ENGISOL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 9 filings
Turnover
≈ €370,000
Estimated: probably between €190,000 and €860,000
Total assets
€391,677▲ 90.4%
2024 · €205,723
Net result
€52,027▼ 2.9%
2024 · €53,575
Working capital
€130,769▲ 46.6%
2024 · €89,209
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€73,416
▼ 10.8%
2025
20182025
Net result
€52,027
▼ 2.9%
2025
highest quarter of the sector
20182025
Equity
€142,861
▲ 40.4%
2025
middle half of the sector
20182025
Total assets
€391,677
▲ 90.4%
2025
middle half of the sector
20182025
Debt
€248,816
▲ 139%
2025
20182025
Working capital
€130,769
▲ 46.6%
2025
highest quarter of the sector
20182025
Solvency
36.5%
▼ 13.0pp
2025
middle half of the sector
20182025
Current ratio
1.53
▼ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
13.3%
▼ 12.8pp
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€15,476-€39,398▲ 155%€45,229▲ 14.8%€40,956▼ 9.4%€114,116▲ 179%€99,031▼ 13.2%€82,299▼ 16.9%€73,416▼ 10.8%
Net result€13,027-€27,318▲ 110%€33,533above the sector's middle half▲ 22.8%€27,266within the sector's middle half▼ 18.7%€79,703above the sector's middle half▲ 192%€69,089above the sector's middle half▼ 13.3%€53,575above the sector's middle half▼ 22.5%€52,027above the sector's middle half▼ 2.9%
Equity€4,889-€31,406▲ 542%€40,940within the sector's middle half▲ 30.4%€48,205within the sector's middle half▲ 17.7%€87,908within the sector's middle half▲ 82.4%€114,998within the sector's middle half▲ 30.8%€101,780within the sector's middle half▼ 11.5%€142,861within the sector's middle half▲ 40.4%
Total assets€99,854-€91,490▼ 8.4%€110,063within the sector's middle half▲ 20.3%€105,210within the sector's middle half▼ 4.4%€171,005within the sector's middle half▲ 62.5%€174,445within the sector's middle half▲ 2.0%€205,723within the sector's middle half▲ 17.9%€391,677within the sector's middle half▲ 90.4%
Debt€94,965-€60,084▼ 36.7%€69,124▲ 15.0%€57,005▼ 17.5%€83,097▲ 45.8%€59,448▼ 28.5%€103,943▲ 74.8%€248,816▲ 139%
Working capital€32,436-€43,474▲ 34.0%€49,250within the sector's middle half▲ 13.3%€38,814within the sector's middle half▼ 21.2%€79,972within the sector's middle half▲ 106%€107,559within the sector's middle half▲ 34.5%€89,209within the sector's middle half▼ 17.1%€130,769above the sector's middle half▲ 46.6%
Solvency4.9%-34.3%▲ 29.4pp37.2%within the sector's middle half▲ 2.9pp45.8%within the sector's middle half▲ 8.6pp51.4%within the sector's middle half▲ 5.6pp65.9%within the sector's middle half▲ 14.5pp49.5%within the sector's middle half▼ 16.4pp36.5%within the sector's middle half▼ 13.0pp
Current ratio1.51-1.94▲ 0.431.82within the sector's middle half▼ 0.131.68within the sector's middle half▼ 0.131.96within the sector's middle half▲ 0.282.81within the sector's middle half▲ 0.851.87within the sector's middle half▼ 0.941.53within the sector's middle half▼ 0.34
Return on assets (ROA)13.0%-29.9%▲ 16.8pp30.5%above the sector's middle half▲ 0.6pp25.9%above the sector's middle half▼ 4.6pp46.6%above the sector's middle half▲ 20.7pp39.6%above the sector's middle half▼ 7.0pp26.0%above the sector's middle half▼ 13.6pp13.3%within the sector's middle half▼ 12.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 11% lower than in 2024. It is the third fall 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 €391,677
Fixed assets
€12,092 ▼ 10.5%
Current assets
€379,585 ▲ 97.5%
Equity and liabilities €391,677
Equity
€142,861 ▲ 40.4%
Debt
€248,816 ▲ 139%
Debt's share of the balance-sheet total rises from 50.5% to 63.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€76,776▼
2024 · €85,106
Cash flow
€55,387▼
2024 · €56,382
Debt to equity
1.74▲
2024 · 1.02
ROE
36.4%▼
2024 · 52.6%
Interest coverage
over 100▲
2024 · 85.56
Debt ≤ 1 year
€248,816▲
2024 · €103,003
Income taxes
€21,361▼
2024 · €28,069
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 | €4,200 | - | €1,250 | €8,879 | €1,941 |
| Intangible fixed assets | €6,426 | - | - | - | - |
| Financial fixed assets | - | €250 | - | - | - |
| Depreciation and write-downs of the year | €1,652 | €1,705 | €1,747 | €2,808 | €3,360 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €225 awarded · €165 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €250 | €357 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,289 | €2,124 | €1,377 | €1,652 | €1,705 | €1,747 | €2,808 | €3,360 | ▲ 19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €23,588 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,811 | €2,381 | €1,724 | €1,248 | €1,984 | ▲ 59.0% |
| Gross operating margin9900 | €18,468 | €42,334 | €47,417 | €44,670 | €118,559 | €126,090 | €86,354 | €78,760 | ▼ 8.8% |
| Operating profit (loss)9901 | €15,476 | €39,398 | €45,229 | €40,956 | €114,116 | €99,031 | €82,299 | €73,416 | ▼ 10.8% |
| Financial income75/76B | - | - | - | €43 | €86 | €504 | €340 | €608 | ▲ 78.9% |
| Recurring financial income75 | - | - | - | €43 | €86 | €504 | €340 | €608 | ▲ 78.9% |
| Financial charges65/66B | - | - | - | €679 | €1,963 | €1,428 | €995 | €636 | ▼ 36.1% |
| Recurring financial charges65 | €2,336 | €2,094 | €485 | €679 | €1,963 | €1,428 | €995 | €636 | ▼ 36.1% |
| Profit (loss) for the period before taxes9903 | €13,140 | €37,305 | €44,744 | €40,320 | €112,239 | €98,107 | €81,644 | €73,388 | ▼ 10.1% |
| Income taxes67/77 | €113 | €9,987 | €11,211 | €13,054 | €32,536 | €29,018 | €28,069 | €21,361 | ▼ 23.9% |
| Profit (loss) for the period9904 | €13,027 | €27,318 | €33,533 | €27,266 | €79,703 | €69,089 | €53,575 | €52,027 | ▼ 2.9% |
| Profit (loss) for the period to be appropriated9905 | €13,027 | €27,318 | €33,533 | €27,266 | €79,703 | €69,089 | €53,575 | €52,027 | ▼ 2.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €99,854 | €91,490 | €110,063 | €105,210 | €171,005 | €174,445 | €205,723 | €391,677 | ▲ 90.4% |
| Fixed assets21/28 | €3,919 | €1,795 | €418 | €9,392 | €7,936 | €7,439 | €13,511 | €12,092 | ▼ 10.5% |
| Intangible fixed assets21 | €1,438 | €928 | €418 | €5,575 | €4,289 | €3,004 | €1,719 | €434 | ▼ 74.8% |
| Tangible fixed assets22/27 | €2,481 | €867 | - | €3,817 | €3,397 | €4,185 | €11,542 | €11,408 | ▼ 1.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,659 | €2,220 | ▲ 33.8% |
| Furniture and vehicles24 | - | - | - | - | - | €1,208 | €5,276 | €5,206 | ▼ 1.3% |
| Other tangible fixed assets26 | - | - | - | €3,817 | €3,397 | €2,977 | €4,607 | €3,982 | ▼ 13.6% |
| Financial fixed assets28 | - | - | - | - | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €95,935 | €89,695 | €109,646 | €95,819 | €163,069 | €167,006 | €192,212 | €379,585 | ▲ 97.5% |
| Amounts receivable after more than one year29 | - | - | - | €18,043 | €18,086 | €108 | - | - | - |
| Other amounts receivable291 | - | - | - | €18,043 | €18,086 | €108 | - | - | - |
| Stocks and contracts in progress3 | €55,000 | €40,000 | €40,000 | €40,000 | €41,000 | €21,000 | €35,000 | - | - |
| Contracts in progress37 | - | - | - | €40,000 | €41,000 | €21,000 | €35,000 | - | - |
| Amounts receivable within one year40/41 | €35,528 | €22,444 | €26,700 | €6,058 | €59,165 | €100,835 | €93,895 | €296,533 | ▲ 216% |
| Trade receivables40 | - | - | - | €2,434 | €55,369 | €97,756 | €82,305 | €283,886 | ▲ 245% |
| Other amounts receivable41 | - | - | - | €3,624 | €3,796 | €3,079 | €11,589 | €12,647 | ▲ 9.1% |
| Cash at bank and in hand54/58 | €2,384 | €27,127 | €38,672 | €27,318 | €44,685 | €43,579 | €54,719 | €74,865 | ▲ 36.8% |
| Deferred charges and accrued income490/1 | - | - | - | €4,399 | €133 | €1,485 | €8,598 | €8,187 | ▼ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €99,854 | €91,490 | €110,063 | €105,210 | €171,005 | €174,445 | €205,723 | €391,677 | ▲ 90.4% |
| Equity10/15 | €4,889 | €31,406 | €40,940 | €48,205 | €87,908 | €114,998 | €101,780 | €142,861 | ▲ 40.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €12,806 | €22,340 | €29,605 | €29,605 | €29,605 | €83,180 | €124,261 | ▲ 49.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €27,745 | €27,745 | €27,745 | €81,320 | €122,401 | ▲ 50.5% |
| Profit (loss) carried forward14 | -€13,711 | - | - | - | €39,703 | €66,792 | - | - | - |
| Amounts payable17/49 | €94,965 | €60,084 | €69,124 | €57,005 | €83,097 | €59,448 | €103,943 | €248,816 | ▲ 139% |
| Amounts payable after more than one year17 | €23,907 | €13,863 | €8,728 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €63,498 | €46,221 | €60,396 | €57,005 | €83,097 | €59,448 | €103,003 | €248,816 | ▲ 142% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,728 | - | - | - | - | - |
| Trade debts44 | €577 | €4,945 | €4,421 | €6,347 | €12,924 | €3,037 | €20,551 | €228,949 | ▲ 11× |
| Suppliers440/4 | - | - | - | €6,347 | €12,924 | €3,037 | €20,551 | €228,949 | ▲ 11× |
| Taxes, remuneration and social security45 | - | - | - | €11,625 | €16,303 | €7,807 | €24,327 | €9,469 | ▼ 61.1% |
| Taxes450/3 | - | - | - | €11,625 | €16,303 | €7,807 | €24,327 | €9,469 | ▼ 61.1% |
| Other amounts payable47/48 | - | - | - | €30,305 | €53,870 | €48,603 | €58,125 | €10,399 | ▼ 82.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €940 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,027 | €27,318 | €33,533 | €27,266 | €79,703 | €69,089 | €53,575 | €52,027 | ▼ 2.9% |
| + Depreciation and write-downs630 | €2,289 | €2,124 | €1,377 | €1,652 | €1,705 | €1,747 | €2,808 | €3,360 | ▲ 19.7% |
| Operating cash flow (approximation) | €15,316 | €29,442 | €34,911 | €28,918 | €81,408 | €70,837 | €56,382 | €55,387 | ▼ 1.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€10,626 | -€250 | -€1,250 | -€8,879 | -€1,941 | ▲ 78.1% |
| Change in cash | - | €24,743 | €11,545 | -€11,354 | €17,368 | -€1,106 | €11,141 | €20,146 | ▲ 80.8% |
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, 34,693 companies had the same profile as ENGISOL 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 ENGISOL 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 ENGISOL. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00241432 | |
| 31-12-2024 | micro format | 26-05-2025 | 2025-00108115 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00178946 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00164672 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20182741 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-32000199 | |
| 31-12-2019 | micro format | 02-09-2020 | 2020-50800240 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61200072 | |
| 31-12-2017 | micro format | 10-08-2018 | 2018-45000468 |