ELICO
ActiveSummary
ELICO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €185,445 and a net result of -€78,499. Equity is growing by ~23.5% per year across the filed fiscal years. Its solvency ranks better than 55% of 7930 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-89
Solvency74▼-11
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity ample (current ratio 1.86 against 2.34 in 2024; short-term debt: 51.5% and cash: 6.5% of total assets), but 51.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
6 d early
2023
30 d late
2022
31 d late
2021
17 d early
2020
10 d late
2019
12 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 9 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 July (5 of the last 5 filed years within 31 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€185,445▲ 6.6%
2024 · €173,944
Total assets
€382,323▲ 32.1%
2024 · €289,340
Net result
-€78,499
2024 · €47,530
Working capital
€168,998▲ 9.0%
2024 · €155,030
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€72,998€2,095▼ 97.1%€25,010▲ 1,094%€45,936▲ 83.7%-€78,723
Net result€72,385above the sector's middle half€933within the sector's middle half▼ 98.7%€25,566within the sector's middle half▲ 2,640%€47,530above the sector's middle half▲ 85.9%-€78,499below the sector's middle half
Equity€99,915within the sector's middle half▲ 263%€100,848within the sector's middle half▲ 0.9%€126,414within the sector's middle half▲ 25.4%€173,944above the sector's middle half▲ 37.6%€185,445within the sector's middle half▲ 6.6%
Total assets€405,758above the sector's middle half▲ 198%€281,932within the sector's middle half▼ 30.5%€369,226above the sector's middle half▲ 31.0%€289,340within the sector's middle half▼ 21.6%€382,323within the sector's middle half▲ 32.1%
Debt€305,844▲ 181%€181,084▼ 40.8%€242,812▲ 34.1%€115,396▼ 52.5%€196,878▲ 70.6%
Working capital€75,237within the sector's middle half▲ 777%€115,597above the sector's middle half▲ 53.6%€173,507above the sector's middle half▲ 50.1%€155,030above the sector's middle half▼ 10.6%€168,998within the sector's middle half▲ 9.0%
Solvency24.6%within the sector's middle half▲ 4.4pp35.8%within the sector's middle half▲ 11.1pp34.2%within the sector's middle half▼ 1.5pp60.1%within the sector's middle half▲ 25.9pp48.5%within the sector's middle half▼ 11.6pp
Current ratio1.25within the sector's middle half▲ 0.171.80within the sector's middle half▲ 0.551.98within the sector's middle half▲ 0.192.34within the sector's middle half▲ 0.361.86within the sector's middle half▼ 0.49
Return on assets (ROA)17.8%above the sector's middle half▲ 24.2pp0.3%below the sector's middle half▼ 17.5pp6.9%within the sector's middle half▲ 6.6pp16.4%within the sector's middle half▲ 9.5pp-20.5%below the sector's middle half▼ 37.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €78,723 after €45,936 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €382,323
Fixed assets
€16,447 ▼ 13.4%
Current assets
€365,876 ▲ 35.3%
Equity and liabilities €382,323
Equity
€185,445 ▲ 6.6%
Debt
€196,878 ▲ 70.6%
Debt's share of the balance-sheet total rises from 39.9% to 51.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€76,373▼
2024 · €52,123
Cash flow
-€76,150▼
2024 · €53,717
Quick ratio
1.83▼
2024 · 2.18
Debt to equity
1.06▲
2024 · 0.66
ROE
-42.3%▼
2024 · 27.3%
Interest coverage
-468.58▼
2024 · 41.14
Debt ≤ 1 year
€196,878▲
2024 · €115,312
Income taxes
-€18▼
2024 · €0
Staff costs
€0▼
2024 · €121
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,836 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,836 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0 | €0 | - | €121 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,743 | €3,581 | €2,958 | €6,187 | €2,350 | ▼ 62.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €3,872 | €0 | - | - | - | - |
| Other operating charges640/8 | €4,709 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €83,322 | €6,023 | €28,353 | €52,632 | -€75,974 | ▼ 244% |
| Operating profit (loss)9901 | €72,998 | €2,095 | €25,010 | €45,936 | -€78,723 | ▼ 271% |
| Financial income75/76B | €9 | €39 | €1,783 | €2,862 | €369 | ▼ 87.1% |
| Recurring financial income75 | €9 | €39 | €1,783 | €2,862 | €369 | ▼ 87.1% |
| Financial charges65/66B | €615 | €1,201 | €1,209 | €1,267 | €163 | ▼ 87.1% |
| Recurring financial charges65 | €615 | €1,201 | €1,209 | €1,267 | €163 | ▼ 87.1% |
| Profit (loss) for the period before taxes9903 | €72,392 | €933 | €25,584 | €47,530 | -€78,517 | ▼ 265% |
| Income taxes67/77 | €7 | €0 | €18 | €0 | -€18 | - |
| Profit (loss) for the period9904 | €72,385 | €933 | €25,566 | €47,530 | -€78,499 | ▼ 265% |
| Profit (loss) for the period to be appropriated9905 | €72,385 | €933 | €25,566 | €47,530 | -€78,499 | ▼ 265% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €405,758 | €281,932 | €369,226 | €289,340 | €382,323 | ▲ 32.1% |
| Fixed assets21/28 | €24,873 | €21,292 | €19,185 | €18,998 | €16,447 | ▼ 13.4% |
| Tangible fixed assets22/27 | €11,133 | €7,552 | €5,445 | €5,258 | €3,167 | ▼ 39.8% |
| Plant, machinery and equipment23 | €7,749 | €4,722 | €2,615 | €2,427 | €337 | ▼ 86.1% |
| Furniture and vehicles24 | €554 | €0 | - | - | - | - |
| Other tangible fixed assets26 | €2,830 | €2,830 | €2,830 | €2,830 | €2,830 | = |
| Financial fixed assets28 | €13,740 | €13,740 | €13,740 | €13,740 | €13,280 | ▼ 3.3% |
| Current assets29/58 | €380,885 | €260,640 | €350,041 | €270,343 | €365,876 | ▲ 35.3% |
| Stocks and contracts in progress3 | €13,403 | €6,753 | €3,711 | €19,383 | €5,763 | ▼ 70.3% |
| Stocks30/36 | €13,403 | €6,753 | €3,711 | €19,383 | €5,763 | ▼ 70.3% |
| Amounts receivable within one year40/41 | €286,571 | €121,750 | €244,174 | €226,001 | €335,127 | ▲ 48.3% |
| Trade receivables40 | €236,571 | €71,750 | €192,520 | €163,568 | €241,899 | ▲ 47.9% |
| Other amounts receivable41 | €50,000 | €50,000 | €51,654 | €62,433 | €93,228 | ▲ 49.3% |
| Cash at bank and in hand54/58 | €79,196 | €128,448 | €102,135 | €24,865 | €24,800 | ▼ 0.3% |
| Deferred charges and accrued income490/1 | €1,716 | €3,689 | €21 | €93 | €185 | ▲ 99.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €405,758 | €281,932 | €369,226 | €289,340 | €382,323 | ▲ 32.1% |
| Equity10/15 | €99,915 | €100,848 | €126,414 | €173,944 | €185,445 | ▲ 6.6% |
| Contributions10/11 | €174,950 | €174,950 | €174,950 | €178,130 | €268,130 | ▲ 50.5% |
| Capital10 | €139,396 | - | €139,396 | €107,590 | - | - |
| Issued capital100 | €139,396 | - | €139,396 | €107,590 | - | - |
| Outside capital11 | €35,553 | - | €35,553 | €70,540 | - | - |
| Share premium1100/10 | €35,553 | - | €35,553 | €35,553 | - | - |
| Other1109/19 | - | - | - | €34,987 | - | - |
| Reserves13 | €88,724 | €88,724 | €88,724 | €85,544 | €85,544 | = |
| Non-distributable reserves130/1 | €3,940 | €3,940 | €3,940 | €759 | €759 | = |
| Legal reserve130 | €3,940 | - | €3,940 | €0 | - | - |
| Reserves not available under the articles1311 | - | €3,940 | - | €759 | €759 | = |
| Tax-exempt reserves132 | €172 | €172 | €172 | €172 | €172 | = |
| Distributable reserves133 | €84,612 | €84,612 | €84,612 | €84,612 | €84,612 | = |
| Profit (loss) carried forward14 | -€163,759 | -€162,826 | -€137,260 | -€89,730 | -€168,229 | ▼ 87.5% |
| Amounts payable17/49 | €305,844 | €181,084 | €242,812 | €115,396 | €196,878 | ▲ 70.6% |
| Amounts payable within one year42/48 | €305,649 | €145,042 | €176,534 | €115,312 | €196,878 | ▲ 70.7% |
| Trade debts44 | €160,307 | €87,671 | €116,462 | €52,368 | €179,795 | ▲ 243% |
| Suppliers440/4 | €160,307 | €87,671 | €116,462 | €52,368 | €179,795 | ▲ 243% |
| Advances received on contracts in progress46 | €57,029 | €0 | - | - | €4,000 | - |
| Taxes, remuneration and social security45 | €181 | €353 | €300 | €623 | €2,524 | ▲ 305% |
| Taxes450/3 | €181 | €353 | €300 | €623 | €2,524 | ▲ 305% |
| Remuneration and social security454/9 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €88,132 | €57,019 | €59,772 | €62,321 | €10,559 | ▼ 83.1% |
| Accrued charges and deferred income492/3 | €195 | €36,041 | €66,278 | €84 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,385 | €933 | €25,566 | €47,530 | -€78,499 | ▼ 265% |
| + Depreciation and write-downs630 | €1,743 | €3,581 | €2,958 | €6,187 | €2,350 | ▼ 62.0% |
| Operating cash flow (approximation) | €74,128 | €4,514 | €28,524 | €53,717 | -€76,150 | ▼ 242% |
| Investment in fixed assets (approximation) | - | €0 | -€851 | -€6,000 | €201 | ▲ 103% |
| Change in cash | - | €49,252 | -€26,312 | -€77,270 | -€65 | ▲ 99.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-09
State Gazette act
Resignations: Charles-Antoine Kervyn de Volkaersbeke (director) and Gilles d'Oultremont (managing director)Appointments: Ferdinand Casier, Damien Dierckx and Renaud Manise15 facts ▸
State Gazette act
Resignations: Charles-Antoine Kervyn de Volkaersbeke (director) and Gilles d'Oultremont (managing director)
Appointments: Ferdinand Casier, Damien Dierckx and Renaud Manise15 facts ▸
- General meeting, 28-05-2026
- Director resignation, Charles-Antoine Kervyn de Volkaersbeke (director)
- Director appointment, Ferdinand Casier (director)
- Director appointment, Damien Dierckx (director)
- Director appointment, Renaud Manise (managing director)
- Director resignation, Gilles d'Oultremont (managing director)
- General meeting, à l'unanimité des voix présentes ou représentées, approuve ces nominations
- Board composition, Gilles d'Oultremont (chair)
- Board composition, Stéphane Sohier (représentant batigroupe)
- Board composition, Renaud Manise (managing director)
- Board composition, Ferdinand Casier (director)
- Board composition, Damien Dierckx (director)
- +3 further facts in this act
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€78,499
Net result drops to -€78,499, the lowest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €150,000Eq €173,944 ▲37.6%
4 profitable years in a row build equity to €173,944.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Equity above €100,000Eq €100,848 ▲0.9%
2 profitable years in a row build equity to €100,848.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €72,385
Net result €72,385 after 3 loss-making years.
10-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 10 days late
2020
12-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 12 days late
Show earlier events
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 6 days late
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26114369). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 2
Damien Dierckx
CurrentDirector · since 11-09-2026
Ferdinand Casier
CurrentDirector · since 11-09-2026
Day-to-day management 1
Renaud Manise
CurrentManaging director · since 11-09-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
12 of this company's 13 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Pieters-Woluwe · 1 establishment unit since 1989
Ground area
84 m²
Parcel 21682C0182/00S035, Brussels. Linked by address, not a title deed.
1 establishment unit
ELICO
since 19892.045.014.970
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21682C0182/00S035 | Brussels | 84 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
5 people since 2026, 3 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Damien Dierckx |
|
| Ferdinand Casier |
|
| Renaud Manise |
|
| Charles-Antoine Kervyn de Volkaersbeke |
|
| Gilles d'Oultremont |
|
Structure & network
Owners and holdings
1 ownerChain of control
- BATI GROUPE
- ELICO
Highest known parent: BATI GROUPE. The sources do not say who stands above it.
Owners 1
- BATI GROUPEparent99.85%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
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Of 22,831 companies in sector 43211 we hold annual accounts for 10,335. 8,378 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCooperative company
Founded27-06-1989
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0437730712
Registered
17-07-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.