Active BE 0635.842.819Private limited company

ELSEN ERIC

Bakenstraat 3 ·2460 Kasterlee, Belgium· 11 yrs active

Sector: Sewerage (37000)

Conclusion Checked

ELSEN ERIC has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €181k and a net result of €41k. Equity is growing by ~37.3% per year across the filed fiscal years. Its solvency ranks better than 65% of 57 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€181k
Net result	€41k
Better than sector	65%
Active	11 yrs

Financial profile 5 of 5 axes measured · computed by Checked

94 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 93

Profitability 100

Solvency 100

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.2% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2015, 11 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€17k

estimate, not credit advice

Score history

93 2021

100 2022

100 2023

100 2024

93 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 3.78 (≥ 1.5) +10

Quick ratio Quick ratio 3.71 (≥ 1.0) +5

Leverage Debt/equity 0.48 (< 1.0) +10

Profitability ROE 23% (≥ 10%) +10

Interest coverage Interest coverage 36.8× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview10 NBB filings

Annual accounts filed on 28-07-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~37.3%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 37, Sewerage · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	67.5%	41.5%	better than 65% of 57 sector peers
Net result	€41k	€11k	better than 75% of 57 sector peers
Equity	€181k	€76k	better than 66% of 57 sector peers
Gross operating margin	€87k	€79k	better than 55% of 57 sector peers
Total assets	€268k	€263k	better than 51% of 57 sector peers

EBITDA

€86k

+9.5% 21-25

Net profit

€41k

-10.7% 21-25

Cash flow

€64k

+7.8% 21-25

Total assets

€268k

+55.1% 21-25

Equity

€181k

+29.5% 21-25

Working capital

€132k

+40.0% 21-25

Income taxes

€19k

-11.7% 21-25

Debt

€87k

+163.2% 21-25

Debt ≤ 1y

€47k

+42.5% 21-25

Debt > 1y

€40k

- 21-25

Current ratio

3.78

-1.3% 21-25

Quick ratio

3.71

-0.5% 21-25

Solvency

67.5%

-16.5% 21-25

Debt / equity

0.48

+103.3% 21-25

ROE

22.8%

-31.0% 21-25

ROA

15.4%

-42.4% 21-25

Interest coverage

36.77

-98.0% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-	-
EBITDA	€86k	€79k	€50k	€39k	€49k
Net profit	€41k	€46k	€31k	€22k	€22k
Cash flow	€64k	€60k	€41k	€31k	€39k
Staff costs	-	-	-	-	-
Income taxes	€19k	€22k	€9k	€7k	€10k
Dividends	-	-	-	-	-
Total assets	€268k	€173k	€137k	€103k	€93k
Equity	€181k	€140k	€94k	€69k	€51k
Debt	€87k	€33k	€44k	€33k	€42k
of which ≤ 1y	€47k	€33k	€44k	€33k	€42k
of which > 1y	€40k	-	-	-	-
Working capital	€132k	€94k	€37k	€58k	€30k
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	3.78	3.83	1.84	2.73	1.72
Quick ratio	3.71	3.73	1.75	2.47	1.61
Working capital ratio	49.0%	54.4%	26.9%	56.1%	32.3%
Solvency	67.5%	80.8%	68.2%	67.7%	55.3%
Debt / equity	0.48	0.24	0.47	0.48	0.81
Long-term debt ratio	0.22	-	-	-	-
Interest coverage	36.77	1802.06	371.75	318.56	109.25
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	15.4%	26.7%	22.7%	21.4%	23.1%
ROE	22.8%	33.0%	33.4%	31.7%	41.8%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €89k · 33.3% Current assets €179k · 66.7%

Equity & liabilities

Equity €181k · 67.5% Debt €87k · 32.6%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€268k	€173k	€137k	€103k	€93k
Fixed assets	21/28	€89k	€46k	€57k	€12k	€21k
Tangible fixed assets	22/27	€88k	€45k	€56k	€11k	€20k
Financial fixed assets	28	€1k	€1k	€1k	€1k	€1k
Current assets	29/58	€179k	€127k	€81k	€91k	€72k
Stocks & contracts in progress	3	€4k	€4k	€4k	€9k	€5k
Amounts receivable within one year	40/41	€23k	€37k	€29k	€28k	€14k
Cash & bank	54/58	€150k	€85k	€47k	€52k	€51k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€268k	€173k	€137k	€103k	€93k
Equity	10/15	€181k	€140k	€94k	€69k	€51k
Contributions / capital	10/11	€6k	€6k	€6k	€6k	€6k
Reserves	13	€175k	€134k	€88k	€63k	€45k
Amounts payable	17/49	€87k	€33k	€44k	€33k	€42k
Amounts payable after one year	17	€40k	-	-	-	-
Amounts payable within one year	42/48	€47k	€33k	€44k	€33k	€42k
Trade debts payable within one year	44	€7k	€4k	€7k	€4k	€6k
Income statement
Gross operating margin	9900	€87k	€79k	€50k	€39k	€49k
Operating result	9901	€63k	€65k	€40k	€29k	€32k
Financial income	75	-	€4k	€580	-	-
Financial charges	65	€2k	€44	€134	€121	€447
Result before taxes	9903	€60k	€68k	€40k	€29k	€31k
Income taxes	67/77	€19k	€22k	€9k	€7k	€10k
Net result for the period	9904	€41k	€46k	€31k	€22k	€22k
Result to be appropriated	9905	€41k	€46k	€31k	€22k	€35k

Directors & mandates 2 directors

Current directors & mandates

ELSEN, Eric Karel Dymphna
Director
State Gazette act 23420753 (06-11-2023)

Current
06-11-2023 → present
2 events
- 06-11-2023 Resigned· Director
- 06-11-2023 Appointed· Director
ELSEN, Jordy Leo Julia
Director
State Gazette act 23420753 (06-11-2023)

Current
06-11-2023 → present
2 events
- 06-11-2023 Resigned· Director
- 06-11-2023 Appointed· Director

Legal Structure

NACE primary	Sewerage(37000)
Legal form	Private limited company(610)
Incorporation	24-08-2015
Status	Active
Postal code	2460

Establishment units 1 location

Bakenstraat 3, 2460 Kasterlee

Manufacture of metal structures and parts of structures

since 20152.246.452.001

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
13018D0003/00L000	Flanders	1,347 m²	1 · 233 m²	5.0 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 15Financial 4Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

28-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Equity above €150kEq €181k ▲29.5%

5 profitable years in a row build equity to €181k.

30-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Highest result since 2021net €46k ▲47.6%

Operating result €65k, net result €46k, both a record.

31-12

Financial Liquidity doublescurrent ratio 3.83

Current ratio from 1.84 to 3.83; short-term debt falls from €44k to €33k.

31-12

Financial Equity above €100kEq €140k ▲49.2%

4 profitable years in a row build equity to €140k.

28-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

06-11

State Gazette act Director changes

Ingrid VOETEN

21-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

29-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 29 days late

2021

27-08

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 27 days late

2020

28-10

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 89 days late

2019

29-08

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema · 29 days late

2018

30-08

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema · 30 days late

2017

31-08

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 31 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2023

06-11-2023 2 directors appointed, 2 resigning Director changes·Ingrid VOETEN

ELSEN, Eric Karel Dymphna, Bestuurder
ELSEN, Jordy Leo Julia, Bestuurder
ELSEN, Eric Karel Dymphna, Bestuurder
ELSEN, Jordy Leo Julia, Bestuurder

Notary: Ingrid VOETEN · KasterleeFirm: Notaris Ingrid VOETEN

Original publication ↗

Technical details

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      },
      "reason": "end_of_term",
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      },
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      },
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  "notary": {
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    "firm_city": null,
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    "office_city": "Kasterlee",
    "is_associated": true
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2023-11-06",
    "filing_date": "2023-10-31",
    "act_kind_objet": "Onderwerp akte:"
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  "decisions": [
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    "kbo": "0635.842.819",
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    "legal_form": "BV"
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  "publication_proxy": {
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  "co_filed_documents": [
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  ],
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}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Sewerage37000Plumbing work43221Wholesale trade46645

Names & trade names

Legal nameNL

ELSEN ERIC

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