ELECTRABILL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 15 filings
Turnover
≈ €46,000
Estimated: probably between €30,000 and €97,000
Total assets
€50,284▲ 26.4%
2024 · €39,767
Net result
€844
2024 · -€10,775
Working capital
-€39,771▼ 52.3%
2024 · -€26,116
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,222
2025
20182025
Net result
€844
2025
middle half of the sector
20182025
Equity
€1,256
▲ 205%
2025
lowest quarter of the sector
20182025
Total assets
€50,284
▲ 26.4%
2025
lowest quarter of the sector
20182025
Debt
€48,261
▲ 51.3%
2025
20182025
Working capital
-€39,771
▼ 52.3%
2025
lowest quarter of the sector
20182025
Solvency
2.5%
▲ 1.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.18
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.7%
▲ 28.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€44,372--€16,770-€22,023▼ 31.3%-€5,180▲ 76.5%-€4,115▲ 20.6%-€3,984▲ 3.2%-€12,002▼ 201%€1,222
Net result€33,523--€15,205-€24,092below the sector's middle half▼ 58.4%-€4,849below the sector's middle half▲ 79.9%-€2,676below the sector's middle half▲ 44.8%-€4,231below the sector's middle half▼ 58.1%-€10,775below the sector's middle half▼ 155%€844within the sector's middle half
Equity€69,088-€53,031▼ 23.2%€28,308within the sector's middle half▼ 46.6%€22,940within the sector's middle half▼ 19.0%€18,608below the sector's middle half▼ 18.9%€12,721below the sector's middle half▼ 31.6%€412below the sector's middle half▼ 96.8%€1,256below the sector's middle half▲ 205%
Total assets€246,019-€127,600▼ 48.1%€100,997within the sector's middle half▼ 20.8%€96,199within the sector's middle half▼ 4.7%€64,111below the sector's middle half▼ 33.4%€46,619below the sector's middle half▼ 27.3%€39,767below the sector's middle half▼ 14.7%€50,284below the sector's middle half▲ 26.4%
Debt€176,930-€74,570▼ 57.9%€72,689▼ 2.5%€63,828▼ 12.2%€38,037▼ 40.4%€26,431▼ 30.5%€31,889▲ 20.6%€48,261▲ 51.3%
Working capital€15,715-€14,552▼ 7.4%-€38,558below the sector's middle half-€24,654below the sector's middle half▲ 36.1%-€20,269below the sector's middle half▲ 17.8%-€20,042below the sector's middle half▲ 1.1%-€26,116below the sector's middle half▼ 30.3%-€39,771below the sector's middle half▼ 52.3%
Solvency28.1%-41.6%▲ 13.5pp28.0%within the sector's middle half▼ 13.5pp23.8%within the sector's middle half▼ 4.2pp29.0%within the sector's middle half▲ 5.2pp27.3%within the sector's middle half▼ 1.7pp1.0%below the sector's middle half▼ 26.3pp2.5%below the sector's middle half▲ 1.5pp
Current ratio1.14-1.71▲ 0.570.46below the sector's middle half▼ 1.250.61below the sector's middle half▲ 0.160.47below the sector's middle half▼ 0.150.24below the sector's middle half▼ 0.230.18below the sector's middle half▼ 0.060.18below the sector's middle half▼ 0.01
Return on assets (ROA)13.6%--11.9%▼ 25.5pp-23.9%below the sector's middle half▼ 11.9pp-5.0%below the sector's middle half▲ 18.8pp-4.2%below the sector's middle half▲ 0.9pp-9.1%below the sector's middle half▼ 4.9pp-27.1%below the sector's middle half▼ 18.0pp1.7%within the sector's middle half▲ 28.8pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €1,222, after a loss of €12,002 in 2024. It is the highest result 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 €50,284
Fixed assets
€41,794 ▲ 22.9%
Current assets
€8,490 ▲ 47.1%
Equity and liabilities €50,284
Equity
€1,256 ▲ 205%
Provisions
€767 ▼ 89.7%
Debt
€48,261 ▲ 51.3%
Debt's share of the balance-sheet total rises from 80.2% to 96.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€9,353▲
2024 · -€5,766
Cash flow
€8,976▲
2024 · -€4,540
Quick ratio
0.17▲
2024 · 0.17
Debt to equity
38.42
ROE
67.2%
Interest coverage
72.02▲
2024 · -43.31
Debt ≤ 1 year
€48,261▲
2024 · €31,889
Income taxes
€249▲
2024 · €174
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €516 | - | €15,932 |
| Depreciation and write-downs of the year | €11,340 | €10,683 | €6,629 | €6,235 | €8,132 |
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 | €34,534 | €27,468 | €24,067 | €11,340 | €10,683 | €6,629 | €6,235 | €8,132 | ▲ 30.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €9,432 | -€1,965 | - | - | -€7,467 | - |
| Other operating charges640/8 | - | - | - | €1,673 | €4,556 | €2,252 | €3,645 | €3,699 | ▲ 1.5% |
| Gross operating margin9900 | €81,101 | €12,607 | €2,709 | €17,264 | €9,159 | €4,897 | -€2,121 | €5,586 | - |
| Operating profit (loss)9901 | €44,372 | -€16,770 | -€22,023 | -€5,180 | -€4,115 | -€3,984 | -€12,002 | €1,222 | - |
| Financial income75/76B | - | - | - | €519 | €1,656 | €1,657 | €1,534 | €1 | ▼ 99.9% |
| Recurring financial income75 | €991 | €946 | €637 | €519 | €1,656 | €1,657 | €1,534 | €1 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €70 | €98 | €260 | €133 | €130 | ▼ 2.5% |
| Recurring financial charges65 | €2,510 | €742 | €2,589 | €70 | €98 | €260 | €133 | €130 | ▼ 2.5% |
| Profit (loss) for the period before taxes9903 | €42,853 | -€16,567 | -€23,976 | -€4,731 | -€2,556 | -€2,586 | -€10,601 | €1,093 | - |
| Income taxes67/77 | €9,330 | -€1,362 | €116 | €118 | €120 | €1,645 | €174 | €249 | ▲ 42.6% |
| Profit (loss) for the period9904 | €33,523 | -€15,205 | -€24,092 | -€4,849 | -€2,676 | -€4,231 | -€10,775 | €844 | - |
| Profit (loss) for the period to be appropriated9905 | €33,494 | -€15,234 | -€24,121 | -€4,849 | -€2,676 | -€4,231 | -€10,775 | €844 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €246,019 | €127,600 | €100,997 | €96,199 | €64,111 | €46,619 | €39,767 | €50,284 | ▲ 26.4% |
| Fixed assets21/28 | €118,101 | €92,432 | €68,365 | €57,026 | €46,343 | €40,230 | €33,994 | €41,794 | ▲ 22.9% |
| Tangible fixed assets22/27 | €118,101 | €92,432 | €68,365 | €57,026 | €46,343 | €40,230 | €33,994 | €41,794 | ▲ 22.9% |
| Land and buildings22 | - | - | - | €86 | €43 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €53,338 | €46,300 | €40,230 | €33,994 | €27,759 | ▼ 18.3% |
| Furniture and vehicles24 | - | - | - | €3,602 | €0 | - | - | €14,035 | - |
| Current assets29/58 | €127,917 | €35,168 | €32,631 | €39,174 | €17,768 | €6,389 | €5,773 | €8,490 | ▲ 47.1% |
| Stocks and contracts in progress3 | €11,180 | €9,392 | €6,371 | €3,191 | €2,099 | €500 | €500 | €500 | = |
| Stocks30/36 | - | - | - | €3,191 | €2,099 | €500 | €500 | €500 | = |
| Amounts receivable within one year40/41 | €105,740 | €16,150 | €11,888 | €18,862 | €7,892 | €2,435 | €2,581 | €4,096 | ▲ 58.7% |
| Trade receivables40 | - | - | - | €17,406 | €3,642 | €2,435 | €860 | €3,048 | ▲ 254% |
| Other amounts receivable41 | - | - | - | €1,456 | €4,250 | - | €1,721 | €1,049 | ▼ 39.1% |
| Current investments50/53 | €297 | €448 | €2,248 | €4,048 | €848 | €1,253 | €358 | €210 | ▼ 41.4% |
| Cash at bank and in hand54/58 | €9,308 | €6,875 | €10,496 | €10,840 | €4,870 | €68 | €1,350 | €1,648 | ▲ 22.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,233 | €2,059 | €2,133 | €984 | €2,036 | ▲ 107% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €246,019 | €127,600 | €100,997 | €96,199 | €64,111 | €46,619 | €39,767 | €50,284 | ▲ 26.4% |
| Equity10/15 | €69,088 | €53,031 | €28,308 | €22,940 | €18,608 | €12,721 | €412 | €1,256 | ▲ 205% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €39,361 | €39,390 | €39,420 | €39,420 | €39,420 | €39,420 | €39,420 | €39,420 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €89 | €89 | €89 | €89 | €89 | = |
| Distributable reserves133 | - | - | - | €37,471 | €37,471 | €39,331 | €39,331 | €39,331 | = |
| Profit (loss) carried forward14 | €12,878 | -€2,356 | -€26,478 | -€31,326 | -€34,002 | -€38,233 | -€49,008 | -€48,164 | ▲ 1.7% |
| Investment grants15 | - | - | - | €4,846 | €3,190 | €1,534 | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €9,432 | €7,467 | €7,467 | €7,467 | €767 | ▼ 89.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €9,432 | €7,467 | €7,467 | €7,467 | €767 | ▼ 89.7% |
| Environmental obligations163 | - | - | - | €9,432 | €7,467 | €7,467 | €7,467 | €767 | ▼ 89.7% |
| Amounts payable17/49 | €176,930 | €74,570 | €72,689 | €63,828 | €38,037 | €26,431 | €31,889 | €48,261 | ▲ 51.3% |
| Amounts payable after more than one year17 | €59,078 | €53,954 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €112,203 | €20,616 | €71,189 | €63,828 | €38,037 | €26,431 | €31,889 | €48,261 | ▲ 51.3% |
| Trade debts44 | €70,877 | €2,667 | €7,567 | €6,554 | €582 | - | €2,231 | €2,924 | ▲ 31.1% |
| Suppliers440/4 | - | - | - | €6,554 | €582 | - | €2,231 | €2,924 | ▲ 31.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,023 | €120 | €306 | €174 | €423 | ▲ 143% |
| Taxes450/3 | - | - | - | €5,023 | €120 | €306 | €174 | €423 | ▲ 143% |
| Other amounts payable47/48 | - | - | - | €52,250 | €37,335 | €26,125 | €29,484 | €44,914 | ▲ 52.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,523 | -€15,205 | -€24,092 | -€4,849 | -€2,676 | -€4,231 | -€10,775 | €844 | - |
| + Depreciation and write-downs630 | €34,534 | €27,468 | €24,067 | €11,340 | €10,683 | €6,629 | €6,235 | €8,132 | ▲ 30.4% |
| Operating cash flow (approximation) | €68,057 | €12,263 | -€25 | €6,491 | €8,007 | €2,399 | -€4,540 | €8,976 | - |
| Investment in fixed assets (approximation) | - | -€1,799 | €0 | €0 | €0 | -€516 | €0 | -€15,932 | - |
| Change in cash | - | -€2,434 | €3,622 | €343 | -€5,970 | -€4,802 | €1,282 | €298 | ▼ 76.7% |
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, 1,375 companies had the same profile as ELECTRABILL has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELECTRABILL itself: 0.6% 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 1,375 companies, not a prediction for ELECTRABILL. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00213797 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00144762 | |
| 31-12-2023 | micro format | 30-06-2024 | 2024-00217597 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00305674 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20268088 | |
| 31-12-2020 | micro format | 31-07-2021 | 2021-45900071 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15200039 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-41800459 | |
| 31-12-2017 | micro format | 13-06-2018 | 2018-18000054 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-27300598 |