Eldece
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-03-2026 PDF all 21 filings
Turnover
≈ €110,000
Estimated: probably between €71,000 and €150,000
Total assets
€387,093▼ 8.2%
2024 · €421,798
Net result
€2,206▼ 80.9%
2024 · €11,524
Working capital
€117,338▼ 17.1%
2024 · €141,589
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,518
▼ 86.3%
2025
20182025
Net result
€2,206
▼ 80.9%
2025
middle half of the sector
20182025
Equity
€194,695
▼ 16.8%
2025
highest quarter of the sector
20182025
Total assets
€387,093
▼ 8.2%
2025
highest quarter of the sector
20182025
Debt
€192,398
▲ 2.4%
2025
20182025
Working capital
€117,338
▼ 17.1%
2025
highest quarter of the sector
20182025
Solvency
50.3%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
2.78
▼ 1.52
2025
middle half of the sector
20182025
Return on assets (ROA)
0.6%
▼ 2.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€29,867-€24,201▼ 19.0%€42,855▲ 77.1%€49,322▲ 15.1%€25,645▼ 48.0%€18,324▼ 28.5%€18,345▲ 0.1%€2,518▼ 86.3%
Net result€17,416-€12,674▼ 27.2%€28,724within the sector's middle half▲ 127%€28,891within the sector's middle half▲ 0.6%€17,335within the sector's middle half▼ 40.0%€11,922within the sector's middle half▼ 31.2%€11,524within the sector's middle half▼ 3.3%€2,206within the sector's middle half▼ 80.9%
Equity€211,625-€224,299▲ 6.0%€253,023above the sector's middle half▲ 12.8%€281,914above the sector's middle half▲ 11.4%€241,766above the sector's middle half▼ 14.2%€239,718above the sector's middle half▼ 0.8%€233,886above the sector's middle half▼ 2.4%€194,695above the sector's middle half▼ 16.8%
Total assets€542,023-€533,513▼ 1.6%€548,599above the sector's middle half▲ 2.8%€591,504above the sector's middle half▲ 7.8%€503,826above the sector's middle half▼ 14.8%€457,826above the sector's middle half▼ 9.1%€421,798above the sector's middle half▼ 7.9%€387,093above the sector's middle half▼ 8.2%
Debt€330,398-€309,214▼ 6.4%€295,576▼ 4.4%€309,590▲ 4.7%€262,061▼ 15.4%€218,108▼ 16.8%€187,912▼ 13.8%€192,398▲ 2.4%
Working capital€155,650-€171,122▲ 9.9%€206,909above the sector's middle half▲ 20.9%€205,783above the sector's middle half▼ 0.5%€154,500above the sector's middle half▼ 24.9%€145,332above the sector's middle half▼ 5.9%€141,589above the sector's middle half▼ 2.6%€117,338above the sector's middle half▼ 17.1%
Solvency39.0%-42.0%▲ 3.0pp46.1%within the sector's middle half▲ 4.1pp47.7%within the sector's middle half▲ 1.5pp48.0%within the sector's middle half▲ 0.3pp52.4%within the sector's middle half▲ 4.4pp55.4%within the sector's middle half▲ 3.1pp50.3%within the sector's middle half▼ 5.2pp
Current ratio4.79-5.09▲ 0.305.01above the sector's middle half▼ 0.083.31within the sector's middle half▼ 1.703.35within the sector's middle half▲ 0.054.15above the sector's middle half▲ 0.804.31above the sector's middle half▲ 0.152.78within the sector's middle half▼ 1.52
Return on assets (ROA)3.2%-2.4%▼ 0.8pp5.2%within the sector's middle half▲ 2.9pp4.9%within the sector's middle half▼ 0.4pp3.4%within the sector's middle half▼ 1.4pp2.6%within the sector's middle half▼ 0.8pp2.7%within the sector's middle half▲ 0.1pp0.6%below the sector's middle half▼ 2.2pp
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 86% lower than in 2024 and the lowest since 2021.
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 €387,093
Fixed assets
€203,892 ▼ 14.1%
Current assets
€183,200 ▼ 0.7%
Equity and liabilities €387,093
Equity
€194,695 ▼ 16.8%
Debt
€192,398 ▲ 2.4%
Debt's share of the balance-sheet total rises from 44.6% to 49.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€41,209▼
2024 · €56,872
Cash flow
€40,897▼
2024 · €50,052
Debt to equity
0.99▲
2024 · 0.80
ROE
1.1%▼
2024 · 4.9%
Interest coverage
25.48▲
2024 · 16.75
Debt ≤ 1 year
€65,862▲
2024 · €42,841
Debt > 1 year
€123,936▼
2024 · €145,071
Income taxes
€1,773▼
2024 · €6,606
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | - | - | - | €207,688 | €176,758 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,250 | €20,400 | €18,299 | €9,500 | €5,216 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €30,789 | €33,244 | €35,588 | €38,528 | €38,691 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,614 | €32,413 | €31,524 | €30,789 | €33,244 | €35,588 | €38,528 | €38,691 | ▲ 0.4% |
| Other operating charges640/8 | - | - | - | €3,607 | €3,964 | €4,333 | €4,430 | €4,572 | ▲ 3.2% |
| Gross operating margin9900 | €66,860 | €60,199 | €79,269 | €83,718 | €62,854 | €58,245 | €61,303 | €45,781 | ▼ 25.3% |
| Operating profit (loss)9901 | €29,867 | €24,201 | €42,855 | €49,322 | €25,645 | €18,324 | €18,345 | €2,518 | ▼ 86.3% |
| Financial income75/76B | - | - | - | €5,617 | €4,261 | €3,374 | €3,181 | €3,079 | ▼ 3.2% |
| Recurring financial income75 | €4,661 | €4,693 | €5,503 | €5,617 | €4,261 | €3,374 | €3,181 | €3,079 | ▼ 3.2% |
| Financial charges65/66B | - | - | - | €4,715 | €4,456 | €3,838 | €3,395 | €1,617 | ▼ 52.4% |
| Recurring financial charges65 | €8,050 | €7,662 | €6,145 | €4,715 | €4,456 | €3,838 | €3,395 | €1,617 | ▼ 52.4% |
| Profit (loss) for the period before taxes9903 | €26,478 | €21,232 | €42,212 | €50,224 | €25,450 | €17,860 | €18,130 | €3,979 | ▼ 78.1% |
| Income taxes67/77 | €9,062 | €8,558 | €13,489 | €21,333 | €8,116 | €5,938 | €6,606 | €1,773 | ▼ 73.2% |
| Profit (loss) for the period9904 | €17,416 | €12,674 | €28,724 | €28,891 | €17,335 | €11,922 | €11,524 | €2,206 | ▼ 80.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €33,042 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €17,356 | €12,674 | €28,724 | €61,933 | €17,335 | €11,922 | €11,524 | €2,206 | ▼ 80.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €542,023 | €533,513 | €548,599 | €591,504 | €503,826 | €457,826 | €421,798 | €387,093 | ▼ 8.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €345,262 | €320,523 | €290,068 | €296,529 | €283,685 | €266,395 | €237,368 | €203,892 | ▼ 14.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €345,087 | €320,348 | €289,893 | €296,354 | €283,510 | €266,220 | €237,193 | €203,717 | ▼ 14.1% |
| Land and buildings22 | - | - | - | €286,791 | €269,550 | €238,619 | €207,688 | €176,758 | ▼ 14.9% |
| Plant, machinery and equipment23 | - | - | - | €8,107 | €13,204 | €12,799 | €10,551 | €11,257 | ▲ 6.7% |
| Furniture and vehicles24 | - | - | - | €1,456 | €756 | €14,802 | €9,454 | €6,203 | ▼ 34.4% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €9,500 | €9,500 | = |
| Financial fixed assets28 | €175 | €175 | €175 | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €196,761 | €212,990 | €258,531 | €294,975 | €220,141 | €191,431 | €184,430 | €183,200 | ▼ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | €166,000 | €125,000 | €106,000 | €89,600 | €77,560 | ▼ 13.4% |
| Trade receivables290 | - | - | - | €30,000 | €17,000 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €136,000 | €108,000 | €106,000 | €89,600 | €77,560 | ▼ 13.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €23,553 | €11,286 | €19,786 | €23,557 | €18,585 | €18,406 | €24,798 | €42,975 | ▲ 73.3% |
| Trade receivables40 | - | - | - | €0 | €18,159 | €17,787 | €19,058 | €19,366 | ▲ 1.6% |
| Other amounts receivable41 | - | - | - | €23,557 | €426 | €619 | €5,741 | €23,608 | ▲ 311% |
| Current investments50/53 | €6,920 | €54,858 | €90,001 | €90,000 | €50,000 | €25,039 | €40,131 | €22,110 | ▼ 44.9% |
| Cash at bank and in hand54/58 | €27,594 | €6,143 | €6,851 | €9,494 | €15,816 | €32,457 | €25,185 | €35,789 | ▲ 42.1% |
| Deferred charges and accrued income490/1 | - | - | - | €5,924 | €10,741 | €9,529 | €4,716 | €4,767 | ▲ 1.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €542,023 | €533,513 | €548,599 | €591,504 | €503,826 | €457,826 | €421,798 | €387,093 | ▼ 8.2% |
| Equity10/15 | €211,625 | €224,299 | €253,023 | €281,914 | €241,766 | €239,718 | €233,886 | €194,695 | ▼ 16.8% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €199,225 | €211,899 | €240,623 | €269,514 | €229,366 | €227,318 | €221,486 | €182,295 | ▼ 17.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €267,654 | €227,506 | €227,318 | €221,486 | €182,295 | ▼ 17.7% |
| Profit (loss) carried forward14 | €0 | - | - | - | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €330,398 | €309,214 | €295,576 | €309,590 | €262,061 | €218,108 | €187,912 | €192,398 | ▲ 2.4% |
| Amounts payable after more than one year17 | €289,286 | €267,346 | €243,955 | €220,398 | €196,419 | €172,010 | €145,071 | €123,936 | ▼ 14.6% |
| Financial debts170/4 | - | - | - | €220,398 | €196,419 | €172,010 | €145,071 | €123,936 | ▼ 14.6% |
| Amounts payable within one year42/48 | €41,112 | €41,868 | €51,622 | €89,192 | €65,642 | €46,098 | €42,841 | €65,862 | ▲ 53.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,556 | €23,979 | €24,410 | €26,939 | €21,135 | ▼ 21.5% |
| Financial debts43 | - | - | - | €0 | - | €91 | €79 | €212 | ▲ 168% |
| Credit institutions430/8 | - | - | - | €0 | - | €91 | €79 | €212 | ▲ 168% |
| Trade debts44 | €4,495 | €2,656 | €5,528 | €41,810 | €9,506 | €4,302 | €5,803 | €6,761 | ▲ 16.5% |
| Suppliers440/4 | - | - | - | €41,810 | €9,506 | €4,302 | €5,803 | €6,761 | ▲ 16.5% |
| Taxes, remuneration and social security45 | - | - | - | €23,825 | €29,404 | €17,296 | €10,020 | €9,030 | ▼ 9.9% |
| Taxes450/3 | - | - | - | €23,825 | €29,404 | €17,296 | €10,020 | €9,030 | ▼ 9.9% |
| Other amounts payable47/48 | - | - | - | - | €2,752 | €0 | - | €28,724 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €2,600 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,416 | €12,674 | €28,724 | €28,891 | €17,335 | €11,922 | €11,524 | €2,206 | ▼ 80.9% |
| + Depreciation and write-downs630 | €33,614 | €32,413 | €31,524 | €30,789 | €33,244 | €35,588 | €38,528 | €38,691 | ▲ 0.4% |
| Operating cash flow (approximation) | €51,029 | €45,087 | €60,248 | €59,680 | €50,579 | €47,510 | €50,052 | €40,897 | ▼ 18.3% |
| Investment in fixed assets (approximation) | - | -€7,675 | -€1,069 | -€37,250 | -€20,400 | -€18,299 | -€9,500 | -€5,216 | ▲ 45.1% |
| Change in cash | - | -€21,451 | €708 | €2,644 | €6,321 | €16,641 | -€7,272 | €10,604 | - |
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 Eldece 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 Eldece itself: 0.1% 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 Eldece. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-03-2026 | 2026-00065428 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00267905 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00169096 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00171476 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20188595 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-41700145 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-23500044 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-38000027 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-40200272 | |
| 31-12-2016 | micro format | 12-07-2017 | 2017-29700487 |