ELETHIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-12-2025 PDF all 6 filings
Turnover
€142,129▼ 5.3%
2024 · €150,104
EBIT margin
4.0%▲ 1.7pp
2024 · 2.4%
Net result
€4,195▲ 61.0%
2024 · €2,605
Working capital
€28,482▲ 25.1%
2024 · €22,763
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€142,129
▼ 5.3%
2025
20202025
Operating result
€5,755
▲ 60.3%
2025
20202025
Net result
€4,195
▲ 61.0%
2025
middle half of the sector
20202025
EBIT margin
4.0%
▲ 1.7pp
2025
20202025
Equity
€46,374
▲ 9.9%
2025
middle half of the sector
20202025
Total assets
€112,189
▲ 6.8%
2025
middle half of the sector
20202025
Debt
€65,815
▲ 4.7%
2025
20202025
Working capital
€28,482
▲ 25.1%
2025
middle half of the sector
20202025
Solvency
41.3%
▲ 1.2pp
2025
middle half of the sector
20202025
Current ratio
1.43
▲ 0.07
2025
middle half of the sector
20202025
Return on assets (ROA)
3.7%
▲ 1.3pp
2025
middle half of the sector
20202025
Staff (FTE)
2
▲ 11.1%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€46,481-€61,029▲ 31.3%€89,981▲ 47.4%€123,754▲ 37.5%€150,104▲ 21.3%€142,129▼ 5.3%
Operating result€3,093-€7,346▲ 138%€7,200▼ 2.0%€11,964▲ 66.2%€3,590▼ 70.0%€5,755▲ 60.3%
Net result€7,531within the sector's middle half-€6,312within the sector's middle half▼ 16.2%€6,961within the sector's middle half▲ 10.3%€8,771within the sector's middle half▲ 26.0%€2,605within the sector's middle half▼ 70.3%€4,195within the sector's middle half▲ 61.0%
EBIT margin6.7%-12.0%▲ 5.4pp8.0%▼ 4.0pp9.7%▲ 1.7pp2.4%▼ 7.3pp4.0%▲ 1.7pp
Equity€17,531within the sector's middle half-€23,843within the sector's middle half▲ 36.0%€30,804within the sector's middle half▲ 29.2%€39,575within the sector's middle half▲ 28.5%€42,180within the sector's middle half▲ 6.6%€46,374within the sector's middle half▲ 9.9%
Total assets€38,577below the sector's middle half-€51,277below the sector's middle half▲ 32.9%€76,757within the sector's middle half▲ 49.7%€98,800within the sector's middle half▲ 28.7%€105,038within the sector's middle half▲ 6.3%€112,189within the sector's middle half▲ 6.8%
Debt€21,046-€27,434▲ 30.4%€45,953▲ 67.5%€59,225▲ 28.9%€62,858▲ 6.1%€65,815▲ 4.7%
Working capital€11,982within the sector's middle half-€19,682within the sector's middle half▲ 64.3%€6,721within the sector's middle half▼ 65.9%€18,472within the sector's middle half▲ 175%€22,763within the sector's middle half▲ 23.2%€28,482within the sector's middle half▲ 25.1%
Solvency45.4%within the sector's middle half-46.5%within the sector's middle half▲ 1.1pp40.1%within the sector's middle half▼ 6.4pp40.1%within the sector's middle half▼ 0.1pp40.2%within the sector's middle half▲ 0.1pp41.3%within the sector's middle half▲ 1.2pp
Current ratio1.57within the sector's middle half-1.72within the sector's middle half▲ 0.151.15within the sector's middle half▼ 0.571.31within the sector's middle half▲ 0.171.36within the sector's middle half▲ 0.051.43within the sector's middle half▲ 0.07
Return on assets (ROA)19.5%above the sector's middle half-12.3%within the sector's middle half▼ 7.2pp9.1%within the sector's middle half▼ 3.2pp8.9%within the sector's middle half▼ 0.2pp2.5%within the sector's middle half▼ 6.4pp3.7%within the sector's middle half▲ 1.3pp
Staff (FTE)10.8▼ 20.0%1▲ 25.0%1.8▲ 80.0%2▲ 11.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 60% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €112,189
Fixed assets
€17,892 ▼ 7.9%
Current assets
€94,297 ▲ 10.1%
Equity and liabilities €112,189
Equity
€46,374 ▲ 9.9%
Debt
€65,815 ▲ 4.7%
Debt's share of the balance-sheet total falls from 59.8% to 58.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11,220▲
2024 · €8,955
Cash flow
€9,660▲
2024 · €7,970
Quick ratio
0.64▼
2024 · 0.70
Debt to equity
1.42▼
2024 · 1.49
ROE
9.0%▲
2024 · 6.2%
Interest coverage
78.95▲
2024 · 71.61
Debt ≤ 1 year
€65,815▲
2024 · €62,858
Income taxes
€1,601▲
2024 · €986
Customer credit
2 days▼
2024 · 4 days
Supplier credit
1 day▼
2024 · 5 days
Staff costs
€40,536▲
2024 · €35,188
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 2 |
| part-time | 1 | 1 | 2 | 2 |
| in full-time equivalents | 0.5 | 0.5 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.4 | 0.5 | 0.9 | 1 |
| On a permanent contract | 1 | 1 | 2 | 2 |
| Joined | 2 | - | 3 | - |
| Left | 1 | - | 2 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €23,464 | €2,049 | €3,679 | €3,941 |
| Depreciation and write-downs of the year | €3,542 | €5,029 | €5,365 | €5,466 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €46,481 | €61,029 | €89,981 | €123,754 | €150,104 | €142,129 | ▼ 5.3% |
| Non-recurring operating income76A | - | - | €3,500 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €76,040 | €97,702 | €118,682 | €107,210 | ▼ 9.7% |
| Remuneration, social security and pensions62 | - | - | €14,191 | €18,881 | €35,188 | €40,536 | ▲ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,562 | €1,562 | €3,542 | €5,029 | €5,365 | €5,466 | ▲ 1.9% |
| Other operating charges640/8 | - | - | €125 | €94 | €365 | €721 | ▲ 97.5% |
| Gross operating margin9900 | €4,655 | €10,094 | €25,058 | €35,967 | €44,508 | €52,477 | ▲ 17.9% |
| Operating profit (loss)9901 | €3,093 | €7,346 | €7,200 | €11,964 | €3,590 | €5,755 | ▲ 60.3% |
| Financial income75/76B | - | - | €19 | €158 | €126 | €183 | ▲ 45.3% |
| Recurring financial income75 | €16 | €79 | €19 | €158 | €126 | €183 | ▲ 45.3% |
| Financial charges65/66B | - | - | €132 | €93 | €125 | €142 | ▲ 13.7% |
| Recurring financial charges65 | €34 | €98 | €132 | €93 | €125 | €142 | ▲ 13.7% |
| Profit (loss) for the period before taxes9903 | €8,075 | €7,327 | €7,086 | €12,029 | €3,591 | €5,796 | ▲ 61.4% |
| Income taxes67/77 | €544 | €1,015 | €125 | €3,258 | €986 | €1,601 | ▲ 62.3% |
| Profit (loss) for the period9904 | €7,531 | €6,312 | €6,961 | €8,771 | €2,605 | €4,195 | ▲ 61.0% |
| Profit (loss) for the period to be appropriated9905 | €7,531 | €6,312 | €6,961 | €8,771 | €2,605 | €4,195 | ▲ 61.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €38,577 | €51,277 | €76,757 | €98,800 | €105,038 | €112,189 | ▲ 6.8% |
| Formation expenses20 | €1,807 | €1,355 | €903 | €452 | - | - | - |
| Fixed assets21/28 | €3,742 | €2,806 | €23,180 | €20,652 | €19,417 | €17,892 | ▼ 7.9% |
| Tangible fixed assets22/27 | €3,742 | €2,631 | €23,005 | €20,477 | €19,242 | €17,717 | ▼ 7.9% |
| Land and buildings22 | - | - | €17,474 | €15,985 | €14,662 | €11,546 | ▼ 21.2% |
| Plant, machinery and equipment23 | - | - | €897 | €449 | €2,082 | €4,907 | ▲ 136% |
| Furniture and vehicles24 | - | - | €4,633 | €4,043 | €2,498 | €1,264 | ▼ 49.4% |
| Financial fixed assets28 | - | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €33,028 | €47,116 | €52,674 | €77,697 | €85,621 | €94,297 | ▲ 10.1% |
| Stocks and contracts in progress3 | €12,450 | €15,187 | €30,625 | €33,153 | €41,712 | €51,901 | ▲ 24.4% |
| Stocks30/36 | - | - | €30,625 | €33,153 | €41,712 | €51,901 | ▲ 24.4% |
| Amounts receivable within one year40/41 | €931 | - | €328 | €519 | €6,825 | €676 | ▼ 90.1% |
| Trade receivables40 | - | - | €328 | €519 | €1,811 | €676 | ▼ 62.7% |
| Other amounts receivable41 | - | - | - | - | €5,014 | - | - |
| Cash at bank and in hand54/58 | €19,647 | €30,656 | €20,056 | €42,329 | €35,236 | €39,817 | ▲ 13.0% |
| Deferred charges and accrued income490/1 | - | - | €1,666 | €1,697 | €1,848 | €1,903 | ▲ 3.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €38,577 | €51,277 | €76,757 | €98,800 | €105,038 | €112,189 | ▲ 6.8% |
| Equity10/15 | €17,531 | €23,843 | €30,804 | €39,575 | €42,180 | €46,374 | ▲ 9.9% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €7,531 | €13,843 | €20,804 | €29,575 | €32,180 | €36,374 | ▲ 13.0% |
| Amounts payable17/49 | €21,046 | €27,434 | €45,953 | €59,225 | €62,858 | €65,815 | ▲ 4.7% |
| Amounts payable within one year42/48 | €21,046 | €27,434 | €45,953 | €59,225 | €62,858 | €65,815 | ▲ 4.7% |
| Trade debts44 | €596 | €1,931 | €1,982 | €4,141 | €1,689 | €417 | ▼ 75.3% |
| Suppliers440/4 | - | - | €1,982 | €4,141 | €1,689 | €417 | ▼ 75.3% |
| Taxes, remuneration and social security45 | - | - | €4,663 | €10,307 | €9,297 | €12,109 | ▲ 30.2% |
| Taxes450/3 | - | - | €2,280 | €6,875 | €3,513 | €4,767 | ▲ 35.7% |
| Remuneration and social security454/9 | - | - | €2,383 | €3,432 | €5,784 | €7,342 | ▲ 26.9% |
| Other amounts payable47/48 | - | - | €39,307 | €44,777 | €51,872 | €53,290 | ▲ 2.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,531 | €6,312 | €6,961 | €8,771 | €2,605 | €4,195 | ▲ 61.0% |
| + Depreciation and write-downs630 | €1,562 | €1,562 | €3,542 | €5,029 | €5,365 | €5,466 | ▲ 1.9% |
| Operating cash flow (approximation) | €9,093 | €7,874 | €10,503 | €13,799 | €7,970 | €9,660 | ▲ 21.2% |
| Investment in fixed assets (approximation) | - | -€626 | -€23,915 | -€2,501 | -€4,130 | -€3,941 | ▲ 4.6% |
| Change in cash | - | €11,009 | -€10,600 | €22,273 | -€7,092 | €4,581 | - |
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, 5,047 companies had the same profile as ELETHIS has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELETHIS itself: 0.6% 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 5,047 companies, not a prediction for ELETHIS. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-12-2025 | 2026-00000317 | |
| 30-06-2024 | micro format | 08-12-2024 | 2024-00614983 | |
| 30-06-2023 | micro format | 27-11-2023 | 2023-00519740 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00020234 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02800022 | |
| 30-06-2020 | micro format | 02-12-2020 | 2020-74600533 |