EPCO
ActiveEPCO has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €56.74M and a net result of €8.39M. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 54% of 668 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
100
/ 100
Excellent= vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability91▲+8
Solvency95▼-2
Growth85=
Stability100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 2.56 against 2.99 in 2024), and 49.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.4%
Return on assets
7.4%
Age of the figures
8 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Equity grew over 2023-2025. Profits are largely retained rather than distributed.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €56.7M
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
29 d late
2024
13 d early
2023
23 d early
2022
27 d early
2021
18 d early
2020
10 d early
2019
68 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory
Turnover
€48.08M▼ 17.3%
2024 · €58.15M
2018: €426k
2019: €950k
2020: €1.04M
2021: €61.84M
2022: €69.98M
2023: €58.34M
2024: €58.15M
2018 → 2025
EBIT margin
25.0%▲ 14.9pp
2024 · 10.1%
2018: -50.1%
2019: -19.3%
2020: -33.0%
2021: 12.8%
2022: 7.2%
2023: 9.5%
2024: 10.1%
2018 → 2025
Net result
€8.39M▲ 17.9%
2024 · €7.11M
2018: €-1.21M
2019: €-2.27M
2020: €13.89M
2021: €5.86M
2022: €3.50M
2023: €4.90M
2024: €7.11M
2018 → 2025
Working capital
€32.66M▲ 29.3%
2024 · €25.25M
2018: €-9.81M
2019: €-39.82M
2020: €-16.85M
2021: €4.11M
2022: €5.76M
2023: €12.39M
2024: €25.25M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€61.84M-€69.98M▲ 13.2%€58.34M▼ 16.6%€58.15M▼ 0.3%€48.08M▼ 17.3%
Equity€52.54M-€47.92M▼ 8.8%€48.25M▲ 0.7%€55.36M▲ 14.7%€56.74M▲ 2.5%
Operating result€7.89M-€5.03M▼ 36.2%€5.55M▲ 10.3%€5.87M▲ 5.7%€12.01M▲ 104%
Net result€5.86M-€3.50M▼ 40.2%€4.90M▲ 39.9%€7.11M▲ 45.2%€8.39M▲ 17.9%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 104% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €112.67M
Fixed assets
€59.08M▼ 9.2%
Current assets
€53.59M▲ 41.3%
Equity and liabilities €112.67M
Equity
€56.74M▲ 2.5%
Debt
€55.93M▲ 17.3%
The debt ratio rises from 46.3% to 49.6%: debt grows faster than equity.
Key figures and ratios
EBITDA
€18.71M▲
2024 · €12.62M
Cash flow
€15.09M▲
2024 · €13.86M
Solvency
50.4%▼
2024 · 53.7%
Current ratio
2.56▼
2024 · 2.99
Quick ratio
2.28▼
2024 · 2.51
Debt / equity
0.99▲
2024 · 0.86
ROE
14.8%▲
2024 · 12.9%
ROA
7.4%▲
2024 · 6.9%
Interest coverage
13.62▲
2024 · 5.98
Debt
€55.93M▲
2024 · €47.69M
Debt ≤ 1 year
€20.93M▲
2024 · €12.69M
Debt > 1 year
€35.00M=
2024 · €35.00M
Income taxes
€4.75M▲
2024 · €1.73M
Staff costs
€3.85M▲
2024 · €3.63M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€103.04M€112.67M▲
Formation expenses20€43k€2k▼
Fixed assets21/28€65.06M€59.08M▼
Intangible fixed assets21€35.76M€29.80M▼
Tangible fixed assets22/27€2.80M€2.73M▼
Land and buildings22€1.52M€1.43M▼
Plant, machinery and equipment23€1.12M€1.14M▲
Furniture and vehicles24€155k€158k▲
Financial fixed assets28€26.51M€26.55M▲
Affiliated companies280/1€26.51M€26.55M▲
Participating interests280€25.82M€25.82M=
Amounts receivable281€691k€726k▲
Other financial fixed assets284/8€525€525=
Amounts receivable and cash guarantees285/8€525€525=
Current assets29/58€37.94M€53.59M▲
Stocks and contracts in progress3€6.04M€5.89M▼
Stocks30/36€6.04M€5.89M▼
Raw materials and consumables30/31€5.50M€4.99M▼
Work in progress32-€258k
Finished goods33€533k€638k▲
Amounts receivable within one year40/41€11.49M€41.71M▲
Trade receivables40€5.46M€33.01M▲
Other amounts receivable41€6.03M€8.70M▲
Current investments50/53€2.32M€330k▼
Other investments51/53€2.32M€330k▼
Cash at bank and in hand54/58€18.06M€5.65M▼
Deferred charges and accrued income490/1€31k€5k▼
Equity and liabilities
Total equity and liabilities10/49€103.04M€112.67M▲
Equity10/15€55.36M€56.74M▲
Contributions10/11€45.88M€45.88M=
Capital10€45.88M€45.88M=
Issued capital100€45.88M€45.88M=
Reserves13€2.13M€2.55M▲
Non-distributable reserves130/1€2.13M€2.55M▲
Legal reserve130€2.13M€2.55M▲
Profit (loss) carried forward14€7.31M€8.29M▲
Investment grants15€40k€32k▼
Amounts payable17/49€47.69M€55.93M▲
Amounts payable after more than one year17€35.00M€35.00M=
Financial debts170/4€28.00M€28.00M=
Other loans174€28.00M€28.00M=
Other amounts payable178/9€7.00M€7.00M=
Amounts payable within one year42/48€12.69M€20.93M▲
Trade debts44€4.25M€8.35M▲
Suppliers440/4€4.25M€8.35M▲
Taxes, remuneration and social security45€4.55M€7.00M▲
Taxes450/3€4.19M€6.50M▲
Remuneration and social security454/9€365k€496k▲
Other amounts payable47/48€3.89M€5.58M▲
Income statement
Code20242025
Operating income70/76A€58.34M€63.20M▲
Turnover70€58.15M€48.08M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-77k€364k▲
Other operating income74€257k€161k▼
Non-recurring operating income76A€11k€14.60M▲
Operating charges60/66A€52.46M€51.20M▼
Goods for resale, raw materials and consumables60€38.83M€37.50M▼
Purchases600/8€39.37M€36.99M▼
Change in stocks: decrease (increase)609€-542k€510k▲
Services and other goods61€3.20M€3.09M▼
Remuneration, social security and pensions62€3.63M€3.85M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6.75M€6.70M▼
Other operating charges640/8€51k€53k▲
Non-recurring operating charges66A-€5k
Operating profit (loss)9901€5.87M€12.01M▲
Financial income75/76B€5.35M€2.56M▼
Recurring financial income75€5.35M€2.56M▼
Income from financial fixed assets750€4.84M€2.18M▼
Income from current assets751€261k€131k▼
Other financial income752/9€253k€250k▼
Financial charges65/66B€2.38M€1.42M▼
Recurring financial charges65€2.38M€1.42M▼
Debt charges650€2.11M€1.37M▼
Other financial charges652/9€270k€49k▼
Profit (loss) for the period before taxes9903€8.84M€13.14M▲
Income taxes67/77€1.73M€4.75M▲
Taxes670/3€1.77M€4.75M▲
Tax adjustments and reversals of tax provisions77€44k-
Profit (loss) for the period9904€7.11M€8.39M▲
Profit (loss) for the period to be appropriated9905€7.11M€8.39M▲
Appropriation of the result
Profit (loss) to be appropriated9906€7.67M€15.70M▲
Profit (loss) brought forward from the previous period14P€555k€7.31M▲
Transfer to equity691/2€356k€420k▲
To the legal reserve6920€356k€420k▲
Profit to be distributed694/7-€7.00M
Return on contributions (dividend)694-€7.00M
Social balance
Average headcount (FTE)908755.656.4▲
The notes to these accounts (75 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 29 days late
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €50MEq €55.36M ▲14.7%
5 profitable years in a row build equity to €55.36M.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Liquidity quadruplescurrent ratio 1.24
Current ratio from 0.33 to 1.24; short-term debt falls from €25.14M to €17.45M.
21-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · consolidated · 68 days late
20-01
NBB filing
Annual accounts filed
fiscal year 2018 · consolidated · 18 days late
2020
31-12
Financial
Back to profitnet €13.89M
Net result €13.89M after 2 loss-making years.
31-12
Financial
Equity above €50MEq €52.04M ▲4.8%
Equity rises from €49.65M to €52.04M.
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 68 days late
2019
31-12
Financial
Weakest financial yearnet €-2.27M
Net result drops to €-2.27M, the lowest in the series; recovery starts the following year.
18-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 18 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
22 directors, no change since 2024
François Glasset
CurrentDirector · since 29-09-2021
Luc De Deygere
CurrentDirector · since 29-09-2021
Massimo Cassinari
CurrentDirector · since 29-09-2021
DELOITTE REVISEURS D'ENTREPRISES
CurrentAuditor · since 10-07-2018
Philip Weiherl
Not recently confirmedDirector · since 15-10-2019
S31 SA
Not recently confirmedGestion journalière · since 15-10-2019 · Legal entity
+ 6 not shown in this overview
04-04-2024
DELOITTE REVISEURS D'ENTREPRISES: Appointed as Auditor
10-11-2022
DELOITTE REVISEURS D'ENTREPRISES: Appointed as Auditor
29-09-2021
François Glasset: Appointed as Director
29-09-2021
Luc De Deygere: Appointed as Director
29-09-2021
Massimo Cassinari: Appointed as Director
29-09-2021
Edmund Buckley: Resigned as Director
29-09-2021
Ludger Laufenberg: Resigned as Director
29-09-2021
Philipp Weiherl: Resigned as Director
15-10-2019
Philip Weiherl: Appointed as Director
15-10-2019
S31 SA: Appointed as Gestion journalière
15-10-2019
BALDI Massimo: Resigned as Director
15-10-2019
MEULDERS Pierre: Resigned as Director
15-10-2019
PESIRI Fabio: Resigned as Director
15-10-2019
Edmund Buckley: Appointed as Director
15-10-2019
Ludger Laufenberg: Appointed as Director
15-10-2019
Damien Gaudin: Resigned as Director
15-10-2019
Karsten Langer: Resigned as Director
13-09-2019
Monsieur BUCKLEY Edmund James Aldous: Appointed as Director
13-09-2019
Monsieur LAUFENBERG Ludger: Appointed as Director
13-09-2019
Monsieur WEIHERL Philip: Appointed as Director
13-09-2019
Monsieur BALDI Massimo: Resigned as Director
13-09-2019
Monsieur GAUDIN Damien: Resigned as Director
13-09-2019
Monsieur LANGER Karsten: Resigned as Director
13-09-2019
Monsieur MEULDERS Pierre: Resigned as Director
+ 5 not shown in this overview
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2016
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue du Bois des Hospices(BL) 37522 TournaiGround area
1.0 ha
Building footprint
7,360 m²
Volume, LiDAR
65,715 m³
Parcel 57008D0179/00Y000, Wallonia · tallest building 13.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
EPCO
since 20162.254.862.889
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57008D0179/00Y000 | Wallonia | 1.0 ha | 1 · 7,360 m² | 13.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Deloitte Réviseurs d'Entreprises Commissaire | 03-01-2020 → 03-01-2020 |
Recognitions · licences · registrations
Legal Entity Identifier
5493004C8XUK9N2G6K31
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Of 904 companies in sector 25120 we hold annual accounts for 673. 28 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-06-2016
Fiscal year end31-12
Activities, NACEBEL
25120Manufacture of fabricated metal products, except machinery and equipment
Sources
Crossroads Bank for EnterprisesNational Bank · 12 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.