ELI
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 06-10-2026 at the NBB all 10 filings
Turnover
≈ €670,000
Estimated: probably between €460,000 and €960,000
Total assets
€957,823▲ 4.7%
2025 · €914,550
Net result
€118,115▲ 24.3%
2025 · €95,029
Working capital
€412,718▲ 39.0%
2025 · €296,991
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result for 2026 is 27% higher than in 2025 and the highest since 2022. It is a recovery after the fall in 2025.
Operating result€178,763
2026
Net result€118,115
2026
Total assets€957,823
2026
Equity€616,711
2026
Debt€338,114
2026
Working capital€412,718
2026
Staff (FTE)1
2026
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€65,447-€77,522▲ 18.4%€125,649▲ 62.1%€123,829▼ 1.4%€111,922▼ 9.6%€167,948▲ 50.1%€140,537▼ 16.3%€178,763▲ 27.2%
Net result€43,986-€52,500▲ 19.4%€87,947▲ 67.5%€98,368▲ 11.8%€76,064▼ 22.7%€114,378▲ 50.4%€95,029▼ 16.9%€118,115▲ 24.3%
Equity€145,290-€197,789▲ 36.1%€285,737▲ 44.5%€384,104▲ 34.4%€460,168▲ 19.8%€544,475▲ 18.3%€551,096▲ 1.2%€616,711▲ 11.9%
Total assets€406,281-€417,661▲ 2.8%€464,792▲ 11.3%€778,772▲ 67.6%€955,361▲ 22.7%€927,899▼ 2.9%€914,550▼ 1.4%€957,823▲ 4.7%
Debt€260,991-€219,872▼ 15.8%€179,056▼ 18.6%€394,668▲ 120%€495,193▲ 25.5%€377,113▼ 23.8%€358,800▼ 4.9%€338,114▼ 5.8%
Working capital€82,498-€128,686▲ 56.0%€261,204▲ 103%€288,121▲ 10.3%€217,893▼ 24.4%€251,160▲ 15.3%€296,991▲ 18.2%€412,718▲ 39.0%
Staff (FTE)11=1=1=1=
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
2026 in colour, 2025 as the grey bar beneath
Assets €957,823
Fixed assets
€430,003 ▼ 16.5%
Current assets
€527,820 ▲ 32.2%
Equity and liabilities €957,823
Equity
€616,711 ▲ 11.9%
Provisions
€2,998 ▼ 35.6%
Debt
€338,114 ▼ 5.8%
Debt's share of the balance-sheet total falls from 39.2% to 35.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€270,233▲
2025 · €233,654
Cash flow
€209,584▲
2025 · €188,146
Current ratio
4.59▲
2025 · 3.90
Debt to equity
0.55▼
2025 · 0.65
ROE
19.2%▲
2025 · 17.2%
ROA
12.3%▲
2025 · 10.4%
Interest coverage
46.79▲
2025 · 36.70
Debt ≤ 1 year
€115,102▲
2025 · €102,363
Debt > 1 year
€220,176▼
2025 · €253,758
Income taxes
€61,218▲
2025 · €44,672
Staff costs
€58,086▲
2025 · €50,067
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Companies with the same profile, two years later
Historical observationIn July 2024, 34,693 companies had the same profile as ELI has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95.3%
was still going
That fits the bankruptcy probability of ELI itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 34,693 companies, not a prediction for ELI. 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.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €26,500 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €27,690 | €51,663 | €62,899 | €50,067 | €58,086 | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,241 | €48,792 | €36,447 | €55,350 | €70,678 | €91,757 | €93,117 | €91,469 | ▼ 1.8% |
| Other operating charges640/8 | - | - | - | €46,249 | €37,721 | €5,094 | €3,353 | €4,381 | ▲ 30.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €124 | - | - | - |
| Gross operating margin9900 | €113,525 | €128,328 | €162,980 | €253,118 | €271,985 | €327,821 | €287,074 | €332,699 | ▲ 15.9% |
| Operating profit (loss)9901 | €65,447 | €77,522 | €125,649 | €123,829 | €111,922 | €167,948 | €140,537 | €178,763 | ▲ 27.2% |
| Financial income75/76B | - | - | - | €1,233 | €1,679 | €1,401 | €3,875 | €4,688 | ▲ 21.0% |
| Recurring financial income75 | €380 | €384 | €604 | €1,233 | €1,679 | €1,401 | €3,875 | €4,688 | ▲ 21.0% |
| Financial charges65/66B | - | - | - | €2,869 | €3,633 | €7,618 | €6,366 | €5,775 | ▼ 9.3% |
| Recurring financial charges65 | €2,791 | €3,167 | €1,541 | €2,869 | €3,633 | €7,618 | €6,366 | €5,775 | ▼ 9.3% |
| Profit (loss) for the period before taxes9903 | €63,036 | €74,739 | €124,712 | €122,194 | €109,968 | €161,731 | €138,045 | €177,677 | ▲ 28.7% |
| Transfer from deferred taxes780 | - | - | - | - | - | €314 | €1,656 | €1,656 | = |
| Transfer to deferred taxes680 | - | - | - | - | - | €6,625 | - | - | - |
| Income taxes67/77 | €19,050 | €22,239 | €36,765 | €23,826 | €33,904 | €41,041 | €44,672 | €61,218 | ▲ 37.0% |
| Profit (loss) for the period9904 | €43,986 | €52,500 | €87,947 | €98,368 | €76,064 | €114,378 | €95,029 | €118,115 | ▲ 24.3% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €942 | €4,969 | €4,969 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €19,875 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €43,986 | €52,500 | €87,947 | €98,368 | €76,064 | €95,446 | €99,998 | €123,084 | ▲ 23.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €406,281 | €417,661 | €464,792 | €778,772 | €955,361 | €927,899 | €914,550 | €957,823 | ▲ 4.7% |
| Formation expenses20 | €528 | €253 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €266,099 | €223,874 | €130,014 | €368,525 | €585,956 | €596,240 | €515,196 | €430,003 | ▼ 16.5% |
| Intangible fixed assets21 | €162,542 | €139,042 | €77,028 | €61,361 | €45,694 | €30,028 | €14,361 | - | - |
| Tangible fixed assets22/27 | €103,557 | €84,832 | €52,986 | €307,164 | €540,261 | €566,212 | €500,835 | €430,003 | ▼ 14.1% |
| Land and buildings22 | - | - | - | €226,699 | €467,538 | €438,523 | €403,121 | €368,708 | ▼ 8.5% |
| Plant, machinery and equipment23 | - | - | - | €57,526 | €50,450 | €42,290 | €25,433 | €12,379 | ▼ 51.3% |
| Furniture and vehicles24 | - | - | - | €21,739 | €21,073 | €84,199 | €71,082 | €47,717 | ▼ 32.9% |
| Other tangible fixed assets26 | - | - | - | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | = |
| Current assets29/58 | €139,654 | €193,535 | €334,778 | €410,247 | €369,405 | €331,659 | €399,354 | €527,820 | ▲ 32.2% |
| Amounts receivable after more than one year29 | - | - | - | €83,230 | €54,670 | €26,110 | - | - | - |
| Other amounts receivable291 | - | - | - | €83,230 | €54,670 | €26,110 | - | - | - |
| Amounts receivable within one year40/41 | €30,186 | €33,614 | €74,653 | €74,146 | €74,160 | €89,181 | €103,759 | €98,923 | ▼ 4.7% |
| Trade receivables40 | - | - | - | €20,201 | €19,035 | €6,757 | €22,115 | - | - |
| Other amounts receivable41 | - | - | - | €53,945 | €55,125 | €82,423 | €81,644 | €98,923 | ▲ 21.2% |
| Current investments50/53 | - | - | - | - | - | €8,333 | €8,333 | €8,333 | = |
| Cash at bank and in hand54/58 | €106,224 | €156,532 | €142,834 | €249,539 | €206,762 | €203,141 | €278,677 | €411,387 | ▲ 47.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,333 | €33,814 | €4,894 | €8,585 | €9,177 | ▲ 6.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €406,281 | €417,661 | €464,792 | €778,772 | €955,361 | €927,899 | €914,550 | €957,823 | ▲ 4.7% |
| Equity10/15 | €145,290 | €197,789 | €285,737 | €384,104 | €460,168 | €544,475 | €551,096 | €616,711 | ▲ 11.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €139,090 | €191,589 | €279,537 | €377,904 | €453,968 | €538,275 | €544,896 | €610,511 | ▲ 12.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €37,683 | €32,714 | €27,745 | ▼ 15.2% |
| Distributable reserves133 | - | - | - | €357,294 | €433,358 | €498,732 | €510,322 | €580,906 | ▲ 13.8% |
| Provisions and deferred taxes16 | - | - | - | - | - | €6,311 | €4,655 | €2,998 | ▼ 35.6% |
| Deferred taxes168 | - | - | - | - | - | €6,311 | €4,655 | €2,998 | ▼ 35.6% |
| Amounts payable17/49 | €260,991 | €219,872 | €179,056 | €394,668 | €495,193 | €377,113 | €358,800 | €338,114 | ▼ 5.8% |
| Amounts payable after more than one year17 | €202,936 | €154,346 | €105,369 | €255,180 | €340,889 | €293,597 | €253,758 | €220,176 | ▼ 13.2% |
| Financial debts170/4 | - | - | - | €255,180 | €340,889 | €293,597 | €253,758 | €220,176 | ▼ 13.2% |
| Amounts payable within one year42/48 | €57,157 | €64,849 | €73,575 | €122,126 | €151,512 | €80,499 | €102,363 | €115,102 | ▲ 12.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €97,519 | €104,214 | €52,686 | €39,839 | €33,583 | ▼ 15.7% |
| Trade debts44 | €905 | €4,408 | €2,493 | €16,679 | €31,286 | - | - | €12,804 | - |
| Suppliers440/4 | - | - | - | €16,679 | €31,286 | - | - | €12,804 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,927 | €16,012 | €27,813 | €59,648 | €63,067 | ▲ 5.7% |
| Taxes450/3 | - | - | - | €7,927 | €16,012 | €27,813 | €51,935 | €57,586 | ▲ 10.9% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €7,713 | €5,481 | ▼ 28.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | €2,876 | €5,647 | ▲ 96.4% |
| Accrued charges and deferred income492/3 | - | - | - | €17,362 | €2,792 | €3,017 | €2,678 | €2,836 | ▲ 5.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,986 | €52,500 | €87,947 | €98,368 | €76,064 | €114,378 | €95,029 | €118,115 | ▲ 24.3% |
| + Depreciation and write-downs630 | €47,241 | €48,792 | €36,447 | €55,350 | €70,678 | €91,757 | €93,117 | €91,469 | ▼ 1.8% |
| Operating cash flow (approximation) | €91,227 | €101,292 | €124,394 | €153,718 | €146,742 | €206,136 | €188,146 | €209,584 | ▲ 11.4% |
| Investment in fixed assets (approximation) | - | -€6,567 | €57,413 | -€293,862 | -€288,109 | -€102,041 | -€12,073 | -€6,277 | ▲ 48.0% |
| Change in cash | - | €50,308 | -€13,697 | €106,705 | -€42,777 | -€3,620 | €75,536 | €132,710 | ▲ 75.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 06-10-2026 | 2026-00550474 | NBB |
| 31-03-2025 | micro format | 08-12-2025 | 2025-00578737 | |
| 31-03-2024 | micro format | 31-12-2024 | 2025-00630688 | |
| 31-03-2023 | micro format | 30-11-2023 | 2023-00521433 | |
| 31-03-2022 | micro format | 18-10-2022 | 2022-20469927 | |
| 31-03-2021 | micro format | 21-10-2021 | 2021-72600157 | |
| 31-03-2020 | micro format | 31-10-2020 | 2020-68500185 | |
| 31-03-2019 | micro format | 25-10-2019 | 2019-71900188 | |
| 31-03-2018 | micro format | 16-10-2018 | 2018-69700407 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68600062 |