ELEPHANT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 15 filings
Turnover
≈ €3.0m
Estimated: probably between €2.5m and €3.5m
EBIT margin
Not included in this filing
Net result
€811,343▼ 28.5%
2024 · €1.1m
Working capital
€9.8m
2024 · -€6.0m
In the rankings
#6 company by total assets in Kontich, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.3m
▼ 29.5%
2025
20182025
Net result
€811,343
▼ 28.5%
2025
highest quarter of the sector
20182025
Equity
€3.9m
▲ 20.6%
2025
highest quarter of the sector
20182025
Total assets
€22.4m
▼ 13.8%
2025
highest quarter of the sector
20182025
Debt
€18.5m
▼ 18.7%
2025
20182025
Working capital
€9.8m
2025
highest quarter of the sector
20182025
Solvency
17.3%
▲ 4.9pp
2025
middle half of the sector
20182025
Current ratio
4.62
▲ 3.90
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.6%
▼ 0.7pp
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€0.5m-€0.6m▲ 11.2%€1.6m▲ 189%€1.8m▲ 11.3%€1.9m▲ 8.0%€2.1m▲ 10.6%€1.8m▼ 16.3%€1.3m▼ 29.5%
Net result€0.3m-€0.4m▲ 33.8%€1.2mabove the sector's middle half▲ 241%€1.3mabove the sector's middle half▲ 11.8%€1.4mabove the sector's middle half▲ 4.2%€1.6mabove the sector's middle half▲ 11.2%€1.1mabove the sector's middle half▼ 26.8%€0.8mabove the sector's middle half▼ 28.5%
Equity€3.4m-€3.6m▲ 4.4%€4.6mabove the sector's middle half▲ 27.7%€5.7mabove the sector's middle half▲ 24.8%€6.9mabove the sector's middle half▲ 20.9%€3.3mabove the sector's middle half▼ 52.7%€3.2mabove the sector's middle half▼ 2.0%€3.9mabove the sector's middle half▲ 20.6%
Total assets€17.4m-€23.6m▲ 35.3%€20.3mabove the sector's middle half▼ 14.1%€19.8mabove the sector's middle half▼ 2.0%€19.6mabove the sector's middle half▼ 1.1%€32.9mabove the sector's middle half▲ 67.6%€26.0mabove the sector's middle half▼ 21.0%€22.4mabove the sector's middle half▼ 13.8%
Debt€14.0m-€20.0m▲ 42.9%€15.7m▼ 21.6%€14.1m▼ 9.9%€12.7m▼ 10.0%€29.6m▲ 133%€22.8m▼ 23.1%€18.5m▼ 18.7%
Working capital-€11.8m--€2.1m▲ 82.0%-€2.8mbelow the sector's middle half▼ 33.4%-€2.2mbelow the sector's middle half▲ 20.9%-€1.5mbelow the sector's middle half▲ 34.8%-€5.2mbelow the sector's middle half▼ 256%-€6.0mbelow the sector's middle half▼ 14.1%€9.8mabove the sector's middle half
Solvency19.8%-15.2%▼ 4.5pp22.7%within the sector's middle half▲ 7.4pp28.9%within the sector's middle half▲ 6.2pp35.3%within the sector's middle half▲ 6.4pp9.9%within the sector's middle half▼ 25.3pp12.3%within the sector's middle half▲ 2.4pp17.3%within the sector's middle half▲ 4.9pp
Current ratio0.14-0.80▲ 0.660.67within the sector's middle half▼ 0.130.74within the sector's middle half▲ 0.070.83within the sector's middle half▲ 0.090.80within the sector's middle half▼ 0.030.72within the sector's middle half▼ 0.084.62above the sector's middle half▲ 3.90
Return on assets (ROA)1.5%-1.5%=5.9%above the sector's middle half▲ 4.4pp6.7%above the sector's middle half▲ 0.8pp7.1%above the sector's middle half▲ 0.4pp4.7%within the sector's middle half▼ 2.4pp4.4%within the sector's middle half▼ 0.3pp3.6%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 29% lower than in 2024 and the lowest since 2019. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €22.4m
Fixed assets
€9.8m ▼ 8.5%
Current assets
€12.6m ▼ 17.6%
Equity and liabilities €22.4m
Equity
€3.9m ▲ 20.6%
Debt
€18.5m ▼ 18.7%
Debt's share of the balance-sheet total falls from 87.7% to 82.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.2m▼
2024 · €2.8m
Cash flow
€1.8m▼
2024 · €2.1m
Debt to equity
4.79▼
2024 · 7.11
ROE
21.0%▼
2024 · 35.4%
Interest coverage
3.15▲
2024 · 2.59
Debt ≤ 1 year
€2.7m▼
2024 · €21.2m
Debt > 1 year
€15.1m▲
2024 · €84,630
Income taxes
€219,072▼
2024 · €352,508
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €7.6m | - | - | - |
| Mortgage mandates | - | €5.6m | - | - | - |
| Carrying value of the mortgaged assets | - | €12.6m | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €65,079 | €60,124 | €93,900 | €68,156 | €68,276 |
| Depreciation and write-downs of the year | €981,348 | €985,673 | €1.0m | €970,067 | €981,712 |
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 | €1.5m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.2% |
| Other operating charges640/8 | - | - | - | €0.2m | €0.2m | €0.07m | €0.2m | €0.2m | ▲ 23.0% |
| Gross operating margin9900 | €2.1m | €1.6m | €2.7m | €3.0m | €3.1m | €3.2m | €3.0m | €2.5m | ▼ 15.9% |
| Operating profit (loss)9901 | €0.5m | €0.6m | €1.6m | €1.8m | €1.9m | €2.1m | €1.8m | €1.3m | ▼ 29.5% |
| Financial income75/76B | - | - | - | €0.07m | €0.08m | €0.8m | €0.8m | €0.5m | ▼ 37.0% |
| Recurring financial income75 | - | €0.09m | €0.06m | €0.07m | €0.08m | €0.8m | €0.8m | €0.5m | ▼ 37.0% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.9m | €1.1m | €0.7m | ▼ 33.1% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.9m | €1.1m | €0.7m | ▼ 33.1% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.4m | €1.5m | €1.7m | €1.8m | €2.0m | €1.5m | €1.0m | ▼ 30.7% |
| Income taxes67/77 | €0.05m | €0.06m | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | €0.2m | ▼ 37.9% |
| Profit (loss) for the period9904 | €0.3m | €0.4m | €1.2m | €1.3m | €1.4m | €1.6m | €1.1m | €0.8m | ▼ 28.5% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.4m | €1.2m | €1.3m | €1.4m | €1.6m | €1.1m | €0.8m | ▼ 28.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17.4m | €23.6m | €20.3m | €19.8m | €19.6m | €32.9m | €26.0m | €22.4m | ▼ 13.8% |
| Fixed assets21/28 | €15.5m | €14.9m | €14.4m | €13.5m | €12.6m | €11.7m | €10.7m | €9.8m | ▼ 8.5% |
| Intangible fixed assets21 | - | €0.02m | €0.02m | €0.01m | €0.005m | €310 | - | - | - |
| Tangible fixed assets22/27 | €15.5m | €14.9m | €14.4m | €13.5m | €12.6m | €11.7m | €10.7m | €9.8m | ▼ 8.5% |
| Land and buildings22 | - | - | - | €13.5m | €12.6m | €11.6m | €10.7m | €9.7m | ▼ 9.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.03m | €0.06m | €0.05m | ▼ 18.7% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.03m | €0.08m | ▲ 215% |
| Financial fixed assets28 | €250 | €250 | - | - | - | - | - | - | - |
| Current assets29/58 | €1.9m | €8.7m | €5.8m | €6.4m | €7.1m | €21.2m | €15.2m | €12.6m | ▼ 17.6% |
| Amounts receivable within one year40/41 | €0.3m | €7.4m | €5.6m | €5.8m | €6.7m | €20.6m | €15.2m | €12.2m | ▼ 20.1% |
| Trade receivables40 | - | - | - | €0.2m | €0.6m | €0.4m | €0.9m | €0.3m | ▼ 66.3% |
| Other amounts receivable41 | - | - | - | €5.7m | €6.2m | €20.3m | €14.3m | €11.8m | ▼ 17.1% |
| Cash at bank and in hand54/58 | €0.4m | €0.1m | €0.2m | €0.5m | €0.3m | €0.6m | €0.03m | €0.4m | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.009m | €0.03m | €0.006m | €0.008m | ▲ 26.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17.4m | €23.6m | €20.3m | €19.8m | €19.6m | €32.9m | €26.0m | €22.4m | ▼ 13.8% |
| Equity10/15 | €3.4m | €3.6m | €4.6m | €5.7m | €6.9m | €3.3m | €3.2m | €3.9m | ▲ 20.6% |
| Contributions10/11 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | = |
| Capital10 | - | - | - | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | = |
| Issued capital100 | - | - | - | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | = |
| Reserves13 | €0.03m | €0.05m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €0.5m | €0.6m | €1.6m | €2.6m | €3.8m | €0.07m | €0.006m | €0.7m | ▲ 107× |
| Amounts payable17/49 | €14.0m | €20.0m | €15.7m | €14.1m | €12.7m | €29.6m | €22.8m | €18.5m | ▼ 18.7% |
| Amounts payable after more than one year17 | - | €0.1m | €0.1m | €0.04m | €0.04m | €0.03m | €0.08m | €15.1m | ▲ 179× |
| Financial debts170/4 | - | - | - | - | - | - | - | €15.0m | - |
| Other amounts payable178/9 | - | - | - | €0.04m | €0.04m | €0.03m | €0.08m | €0.09m | ▲ 6.4% |
| Amounts payable within one year42/48 | €13.8m | €10.8m | €8.7m | €8.6m | €8.5m | €26.5m | €21.2m | €2.7m | ▼ 87.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €1.5m | - |
| Financial debts43 | - | - | - | €7.6m | €7.6m | €20.1m | €18.5m | - | - |
| Credit institutions430/8 | - | - | - | €7.6m | €7.6m | €20.1m | €18.5m | - | - |
| Trade debts44 | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | €0.6m | €0.8m | €0.8m | ▲ 0.7% |
| Suppliers440/4 | - | - | - | €0.7m | €0.6m | €0.6m | €0.8m | €0.8m | ▲ 0.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.4m | €0.4m | €0.1m | ▼ 71.3% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.4m | €0.4m | €0.1m | ▼ 71.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €5.4m | €1.4m | €0.3m | ▼ 78.5% |
| Accrued charges and deferred income492/3 | - | - | - | €5.5m | €4.1m | €3.1m | €1.5m | €0.7m | ▼ 53.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.4m | €1.2m | €1.3m | €1.4m | €1.6m | €1.1m | €0.8m | ▼ 28.5% |
| + Depreciation and write-downs630 | €1.5m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.2% |
| Operating cash flow (approximation) | €1.7m | €1.3m | €2.1m | €2.3m | €2.4m | €2.6m | €2.1m | €1.8m | ▼ 14.8% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.4m | -€0.07m | -€0.06m | -€0.09m | -€0.07m | -€0.07m | ▼ 0.2% |
| Change in cash | - | -€0.3m | €0.06m | €0.3m | -€0.2m | €0.3m | -€0.5m | €0.4m | - |
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, 290 companies had the same profile as ELEPHANT has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of ELEPHANT itself: 0.1% 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 290 companies, not a prediction for ELEPHANT. 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 | full format | 16-06-2026 | 2026-00169954 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00182704 | |
| 31-12-2023 | abbreviated format | 07-06-2024 | 2024-00115387 | |
| 31-12-2022 | abbreviated format | 26-05-2023 | 2023-00095624 | |
| 31-12-2021 | abbreviated format | 13-06-2022 | 2022-20059338 | |
| 31-12-2020 | abbreviated format | 28-04-2021 | 2021-11600022 | |
| 31-12-2019 | abbreviated format | 07-05-2020 | 2020-11600572 | |
| 31-12-2018 | abbreviated format | 24-05-2019 | 2019-14300542 | |
| 31-12-2017 | abbreviated format | 07-06-2018 | 2018-16700259 | |
| 31-12-2016 | abbreviated format | 12-06-2017 | 2017-16600140 |