EPB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 5 filings
Turnover
≈ €130,000
Estimated: probably between €74,000 and €170,000
Total assets
€167,271▼ 19.7%
2024 · €208,377
Net result
€36,906▲ 12×
2024 · €2,972
Working capital
€116,459▲ 46.4%
2024 · €79,554
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€43,127
▲ 18×
2025
20212025
Net result
€36,906
▲ 12×
2025
middle half of the sector
20212025
Equity
€41,459
▲ 68.9%
2025
middle half of the sector
20212025
Total assets
€167,271
▼ 19.7%
2025
middle half of the sector
20212025
Debt
€125,812
▼ 31.6%
2025
20212025
Working capital
€116,459
▲ 46.4%
2025
middle half of the sector
20212025
Solvency
24.8%
▲ 13.0pp
2025
middle half of the sector
20212025
Current ratio
3.29
▲ 1.67
2025
middle half of the sector
20212025
Return on assets (ROA)
22.1%
▲ 20.6pp
2025
middle half 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-€3,389-€11,442€88,888▲ 677%€2,389▼ 97.3%€43,127▲ 18×
Net result-€3,389below the sector's middle half-€9,178within the sector's middle half€68,792above the sector's middle half▲ 650%€2,972within the sector's middle half▼ 95.7%€36,906within the sector's middle half▲ 12×
Equity-€1,389below the sector's middle half-€7,790below the sector's middle half€21,582below the sector's middle half▲ 177%€24,554below the sector's middle half▲ 13.8%€41,459within the sector's middle half▲ 68.9%
Total assets€2,678below the sector's middle half-€157,323within the sector's middle half▲ 59×€565,088above the sector's middle half▲ 259%€208,377within the sector's middle half▼ 63.1%€167,271within the sector's middle half▼ 19.7%
Debt€4,066-€149,533▲ 37×€543,506▲ 263%€183,824▼ 66.2%€125,812▼ 31.6%
Working capital-€1,389below the sector's middle half-€7,427within the sector's middle half€76,582within the sector's middle half▲ 931%€79,554within the sector's middle half▲ 3.9%€116,459within the sector's middle half▲ 46.4%
Solvency5.0%below the sector's middle half3.8%below the sector's middle half▼ 1.1pp11.8%below the sector's middle half▲ 8.0pp24.8%within the sector's middle half▲ 13.0pp
Current ratio1.05within the sector's middle half1.16within the sector's middle half▲ 0.111.62within the sector's middle half▲ 0.463.29within the sector's middle half▲ 1.67
Return on assets (ROA)5.8%within the sector's middle half12.2%within the sector's middle half▲ 6.3pp1.4%below the sector's middle half▼ 10.7pp22.1%within the sector's middle half▲ 20.6pp
Staff (FTE)0.5
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 18 times that of 2024. 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
Equity and liabilities €167,271
Equity
€41,459 ▲ 68.9%
Debt
€125,812 ▼ 31.6%
Debt's share of the balance-sheet total falls from 88.2% to 75.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
3.03▼
2024 · 7.49
ROE
89.0%▲
2024 · 12.1%
Debt ≤ 1 year
€50,812▼
2024 · €128,824
Debt > 1 year
€75,000▲
2024 · €55,000
Income taxes
€5,602▲
2024 · €750
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.5 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | €2,129 | - | - | - |
| Financial fixed assets | - | €363 | - | - | - |
| Depreciation and write-downs of the year | - | €2,129 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €12,962 | €2,002 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2,129 | - | - | - | - |
| Other operating charges640/8 | - | - | €524 | €419 | €400 | ▼ 4.6% |
| Gross operating margin9900 | -€3,389 | €26,533 | €91,414 | €2,808 | €43,527 | ▲ 16× |
| Operating profit (loss)9901 | -€3,389 | €11,442 | €88,888 | €2,389 | €43,127 | ▲ 18× |
| Financial income75/76B | - | - | - | €2,129 | €2 | ▼ 99.9% |
| Recurring financial income75 | - | - | - | €2,129 | €2 | ▼ 99.9% |
| Financial charges65/66B | - | - | €1,698 | €796 | €622 | ▼ 21.9% |
| Recurring financial charges65 | - | - | €1,698 | €796 | €622 | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | -€3,389 | €11,442 | €87,190 | €3,722 | €42,508 | ▲ 11× |
| Income taxes67/77 | - | €2,263 | €18,398 | €750 | €5,602 | ▲ 647% |
| Profit (loss) for the period9904 | -€3,389 | €9,178 | €68,792 | €2,972 | €36,906 | ▲ 12× |
| Profit (loss) for the period to be appropriated9905 | -€3,389 | €9,178 | €68,792 | €2,972 | €36,906 | ▲ 12× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2,678 | €157,323 | €565,088 | €208,377 | €167,271 | ▼ 19.7% |
| Fixed assets21/28 | - | €363 | - | - | - | - |
| Financial fixed assets28 | - | €363 | - | - | - | - |
| Current assets29/58 | €2,678 | €156,960 | €565,088 | €208,377 | €167,271 | ▼ 19.7% |
| Amounts receivable within one year40/41 | €2,678 | €155,216 | €544,688 | €202,027 | €123,748 | ▼ 38.7% |
| Trade receivables40 | - | €151,693 | €535,726 | €183,206 | €116,025 | ▼ 36.7% |
| Other amounts receivable41 | €2,678 | €3,523 | €8,962 | €18,821 | €7,723 | ▼ 59.0% |
| Cash at bank and in hand54/58 | - | €1,203 | €19,830 | €6,051 | €9,623 | ▲ 59.0% |
| Deferred charges and accrued income490/1 | - | €540 | €570 | €300 | €33,900 | ▲ 113× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2,678 | €157,323 | €565,088 | €208,377 | €167,271 | ▼ 19.7% |
| Equity10/15 | -€1,389 | €7,790 | €21,582 | €24,554 | €41,459 | ▲ 68.9% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€3,389 | €5,790 | €19,582 | €22,554 | €39,459 | ▲ 75.0% |
| Amounts payable17/49 | €4,066 | €149,533 | €543,506 | €183,824 | €125,812 | ▼ 31.6% |
| Amounts payable after more than one year17 | - | - | €55,000 | €55,000 | €75,000 | ▲ 36.4% |
| Other amounts payable178/9 | - | - | €55,000 | €55,000 | €75,000 | ▲ 36.4% |
| Amounts payable within one year42/48 | €4,066 | €149,533 | €488,506 | €128,824 | €50,812 | ▼ 60.6% |
| Trade debts44 | €4,066 | €127,187 | €473,998 | €109,216 | €43,848 | ▼ 59.9% |
| Suppliers440/4 | €4,066 | €127,187 | €473,998 | €109,216 | €43,848 | ▼ 59.9% |
| Taxes, remuneration and social security45 | - | €22,346 | €7,058 | €6,458 | €650 | ▼ 89.9% |
| Taxes450/3 | - | €18,339 | €7,058 | €6,458 | €650 | ▼ 89.9% |
| Remuneration and social security454/9 | - | €4,007 | - | - | - | - |
| Other amounts payable47/48 | - | - | €7,450 | €13,150 | €6,314 | ▼ 52.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,389 | €9,178 | €68,792 | €2,972 | €36,906 | ▲ 12× |
| + Depreciation and write-downs630 | - | €2,129 | - | - | - | - |
| Operating cash flow (approximation) | -€3,389 | €11,307 | €68,792 | €2,972 | €36,906 | ▲ 12× |
| Change in cash | - | - | €18,626 | -€13,779 | €3,572 | - |
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 EPB 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.
That fits the bankruptcy probability of EPB itself: 0.7% 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 6,713 companies, not a prediction for EPB. 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 | 01-07-2026 | 2026-00258116 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00251067 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00503519 | |
| 31-12-2022 | micro format | 14-10-2023 | 2023-00485971 | |
| 31-12-2021 | micro format | 14-10-2023 | 2023-00488253 |