Equity
Equity rose in 2025 from €365,812 to €482,910.
Equity rose in 2025 from €365,812 to €482,910.
The micro format states no turnover.
Green is investment, beige is depreciation.
Short-term debts fell from €158,358 to €86,858.
The 2019 accounts came 75 days late. The other six were filed on time.
More equity than 93% of companies in computing infrastructure and information services. Sector median €60,623 · 2,302 companies.
The dashed line is the sector median: 0.1% across 2,947 companies (NACE 63, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 63, micro). It does better than 69% of them on solvency, 50% on liquidity, 62% on profitability and 73% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as Epcon has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Epcon itself is lower: < 0.1% within 12 months. It rests on far more data about Epcon than the profile alone.
The method was tested on the 497,447 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 Epcon. 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.
Liquidity is ample, with a current ratio of 5.01 (2.5 in 2024), above the usual 1.5. Short-term debt is 13.2% and cash 10.6% of total assets. 26.5% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 58 days before the deadline. In the sector (NACE 63), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Shares in 1 company, Epcon Inc.
Board & ownership| Company | ||||
|---|---|---|---|---|
| Epcon Antwerp | €657,161 | €317,681 | 73.5% | - |
| Kontena Antwerp | €687,251 | €385,733 | 45.2% | 1 |
| HLM IT-Solutions Welkenraedt | €839,427 | €318,601 | 21.1% | 4 |
| Z-MEDIA GLOBAL Beerse | €833,099 | €283,366 | 1.6% | 1 |
| CUBICARE Antwerp | €830,569 | €466,558 | 21.4% | 5.8 |
| Venerit Dendermonde | €545,442 | €275,720 | 27.5% | - |
| B-Mai Kortrijk | €772,169 | €316,265 | 12.2% | - |
These companies have the same main activity as Epcon: computing infrastructure, data processing, hosting and related activities (NACE 63100). They are comparable in size and age: total assets between €545,000 and €839,000, founded between 2016 and 2020.
Epcon files the micro format. That format states no turnover. The gross margin rose from -€34,348 in 2019 to €317,681 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €640,000. Estimated: probably between €440,000 and €930,000.
Higher than 69% of 2,302 companies in 2025.
Higher than 77% of 2,199 companies in 2025.
Higher than 56% of 2,233 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
657,161 | 564,601 | 277,065 | 321,457 | 314,506 | 103,389 | 20,384 | |
21/28 |
222,185 | 168,701 | 88,368 | 46,738 | 38,985 | 34,025 | 7,637 | |
21 |
215,151 | 162,553 | 88,368 | 41,380 | 38,462 | 33,226 | 7,637 | |
22/27 |
920 | 1,553 | 0 | 5,358 | 523 | 799 | - | |
23 |
920 | 1,553 | 0 | 248 | 523 | 799 | - | |
27 |
- | - | 0 | 5,110 | - | - | - | |
28 |
6,114 | 4,595 | - | - | - | - | - | |
29/58 |
434,976 | 395,899 | 188,697 | 274,719 | 275,521 | 69,364 | 12,748 | |
40/41 |
364,142 | 326,167 | 70,304 | 130,742 | 81,555 | 3,435 | 8,095 | |
40 |
349,701 | 304,737 | 43,099 | 104,873 | 67,498 | 0 | 4,926 | |
41 |
14,441 | 21,430 | 27,204 | 25,869 | 14,057 | 3,435 | 3,170 | |
54/58 |
69,662 | 54,306 | 116,699 | 143,073 | 193,005 | 65,681 | 3,044 | |
490/1 |
1,172 | 15,426 | 1,694 | 903 | 961 | 248 | 1,608 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
657,161 | 564,601 | 277,065 | 321,457 | 314,506 | 103,389 | 20,384 | |
10/15 |
482,910 | 365,812 | 222,019 | 249,572 | 250,630 | 23,947 | 15,436 | |
10/11 |
345,600 | 345,600 | 338,723 | 333,200 | 333,200 | 56,200 | 7,387 | |
100 |
- | - | - | - | - | - | 19,787 | |
101 |
- | - | - | - | - | - | 12,400 | |
11 |
- | - | - | - | - | - | 48,813 | |
1100/10 |
- | - | - | - | - | - | 48,813 | |
14 |
137,310 | 20,212 | -116,704 | -83,628 | -82,570 | -32,253 | -40,764 | |
17/49 |
174,251 | 198,789 | 55,046 | 71,884 | 63,876 | 79,442 | 4,948 | |
17 |
- | 0 | 13,333 | 26,667 | 40,000 | 40,000 | - | |
170/4 |
- | 0 | 13,333 | 26,667 | 40,000 | 40,000 | - | |
42/48 |
86,858 | 158,358 | 41,712 | 44,818 | 23,876 | 39,442 | 4,948 | |
42 |
0 | 13,333 | 13,333 | 13,333 | - | - | - | |
43 |
0 | 3,182 | - | - | - | - | - | |
430/8 |
0 | 3,182 | - | - | - | - | - | |
44 |
67,036 | 128,039 | 12,168 | 18,554 | 12,884 | 38,093 | 4,948 | |
440/4 |
67,036 | 128,039 | 12,168 | 18,554 | 12,884 | 38,093 | 4,948 | |
45 |
13,569 | 13,175 | 15,490 | 12,931 | 10,992 | 1,350 | - | |
450/3 |
215 | 5 | - | - | - | - | - | |
454/9 |
13,355 | 13,170 | 15,490 | 12,931 | 10,992 | 1,350 | - | |
47/48 |
6,253 | 629 | 721 | - | - | - | - | |
492/3 |
87,393 | 40,431 | 0 | 400 | - | - | - | |
| Income statement | ||||||||
9900 |
317,681 | 273,745 | 124,358 | 126,615 | 61,424 | 36,087 | -34,348 | |
62 |
111,500 | 99,354 | 122,997 | 98,472 | 86,044 | 9,310 | - | |
630 |
68,798 | 33,893 | 20,964 | 26,417 | 28,124 | 19,780 | 6,279 | |
640/8 |
520 | 565 | 5,603 | 1,697 | 449 | 695 | 793 | |
9901 |
136,862 | 139,933 | -25,205 | 28 | -53,193 | 6,302 | -41,420 | |
75/76B |
2,066 | 3,370 | 562 | 2,313 | 4,324 | 3,521 | 812 | |
75 |
2,066 | 3,370 | 562 | 2,313 | 4,324 | 3,521 | 812 | |
65/66B |
21,620 | 6,382 | 8,433 | 3,399 | 1,448 | 1,313 | 156 | |
65 |
21,620 | 6,382 | 8,433 | 3,399 | 1,448 | 1,313 | 156 | |
9903 |
117,308 | 136,921 | -33,077 | -1,057 | -50,317 | 8,510 | -40,764 | |
67/77 |
210 | 5 | - | - | - | - | - | |
9904 |
117,098 | 136,916 | -33,077 | -1,057 | -50,317 | 8,510 | -40,764 | |
9905 |
117,098 | 136,916 | -33,077 | -1,057 | -50,317 | 8,510 | -40,764 | |
| Appropriation of the result | ||||||||
9906 |
137,310 | 20,212 | -116,704 | -83,628 | -82,570 | -32,253 | -40,764 | |
14P |
20,212 | -116,704 | -83,628 | -82,570 | -32,253 | - | - | |
| Social balance sheet | ||||||||
9087 |
1.7 | 2 | 2 | 2 | 1.9 | 1 | - | |
Hours worked1013 |
2,545 | 3,306 | 3,306 | 3,450 | 3,443 | 486 | - | |
| Document | ||||||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 18-03-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-03-2026 | 2026-00056131 | |
| 31-12-2024 | micro format | 16-04-2025 | 2025-00070291 | |
| 31-12-2023 | micro format | 21-05-2024 | 2024-00091522 | |
| 31-12-2022 | micro format | 01-06-2023 | 2023-00102519 | |
| 31-12-2021 | micro format | 12-05-2022 | 2022-20026154 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28800138 | |
| 31-12-2019 | micro format | 14-10-2020 | 2020-61300587 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | -€17,130 | €13,012 |
| 2024 | 1 | €3,750 | €3,750 |
| 2023 | 3 | €4,841 | €124,841 |
| 2022 | 1 | €150,142 | €0 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 205,661 | 173,826 | -4,242 | 26,446 | -25,068 | 26,082 | -35,141 | ||
| 185,897 | 170,809 | -12,113 | 25,360 | -22,192 | 28,290 | -34,484 | ||
| 122,282 | 114,226 | 67,703 | 34,170 | 33,085 | 46,167 | 13,916 | ||
| 15,356 | -62,393 | -26,374 | -49,931 | 127,323 | 62,637 | - | ||
| 348,118 | 237,542 | 146,984 | 229,901 | 251,645 | 29,922 | 7,800 | ||
| 73.5% | 64.8% | 80.1% | 77.6% | 79.7% | 23.2% | 75.7% | ||
| 5.01 | 2.50 | 4.52 | 6.13 | 11.54 | 1.76 | 2.58 | ||
| 0.36 | 0.54 | 0.25 | 0.29 | 0.25 | 3.32 | 0.32 | ||
| 24.2% | 37.4% | -14.9% | -0.4% | -20.1% | 35.5% | -264.1% | ||
| 17.8% | 24.3% | -11.9% | -0.3% | -16.0% | 8.2% | -200.0% | ||
| 9.51 | 27.24 | -0.50 | 7.78 | -17.31 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 1 | 2 | 2 | 2 | 2 |
| part-time | 1 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1.6 | 2 | 2 | 2 | 2 |
| 1.7 | 2 | 2 | 2 | 1.9 | |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | 0 | 0 | - | 1 |
| Left | - | 0 | 0 | - | 0 |
| Training hours | - | 0 | 0 | 78 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,900 | - | €5,110 | - |
| Intangible fixed assets | €120,763 | €107,731 | €67,703 | €29,061 | €33,085 |
| Financial fixed assets | €1,519 | €4,595 | - | - | - |
| €68,798 | €33,893 | €20,964 | €26,417 | €28,124 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 2% lower than in 2024.
Debt's share of the balance-sheet total falls from 35.2% to 26.5%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. The amounts are in that list and come from the holdings' accounts at 31-12-2025, in their own currency.
| SOUTHWEST
registered office since 12-09-2013 · founded in 2013 |
total assets €36,646 (2025) 0538.558.747 |
| Name | 2024 | 2025 |
|---|---|---|
| Epcon Inc.US | 100% | |
Source: list of holdings in its own accounts
The network lets you explore the ties of Epcon.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 24 August 2018, Epcon was incorporated.1 A capital increase in 2021 brought the capital to €284,387.2 Of the 2 current board members, WHITE DOT has served longest, since 2021.3 Total assets went from €20,384 in 2019 to €657,161 in 2025 and headcount from 1 full-time equivalents in 2020 to 1.7 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Schillerstraat 24 registered office 2050 Antwerp | 24-08-2018 | 2.280.436.445 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11813N0722/00W006 | 215 m² | 1 · 96 m² | 11.2 m · 3 |
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