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ELEVATE

Active
Private limited companyfounded 2023active for 2 yearsTremelobaan 162, 3140 Keerbergen, BelgiumKBO/BCE: BE 1003.412.738

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 08-07-2026 at the NBB all 2 filings

Turnover
≈ €25,000
Estimated: probably between €18,000 and €51,000
Total assets
€48,098▲ 135%
2024 · €20,497
Net result
-€1,781
2024 · €11,458
Working capital
-€5,605
2024 · €5,491
Multi-year overview
2024 to 2025, 2 financial years
Operating result
-€2,178
2025
20242025
Net result
-€1,781
2025
middle half of the sector
20242025
Equity
€12,177
▼ 12.8% 2025
middle half of the sector
20242025
Total assets
€48,098
▲ 135% 2025
lowest quarter of the sector
20242025
Debt
€35,921
▲ 449% 2025
20242025
Working capital
-€5,605
2025
middle half of the sector
20242025
Solvency
25.3%
▼ 42.8pp 2025
middle half of the sector
20242025
Current ratio
0.74
▼ 1.10 2025
middle half of the sector
20242025
Return on assets (ROA)
-3.7%
▼ 59.6pp 2025
middle half of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20242025
Operating result€14,377--€2,178
Net result€11,458within the sector's middle half--€1,781within the sector's middle half
Equity€13,958within the sector's middle half-€12,177within the sector's middle half▼ 12.8%
Total assets€20,497below the sector's middle half-€48,098below the sector's middle half▲ 135%
Debt€6,539-€35,921▲ 449%
Working capital€5,491within the sector's middle half--€5,605within the sector's middle half
Solvency68.1%above the sector's middle half-25.3%within the sector's middle half▼ 42.8pp
Current ratio1.84within the sector's middle half-0.74within the sector's middle half▼ 1.10
Return on assets (ROA)55.9%above the sector's middle half--3.7%within the sector's middle half▼ 59.6pp
above within below The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 €2,178, after a profit of €14,377 in 2024.

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48,098
Fixed assets €32,226 ▲ 281%
Current assets €15,872 ▲ 31.9%
Equity and liabilities €48,098
Equity €12,177 ▼ 12.8%
Debt €35,921 ▲ 449%
Debt's share of the balance-sheet total rises from 31.9% to 74.7%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€7,838▼
2024 · €16,304
Cash flow
€8,235▼
2024 · €13,385
Debt to equity
2.95▲
2024 · 0.47
ROE
-14.6%▼
2024 · 82.1%
Interest coverage
23.14▼
2024 · over 100
Debt ≤ 1 year
€21,476▲
2024 · €6,539
Debt > 1 year
€14,444
Income taxes
€0▼
2024 · €2,880
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20242025
Tangible fixed assets€10,394€33,776
Depreciation and write-downs of the year€1,927€10,016

Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet Code20242025
Assets
Total assets20/58€20,497€48,098▲
Fixed assets21/28€8,467€32,226▲
Tangible fixed assets22/27€8,467€32,226▲
Plant, machinery and equipment23€8,467€32,226▲
Current assets29/58€12,030€15,872▲
Amounts receivable within one year40/41€8,269€12,742▲
Trade receivables40€8,259€11,711▲
Other amounts receivable41€10€1,031▲
Cash at bank and in hand54/58€3,761€2,662▼
Deferred charges and accrued income490/1-€468
Equity and liabilities
Total equity and liabilities10/49€20,497€48,098▲
Equity10/15€13,958€12,177▼
Contributions10/11€2,500€2,500=
Reserves13€11,458€9,677▼
Distributable reserves133€11,458€9,677▼
Amounts payable17/49€6,539€35,921▲
Amounts payable after more than one year17-€14,444
Financial debts170/4-€14,444
Amounts payable within one year42/48€6,539€21,476▲
Current portion of amounts payable after more than one year42-€4,775
Trade debts44€168€9,182▲
Suppliers440/4€168€9,182▲
Taxes, remuneration and social security45€4,995€5,527▲
Taxes450/3€4,995€5,527▲
Other amounts payable47/48€1,376€1,992▲
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,927€10,016▲
Other operating charges640/8€148€829▲
Gross operating margin9900€16,452€8,667▼
Operating profit (loss)9901€14,377-€2,178▼
Financial income75/76B-€736
Recurring financial income75-€736
Financial charges65/66B€39€339▲
Recurring financial charges65€39€339▲
Profit (loss) for the period before taxes9903€14,338-€1,781▼
Income taxes67/77€2,880€0▼
Profit (loss) for the period9904€11,458-€1,781▼
Profit (loss) for the period to be appropriated9905€11,458-€1,781▼
Appropriation of the result
Profit (loss) to be appropriated9906€11,458-€1,781▼
Transfer from equity791/2-€1,781
Transfer to equity691/2€11,458€0▼
To other reserves6921€11,458€0▼

The notes to these accounts have 7 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.

Source: Annual accounts 2025 at the NBB, filed on 08-07-2026.

Line20242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,927€10,016▲ 420%
Other operating charges640/8€148€829▲ 460%
Gross operating margin9900€16,452€8,667▼ 47.3%
Operating profit (loss)9901€14,377-€2,178-
Financial income75/76B-€736-
Recurring financial income75-€736-
Financial charges65/66B€39€339▲ 767%
Recurring financial charges65€39€339▲ 767%
Profit (loss) for the period before taxes9903€14,338-€1,781-
Income taxes67/77€2,880€0▼ 100%
Profit (loss) for the period9904€11,458-€1,781-
Profit (loss) for the period to be appropriated9905€11,458-€1,781-
Line20242025Change
Assets
Total assets20/58€20,497€48,098▲ 135%
Fixed assets21/28€8,467€32,226▲ 281%
Tangible fixed assets22/27€8,467€32,226▲ 281%
Plant, machinery and equipment23€8,467€32,226▲ 281%
Current assets29/58€12,030€15,872▲ 31.9%
Amounts receivable within one year40/41€8,269€12,742▲ 54.1%
Trade receivables40€8,259€11,711▲ 41.8%
Other amounts receivable41€10€1,031▲ 108×
Cash at bank and in hand54/58€3,761€2,662▼ 29.2%
Deferred charges and accrued income490/1-€468-
Equity and liabilities
Total equity and liabilities10/49€20,497€48,098▲ 135%
Equity10/15€13,958€12,177▼ 12.8%
Contributions10/11€2,500€2,500=
Reserves13€11,458€9,677▼ 15.5%
Distributable reserves133€11,458€9,677▼ 15.5%
Amounts payable17/49€6,539€35,921▲ 449%
Amounts payable after more than one year17-€14,444-
Financial debts170/4-€14,444-
Amounts payable within one year42/48€6,539€21,476▲ 228%
Current portion of amounts payable after more than one year42-€4,775-
Trade debts44€168€9,182▲ 55×
Suppliers440/4€168€9,182▲ 55×
Taxes, remuneration and social security45€4,995€5,527▲ 10.7%
Taxes450/3€4,995€5,527▲ 10.7%
Other amounts payable47/48€1,376€1,992▲ 44.8%
Line20242025Change
Profit (loss) for the period9904€11,458-€1,781-
+ Depreciation and write-downs630€1,927€10,016▲ 420%
Operating cash flow (approximation)€13,385€8,235▼ 38.5%
Investment in fixed assets (approximation)--€33,776-
Change in cash--€1,100-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 1,271 companies had the same profile as ELEVATE has now. Two years later, 93.5% were still going and 4.1% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • solvency 10 to 30%
  • a small loss
93.5% was still going
2.0% stopped otherwise
4.1% went bankrupt

Another 0.4% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of ELEVATE itself: 2.6% 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.

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 1,271 companies, not a prediction for ELEVATE. 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 (2)
Financial year Type Filed Reference Document
31-12-2025 micro format 08-07-2026 2026-00266604 PDF
31-12-2024 micro format 21-05-2025 2025-00100199 PDF

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