Eolus
ActiveFinancials · financial year 2024, full 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 3 November 2026.
Annual accounts 2024 filed on 16-09-2026 at the NBB all 5 filings
Turnover
€6.8m▼ 33.7%
2023 · €10.3m
EBIT margin
26.9%▲ 303.6pp
2023 · -276.6%
Net result
€1.8m
2023 · -€28.4m
Working capital
€5.0m▼ 6.2%
2023 · €5.4m
In the rankings
#6 company by total assets in Sint-Joost-ten-Node, Energy sector
Multi-year overview
2020 to 2024, 5 financial yearsTurnover
€6.8m
▼ 33.7%
2024
20202024
Operating result
€1.8m
2024
20202024
Net result
€1.8m
2024
highest quarter of the sector
20202024
EBIT margin
26.9%
▲ 303.6pp
2024
20202024
Equity
€44.9m
▼ 6.6%
2024
highest quarter of the sector
20202024
Total assets
€46.0m
▼ 6.2%
2024
highest quarter of the sector
20202024
Debt
€847,763
▲ 11.3%
2024
20202024
Working capital
€5.0m
▼ 6.2%
2024
highest quarter of the sector
20202024
Solvency
97.4%
▼ 0.5pp
2024
highest quarter of the sector
20202024
Current ratio
7.75
▼ 0.45
2024
highest quarter of the sector
20202024
Return on assets (ROA)
4.0%
▲ 61.8pp
2024
middle half of the sector
20202024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20202021202220232024
Turnover€8.6m-€4.7m▼ 44.9%€1.0m▼ 77.8%€10.3m▲ 880%€6.8m▼ 33.7%
Operating result€2.0m--€1.6m-€5.6m▼ 257%-€28.4m▼ 410%€1.8m
Net result€2.0mabove the sector's middle half--€1.6mbelow the sector's middle half-€5.6mbelow the sector's middle half▼ 252%-€28.4mbelow the sector's middle half▼ 409%€1.8mabove the sector's middle half
EBIT margin24.0%--33.1%▼ 57.0pp-531.3%▼ 498.2pp-276.6%▲ 254.7pp26.9%▲ 303.6pp
Equity€90.5mabove the sector's middle half-€85.0mabove the sector's middle half▼ 6.2%€79.4mabove the sector's middle half▼ 6.6%€48.0mabove the sector's middle half▼ 39.5%€44.9mabove the sector's middle half▼ 6.6%
Total assets€93.2mabove the sector's middle half-€87.7mabove the sector's middle half▼ 5.9%€86.5mabove the sector's middle half▼ 1.3%€49.0mabove the sector's middle half▼ 43.3%€46.0mabove the sector's middle half▼ 6.2%
Debt€2.6m-€2.6m▼ 0.8%€7.0m▲ 170%€0.8m▼ 89.1%€0.8m▲ 11.3%
Working capital€2.2mabove the sector's middle half-€1.2mwithin the sector's middle half▼ 45.4%€0.4mwithin the sector's middle half▼ 66.7%€5.4mabove the sector's middle half▲ 14×€5.0mabove the sector's middle half▼ 6.2%
Solvency97.1%above the sector's middle half-96.9%above the sector's middle half▼ 0.2pp91.7%above the sector's middle half▼ 5.2pp97.9%above the sector's middle half▲ 6.2pp97.4%above the sector's middle half▼ 0.5pp
Current ratio1.89within the sector's middle half-1.46within the sector's middle half▼ 0.421.06within the sector's middle half▼ 0.408.20above the sector's middle half▲ 7.147.75above the sector's middle half▼ 0.45
Return on assets (ROA)2.2%within the sector's middle half--1.8%below the sector's middle half▼ 4.0pp-6.4%below the sector's middle half▼ 4.6pp-57.8%below the sector's middle half▼ 51.4pp4.0%within the sector's middle half▲ 61.8pp
above
within
below
The sector band is the middle half of the companies in Electricity, gas, steam and air conditioning supply (NACE 35). 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 €1.8m, after a loss of €28.4m in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €46.0m
Fixed assets
€40.3m ▼ 6.2%
Current assets
€5.8m ▼ 5.5%
Equity and liabilities €46.0m
Equity
€44.9m ▼ 6.6%
Provisions
€326,682 ▲ 24.8%
Debt
€847,763 ▲ 11.3%
Debt's share of the balance-sheet total rises from 1.6% to 1.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€4.5m▲
2023 · -€23.7m
Cash flow
€4.5m▲
2023 · -€23.7m
Debt to equity
0.02▲
2023 · 0.02
ROE
4.1%▲
2023 · -59.1%
Interest coverage
over 100▲
2023 · -37903.30
Debt ≤ 1 year
€745,231▲
2023 · €744,793
Customer credit
139 days▼
2023 · 173 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Auditor
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fee for the audit | - | €12,000 | €13,000 | €13,400 |
Source: notes to the 2021 to 2024 annual accounts (relations with the auditor)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €4.7m | €1.0m | €10.3m | €6.8m | ▼ 33.6% |
| Turnover70 | €8.6m | €4.7m | €1.0m | €10.3m | €6.8m | ▼ 33.7% |
| Other operating income74 | - | - | - | - | €0.004m | - |
| Operating charges60/66A | - | €6.3m | €6.6m | €38.6m | €5.0m | ▼ 87.1% |
| Services and other goods61 | - | €1.5m | €1.8m | €2.2m | €2.1m | ▼ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4.8m | €4.7m | €4.7m | €4.7m | €2.7m | ▼ 42.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Other operating charges640/8 | - | €0.06m | €0.08m | €0.07m | €0.08m | ▲ 6.5% |
| Non-recurring operating charges66A | - | - | - | €31.6m | - | - |
| Operating profit (loss)9901 | €2.0m | -€1.6m | -€5.6m | -€28.4m | €1.8m | - |
| Recurring financial income75 | €54 | - | - | - | - | - |
| Financial charges65/66B | - | €0.02m | €0.008m | €0.001m | €0.001m | ▲ 5.3% |
| Recurring financial charges65 | €0 | €0.02m | €0.008m | €0.001m | €0.001m | ▲ 5.3% |
| Debt charges650 | - | €0.008m | - | - | - | - |
| Other financial charges652/9 | - | €0.01m | €0.008m | €0.001m | €0.001m | ▲ 5.3% |
| Profit (loss) for the period before taxes9903 | €2.0m | -€1.6m | -€5.6m | -€28.4m | €1.8m | - |
| Profit (loss) for the period9904 | €2.0m | -€1.6m | -€5.6m | -€28.4m | €1.8m | - |
| Profit (loss) for the period to be appropriated9905 | €2.0m | -€1.6m | -€5.6m | -€28.4m | €1.8m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €93.2m | €87.7m | €86.5m | €49.0m | €46.0m | ▼ 6.2% |
| Fixed assets21/28 | €88.6m | €83.9m | €79.2m | €42.9m | €40.3m | ▼ 6.2% |
| Tangible fixed assets22/27 | €88.6m | €83.9m | €79.2m | €42.9m | €40.3m | ▼ 6.2% |
| Plant, machinery and equipment23 | - | €83.9m | €79.2m | €42.9m | €40.3m | ▼ 6.2% |
| Current assets29/58 | €4.6m | €3.8m | €7.3m | €6.1m | €5.8m | ▼ 5.5% |
| Amounts receivable within one year40/41 | €2.4m | €2.7m | €3.5m | €5.4m | €2.6m | ▼ 52.0% |
| Trade receivables40 | - | €2.7m | €3.5m | €4.9m | €2.6m | ▼ 46.8% |
| Other amounts receivable41 | - | €0.05m | - | €0.5m | - | - |
| Cash at bank and in hand54/58 | €2.3m | €1.0m | €3.8m | €0.7m | €3.0m | ▲ 329% |
| Deferred charges and accrued income490/1 | - | €0.02m | €0.03m | €0.03m | €0.2m | ▲ 512% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €93.2m | €87.7m | €86.5m | €49.0m | €46.0m | ▼ 6.2% |
| Equity10/15 | €90.5m | €85.0m | €79.4m | €48.0m | €44.9m | ▼ 6.6% |
| Contributions10/11 | €90.4m | €86.4m | €86.4m | €83.4m | €78.4m | ▼ 6.0% |
| Capital10 | - | €86.4m | €86.4m | €83.4m | €78.4m | ▼ 6.0% |
| Issued capital100 | - | €86.4m | €86.4m | €83.4m | €78.4m | ▼ 6.0% |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | - | -€1.6m | -€7.1m | -€35.5m | -€33.7m | ▲ 5.2% |
| Provisions and deferred taxes16 | €0.07m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 24.8% |
| Provisions for liabilities and charges160/5 | - | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 24.8% |
| Other liabilities and charges164/5 | - | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 24.8% |
| Amounts payable17/49 | €2.6m | €2.6m | €7.0m | €0.8m | €0.8m | ▲ 11.3% |
| Amounts payable within one year42/48 | €2.5m | €2.6m | €6.9m | €0.7m | €0.7m | ▲ 0.1% |
| Trade debts44 | €0.5m | €2.4m | €6.8m | €0.7m | €0.7m | ▼ 9.8% |
| Suppliers440/4 | - | €2.4m | €6.8m | €0.7m | €0.7m | ▼ 9.8% |
| Taxes, remuneration and social security45 | - | €0.1m | €0.2m | - | €0.07m | - |
| Taxes450/3 | - | €0.1m | €0.2m | - | €0.07m | - |
| Accrued charges and deferred income492/3 | - | - | €0.04m | €0.02m | €0.1m | ▲ 503% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.0m | -€1.6m | -€5.6m | -€28.4m | €1.8m | - |
| + Depreciation and write-downs630 | €4.8m | €4.7m | €4.7m | €4.7m | €2.7m | ▼ 42.5% |
| Operating cash flow (approximation) | €6.9m | €3.1m | -€0.9m | -€23.7m | €4.5m | - |
| Investment in fixed assets (approximation) | - | €0 | -€1 | €31.6m | €0 | ▼ 100% |
| Change in cash | - | -€1.3m | €2.8m | -€3.1m | €2.3m | - |
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, 722 companies had the same profile as Eolus has now. Two years later, 95.3% were still going and 0.6% had gone bankrupt.
- Large
- solvency 30% or more
- a profit under 5% of the balance sheet
- without age
95.3%
was still going
4.2%
stopped otherwise
0.6%
went bankrupt
The bankruptcy probability of Eolus itself is higher: 2.0% within 12 months. It rests on far more data about Eolus 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 722 companies, not a prediction for Eolus. 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 |
|---|---|---|---|---|
| 31-12-2024 | full format | 16-09-2026 | 2026-00516434 | |
| 31-12-2023 | full format | 06-06-2024 | 2024-00115659 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00177076 | |
| 31-12-2021 | full format | 29-06-2023 | 2023-00205131 | |
| 31-12-2020 | full format | 31-05-2021 | 2021-16500447 |