Entras
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 9 filings
Turnover
≈ €120,000
Estimated: probably between €67,000 and €160,000
Total assets
€1.2m▲ 59.7%
2024 · €772,001
Net result
-€567,284▼ 167%
2024 · -€212,829
Working capital
€650,397▲ 146%
2024 · €264,254
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€602,353
▼ 149%
2025
20182025
Net result
-€567,284
▼ 167%
2025
lowest quarter of the sector
20182025
Equity
€1.1m
▲ 104%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▲ 59.7%
2025
highest quarter of the sector
20182025
Debt
€178,186
▼ 30.3%
2025
20182025
Working capital
€650,397
▲ 146%
2025
highest quarter of the sector
20182025
Solvency
85.5%
▲ 18.7pp
2025
highest quarter of the sector
20182025
Current ratio
5.68
▲ 3.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-46.0%
▼ 18.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
6.6
▲ 24.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.006m-€0.007m▲ 4.7%€0.007m▼ 0.6%€0.04m▲ 551%-€0.002m-€0.05m▼ 3,110%-€0.2m▼ 395%-€0.6m▼ 149%
Net result€0.005m-€0.003m▼ 30.2%€0.003mwithin the sector's middle half▼ 13.6%€0.05mwithin the sector's middle half▲ 16×€0.02mwithin the sector's middle half▼ 66.0%-€0.04mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 507%-€0.6mbelow the sector's middle half▼ 167%
Equity€0.03m-€0.03m▲ 10.9%€0.2mwithin the sector's middle half▲ 338%€0.2mwithin the sector's middle half▲ 16.4%€0.2mwithin the sector's middle half▲ 15.9%€0.4mabove the sector's middle half▲ 95.7%€0.5mabove the sector's middle half▲ 29.3%€1.1mabove the sector's middle half▲ 104%
Total assets€0.1m-€0.1m▲ 8.0%€0.2mwithin the sector's middle half▲ 103%€0.3mwithin the sector's middle half▲ 36.2%€0.4mbelow the sector's middle half▲ 30.2%€0.6mabove the sector's middle half▲ 55.4%€0.8mabove the sector's middle half▲ 30.9%€1.2mabove the sector's middle half▲ 59.7%
Debt€0.07m-€0.07m▲ 6.7%€0.06m▼ 11.8%€0.1m▲ 84.0%€0.2m▲ 52.0%€0.2m▲ 8.6%€0.3m▲ 34.2%€0.2m▼ 30.3%
Working capital€0.03m-€0.01m▼ 59.9%€0.09mwithin the sector's middle half▲ 607%€0.01mwithin the sector's middle half▼ 87.6%€0.01mwithin the sector's middle half▲ 13.0%€0.2mabove the sector's middle half▲ 13×€0.3mabove the sector's middle half▲ 72.5%€0.7mabove the sector's middle half▲ 146%
Solvency31.8%-32.7%▲ 0.9pp70.7%within the sector's middle half▲ 38.0pp60.4%within the sector's middle half▼ 10.3pp53.8%within the sector's middle half▼ 6.6pp67.7%within the sector's middle half▲ 13.9pp66.9%within the sector's middle half▼ 0.8pp85.5%above the sector's middle half▲ 18.7pp
Current ratio1.45-1.17▼ 0.282.37within the sector's middle half▲ 1.201.09within the sector's middle half▼ 1.281.07within the sector's middle half▼ 0.021.80within the sector's middle half▲ 0.742.08within the sector's middle half▲ 0.275.68above the sector's middle half▲ 3.60
Return on assets (ROA)5.0%-3.2%▼ 1.8pp1.4%within the sector's middle half▼ 1.8pp15.7%within the sector's middle half▲ 14.3pp4.1%within the sector's middle half▼ 11.6pp-5.9%below the sector's middle half▼ 10.0pp-27.6%below the sector's middle half▼ 21.6pp-46.0%below the sector's middle half▼ 18.4pp
Staff (FTE)1-0.9▼ 10.0%1.1within the sector's middle half▲ 22.2%1.9▲ 72.7%2within the sector's middle half▲ 5.3%4.1▲ 105%5.3▲ 29.3%6.6▲ 24.5%
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 a loss of €602,353, larger than the loss of €241,598 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Equity +104%, Total assets +60% on 2024. Capital increase of €1,150,000 (Official Gazette 28-07-2025).
- 2023 Equity +96%, Total assets +55% on 2022. Capital increase of €250,000 (Official Gazette 13-12-2023).
Turnover and EBIT margin are not published. The abbreviated or 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 €1.2m
Fixed assets
€443,431 ▲ 69.3%
Current assets
€789,506 ▲ 54.8%
Equity and liabilities €1.2m
Equity
€1.1m ▲ 104%
Debt
€178,186 ▼ 30.3%
Debt's share of the balance-sheet total falls from 33.1% to 14.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€517,600▼
2024 · -€174,856
Cash flow
-€482,530▼
2024 · -€146,086
Quick ratio
5.54▲
2024 · 1.83
Debt to equity
0.17▼
2024 · 0.49
ROE
-53.8%▼
2024 · -41.2%
Interest coverage
-45.96▼
2024 · -27.66
Debt ≤ 1 year
€139,108▼
2024 · €245,758
Income taxes
€165▼
2024 · €424
Staff costs
€557,113▲
2024 · €399,623
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 5 | 7 | 9 |
| full-time | 2 | 2 | 4 | 5 | 4 |
| part-time | - | 1 | 1 | 2 | 5 |
| in full-time equivalents | 2 | 2.5 | 4.5 | 6.3 | 6.8 |
| Average over the year, in full-time equivalents | 1.9 | 2 | 4.1 | 5.3 | 6.6 |
| On a permanent contract | 2 | 3 | 5 | 7 | 8 |
| Joined | 2 | 1 | 2 | 8 | 13 |
| Left | 1 | 0 | 0 | 6 | 11 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,521 | - | €5,960 | €4,937 | €8,436 |
| Intangible fixed assets | €110,932 | €61,884 | €99,639 | €77,483 | €257,760 |
| Financial fixed assets | - | €4,000 | €1,000 | - | - |
| Depreciation and write-downs of the year | €17,289 | €39,195 | €52,419 | €66,742 | €84,753 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €37,159 awarded · €37,159 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €9,121 | €9,121 |
| 2024 | 2 | -€18,327 | €2,900 |
| 2023 | 2 | €2,106 | €3,008 |
| 2022 | 1 | €44,259 | €22,130 |
Federal government
2024 to 2025 · 2 entries · €51,956 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Economie | 1 | €25,978 |
| 2024 | FOD Economie | 1 | €25,978 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €125,487 | €143,745 | €318,247 | €399,623 | €557,113 | ▲ 39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €402 | €6,054 | €6,054 | €17,289 | €39,195 | €52,419 | €66,742 | €84,753 | ▲ 27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €5,225 | - | - | - |
| Other operating charges640/8 | - | - | - | €231 | €197 | €221 | €557 | €225 | ▼ 59.6% |
| Gross operating margin9900 | €47,493 | €77,860 | €97,105 | €186,728 | €181,615 | €327,275 | €225,324 | €39,738 | ▼ 82.4% |
| Operating profit (loss)9901 | €6,450 | €6,756 | €6,713 | €43,721 | -€1,522 | -€48,838 | -€241,598 | -€602,353 | ▼ 149% |
| Financial income75/76B | - | - | - | €4,153 | €19,866 | €19,588 | €35,516 | €46,496 | ▲ 30.9% |
| Recurring financial income75 | - | - | - | €4,153 | €19,866 | €19,588 | €35,516 | €46,496 | ▲ 30.9% |
| Financial charges65/66B | - | - | - | €2,071 | €2,824 | €5,631 | €6,321 | €11,261 | ▲ 78.1% |
| Recurring financial charges65 | €30 | €1,996 | €2,060 | €2,071 | €2,824 | €5,631 | €6,321 | €11,261 | ▲ 78.1% |
| Profit (loss) for the period before taxes9903 | €6,420 | €4,760 | €4,653 | €45,803 | €15,521 | -€34,880 | -€212,404 | -€567,119 | ▼ 167% |
| Income taxes67/77 | €1,549 | €1,359 | €1,713 | €103 | - | €192 | €424 | €165 | ▼ 61.1% |
| Profit (loss) for the period9904 | €4,871 | €3,401 | €2,940 | €45,700 | €15,521 | -€35,072 | -€212,829 | -€567,284 | ▼ 167% |
| Profit (loss) for the period to be appropriated9905 | €4,871 | €3,401 | €2,940 | €45,700 | €15,521 | -€35,072 | -€212,829 | -€567,284 | ▼ 167% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | €1.2m | ▲ 59.7% |
| Fixed assets21/28 | €0.001m | €0.02m | €0.07m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 69.3% |
| Intangible fixed assets21 | - | €0.02m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 71.6% |
| Tangible fixed assets22/27 | €0.001m | €0.001m | €334 | €0.005m | €0.003m | €0.006m | €0.008m | €0.01m | ▲ 40.8% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.003m | €0.006m | €0.008m | €0.01m | ▲ 40.8% |
| Financial fixed assets28 | - | - | - | - | €0.004m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €0.1m | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | €0.5m | €0.8m | ▲ 54.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.2m | €0.06m | ▼ 71.1% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.2m | €0.06m | ▼ 71.1% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €0.06m | €0.02m | ▼ 67.6% |
| Contracts in progress37 | - | - | - | - | - | - | €0.06m | €0.02m | ▼ 67.6% |
| Amounts receivable within one year40/41 | €0.03m | €0.05m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 86.3% |
| Trade receivables40 | - | - | - | €0.07m | €0.1m | €0.09m | €0.09m | €0.06m | ▼ 29.4% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.006m | €0.005m | €0.03m | €0.2m | ▲ 409% |
| Current investments50/53 | - | - | - | - | - | €0.2m | - | €0.4m | - |
| Cash at bank and in hand54/58 | €0.07m | €0.04m | €0.06m | €0.02m | €0.08m | €0.02m | €0.1m | €0.06m | ▼ 40.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.001m | €0.001m | €0.02m | €0.02m | ▼ 13.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | €1.2m | ▲ 59.7% |
| Equity10/15 | €0.03m | €0.03m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €1.1m | ▲ 104% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.3m | €0.3m | €1.4m | ▲ 449% |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.04m | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.04m | - | - | - |
| Profit (loss) carried forward14 | €0.02m | €0.03m | €0.03m | €0.06m | €0.07m | - | -€0.2m | -€0.7m | ▼ 329% |
| Investment grants15 | - | - | - | €0.1m | €0.1m | €0.1m | €0.4m | €0.4m | ▼ 10.3% |
| Amounts payable17/49 | €0.07m | €0.07m | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 30.3% |
| Amounts payable within one year42/48 | €0.07m | €0.07m | €0.06m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 43.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.07m | €0.07m | €0.05m | - | - |
| Financial debts43 | - | - | - | - | €0.03m | €0.06m | €0.06m | - | - |
| Credit institutions430/8 | - | - | - | - | €0.03m | €0.06m | €0.06m | - | - |
| Trade debts44 | €0.003m | €0.02m | €0.001m | €0.03m | €0.06m | €0.02m | €0.07m | €0.07m | ▲ 5.3% |
| Suppliers440/4 | - | - | - | €0.03m | €0.06m | €0.02m | €0.07m | €0.07m | ▲ 5.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.02m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.04m | €0.05m | €0.07m | ▲ 45.4% |
| Taxes450/3 | - | - | - | €0.002m | €103 | €0.003m | €192 | - | - |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.04m | €0.05m | €0.07m | ▲ 46.0% |
| Other amounts payable47/48 | - | - | - | €0.02m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.01m | €0.04m | ▲ 299% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,871 | €3,401 | €2,940 | €45,700 | €15,521 | -€35,072 | -€212,829 | -€567,284 | ▼ 167% |
| + Depreciation and write-downs630 | €402 | €6,054 | €6,054 | €17,289 | €39,195 | €52,419 | €66,742 | €84,753 | ▲ 27.0% |
| Operating cash flow (approximation) | €5,273 | €9,455 | €8,994 | €62,989 | €54,716 | €17,347 | -€146,086 | -€482,530 | ▼ 230% |
| Investment in fixed assets (approximation) | - | -€27,590 | -€48,990 | -€117,453 | -€65,884 | -€106,599 | -€82,420 | -€266,196 | ▼ 223% |
| Change in cash | - | -€33,992 | €19,194 | -€36,907 | €61,251 | -€55,981 | €80,075 | -€42,734 | - |
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, 4,805 companies had the same profile as Entras has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Entras itself: 0.5% 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 4,805 companies, not a prediction for Entras. 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 | 30-06-2026 | 2026-00236220 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00256044 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00267974 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00391755 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20365043 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61700340 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-47500056 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59200007 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-53500540 |