ELGI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-03-2026 PDF all 31 filings
Turnover
≈ €25,000
Estimated: probably between €11,000 and €63,000
Total assets
€174,427▲ 3.8%
2024 · €168,040
Net result
-€1,063
2024 · €21,210
Working capital
€159,773▼ 0.7%
2024 · €160,837
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,068
▼ 73.0%
2025
20192025
Net result
-€1,063
2025
lowest quarter of the sector
20192025
Equity
€160,070
▼ 0.7%
2025
middle half of the sector
20192025
Total assets
€174,427
▲ 3.8%
2025
lowest quarter of the sector
20192025
Debt
€14,356
▲ 108%
2025
20192025
Working capital
€159,773
▼ 0.7%
2025
middle half of the sector
20192025
Solvency
91.8%
▼ 4.1pp
2025
highest quarter of the sector
20192025
Current ratio
12.13
▼ 12.16
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-0.6%
▼ 13.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€12,855-€2,022€65,314▲ 32×€3,748▼ 94.3%€766▼ 79.6%€22,511▲ 29×€6,068▼ 73.0%
Net result-€12,918-€1,957within the sector's middle half€46,030within the sector's middle half▲ 24×€2,877below the sector's middle half▼ 93.7%-€43below the sector's middle half€21,210within the sector's middle half-€1,063below the sector's middle half
Equity€89,165-€91,121below the sector's middle half▲ 2.2%€137,151within the sector's middle half▲ 50.5%€139,967within the sector's middle half▲ 2.1%€139,923within the sector's middle half=€161,134within the sector's middle half▲ 15.2%€160,070within the sector's middle half▼ 0.7%
Total assets€293,150-€292,328below the sector's middle half▼ 0.3%€165,776within the sector's middle half▼ 43.3%€152,162below the sector's middle half▼ 8.2%€147,135below the sector's middle half▼ 3.3%€168,040below the sector's middle half▲ 14.2%€174,427below the sector's middle half▲ 3.8%
Debt€203,985-€201,207▼ 1.4%€28,625▼ 85.8%€12,195▼ 57.4%€7,211▼ 40.9%€6,906▼ 4.2%€14,356▲ 108%
Working capital€88,868-€90,824within the sector's middle half▲ 2.2%€136,854above the sector's middle half▲ 50.7%€139,670within the sector's middle half▲ 2.1%€139,086within the sector's middle half▼ 0.4%€160,837within the sector's middle half▲ 15.6%€159,773within the sector's middle half▼ 0.7%
Solvency30.4%-31.2%within the sector's middle half▲ 0.8pp82.7%above the sector's middle half▲ 51.6pp92.0%above the sector's middle half▲ 9.3pp95.1%above the sector's middle half▲ 3.1pp95.9%above the sector's middle half▲ 0.8pp91.8%above the sector's middle half▼ 4.1pp
Current ratio1.44-1.45within the sector's middle half▲ 0.025.78above the sector's middle half▲ 4.3312.45above the sector's middle half▲ 6.6720.29above the sector's middle half▲ 7.8324.29above the sector's middle half▲ 4.0012.13above the sector's middle half▼ 12.16
Return on assets (ROA)-4.4%-0.7%within the sector's middle half▲ 5.1pp27.8%above the sector's middle half▲ 27.1pp1.9%within the sector's middle half▼ 25.9pp0.0%below the sector's middle half▼ 1.9pp12.6%within the sector's middle half▲ 12.7pp-0.6%below the sector's middle half▼ 13.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 73% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €174,427
Fixed assets
€297 =
Current assets
€174,130 ▲ 3.8%
Equity and liabilities €174,427
Equity
€160,070 ▼ 0.7%
Debt
€14,356 ▲ 108%
Debt's share of the balance-sheet total rises from 4.1% to 8.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6,068▼
2024 · €23,052
Cash flow
-€1,063▼
2024 · €21,751
Debt to equity
0.09▲
2024 · 0.04
ROE
-0.7%▼
2024 · 13.2%
Interest coverage
1.42▼
2024 · 38.42
Debt ≤ 1 year
€14,356▲
2024 · €6,906
Income taxes
€4,998▲
2024 · €4,001
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,081 | - | - |
| Depreciation and write-downs of the year | - | €540 | €541 | €0 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €540 | €541 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | - | €135 | €135 | €145 | ▲ 7.4% |
| Gross operating margin9900 | -€12,585 | €2,022 | €65,584 | €3,748 | €1,441 | €23,187 | €6,213 | ▼ 73.2% |
| Operating profit (loss)9901 | -€12,855 | €2,022 | €65,314 | €3,748 | €766 | €22,511 | €6,068 | ▼ 73.0% |
| Financial income75/76B | - | - | - | - | €796 | €3,300 | €2,125 | ▼ 35.6% |
| Recurring financial income75 | - | - | - | - | €796 | €3,300 | €2,125 | ▼ 35.6% |
| Financial charges65/66B | - | - | - | €601 | €600 | €600 | €4,259 | ▲ 610% |
| Recurring financial charges65 | €63 | €65 | €289 | €601 | €600 | €600 | €4,259 | ▲ 610% |
| Profit (loss) for the period before taxes9903 | -€12,918 | €1,957 | €65,024 | €3,147 | €962 | €25,211 | €3,934 | ▼ 84.4% |
| Income taxes67/77 | - | - | €18,995 | €270 | €1,005 | €4,001 | €4,998 | ▲ 24.9% |
| Profit (loss) for the period9904 | -€12,918 | €1,957 | €46,030 | €2,877 | -€43 | €21,210 | -€1,063 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,918 | €1,957 | €46,030 | €2,877 | -€43 | €21,210 | -€1,063 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €293,150 | €292,328 | €165,776 | €152,162 | €147,135 | €168,040 | €174,427 | ▲ 3.8% |
| Fixed assets21/28 | €297 | €297 | €297 | €297 | €838 | €297 | €297 | = |
| Tangible fixed assets22/27 | - | - | - | - | €541 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €541 | - | - | - |
| Financial fixed assets28 | €297 | €297 | €297 | €297 | €297 | €297 | €297 | = |
| Current assets29/58 | €292,853 | €292,031 | €165,479 | €151,865 | €146,297 | €167,743 | €174,130 | ▲ 3.8% |
| Amounts receivable within one year40/41 | €11,188 | €11,983 | - | - | €239 | €15,637 | €1,350 | ▼ 91.4% |
| Trade receivables40 | - | - | - | - | - | €13,287 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | €239 | €2,350 | €1,350 | ▼ 42.6% |
| Current investments50/53 | €11 | €11 | €11 | €11 | €125,011 | €125,011 | €146,352 | ▲ 17.1% |
| Cash at bank and in hand54/58 | €31,654 | €30,038 | €165,469 | €151,854 | €21,047 | €27,095 | €26,428 | ▼ 2.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €293,150 | €292,328 | €165,776 | €152,162 | €147,135 | €168,040 | €174,427 | ▲ 3.8% |
| Equity10/15 | €89,165 | €91,121 | €137,151 | €139,967 | €139,923 | €161,134 | €160,070 | ▼ 0.7% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,911 | €61,911 | €61,911 | €61,911 | = |
| Capital10 | - | - | - | €61,911 | €61,911 | €61,911 | €61,911 | = |
| Issued capital100 | - | - | - | €61,911 | €61,911 | €61,911 | €61,911 | = |
| Reserves13 | €6,197 | €6,197 | €52,227 | €52,227 | €52,227 | €52,227 | €52,227 | = |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Distributable reserves133 | - | - | - | €46,030 | €46,030 | €46,030 | €46,030 | = |
| Profit (loss) carried forward14 | €20,994 | €22,951 | €22,951 | €25,828 | €25,785 | €46,995 | €45,932 | ▼ 2.3% |
| Amounts payable17/49 | €203,985 | €201,207 | €28,625 | €12,195 | €7,211 | €6,906 | €14,356 | ▲ 108% |
| Amounts payable within one year42/48 | €203,985 | €201,207 | €28,625 | €12,195 | €7,211 | €6,906 | €14,356 | ▲ 108% |
| Trade debts44 | €2,746 | €3,061 | €1,117 | €3,503 | €2,542 | €1,249 | €14,356 | ▲ 11× |
| Suppliers440/4 | - | - | - | €3,503 | €2,542 | €1,249 | €14,356 | ▲ 11× |
| Taxes, remuneration and social security45 | - | - | - | €8,692 | €4,670 | €5,657 | - | - |
| Taxes450/3 | - | - | - | €8,692 | €4,670 | €5,657 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,918 | €1,957 | €46,030 | €2,877 | -€43 | €21,210 | -€1,063 | - |
| + Depreciation and write-downs630 | - | - | - | - | €540 | €541 | €0 | ▼ 100% |
| Operating cash flow (approximation) | -€12,918 | €1,957 | €46,030 | €2,877 | €497 | €21,751 | -€1,063 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,081 | €0 | €0 | - |
| Change in cash | - | -€1,616 | €135,431 | -€13,615 | -€130,807 | €6,048 | -€667 | - |
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, 12,322 companies had the same profile as ELGI has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELGI 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 12,322 companies, not a prediction for ELGI. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 09-03-2026 | 2026-00052571 | |
| 30-09-2024 | abbreviated format | 21-03-2025 | 2025-00052179 | |
| 30-09-2023 | abbreviated format | 05-03-2024 | 2024-00040120 | |
| 30-09-2022 | abbreviated format | 15-03-2023 | 2023-00040578 | |
| 30-09-2021 | micro format | 16-03-2022 | 2022-07700531 | |
| 30-09-2020 | abbreviated format | 24-03-2021 | 2021-08400322 | |
| 30-09-2019 | abbreviated format | 11-03-2020 | 2020-06400559 | |
| 30-09-2018 | abbreviated format | 04-03-2019 | 2019-06400251 | |
| 30-09-2017 | abbreviated format | 14-03-2018 | 2018-07000020 | |
| 30-09-2016 | abbreviated format | 22-03-2017 | 2017-07100599 |