ELCAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 20 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €17,000
Estimated: probably between €9,000 and €33,000
Total assets
€5,784▼ 16.7%
2024 · €6,940
Net result
€268▲ 210%
2024 · €86
Working capital
-€58,230▲ 3.5%
2024 · -€60,351
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€471
▼ 20.5%
2025
20182025
Net result
€268
▲ 210%
2025
lowest quarter of the sector
20182025
Equity
-€54,525
▲ 0.5%
2025
lowest quarter of the sector
20182025
Total assets
€5,784
▼ 16.7%
2025
lowest quarter of the sector
20182025
Debt
€60,308
▼ 2.3%
2025
20182025
Working capital
-€58,230
▲ 3.5%
2025
lowest quarter of the sector
20182025
Solvency
-942.7%
▼ 153.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.03
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.6%
▲ 3.4pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,393-€8,162▼ 71.3%-€60,537-€37,472▲ 38.1%-€2,257▲ 94.0%€3,967€593▼ 85.1%€471▼ 20.5%
Net result€22,700-€4,356▼ 80.8%-€62,217below the sector's middle half-€40,763below the sector's middle half▲ 34.5%-€2,914below the sector's middle half▲ 92.9%€2,989within the sector's middle half€86within the sector's middle half▼ 97.1%€268below the sector's middle half▲ 210%
Equity€36,270-€40,626▲ 12.0%-€21,591below the sector's middle half-€54,953below the sector's middle half▼ 155%-€57,867below the sector's middle half▼ 5.3%-€54,878below the sector's middle half▲ 5.2%-€54,792below the sector's middle half▲ 0.2%-€54,525below the sector's middle half▲ 0.5%
Total assets€131,038-€135,752▲ 3.6%€55,436within the sector's middle half▼ 59.2%€27,181below the sector's middle half▼ 51.0%€23,053below the sector's middle half▼ 15.2%€15,664below the sector's middle half▼ 32.1%€6,940below the sector's middle half▼ 55.7%€5,784below the sector's middle half▼ 16.7%
Debt€94,768-€95,126▲ 0.4%€77,027▼ 19.0%€82,134▲ 6.6%€80,921▼ 1.5%€70,542▼ 12.8%€61,732▼ 12.5%€60,308▼ 2.3%
Working capital€23,850-€9,540▼ 60.0%-€36,962below the sector's middle half-€61,196below the sector's middle half▼ 65.6%-€73,593below the sector's middle half▼ 20.3%-€65,426below the sector's middle half▲ 11.1%-€60,351below the sector's middle half▲ 7.8%-€58,230below the sector's middle half▲ 3.5%
Solvency27.7%-29.9%▲ 2.2pp-38.9%below the sector's middle half▼ 68.9pp-202.2%below the sector's middle half▼ 163.2pp-251.0%below the sector's middle half▼ 48.8pp-350.3%below the sector's middle half▼ 99.3pp-789.5%below the sector's middle half▼ 439.2pp-942.7%below the sector's middle half▼ 153.2pp
Current ratio1.44-1.18▼ 0.260.25below the sector's middle half▼ 0.930.17below the sector's middle half▼ 0.080.09below the sector's middle half▼ 0.080.07below the sector's middle half▼ 0.020.02below the sector's middle half▼ 0.050.03below the sector's middle half▲ 0.01
Return on assets (ROA)17.3%-3.2%▼ 14.1pp-112.2%below the sector's middle half▼ 115.4pp-150.0%below the sector's middle half▼ 37.7pp-12.6%below the sector's middle half▲ 137.3pp19.1%within the sector's middle half▲ 31.7pp1.2%within the sector's middle half▼ 17.8pp4.6%within the sector's middle half▲ 3.4pp
Staff (FTE)3.2-4▲ 25.0%2.7above the sector's middle half▼ 32.5%3.8▲ 40.7%2.3▼ 39.5%2▼ 13.0%1.4▼ 30.0%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 21% lower than in 2024. It is the second fall in a row.
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 €5,784
Fixed assets
€3,706 ▼ 33.3%
Current assets
€2,078 ▲ 50.4%
Equity and liabilities
Equity-€54,525
Debt€60,308
Equity is negative. Debt (€60,308) exceeds the balance-sheet total (€5,784).
Key figures and ratios
EBITDA
€2,324▼
2024 · €2,476
Cash flow
€2,120▲
2024 · €1,970
Interest coverage
11.40▲
2024 · 3.37
Debt ≤ 1 year
€60,308▼
2024 · €61,732
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | - |
| part-time | 3 | 2 | 2 | - |
| in full-time equivalents | 1 | 0.7 | 0.7 | - |
| Average over the year, in full-time equivalents | 1.4 | 0.8 | 0.7 | 0.5 |
| On a permanent contract | 3 | 2 | 2 | - |
| Joined | 0 | 2 | 1 | 0 |
| Left | 3 | 3 | 1 | 2 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €110 | €5,955 | - | - | - |
| Depreciation and write-downs of the year | €28,393 | €5,099 | €5,128 | €1,884 | €1,853 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 2 entries · €6,467 awarded · €6,467 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,955 | - | €6,895 | €8,500 | ▲ 23.3% |
| Remuneration, social security and pensions62 | - | - | - | €35,821 | €20,141 | €16,911 | €15,037 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,907 | €29,113 | €29,113 | €28,393 | €5,099 | €5,128 | €1,884 | €1,853 | ▼ 1.6% |
| Other operating charges640/8 | - | - | - | €571 | €450 | €602 | €2,500 | €635 | ▼ 74.6% |
| Gross operating margin9900 | €160,830 | €171,241 | €8,182 | €27,314 | €23,432 | €26,609 | €20,014 | €2,958 | ▼ 85.2% |
| Operating profit (loss)9901 | €28,393 | €8,162 | -€60,537 | -€37,472 | -€2,257 | €3,967 | €593 | €471 | ▼ 20.5% |
| Financial income75/76B | - | - | - | - | €0 | - | €229 | €1 | ▼ 99.7% |
| Recurring financial income75 | €365 | €1 | - | - | €0 | - | €229 | €1 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €3,291 | €657 | €978 | €736 | €204 | ▼ 72.3% |
| Recurring financial charges65 | €1,902 | €3,808 | €1,680 | €3,291 | €657 | €978 | €736 | €204 | ▼ 72.3% |
| Profit (loss) for the period before taxes9903 | €26,856 | €4,356 | -€62,217 | -€40,763 | -€2,914 | €2,989 | €86 | €268 | ▲ 210% |
| Income taxes67/77 | €4,156 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €22,700 | €4,356 | -€62,217 | -€40,763 | -€2,914 | €2,989 | €86 | €268 | ▲ 210% |
| Profit (loss) for the period to be appropriated9905 | €22,700 | €4,356 | -€62,217 | -€40,763 | -€2,914 | €2,989 | €86 | €268 | ▲ 210% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €131,038 | €135,752 | €55,436 | €27,181 | €23,053 | €15,664 | €6,940 | €5,784 | ▼ 16.7% |
| Fixed assets21/28 | €52,752 | €72,266 | €43,153 | €14,870 | €15,726 | €10,547 | €5,558 | €3,706 | ▼ 33.3% |
| Intangible fixed assets21 | €16,676 | €14,823 | €12,970 | €11,117 | €9,264 | €7,411 | €5,558 | €3,706 | ▼ 33.3% |
| Tangible fixed assets22/27 | €36,026 | €57,394 | €30,133 | €3,703 | €6,412 | €3,136 | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,703 | €6,412 | €3,136 | - | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | - | - | - | - |
| Current assets29/58 | €78,287 | €63,486 | €12,283 | €12,311 | €7,328 | €5,117 | €1,382 | €2,078 | ▲ 50.4% |
| Amounts receivable within one year40/41 | €34,205 | €48,058 | €5,240 | €8,174 | €4,193 | €2,169 | €1,075 | €2,039 | ▲ 89.6% |
| Trade receivables40 | - | - | - | €6,767 | €3,618 | €1,987 | €472 | €2,000 | ▲ 324% |
| Other amounts receivable41 | - | - | - | €1,407 | €575 | €182 | €604 | €39 | ▼ 93.6% |
| Cash at bank and in hand54/58 | €43,036 | €13,347 | €5,496 | €2,193 | €1,316 | €1,167 | €139 | €39 | ▼ 71.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,944 | €1,819 | €1,781 | €168 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €131,038 | €135,752 | €55,436 | €27,181 | €23,053 | €15,664 | €6,940 | €5,784 | ▼ 16.7% |
| Equity10/15 | €36,270 | €40,626 | -€21,591 | -€54,953 | -€57,867 | -€54,878 | -€54,792 | -€54,525 | ▲ 0.5% |
| Contributions10/11 | €11,200 | €11,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €8,360 | €8,360 | €8,360 | €8,360 | €8,360 | €8,360 | €8,360 | €8,360 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Other1319 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Profit (loss) carried forward14 | €16,710 | €21,066 | -€41,151 | -€81,913 | -€84,827 | -€81,838 | -€81,752 | -€81,485 | ▲ 0.3% |
| Amounts payable17/49 | €94,768 | €95,126 | €77,027 | €82,134 | €80,921 | €70,542 | €61,732 | €60,308 | ▼ 2.3% |
| Amounts payable after more than one year17 | €40,332 | €41,180 | €27,782 | €8,627 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,627 | - | - | - | - | - |
| Amounts payable within one year42/48 | €54,436 | €53,946 | €49,245 | €73,507 | €80,921 | €70,542 | €61,732 | €60,308 | ▼ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,858 | €7,593 | - | - | - | - |
| Financial debts43 | - | - | - | €1,116 | €3,794 | €3,291 | - | €10 | - |
| Credit institutions430/8 | - | - | - | €1,116 | €3,794 | €3,291 | - | €10 | - |
| Trade debts44 | €4,232 | €4,079 | €7,718 | €249 | €1,883 | €2,169 | €73 | €3,334 | ▲ 46× |
| Suppliers440/4 | - | - | - | €249 | €1,883 | €2,169 | €73 | €3,334 | ▲ 46× |
| Taxes, remuneration and social security45 | - | - | - | €8,241 | €2,852 | €614 | €954 | - | - |
| Taxes450/3 | - | - | - | - | €976 | €200 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €8,241 | €1,876 | €414 | €954 | - | - |
| Other amounts payable47/48 | - | - | - | €44,042 | €64,799 | €64,469 | €60,705 | €56,964 | ▼ 6.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,700 | €4,356 | -€62,217 | -€40,763 | -€2,914 | €2,989 | €86 | €268 | ▲ 210% |
| + Depreciation and write-downs630 | €25,907 | €29,113 | €29,113 | €28,393 | €5,099 | €5,128 | €1,884 | €1,853 | ▼ 1.6% |
| Operating cash flow (approximation) | €48,607 | €33,469 | -€33,104 | -€12,369 | €2,185 | €8,117 | €1,970 | €2,120 | ▲ 7.6% |
| Investment in fixed assets (approximation) | - | -€48,628 | €0 | -€110 | -€5,955 | €50 | €3,105 | €0 | ▼ 100% |
| Change in cash | - | -€29,689 | -€7,851 | -€3,303 | -€878 | -€149 | -€1,028 | -€99 | ▲ 90.3% |
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, 1,449 companies had the same profile as ELCAR has now. Two years later, 92.2% were still going and 2.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
92.2%
was still going
4.8%
stopped otherwise
2.5%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ELCAR itself is lower: 0.3% within 12 months. It rests on far more data about ELCAR than the profile alone.
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 1,449 companies, not a prediction for ELCAR. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00366101 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00198478 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00200012 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00120929 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20090017 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22500571 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18400284 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-18800520 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-20900076 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43700119 |