ELEMASTER
Dissolved and wound upFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 03-06-2026 PDF all 34 filings
Turnover
€3.9m▼ 89.6%
2023 · €37.4m
EBIT margin
7.1%▲ 16.1pp
2023 · -9.1%
Net result
-€49,551▲ 91.3%
2024 · -€570,256
Working capital
-€99,084
2024 · €7.0m
Multi-year overview
2018 to 2026, 8 financial yearsTurnover
no figure
2026
20182026
Operating result
€678,341
2026
20182026
Net result
-€49,551
2026
20182026
EBIT margin
no figure
2026
20182026
Equity
-€9.6m
2026
20182026
Total assets
€130,096
2026
20182026
Debt
€9.8m
2026
20182026
Working capital
-€99,084
2026
20182026
Staff (FTE)
3.1
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242026
Turnover€14.1m-€15.5m▲ 10.0%€21.4m▲ 38.6%€24.2m▲ 13.0%€41.6m▲ 71.7%€37.4m▼ 10.0%€3.9m▼ 89.6%
Operating result€0.3m-€0.2m▼ 35.7%€0.6m▲ 198%-€0.2m-€1.2m▼ 435%-€3.4m▼ 186%€0.3m€0.7m-
Net result€0.1m-€0.2m▲ 62.3%€0.6m▲ 263%-€0.4m-€2.2m▼ 470%-€4.2m▼ 90.6%-€0.6m▲ 86.3%-€0.05m-
EBIT margin2.3%-1.4%▼ 1.0pp2.9%▲ 1.6pp-0.9%▼ 3.9pp-2.9%▼ 1.9pp-9.1%▼ 6.2pp7.1%▲ 16.1pp
Equity€0.5m-€0.6m▲ 33.0%€1.2m▲ 90.1%€0.8m▼ 31.6%-€4.9m-€9.0m▼ 85.7%-€9.6m▼ 6.3%-€9.6m-
Total assets€10.5m-€16.1m▲ 54.1%€21.2m▲ 31.3%€37.6m▲ 77.5%€34.1m▼ 9.1%€24.3m▼ 28.7%€15.3m▼ 37.3%€0.1m-
Debt€10.0m-€15.5m▲ 55.1%€19.9m▲ 28.9%€36.7m▲ 84.2%€39.0m▲ 6.1%€33.4m▼ 14.5%€24.8m▼ 25.6%€9.8m-
Working capital€0.03m-€0.09m▲ 175%€0.7m▲ 702%-€1.9m€5.9m€6.8m▲ 15.1%€7.0m▲ 3.0%-€0.1m-
Staff (FTE)12.4-13.8▲ 11.3%15.4▲ 11.6%15▼ 2.6%11.7▼ 22.0%9.5▼ 18.8%5.5▼ 42.1%3.1-
The operating result for 2026 is €678,341, against €276,193 in 2024. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2026 in colour, 2024 as the grey bar beneath
Assets €130,096
Fixed assets
€114,590 ▼ 95.0%
Current assets
€15,506 ▼ 99.9%
Equity and liabilities
Equity-€9.6m
Debt€9.8m
Equity is negative. Debt (€9.8m) exceeds the balance-sheet total (€130,096).
Key figures and ratios
EBITDA
€678,341▲
2024 · €284,925
Cash flow
-€49,551▲
2024 · -€561,525
Current ratio
0.14▼
2024 · 2.18
ROA
-38.1%▼
2024 · -3.7%
Interest coverage
0.88▲
2024 · 0.33
Debt ≤ 1 year
€114,590▼
2024 · €5.9m
Debt > 1 year
€9.7m▼
2024 · €18.9m
Income taxes
€947▼
2024 · €1,314
Staff costs
€630,448▲
2024 · €494,721
A ratio outside any meaningful range has been withheld (balance sheet total €130,096, equity -€9.6m).
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 12 | 8 | 4 | - |
| full-time | 14 | 11 | 7 | 3 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 14.7 | 11.7 | 7.7 | 3.7 | - |
| Average over the year, in full-time equivalents | 15 | 12.9 | 9.5 | 5.5 | 3.1 |
| On a permanent contract | 15 | 12 | 8 | 4 | - |
| Joined | 0 | 0 | 0 | 0 | 0 |
| Left | 2 | 3 | 4 | 4 | 4 |
| Agency workers, average number | 0.2 | 0.2 | - | - | - |
Source: social balance sheet in the 2021 to 2026 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €0 | - | - |
Source: notes to the 2021 to 2026 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €4.5m | €20.8m | €23.2m | - | - |
| Pledge on other assets, amount secured | - | €3.0m | €3.0m | - | - |
| Carrying value of the other pledged assets | €3.0m | €34.1m | €24.3m | - | - |
Source: notes to the 2021 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €134,964 | €34,783 | €9,681 | - | - |
| Financial fixed assets | - | - | - | - | €114,590 |
| Depreciation and write-downs of the year | €93,437 | €107,819 | €75,191 | €8,732 | €0 |
Source: notes to the 2021 to 2026 annual accounts (statement of fixed assets)
Auditor
The auditor is Deloitte Bedrijfsrevisoren.
| Item | 2021 | 2022 | 2023 | 2024 | 31-03-2026 |
|---|---|---|---|---|---|
| Fee for the audit | €22,000 | €22,000 | €24,000 | €17,500 | - |
| Other work by the auditor | €3,450 | - | - | - | - |
Source: notes to the 2021 to 2026 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €24.1m | €41.9m | €36.0m | €3.6m | - | - |
| Turnover70 | €14.1m | €15.5m | €21.4m | €24.2m | €41.6m | €37.4m | €3.9m | - | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€0.1m | €0.3m | -€1.5m | -€0.3m | - | - |
| Other operating income74 | - | - | - | €0.06m | €0.05m | €0.08m | €0.02m | - | - |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | €0.3m | - |
| Operating charges60/66A | - | - | - | €24.4m | €43.1m | €39.4m | €3.4m | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €22.5m | €40.6m | €36.4m | €2.7m | - | - |
| Purchases600/8 | - | - | - | €33.8m | €42.7m | €18.4m | €1.8m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | -€11.3m | -€2.0m | €18.0m | €0.9m | - | - |
| Services and other goods61 | - | - | - | €1.2m | €1.3m | €1.0m | €0.6m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.0m | €1.0m | €0.5m | €0.6m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.04m | €0.08m | €0.09m | €0.1m | €0.08m | €0.009m | €0 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.4m | €0.02m | €0.9m | -€0.5m | -€0.7m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €0 | - |
| Other operating charges640/8 | - | - | - | €0.007m | €0.03m | €0.009m | €0.007m | €0.002m | - |
| Non-recurring operating charges66A | - | - | - | - | - | €0.04m | €0.005m | €2 | - |
| Gross operating margin9900 | - | - | - | - | - | - | - | €0.6m | - |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.6m | -€0.2m | -€1.2m | -€3.4m | €0.3m | €0.7m | - |
| Financial income75/76B | - | - | - | €0.09m | €0.1m | €0.2m | €0.09m | €0.05m | - |
| Recurring financial income75 | €0.07m | €0.2m | €0.2m | €0.09m | €0.1m | €0.2m | €0.09m | €0.02m | - |
| Income from financial fixed assets750 | - | - | - | - | €2 | €38 | €26 | - | - |
| Income from current assets751 | - | - | - | €9 | - | - | €0.07m | - | - |
| Other financial income752/9 | - | - | - | €0.09m | €0.1m | €0.2m | €0.03m | - | - |
| Non-recurring financial income76B | - | - | - | - | €0.001m | - | - | €0.03m | - |
| Financial charges65/66B | - | - | - | €0.3m | €1.1m | €1.0m | €0.9m | €0.8m | - |
| Recurring financial charges65 | €0.3m | €0.3m | €0.3m | €0.1m | €1.1m | €1.0m | €0.9m | €0.8m | - |
| Debt charges650 | €0.2m | €0.06m | €0.1m | €0.08m | €0.2m | €0.8m | €0.9m | - | - |
| Other financial charges652/9 | - | - | - | €0.04m | €0.9m | €0.2m | €0.07m | - | - |
| Non-recurring financial charges66B | - | - | - | €0.1m | - | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.1m | €0.6m | -€0.4m | -€2.2m | -€4.2m | -€0.6m | -€0.05m | - |
| Income taxes67/77 | - | -€0.03m | - | - | - | -€0.01m | €0.001m | €0.001m | - |
| Taxes670/3 | - | - | - | - | - | €0.002m | €0.001m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.02m | - | - | - |
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.6m | -€0.4m | -€2.2m | -€4.2m | -€0.6m | -€0.05m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.2m | €0.6m | -€0.4m | -€2.2m | -€4.2m | -€0.6m | -€0.05m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.5m | €16.1m | €21.2m | €37.6m | €34.1m | €24.3m | €15.3m | €0.1m | - |
| Fixed assets21/28 | €1.6m | €1.7m | €3.5m | €7.4m | €2.5m | €2.4m | €2.3m | €0.1m | - |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €0.06m | €0.2m | €0.2m | €0.3m | €0.2m | €0.1m | €0.002m | €0 | - |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.08m | €202 | €0 | - |
| Furniture and vehicles24 | - | - | - | €0 | €0.03m | €0.02m | €0 | - | - |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.07m | €0.01m | €0.002m | €0 | - |
| Financial fixed assets28 | €1.5m | €1.5m | €3.2m | €7.1m | €2.3m | €2.3m | €2.3m | €0.1m | - |
| Affiliated companies280/1 | - | - | - | €7.1m | €2.3m | €2.3m | €2.3m | - | - |
| Participating interests280 | - | - | - | €2.3m | €2.3m | €2.3m | €2.3m | - | - |
| Amounts receivable281 | - | - | - | €4.8m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.005m | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.005m | - | - |
| Current assets29/58 | €8.9m | €14.4m | €17.7m | €30.2m | €31.6m | €21.9m | €13.0m | €0.02m | - |
| Stocks and contracts in progress3 | €3.6m | €6.5m | €9.2m | €20.8m | €22.6m | €2.2m | - | - | - |
| Stocks30/36 | - | - | - | €20.8m | €22.6m | €2.2m | - | - | - |
| Raw materials and consumables30/31 | - | - | - | €19.9m | €20.8m | €1.9m | - | - | - |
| Work in progress32 | - | - | - | €0.9m | €1.2m | €0.1m | - | - | - |
| Finished goods33 | - | - | - | €0.02m | €0.7m | €0.2m | - | - | - |
| Amounts receivable within one year40/41 | €4.8m | €7.8m | €8.4m | €9.0m | €8.8m | €19.6m | €12.8m | €0.01m | - |
| Trade receivables40 | - | - | - | €9.0m | €6.3m | €2.7m | €6.2m | €0 | - |
| Other amounts receivable41 | - | - | - | €0.01m | €2.5m | €16.9m | €6.6m | €0.01m | - |
| Cash at bank and in hand54/58 | €0.3m | €0.06m | €0.04m | €0.4m | €0.2m | €0.04m | €0.1m | €0.002m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €0.01m | €0.02m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.5m | €16.1m | €21.2m | €37.6m | €34.1m | €24.3m | €15.3m | €0.1m | - |
| Equity10/15 | €0.5m | €0.6m | €1.2m | €0.8m | -€4.9m | -€9.0m | -€9.6m | -€9.6m | - |
| Contributions10/11 | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | - |
| Capital10 | - | - | - | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | - |
| Issued capital100 | - | - | - | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | - |
| Reserves13 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | - |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | - |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | - |
| Distributable reserves133 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | - |
| Profit (loss) carried forward14 | -€3.4m | -€3.3m | -€2.7m | -€3.1m | -€8.8m | -€12.9m | -€13.5m | -€13.5m | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.04m | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.04m | €0 | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €0 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.04m | - | - |
| Amounts payable17/49 | €10.0m | €15.5m | €19.9m | €36.7m | €39.0m | €33.4m | €24.8m | €9.8m | - |
| Amounts payable after more than one year17 | €1.0m | €1.1m | €3.0m | €4.6m | €13.3m | €18.2m | €18.9m | €9.7m | - |
| Financial debts170/4 | - | - | - | €4.6m | €13.3m | €18.2m | €18.9m | €9.7m | - |
| Subordinated loans170 | - | - | - | €4.5m | €13.2m | €18.2m | €18.9m | - | - |
| Leasing and similar obligations172 | - | - | - | €0.08m | €0.02m | €0.003m | - | - | - |
| Credit institutions173 | - | - | - | - | €0.02m | €0.007m | - | - | - |
| Amounts payable within one year42/48 | €8.9m | €14.3m | €17.0m | €32.1m | €25.7m | €15.1m | €5.9m | €0.1m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.04m | €0.02m | €0.002m | €0 | - |
| Financial debts43 | - | - | - | €4.5m | €7.4m | €5.0m | €0.007m | €0 | - |
| Credit institutions430/8 | - | - | - | €4.5m | €4.5m | €5.0m | €0.007m | €0 | - |
| Other loans439 | - | - | - | - | €2.9m | €0 | - | - | - |
| Trade debts44 | €2.4m | €6.4m | €8.0m | €15.9m | €17.5m | €8.7m | €5.8m | €0.1m | - |
| Suppliers440/4 | - | - | - | €15.9m | €17.5m | €8.7m | €5.8m | €0.1m | - |
| Advances received on contracts in progress46 | - | - | - | - | €0.4m | €0.04m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.3m | €1.4m | €0.2m | €0 | - |
| Taxes450/3 | - | - | - | €0.02m | €0.2m | €1.0m | €0.02m | €0 | - |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.1m | €0.3m | €0.2m | €0 | - |
| Other amounts payable47/48 | - | - | - | €11.6m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.002m | €0.04m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.6m | -€0.4m | -€2.2m | -€4.2m | -€0.6m | -€0.05m | - |
| + Depreciation and write-downs630 | €0.05m | €0.04m | €0.08m | €0.09m | €0.1m | €0.08m | €0.009m | €0 | - |
| Operating cash flow (approximation) | €0.1m | €0.2m | €0.7m | -€0.3m | -€2.1m | -€4.1m | -€0.6m | -€0.05m | - |
| Investment in fixed assets (approximation) | - | -€0.2m | -€1.9m | -€4.0m | €4.8m | €0.02m | €0.09m | - | - |
| Change in cash | - | -€0.3m | -€0.02m | €0.3m | -€0.1m | -€0.2m | €0.09m | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 03-06-2026 | 2026-00135164 | |
| 31-12-2024 | full format | 22-09-2025 | 2025-00497852 | |
| 31-12-2023 | full format | 22-10-2024 | 2024-00511559 | |
| 31-12-2022 | full format | 07-10-2023 | 2023-00485082 | |
| 31-12-2021 | full format | 15-07-2022 | 2022-20206811 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-23600345 | |
| 31-12-2019 | full format | 13-01-2021 | 2021-00800372 | |
| 31-12-2018 | full format | 07-06-2019 | 2019-16900080 | |
| 31-12-2017 | full format | 20-08-2018 | 2018-47400206 | |
| 31-12-2016 | full format | 27-10-2017 | 2017-67900468 |