ENDEKA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 11 filings
Turnover
≈ €350,000
Estimated: probably between €250,000 and €530,000
Total assets
€308,475▼ 26.9%
2024 · €421,738
Net result
€87,329▲ 23.7%
2024 · €70,589
Working capital
€289,165▼ 27.5%
2024 · €399,002
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€103,597
▲ 16.3%
2025
20182025
Net result
€87,329
▲ 23.7%
2025
highest quarter of the sector
20182025
Equity
€292,560
▼ 26.9%
2025
highest quarter of the sector
20182025
Total assets
€308,475
▼ 26.9%
2025
highest quarter of the sector
20182025
Debt
€15,915
▼ 26.0%
2025
20182025
Working capital
€289,165
▼ 27.5%
2025
highest quarter of the sector
20182025
Solvency
94.8%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
19.17
▼ 0.38
2025
highest quarter of the sector
20182025
Return on assets (ROA)
28.3%
▲ 11.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€42,873-€47,179▲ 10.0%€51,631▲ 9.4%€54,948▲ 6.4%€72,078▲ 31.2%€87,112▲ 20.9%€89,082▲ 2.3%€103,597▲ 16.3%
Net result€30,114-€33,229▲ 10.3%€36,772above the sector's middle half▲ 10.7%€43,150above the sector's middle half▲ 17.3%€49,105above the sector's middle half▲ 13.8%€62,890above the sector's middle half▲ 28.1%€70,589above the sector's middle half▲ 12.2%€87,329above the sector's middle half▲ 23.7%
Equity€92,096-€125,325▲ 36.1%€162,097above the sector's middle half▲ 29.3%€217,647above the sector's middle half▲ 34.3%€266,752above the sector's middle half▲ 22.6%€329,642above the sector's middle half▲ 23.6%€400,231above the sector's middle half▲ 21.4%€292,560above the sector's middle half▼ 26.9%
Total assets€96,217-€131,353▲ 36.5%€170,243within the sector's middle half▲ 29.6%€228,284within the sector's middle half▲ 34.1%€283,124within the sector's middle half▲ 24.0%€358,964above the sector's middle half▲ 26.8%€421,738above the sector's middle half▲ 17.5%€308,475above the sector's middle half▼ 26.9%
Debt€4,121-€6,028▲ 46.3%€8,146▲ 35.1%€10,637▲ 30.6%€16,372▲ 53.9%€29,322▲ 79.1%€21,507▼ 26.7%€15,915▼ 26.0%
Working capital€91,054-€124,537▲ 36.8%€159,301above the sector's middle half▲ 27.9%€215,624above the sector's middle half▲ 35.4%€264,011above the sector's middle half▲ 22.4%€327,711above the sector's middle half▲ 24.1%€399,002above the sector's middle half▲ 21.8%€289,165above the sector's middle half▼ 27.5%
Solvency95.7%-95.4%▼ 0.3pp95.2%above the sector's middle half▼ 0.2pp95.3%above the sector's middle half▲ 0.1pp94.2%above the sector's middle half▼ 1.1pp91.8%above the sector's middle half▼ 2.4pp94.9%above the sector's middle half▲ 3.1pp94.8%above the sector's middle half▼ 0.1pp
Current ratio23.10-21.66▼ 1.4420.56above the sector's middle half▼ 1.1021.27above the sector's middle half▲ 0.7217.13above the sector's middle half▼ 4.1512.18above the sector's middle half▼ 4.9519.55above the sector's middle half▲ 7.3819.17above the sector's middle half▼ 0.38
Return on assets (ROA)31.3%-25.3%▼ 6.0pp21.6%above the sector's middle half▼ 3.7pp18.9%above the sector's middle half▼ 2.7pp17.3%within the sector's middle half▼ 1.6pp17.5%within the sector's middle half▲ 0.2pp16.7%within the sector's middle half▼ 0.8pp28.3%above the sector's middle half▲ 11.6pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 16% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €308,475
Fixed assets
€3,395 ▲ 176%
Current assets
€305,080 ▼ 27.4%
Equity and liabilities €308,475
Equity
€292,560 ▼ 26.9%
Debt
€15,915 ▼ 26.0%
Debt's share of the balance-sheet total rises from 5.1% to 5.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€104,295▲
2024 · €89,784
Cash flow
€88,027▲
2024 · €71,291
Debt to equity
0.05▲
2024 · 0.05
ROE
29.8%▲
2024 · 17.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€15,915▼
2024 · €21,507
Income taxes
€23,046▼
2024 · €26,531
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,466 | - | - | €3,036 |
| Depreciation and write-downs of the year | €773 | €748 | €810 | €702 | €698 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €285 | €254 | €601 | €773 | €748 | €810 | €702 | €698 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €603 | €604 | €651 | €697 | €679 | ▼ 2.6% |
| Gross operating margin9900 | €43,635 | €47,913 | €52,738 | €56,324 | €73,430 | €88,573 | €90,481 | €104,974 | ▲ 16.0% |
| Operating profit (loss)9901 | €42,873 | €47,179 | €51,631 | €54,948 | €72,078 | €87,112 | €89,082 | €103,597 | ▲ 16.3% |
| Financial income75/76B | - | - | - | - | - | €5,285 | €8,080 | €6,820 | ▼ 15.6% |
| Recurring financial income75 | - | - | - | - | - | €5,285 | €8,080 | €6,820 | ▼ 15.6% |
| Financial charges65/66B | - | - | - | €55 | €43 | €39 | €42 | €42 | = |
| Recurring financial charges65 | €48 | €48 | €51 | €55 | €43 | €39 | €42 | €42 | = |
| Profit (loss) for the period before taxes9903 | €42,825 | €47,131 | €51,580 | €54,893 | €72,035 | €92,358 | €97,120 | €110,375 | ▲ 13.6% |
| Income taxes67/77 | €12,711 | €13,902 | €14,808 | €11,743 | €22,930 | €29,468 | €26,531 | €23,046 | ▼ 13.1% |
| Profit (loss) for the period9904 | €30,114 | €33,229 | €36,772 | €43,150 | €49,105 | €62,890 | €70,589 | €87,329 | ▲ 23.7% |
| Profit (loss) for the period to be appropriated9905 | €30,114 | €33,229 | €36,772 | €43,150 | €49,105 | €62,890 | €70,589 | €87,329 | ▲ 23.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €96,217 | €131,353 | €170,243 | €228,284 | €283,124 | €358,964 | €421,738 | €308,475 | ▼ 26.9% |
| Fixed assets21/28 | €1,042 | €788 | €2,796 | €2,023 | €2,741 | €1,931 | €1,229 | €3,395 | ▲ 176% |
| Tangible fixed assets22/27 | €1,042 | €788 | €2,796 | €2,023 | €2,741 | €1,931 | €1,229 | €3,395 | ▲ 176% |
| Furniture and vehicles24 | - | - | - | €2,023 | €2,741 | €1,931 | €1,229 | €3,395 | ▲ 176% |
| Current assets29/58 | €95,175 | €130,565 | €167,447 | €226,261 | €280,383 | €357,033 | €420,509 | €305,080 | ▼ 27.4% |
| Amounts receivable within one year40/41 | €6,939 | €5,366 | €4,816 | €7,054 | €10,709 | €19,488 | €9,801 | - | - |
| Trade receivables40 | - | - | - | €7,054 | €10,709 | €19,488 | €9,801 | - | - |
| Current investments50/53 | - | - | - | - | - | €220,000 | €350,000 | €270,000 | ▼ 22.9% |
| Cash at bank and in hand54/58 | €88,236 | €125,119 | €162,453 | €218,987 | €269,443 | €112,017 | €60,453 | €34,812 | ▼ 42.4% |
| Deferred charges and accrued income490/1 | - | - | - | €220 | €231 | €5,528 | €255 | €268 | ▲ 5.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €96,217 | €131,353 | €170,243 | €228,284 | €283,124 | €358,964 | €421,738 | €308,475 | ▼ 26.9% |
| Equity10/15 | €92,096 | €125,325 | €162,097 | €217,647 | €266,752 | €329,642 | €400,231 | €292,560 | ▼ 26.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €85,896 | €119,125 | €155,897 | €199,047 | €248,152 | €311,042 | €381,631 | €273,960 | ▼ 28.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €197,187 | €246,292 | €311,042 | €381,631 | €273,960 | ▼ 28.2% |
| Amounts payable17/49 | €4,121 | €6,028 | €8,146 | €10,637 | €16,372 | €29,322 | €21,507 | €15,915 | ▼ 26.0% |
| Amounts payable within one year42/48 | €4,121 | €6,028 | €8,146 | €10,637 | €16,372 | €29,322 | €21,507 | €15,915 | ▼ 26.0% |
| Trade debts44 | €383 | - | €60 | €123 | €21 | €71 | €370 | €569 | ▲ 53.8% |
| Suppliers440/4 | - | - | - | €123 | €21 | €71 | €370 | €569 | ▲ 53.8% |
| Taxes, remuneration and social security45 | - | - | - | €10,514 | €16,351 | €29,251 | €21,137 | €15,346 | ▼ 27.4% |
| Taxes450/3 | - | - | - | €10,514 | €16,351 | €29,251 | €21,137 | €15,346 | ▼ 27.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,114 | €33,229 | €36,772 | €43,150 | €49,105 | €62,890 | €70,589 | €87,329 | ▲ 23.7% |
| + Depreciation and write-downs630 | €285 | €254 | €601 | €773 | €748 | €810 | €702 | €698 | ▼ 0.6% |
| Operating cash flow (approximation) | €30,399 | €33,483 | €37,373 | €43,923 | €49,853 | €63,700 | €71,291 | €88,027 | ▲ 23.5% |
| Investment in fixed assets (approximation) | - | €0 | -€2,609 | €0 | -€1,466 | €0 | €0 | -€2,864 | - |
| Change in cash | - | €36,883 | €37,334 | €56,534 | €50,456 | -€157,426 | -€51,564 | -€25,641 | ▲ 50.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as ENDEKA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ENDEKA itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for ENDEKA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00172259 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00145460 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00126360 | |
| 31-12-2022 | micro format | 17-06-2023 | 2023-00133496 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20067024 | |
| 31-12-2020 | micro format | 16-06-2021 | 2021-20100470 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19900581 | |
| 31-12-2018 | micro format | 13-06-2019 | 2019-18100128 | |
| 31-12-2017 | micro format | 09-06-2018 | 2018-17600099 | |
| 31-12-2016 | micro format | 18-06-2017 | 2017-19800442 |