ELSWARE
ActiveSummary
ELSWARE has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €18,600 and a net result of €25,166. Equity is shrinking by ~18.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 19% of 17213 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▼-10
Solvency42▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.19 against 1.15 in 2024; short-term debt: 83.2% of total assets), and 83.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
16.8%
Return on assets
22.7%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 17213 sector peers (2025).
NBB · sector comparisonPosition among 17213 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-03-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
12 d early
2023
28 d early
2022
12 d early
2021
25 d early
2020
9 d early
2019
23 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 20 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 5 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€18,600▼ 30.9%
2024 · €26,930
Total assets
€111,041▼ 22.1%
2024 · €142,615
Net result
€25,166▼ 10.4%
2024 · €28,079
Working capital
€17,410▲ 3.1%
2024 · €16,892
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related 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
Operating result-€5,055€7,288€22,318▲ 206%€37,357▲ 67.4%€38,470▲ 3.0%
Net result-€5,531below the sector's middle half€4,791within the sector's middle half€16,629within the sector's middle half▲ 247%€28,079within the sector's middle half▲ 68.9%€25,166within the sector's middle half▼ 10.4%
Equity€128,219within the sector's middle half▼ 5.1%€91,044within the sector's middle half▼ 29.0%€51,468within the sector's middle half▼ 43.5%€26,930within the sector's middle half▼ 47.7%€18,600below the sector's middle half▼ 30.9%
Total assets€144,659within the sector's middle half▼ 6.4%€100,694within the sector's middle half▼ 30.4%€141,088within the sector's middle half▲ 40.1%€142,615within the sector's middle half▲ 1.1%€111,041within the sector's middle half▼ 22.1%
Debt€16,439▼ 19.4%€9,651▼ 41.3%€89,620▲ 829%€115,685▲ 29.1%€92,441▼ 20.1%
Working capital€69,416within the sector's middle half▲ 17.6%€44,444within the sector's middle half▼ 36.0%€22,995within the sector's middle half▼ 48.3%€16,892within the sector's middle half▼ 26.5%€17,410within the sector's middle half▲ 3.1%
Solvency88.6%above the sector's middle half▲ 1.2pp90.4%above the sector's middle half▲ 1.8pp36.5%within the sector's middle half▼ 53.9pp18.9%below the sector's middle half▼ 17.6pp16.8%below the sector's middle half▼ 2.1pp
Current ratio5.44above the sector's middle half▲ 1.305.83above the sector's middle half▲ 0.391.26below the sector's middle half▼ 4.571.15below the sector's middle half▼ 0.111.19within the sector's middle half▲ 0.04
Return on assets (ROA)-3.8%below the sector's middle half▼ 9.2pp4.8%within the sector's middle half▲ 8.6pp11.8%within the sector's middle half▲ 7.0pp19.7%within the sector's middle half▲ 7.9pp22.7%within the sector's middle half▲ 3.0pp
above
within
below
the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 3% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €111,041
Fixed assets
€1,190 ▼ 88.1%
Current assets
€109,851 ▼ 17.1%
Equity and liabilities €111,041
Equity
€18,600 ▼ 30.9%
Debt
€92,441 ▼ 20.1%
Debt's share of the balance-sheet total rises from 81.1% to 83.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€47,318▼
2024 · €55,792
Cash flow
€34,014▼
2024 · €46,514
Debt to equity
4.97▲
2024 · 4.30
ROE
135.3%▲
2024 · 104.3%
Interest coverage
4.30▼
2024 · 9.42
Debt ≤ 1 year
€92,441▼
2024 · €115,685
Income taxes
€8,698▼
2024 · €9,799
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,053 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 5,053 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,244 | €18,082 | €18,571 | €18,435 | €8,848 | ▼ 52.0% |
| Other operating charges640/8 | €991 | €520 | €1,028 | €3,579 | €2,992 | ▼ 16.4% |
| Non-recurring operating charges66A | €417 | €217 | €0 | - | - | - |
| Gross operating margin9900 | €13,597 | €26,106 | €41,918 | €59,371 | €50,310 | ▼ 15.3% |
| Operating profit (loss)9901 | -€5,055 | €7,288 | €22,318 | €37,357 | €38,470 | ▲ 3.0% |
| Financial income75/76B | €1,491 | €1,123 | €2,476 | €6,446 | €6,399 | ▼ 0.7% |
| Recurring financial income75 | €1,491 | €1,123 | €2,476 | €6,446 | €6,399 | ▼ 0.7% |
| Financial charges65/66B | €563 | €490 | €2,112 | €5,925 | €11,005 | ▲ 85.7% |
| Recurring financial charges65 | €563 | €490 | €2,112 | €5,925 | €11,005 | ▲ 85.7% |
| Profit (loss) for the period before taxes9903 | -€4,127 | €7,921 | €22,683 | €37,877 | €33,864 | ▼ 10.6% |
| Income taxes67/77 | €1,404 | €3,130 | €6,054 | €9,799 | €8,698 | ▼ 11.2% |
| Profit (loss) for the period9904 | -€5,531 | €4,791 | €16,629 | €28,079 | €25,166 | ▼ 10.4% |
| Profit (loss) for the period to be appropriated9905 | -€5,531 | €4,791 | €16,629 | €28,079 | €25,166 | ▼ 10.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €144,659 | €100,694 | €141,088 | €142,615 | €111,041 | ▼ 22.1% |
| Fixed assets21/28 | €59,607 | €47,044 | €28,473 | €10,038 | €1,190 | ▼ 88.1% |
| Intangible fixed assets21 | €58,617 | €41,617 | €24,617 | €7,617 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €990 | €5,427 | €3,856 | €2,421 | €1,190 | ▼ 50.9% |
| Furniture and vehicles24 | €990 | €5,427 | €3,856 | €2,421 | €1,190 | ▼ 50.9% |
| Current assets29/58 | €85,051 | €53,650 | €112,615 | €132,577 | €109,851 | ▼ 17.1% |
| Amounts receivable within one year40/41 | €43,133 | €21,205 | €111,908 | €132,036 | €109,295 | ▼ 17.2% |
| Trade receivables40 | €17,545 | €16,335 | €8,440 | €19,058 | €12,033 | ▼ 36.9% |
| Other amounts receivable41 | €25,588 | €4,870 | €103,468 | €112,978 | €97,261 | ▼ 13.9% |
| Cash at bank and in hand54/58 | €41,227 | €31,762 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | €691 | €683 | €707 | €541 | €556 | ▲ 2.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €144,659 | €100,694 | €141,088 | €142,615 | €111,041 | ▼ 22.1% |
| Equity10/15 | €128,219 | €91,044 | €51,468 | €26,930 | €18,600 | ▼ 30.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €116,542 | €74,575 | €32,868 | €8,330 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | €2,209 | €2,209 | €2,209 | €0 | - | - |
| Reserves not available under the articles1311 | €2,209 | €2,209 | €2,209 | €0 | - | - |
| Distributable reserves133 | €114,333 | €72,367 | €30,660 | €8,330 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€6,922 | -€2,132 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €16,439 | €9,651 | €89,620 | €115,685 | €92,441 | ▼ 20.1% |
| Amounts payable within one year42/48 | €15,635 | €9,206 | €89,620 | €115,685 | €92,441 | ▼ 20.1% |
| Financial debts43 | €5,845 | €2,006 | €13,614 | €21,945 | €33,062 | ▲ 50.7% |
| Credit institutions430/8 | €5,845 | €2,006 | €13,614 | €21,945 | €33,062 | ▲ 50.7% |
| Trade debts44 | €1,170 | €147 | €799 | €2,046 | €353 | ▼ 82.8% |
| Suppliers440/4 | €1,170 | €147 | €799 | €2,046 | €353 | ▼ 82.8% |
| Taxes, remuneration and social security45 | €8,620 | €7,046 | €23,263 | €44,515 | €29,721 | ▼ 33.2% |
| Taxes450/3 | €8,620 | €7,046 | €23,263 | €44,515 | €29,721 | ▼ 33.2% |
| Other amounts payable47/48 | - | €7 | €51,944 | €47,179 | €29,304 | ▼ 37.9% |
| Accrued charges and deferred income492/3 | €804 | €444 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,531 | €4,791 | €16,629 | €28,079 | €25,166 | ▼ 10.4% |
| + Depreciation and write-downs630 | €17,244 | €18,082 | €18,571 | €18,435 | €8,848 | ▼ 52.0% |
| Operating cash flow (approximation) | €11,714 | €22,872 | €35,200 | €46,514 | €34,014 | ▼ 26.9% |
| Investment in fixed assets (approximation) | - | -€5,518 | €0 | €0 | €0 | - |
| Change in cash | - | -€9,465 | -€31,762 | - | - | - |
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
30-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
18-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
02-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
18-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Back to profitnet €4,791
Net result €4,791 after one loss-making year.
05-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Weakest financial yearnet -€5,531
Net result drops to -€5,531, the lowest in the series; recovery starts the following year.
21-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Liquidity triplescurrent ratio 4.14
Current ratio from 1.48 to 4.14; short-term debt falls from €40,668 to €18,775.
07-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Liquidity triplescurrent ratio 1.48
Current ratio from 0.58 to 1.48; short-term debt falls from €85,794 to €40,668.
12-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aalst · 1 establishment unit since 2015
Ground area
1,649 m²
Building footprint
606 m²
Volume, LiDAR
1,070 m³
Parcel 41302C1523/00T003, Flanders · tallest building 4.9 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ELSWARE
since 20152.240.644.966
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41302C1523/00T003 | Flanders | 1,649 m² | 1 · 606 m² | 4.9 m · 1 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.
Similar companies · same sector, comparable size
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BLUE DUN CONSULTING
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Andramoi
BE 0543.855.739
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ITLICIOUS
BE 0544.396.464
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Of 30,009 companies in sector 62200 we hold annual accounts for 18,399. 12,702 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
Founded13-03-2015
Fiscal year end30-09
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0600965280
Also
9925:BE0600965280
Registered
07-01-2026
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.