ENE
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 31-10-2025 PDF all 6 filings
Turnover
≈ €440,000
Estimated: probably between €390,000 and €610,000
Total assets
€329,628▲ 42.1%
2023 · €231,941
Net result
€37,723
2023 · -€49,101
Working capital
€101,895▲ 91.1%
2023 · €53,314
Multi-year overview
2019 to 2024, 6 financial yearsOperating result
€88,507
2024
20192024
Net result
€37,723
2024
highest quarter of the sector
20192024
Equity
€62,553
▲ 152%
2024
middle half of the sector
20192024
Total assets
€329,628
▲ 42.1%
2024
highest quarter of the sector
20192024
Debt
€267,075
▲ 29.0%
2024
20192024
Working capital
€101,895
▲ 91.1%
2024
highest quarter of the sector
20192024
Solvency
19.0%
▲ 8.3pp
2024
middle half of the sector
20192024
Current ratio
1.59
▲ 0.09
2024
middle half of the sector
20192024
Return on assets (ROA)
11.4%
▲ 32.6pp
2024
middle half of the sector
20192024
Staff (FTE)
1.8
▼ 10.0%
2024
20192024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232024
Operating result€81,711-€50,313▼ 38.4%€15,228▼ 69.7%€162,329▲ 966%-€46,603€88,507
Net result€62,061-€39,240above the sector's middle half▼ 36.8%€10,170within the sector's middle half▼ 74.1%€161,117above the sector's middle half▲ 16×-€49,101below the sector's middle half€37,723above the sector's middle half
Equity€62,061-€101,301above the sector's middle half▲ 63.2%€111,471above the sector's middle half▲ 10.0%€191,188above the sector's middle half▲ 71.5%€24,830within the sector's middle half▼ 87.0%€62,553within the sector's middle half▲ 152%
Total assets€289,856-€265,624above the sector's middle half▼ 8.4%€276,156above the sector's middle half▲ 4.0%€395,198above the sector's middle half▲ 43.1%€231,941within the sector's middle half▼ 41.3%€329,628above the sector's middle half▲ 42.1%
Debt€227,795-€164,324▼ 27.9%€164,685▲ 0.2%€204,010▲ 23.9%€207,110▲ 1.5%€267,075▲ 29.0%
Working capital€37,404-€86,281above the sector's middle half▲ 131%€92,243above the sector's middle half▲ 6.9%€167,452above the sector's middle half▲ 81.5%€53,314within the sector's middle half▼ 68.2%€101,895above the sector's middle half▲ 91.1%
Solvency21.4%-38.1%within the sector's middle half▲ 16.7pp40.4%within the sector's middle half▲ 2.2pp48.4%within the sector's middle half▲ 8.0pp10.7%below the sector's middle half▼ 37.7pp19.0%within the sector's middle half▲ 8.3pp
Current ratio1.18-1.57within the sector's middle half▲ 0.391.59within the sector's middle half▲ 0.021.84within the sector's middle half▲ 0.251.50within the sector's middle half▼ 0.341.59within the sector's middle half▲ 0.09
Return on assets (ROA)21.4%-14.8%above the sector's middle half▼ 6.6pp3.7%within the sector's middle half▼ 11.1pp40.8%above the sector's middle half▲ 37.1pp-21.2%below the sector's middle half▼ 61.9pp11.4%within the sector's middle half▲ 32.6pp
Staff (FTE)221.8▼ 10.0%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 2024 is a profit of €88,507, after a loss of €46,603 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
2024 in colour, 2023 as the grey bar beneath
Assets €329,628
Fixed assets
€54,940 ▼ 24.7%
Current assets
€274,688 ▲ 72.7%
Equity and liabilities €329,628
Equity
€62,553 ▲ 152%
Debt
€267,075 ▲ 29.0%
Debt's share of the balance-sheet total falls from 89.3% to 81.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€106,495▲
2023 · -€37,266
Cash flow
€55,711▲
2023 · -€39,764
Quick ratio
1.33▼
2023 · 1.36
Debt to equity
4.27▼
2023 · 8.34
ROE
60.3%▲
2023 · -197.7%
Interest coverage
4.55▲
2023 · -18.18
Debt ≤ 1 year
€172,793▲
2023 · €105,698
Debt > 1 year
€94,282▼
2023 · €101,412
Income taxes
€29,231▲
2023 · €448
Staff costs
€67,587▼
2023 · €113,013
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 |
| part-time | - | - | 0 |
| in full-time equivalents | 2 | 2 | 0 |
| Average over the year, in full-time equivalents | 2 | 2 | - |
| On a permanent contract | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €24,095 | €11,205 | €53,636 | - |
| Depreciation and write-downs of the year | €9,828 | €9,991 | €9,337 | €17,988 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €354 awarded · €354 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €297 | €297 |
| 2024 | 1 | €57 | €57 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €112,605 | €104,177 | €113,013 | €67,587 | ▼ 40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,248 | €15,293 | €9,828 | €9,991 | €9,337 | €17,988 | ▲ 92.7% |
| Other operating charges640/8 | - | - | €4,542 | €24,274 | €3,041 | €1,811 | ▼ 40.4% |
| Gross operating margin9900 | €230,150 | €161,664 | €142,204 | €300,771 | €78,789 | €175,893 | ▲ 123% |
| Operating profit (loss)9901 | €81,711 | €50,313 | €15,228 | €162,329 | -€46,603 | €88,507 | - |
| Financial income75/76B | - | - | €0 | - | - | €1,875 | - |
| Recurring financial income75 | €105 | - | €0 | - | - | €1,875 | - |
| Financial charges65/66B | - | - | €1,836 | €1,212 | €2,050 | €23,428 | ▲ 11× |
| Recurring financial charges65 | €968 | €2,632 | €1,836 | €1,212 | €2,050 | €23,428 | ▲ 11× |
| Profit (loss) for the period before taxes9903 | €80,847 | €47,681 | €13,392 | €161,117 | -€48,653 | €66,954 | - |
| Income taxes67/77 | €18,786 | €8,441 | €3,222 | - | €448 | €29,231 | ▲ 65× |
| Profit (loss) for the period9904 | €62,061 | €39,240 | €10,170 | €161,117 | -€49,101 | €37,723 | - |
| Profit (loss) for the period to be appropriated9905 | €62,061 | €39,240 | €10,170 | €161,117 | -€49,101 | €37,723 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €289,856 | €265,624 | €276,156 | €395,198 | €231,941 | €329,628 | ▲ 42.1% |
| Fixed assets21/28 | €43,731 | €28,728 | €27,415 | €28,629 | €72,928 | €54,940 | ▼ 24.7% |
| Tangible fixed assets22/27 | €43,731 | €28,438 | €27,415 | €28,629 | €72,928 | €54,940 | ▼ 24.7% |
| Furniture and vehicles24 | - | - | €964 | - | - | - | - |
| Leasing and similar rights25 | - | - | - | €5,727 | €56,910 | €44,641 | ▼ 21.6% |
| Other tangible fixed assets26 | - | - | €26,452 | €22,902 | €16,018 | €10,299 | ▼ 35.7% |
| Financial fixed assets28 | - | €290 | - | - | - | - | - |
| Current assets29/58 | €246,125 | €236,897 | €248,741 | €366,569 | €159,012 | €274,688 | ▲ 72.7% |
| Stocks and contracts in progress3 | - | - | €1,063 | €30,440 | €15,632 | €44,433 | ▲ 184% |
| Stocks30/36 | - | - | €1,063 | €30,440 | €15,632 | €44,433 | ▲ 184% |
| Amounts receivable within one year40/41 | €233,073 | €233,774 | €235,631 | €335,247 | €133,231 | €200,452 | ▲ 50.5% |
| Trade receivables40 | - | - | €87,156 | €112,879 | €114,631 | €135,920 | ▲ 18.6% |
| Other amounts receivable41 | - | - | €148,475 | €222,368 | €18,600 | €64,532 | ▲ 247% |
| Cash at bank and in hand54/58 | €5,858 | €2,839 | €8,474 | €7 | €10,132 | €19,529 | ▲ 92.7% |
| Deferred charges and accrued income490/1 | - | - | €3,572 | €875 | €18 | €10,274 | ▲ 579× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €289,856 | €265,624 | €276,156 | €395,198 | €231,941 | €329,628 | ▲ 42.1% |
| Equity10/15 | €62,061 | €101,301 | €111,471 | €191,188 | €24,830 | €62,553 | ▲ 152% |
| Contributions10/11 | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €62,061 | €101,301 | €111,471 | €172,588 | €6,230 | €43,953 | ▲ 605% |
| Amounts payable17/49 | €227,795 | €164,324 | €164,685 | €204,010 | €207,110 | €267,075 | ▲ 29.0% |
| Amounts payable after more than one year17 | €19,074 | €13,708 | €8,187 | €4,893 | €101,412 | €94,282 | ▼ 7.0% |
| Financial debts170/4 | - | - | €8,187 | €4,893 | €101,412 | €94,282 | ▼ 7.0% |
| Amounts payable within one year42/48 | €208,721 | €150,616 | €156,498 | €199,117 | €105,698 | €172,793 | ▲ 63.5% |
| Current portion of amounts payable after more than one year42 | - | - | €5,521 | €3,294 | - | €55,073 | - |
| Trade debts44 | €180,337 | €88,887 | €71,067 | €59,056 | €53,881 | €25,254 | ▼ 53.1% |
| Suppliers440/4 | - | - | €71,067 | €59,056 | €53,881 | €25,254 | ▼ 53.1% |
| Taxes, remuneration and social security45 | - | - | €79,773 | €36,629 | €51,817 | €92,466 | ▲ 78.4% |
| Taxes450/3 | - | - | €58,001 | €17,547 | €37,272 | €78,292 | ▲ 110% |
| Remuneration and social security454/9 | - | - | €21,772 | €19,082 | €14,545 | €14,174 | ▼ 2.6% |
| Other amounts payable47/48 | - | - | €138 | €100,138 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €62,061 | €39,240 | €10,170 | €161,117 | -€49,101 | €37,723 | - |
| + Depreciation and write-downs630 | €19,248 | €15,293 | €9,828 | €9,991 | €9,337 | €17,988 | ▲ 92.7% |
| Operating cash flow (approximation) | €81,309 | €54,533 | €19,999 | €171,108 | -€39,764 | €55,711 | - |
| Investment in fixed assets (approximation) | - | -€290 | -€8,516 | -€11,205 | -€53,636 | €0 | - |
| Change in cash | - | -€3,019 | €5,635 | -€8,468 | €10,125 | €9,397 | ▼ 7.2% |
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, 6,713 companies had the same profile as ENE has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ENE itself is higher: 6.3% within 12 months. It rests on far more data about ENE 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 6,713 companies, not a prediction for ENE. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 31-10-2025 | 2025-00559534 | |
| 31-12-2023 | micro format | 31-10-2025 | 2025-00559545 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00465823 | |
| 31-12-2021 | micro format | 12-10-2022 | 2022-20458231 | |
| 31-12-2020 | micro format | 10-11-2021 | 2021-77100168 | |
| 31-12-2019 | micro format | 02-11-2020 | 2020-67700171 |