Electrostar
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 4 filings
Equity
-€68,513▼ 9.6%
2024 · -€62,524
Total assets
€12,543▼ 27.9%
2024 · €17,406
Net result
-€5,990
2024 · €995
Working capital
-€72,554▼ 1.7%
2024 · -€71,367
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€5,789
2025
20222025
Net result
-€5,990
2025
lowest quarter of the sector
20222025
Equity
-€68,513
▼ 9.6%
2025
lowest quarter of the sector
20222025
Total assets
€12,543
▼ 27.9%
2025
lowest quarter of the sector
20222025
Debt
€81,056
▲ 1.4%
2025
20222025
Working capital
-€72,554
▼ 1.7%
2025
lowest quarter of the sector
20222025
Solvency
-546.2%
▼ 187.0pp
2025
lowest quarter of the sector
20222025
Current ratio
0.10
=
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-47.8%
▼ 53.5pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€47,450--€6,117▲ 87.1%€1,285-€5,789
Net result-€60,085below the sector's middle half--€6,434below the sector's middle half▲ 89.3%€995within the sector's middle half-€5,990below the sector's middle half
Equity-€57,085below the sector's middle half--€63,519below the sector's middle half▼ 11.3%-€62,524below the sector's middle half▲ 1.6%-€68,513below the sector's middle half▼ 9.6%
Total assets€28,327below the sector's middle half-€21,658below the sector's middle half▼ 23.5%€17,406below the sector's middle half▼ 19.6%€12,543below the sector's middle half▼ 27.9%
Debt€85,413-€85,177▼ 0.3%€79,930▼ 6.2%€81,056▲ 1.4%
Working capital-€65,790below the sector's middle half--€72,467below the sector's middle half▼ 10.1%-€71,367below the sector's middle half▲ 1.5%-€72,554below the sector's middle half▼ 1.7%
Solvency-201.5%below the sector's middle half--293.3%below the sector's middle half▼ 91.8pp-359.2%below the sector's middle half▼ 65.9pp-546.2%below the sector's middle half▼ 187.0pp
Current ratio0.13below the sector's middle half-0.10below the sector's middle half▼ 0.030.11below the sector's middle half▲ 0.010.10below the sector's middle half=
Return on assets (ROA)-212.1%below the sector's middle half--29.7%below the sector's middle half▲ 182.4pp5.7%within the sector's middle half▲ 35.4pp-47.8%below the sector's middle half▼ 53.5pp
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 a loss of €5,789, after a profit of €1,285 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12,543
Fixed assets
€4,040 ▼ 54.3%
Current assets
€8,503 ▼ 0.7%
Equity and liabilities
Equity-€68,513
Debt€81,056
Equity is negative. Debt (€81,056) exceeds the balance-sheet total (€12,543).
Key figures and ratios
EBITDA
-€987▼
2024 · €6,088
Cash flow
-€1,187▼
2024 · €5,798
Interest coverage
-4.93▼
2024 · 21.02
Debt ≤ 1 year
€81,056▲
2024 · €79,930
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €24,900 | - | - | - |
| Depreciation and write-downs of the year | €6,452 | €4,803 | €4,803 | €4,803 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,452 | €4,803 | €4,803 | €4,803 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €25,925 | €0 | -€25,925 | €0 | - |
| Other operating charges640/8 | €705 | €900 | €26,025 | €349 | ▼ 98.7% |
| Gross operating margin9900 | -€14,369 | -€414 | €6,188 | -€638 | - |
| Operating profit (loss)9901 | -€47,450 | -€6,117 | €1,285 | -€5,789 | - |
| Financial income75/76B | €176 | €0 | - | - | - |
| Recurring financial income75 | €176 | €0 | - | - | - |
| Financial charges65/66B | €804 | €317 | €290 | €200 | ▼ 30.9% |
| Recurring financial charges65 | €804 | €317 | €290 | €200 | ▼ 30.9% |
| Profit (loss) for the period before taxes9903 | -€48,079 | -€6,434 | €995 | -€5,990 | - |
| Income taxes67/77 | €12,007 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€60,085 | -€6,434 | €995 | -€5,990 | - |
| Profit (loss) for the period to be appropriated9905 | -€60,085 | -€6,434 | €995 | -€5,990 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €28,327 | €21,658 | €17,406 | €12,543 | ▼ 27.9% |
| Fixed assets21/28 | €18,448 | €13,646 | €8,843 | €4,040 | ▼ 54.3% |
| Tangible fixed assets22/27 | €18,448 | €13,646 | €8,843 | €4,040 | ▼ 54.3% |
| Furniture and vehicles24 | €16,814 | €12,188 | €7,563 | €2,938 | ▼ 61.2% |
| Other tangible fixed assets26 | €1,635 | €1,457 | €1,280 | €1,103 | ▼ 13.9% |
| Current assets29/58 | €9,879 | €8,012 | €8,563 | €8,503 | ▼ 0.7% |
| Amounts receivable within one year40/41 | €8,409 | €7,635 | €7,635 | €7,973 | ▲ 4.4% |
| Trade receivables40 | €7,635 | €7,635 | €7,635 | €7,839 | ▲ 2.7% |
| Other amounts receivable41 | €774 | €0 | - | €134 | - |
| Cash at bank and in hand54/58 | €1,470 | €377 | €928 | €530 | ▼ 42.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €28,327 | €21,658 | €17,406 | €12,543 | ▼ 27.9% |
| Equity10/15 | -€57,085 | -€63,519 | -€62,524 | -€68,513 | ▼ 9.6% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | -€60,085 | -€66,519 | -€65,524 | -€71,513 | ▼ 9.1% |
| Amounts payable17/49 | €85,413 | €85,177 | €79,930 | €81,056 | ▲ 1.4% |
| Amounts payable after more than one year17 | €9,744 | €4,698 | €0 | - | - |
| Financial debts170/4 | €9,744 | €4,698 | €0 | - | - |
| Amounts payable within one year42/48 | €75,669 | €80,479 | €79,930 | €81,056 | ▲ 1.4% |
| Current portion of amounts payable after more than one year42 | €4,966 | €5,046 | €4,698 | €0 | ▼ 100% |
| Trade debts44 | €20,080 | €20,583 | €11,513 | €12,584 | ▲ 9.3% |
| Suppliers440/4 | €20,080 | €20,583 | €11,513 | €12,584 | ▲ 9.3% |
| Advances received on contracts in progress46 | €1,557 | €1,557 | €1,557 | €1,557 | = |
| Taxes, remuneration and social security45 | - | €126 | €960 | €960 | = |
| Taxes450/3 | - | €126 | €0 | - | - |
| Remuneration and social security454/9 | - | - | €960 | €960 | = |
| Other amounts payable47/48 | €49,066 | €53,167 | €61,202 | €65,956 | ▲ 7.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€60,085 | -€6,434 | €995 | -€5,990 | - |
| + Depreciation and write-downs630 | €6,452 | €4,803 | €4,803 | €4,803 | = |
| Operating cash flow (approximation) | -€53,634 | -€1,631 | €5,798 | -€1,187 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | -€1,093 | €551 | -€398 | - |
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, 6,008 companies had the same profile as Electrostar has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Electrostar itself: 1.6% 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 6,008 companies, not a prediction for Electrostar. 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.