ENDEVER
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 10 days after the deadline Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00395542.
Annual accounts 2025 filed on 10-08-2026 at the NBB all 17 filings
Turnover
≈ €2.1m
Estimated: probably between €1.2m and €3.5m
EBIT margin
Not included in this filing
Net result
-€221,744▼ 41.9%
2024 · -€156,251
Working capital
-€320,846▲ 45.9%
2024 · -€593,371
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€210,699
▼ 36.7%
2025
20182025
Net result
-€221,744
▼ 41.9%
2025
20182025
Equity
€1.1m
▼ 17.2%
2025
20182025
Total assets
€2.7m
▼ 8.5%
2025
20182025
Debt
€1.5m
▼ 0.6%
2025
20182025
Working capital
-€320,846
▲ 45.9%
2025
20182025
Solvency
42.5%
▼ 4.4pp
2025
20182025
Current ratio
0.29
▲ 0.12
2025
20182025
Return on assets (ROA)
-8.3%
▼ 3.0pp
2025
20182025
Staff (FTE)
8.4
▲ 52.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m-€0.1m-€0.04m-€0.02m▲ 44.5%-€0.009m▲ 55.7%-€0.01m▼ 66.4%-€0.2m▼ 962%-€0.2m▼ 36.7%
Net result-€0.08m-€0.1m€0.7mabove the sector's middle half▲ 472%-€0.02mwithin the sector's middle half€0.02mwithin the sector's middle half-€0.001mwithin the sector's middle half-€0.2mbelow the sector's middle half▼ 10,479%-€0.2m▼ 41.9%
Equity€0.6m-€0.8m▲ 17.9%€1.4mabove the sector's middle half▲ 86.9%€1.4mabove the sector's middle half▼ 1.4%€1.4mabove the sector's middle half▲ 1.5%€1.4mwithin the sector's middle half▼ 0.1%€1.4mwithin the sector's middle half▼ 2.6%€1.1m▼ 17.2%
Total assets€0.8m-€0.8m▼ 7.0%€2.0mwithin the sector's middle half▲ 169%€1.9mwithin the sector's middle half▼ 4.6%€1.9mwithin the sector's middle half▼ 2.1%€2.6mwithin the sector's middle half▲ 35.9%€2.9mwithin the sector's middle half▲ 12.8%€2.7m▼ 8.5%
Debt€0.2m-€0.006m▼ 96.7%€0.6m▲ 107×€0.6m▼ 11.8%€0.5m▼ 11.1%€1.2m▲ 138%€1.5m▲ 27.7%€1.5m▼ 0.6%
Working capital€0.6m-€0.7m▲ 19.0%€1.7mabove the sector's middle half▲ 133%€1.6mabove the sector's middle half▼ 4.2%€1.6mabove the sector's middle half▲ 1.3%-€0.8mbelow the sector's middle half-€0.6mbelow the sector's middle half▲ 28.5%-€0.3m▲ 45.9%
Solvency78.3%-99.2%▲ 20.9pp69.0%above the sector's middle half▼ 30.3pp71.3%within the sector's middle half▲ 2.3pp73.9%above the sector's middle half▲ 2.6pp54.3%within the sector's middle half▼ 19.6pp46.9%within the sector's middle half▼ 7.4pp42.5%▼ 4.4pp
Current ratio4.41-6.90above the sector's middle half7.19above the sector's middle half▲ 0.299.25above the sector's middle half▲ 2.050.06below the sector's middle half▼ 9.180.17below the sector's middle half▲ 0.110.29▲ 0.12
Return on assets (ROA)-9.6%-15.1%▲ 24.7pp32.1%above the sector's middle half▲ 17.0pp-1.0%within the sector's middle half▼ 33.1pp1.1%within the sector's middle half▲ 2.1pp-0.1%within the sector's middle half▼ 1.2pp-5.4%below the sector's middle half▼ 5.3pp-8.3%▼ 3.0pp
Staff (FTE)5.5within the sector's middle half8.4▲ 52.7%
above
within
below
The sector band is the middle half of the companies in Fishing and aquaculture (NACE 03). 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 a loss of €210,699, larger than the loss of €154,157 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€2.5m ▼ 9.3%
Current assets
€134,008 ▲ 9.5%
Equity and liabilities €2.7m
Equity
€1.1m ▼ 17.2%
Provisions
€35,555 ▼ 11.1%
Debt
€1.5m ▼ 0.6%
Debt's share of the balance-sheet total rises from 51.7% to 56.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€49,726▼
2024 · €85,777
Cash flow
€38,681▼
2024 · €83,683
Debt to equity
1.32▲
2024 · 1.10
ROE
-19.5%▼
2024 · -11.4%
Interest coverage
1.63▼
2024 · 4.32
Debt ≤ 1 year
€454,854▼
2024 · €715,792
Debt > 1 year
€1.0m▲
2024 · €793,000
Income taxes
-€222
Staff costs
€807,799▲
2024 · €437,534
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Average over the year, in full-time equivalents | 5.5 | 8.4 |
| Joined | 7 | 12 |
| Left | 7 | 12 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2.1m | €504,437 | - |
| Financial fixed assets | - | - | €350,000 | - | - |
| Depreciation and write-downs of the year | - | - | €3,452 | €239,934 | €260,425 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €88,887 awarded · €88,887 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €437,534 | €807,799 | ▲ 84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €3,452 | €239,934 | €260,425 | ▲ 8.5% |
| Other operating charges640/8 | - | - | - | - | €980 | €1,076 | €6,721 | €11,137 | ▲ 65.7% |
| Gross operating margin9900 | -€11,050 | €121,949 | -€7,264 | -€19,703 | -€7,741 | -€9,984 | €530,031 | €868,661 | ▲ 63.9% |
| Operating profit (loss)9901 | -€12,035 | €116,823 | -€35,525 | -€19,703 | -€8,721 | -€14,512 | -€154,157 | -€210,699 | ▼ 36.7% |
| Financial income75/76B | - | - | - | - | €30,273 | €13,205 | €13,339 | €14,722 | ▲ 10.4% |
| Recurring financial income75 | - | - | €668,257 | - | €30,273 | €13,205 | €13,339 | €14,722 | ▲ 10.4% |
| Financial charges65/66B | - | - | - | €127 | €195 | €170 | €19,877 | €30,433 | ▲ 53.1% |
| Recurring financial charges65 | €91 | €272 | €332 | €127 | €195 | €170 | €19,877 | €30,433 | ▲ 53.1% |
| Profit (loss) for the period before taxes9903 | -€12,126 | €116,551 | €632,400 | -€19,830 | €21,357 | -€1,477 | -€160,696 | -€226,410 | ▼ 40.9% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €4,444 | €4,444 | = |
| Income taxes67/77 | €65,999 | €2,190 | -€21,292 | - | - | - | - | -€222 | - |
| Profit (loss) for the period9904 | -€78,125 | €114,361 | €653,692 | -€19,830 | €21,357 | -€1,477 | -€156,251 | -€221,744 | ▼ 41.9% |
| Profit (loss) for the period to be appropriated9905 | -€78,125 | €114,361 | €653,692 | -€19,830 | €21,357 | -€1,477 | -€156,251 | -€221,744 | ▼ 41.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €2.0m | €1.9m | €1.9m | €2.6m | €2.9m | €2.7m | ▼ 8.5% |
| Fixed assets21/28 | €0.03m | €0.03m | €0.09m | €0.09m | €0.09m | €2.5m | €2.8m | €2.5m | ▼ 9.3% |
| Tangible fixed assets22/27 | - | - | - | - | - | €2.1m | €2.4m | €2.1m | ▼ 11.0% |
| Furniture and vehicles24 | - | - | - | - | - | €2.1m | €2.4m | €2.1m | ▼ 11.0% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.09m | €0.09m | €0.09m | €0.4m | €0.4m | €0.4m | = |
| Current assets29/58 | €0.8m | €0.7m | €2.0m | €1.9m | €1.8m | €0.06m | €0.1m | €0.1m | ▲ 9.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €1.5m | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €1.5m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.8m | €0.7m | €1.9m | €1.9m | €0.3m | €0.06m | €0.1m | €0.1m | ▼ 3.2% |
| Trade receivables40 | - | - | - | €0.08m | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 5.7% |
| Other amounts receivable41 | - | - | - | €1.8m | €0.3m | €7 | €0.04m | €0.04m | ▲ 0.4% |
| Cash at bank and in hand54/58 | €159 | €48 | €0.003m | €6 | €0.02m | €0.001m | €0.02m | €0.03m | ▲ 45.4% |
| Deferred charges and accrued income490/1 | - | - | - | €270 | €270 | €271 | €0.001m | €0.005m | ▲ 753% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €2.0m | €1.9m | €1.9m | €2.6m | €2.9m | €2.7m | ▼ 8.5% |
| Equity10/15 | €0.6m | €0.8m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.1m | ▼ 17.2% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €1.4m | €1.4m | €1.4m | €1.4m | €1.2m | €1.0m | ▼ 18.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €1.4m | €1.4m | €1.4m | €1.2m | €1.0m | ▼ 18.0% |
| Profit (loss) carried forward14 | €0.6m | €0.7m | - | - | - | - | - | - | - |
| Investment grants15 | - | - | - | - | - | - | €0.1m | €0.1m | ▼ 11.1% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.04m | €0.04m | ▼ 11.1% |
| Deferred taxes168 | - | - | - | - | - | - | €0.04m | €0.04m | ▼ 11.1% |
| Amounts payable17/49 | €0.2m | €0.006m | €0.6m | €0.6m | €0.5m | €1.2m | €1.5m | €1.5m | ▼ 0.6% |
| Amounts payable after more than one year17 | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.8m | €1.0m | ▲ 31.6% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.8m | €1.0m | ▲ 31.6% |
| Amounts payable within one year42/48 | €0.2m | €0.006m | €0.3m | €0.3m | €0.2m | €0.9m | €0.7m | €0.5m | ▼ 36.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.08m | - |
| Trade debts44 | €0.003m | €0.001m | €0.008m | €0.01m | €0.006m | €0.006m | €0.1m | €0.2m | ▲ 37.8% |
| Suppliers440/4 | - | - | - | €0.01m | €0.006m | €0.006m | €0.1m | €0.2m | ▲ 37.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 17.5% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.1% |
| Remuneration and social security454/9 | - | - | - | €0.002m | - | - | €0.01m | €0.02m | ▲ 72.2% |
| Other amounts payable47/48 | - | - | - | €0.003m | - | €0.7m | €0.4m | €0.05m | ▼ 87.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.08m | €0.1m | €0.7m | -€0.02m | €0.02m | -€0.001m | -€0.2m | -€0.2m | ▼ 41.9% |
| + Depreciation and write-downs630 | - | - | - | - | - | €0.003m | €0.2m | €0.3m | ▲ 8.5% |
| Operating cash flow (approximation) | -€0.08m | €0.1m | €0.7m | -€0.02m | €0.02m | €0.002m | €0.08m | €0.04m | ▼ 53.8% |
| Investment in fixed assets (approximation) | - | €0 | -€0.05m | €0 | €0 | -€2.5m | -€0.5m | €0 | - |
| Change in cash | - | -€111 | €0.003m | -€0.003m | €0.02m | -€0.02m | €0.02m | €0.01m | ▼ 52.8% |
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, 6,908 companies had the same profile as ENDEVER has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ENDEVER itself is higher: 3.4% within 12 months. It rests on far more data about ENDEVER than the profile alone.
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 6,908 companies, not a prediction for ENDEVER. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-08-2026 | 2026-00395542 | |
| 31-12-2024 | abbreviated format | 25-09-2025 | 2025-00502274 | |
| 31-12-2023 | abbreviated format | 03-10-2024 | 2024-00490987 | |
| 31-12-2022 | abbreviated format | 25-09-2023 | 2023-00452672 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20234239 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-27300420 | |
| 31-12-2019 | abbreviated format | 13-08-2020 | 2020-40900315 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42000544 | |
| 31-12-2017 | abbreviated format | 19-12-2018 | 2018-74900514 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-55200155 |