Enthrust Energy
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 5 filings
Turnover
≈ €230,000
Estimated: probably between €150,000 and €400,000
Total assets
€96,389▼ 26.4%
2024 · €131,020
Net result
€52,507▲ 34×
2024 · €1,549
Working capital
€87,245▲ 125%
2024 · €38,778
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€70,229
▲ 18×
2025
20212025
Net result
€52,507
▲ 34×
2025
highest quarter of the sector
20212025
Equity
€94,745
▲ 124%
2025
middle half of the sector
20212025
Total assets
€96,389
▼ 26.4%
2025
middle half of the sector
20212025
Debt
€1,644
▼ 98.1%
2025
20212025
Working capital
€87,245
▲ 125%
2025
middle half of the sector
20212025
Solvency
98.3%
▲ 66.1pp
2025
highest quarter of the sector
20212025
Current ratio
54.06
▲ 52.62
2025
highest quarter of the sector
20212025
Return on assets (ROA)
54.5%
▲ 53.3pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,960--€15,713€48,070€3,828▼ 92.0%€70,229▲ 18×
Net result€12,365within the sector's middle half--€15,646below the sector's middle half€37,969above the sector's middle half€1,549within the sector's middle half▼ 95.9%€52,507above the sector's middle half▲ 34×
Equity€18,365within the sector's middle half-€2,719below the sector's middle half▼ 85.2%€40,689within the sector's middle half▲ 15×€42,238within the sector's middle half▲ 3.8%€94,745within the sector's middle half▲ 124%
Total assets€40,677below the sector's middle half-€235,777within the sector's middle half▲ 480%€112,660within the sector's middle half▼ 52.2%€131,020within the sector's middle half▲ 16.3%€96,389within the sector's middle half▼ 26.4%
Debt€22,312-€233,058▲ 945%€71,971▼ 69.1%€88,782▲ 23.4%€1,644▼ 98.1%
Working capital€17,794within the sector's middle half--€1,745within the sector's middle half€36,128within the sector's middle half€38,778within the sector's middle half▲ 7.3%€87,245within the sector's middle half▲ 125%
Solvency45.1%within the sector's middle half-1.2%below the sector's middle half▼ 44.0pp36.1%within the sector's middle half▲ 35.0pp32.2%within the sector's middle half▼ 3.9pp98.3%above the sector's middle half▲ 66.1pp
Current ratio1.80within the sector's middle half-0.99below the sector's middle half▼ 0.801.50within the sector's middle half▲ 0.511.44within the sector's middle half▼ 0.0754.06above the sector's middle half▲ 52.62
Return on assets (ROA)30.4%above the sector's middle half--6.6%below the sector's middle half▼ 37.0pp33.7%above the sector's middle half▲ 40.3pp1.2%within the sector's middle half▼ 32.5pp54.5%above the sector's middle half▲ 53.3pp
Staff (FTE)0.31▲ 233%
above
within
below
The sector band is the middle half of the companies in Manufacture of computer, electronic and optical products (NACE 26). 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 over 18 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €96,389
Fixed assets
€7,500 ▲ 117%
Current assets
€88,889 ▼ 30.3%
Equity and liabilities €96,389
Equity
€94,745 ▲ 124%
Debt
€1,644 ▼ 98.1%
Debt's share of the balance-sheet total falls from 67.8% to 1.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€74,351▲
2024 · €4,929
Cash flow
€56,629▲
2024 · €2,651
Debt to equity
0.02▼
2024 · 2.10
ROE
55.4%▲
2024 · 3.7%
Interest coverage
over 100▲
2024 · 5.33
Debt ≤ 1 year
€1,644▼
2024 · €88,782
Income taxes
€17,608▲
2024 · €1,376
Staff costs
€3,021▼
2024 · €49,482
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| in full-time equivalents | 1 | 1 |
| Average over the year, in full-time equivalents | 0.3 | 1 |
| Joined | 2 | 1 |
| Left | 1 | 1 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,915 | €743 | - | €9,751 |
| Intangible fixed assets | - | €1,500 | - | - | - |
| Financial fixed assets | - | €1,588 | - | - | - |
| Depreciation and write-downs of the year | €461 | €827 | €930 | €1,101 | €4,122 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €274 awarded · €274 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €15,968 | €60,478 | €49,482 | €3,021 | ▼ 93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €461 | €827 | €930 | €1,101 | €4,122 | ▲ 274% |
| Other operating charges640/8 | €398 | €348 | €384 | €387 | - | - |
| Gross operating margin9900 | €16,819 | €1,429 | €109,862 | €54,799 | €77,372 | ▲ 41.2% |
| Operating profit (loss)9901 | €15,960 | -€15,713 | €48,070 | €3,828 | €70,229 | ▲ 18× |
| Financial income75/76B | - | €0 | €12 | €22 | - | - |
| Recurring financial income75 | - | €0 | €12 | €22 | - | - |
| Financial charges65/66B | €12 | €291 | €469 | €925 | €114 | ▼ 87.7% |
| Recurring financial charges65 | €12 | €291 | €469 | €925 | €114 | ▼ 87.7% |
| Profit (loss) for the period before taxes9903 | €15,948 | -€16,005 | €47,613 | €2,925 | €70,115 | ▲ 24× |
| Income taxes67/77 | €3,583 | -€359 | €9,644 | €1,376 | €17,608 | ▲ 13× |
| Profit (loss) for the period9904 | €12,365 | -€15,646 | €37,969 | €1,549 | €52,507 | ▲ 34× |
| Profit (loss) for the period to be appropriated9905 | €12,365 | -€15,646 | €37,969 | €1,549 | €52,507 | ▲ 34× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €40,677 | €235,777 | €112,660 | €131,020 | €96,389 | ▼ 26.4% |
| Formation expenses20 | €572 | €55 | - | - | - | - |
| Fixed assets21/28 | - | €4,693 | €4,561 | €3,460 | €7,500 | ▲ 117% |
| Intangible fixed assets21 | - | €1,242 | €867 | €492 | €117 | ▼ 76.2% |
| Tangible fixed assets22/27 | - | €1,862 | €2,106 | €1,379 | €7,383 | ▲ 435% |
| Plant, machinery and equipment23 | - | €1,862 | €1,384 | €905 | €6,427 | ▲ 610% |
| Furniture and vehicles24 | - | - | €722 | €474 | €957 | ▲ 102% |
| Financial fixed assets28 | - | €1,588 | €1,588 | €1,588 | - | - |
| Current assets29/58 | €40,105 | €231,029 | €108,099 | €127,560 | €88,889 | ▼ 30.3% |
| Stocks and contracts in progress3 | - | €83,500 | €11,950 | €11,950 | - | - |
| Stocks30/36 | - | €83,500 | €11,950 | €11,950 | - | - |
| Amounts receivable within one year40/41 | €37,103 | €135,021 | €90,340 | €111,764 | €41,721 | ▼ 62.7% |
| Trade receivables40 | €37,103 | €135,021 | €90,340 | €110,544 | €2,054 | ▼ 98.1% |
| Other amounts receivable41 | - | - | - | €1,219 | €39,667 | ▲ 33× |
| Cash at bank and in hand54/58 | €1,674 | €3,479 | €3,980 | €3,398 | €46,506 | ▲ 14× |
| Deferred charges and accrued income490/1 | €1,328 | €9,029 | €1,828 | €449 | €661 | ▲ 47.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €40,677 | €235,777 | €112,660 | €131,020 | €96,389 | ▼ 26.4% |
| Equity10/15 | €18,365 | €2,719 | €40,689 | €42,238 | €94,745 | ▲ 124% |
| Contributions10/11 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | €12,365 | €12,365 | €34,689 | €36,238 | €88,745 | ▲ 145% |
| Distributable reserves133 | €12,365 | €12,365 | €34,689 | €36,238 | €88,745 | ▲ 145% |
| Profit (loss) carried forward14 | - | -€15,646 | - | - | - | - |
| Amounts payable17/49 | €22,312 | €233,058 | €71,971 | €88,782 | €1,644 | ▼ 98.1% |
| Amounts payable within one year42/48 | €22,312 | €232,774 | €71,971 | €88,782 | €1,644 | ▼ 98.1% |
| Financial debts43 | - | €15,188 | €188 | - | - | - |
| Other loans439 | - | €15,188 | €188 | - | - | - |
| Trade debts44 | €4,005 | €131,677 | €15,103 | €304 | - | - |
| Suppliers440/4 | €4,005 | €131,677 | €15,103 | €304 | - | - |
| Taxes, remuneration and social security45 | €9,493 | €30,081 | €51,781 | €8,641 | €1,411 | ▼ 83.7% |
| Taxes450/3 | €9,493 | €27,922 | €51,781 | €8,641 | €1,411 | ▼ 83.7% |
| Remuneration and social security454/9 | - | €2,159 | - | - | - | - |
| Other amounts payable47/48 | €8,814 | €55,828 | €4,899 | €79,837 | €234 | ▼ 99.7% |
| Accrued charges and deferred income492/3 | - | €284 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,365 | -€15,646 | €37,969 | €1,549 | €52,507 | ▲ 34× |
| + Depreciation and write-downs630 | €461 | €827 | €930 | €1,101 | €4,122 | ▲ 274% |
| Operating cash flow (approximation) | €12,827 | -€14,819 | €38,899 | €2,651 | €56,629 | ▲ 21× |
| Investment in fixed assets (approximation) | - | - | -€798 | €0 | -€8,163 | - |
| Change in cash | - | €1,805 | €501 | -€582 | €43,108 | - |
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, 26,972 companies had the same profile as Enthrust Energy has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Enthrust Energy itself: 0.4% 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 26,972 companies, not a prediction for Enthrust Energy. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00131866 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00138979 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00124941 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00138446 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20066019 |