ELECTROSOLUTIONS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 21 filings
Turnover
≈ €210,000
Estimated: probably between €150,000 and €320,000
Total assets
€169,492▲ 5.7%
2024 · €160,289
Net result
€16,470▼ 53.0%
2024 · €35,072
Working capital
-€10,678▲ 37.0%
2024 · -€16,946
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€25,831
▼ 48.0%
2025
20182025
Net result
€16,470
▼ 53.0%
2025
middle half of the sector
20182025
Equity
€65,665
▲ 33.5%
2025
middle half of the sector
20182025
Total assets
€169,492
▲ 5.7%
2025
middle half of the sector
20182025
Debt
€103,827
▼ 6.5%
2025
20182025
Working capital
-€10,678
▲ 37.0%
2025
lowest quarter of the sector
20182025
Solvency
38.7%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
0.89
▲ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
9.7%
▼ 12.2pp
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€5,244--€13,850€39,692-€1,893€23,814€22,210▼ 6.7%€49,712▲ 124%€25,831▼ 48.0%
Net result€4,023--€15,043€46,919above the sector's middle half-€2,785below the sector's middle half€19,167within the sector's middle half€17,046within the sector's middle half▼ 11.1%€35,072above the sector's middle half▲ 106%€16,470within the sector's middle half▼ 53.0%
Equity-€51,181--€66,224▼ 29.4%-€19,305below the sector's middle half▲ 70.8%-€22,090below the sector's middle half▼ 14.4%-€2,924below the sector's middle half▲ 86.8%€14,123below the sector's middle half€49,195within the sector's middle half▲ 248%€65,665within the sector's middle half▲ 33.5%
Total assets€76,757-€48,102▼ 37.3%€174,551within the sector's middle half▲ 263%€75,465within the sector's middle half▼ 56.8%€46,127below the sector's middle half▼ 38.9%€100,764within the sector's middle half▲ 118%€160,289within the sector's middle half▲ 59.1%€169,492within the sector's middle half▲ 5.7%
Debt€127,938-€114,327▼ 10.6%€193,857▲ 69.6%€97,555▼ 49.7%€49,050▼ 49.7%€86,641▲ 76.6%€111,094▲ 28.2%€103,827▼ 6.5%
Working capital-€66,188--€74,544▼ 12.6%-€29,117below the sector's middle half▲ 60.9%-€27,579below the sector's middle half▲ 5.3%-€11,605below the sector's middle half▲ 57.9%€48,607within the sector's middle half-€16,946below the sector's middle half-€10,678below the sector's middle half▲ 37.0%
Solvency-66.7%--137.7%▼ 71.0pp-11.1%below the sector's middle half▲ 126.6pp-29.3%below the sector's middle half▼ 18.2pp-6.3%below the sector's middle half▲ 22.9pp14.0%below the sector's middle half▲ 20.4pp30.7%within the sector's middle half▲ 16.7pp38.7%within the sector's middle half▲ 8.1pp
Current ratio0.38-0.28▼ 0.100.85below the sector's middle half▲ 0.570.72below the sector's middle half▼ 0.130.76below the sector's middle half▲ 0.052.26within the sector's middle half▲ 1.490.77below the sector's middle half▼ 1.490.89below the sector's middle half▲ 0.12
Return on assets (ROA)5.2%--31.3%▼ 36.5pp26.9%above the sector's middle half▲ 58.2pp-3.7%below the sector's middle half▼ 30.6pp41.6%above the sector's middle half▲ 45.2pp16.9%within the sector's middle half▼ 24.6pp21.9%above the sector's middle half▲ 5.0pp9.7%within the sector's middle half▼ 12.2pp
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 48% lower than in 2024.
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 €169,492
Fixed assets
€85,470 ▼ 17.1%
Current assets
€84,022 ▲ 47.0%
Equity and liabilities €169,492
Equity
€65,665 ▲ 33.5%
Debt
€103,827 ▼ 6.5%
Debt's share of the balance-sheet total falls from 69.3% to 61.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€43,902▼
2024 · €61,890
Cash flow
€34,541▼
2024 · €47,250
Quick ratio
0.79▲
2024 · 0.70
Debt to equity
1.58▼
2024 · 2.26
ROE
25.1%▼
2024 · 71.3%
Interest coverage
17.74▼
2024 · 20.95
Debt ≤ 1 year
€94,700▲
2024 · €74,114
Debt > 1 year
€9,127▼
2024 · €36,980
Income taxes
€6,887▼
2024 · €13,234
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 | €5,264 | €7,330 | €10,796 | €101,783 | €420 |
| Depreciation and write-downs of the year | €11,180 | €4,138 | €5,961 | €12,178 | €18,071 |
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 | €19,264 | €19,621 | €9,547 | €11,180 | €4,138 | €5,961 | €12,178 | €18,071 | ▲ 48.4% |
| Other operating charges640/8 | - | - | - | €1,199 | €818 | €984 | €1,328 | €1,320 | ▼ 0.6% |
| Gross operating margin9900 | €25,821 | €7,311 | €50,670 | €10,486 | €28,770 | €29,155 | €63,218 | €45,222 | ▼ 28.5% |
| Operating profit (loss)9901 | €5,244 | -€13,850 | €39,692 | -€1,893 | €23,814 | €22,210 | €49,712 | €25,831 | ▼ 48.0% |
| Financial income75/76B | - | - | - | - | - | - | €1,547 | - | - |
| Recurring financial income75 | - | - | - | - | - | - | €1,547 | - | - |
| Financial charges65/66B | - | - | - | €716 | €198 | €320 | €2,954 | €2,474 | ▼ 16.2% |
| Recurring financial charges65 | €688 | €669 | €248 | €716 | €198 | €320 | €2,954 | €2,474 | ▼ 16.2% |
| Non-recurring financial charges66B | - | - | - | - | €198 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €4,556 | -€14,519 | €48,493 | -€2,609 | €23,616 | €21,890 | €48,306 | €23,357 | ▼ 51.6% |
| Income taxes67/77 | €533 | €524 | €1,574 | €176 | €4,449 | €4,844 | €13,234 | €6,887 | ▼ 48.0% |
| Profit (loss) for the period9904 | €4,023 | -€15,043 | €46,919 | -€2,785 | €19,167 | €17,046 | €35,072 | €16,470 | ▼ 53.0% |
| Profit (loss) for the period to be appropriated9905 | €4,023 | -€15,043 | €46,919 | -€2,785 | €19,167 | €17,046 | €35,072 | €16,470 | ▼ 53.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €76,757 | €48,102 | €174,551 | €75,465 | €46,127 | €100,764 | €160,289 | €169,492 | ▲ 5.7% |
| Fixed assets21/28 | €35,917 | €18,649 | €11,404 | €5,489 | €8,681 | €13,515 | €103,121 | €85,470 | ▼ 17.1% |
| Tangible fixed assets22/27 | €35,917 | €18,649 | €11,404 | €5,489 | €8,681 | €13,515 | €103,121 | €85,470 | ▼ 17.1% |
| Plant, machinery and equipment23 | - | - | - | €5,489 | €7,367 | €7,080 | €3,167 | €1,135 | ▼ 64.1% |
| Furniture and vehicles24 | - | - | - | - | €1,314 | €6,436 | €99,954 | €84,334 | ▼ 15.6% |
| Current assets29/58 | €40,840 | €29,454 | €163,147 | €69,976 | €37,446 | €87,248 | €57,168 | €84,022 | ▲ 47.0% |
| Stocks and contracts in progress3 | €8,112 | €7,779 | €11,112 | €13,293 | €8,874 | €6,509 | €5,128 | €9,255 | ▲ 80.5% |
| Stocks30/36 | - | - | - | €13,293 | €8,874 | €6,509 | €5,128 | €9,255 | ▲ 80.5% |
| Amounts receivable within one year40/41 | €18,467 | €13,938 | €80,863 | €44,017 | €16,284 | €34,867 | €43,117 | €39,831 | ▼ 7.6% |
| Trade receivables40 | - | - | - | €29,033 | €6,636 | €21,837 | €35,755 | €26,804 | ▼ 25.0% |
| Other amounts receivable41 | - | - | - | €14,983 | €9,648 | €13,029 | €7,363 | €13,027 | ▲ 76.9% |
| Cash at bank and in hand54/58 | €14,261 | €7,737 | €71,172 | €12,666 | €12,287 | €45,873 | €8,923 | €34,936 | ▲ 292% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €76,757 | €48,102 | €174,551 | €75,465 | €46,127 | €100,764 | €160,289 | €169,492 | ▲ 5.7% |
| Equity10/15 | -€51,181 | -€66,224 | -€19,305 | -€22,090 | -€2,924 | €14,123 | €49,195 | €65,665 | ▲ 33.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | - | - | - | €30,595 | €47,065 | ▲ 53.8% |
| Distributable reserves133 | - | - | - | - | - | - | €30,595 | €47,065 | ▲ 53.8% |
| Profit (loss) carried forward14 | -€69,781 | -€84,824 | -€37,905 | -€40,690 | -€21,524 | -€4,477 | - | - | - |
| Amounts payable17/49 | €127,938 | €114,327 | €193,857 | €97,555 | €49,050 | €86,641 | €111,094 | €103,827 | ▼ 6.5% |
| Amounts payable after more than one year17 | €20,910 | €10,329 | €1,592 | - | - | €48,000 | €36,980 | €9,127 | ▼ 75.3% |
| Financial debts170/4 | - | - | - | - | - | €48,000 | €36,980 | €9,127 | ▼ 75.3% |
| Amounts payable within one year42/48 | €107,028 | €103,997 | €192,264 | €97,555 | €49,050 | €38,641 | €74,114 | €94,700 | ▲ 27.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,381 | - | €12,000 | €35,333 | €52,833 | ▲ 49.5% |
| Trade debts44 | €14,667 | €23,620 | €71,114 | €33,696 | €10,897 | €22,876 | €32,661 | €41,867 | ▲ 28.2% |
| Suppliers440/4 | - | - | - | €33,696 | €10,897 | €22,876 | €32,661 | €41,867 | ▲ 28.2% |
| Advances received on contracts in progress46 | - | - | - | - | €10,000 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €3,234 | - | - |
| Taxes450/3 | - | - | - | - | - | - | €3,234 | - | - |
| Other amounts payable47/48 | - | - | - | €62,478 | €28,154 | €3,765 | €2,885 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,023 | -€15,043 | €46,919 | -€2,785 | €19,167 | €17,046 | €35,072 | €16,470 | ▼ 53.0% |
| + Depreciation and write-downs630 | €19,264 | €19,621 | €9,547 | €11,180 | €4,138 | €5,961 | €12,178 | €18,071 | ▲ 48.4% |
| Operating cash flow (approximation) | €23,287 | €4,578 | €56,466 | €8,395 | €23,304 | €23,008 | €47,250 | €34,541 | ▼ 26.9% |
| Investment in fixed assets (approximation) | - | -€2,353 | -€2,302 | -€5,264 | -€7,330 | -€10,796 | -€101,783 | -€420 | ▲ 99.6% |
| Change in cash | - | -€6,524 | €63,435 | -€58,506 | -€379 | €33,586 | -€36,950 | €26,014 | - |
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, 31,368 companies had the same profile as ELECTROSOLUTIONS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELECTROSOLUTIONS itself: 0.2% 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 31,368 companies, not a prediction for ELECTROSOLUTIONS. 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 | 17-07-2026 | 2026-00305237 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00279895 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00374501 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00348467 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20332013 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49200445 | |
| 31-12-2019 | micro format | 06-08-2020 | 2020-39500183 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41200327 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-38000046 | |
| 31-12-2016 | micro format | 04-07-2017 | 2017-27000383 |