ELLIS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 42 filings
Turnover
≈ €2.7m
Estimated: probably between €1.9m and €4.1m
EBIT margin
Not included in this filing
Net result
€341,578▼ 8.9%
2024 · €374,988
Working capital
-€153,984▲ 72.4%
2024 · -€558,680
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€417,647
▲ 6.1%
2025
20182025
Net result
€341,578
▼ 8.9%
2025
highest quarter of the sector
20182025
Equity
€806,464
▲ 73.5%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 11.9%
2025
middle half of the sector
20182025
Debt
€284,635
▼ 63.2%
2025
20182025
Working capital
-€153,984
▲ 72.4%
2025
lowest quarter of the sector
20182025
Solvency
73.9%
▲ 36.4pp
2025
highest quarter of the sector
20182025
Current ratio
0.44
▲ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
31.3%
▲ 1.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.08m--€0.01m€0.06m€0.09m▲ 42.9%€0.1m▲ 5.4%-€0.5m€0.4m€0.4m▲ 6.1%
Net result€0.04m--€0.04m€0.05mwithin the sector's middle half€0.06mwithin the sector's middle half▲ 19.9%€0.07mwithin the sector's middle half▲ 6.7%-€0.6mbelow the sector's middle half€0.4mabove the sector's middle half€0.3mabove the sector's middle half▼ 8.9%
Equity€0.5m-€0.5m▼ 8.3%€0.5mwithin the sector's middle half▲ 11.4%€0.6mwithin the sector's middle half▲ 12.2%€0.7mwithin the sector's middle half▲ 11.6%€0.1mbelow the sector's middle half▼ 85.3%€0.5mwithin the sector's middle half▲ 377%€0.8mwithin the sector's middle half▲ 73.5%
Total assets€1.3m-€1.1m▼ 19.3%€1.0mwithin the sector's middle half▼ 2.2%€1.1mwithin the sector's middle half▲ 3.2%€1.1mwithin the sector's middle half▲ 1.3%€1.1mwithin the sector's middle half▼ 3.9%€1.2mwithin the sector's middle half▲ 17.8%€1.1mwithin the sector's middle half▼ 11.9%
Debt€0.8m-€0.6m▼ 26.4%€0.5m▼ 13.1%€0.5m▼ 6.2%€0.4m▼ 11.3%€1.0m▲ 122%€0.8m▼ 18.9%€0.3m▼ 63.2%
Working capital-€0.4m--€0.09m▲ 79.0%-€0.04mbelow the sector's middle half▲ 61.5%€0.03mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 16.0%-€0.8mbelow the sector's middle half-€0.6mbelow the sector's middle half▲ 26.7%-€0.2mbelow the sector's middle half▲ 72.4%
Solvency39.1%-44.4%▲ 5.3pp50.6%within the sector's middle half▲ 6.2pp55.1%within the sector's middle half▲ 4.5pp60.7%above the sector's middle half▲ 5.6pp9.3%below the sector's middle half▼ 51.4pp37.5%within the sector's middle half▲ 28.3pp73.9%above the sector's middle half▲ 36.4pp
Current ratio0.02-0.68▲ 0.660.87below the sector's middle half▲ 0.191.09within the sector's middle half▲ 0.231.11within the sector's middle half▲ 0.010.04below the sector's middle half▼ 1.070.28below the sector's middle half▲ 0.240.44below the sector's middle half▲ 0.16
Return on assets (ROA)3.0%--4.0%▼ 7.0pp5.2%within the sector's middle half▲ 9.2pp6.0%within the sector's middle half▲ 0.8pp6.3%within the sector's middle half▲ 0.3pp-53.9%below the sector's middle half▼ 60.2pp30.3%above the sector's middle half▲ 84.2pp31.3%above the sector's middle half▲ 1.0pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 6% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€971,080 ▼ 5.1%
Current assets
€120,020 ▼ 44.1%
Equity and liabilities €1.1m
Equity
€806,464 ▲ 73.5%
Debt
€284,635 ▼ 63.2%
Debt's share of the balance-sheet total falls from 62.5% to 26.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€480,133▲
2024 · €452,669
Cash flow
€404,064▼
2024 · €433,891
Debt to equity
0.35▼
2024 · 1.66
ROE
42.4%▼
2024 · 80.7%
Interest coverage
21.31▼
2024 · 22.79
Debt ≤ 1 year
€274,004▼
2024 · €773,321
Income taxes
€53,535
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgage mandates | - | - | €745,787 | €745,787 | - |
| Carrying value of the mortgaged assets | - | - | €779,247 | €738,960 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €47,719 | €503,925 | €60,895 | €10,000 |
| Depreciation and write-downs of the year | €48,058 | €46,323 | €249,752 | €58,904 | €62,486 |
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 | €89,415 | €69,624 | €69,014 | €48,058 | €46,323 | €249,752 | €58,904 | €62,486 | ▲ 6.1% |
| Other operating charges640/8 | - | - | - | €37,675 | €36,450 | €48,600 | €41,767 | €42,896 | ▲ 2.7% |
| Gross operating margin9900 | €184,936 | €182,436 | €166,839 | €177,303 | €179,255 | -€241,887 | €494,436 | €523,029 | ▲ 5.8% |
| Operating profit (loss)9901 | €83,417 | -€14,959 | €64,077 | €91,571 | €96,482 | -€540,239 | €393,765 | €417,647 | ▲ 6.1% |
| Financial income75/76B | - | - | - | €8,943 | €10,148 | €4,115 | €1,082 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €4,801 | €8,943 | €10,148 | €4,115 | €1,082 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €13,291 | €13,589 | €30,236 | €19,860 | €22,535 | ▲ 13.5% |
| Recurring financial charges65 | €28,035 | €28,193 | €13,765 | €13,291 | €13,589 | €30,236 | €19,860 | €22,535 | ▲ 13.5% |
| Profit (loss) for the period before taxes9903 | €55,383 | -€43,151 | €55,113 | €87,222 | €93,041 | -€566,360 | €374,988 | €395,113 | ▲ 5.4% |
| Income taxes67/77 | €15,647 | -€2 | €1,060 | €22,397 | €23,870 | €0 | - | €53,535 | - |
| Profit (loss) for the period9904 | €39,736 | -€43,150 | €54,053 | €64,825 | €69,171 | -€566,360 | €374,988 | €341,578 | ▼ 8.9% |
| Profit (loss) for the period to be appropriated9905 | €39,736 | -€43,150 | €54,053 | €64,825 | €69,171 | -€566,360 | €374,988 | €341,578 | ▼ 8.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.1m | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 11.9% |
| Fixed assets21/28 | €1.3m | €0.9m | €0.8m | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | ▼ 5.1% |
| Tangible fixed assets22/27 | €1.3m | €0.9m | €0.8m | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | ▼ 5.1% |
| Land and buildings22 | - | - | - | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | ▼ 5.1% |
| Other tangible fixed assets26 | - | - | - | - | €0.01m | €0 | - | - | - |
| Current assets29/58 | €0.01m | €0.2m | €0.2m | €0.3m | €0.3m | €0.03m | €0.2m | €0.1m | ▼ 44.1% |
| Amounts receivable within one year40/41 | €0.001m | €0.02m | €0.2m | €0.3m | €0.3m | €0.02m | €0.1m | €58 | ▼ 100.0% |
| Trade receivables40 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.02m | €0.1m | €58 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.01m | €0.1m | €0.02m | €0.004m | €0.007m | €0.006m | €0.06m | €0.09m | ▲ 41.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.06m | €0.003m | €0.004m | €0.03m | ▲ 616% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 11.9% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | €0.1m | €0.5m | €0.8m | ▲ 73.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.5m | €0.4m | €0.5m | €0.5m | €0.6m | €0.04m | €0.4m | €0.7m | ▲ 84.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.6m | €0.03m | €0.4m | €0.7m | ▲ 86.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.8m | €0.6m | €0.5m | €0.5m | €0.4m | €1.0m | €0.8m | €0.3m | ▼ 63.2% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0 | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €0.8m | €0.8m | €0.3m | ▼ 64.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.07m | €0.2m | €0.1m | €0 | ▼ 100% |
| Trade debts44 | €0.008m | €0.008m | €0 | €0.005m | €245 | €0.003m | €0.002m | €372 | ▼ 81.2% |
| Suppliers440/4 | - | - | - | €0.005m | €245 | €0.003m | €0.002m | €372 | ▼ 81.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.02m | €0.005m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.004m | €10 | €0.004m | ▲ 352× |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.004m | €10 | €0.004m | ▲ 352× |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.6m | €0.6m | €0.3m | ▼ 56.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0 | €0.01m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,736 | -€43,150 | €54,053 | €64,825 | €69,171 | -€566,360 | €374,988 | €341,578 | ▼ 8.9% |
| + Depreciation and write-downs630 | €89,415 | €69,624 | €69,014 | €48,058 | €46,323 | €249,752 | €58,904 | €62,486 | ▲ 6.1% |
| Operating cash flow (approximation) | €129,150 | €26,475 | €123,068 | €112,882 | €115,494 | -€316,608 | €433,891 | €404,064 | ▼ 6.9% |
| Investment in fixed assets (approximation) | - | €374,012 | -€10,246 | €0 | -€47,719 | -€503,925 | -€60,895 | -€10,000 | ▲ 83.6% |
| Change in cash | - | €110,458 | -€99,383 | -€16,553 | €2,321 | -€941 | €57,514 | €26,305 | ▼ 54.3% |
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, 20,136 companies had the same profile as ELLIS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of ELLIS 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 20,136 companies, not a prediction for ELLIS. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00206745 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00306320 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00298585 | |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00132856 | |
| 31-12-2021 | abbreviated format | 27-06-2022 | 2022-20102129 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-40400554 | |
| 31-12-2019 | abbreviated format | 18-06-2020 | 2020-17900350 | |
| 31-12-2018 | abbreviated format | 18-07-2019 | 2019-34700504 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-41800194 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38300148 |