ELJON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-04-2026 PDF all 6 filings
Turnover
≈ €220,000
Estimated: probably between €140,000 and €300,000
Total assets
€20,599▼ 52.9%
2024 · €43,772
Net result
€9,828▼ 16.8%
2024 · €11,807
Working capital
-€3,513▲ 86.5%
2024 · -€26,017
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€15,524
▼ 8.2%
2025
20202025
Net result
€9,828
▼ 16.8%
2025
middle half of the sector
20202025
Equity
€7,869
2025
lowest quarter of the sector
20202025
Total assets
€20,599
▼ 52.9%
2025
lowest quarter of the sector
20202025
Debt
€12,730
▼ 71.5%
2025
20202025
Working capital
-€3,513
▲ 86.5%
2025
lowest quarter of the sector
20202025
Solvency
38.2%
▲ 40.4pp
2025
middle half of the sector
20202025
Current ratio
0.71
▲ 0.53
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
47.7%
▲ 20.7pp
2025
highest quarter of the sector
20202025
Staff (FTE)
0.2
▼ 80.0%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€10,302--€18,113-€4,716▲ 74.0%€4,626€16,915▲ 266%€15,524▼ 8.2%
Net result€10,002within the sector's middle half--€18,522below the sector's middle half-€5,881below the sector's middle half▲ 68.2%€2,434within the sector's middle half€11,807within the sector's middle half▲ 385%€9,828within the sector's middle half▼ 16.8%
Equity€9,203below the sector's middle half--€9,319below the sector's middle half-€15,200below the sector's middle half▼ 63.1%-€12,765below the sector's middle half▲ 16.0%-€959below the sector's middle half▲ 92.5%€7,869below the sector's middle half
Total assets€75,222within the sector's middle half-€35,974below the sector's middle half▼ 52.2%€55,591below the sector's middle half▲ 54.5%€63,360below the sector's middle half▲ 14.0%€43,772below the sector's middle half▼ 30.9%€20,599below the sector's middle half▼ 52.9%
Debt€66,018-€45,293▼ 31.4%€70,791▲ 56.3%€76,126▲ 7.5%€44,730▼ 41.2%€12,730▼ 71.5%
Working capital-€30,702below the sector's middle half--€41,469below the sector's middle half▼ 35.1%-€34,387below the sector's middle half▲ 17.1%-€32,206below the sector's middle half▲ 6.3%-€26,017below the sector's middle half▲ 19.2%-€3,513below the sector's middle half▲ 86.5%
Solvency12.2%below the sector's middle half--25.9%below the sector's middle half▼ 38.1pp-27.3%below the sector's middle half▼ 1.4pp-20.1%below the sector's middle half▲ 7.2pp-2.2%below the sector's middle half▲ 18.0pp38.2%within the sector's middle half▲ 40.4pp
Current ratio0.53below the sector's middle half-0.07below the sector's middle half▼ 0.460.21below the sector's middle half▲ 0.140.43below the sector's middle half▲ 0.220.19below the sector's middle half▼ 0.240.71below the sector's middle half▲ 0.53
Return on assets (ROA)13.3%within the sector's middle half--51.5%below the sector's middle half▼ 64.8pp-10.6%below the sector's middle half▲ 40.9pp3.8%within the sector's middle half▲ 14.4pp27.0%above the sector's middle half▲ 23.1pp47.7%above the sector's middle half▲ 20.7pp
Staff (FTE)1.51▼ 33.3%1=1=0.2▼ 80.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 8% lower than in 2024.
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 €20,599
Fixed assets
€11,788 ▼ 68.8%
Current assets
€8,812 ▲ 48.0%
Equity and liabilities €20,599
Equity
€7,869
Debt
€12,730
Debt's share of the balance-sheet total is 61.8%.
Key figures and ratios
EBITDA
€17,620▼
2024 · €28,298
Cash flow
€11,924▼
2024 · €23,190
Quick ratio
0.51▲
2024 · 0.14
Debt to equity
1.62
ROE
124.9%
Interest coverage
20.70▼
2024 · 28.38
Debt ≤ 1 year
€12,324▼
2024 · €31,972
Debt > 1 year
€0▼
2024 · €12,758
Income taxes
€4,845▲
2024 · €4,185
Staff costs
€2,747▼
2024 · €20,197
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 | 0 |
| full-time | - | - | 0 | 0 | 0 |
| part-time | 2 | 1 | 1 | 1 | 0 |
| in full-time equivalents | 1.3 | 0.8 | 0.8 | 0.8 | 0 |
| Average over the year, in full-time equivalents | 0.9 | 0.8 | 0.8 | 0.8 | 0.1 |
| On a permanent contract | 2 | 1 | 1 | 1 | 0 |
| Joined | 1 | 0 | - | 0 | 0 |
| Left | 0 | 1 | - | 0 | 1 |
| Training hours | - | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,687 | €47,122 | €3,000 | €9,869 | €522 |
| Financial fixed assets | - | - | €1,050 | - | €0 |
| Depreciation and write-downs of the year | €10,113 | €4,509 | €11,071 | €11,383 | €2,096 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €15,865 | €26,041 | €31,673 | €20,197 | €2,747 | ▼ 86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,846 | €10,113 | €4,509 | €11,071 | €11,383 | €2,096 | ▼ 81.6% |
| Other operating charges640/8 | - | €3,313 | €10,331 | €5,797 | €5,641 | €7,417 | ▲ 31.5% |
| Non-recurring operating charges66A | - | - | €5,963 | €0 | €2,735 | €24,454 | ▲ 794% |
| Gross operating margin9900 | €30,567 | €11,178 | €42,127 | €53,167 | €56,871 | €52,238 | ▼ 8.1% |
| Operating profit (loss)9901 | €10,302 | -€18,113 | -€4,716 | €4,626 | €16,915 | €15,524 | ▼ 8.2% |
| Financial income75/76B | - | - | - | - | €75 | €0 | ▼ 100% |
| Recurring financial income75 | €61 | - | - | - | €75 | €0 | ▼ 100% |
| Financial charges65/66B | - | €170 | €803 | €1,259 | €997 | €851 | ▼ 14.6% |
| Recurring financial charges65 | €273 | €170 | €803 | €1,259 | €997 | €851 | ▼ 14.6% |
| Profit (loss) for the period before taxes9903 | €10,090 | -€18,283 | -€5,519 | €3,367 | €15,992 | €14,672 | ▼ 8.3% |
| Income taxes67/77 | €87 | €239 | €362 | €933 | €4,185 | €4,845 | ▲ 15.8% |
| Profit (loss) for the period9904 | €10,002 | -€18,522 | -€5,881 | €2,434 | €11,807 | €9,828 | ▼ 16.8% |
| Profit (loss) for the period to be appropriated9905 | €10,002 | -€18,522 | -€5,881 | €2,434 | €11,807 | €9,828 | ▼ 16.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €75,222 | €35,974 | €55,591 | €63,360 | €43,772 | €20,599 | ▼ 52.9% |
| Fixed assets21/28 | €40,267 | €32,841 | €46,352 | €39,331 | €37,817 | €11,788 | ▼ 68.8% |
| Tangible fixed assets22/27 | €39,902 | €32,476 | €45,987 | €37,916 | €36,402 | €10,373 | ▼ 71.5% |
| Plant, machinery and equipment23 | - | €3,373 | €3,925 | €2,180 | €1,452 | €1,208 | ▼ 16.8% |
| Furniture and vehicles24 | - | €29,103 | €42,062 | €33,162 | €24,262 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €2,574 | €10,688 | €9,164 | ▼ 14.3% |
| Financial fixed assets28 | €365 | €365 | €365 | €1,415 | €1,415 | €1,415 | = |
| Current assets29/58 | €34,955 | €3,133 | €9,239 | €24,030 | €5,955 | €8,812 | ▲ 48.0% |
| Stocks and contracts in progress3 | €650 | €525 | €1,371 | €1,970 | €1,634 | €2,482 | ▲ 51.9% |
| Stocks30/36 | - | €525 | €1,371 | €1,970 | €1,634 | €2,482 | ▲ 51.9% |
| Amounts receivable within one year40/41 | €31,475 | €785 | €1,138 | €19,089 | €0 | €542 | - |
| Trade receivables40 | - | - | €1,138 | €19,089 | €0 | €542 | - |
| Other amounts receivable41 | - | €785 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,732 | €387 | €3,971 | €47 | €3,582 | €4,318 | ▲ 20.6% |
| Deferred charges and accrued income490/1 | - | €1,436 | €2,759 | €2,924 | €739 | €1,470 | ▲ 98.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €75,222 | €35,974 | €55,591 | €63,360 | €43,772 | €20,599 | ▼ 52.9% |
| Equity10/15 | €9,203 | -€9,319 | -€15,200 | -€12,765 | -€959 | €7,869 | - |
| Contributions10/11 | - | €1 | €1 | €1 | €1 | €1 | = |
| Reserves13 | €9,202 | - | - | - | - | €7,868 | - |
| Distributable reserves133 | - | - | - | - | - | €7,868 | - |
| Profit (loss) carried forward14 | - | -€9,320 | -€15,201 | -€12,766 | -€960 | €0 | - |
| Amounts payable17/49 | €66,018 | €45,293 | €70,791 | €76,126 | €44,730 | €12,730 | ▼ 71.5% |
| Amounts payable after more than one year17 | - | - | €26,662 | €19,798 | €12,758 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | €26,662 | €19,798 | €12,758 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €65,656 | €44,602 | €43,626 | €56,236 | €31,972 | €12,324 | ▼ 61.5% |
| Current portion of amounts payable after more than one year42 | - | - | €6,692 | €7,428 | €7,040 | €0 | ▼ 100% |
| Trade debts44 | €53,024 | €16,906 | €8,930 | €16,581 | €1,648 | €469 | ▼ 71.5% |
| Suppliers440/4 | - | €16,906 | €8,930 | €16,581 | €1,648 | €469 | ▼ 71.5% |
| Taxes, remuneration and social security45 | - | €6,640 | €10,378 | €17,426 | €11,202 | €10,770 | ▼ 3.9% |
| Taxes450/3 | - | €3,742 | €6,238 | €12,500 | €9,879 | €10,770 | ▲ 9.0% |
| Remuneration and social security454/9 | - | €2,898 | €4,140 | €4,926 | €1,323 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €21,055 | €17,626 | €14,800 | €12,082 | €1,085 | ▼ 91.0% |
| Accrued charges and deferred income492/3 | - | €691 | €503 | €92 | €0 | €406 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,002 | -€18,522 | -€5,881 | €2,434 | €11,807 | €9,828 | ▼ 16.8% |
| + Depreciation and write-downs630 | €6,846 | €10,113 | €4,509 | €11,071 | €11,383 | €2,096 | ▼ 81.6% |
| Operating cash flow (approximation) | €16,848 | -€8,409 | -€1,372 | €13,506 | €23,190 | €11,924 | ▼ 48.6% |
| Investment in fixed assets (approximation) | - | -€2,687 | -€18,019 | -€4,050 | -€9,869 | €23,933 | - |
| Change in cash | - | -€1,345 | €3,584 | -€3,924 | €3,535 | €736 | ▼ 79.2% |
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, 26,972 companies had the same profile as ELJON has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELJON itself: 1.0% 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 26,972 companies, not a prediction for ELJON. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-04-2026 | 2026-00079135 | |
| 31-12-2024 | micro format | 05-04-2025 | 2025-00065557 | |
| 31-12-2023 | micro format | 16-10-2024 | 2024-00508089 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00298376 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20068200 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-39100409 |