The computed 12-month bankruptcy probability of ELESSAN is 1.8% (moderate). The 2025 annual accounts show negative equity (-€218,206) and a net result of -€514,371. Equity has been shrinking by about 124% per year since 2023. Its solvency ranks better than 5% of 125 sector peers (NACE 27, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Score breakdownraises riskNegative equity -€218,206Loss of €514,371, the second in a row (financial year 2025)lowers riskLiquidity: current ratio 0.25, cash €60,613, halvedLegal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
52/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 16% of micro companies in electrical equipment (NACE 27)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency0-83
equity -248.8% of total assets
Liquidity50-30
short-term debt 348.8% · cash 69.1%
Profitability0=
return on assets -586.5%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
1.8%Moderate
0%0.5%1.5%4%10%≥ 25%
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.6% (437 companies, NACE 27, micro)
Last 24 months12-2024: 0.4%01-2025: 0.4%● unchanged vs 12-202402-2025: 0.4%● unchanged vs 01-202503-2025: 0.3%▼ -0.1 percentage points vs 02-2025lowest value04-2025: 0.4%▲ +0.1 percentage points vs 03-202505-2025: 0.4%● unchanged vs 04-202506-2025: 0.4%● unchanged vs 05-202507-2025: 0.5%▲ +0.1 percentage points vs 06-202508-2025: 0.5%● unchanged vs 07-202509-2025: 0.5%● unchanged vs 08-202510-2025: 0.5%● unchanged vs 09-202511-2025: 0.5%● unchanged vs 10-202512-2025: 0.5%● unchanged vs 11-202501-2026: 0.5%● unchanged vs 12-202502-2026: 0.4%▼ -0.1 percentage points vs 01-202603-2026: 0.4%● unchanged vs 02-202604-2026: 0.4%● unchanged vs 03-202605-2026: 0.4%● unchanged vs 04-202606-2026: 0.4%● unchanged vs 05-202607-2026: 1.8%▲ +1.4 percentage points vs 06-2026highest value08-2026: 1.8%● unchanged vs 07-2026highest value09-2026: 1.8%● unchanged vs 08-2026highest value10-2026: 1.8%● unchanged vs 09-202611-2026: 1.8%● unchanged vs 10-2026
No credit on open account
Liquidity is insufficient, with a current ratio of 0.25 (2.16 in 2024), below 1. Short-term debt is 348.8% and cash 69.1% of total assets. Equity is negative.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 27, micro). It does better than 5% of them on solvency, 47% on liquidity, 6% on profitability and 4% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 50 days before the deadline. In the sector (NACE 27), the median for financial year 2024 was 6 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 June (3 of the last 3 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result-€486,656below the sector's middle half--€717,178below the sector's middle half▼ 47.4%-€514,371below the sector's middle half▲ 28.3%
Equity€513,344within the sector's middle half-€296,165within the sector's middle half▼ 42.3%-€218,206below the sector's middle half
Total assets€622,471below the sector's middle half-€509,145below the sector's middle half▼ 18.2%€87,697below the sector's middle half▼ 82.8%
Debt€109,127-€212,980▲ 95.2%€305,903▲ 43.6%
Working capital€451,301within the sector's middle half-€246,857within the sector's middle half▼ 45.3%-€228,667below the sector's middle half
Solvency82.5%above the sector's middle half-58.2%within the sector's middle half▼ 24.3pp-248.8%below the sector's middle half▼ 307.0pp
Current ratio5.14above the sector's middle half-2.16within the sector's middle half▼ 2.980.25below the sector's middle half▼ 1.91
Return on assets (ROA)-78.2%below the sector's middle half--140.9%below the sector's middle half▼ 62.7pp-586.5%below the sector's middle half▼ 445.7pp
Staff (FTE)2below the sector's middle half-2below the sector's middle half=1below the sector's middle half▼ 50.0%
abovewithinbelowThe sector band is the middle half of the companies in Manufacture of electrical equipment (NACE 27). 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 €510,500, smaller than the loss of €716,001 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,697
12%
88.1%
Fixed assets€10,461 ▼ 78.8%
Current assets€77,236 ▼ 83.2%
Equity and liabilities
Equity-€218,206
Debt€305,903
Equity is negative. Debt (€305,903) exceeds the balance-sheet total (€87,697).
Key figures and ratios
2025 value · change against 2024
EBITDA
-€497,766▲
2024 · -€703,267
Cash flow
-€501,637▲
2024 · -€704,444
Quick ratio
0.22▼
2024 · 1.79
Interest coverage
-138.80▲
2024 · -1303.70
Debt ≤ 1 year
€305,903▲
2024 · €212,980
Income taxes
€298▼
2024 · €650
Staff costs
€166,803▼
2024 · €320,882
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
social balance sheet
Item
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
2
2
1
full-time
2
2
1
in full-time equivalents
2
2
1
Average over the year, in full-time equivalents
2
2
1
On a permanent contract
2
2
1
Joined
2
-
0
Left
0
-
1
Training hours
-
2
-
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
fixed assets acquired
Item
2023
2024
2025
Tangible fixed assets
€69,419
-
-
Depreciation and write-downs of the year
€7,376
€12,734
€12,734
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 49 lines
Balance sheetCode20242025
Assets
Total assets20/58€0.5m€0.09m▼
Fixed assets21/28€0.05m€0.01m▼
Tangible fixed assets22/27€0.05m€0.01m▼
Plant, machinery and equipment23€0.03m€0.008m▼
Furniture and vehicles24€0.006m€0.001m▼
Other tangible fixed assets26€0.01m€0.001m▼
Current assets29/58€0.5m€0.08m▼
Stocks and contracts in progress3€0.08m€0.008m▼
Stocks30/36€0.08m€0.008m▼
Amounts receivable within one year40/41€0.01m€0.005m▼
Trade receivables40€0.001m€192▼
Other amounts receivable41€0.01m€0.004m▼
Current investments50/53€0.003m€0.003m▲
Cash at bank and in hand54/58€0.4m€0.06m▼
Deferred charges and accrued income490/1€0.006m€0.001m▼
Equity and liabilities
Total equity and liabilities10/49€0.5m€0.09m▼
Equity10/15€0.3m-€0.2m▼
Contributions10/11€1.5m€1.5m=
Capital10€1.5m€1.5m=
Issued capital100€1.5m€1.5m=
Uncalled capital101€0-
Profit (loss) carried forward14-€1.2m-€1.7m▼
Amounts payable17/49€0.2m€0.3m▲
Amounts payable within one year42/48€0.2m€0.3m▲
Trade debts44€0.1m€0.02m▼
Suppliers440/4€0.1m€0.02m▼
Advances received on contracts in progress46€0.003m€0.02m▲
Taxes, remuneration and social security45€0.08m€0.04m▼
Taxes450/3€0.001m€240▼
Remuneration and social security454/9€0.08m€0.04m▼
Other amounts payable47/48-€0.2m
Income statementCode20242025
Remuneration, social security and pensions62€0.3m€0.2m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.08m
Other operating charges640/8€0.001m€0.003m▲
Non-recurring operating charges66A-€0.03m
Gross operating margin9900-€0.4m-€0.2m▲
Operating profit (loss)9901-€0.7m-€0.5m▲
Financial income75/76B€12€13▲
Recurring financial income75€12€13▲
Financial charges65/66B€0.001m€0.004m▲
Recurring financial charges65€0.001m€0.004m▲
Profit (loss) for the period before taxes9903-€0.7m-€0.5m▲
Income taxes67/77€0.001m€298▼
Profit (loss) for the period9904-€0.7m-€0.5m▲
Profit (loss) for the period to be appropriated9905-€0.7m-€0.5m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€1.2m-€1.7m▼
Profit (loss) brought forward from the previous period14P-€0.5m-€1.2m▼
Social balance sheet
Average headcount (FTE)90872.01.0▼
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not ELESSAN.
In July 2024, 7,639 companies had the same profile as ELESSAN has now. Two years later, 84.8% were still going and 8.8% had gone bankrupt.
Micro
2 to 5 years old
negative equity
a loss of 10% of the balance sheet or more
84.8%was still going
5.6%stopped otherwise
8.8%went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELESSAN itself: 1.8% 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 7,639 companies, not a prediction for ELESSAN. 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.
Director · appointed in the act of 06-06-2023 · earlier director and managing director, until 16-02-2026 · 4-year term from 2023 · Private limited company · permanent representative: Patrick Van Steelandt · also on the board of 3 other companies
Gedelegeerd bestuurder belast met dagelijks bestuur · appointed in the act of 06-06-2023 · Private limited company · permanent representative: Patrick Van Steelandt
Current
Permanent representatives 1
PV
Patrick Van Steelandt
Permanent representative · appointed in the act of 06-06-2023 · for Violès
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Gazette deed2 directors appointed, 1 director resigning
Resignation: Violès BV (director and managing director) · Permanent representative: Patrick Van Steelandt · Appointments: Emmanuel Damman (director) and Jozef De Backer (managing director)6 points ▸
Board meeting, 18-02-2026
Director resignation, Violès BV (director and managing director)
Permanent representative, Patrick Van Steelandt
Power of attorney, Violès BV
Director appointment, Emmanuel Damman (director)
Director appointment, Jozef De Backer (managing director)
Starting capital €1,500,000 · Appointments: Violès, Jozef DE BACKER and PwC Bedrijfsrevisoren · Permanent representative: Van Steelandt Patrick · Founder15 points ▸
Incorporation, “ELESSAN” (deed in Dutch)
Founder, NIKO
Founding capital, €1,500,000
Bank account, “vennootschap in oprichting, BE30 0689 4836 7411” (deed in Dutch)
Capital, €1,500,000
Other provision, “uitwerking oprichtersbeslissingen overgangsbepalingen, oprichter” (deed in Dutch)
Registered office clause, “2018 Antwerpen Van Putlei 18” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 2 June 2023, ELESSAN was incorporated as a public limited company by NIKO, with a starting capital of €1.5m.12Today the board has 3 members.3Total assets went from €622,471 in 2023 to €87,697 in 2025 and headcount from 2 to 1 full-time equivalents.4
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, overbrenging naar plaats in tweetalig gebied Brussel Hoofdstad of Nederlands taalgebied door eenvoudige beslissing raad van…”
“Oprichting administratieve zetels,exploitatiezetels,bijkantoren en depots in België en buitenland bij eenvoudige beslissing raad van bestuur”
Establishment unitELESSAN, Van Putlei 18, 2018 Antwerpen since 02-06-2023 · unit number 2.347.227.972
Activities
NACEBEL 2025
27330Manufacture of electrical equipmentmain activity
Codes under NACEBEL 2008
27330Manufacture of electrical equipmentmain activity
Joint committee209 Paritair Comité voor de bedienden der metaalfabrikatennijverheid annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het vervaardigen en commercialiseren van hoogwaardige luxe schakelmateriaal en stopcontacten; Meer in het algemeen het vervaardigen en…”
2 activities
Het vervaardigen en commercialiseren van hoogwaardige luxe schakelmateriaal en stopcontacten.
Meer in het algemeen het vervaardigen en commercialiseren van alle elektrische toestellen,benodigdheden en alle aanverwante artikelen,die met deze activiteit verband houden.