ELECTRONIC SYSTEMS DESIGN
Bankruptcy closedSummary
ELECTRONIC SYSTEMS DESIGN was declared bankrupt on 19-09-2023 (Ondernemingsrechtbank Brussel); the bankruptcy was closed by liquidation by judgment of 22-09-2026, published in the Belgian State Gazette on 28-09-2026. The 2022 annual accounts show equity of €170,599 and a net result of -€113,861.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 28-08-2023, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2022
28 d late
2021
31 d late
2020
54 d early
2019
31 d late
2018
244 d late
2017
31 d late
2016
59 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 53 days after the deadline; the sector median for financial year 2022 is 6 days before the deadline, and 36% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
History
Go further with this company
Still owed money by this company? Its procedure, who runs it and what to do now.Creditor guide Who ran this company, and where was it based, on a date before the end?Company as of a date Are there other customers at risk in your own list?Process a list How is the Business and other management consultancy sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2022, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€113,861▼ 28.4%
2021 · -€88,681
Working capital
€134,914▼ 40.2%
2021 · €225,707
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20182019202020212022
Operating result-€48,737--€1,522▲ 96.9%-€64,429▼ 4,132%-€90,675▼ 40.7%-€114,842▼ 26.7%
Net result-€87,639--€7,662▲ 91.3%-€67,039below the sector's middle half▼ 775%-€88,681below the sector's middle half▼ 32.3%-€113,861below the sector's middle half▼ 28.4%
Equity€447,842-€440,180▼ 1.7%€373,141within the sector's middle half▼ 15.2%€284,460within the sector's middle half▼ 23.8%€170,599within the sector's middle half▼ 40.0%
Total assets€805,045-€773,047▼ 4.0%€479,704within the sector's middle half▼ 37.9%€304,488below the sector's middle half▼ 36.5%€172,923below the sector's middle half▼ 43.2%
Debt€357,203-€332,867▼ 6.8%€106,563▼ 68.0%€20,029▼ 81.2%€2,324▼ 88.4%
Working capital€292,661-€317,036▲ 8.3%€280,408within the sector's middle half▼ 11.6%€225,707within the sector's middle half▼ 19.5%€134,914within the sector's middle half▼ 40.2%
Solvency55.6%-56.9%▲ 1.3pp77.8%above the sector's middle half▲ 20.8pp93.4%above the sector's middle half▲ 15.6pp98.7%above the sector's middle half▲ 5.2pp
Current ratio1.83-1.95▲ 0.123.63above the sector's middle half▲ 1.6812.27above the sector's middle half▲ 8.6473.85above the sector's middle half▲ 61.58
Return on assets (ROA)-10.9%--1.0%▲ 9.9pp-14.0%below the sector's middle half▼ 13.0pp-29.1%below the sector's middle half▼ 15.1pp-65.8%below the sector's middle half▼ 36.7pp
Staff (FTE)1-
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €114,842 in 2022 against €90,675 in 2021; the loss grows and 2022 has the lowest result in the available series.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €172,923
Fixed assets
€36,157 ▼ 38.5%
Current assets
€136,766 ▼ 44.3%
Equity and liabilities €172,923
Equity
€170,599 ▼ 40.0%
Debt
€2,324 ▼ 88.4%
Debt's share of the balance-sheet total falls from 6.6% to 1.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€84,406▼
2021 · -€60,695
Cash flow
-€83,425▼
2021 · -€58,701
Debt to equity
0.01▼
2021 · 0.07
ROE
-66.7%▼
2021 · -31.2%
Interest coverage
-56.80▼
2021 · -45.25
Debt ≤ 1 year
€1,852▼
2021 · €20,029
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,939 | €30,337 | €30,337 | €29,980 | €30,435 | ▲ 1.5% |
| Other operating charges640/8 | - | - | - | €86 | €53,472 | ▲ 62,280% |
| Gross operating margin9900 | €35,484 | €29,365 | -€31,706 | -€60,610 | -€30,934 | ▲ 49.0% |
| Operating profit (loss)9901 | -€48,737 | -€1,522 | -€64,429 | -€90,675 | -€114,842 | ▼ 26.7% |
| Financial income75/76B | - | - | - | €3,335 | €2,467 | ▼ 26.0% |
| Recurring financial income75 | €1,986 | - | €10 | €3,335 | €2,467 | ▼ 26.0% |
| Financial charges65/66B | - | - | - | €1,341 | €1,486 | ▲ 10.8% |
| Recurring financial charges65 | €37,961 | €5,780 | €2,620 | €1,341 | €1,486 | ▲ 10.8% |
| Profit (loss) for the period before taxes9903 | -€84,712 | -€7,302 | -€67,039 | -€88,681 | -€113,861 | ▼ 28.4% |
| Income taxes67/77 | €2,927 | €360 | - | - | - | - |
| Profit (loss) for the period9904 | -€87,639 | -€7,662 | -€67,039 | -€88,681 | -€113,861 | ▼ 28.4% |
| Profit (loss) for the period to be appropriated9905 | -€87,639 | -€7,662 | -€67,039 | -€88,681 | -€113,861 | ▼ 28.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €805,045 | €773,047 | €479,704 | €304,488 | €172,923 | ▼ 43.2% |
| Fixed assets21/28 | €159,741 | €123,144 | €92,733 | €58,753 | €36,157 | ▼ 38.5% |
| Intangible fixed assets21 | €143,804 | €115,043 | €86,282 | €57,521 | €28,761 | ▼ 50.0% |
| Tangible fixed assets22/27 | €11,615 | €3,779 | €2,203 | €984 | €7,137 | ▲ 625% |
| Plant, machinery and equipment23 | - | - | - | €329 | - | - |
| Furniture and vehicles24 | - | - | - | €655 | €7,137 | ▲ 989% |
| Financial fixed assets28 | €4,323 | €4,323 | €4,248 | €248 | €260 | ▲ 4.8% |
| Current assets29/58 | €645,304 | €649,903 | €386,971 | €245,735 | €136,766 | ▼ 44.3% |
| Amounts receivable within one year40/41 | €535,630 | €475,598 | €339,888 | €144,777 | €68,650 | ▼ 52.6% |
| Trade receivables40 | - | - | - | €68,736 | €25,619 | ▼ 62.7% |
| Other amounts receivable41 | - | - | - | €76,041 | €43,031 | ▼ 43.4% |
| Cash at bank and in hand54/58 | €109,673 | €174,304 | €47,083 | €100,683 | €68,116 | ▼ 32.3% |
| Deferred charges and accrued income490/1 | - | - | - | €274 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €805,045 | €773,047 | €479,704 | €304,488 | €172,923 | ▼ 43.2% |
| Equity10/15 | €447,842 | €440,180 | €373,141 | €284,460 | €170,599 | ▼ 40.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | = |
| Outside capital11 | - | - | - | €6,200 | €6,200 | = |
| Other1109/19 | - | - | - | €6,200 | €6,200 | = |
| Reserves13 | €38,556 | €38,556 | €38,556 | €38,556 | €38,556 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €36,696 | €36,696 | = |
| Profit (loss) carried forward14 | €403,086 | €395,424 | €328,385 | €239,704 | €125,843 | ▼ 47.5% |
| Amounts payable17/49 | €357,203 | €332,867 | €106,563 | €20,029 | €2,324 | ▼ 88.4% |
| Amounts payable after more than one year17 | €4,560 | - | - | - | - | - |
| Amounts payable within one year42/48 | €352,643 | €332,867 | €106,563 | €20,029 | €1,852 | ▼ 90.8% |
| Trade debts44 | €151,595 | €217,385 | €78,974 | €20,029 | €799 | ▼ 96.0% |
| Suppliers440/4 | - | - | - | €20,029 | €799 | ▼ 96.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €1,053 | - |
| Taxes450/3 | - | - | - | - | €1,053 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €472 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€87,639 | -€7,662 | -€67,039 | -€88,681 | -€113,861 | ▼ 28.4% |
| + Depreciation and write-downs630 | €8,939 | €30,337 | €30,337 | €29,980 | €30,435 | ▲ 1.5% |
| Operating cash flow (approximation) | -€78,701 | €22,675 | -€36,702 | -€58,701 | -€83,425 | ▼ 42.1% |
| Investment in fixed assets (approximation) | - | €6,260 | €75 | €4,000 | -€7,840 | ▼ 296% |
| Change in cash | - | €64,631 | -€127,222 | €53,601 | -€32,568 | ▼ 161% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
28-09
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Brussel · event 22-09-2026
25-09
KBO administration
Address struck
event 13-09-2026
2023
09-10
Bankruptcy
Opening
Ondernemingsrechtbank Brussel · event 19-09-2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Weakest financial yearnet -€113,861
Net result drops to -€113,861, the lowest in the series.
31-12
Financial
Liquidity times 6current ratio 73.85
Current ratio from 12.27 to 73.85; short-term debt falls from €20,029 to €1,852.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Liquidity triplescurrent ratio 12.27
Current ratio from 3.63 to 12.27; short-term debt falls from €106,563 to €20,029.
07-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
31-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 244 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
Show earlier events
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 59 days late
2016
11-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 72 days late
2015
29-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
26-07
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Etterbeek
Ground area
8,470 m²
Building footprint
4,887 m²
Volume, LiDAR
34,310 m³
2 parcels, Brussels, Wallonia · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25111A0596/00L002 | Wallonia | 5,300 m² | 1 · 2,666 m² | 6.8 m · 2 fl. |
| 21363B0348/00A002 | Brussels | 3,170 m² | 1 · 2,221 m² | 12.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | JORIS J. DE SMET Winston Churchilllaan 118B, 1180 Brussel 18 |
19-09-2023 → 22-09-2026 |
| Curator | ANTHONY HOUTHOOFD Ernest Allardstraat 45, 1000 Brussel 1- legal.be |
19-09-2023 → 22-09-2026 |
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Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded03-06-2005
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.