ELJA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-01-2026 PDF all 34 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €350,000
Total assets
€779,829▼ 10.5%
2024 · €871,194
Net result
€5,233▲ 179%
2024 · €1,874
Working capital
-€99,357▼ 133%
2024 · -€42,668
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€15,150
▲ 21.2%
2025
20192025
Net result
€5,233
▲ 179%
2025
middle half of the sector
20192025
Equity
€437,572
▲ 1.2%
2025
highest quarter of the sector
20192025
Total assets
€779,829
▼ 10.5%
2025
highest quarter of the sector
20192025
Debt
€303,571
▼ 23.9%
2025
20192025
Working capital
-€99,357
▼ 133%
2025
lowest quarter of the sector
20192025
Solvency
56.1%
▲ 6.5pp
2025
middle half of the sector
20192025
Current ratio
0.10
▼ 0.53
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.7%
▲ 0.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.01m-€0.02m€0.02m▼ 8.2%€0.05m▲ 185%€0.2m▲ 263%€0.01m▼ 93.7%€0.02m▲ 21.2%
Net result-€0.04m--€0.09mbelow the sector's middle half▼ 114%€0.01mwithin the sector's middle half€0.05mabove the sector's middle half▲ 268%€0.2mabove the sector's middle half▲ 240%€0.002mwithin the sector's middle half▼ 98.9%€0.005mwithin the sector's middle half▲ 179%
Equity€0.7m-€0.3mabove the sector's middle half▼ 51.7%€0.3mabove the sector's middle half▲ 4.0%€0.4mabove the sector's middle half▲ 14.2%€0.4mabove the sector's middle half▲ 11.2%€0.4mabove the sector's middle half▲ 0.4%€0.4mabove the sector's middle half▲ 1.2%
Total assets€1.2m-€0.8mabove the sector's middle half▼ 33.3%€0.8mabove the sector's middle half▼ 2.4%€1.0mabove the sector's middle half▲ 35.2%€0.9mabove the sector's middle half▼ 16.1%€0.9mabove the sector's middle half▼ 0.5%€0.8mabove the sector's middle half▼ 10.5%
Debt€0.5m-€0.4m▼ 7.9%€0.4m▼ 7.0%€0.6m▲ 54.1%€0.4m▼ 37.0%€0.4m▼ 1.2%€0.3m▼ 23.9%
Working capital-€0.004m--€0.05mwithin the sector's middle half▼ 1,028%-€0.04mwithin the sector's middle half▲ 20.9%-€0.01mwithin the sector's middle half▲ 61.7%-€0.03mwithin the sector's middle half▼ 152%-€0.04mwithin the sector's middle half▼ 23.5%-€0.1mbelow the sector's middle half▼ 133%
Solvency56.9%-41.2%within the sector's middle half▼ 15.7pp43.9%within the sector's middle half▲ 2.7pp37.1%within the sector's middle half▼ 6.8pp49.2%within the sector's middle half▲ 12.1pp49.6%within the sector's middle half▲ 0.5pp56.1%within the sector's middle half▲ 6.5pp
Current ratio0.92-0.15below the sector's middle half▼ 0.770.36below the sector's middle half▲ 0.210.79within the sector's middle half▲ 0.430.53within the sector's middle half▼ 0.260.63within the sector's middle half▲ 0.100.10below the sector's middle half▼ 0.53
Return on assets (ROA)-3.4%--10.9%below the sector's middle half▼ 7.5pp1.7%within the sector's middle half▲ 12.6pp4.6%within the sector's middle half▲ 2.9pp18.7%above the sector's middle half▲ 14.1pp0.2%within the sector's middle half▼ 18.4pp0.7%within the sector's middle half▲ 0.5pp
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 21% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Net result -99% on 2023. The 2023 profit included a one-off income of €132,890.
- 2023 Net result +240% on 2022. The 2023 profit included a one-off income of €132,890.
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 €779,829
Fixed assets
€768,623 ▼ 3.8%
Current assets
€11,205 ▼ 84.5%
Equity and liabilities €779,829
Equity
€437,572 ▲ 1.2%
Provisions
€38,686 ▼ 3.7%
Debt
€303,571 ▼ 23.9%
Debt's share of the balance-sheet total falls from 45.8% to 38.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€45,303▼
2024 · €49,794
Cash flow
€35,385▼
2024 · €39,164
Debt to equity
0.69▼
2024 · 0.92
ROE
1.2%▲
2024 · 0.4%
Interest coverage
8.27▲
2024 · 6.10
Debt ≤ 1 year
€110,562▼
2024 · €115,084
Debt > 1 year
€193,009▼
2024 · €283,604
Income taxes
€6,373▲
2024 · €4,508
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €282,469 | €5,320 | - | - |
| Depreciation and write-downs of the year | €48,736 | €39,034 | €37,290 | €30,153 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €132,890 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,715 | €37,774 | €36,227 | €48,736 | €39,034 | €37,290 | €30,153 | ▼ 19.1% |
| Other operating charges640/8 | - | - | - | €1,119 | €3,244 | €6,680 | €2,766 | ▼ 58.6% |
| Gross operating margin9900 | €30,951 | €63,430 | €65,257 | €104,312 | €239,746 | €56,474 | €48,069 | ▼ 14.9% |
| Operating profit (loss)9901 | -€10,728 | €20,821 | €19,115 | €54,458 | €197,468 | €12,504 | €15,150 | ▲ 21.2% |
| Financial income75/76B | - | - | - | €1 | - | €655 | €450 | ▼ 31.3% |
| Recurring financial income75 | - | €1 | €3 | €1 | - | €655 | €450 | ▼ 31.3% |
| Financial charges65/66B | - | - | - | €7,750 | €7,323 | €8,159 | €5,476 | ▼ 32.9% |
| Recurring financial charges65 | €8,491 | €15,046 | €6,327 | €7,750 | €7,323 | €8,159 | €5,476 | ▼ 32.9% |
| Profit (loss) for the period before taxes9903 | -€42,219 | -€94,224 | €11,691 | €46,709 | €190,145 | €5,000 | €10,125 | ▲ 102% |
| Transfer from deferred taxes780 | - | - | - | €1,381 | €1,381 | €1,381 | €1,481 | ▲ 7.2% |
| Transfer to deferred taxes680 | - | - | - | - | €26,578 | - | - | - |
| Income taxes67/77 | - | €388 | - | - | €1,535 | €4,508 | €6,373 | ▲ 41.4% |
| Profit (loss) for the period9904 | -€40,370 | -€86,483 | €13,073 | €48,090 | €163,414 | €1,874 | €5,233 | ▲ 179% |
| Transfer from tax-exempt reserves789 | - | - | - | €5,526 | €5,526 | €5,526 | €5,923 | ▲ 7.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €106,312 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€32,972 | -€53,968 | €18,599 | €53,616 | €62,628 | €7,400 | €11,156 | ▲ 50.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €0.8m | €0.8m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 10.5% |
| Fixed assets21/28 | €1.1m | €0.8m | €0.8m | €1.0m | €0.8m | €0.8m | €0.8m | ▼ 3.8% |
| Tangible fixed assets22/27 | €1.1m | €0.8m | €0.8m | €1.0m | €0.8m | €0.8m | €0.8m | ▼ 3.8% |
| Land and buildings22 | - | - | - | €1.0m | €0.8m | €0.8m | €0.8m | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 15.5% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.002m | €221 | ▼ 87.7% |
| Financial fixed assets28 | €0.08m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.05m | €0.008m | €0.02m | €0.05m | €0.04m | €0.07m | €0.01m | ▼ 84.5% |
| Amounts receivable within one year40/41 | €0.003m | €0.005m | €0.006m | €0.01m | €0.02m | €0.01m | €0.008m | ▼ 46.6% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.01m | €0.008m | ▼ 45.8% |
| Other amounts receivable41 | - | - | - | - | - | €200 | - | - |
| Current investments50/53 | - | - | - | - | - | €0.05m | - | - |
| Cash at bank and in hand54/58 | €0.001m | €0.001m | €0.01m | €0.04m | €0.02m | €0.008m | €0.003m | ▼ 56.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €0.8m | €0.8m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 10.5% |
| Equity10/15 | €0.7m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.2% |
| Contributions10/11 | €0.3m | €0.09m | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Revaluation surpluses12 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 21.1% |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.2m | €0.2m | €0.2m | ▼ 3.7% |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | - | - |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.3m | -€0.2m | -€0.1m | -€0.1m | -€0.09m | ▲ 33.1% |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | ▼ 3.7% |
| Deferred taxes168 | - | - | - | €0.02m | €0.04m | €0.04m | €0.04m | ▼ 3.7% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €0.6m | €0.4m | €0.4m | €0.3m | ▼ 23.9% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.6m | €0.3m | €0.3m | €0.2m | ▼ 31.9% |
| Financial debts170/4 | - | - | - | €0.5m | €0.3m | €0.3m | €0.2m | ▼ 31.9% |
| Other amounts payable178/9 | - | - | - | €0.09m | - | - | - | - |
| Amounts payable within one year42/48 | €0.05m | €0.05m | €0.06m | €0.07m | €0.07m | €0.1m | €0.1m | ▼ 3.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 22.5% |
| Trade debts44 | €0.001m | €172 | €0.001m | €0.001m | €0.003m | €0.008m | €0.002m | ▼ 76.2% |
| Suppliers440/4 | - | - | - | €0.001m | €0.003m | €0.008m | €0.002m | ▼ 76.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.05m | €0.05m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.02m | €0.009m | €0.01m | ▲ 27.5% |
| Taxes450/3 | - | - | - | €0.006m | €0.01m | €0.008m | €0.01m | ▲ 39.0% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 29.6% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | €0.005m | €0.02m | ▲ 195% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,370 | -€86,483 | €13,073 | €48,090 | €163,414 | €1,874 | €5,233 | ▲ 179% |
| + Depreciation and write-downs630 | €40,715 | €37,774 | €36,227 | €48,736 | €39,034 | €37,290 | €30,153 | ▼ 19.1% |
| Operating cash flow (approximation) | €345 | -€48,709 | €49,300 | €96,826 | €202,447 | €39,164 | €35,385 | ▼ 9.6% |
| Investment in fixed assets (approximation) | - | €319,526 | -€4,875 | -€288,669 | €117,531 | €0 | €2 | - |
| Change in cash | - | €465 | €12,205 | €25,318 | -€21,036 | -€10,059 | -€4,356 | ▲ 56.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as ELJA 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 ELJA 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 ELJA. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 12-01-2026 | 2026-00005838 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00023070 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00015418 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008915 | |
| 30-06-2021 | micro format | 03-12-2021 | 2021-79300113 | |
| 30-06-2020 | micro format | 13-01-2021 | 2021-00800440 | |
| 30-06-2019 | micro format | 26-12-2019 | 2019-77600092 | |
| 30-06-2018 | micro format | 03-01-2019 | 2019-00200410 | |
| 30-06-2017 | micro format | 27-11-2017 | 2017-70400255 | |
| 30-06-2016 | abbreviated format | 09-01-2017 | 2017-00800224 |