ELKAA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is over 4.7 times that of 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €7,500 | €826 | €6,225 |
| Financial fixed assets | €9,000 | €4,430 | - |
| Depreciation and write-downs of the year | €646 | €3,323 | €459 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €740 | - |
| Remuneration, social security and pensions62 | - | €18,919 | €54,888 | ▲ 190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €646 | €3,323 | €459 | ▼ 86.2% |
| Other operating charges640/8 | €300 | €584 | €625 | ▲ 7.1% |
| Gross operating margin9900 | €2,818 | €34,230 | €110,092 | ▲ 222% |
| Operating profit (loss)9901 | €1,872 | €11,405 | €54,119 | ▲ 375% |
| Financial income75/76B | - | €1 | - | - |
| Recurring financial income75 | - | €1 | - | - |
| Financial charges65/66B | €200 | €2,162 | €5,537 | ▲ 156% |
| Recurring financial charges65 | €200 | €2,162 | €5,537 | ▲ 156% |
| Profit (loss) for the period before taxes9903 | €1,672 | €9,244 | €48,582 | ▲ 426% |
| Income taxes67/77 | €394 | €1,873 | €9,992 | ▲ 433% |
| Profit (loss) for the period9904 | €1,278 | €7,371 | €38,590 | ▲ 424% |
| Profit (loss) for the period to be appropriated9905 | €1,278 | €7,371 | €38,590 | ▲ 424% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €26,823 | €49,782 | €117,700 | ▲ 136% |
| Formation expenses20 | €677 | - | €0 | - |
| Fixed assets21/28 | €16,260 | €18,870 | €19,876 | ▲ 5.3% |
| Tangible fixed assets22/27 | €7,260 | €5,440 | €6,446 | ▲ 18.5% |
| Land and buildings22 | - | - | €4,872 | - |
| Plant, machinery and equipment23 | - | €679 | €1,574 | ▲ 132% |
| Furniture and vehicles24 | €7,260 | €4,760 | - | - |
| Financial fixed assets28 | €9,000 | €13,430 | €13,430 | = |
| Current assets29/58 | €9,886 | €30,913 | €97,825 | ▲ 216% |
| Amounts receivable within one year40/41 | €7,192 | €1,172 | €35,598 | ▲ 30× |
| Trade receivables40 | €5,413 | - | €35,137 | - |
| Other amounts receivable41 | €1,779 | €1,172 | €461 | ▼ 60.7% |
| Cash at bank and in hand54/58 | €2,694 | €29,741 | €62,227 | ▲ 109% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €26,823 | €49,782 | €117,700 | ▲ 136% |
| Equity10/15 | €4,278 | €11,648 | €50,238 | ▲ 331% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | - | €47,238 | - |
| Distributable reserves133 | - | - | €47,238 | - |
| Profit (loss) carried forward14 | €1,278 | €8,648 | - | - |
| Amounts payable17/49 | €22,545 | €38,134 | €67,463 | ▲ 76.9% |
| Amounts payable within one year42/48 | €22,545 | €38,134 | €67,463 | ▲ 76.9% |
| Trade debts44 | €10,851 | €1,488 | €15,196 | ▲ 921% |
| Suppliers440/4 | €10,851 | €1,488 | €15,196 | ▲ 921% |
| Taxes, remuneration and social security45 | €394 | €23,299 | €43,045 | ▲ 84.8% |
| Taxes450/3 | €394 | €11,884 | €22,490 | ▲ 89.3% |
| Remuneration and social security454/9 | - | €11,416 | €20,555 | ▲ 80.1% |
| Other amounts payable47/48 | €11,300 | €13,347 | €9,221 | ▼ 30.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,278 | €7,371 | €38,590 | ▲ 424% |
| + Depreciation and write-downs630 | €646 | €3,323 | €459 | ▼ 86.2% |
| Operating cash flow (approximation) | €1,924 | €10,693 | €39,049 | ▲ 265% |
| Investment in fixed assets (approximation) | - | -€5,932 | -€1,465 | ▲ 75.3% |
| Change in cash | - | €27,047 | €32,486 | ▲ 20.1% |
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, 39,278 companies had the same profile as ELKAA has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of ELKAA itself: 1.2% 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 39,278 companies, not a prediction for ELKAA. 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.