ELSAN
ActiveSummary
ELSAN has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €90,158 and a net result of €24,024. Equity is growing by ~26% per year across the filed fiscal years. Its solvency ranks better than 67% of 4583 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▲+7
Solvency81▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 2.55 against 2.15 in 2024; short-term debt: 35.5% and cash: 14.1% of total assets), and 43.5% of the assets are financed with debt.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 08-01-2026, 69 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
69 d late
2024
14 d late
2023
5 d early
2022
31 d early
2021
3 d late
2020
24 d late
2019
10 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 9 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 3 November (4 of the last 5 filed years within 34 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close29-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€268,781
EBIT margin
8.7%
Net result
€24,024▲ 122%
2024 · €10,813
Working capital
€87,880▲ 71.1%
2024 · €51,355
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€268,781
Operating result-€4,388€23,422€22,158▼ 5.4%€14,151▼ 36.1%€31,714▲ 124%
Net result-€4,725below the sector's middle half€22,652within the sector's middle half€9,708within the sector's middle half▼ 57.1%€10,813within the sector's middle half▲ 11.4%€24,024within the sector's middle half▲ 122%
EBIT margin8.7%
Equity€22,960below the sector's middle half▼ 17.1%€45,612below the sector's middle half▲ 98.7%€55,320below the sector's middle half▲ 21.3%€66,134within the sector's middle half▲ 19.5%€90,158within the sector's middle half▲ 36.3%
Total assets€74,576below the sector's middle half▲ 12.9%€61,970below the sector's middle half▼ 16.9%€86,454below the sector's middle half▲ 39.5%€110,866within the sector's middle half▲ 28.2%€159,662within the sector's middle half▲ 44.0%
Debt€51,616▲ 34.4%€16,358▼ 68.3%€31,133▲ 90.3%€44,732▲ 43.7%€69,504▲ 55.4%
Working capital-€10,744below the sector's middle half▼ 3,107%€24,784within the sector's middle half€58,308within the sector's middle half▲ 135%€51,355within the sector's middle half▼ 11.9%€87,880above the sector's middle half▲ 71.1%
Solvency30.8%within the sector's middle half▼ 11.1pp73.6%above the sector's middle half▲ 42.8pp64.0%within the sector's middle half▼ 9.6pp59.7%within the sector's middle half▼ 4.3pp56.5%within the sector's middle half▼ 3.2pp
Current ratio0.79below the sector's middle half▼ 0.192.52within the sector's middle half▲ 1.726.22above the sector's middle half▲ 3.702.15within the sector's middle half▼ 4.072.55within the sector's middle half▲ 0.40
Return on assets (ROA)-6.3%below the sector's middle half▼ 14.5pp36.6%above the sector's middle half▲ 42.9pp11.2%within the sector's middle half▼ 25.3pp9.8%within the sector's middle half▼ 1.5pp15.0%within the sector's middle half▲ 5.3pp
Staff (FTE)1below the sector's middle half▲ 42.9%0.4below the sector's middle half▼ 60.0%
above
within
below
the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 124% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €159,662
Fixed assets
€15,160 ▲ 2.6%
Current assets
€144,503 ▲ 50.4%
Equity and liabilities €159,662
Equity
€90,158 ▲ 36.3%
Debt
€69,504 ▲ 55.4%
Debt's share of the balance-sheet total rises from 40.3% to 43.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,467▲
2024 · €20,217
Cash flow
€26,778▲
2024 · €16,879
Debt to equity
0.77▲
2024 · 0.68
ROE
26.6%▲
2024 · 16.4%
Interest coverage
293.44▲
2024 · 111.43
Debt ≤ 1 year
€56,623▲
2024 · €44,732
Income taxes
€10,636▲
2024 · €4,898
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,975 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €268,781 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €224,429 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €8,352 | €112 | €384 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,835 | €3,727 | €6,104 | €6,066 | €2,754 | ▼ 54.6% |
| Other operating charges640/8 | - | €2,531 | €1,454 | €2,191 | €2,603 | ▲ 18.8% |
| Non-recurring operating charges66A | - | €6,320 | - | - | - | - |
| Gross operating margin9900 | €59,064 | €44,352 | €29,829 | €22,793 | €37,070 | ▲ 62.6% |
| Operating profit (loss)9901 | -€4,388 | €23,422 | €22,158 | €14,151 | €31,714 | ▲ 124% |
| Financial income75/76B | - | €0 | €483 | €1,741 | €3,064 | ▲ 76.0% |
| Recurring financial income75 | €0 | €0 | €483 | €1,741 | €3,064 | ▲ 76.0% |
| Financial charges65/66B | - | €770 | €1,225 | €181 | €117 | ▼ 35.3% |
| Recurring financial charges65 | €337 | €770 | €1,225 | €181 | €117 | ▼ 35.3% |
| Profit (loss) for the period before taxes9903 | -€4,725 | €22,652 | €21,416 | €15,711 | €34,660 | ▲ 121% |
| Income taxes67/77 | €0 | - | €11,708 | €4,898 | €10,636 | ▲ 117% |
| Profit (loss) for the period9904 | -€4,725 | €22,652 | €9,708 | €10,813 | €24,024 | ▲ 122% |
| Profit (loss) for the period to be appropriated9905 | -€4,725 | €22,652 | €9,708 | €10,813 | €24,024 | ▲ 122% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €74,576 | €61,970 | €86,454 | €110,866 | €159,662 | ▲ 44.0% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €33,703 | €20,828 | €16,969 | €14,778 | €15,160 | ▲ 2.6% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €29,365 | €16,490 | €10,385 | €8,194 | €8,576 | ▲ 4.7% |
| Plant, machinery and equipment23 | - | €7,779 | €4,405 | €4,694 | €3,512 | ▼ 25.2% |
| Furniture and vehicles24 | - | €8,710 | €5,980 | €3,500 | €5,064 | ▲ 44.7% |
| Financial fixed assets28 | €4,338 | €4,338 | €6,584 | €6,584 | €6,584 | = |
| Current assets29/58 | €40,872 | €41,143 | €69,485 | €96,088 | €144,503 | ▲ 50.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €37,613 | €37,174 | €49,582 | €76,299 | €122,068 | ▲ 60.0% |
| Trade receivables40 | - | €35,195 | €34,477 | €33,969 | €62,885 | ▲ 85.1% |
| Other amounts receivable41 | - | €1,979 | €15,106 | €42,330 | €59,183 | ▲ 39.8% |
| Current investments50/53 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,260 | €3,542 | €19,476 | €19,789 | €22,435 | ▲ 13.4% |
| Deferred charges and accrued income490/1 | - | €426 | €426 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €74,576 | €61,970 | €86,454 | €110,866 | €159,662 | ▲ 44.0% |
| Equity10/15 | €22,960 | €45,612 | €55,320 | €66,134 | €90,158 | ▲ 36.3% |
| Contributions10/11 | - | €12,150 | €12,150 | €12,150 | €12,150 | = |
| Capital10 | - | - | €12,150 | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - |
| Uncalled capital101 | - | - | €6,450 | - | - | - |
| Outside capital11 | - | €12,150 | - | - | - | - |
| Other1109/19 | - | €12,150 | - | - | - | - |
| Reserves13 | €15,535 | €15,535 | €15,535 | €15,535 | €15,535 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €13,675 | €13,675 | €13,675 | €13,675 | = |
| Profit (loss) carried forward14 | -€4,725 | €17,927 | €27,636 | €38,449 | €62,473 | ▲ 62.5% |
| Amounts payable17/49 | €51,616 | €16,358 | €31,133 | €44,732 | €69,504 | ▲ 55.4% |
| Amounts payable within one year42/48 | €51,616 | €16,358 | €11,176 | €44,732 | €56,623 | ▲ 26.6% |
| Financial debts43 | - | €157 | €157 | - | - | - |
| Credit institutions430/8 | - | €157 | €157 | - | - | - |
| Trade debts44 | €42,873 | €4,758 | €2,923 | €19,556 | €22,076 | ▲ 12.9% |
| Suppliers440/4 | - | €4,758 | €2,923 | €19,556 | €22,076 | ▲ 12.9% |
| Advances received on contracts in progress46 | - | - | - | €17,205 | €24,125 | ▲ 40.2% |
| Taxes, remuneration and social security45 | - | - | €8,096 | €7,971 | €10,421 | ▲ 30.7% |
| Taxes450/3 | - | - | €6,896 | €6,426 | €10,421 | ▲ 62.2% |
| Remuneration and social security454/9 | - | - | €1,200 | €1,545 | - | - |
| Other amounts payable47/48 | - | €11,443 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €19,957 | - | €12,881 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,725 | €22,652 | €9,708 | €10,813 | €24,024 | ▲ 122% |
| + Depreciation and write-downs630 | €17,835 | €3,727 | €6,104 | €6,066 | €2,754 | ▼ 54.6% |
| Operating cash flow (approximation) | €13,110 | €26,379 | €15,813 | €16,879 | €26,778 | ▲ 58.6% |
| Investment in fixed assets (approximation) | - | €9,149 | -€2,246 | -€3,875 | -€3,135 | ▲ 19.1% |
| Change in cash | - | €282 | €15,934 | €313 | €2,646 | ▲ 746% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-09
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 25-08-2026
- Registered-office move, Kerkstraat 26, 9220 Hamme
08-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 69 days late
2025
31-03
Financial
Highest result since 2019net €24,024 ▲122%
Operating result €31,714, net result €24,024, both a record.
2024
14-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 14 days late
2023
26-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Liquidity doublescurrent ratio 6.22
Current ratio from 2.52 to 6.22; short-term debt falls from €16,358 to €11,176.
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Back to profitnet €22,652
Net result €22,652 after one loss-making year.
31-03
Financial
Liquidity triplescurrent ratio 2.52
Current ratio from 0.79 to 2.52; short-term debt falls from €51,616 to €16,358.
2021
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 3 days late
31-03
Financial
Weakest financial yearnet -€4,725
Net result drops to -€4,725, the lowest in the series; recovery starts the following year.
2020
24-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2019
21-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Hamme (Vl.) · 1 establishment unit since 2017
Ground area
537 m²
Building footprint
295 m²
Volume, LiDAR
3,037 m³
Parcel 42452B0837/00Z000, Flanders · tallest building 15.8 m, ±4 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
ELSAN
since 20172.269.532.160
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42452B0837/00Z000 | Flanders | 537 m² | 1 · 295 m² | 15.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,368 companies in sector 81210 we hold annual accounts for 2,742. 2,181 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded31-10-2017
Fiscal year end31-03
Activities, NACEBEL 2025
43120Site preparation
81210General cleaning of buildings
43350Other building finishing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0683881078
Also
9925:BE0683881078
Registered
19-09-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.