | €172,968 | €287,434 | €231,743 | €205,789 | €244,506 | ▲ 18.8% |
| Operating profit (loss)9901 | €4,390 | -€38,702 | €26,587 | €88,551 | €22,381 | -€1,991 | €20,777 | - |
| Financial income75/76B | - | - | - | €385 | €36 | €25 | €38 | ▲ 49.2% |
| Recurring financial income75 | €496 | €279 | €360 | €385 | €36 | €25 | €38 | ▲ 49.2% |
| Financial charges65/66B | - | - | - | €3,978 | €4,305 | €4,442 | €4,410 | ▼ 0.7% |
| Recurring financial charges65 | €4,574 | €4,672 | €3,949 | €3,978 | €4,305 | €4,442 | €4,410 | ▼ 0.7% |
| Profit (loss) for the period before taxes9903 | €312 | -€43,095 | €22,998 | €84,958 | €18,112 | -€6,407 | €16,405 | - |
| Income taxes67/77 | - | - | - | - | - | - | €3,607 | - |
| Profit (loss) for the period9904 | €365 | -€43,042 | €23,011 | €84,958 | €18,112 | -€6,407 | €12,797 | - |
| Profit (loss) for the period to be appropriated9905 | €365 | -€43,042 | €23,011 | €84,958 | €18,112 | -€6,407 | €12,797 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €210,187 | €197,777 | €243,697 | €314,699 | €342,062 | €379,512 | €369,314 | ▼ 2.7% |
| Fixed assets21/28 | €90,929 | €86,478 | €82,964 | €96,805 | €86,419 | €72,896 | €58,303 | ▼ 20.0% |
| Tangible fixed assets22/27 | €90,929 | €86,478 | €82,964 | €85,495 | €78,779 | €67,241 | €56,318 | ▼ 16.2% |
| Land and buildings22 | - | - | - | €45,187 | €39,986 | €39,113 | €38,241 | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €40,212 | €37,066 | €26,863 | €17,255 | ▼ 35.8% |
| Furniture and vehicles24 | - | - | - | €96 | €1,726 | €1,264 | €822 | ▼ 35.0% |
| Financial fixed assets28 | - | - | - | €11,310 | €7,640 | €5,655 | €1,985 | ▼ 64.9% |
| Current assets29/58 | €119,258 | €111,299 | €160,732 | €217,894 | €255,643 | €306,616 | €311,011 | ▲ 1.4% |
| Stocks and contracts in progress3 | €49,889 | €52,828 | €50,467 | €129,767 | €154,570 | €179,441 | €167,625 | ▼ 6.6% |
| Stocks30/36 | - | - | - | €76,719 | €115,015 | €111,583 | €108,079 | ▼ 3.1% |
| Contracts in progress37 | - | - | - | €53,048 | €39,555 | €67,858 | €59,546 | ▼ 12.3% |
| Amounts receivable within one year40/41 | €35,473 | €26,191 | €73,908 | €76,959 | €90,807 | €121,665 | €121,707 | = |
| Trade receivables40 | - | - | - | €65,359 | €90,781 | €117,007 | €118,381 | ▲ 1.2% |
| Other amounts receivable41 | - | - | - | €11,600 | €26 | €4,658 | €3,326 | ▼ 28.6% |
| Cash at bank and in hand54/58 | €1,124 | €1,508 | €15,222 | €4,193 | €29 | €419 | €16,534 | ▲ 40× |
| Deferred charges and accrued income490/1 | - | - | - | €6,976 | €10,237 | €5,092 | €5,146 | ▲ 1.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €210,187 | €197,777 | €243,697 | €314,699 | €342,062 | €379,512 | €369,314 | ▼ 2.7% |
| Equity10/15 | €44,606 | €1,443 | €24,425 | €109,383 | €127,494 | €121,087 | €133,884 | ▲ 10.6% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | - | - | - | - |
| Issued capital100 | - | - | - | €62,000 | - | - | - | - |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €0 | - | - | - |
| Legal reserve130 | - | - | - | €6,200 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€23,745 | -€66,787 | -€43,775 | €41,183 | €59,294 | €52,887 | €65,684 | ▲ 24.2% |
| Provisions and deferred taxes16 | €67 | €13 | - | - | - | - | - | - |
| Amounts payable17/49 | €165,514 | €196,320 | €219,272 | €205,316 | €214,567 | €258,425 | €235,430 | ▼ 8.9% |
| Amounts payable after more than one year17 | €8,618 | €3,476 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €155,775 | €192,844 | €219,272 | €205,172 | €214,567 | €256,286 | €230,461 | ▼ 10.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,500 | €2,917 | €12,491 | €12,200 | ▼ 2.3% |
| Financial debts43 | - | - | - | - | €9,983 | €11,500 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | €9,983 | €11,500 | €0 | ▼ 100% |
| Trade debts44 | €27,899 | €45,473 | €48,311 | €62,608 | €42,681 | €62,324 | €30,913 | ▼ 50.4% |
| Suppliers440/4 | - | - | - | €62,608 | €42,681 | €62,324 | €30,913 | ▼ 50.4% |
| Taxes, remuneration and social security45 | - | - | - | €28,002 | €36,402 | €29,406 | €42,924 | ▲ 46.0% |
| Taxes450/3 | - | - | - | €175 | €10,195 | €0 | €6,425 | - |
| Remuneration and social security454/9 | - | - | - | €27,827 | €26,206 | €29,406 | €36,498 | ▲ 24.1% |
| Other amounts payable47/48 | - | - | - | €112,063 | €122,586 | €140,565 | €144,423 | ▲ 2.7% |
| Accrued charges and deferred income492/3 | - | - | - | €144 | €0 | €2,139 | €4,969 | ▲ 132% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €365 | -€43,042 | €23,011 | €84,958 | €18,112 | -€6,407 | €12,797 | - |
| + Depreciation and write-downs630 | €18,592 | €14,156 | €14,938 | €22,619 | €14,460 | €11,537 | €10,924 | ▼ 5.3% |
| Operating cash flow (approximation) | €18,957 | -€28,885 | €37,950 | €107,576 | €32,572 | €5,130 | €23,721 | ▲ 362% |
| Investment in fixed assets (approximation) | - | -€9,706 | -€11,425 | -€36,459 | -€4,074 | €1,985 | €3,670 | ▲ 84.9% |
| Change in cash | - | €384 | €13,714 | -€11,029 | -€4,163 | €389 | €16,115 | ▲ 41× |
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, 17,041 companies had the same profile as ELCA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELCA itself: 0.3% 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 17,041 companies, not a prediction for ELCA. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00094585 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00079730 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00072221 | |
| 30-09-2022 | micro format | 16-12-2022 | 2022-20538363 | |
| 30-09-2021 | micro format | 29-12-2021 | 2021-82300580 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-13000429 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10800121 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11800321 | |
| 30-09-2017 | micro format | 27-03-2018 | 2018-08000040 | |
| 30-09-2016 | abbreviated format | 24-03-2017 | 2017-07200479 |