ELIRO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 35 filings
Turnover
≈ €270,000
Estimated: probably between €170,000 and €510,000
EBIT margin
Not included in this filing
Net result
€65,384▲ 48.9%
2024 · €43,904
Working capital
€603,953▲ 16.0%
2024 · €520,540
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€85,087
▲ 48.8%
2025
20182025
Net result
€65,384
▲ 48.9%
2025
20182025
Equity
€1.3m
▲ 5.3%
2025
20182025
Total assets
€1.7m
▲ 5.0%
2025
20182025
Debt
€412,040
▲ 4.0%
2025
20182025
Working capital
€603,953
▲ 16.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.07m▲ 42.0%€0.03m▼ 48.8%€0.05m▲ 49.7%€0.05m▼ 7.9%€0.07m▲ 43.8%€0.06m▼ 16.2%€0.09m▲ 48.8%
Net result€0.03m-€0.04m▲ 31.4%€0.02m▼ 57.9%€0.03m▲ 76.6%€0.03m▲ 5.2%€0.05m▲ 44.4%€0.04m▼ 9.8%€0.07m▲ 48.9%
Equity€1.0m-€1.0m▲ 4.3%€1.1m▲ 1.7%€1.1m▲ 3.0%€1.1m▲ 3.1%€1.2m▲ 4.3%€1.2m▲ 3.7%€1.3m▲ 5.3%
Total assets€1.4m-€1.4m▲ 3.1%€1.5m▲ 1.8%€1.5m▲ 3.3%€1.5m▼ 0.9%€1.6m▲ 4.7%€1.6m▲ 3.6%€1.7m▲ 5.0%
Debt€0.4m-€0.4m▲ 0.1%€0.4m▲ 2.1%€0.4m▲ 4.2%€0.4m▼ 11.5%€0.4m▲ 6.0%€0.4m▲ 3.2%€0.4m▲ 4.0%
Working capital€0.2m-€0.3m▲ 32.9%€0.3m▲ 16.1%€0.4m▲ 18.0%€0.5m▲ 14.1%€0.5m▲ 3.1%€0.5m▲ 11.8%€0.6m▲ 16.0%
The operating result for 2025 is 49% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€903,056 ▼ 1.0%
Current assets
€800,039 ▲ 12.7%
Equity and liabilities €1.7m
Equity
€1.3m ▲ 5.3%
Debt
€412,040 ▲ 4.0%
Debt's share of the balance-sheet total falls from 24.4% to 24.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€93,854▲
2024 · €65,693
Cash flow
€74,151▲
2024 · €52,413
Current ratio
4.08▲
2024 · 3.75
Debt to equity
0.32▼
2024 · 0.32
ROE
5.1%▲
2024 · 3.6%
ROA
3.8%▲
2024 · 2.7%
Interest coverage
9.78▲
2024 · 6.78
Debt ≤ 1 year
€196,086▲
2024 · €189,333
Income taxes
€23,792▲
2024 · €16,233
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €51,850 | €6,804 | - |
| Depreciation and write-downs of the year | €16,145 | €12,784 | €7,889 | €8,509 | €8,767 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,145 | €16,145 | €16,145 | €16,145 | €12,784 | €7,889 | €8,509 | €8,767 | ▲ 3.0% |
| Other operating charges640/8 | - | - | - | €11,037 | €11,283 | €12,582 | €13,061 | €13,472 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | €6,400 | - | - | - | - | - |
| Gross operating margin9900 | €73,670 | €94,330 | €61,536 | €85,117 | €71,534 | €88,714 | €78,754 | €107,326 | ▲ 36.3% |
| Operating profit (loss)9901 | €47,410 | €67,309 | €34,429 | €51,535 | €47,467 | €68,243 | €57,184 | €85,087 | ▲ 48.8% |
| Financial income75/76B | - | - | - | €5,089 | €8,618 | €8,721 | €12,636 | €13,688 | ▲ 8.3% |
| Recurring financial income75 | €13,988 | €6,705 | €3,605 | €5,089 | €8,618 | €8,721 | €12,636 | €13,688 | ▲ 8.3% |
| Financial charges65/66B | - | - | - | €12,616 | €9,776 | €9,716 | €9,683 | €9,599 | ▼ 0.9% |
| Recurring financial charges65 | €12,756 | €12,919 | €12,576 | €12,616 | €9,776 | €9,716 | €9,683 | €9,599 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | €48,642 | €61,095 | €25,458 | €44,008 | €46,309 | €67,248 | €60,137 | €89,176 | ▲ 48.3% |
| Income taxes67/77 | €15,887 | €18,060 | €7,327 | €11,981 | €12,605 | €18,568 | €16,233 | €23,792 | ▲ 46.6% |
| Profit (loss) for the period9904 | €32,755 | €43,035 | €18,131 | €32,027 | €33,704 | €48,680 | €43,904 | €65,384 | ▲ 48.9% |
| Profit (loss) for the period to be appropriated9905 | €32,755 | €43,035 | €18,131 | €32,027 | €33,704 | €48,680 | €43,904 | €65,384 | ▲ 48.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | €1.7m | ▲ 5.0% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▼ 1.0% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.5% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.5% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.006m | €0.004m | ▼ 33.5% |
| Financial fixed assets28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 12.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | ▲ 10.6% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | ▲ 10.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.05m | €0.07m | €0.1m | ▲ 31.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.02m | €0.008m | €0.009m | ▲ 13.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | €1.7m | ▲ 5.0% |
| Equity10/15 | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.2m | €1.3m | ▲ 5.3% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.9m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | ▲ 6.0% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 4.0% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Other loans439 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Trade debts44 | €0.003m | €0.002m | €0.002m | €0.004m | €0.002m | €0.009m | €0.005m | €0.007m | ▲ 32.6% |
| Suppliers440/4 | - | - | - | €0.004m | €0.002m | €0.009m | €0.005m | €0.007m | ▲ 32.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.003m | €0.009m | €0.01m | €0.02m | ▲ 34.0% |
| Taxes450/3 | - | - | - | €0.002m | €0.003m | €0.009m | €0.01m | €0.02m | ▲ 34.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,755 | €43,035 | €18,131 | €32,027 | €33,704 | €48,680 | €43,904 | €65,384 | ▲ 48.9% |
| + Depreciation and write-downs630 | €16,145 | €16,145 | €16,145 | €16,145 | €12,784 | €7,889 | €8,509 | €8,767 | ▲ 3.0% |
| Operating cash flow (approximation) | €48,900 | €59,180 | €34,276 | €48,172 | €46,488 | €56,569 | €52,413 | €74,151 | ▲ 41.5% |
| Investment in fixed assets (approximation) | - | €0 | -€1 | €0 | €0 | -€51,850 | -€6,804 | €0 | - |
| Change in cash | - | €28,171 | -€10,906 | €8,758 | -€35,068 | -€56,186 | €19,406 | €22,581 | ▲ 16.4% |
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, 14,766 companies had the same profile as ELIRO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELIRO 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 14,766 companies, not a prediction for ELIRO. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00227193 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00210672 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00189676 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00206314 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20114609 | |
| 31-12-2020 | full format | 30-06-2021 | 2021-27700001 | |
| 31-12-2019 | full format | 09-07-2020 | 2020-28000221 | |
| 31-12-2018 | full format | 04-07-2019 | 2019-28500481 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-32400214 | |
| 31-12-2016 | full format | 11-07-2017 | 2017-30500411 |