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ELD

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Private limited companyfounded 2017active for 8 yearsHoveniersstraat 53, 2018 Antwerpen, BelgiumKBO/BCE: BE 0686.676.559
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Financials · financial year 2025, full format

Annual accounts 2025 filed on 06-10-2026 at the NBB all 8 filings

The accounts were filed in USD. The amounts in euro are an estimate (≈) at ECB reference rates. The balance sheet is at the rate on the balance-sheet date (1 EUR = 1.1750 USD on 31-12-2025), turnover and results at the financial year's average rate (1 EUR = 1.1300 USD). The filed accounts themselves stay in USD.

Turnover
≈ €7.4m▼ 3.8%
Filed: USD 8.4m
2024 · €7.7m
EBIT margin
-10.7%▼ 9.5pp
2024 · -1.2%
Net result
≈ -€850,058▼ 443%
Filed: -USD 960,551
2024 · -€156,471
Working capital
≈ €7,956▼ 99.8%
Filed: USD 9,348
2024 · €3.4m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €797,753, larger than the loss of €93,032 in 2024. It is the lowest result since 2021.

Turnover≈ €7.4m 2025 Operating result≈ -€0.8m 2025 Net result≈ -€0.9m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€14.8m-€16.1m▲ 9.2%€9.7m▼ 39.7%€17.1m▲ 75.5%€27.5m▲ 61.1%€10.0m▼ 63.5%€7.7m▼ 23.0%≈ €7.4m▼ 3.8%
Operating result€0.6m-€0.03m▼ 94.7%-€0.03m€0.3m€0.7m▲ 102%€0.3m▼ 63.0%-€0.09m≈ -€0.8m▼ 758%
Net result€0.4m--€0.09m-€0.1mbelow the sector's middle half▼ 36.8%€0.2mwithin the sector's middle half€0.6mwithin the sector's middle half▲ 131%€0.09mwithin the sector's middle half▼ 84.9%-€0.2mbelow the sector's middle half≈ -€0.9mbelow the sector's middle half▼ 443%
EBIT margin4.0%-0.2%▼ 3.8pp-0.3%▼ 0.5pp2.0%▲ 2.3pp2.5%▲ 0.5pp2.5%=-1.2%▼ 3.7pp-10.7%▼ 9.5pp
Equity€0.4m-€0.3m▼ 20.9%€0.2mwithin the sector's middle half▼ 36.2%€0.5mwithin the sector's middle half▲ 111%€1.0mwithin the sector's middle half▲ 121%€1.1mwithin the sector's middle half▲ 8.3%€1.0mwithin the sector's middle half▼ 13.9%≈ €0.005mbelow the sector's middle half▼ 99.5%
Total assets€8.0m-€5.5m▼ 30.7%€5.8mwithin the sector's middle half▲ 4.1%€8.9mwithin the sector's middle half▲ 54.9%€6.9mwithin the sector's middle half▼ 22.9%€4.9mwithin the sector's middle half▼ 29.6%€4.0mwithin the sector's middle half▼ 18.4%≈ €3.5mwithin the sector's middle half▼ 11.7%
Debt€7.6m-€5.2m▼ 31.3%€5.5m▲ 6.7%€8.5m▲ 52.6%€5.9m▼ 30.9%€3.7m▼ 36.3%€3.0m▼ 19.8%≈ €3.5m▲ 16.6%
Working capital€1.5m-€2.8m▲ 85.8%€3.4mabove the sector's middle half▲ 18.8%€2.8mwithin the sector's middle half▼ 16.6%€2.2mwithin the sector's middle half▼ 22.2%€3.5mwithin the sector's middle half▲ 61.2%€3.4mwithin the sector's middle half▼ 4.4%≈ €0.008mbelow the sector's middle half▼ 99.8%
Solvency5.5%-6.3%▲ 0.8pp3.9%below the sector's middle half▼ 2.4pp5.2%below the sector's middle half▲ 1.4pp15.1%below the sector's middle half▲ 9.8pp23.2%within the sector's middle half▲ 8.1pp24.4%within the sector's middle half▲ 1.3pp0.2%below the sector's middle half▼ 24.3pp
Current ratio1.24-2.05▲ 0.812.40within the sector's middle half▲ 0.351.46within the sector's middle half▼ 0.941.46within the sector's middle half▲ 0.013.63above the sector's middle half▲ 2.176.63above the sector's middle half▲ 2.991.00below the sector's middle half▼ 5.63
Return on assets (ROA)5.2%--1.7%▼ 6.8pp-2.2%below the sector's middle half▼ 0.5pp2.8%within the sector's middle half▲ 4.9pp8.3%within the sector's middle half▲ 5.5pp1.8%within the sector's middle half▼ 6.5pp-4.0%below the sector's middle half▼ 5.7pp-23.4%below the sector's middle half▼ 19.5pp
Staff (FTE)0.9-1.7▲ 88.9%1below the sector's middle half▼ 41.2%0.7below the sector's middle half▼ 30.0%1below the sector's middle half▲ 42.9%1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above within below The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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.
Balance-sheet composition
Assets USD 4.1m
Fixed assets USD 158
Current assets USD 4.1m
Equity and liabilities USD 4.1m
Equity USD 6,214
Debt USD 4.1m
Debt's share of the balance-sheet total rises from 75.6% to 99.8%.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€796,886▼
2024 · -€92,053
Cash flow
-€849,191▼
2024 · -€155,492
Interest coverage
-59.72▼
2024 · -5.99
Debt ≤ 1 year
€3.5m▲
2024 · €596,968
Income taxes
€16,536▲
2024 · €13,502
Customer credit
161 days▲
2024 · 35 days
Supplier credit
60 days▲
2024 · 19 days
Staff costs
€49,936▼
2024 · €70,773
A ratio outside any meaningful range has been withheld (balance sheet total €3.5m, equity €5,289).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€7,733----
Depreciation and write-downs of the year€4,965€4,819€3,205€979USD 979

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is FIGURAD BEDRIJFSREVISOREN.

Item20212022202320242025
Fee for the audit€9,557€9,250€12,703€15,266USD 13,732

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 61 lines
Balance sheet Code20242025
Assets
Total assets20/58€4.0mUSD 4.1m
Fixed assets21/28€0.001mUSD 158
Tangible fixed assets22/27€0.001m-
Plant, machinery and equipment23€0.001m-
Financial fixed assets28€158USD 158
Other financial fixed assets284/8€158USD 158
Amounts receivable and cash guarantees285/8€158USD 158
Current assets29/58€4.0mUSD 4.1m
Stocks and contracts in progress3€3.1m-
Stocks30/36€3.1m-
Goods purchased for resale34€3.1m-
Amounts receivable within one year40/41€0.8mUSD 3.7m
Trade receivables40€0.7mUSD 3.7m
Other amounts receivable41€0.05mUSD 0.02m
Cash at bank and in hand54/58€0.08mUSD 0.4m
Deferred charges and accrued income490/1€0.006mUSD 0.005m
Equity and liabilities
Total equity and liabilities10/49€4.0mUSD 4.1m
Equity10/15€1.0mUSD 0.006m
Contributions10/11€0.03mUSD 0.03m
Reserves13€0.9mUSD 0.9m
Distributable reserves133€0.9mUSD 0.9m
Profit (loss) carried forward14--USD 1.0m
Amounts payable17/49€3.0mUSD 4.1m
Amounts payable after more than one year17€2.4m-
Financial debts170/4€2.4m-
Other loans174€2.4m-
Amounts payable within one year42/48€0.6mUSD 4.1m
Trade debts44€0.4mUSD 1.5m
Suppliers440/4€0.4mUSD 1.5m
Taxes, remuneration and social security45€0.02mUSD 0.01m
Taxes450/3€0.006mUSD 0.01m
Remuneration and social security454/9€0.01mUSD 17
Other amounts payable47/48€0.2mUSD 2.6m
Accrued charges and deferred income492/3€374USD 0.003m
Income statement Code20242025
Operating income70/76A€7.7mUSD 8.4m
Turnover70€7.7mUSD 8.4m
Other operating income74€257USD 291
Operating charges60/66A€7.8mUSD 9.3m
Goods for resale, raw materials and consumables60€7.5mUSD 9.0m
Change in stocks: decrease (increase)609€0.5mUSD 3.1m
Services and other goods61€0.2mUSD 0.2m
Remuneration, social security and pensions62€0.07mUSD 0.06m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.001mUSD 0.001m
Other operating charges640/8€0.002mUSD 0.002m
Non-recurring operating charges66A-USD 0.009m
Operating profit (loss)9901-€0.09m-USD 0.9m
Recurring financial income75€0.006mUSD 0.007m
Other financial income752/9€0.006mUSD 0.007m
Financial charges65/66B€0.06mUSD 0.05m
Recurring financial charges65€0.06mUSD 0.05m
Debt charges650€0.02mUSD 0.02m
Other financial charges652/9€0.04mUSD 0.03m
Profit (loss) for the period before taxes9903-€0.1m-USD 0.9m
Income taxes67/77€0.01mUSD 0.02m
Taxes670/3€0.01mUSD 0.02m
Profit (loss) for the period9904-€0.2m-USD 1.0m
Profit (loss) for the period to be appropriated9905-€0.2m-USD 1.0m
Appropriation of the result
Profit (loss) to be appropriated9906-€0.2m-USD 1.0m
Transfer from equity791/2€0.2m-
From reserves792€0.2m-
Social balance sheet
Average headcount (FTE)90871.01.0=

The notes to these accounts have 24 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 06-10-2026.

Line20182019202020212022202320242025Change
Operating income70/76A€14.8m€16.2m€9.7m€17.1m€27.5m€10.0m€7.7mUSD 8.4m▲ 8.7%
Turnover70€14.8m€16.1m€9.7m€17.1m€27.5m€10.0m€7.7mUSD 8.4m▲ 8.7%
Other operating income74€0.003m€0.008m€0.01m€0.006m€0.01m€274€257USD 291▲ 13.2%
Operating charges60/66A€14.2m€16.1m€9.8m€16.8m€26.9m€9.8m€7.8mUSD 9.3m▲ 18.9%
Goods for resale, raw materials and consumables60€14.0m€15.7m€9.5m€16.5m€26.5m€9.5m€7.5mUSD 9.0m▲ 20.1%
Change in stocks: decrease (increase)609-€6.7m€2.7m-€0.04m-€2.3m-€0.04m€2.8m€0.5mUSD 3.1m▲ 566%
Services and other goods61€0.2m€0.2m€0.2m€0.2m€0.3m€0.3m€0.2mUSD 0.2m▼ 11.4%
Remuneration, social security and pensions62€0.05m€0.1m€0.05m€0.06m€0.06m€0.07m€0.07mUSD 0.06m▼ 20.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.005m€0.006m€0.006m€0.005m€0.005m€0.003m€0.001mUSD 0.001m=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.1m-------
Other operating charges640/8€0.001m€0.003m€0.003m€0.007m€0.005m€0.002m€0.002mUSD 0.002m▼ 25.9%
Non-recurring operating charges66A-------USD 0.009m-
Operating profit (loss)9901€0.6m€0.03m-€0.03m€0.3m€0.7m€0.3m-€0.09m-USD 0.9m▼ 869%
Recurring financial income75€0.008m€0.004m€0.02m€0.01m€0.03m€0.008m€0.006mUSD 0.007m▲ 21.3%
Income from current assets751€43€102€110------
Other financial income752/9€0.008m€0.004m€0.02m€0.01m€0.03m€0.008m€0.006mUSD 0.007m▲ 21.3%
Financial charges65/66B€0.1m€0.1m€0.1m€0.07m€0.09m€0.2m€0.06mUSD 0.05m▼ 14.7%
Recurring financial charges65€0.1m€0.1m€0.1m€0.07m€0.09m€0.2m€0.06mUSD 0.05m▼ 14.7%
Debt charges650€0.1m€0.08m€0.06m€0.02m€0.02m€0.1m€0.02mUSD 0.02m▼ 1.8%
Other financial charges652/9€0.03m€0.03m€0.04m€0.05m€0.07m€0.04m€0.04mUSD 0.03m▼ 19.6%
Profit (loss) for the period before taxes9903€0.5m-€0.08m-€0.1m€0.3m€0.6m€0.1m-€0.1m-USD 0.9m▼ 559%
Income taxes67/77€0.04m€0.01m€0.02m€0.03m€0.05m€0.02m€0.01mUSD 0.02m▲ 38.4%
Taxes670/3€0.04m€0.01m€0.02m€0.03m€0.05m€0.02m€0.01mUSD 0.02m▲ 38.4%
Tax adjustments and reversals of tax provisions77---€1-€4---
Profit (loss) for the period9904€0.4m-€0.09m-€0.1m€0.2m€0.6m€0.09m-€0.2m-USD 1.0m▼ 514%
Profit (loss) for the period to be appropriated9905€0.4m-€0.09m-€0.1m€0.2m€0.6m€0.09m-€0.2m-USD 1.0m▼ 514%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€8.0m€5.5m€5.8m€8.9m€6.9m€4.9m€4.0mUSD 4.1m▲ 3.7%
Fixed assets21/28€0.01m€0.01m€0.007m€0.01m€0.005m€0.002m€0.001mUSD 158▼ 86.1%
Tangible fixed assets22/27€0.01m€0.01m€0.007m€0.01m€0.005m€0.002m€0.001m--
Plant, machinery and equipment23€0.01m€0.01m€0.007m€0.01m€0.005m€0.002m€0.001m--
Financial fixed assets28----€239€239€158USD 158=
Other financial fixed assets284/8----€239€239€158USD 158=
Amounts receivable and cash guarantees285/8----€239€239€158USD 158=
Current assets29/58€8.0m€5.5m€5.8m€8.9m€6.9m€4.8m€4.0mUSD 4.1m▲ 3.7%
Amounts receivable after more than one year29€0.02m€0.02m€0.02m------
Other amounts receivable291€0.02m€0.02m€0.02m------
Stocks and contracts in progress3€6.7m€3.9m€4.0m€6.3m€6.3m€3.5m€3.1m--
Stocks30/36€6.7m€3.9m€4.0m€6.3m€6.3m€3.5m€3.1m--
Goods purchased for resale34€6.7m€3.9m€4.0m€6.3m€6.3m€3.5m€3.1m--
Amounts receivable within one year40/41€0.9m€1.4m€1.7m€2.1m€0.5m€1.1m€0.8mUSD 3.7m▲ 378%
Trade receivables40€0.8m€1.3m€1.5m€2.0m€0.5m€1.1m€0.7mUSD 3.7m▲ 405%
Other amounts receivable41€0.08m€0.1m€0.1m€0.04m€0.04m€0.07m€0.05mUSD 0.02m▼ 55.9%
Cash at bank and in hand54/58€0.4m€0.1m€0.07m€0.6m€0.02m€0.1m€0.08mUSD 0.4m▲ 337%
Deferred charges and accrued income490/1€0.002m€0.004m€0.005m€0.006m€0.009m€0.004m€0.006mUSD 0.005m▼ 11.1%
Equity and liabilities
Total equity and liabilities10/49€8.0m€5.5m€5.8m€8.9m€6.9m€4.9m€4.0mUSD 4.1m▲ 3.7%
Equity10/15€0.4m€0.3m€0.2m€0.5m€1.0m€1.1m€1.0mUSD 0.006m▼ 99.4%
Contributions10/11€0.03m€0.03m€0.03m€0.03m€0.03m€0.03m€0.03mUSD 0.03m=
Capital10€0.03m€0.03m-------
Issued capital100€0.03m€0.03m-------
Reserves13€0.4m€0.4m€0.4m€0.4m€1.0m€1.1m€0.9mUSD 0.9m=
Non-distributable reserves130/1--€0.003m€0.003m€0.003m----
Legal reserve130€0.003m€0.003m-------
Reserves not available under the articles1311--€0.003m€0.003m€0.003m----
Distributable reserves133€0.4m€0.4m€0.4m€0.4m€1.0m€1.1m€0.9mUSD 0.9m=
Profit (loss) carried forward14--€0.09m-€0.2m-----USD 1.0m-
Amounts payable17/49€7.6m€5.2m€5.5m€8.5m€5.9m€3.7m€3.0mUSD 4.1m▲ 37.0%
Amounts payable after more than one year17€1.1m€2.5m€3.1m€2.3m€1.1m€2.4m€2.4m--
Financial debts170/4€1.1m€2.5m€3.1m€2.3m€1.1m€2.4m€2.4m--
Other loans174€1.1m€2.5m€3.1m€2.3m€1.1m€2.4m€2.4m--
Amounts payable within one year42/48€6.5m€2.7m€2.4m€6.1m€4.7m€1.3m€0.6mUSD 4.1m▲ 586%
Current portion of amounts payable after more than one year42---€0.4m€1.2m----
Trade debts44€5.9m€2.5m€2.2m€5.4m€3.2m€1.1m€0.4mUSD 1.5m▲ 280%
Suppliers440/4€5.9m€2.5m€2.2m€5.4m€3.2m€1.1m€0.4mUSD 1.5m▲ 280%
Taxes, remuneration and social security45€0.03m€0.02m€0.05m€0.04m€0.1m€0.06m€0.02mUSD 0.01m▼ 20.4%
Taxes450/3€0.02m€0.01m€0.03m€0.04m€0.09m€0.05m€0.006mUSD 0.01m▲ 114%
Remuneration and social security454/9€0.01m€0.007m€0.02m€0.005m€0.01m€0.01m€0.01mUSD 17▼ 99.8%
Other amounts payable47/48€0.6m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2mUSD 2.6m▲ 14×
Accrued charges and deferred income492/3------€374USD 0.003m▲ 780%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€415,253-€92,045-€125,952€246,126€568,941€85,914-€156,471-USD 960,551▼ 514%
+ Depreciation and write-downs630€5,312€6,183€5,921€4,965€4,819€3,205€979USD 979=
Operating cash flow (approximation)€420,565-€85,862-€120,031€251,091€573,760€89,119-€155,492-USD 959,572▼ 517%
Investment in fixed assets (approximation)--€6,400€1-€7,733-€240€0€82USD 0▼ 100%
Change in cash--€300,064-€67,507€486,619-€537,443€133,232-€65,826USD 281,675-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 646 companies had the same profile as ELD has now. Two years later, 7.3% had gone bankrupt and 86.1% were still going.

  • Micro
  • 5 to 10 years old
  • solvency under 10%
  • a loss of 10% of the balance sheet or more
7.3% went bankrupt
5.7% stopped otherwise
86.1% was still going

Another 0.9% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of ELD itself: 1.5% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 646 companies, not a prediction for ELD. 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.

Filings with the National Bank (8)
Financial year Type Filed Reference Document
31-12-2025 full format 06-10-2026 2026-00552901 PDF
31-12-2024 full format 29-08-2025 2025-00474935 PDF
31-12-2023 full format 26-07-2024 2024-00320030 PDF
31-12-2022 full format 01-09-2023 2023-00441302 PDF
31-12-2021 full format 28-07-2022 2022-20266505 PDF
31-12-2020 full format 30-07-2021 2021-45200048 PDF
31-12-2019 full format 10-02-2021 2021-05100429 PDF
31-12-2018 full format 19-12-2019 2019-77400269 PDF

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