ELTHA
ActiveSummary
ELTHA has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €70,443 and a net result of €3,447. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 57% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▼-5
Solvency78▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 2.13 against 1.78 in 2024; short-term debt: 46.6% and cash: 75.4% of total assets), and 47% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
53%
Return on assets
2.6%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 12-02-2026, 12 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 · 10 filingsDeviation from the deadline
2025
12 d late
2024
7 d late
2023
29 d late
2022
7 d late
2021
2 d late
2020
99 d late
2019
116 d late
← 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 39 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 7 February (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€70,443▲ 5.1%
2024 · €66,996
Total assets
€132,956▼ 10.2%
2024 · €148,136
Net result
€3,447▼ 63.8%
2024 · €9,535
Working capital
€69,848▲ 10.8%
2024 · €63,066
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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€22,058▲ 66.4%€3,310▼ 85.0%€2,794▼ 15.6%€14,017▲ 402%€5,693▼ 59.4%
Net result€15,496within the sector's middle half▲ 51.4%€1,067within the sector's middle half▼ 93.1%€420within the sector's middle half▼ 60.7%€9,535within the sector's middle half▲ 2,173%€3,447within the sector's middle half▼ 63.8%
Equity€55,974within the sector's middle half▲ 38.3%€57,042within the sector's middle half▲ 1.9%€57,461within the sector's middle half▲ 0.7%€66,996within the sector's middle half▲ 16.6%€70,443within the sector's middle half▲ 5.1%
Total assets€128,456within the sector's middle half▲ 2.8%€106,818within the sector's middle half▼ 16.8%€140,319within the sector's middle half▲ 31.4%€148,136within the sector's middle half▲ 5.6%€132,956within the sector's middle half▼ 10.2%
Debt€72,482▼ 14.2%€49,777▼ 31.3%€82,858▲ 66.5%€81,140▼ 2.1%€62,512▼ 23.0%
Working capital€54,809within the sector's middle half▲ 32.1%€52,066within the sector's middle half▼ 5.0%€54,473within the sector's middle half▲ 4.6%€63,066within the sector's middle half▲ 15.8%€69,848within the sector's middle half▲ 10.8%
Solvency43.6%within the sector's middle half▲ 11.2pp53.4%within the sector's middle half▲ 9.8pp41.0%within the sector's middle half▼ 12.5pp45.2%within the sector's middle half▲ 4.3pp53.0%within the sector's middle half▲ 7.8pp
Current ratio2.16within the sector's middle half▲ 0.362.44within the sector's middle half▲ 0.281.71within the sector's middle half▼ 0.731.78within the sector's middle half▲ 0.072.13within the sector's middle half▲ 0.35
Return on assets (ROA)12.1%within the sector's middle half▲ 3.9pp1.0%within the sector's middle half▼ 11.1pp0.3%below the sector's middle half▼ 0.7pp6.4%within the sector's middle half▲ 6.1pp2.6%within the sector's middle half▼ 3.8pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction 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 falls in 2025; 2025 is 59% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €132,956
Fixed assets
€1,214 ▼ 73.3%
Current assets
€131,742 ▼ 8.2%
Equity and liabilities €132,956
Equity
€70,443 ▲ 5.1%
Debt
€62,512 ▼ 23.0%
Debt's share of the balance-sheet total falls from 54.8% to 47.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,028▼
2024 · €20,658
Cash flow
€6,782▼
2024 · €16,176
Debt to equity
0.89▼
2024 · 1.21
ROE
4.9%▼
2024 · 14.2%
Interest coverage
31.44▲
2024 · 29.78
Debt ≤ 1 year
€61,893▼
2024 · €80,521
Income taxes
€1,959▼
2024 · €3,789
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% 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 17,027 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €395 | - | - | - |
| Remuneration, social security and pensions62 | - | €4,101 | €5,579 | €12,121 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,227 | €11,994 | €11,273 | €6,641 | €3,335 | ▼ 49.8% |
| Other operating charges640/8 | - | €796 | €738 | €935 | - | - |
| Gross operating margin9900 | €43,243 | €20,200 | €20,384 | €33,714 | €9,028 | ▼ 73.2% |
| Operating profit (loss)9901 | €22,058 | €3,310 | €2,794 | €14,017 | €5,693 | ▼ 59.4% |
| Financial income75/76B | - | - | €2 | €1 | €0 | ▼ 67.6% |
| Recurring financial income75 | €23 | - | €2 | €1 | €0 | ▼ 67.6% |
| Financial charges65/66B | - | €765 | €498 | €694 | €287 | ▼ 58.6% |
| Recurring financial charges65 | €1,157 | €765 | €498 | €694 | €287 | ▼ 58.6% |
| Profit (loss) for the period before taxes9903 | €20,924 | €2,546 | €2,299 | €13,325 | €5,407 | ▼ 59.4% |
| Income taxes67/77 | €5,428 | €1,478 | €1,879 | €3,789 | €1,959 | ▼ 48.3% |
| Profit (loss) for the period9904 | €15,496 | €1,067 | €420 | €9,535 | €3,447 | ▼ 63.8% |
| Profit (loss) for the period to be appropriated9905 | €15,496 | €1,067 | €420 | €9,535 | €3,447 | ▼ 63.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €128,456 | €106,818 | €140,319 | €148,136 | €132,956 | ▼ 10.2% |
| Fixed assets21/28 | €26,350 | €18,639 | €9,571 | €4,549 | €1,214 | ▼ 73.3% |
| Tangible fixed assets22/27 | €26,350 | €18,639 | €9,571 | €4,549 | €1,214 | ▼ 73.3% |
| Plant, machinery and equipment23 | - | €2,755 | €1,867 | €2,195 | €797 | ▼ 63.7% |
| Furniture and vehicles24 | - | €15,885 | €7,704 | €2,354 | €417 | ▼ 82.3% |
| Current assets29/58 | €102,107 | €88,179 | €130,748 | €143,587 | €131,742 | ▼ 8.2% |
| Stocks and contracts in progress3 | - | - | €8,122 | €0 | €0 | - |
| Stocks30/36 | - | - | €8,122 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €9,922 | €14,208 | €41,512 | €17,670 | €29,839 | ▲ 68.9% |
| Trade receivables40 | - | €11,024 | €29,310 | €5,523 | €20,740 | ▲ 276% |
| Other amounts receivable41 | - | €3,184 | €12,202 | €12,147 | €9,099 | ▼ 25.1% |
| Cash at bank and in hand54/58 | €90,533 | €72,281 | €80,219 | €124,704 | €100,292 | ▼ 19.6% |
| Deferred charges and accrued income490/1 | - | €1,690 | €895 | €1,214 | €1,611 | ▲ 32.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €128,456 | €106,818 | €140,319 | €148,136 | €132,956 | ▼ 10.2% |
| Equity10/15 | €55,974 | €57,042 | €57,461 | €66,996 | €70,443 | ▲ 5.1% |
| Contributions10/11 | - | €11,200 | €11,200 | €11,200 | €11,200 | = |
| Reserves13 | €15,765 | €15,765 | €15,765 | €15,765 | €15,765 | = |
| 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 | = |
| Tax-exempt reserves132 | - | €13,905 | €13,905 | €13,905 | €13,905 | = |
| Profit (loss) carried forward14 | €29,009 | €30,077 | €30,496 | €40,032 | €43,479 | ▲ 8.6% |
| Amounts payable17/49 | €72,482 | €49,777 | €82,858 | €81,140 | €62,512 | ▼ 23.0% |
| Amounts payable after more than one year17 | €23,815 | €12,914 | €5,214 | €0 | - | - |
| Financial debts170/4 | - | €12,914 | €5,214 | €0 | - | - |
| Amounts payable within one year42/48 | €47,298 | €36,113 | €76,275 | €80,521 | €61,893 | ▼ 23.1% |
| Current portion of amounts payable after more than one year42 | - | €10,902 | €7,700 | €5,214 | - | - |
| Trade debts44 | €17,450 | €9,340 | €47,022 | €48,515 | €36,375 | ▼ 25.0% |
| Suppliers440/4 | - | €9,340 | €47,022 | €48,515 | €36,375 | ▼ 25.0% |
| Taxes, remuneration and social security45 | - | €2,628 | €6,492 | €7,112 | €4,972 | ▼ 30.1% |
| Taxes450/3 | - | €1,778 | €3,642 | €4,089 | €2,259 | ▼ 44.7% |
| Remuneration and social security454/9 | - | €850 | €2,850 | €3,022 | €2,713 | ▼ 10.2% |
| Other amounts payable47/48 | - | €13,243 | €15,061 | €19,680 | €20,546 | ▲ 4.4% |
| Accrued charges and deferred income492/3 | - | €750 | €1,369 | €619 | €619 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,496 | €1,067 | €420 | €9,535 | €3,447 | ▼ 63.8% |
| + Depreciation and write-downs630 | €15,227 | €11,994 | €11,273 | €6,641 | €3,335 | ▼ 49.8% |
| Operating cash flow (approximation) | €30,724 | €13,061 | €11,692 | €16,176 | €6,782 | ▼ 58.1% |
| Investment in fixed assets (approximation) | - | -€4,283 | -€2,205 | -€1,619 | €0 | ▲ 100% |
| Change in cash | - | -€18,253 | €7,938 | €44,485 | -€24,412 | ▼ 155% |
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
12-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 12 days late
2025
07-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 7 days late
2024
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-06
Financial
Weakest financial yearnet €420 ▼60.7%
Net result drops to €420, the lowest in the series; recovery starts the following year.
07-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 7 days late
2022
02-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 2 days late
2021
30-06
Financial
Highest result since 2019net €15,496 ▲51.4%
Operating result €22,058, net result €15,496, both a record.
10-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 99 days late
2020
26-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 116 days late
2019
25-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 84 days late
2018
19-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 47 days late
2017
25-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Incourt · 1 establishment unit since 2006
Ground area
2,401 m²
Building footprint
271 m²
Volume, LiDAR
1,328 m³
Parcel 25086C0383/02A000, Wallonia · tallest building 6.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ELTHA
since 20062.154.543.214
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25086C0383/02A000 | Wallonia | 2,401 m² | 1 · 271 m² | 6.5 m · 2 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 22,831 companies in sector 43211 we hold annual accounts for 10,335. 8,767 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
Founded06-06-2006
Fiscal year end30-06
Activities, NACEBEL 2025
43211General electrical installation work
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0881695752
Also
9925:BE0881695752
Registered
05-01-2026
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.