ENDI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-04-2026 PDF all 17 filings
Turnover
≈ €210,000
Estimated: probably between €180,000 and €250,000
Total assets
€768,533▲ 20.0%
2024 · €640,419
Net result
€84,728▲ 23.2%
2024 · €68,762
Working capital
€534,390▲ 7.2%
2024 · €498,443
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€118,859
▲ 18.8%
2025
20182025
Net result
€84,728
▲ 23.2%
2025
highest quarter of the sector
20182025
Equity
€600,474
▲ 16.4%
2025
highest quarter of the sector
20182025
Total assets
€768,533
▲ 20.0%
2025
highest quarter of the sector
20182025
Debt
€168,059
▲ 34.8%
2025
20182025
Working capital
€534,390
▲ 7.2%
2025
highest quarter of the sector
20182025
Solvency
78.1%
▼ 2.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.18
▼ 0.82
2025
middle half of the sector
20182025
Return on assets (ROA)
11.0%
▲ 0.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€77,418-€94,754▲ 22.4%€106,452▲ 12.3%€92,941▼ 12.7%€106,801▲ 14.9%€99,430▼ 6.9%€100,038▲ 0.6%€118,859▲ 18.8%
Net result€54,255-€66,947▲ 23.4%€75,397above the sector's middle half▲ 12.6%€65,532above the sector's middle half▼ 13.1%€75,450above the sector's middle half▲ 15.1%€69,954above the sector's middle half▼ 7.3%€68,762above the sector's middle half▼ 1.7%€84,728above the sector's middle half▲ 23.2%
Equity€263,570-€330,516▲ 25.4%€405,913above the sector's middle half▲ 22.8%€471,445above the sector's middle half▲ 16.1%€546,895above the sector's middle half▲ 16.0%€446,984above the sector's middle half▼ 18.3%€515,746above the sector's middle half▲ 15.4%€600,474above the sector's middle half▲ 16.4%
Total assets€333,315-€376,024▲ 12.8%€484,365within the sector's middle half▲ 28.8%€541,319above the sector's middle half▲ 11.8%€615,934above the sector's middle half▲ 13.8%€519,076above the sector's middle half▼ 15.7%€640,419above the sector's middle half▲ 23.4%€768,533above the sector's middle half▲ 20.0%
Debt€69,745-€45,508▼ 34.8%€78,451▲ 72.4%€69,874▼ 10.9%€69,039▼ 1.2%€72,093▲ 4.4%€124,673▲ 72.9%€168,059▲ 34.8%
Working capital€260,619-€327,810▲ 25.8%€405,030above the sector's middle half▲ 23.6%€471,405above the sector's middle half▲ 16.4%€540,163above the sector's middle half▲ 14.6%€427,115above the sector's middle half▼ 20.9%€498,443above the sector's middle half▲ 16.7%€534,390above the sector's middle half▲ 7.2%
Solvency79.1%-87.9%▲ 8.8pp83.8%above the sector's middle half▼ 4.1pp87.1%above the sector's middle half▲ 3.3pp88.8%above the sector's middle half▲ 1.7pp86.1%above the sector's middle half▼ 2.7pp80.5%above the sector's middle half▼ 5.6pp78.1%above the sector's middle half▼ 2.4pp
Current ratio4.74-8.20▲ 3.476.16above the sector's middle half▼ 2.047.75above the sector's middle half▲ 1.588.82above the sector's middle half▲ 1.086.92above the sector's middle half▼ 1.905.00above the sector's middle half▼ 1.934.18within the sector's middle half▼ 0.82
Return on assets (ROA)16.3%-17.8%▲ 1.5pp15.6%within the sector's middle half▼ 2.2pp12.1%within the sector's middle half▼ 3.5pp12.2%within the sector's middle half▲ 0.1pp13.5%within the sector's middle half▲ 1.2pp10.7%within the sector's middle half▼ 2.7pp11.0%within the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 19% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
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 €768,533
Fixed assets
€66,084 ▲ 282%
Current assets
€702,448 ▲ 12.7%
Equity and liabilities €768,533
Equity
€600,474 ▲ 16.4%
Debt
€168,059 ▲ 34.8%
Debt's share of the balance-sheet total rises from 19.5% to 21.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€124,603▲
2024 · €102,604
Cash flow
€90,472▲
2024 · €71,328
Debt to equity
0.28▲
2024 · 0.24
ROE
14.1%▲
2024 · 13.3%
Interest coverage
13.13▼
2024 · 16.27
Debt ≤ 1 year
€168,059▲
2024 · €124,673
Income taxes
€33,044▲
2024 · €26,070
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 | - | €7,421 | €15,000 | - | €54,525 |
| Financial fixed assets | - | €20 | - | - | - |
| Depreciation and write-downs of the year | €843 | €750 | €1,863 | €2,566 | €5,744 |
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 | €1,700 | €1,940 | €1,823 | €843 | €750 | €1,863 | €2,566 | €5,744 | ▲ 124% |
| Other operating charges640/8 | - | - | - | €230 | €383 | €365 | €325 | €282 | ▼ 13.2% |
| Gross operating margin9900 | €79,343 | €96,924 | €108,507 | €94,013 | €107,934 | €101,659 | €102,929 | €124,885 | ▲ 21.3% |
| Operating profit (loss)9901 | €77,418 | €94,754 | €106,452 | €92,941 | €106,801 | €99,430 | €100,038 | €118,859 | ▲ 18.8% |
| Financial income75/76B | - | - | - | - | €0 | €593 | €1,101 | €8,400 | ▲ 663% |
| Recurring financial income75 | €252 | €141 | €8 | - | €0 | €593 | €1,101 | €8,400 | ▲ 663% |
| Financial charges65/66B | - | - | - | €2,757 | €2,642 | €3,658 | €6,307 | €9,488 | ▲ 50.4% |
| Recurring financial charges65 | €2,318 | €1,757 | €2,253 | €2,757 | €2,642 | €3,658 | €6,307 | €9,488 | ▲ 50.4% |
| Profit (loss) for the period before taxes9903 | €75,352 | €93,139 | €104,206 | €90,183 | €104,159 | €96,366 | €94,832 | €117,772 | ▲ 24.2% |
| Income taxes67/77 | €21,096 | €26,192 | €28,809 | €24,652 | €28,709 | €26,412 | €26,070 | €33,044 | ▲ 26.7% |
| Profit (loss) for the period9904 | €54,255 | €66,947 | €75,397 | €65,532 | €75,450 | €69,954 | €68,762 | €84,728 | ▲ 23.2% |
| Profit (loss) for the period to be appropriated9905 | €54,255 | €66,947 | €75,397 | €65,532 | €75,450 | €69,954 | €68,762 | €84,728 | ▲ 23.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €333,315 | €376,024 | €484,365 | €541,319 | €615,934 | €519,076 | €640,419 | €768,533 | ▲ 20.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2,951 | €2,706 | €883 | €40 | €6,732 | €19,869 | €17,303 | €66,084 | ▲ 282% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2,911 | €2,666 | €843 | - | €6,672 | €19,809 | €17,243 | €66,024 | ▲ 283% |
| Furniture and vehicles24 | - | - | - | - | €6,672 | €5,606 | €4,540 | €45,689 | ▲ 906% |
| Other tangible fixed assets26 | - | - | - | - | - | €14,203 | €12,703 | €20,336 | ▲ 60.1% |
| Financial fixed assets28 | €40 | €40 | €40 | €40 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €330,364 | €373,318 | €483,482 | €541,279 | €609,202 | €499,208 | €623,116 | €702,448 | ▲ 12.7% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €36,247 | €38,461 | €35,398 | €28,598 | €39,508 | €57,185 | €42,961 | €40,441 | ▼ 5.9% |
| Trade receivables40 | - | - | - | €25,750 | €39,508 | €56,097 | €39,331 | €39,378 | ▲ 0.1% |
| Other amounts receivable41 | - | - | - | €2,848 | - | €1,088 | €3,630 | €1,063 | ▼ 70.7% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €293,711 | €334,857 | €448,084 | €512,681 | €569,694 | €442,022 | €580,155 | €662,007 | ▲ 14.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €333,315 | €376,024 | €484,365 | €541,319 | €615,934 | €519,076 | €640,419 | €768,533 | ▲ 20.0% |
| Equity10/15 | €263,570 | €330,516 | €405,913 | €471,445 | €546,895 | €446,984 | €515,746 | €600,474 | ▲ 16.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €244,970 | €311,916 | €387,313 | €452,845 | €528,295 | €428,384 | €497,146 | €581,874 | ▲ 17.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €450,985 | €526,435 | €428,384 | €497,146 | €581,874 | ▲ 17.0% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €69,745 | €45,508 | €78,451 | €69,874 | €69,039 | €72,093 | €124,673 | €168,059 | ▲ 34.8% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €69,745 | €45,508 | €78,451 | €69,874 | €69,039 | €72,093 | €124,673 | €168,059 | ▲ 34.8% |
| Trade debts44 | €299 | €541 | €1,597 | €1,454 | €1,719 | €1,431 | €2,179 | €1,495 | ▼ 31.4% |
| Suppliers440/4 | - | - | - | €1,454 | €1,719 | €1,431 | €2,179 | €1,495 | ▼ 31.4% |
| Taxes, remuneration and social security45 | - | - | - | €1,765 | €4,659 | €4,376 | €4,718 | €12,137 | ▲ 157% |
| Taxes450/3 | - | - | - | €1,765 | €4,659 | €4,376 | €4,718 | €12,137 | ▲ 157% |
| Other amounts payable47/48 | - | - | - | €66,655 | €62,662 | €66,285 | €117,776 | €154,426 | ▲ 31.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,255 | €66,947 | €75,397 | €65,532 | €75,450 | €69,954 | €68,762 | €84,728 | ▲ 23.2% |
| + Depreciation and write-downs630 | €1,700 | €1,940 | €1,823 | €843 | €750 | €1,863 | €2,566 | €5,744 | ▲ 124% |
| Operating cash flow (approximation) | €55,955 | €68,886 | €77,220 | €66,375 | €76,199 | €71,817 | €71,328 | €90,472 | ▲ 26.8% |
| Investment in fixed assets (approximation) | - | -€1,695 | €0 | €0 | -€7,441 | -€15,000 | €0 | -€54,525 | - |
| Change in cash | - | €41,146 | €113,227 | €64,597 | €57,013 | -€127,671 | €138,133 | €81,852 | ▼ 40.7% |
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, 17,811 companies had the same profile as ENDI has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of ENDI itself: < 0.1% 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 17,811 companies, not a prediction for ENDI. 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 | micro format | 07-04-2026 | 2026-00074919 | |
| 31-12-2024 | micro format | 23-05-2025 | 2025-00105066 | |
| 31-12-2023 | micro format | 29-04-2024 | 2024-00073644 | |
| 31-12-2022 | micro format | 19-05-2023 | 2023-00090197 | |
| 31-12-2021 | micro format | 30-05-2022 | 2022-20038017 | |
| 31-12-2020 | micro format | 28-05-2021 | 2021-16200375 | |
| 31-12-2019 | micro format | 27-04-2020 | 2020-09900292 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-21800224 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24500364 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-53300223 |