Active BE 0422.434.010Public limited company

ELTAR

Rijkmakerlaan 22 ·2910 Essen, Belgium· 44 yrs active

Sector: Renting and operating of own or leased residential real estate, excluding social housing (68201)

Conclusion Checked

ELTAR has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €401k and a net result of €59k. Equity is growing by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 19340 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€401k
Net result	€59k
Better than sector	95%
Active	44 yrs

Financial profile 5 of 5 axes measured · computed by Checked

90 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 100

Profitability 73

Solvency 100

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.1% 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

Long-established

Founded in 1982, 44 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 2024 · computed

100 / 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

€40k

estimate, not credit advice

Score history

93 2021

93 2022

100 2023

100 2024

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 30.24 (≥ 1.5) +10

Quick ratio Quick ratio 30.24 (≥ 1.0) +5

Leverage Debt/equity 0.02 (< 1.0) +10

Profitability ROE 15% (≥ 10%) +10

Interest coverage Interest coverage 570.5× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview43 NBB filings

Annual accounts filed on 02-06-2025 with the NBB · fiscal year 2024 · 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 ~14.1%/year over 4 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 2024 · NACE 68, Real estate activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	97.7%	31.1%	better than 95% of 19340 sector peers
Net result	€59k	€4k	better than 85% of 19328 sector peers
Equity	€401k	€87k	better than 78% of 19357 sector peers
Gross operating margin	€98k	€39k	better than 73% of 19284 sector peers
Total assets	€410k	€441k	better than 48% of 19344 sector peers

EBITDA

€92k

+36.9% 21-24

Net profit

€59k

+41.7% 21-24

Cash flow

€64k

+39.1% 21-24

Total assets

€410k

+14.2% 21-24

Equity

€401k

+17.1% 21-24

Working capital

€274k

+29.6% 21-24

Income taxes

€28k

+32.8% 21-24

Debt

€9k

-44.5% 21-24

Debt ≤ 1y

€9k

-44.5% 21-24

Current ratio

30.24

+123.6% 21-24

Quick ratio

30.24

+123.6% 21-24

Solvency

97.7%

+2.5% 21-24

Debt / equity

0.02

-52.6% 21-24

ROE

14.6%

+21.0% 21-24

ROA

14.3%

+24.0% 21-24

Interest coverage

570.49

+99.1% 21-24

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	€92k	€67k	€60k	€70k
Net profit	€59k	€41k	€34k	€51k
Cash flow	€64k	€46k	€42k	€60k
Staff costs	-	-	-	-
Income taxes	€28k	€21k	€18k	€2k
Dividends	-	-	-	-
Total assets	€410k	€359k	€320k	€272k
Equity	€401k	€343k	€301k	€267k
Debt	€9k	€17k	€19k	€5k
of which ≤ 1y	€9k	€17k	€19k	€5k
of which > 1y	-	-	-	-
Working capital	€274k	€211k	€169k	€127k
Employees (FTE)	-	-	-	-

Ratios (computed)

	2024	2023	2022	2021
Current ratio	30.24	13.52	9.75	27.20
Quick ratio	30.24	13.52	9.75	27.20
Working capital ratio	66.7%	58.8%	52.6%	46.5%
Solvency	97.7%	95.3%	94.0%	98.2%
Debt / equity	0.02	0.05	0.06	0.02
Long-term debt ratio	-	-	-	-
Interest coverage	570.49	286.51	167.14	245.25
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	14.3%	11.5%	10.6%	18.8%
ROE	14.6%	12.1%	11.3%	19.2%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2024

Assets

Fixed assets €127k · 31.0% Current assets €283k · 69.0%

Equity & liabilities

Equity €401k · 97.7% Debt €9k · 2.3%

Full annual accounts (22 line items)

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

Line item	Code	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€410k	€359k	€320k	€272k
Fixed assets	21/28	€127k	€131k	€133k	€141k
Tangible fixed assets	22/27	€126k	€130k	€132k	€139k
Financial fixed assets	28	€1k	€1k	€1k	€1k
Current assets	29/58	€283k	€228k	€188k	€131k
Amounts receivable within one year	40/41	€5k	€12k	€18k	€87k
Cash & bank	54/58	€269k	€208k	€163k	€38k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€410k	€359k	€320k	€272k
Equity	10/15	€401k	€343k	€301k	€267k
Contributions / capital	10/11	€80k	€80k	€80k	€80k
Reserves	13	€321k	€262k	€221k	€187k
Amounts payable	17/49	€9k	€17k	€19k	€5k
Amounts payable within one year	42/48	€9k	€17k	€19k	€5k
Trade debts payable within one year	44	€2k	€10k	€5k	€299
Income statement
Gross operating margin	9900	€98k	€77k	€86k	€77k
Operating result	9901	€87k	€63k	€52k	€61k
Financial income	75	€126	€1	€0	€0
Financial charges	65	€161	€234	€361	€285
Result before taxes	9903	€87k	€63k	€52k	€54k
Income taxes	67/77	€28k	€21k	€18k	€2k
Net result for the period	9904	€59k	€41k	€34k	€51k
Result to be appropriated	9905	€59k	€41k	€34k	€51k

Legal Structure

NACE primary	Renting and operating of own or leased residential real estate, excluding social housing(68201)
Legal form	Public limited company(014)
Incorporation	15-01-1982
Status	Active
Postal code	2910

Establishment units 1 location

Eltar

Rijkmakerlaan 22, 2910 EssenManufacture of machinery and equipment not elsewhere classified

since 19912.020.335.202

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11016B0717/00Z002	Flanders	116 m²	1 · 116 m²	15.7 m · 2 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 14Financial 3Gazette 1Filings 10

2025

30-06

State Gazette act Director changes

02-06

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Highest result since 2021net €59k ▲41.7%

Operating result €87k, net result €59k, both a record.

31-12

Financial Liquidity doublescurrent ratio 30.24

Current ratio from 13.52 to 30.24; short-term debt falls from €17k to €9k.

24-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

30-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

31-12

Financial Weakest financial yearnet €34k ▼33.6%

Net result drops to €34k, the lowest in the series; recovery starts the following year.

15-07

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

31-08

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 31 days late

2020

31-07

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2019

21-06

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

20-07

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

30-08

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 30 days late

2016

26-07

NBB filing Annual accounts filed

fiscal year 2015 · abbreviated schema

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

Belgian State Gazette reading coverage 0 of 7 acts read

We know of 7 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 1 year ago

2025

30-06-2025 3 reappointed Director changes

Yirka Schuybroek, Bestuurder
Cindy Schuybroek, Bestuurder
Armand Schuybroek, Gedelegeerd bestuurder

Original publication ↗

Technical details

{
  "events": [
    {
      "kind": "director_renew",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Yirka Schuybroek",
        "address": "Hondsberg 16 te 2910 Essen",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "renewal",
      "via_org": null,
      "statutory": null,
      "compensated": false,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "n_years",
        "value": "6"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_renew",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Cindy Schuybroek",
        "address": "Steenpaal 17 te 2910 Essen",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "renewal",
      "via_org": null,
      "statutory": null,
      "compensated": false,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "n_years",
        "value": "6"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_renew",
      "role": "gedelegeerd_bestuurder",
      "person": {
        "rrn": null,
        "name": "Armand Schuybroek",
        "address": "Rijkmakerlaan 22 te 2910 Essen",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "renewal",
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "n_years",
        "value": "6"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-06-30",
    "filing_date": "2025-06-19",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
      "body": "buitengewone_algemene_vergadering",
      "date": "2024-05-31",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0422.434.010",
    "name_full": "Eltar",
    "legal_form": "NV"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Schuybroek Armand",
    "org_rep_person_name": null,
    "person_role_at_subject": "Gedelegeerd bestuurder"
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

45310Renting and operating of own or leased residential real estate, excluding social housing68201General electrical installation work43211

Names & trade names

Legal nameNL

ELTAR

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