EPS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 5 filings
Turnover
≈ €1.5m
Estimated: probably between €1.3m and €1.8m
EBIT margin
Not included in this filing
Net result
€110,128▼ 49.4%
2024 · €217,606
Working capital
€310,043▼ 53.9%
2024 · €672,946
In the rankings
#4 company by total assets in Bullange, Construction sector#5 company by equity in Bullange, Construction sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€163,261
▼ 48.0%
2025
20212025
Net result
€110,128
▼ 49.4%
2025
highest quarter of the sector
20212025
Equity
€566,261
▼ 21.6%
2025
middle half of the sector
20212025
Total assets
€2.2m
▲ 7.1%
2025
highest quarter of the sector
20212025
Debt
€1.6m
▲ 23.0%
2025
20212025
Working capital
€310,043
▼ 53.9%
2025
middle half of the sector
20212025
Solvency
26.0%
▼ 9.6pp
2025
middle half of the sector
20212025
Current ratio
1.46
▼ 1.31
2025
middle half of the sector
20212025
Return on assets (ROA)
5.1%
▼ 5.7pp
2025
middle half of the sector
20212025
Staff (FTE)
9.6
▲ 12.9%
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.2m-€0.2m▼ 4.6%€0.2m▲ 30.7%€0.3m▲ 37.0%€0.2m▼ 48.0%
Net result€0.1mabove the sector's middle half-€0.1mabove the sector's middle half▼ 15.0%€0.2mabove the sector's middle half▲ 24.9%€0.2mabove the sector's middle half▲ 40.1%€0.1mabove the sector's middle half▼ 49.4%
Equity€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 60.0%€0.5mwithin the sector's middle half▲ 46.7%€0.7mwithin the sector's middle half▲ 50.4%€0.6mwithin the sector's middle half▼ 21.6%
Total assets€0.6mwithin the sector's middle half-€1.3mwithin the sector's middle half▲ 126%€1.4mwithin the sector's middle half▲ 12.7%€2.0mabove the sector's middle half▲ 41.1%€2.2mabove the sector's middle half▲ 7.1%
Debt€0.4m-€1.0m▲ 163%€1.0m▲ 1.0%€1.3m▲ 36.4%€1.6m▲ 23.0%
Working capital€0.3mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 38.2%€0.5mabove the sector's middle half▲ 19.3%€0.7mabove the sector's middle half▲ 37.8%€0.3mwithin the sector's middle half▼ 53.9%
Solvency36.1%within the sector's middle half-25.6%within the sector's middle half▼ 10.5pp33.4%within the sector's middle half▲ 7.7pp35.6%within the sector's middle half▲ 2.2pp26.0%within the sector's middle half▼ 9.6pp
Current ratio2.42within the sector's middle half-2.27within the sector's middle half▼ 0.142.42within the sector's middle half▲ 0.152.77above the sector's middle half▲ 0.351.46within the sector's middle half▼ 1.31
Return on assets (ROA)25.8%above the sector's middle half-9.7%within the sector's middle half▼ 16.1pp10.8%within the sector's middle half▲ 1.1pp10.7%within the sector's middle half▼ 0.1pp5.1%within the sector's middle half▼ 5.7pp
Staff (FTE)5.8within the sector's middle half-6.1within the sector's middle half▲ 5.2%7.6within the sector's middle half▲ 24.6%8.5within the sector's middle half▲ 11.8%9.6above the sector's middle half▲ 12.9%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 48% lower than in 2024 and the lowest since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€1.2m ▲ 21.8%
Current assets
€985,236 ▼ 6.5%
Equity and liabilities €2.2m
Equity
€566,261 ▼ 21.6%
Debt
€1.6m ▲ 23.0%
Debt's share of the balance-sheet total rises from 64.4% to 74.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€238,434▼
2024 · €375,176
Cash flow
€185,301▼
2024 · €278,605
Quick ratio
0.48▼
2024 · 0.81
Debt to equity
2.84▲
2024 · 1.81
ROE
19.4%▼
2024 · 30.1%
Interest coverage
5.30▼
2024 · 11.10
Debt ≤ 1 year
€675,193▲
2024 · €380,405
Debt > 1 year
€935,186▲
2024 · €926,416
Income taxes
€26,169▼
2024 · €87,946
Staff costs
€425,972▲
2024 · €411,641
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 | 7 | 9 | 11 | 10 | 12 |
| full-time | 3 | 3 | 6 | 6 | 8 |
| part-time | 4 | 6 | 5 | 4 | 4 |
| in full-time equivalents | 5.1 | 6.4 | 8.6 | 8.4 | 10.4 |
| Average over the year, in full-time equivalents | 5.8 | 6.1 | 7.6 | 8.5 | 9.6 |
| On a permanent contract | 6 | 9 | 11 | 10 | 11 |
| Joined | 9 | 3 | 3 | 2 | 3 |
| Left | 2 | 1 | 1 | 3 | 1 |
| Training hours | 1,770 | - | 1,428 | 1,810 | 2,540 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €675,047 | €679,136 | €1.0m | €1.0m |
| Mortgages, amount registered | - | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | €475,000 | €475,000 | €475,000 | €475,000 |
| Carrying value of the mortgaged assets | - | €495,912 | €503,934 | €877,682 | €1.1m |
| Guarantees given for others' debts | €251,400 | €251,400 | €251,400 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €63,070 | €507,249 | €106,234 | €432,392 | €288,522 |
| Intangible fixed assets | €6,000 | - | - | - | - |
| Depreciation and write-downs of the year | €7,321 | €21,698 | €41,211 | €60,999 | €75,173 |
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 | €187,256 | €272,921 | €371,638 | €411,641 | €425,972 | ▲ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,321 | €21,698 | €41,211 | €60,999 | €75,173 | ▲ 23.2% |
| Other operating charges640/8 | €1,054 | €2,724 | €7,993 | €8,023 | €6,974 | ▼ 13.1% |
| Non-recurring operating charges66A | - | €63,578 | - | - | - | - |
| Gross operating margin9900 | €379,427 | €536,276 | €650,105 | €794,840 | €671,380 | ▼ 15.5% |
| Operating profit (loss)9901 | €183,796 | €175,355 | €229,263 | €314,177 | €163,261 | ▼ 48.0% |
| Financial income75/76B | €11,512 | €17,435 | €18,155 | €25,186 | €18,034 | ▼ 28.4% |
| Recurring financial income75 | €11,512 | €17,435 | €18,155 | €25,186 | €18,034 | ▼ 28.4% |
| Financial charges65/66B | €10,068 | €14,509 | €26,583 | €33,811 | €44,998 | ▲ 33.1% |
| Recurring financial charges65 | €10,068 | €14,509 | €26,583 | €33,811 | €44,998 | ▲ 33.1% |
| Profit (loss) for the period before taxes9903 | €185,240 | €178,281 | €220,835 | €305,552 | €136,297 | ▼ 55.4% |
| Income taxes67/77 | €38,907 | €53,931 | €65,566 | €87,946 | €26,169 | ▼ 70.2% |
| Profit (loss) for the period9904 | €146,333 | €124,350 | €155,269 | €217,606 | €110,128 | ▼ 49.4% |
| Profit (loss) for the period to be appropriated9905 | €146,333 | €124,350 | €155,269 | €217,606 | €110,128 | ▼ 49.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.6m | €1.3m | €1.4m | €2.0m | €2.2m | ▲ 7.1% |
| Fixed assets21/28 | €0.06m | €0.5m | €0.6m | €1.0m | €1.2m | ▲ 21.8% |
| Intangible fixed assets21 | €0.005m | €0.004m | €0.003m | €0.001m | €207 | ▼ 85.3% |
| Tangible fixed assets22/27 | €0.06m | €0.5m | €0.6m | €1.0m | €1.2m | ▲ 22.0% |
| Land and buildings22 | - | €0.5m | €0.5m | €0.9m | €1.1m | ▲ 23.8% |
| Plant, machinery and equipment23 | €0.007m | €0.006m | €0.01m | €0.007m | €0.01m | ▲ 75.3% |
| Furniture and vehicles24 | €0.04m | €0.04m | €0.09m | €0.09m | €0.09m | ▲ 1.4% |
| Other tangible fixed assets26 | €0.006m | €0.005m | €0.004m | €0.002m | €0.001m | ▼ 58.4% |
| Current assets29/58 | €0.5m | €0.7m | €0.8m | €1.1m | €1.0m | ▼ 6.5% |
| Stocks and contracts in progress3 | €0.3m | €0.5m | €0.5m | €0.7m | €0.7m | ▼ 10.8% |
| Stocks30/36 | €0.3m | €0.5m | €0.5m | €0.7m | €0.7m | ▼ 10.8% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 13.9% |
| Trade receivables40 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 2.7% |
| Other amounts receivable41 | €0.002m | €0.002m | €0.004m | €0.04m | €0.007m | ▼ 82.4% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.02m | €0.01m | €0.07m | ▲ 415% |
| Deferred charges and accrued income490/1 | €0.005m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 28.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.6m | €1.3m | €1.4m | €2.0m | €2.2m | ▲ 7.1% |
| Equity10/15 | €0.2m | €0.3m | €0.5m | €0.7m | €0.6m | ▼ 21.6% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | - | €0.1m | €0.3m | €0.5m | €0.5m | = |
| Distributable reserves133 | - | €0.1m | €0.3m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.2m | €0.2m | - | - |
| Investment grants15 | - | - | - | €0.03m | €0.02m | ▼ 19.9% |
| Amounts payable17/49 | €0.4m | €1.0m | €1.0m | €1.3m | €1.6m | ▲ 23.0% |
| Amounts payable after more than one year17 | €0.2m | €0.6m | €0.6m | €0.9m | €0.9m | ▲ 0.9% |
| Financial debts170/4 | €0.2m | €0.6m | €0.6m | €0.9m | €0.9m | ▲ 1.0% |
| Other amounts payable178/9 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.3m | €0.4m | €0.7m | ▲ 77.5% |
| Current portion of amounts payable after more than one year42 | €0.03m | €0.07m | €0.09m | €0.09m | €0.1m | ▲ 34.4% |
| Financial debts43 | €80 | €0.03m | €0.001m | €0.02m | €0.002m | ▼ 91.3% |
| Credit institutions430/8 | €80 | €0.03m | €0.001m | €0.02m | €0.002m | ▼ 91.3% |
| Trade debts44 | €0.09m | €0.08m | €0.07m | €0.07m | €0.1m | ▲ 53.7% |
| Suppliers440/4 | €0.09m | €0.08m | €0.07m | €0.07m | €0.1m | ▲ 53.7% |
| Taxes, remuneration and social security45 | €0.09m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 5.1% |
| Taxes450/3 | €0.05m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 16.2% |
| Remuneration and social security454/9 | €0.04m | €0.06m | €0.07m | €0.06m | €0.08m | ▲ 16.8% |
| Other amounts payable47/48 | €0.002m | €0.003m | €0.004m | €0.005m | €0.3m | ▲ 55× |
| Accrued charges and deferred income492/3 | €0.001m | €0.001m | €0.002m | €0.002m | €406 | ▼ 83.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €146,333 | €124,350 | €155,269 | €217,606 | €110,128 | ▼ 49.4% |
| + Depreciation and write-downs630 | €7,321 | €21,698 | €41,211 | €60,999 | €75,173 | ▲ 23.2% |
| Operating cash flow (approximation) | €153,654 | €146,048 | €196,480 | €278,605 | €185,301 | ▼ 33.5% |
| Investment in fixed assets (approximation) | - | -€507,249 | -€102,064 | -€431,307 | -€288,522 | ▲ 33.1% |
| Change in cash | - | -€806 | -€6,095 | -€10,079 | €56,631 | - |
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 EPS 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 EPS itself: 1.3% 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 EPS. 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 | abbreviated format | 29-06-2026 | 2026-00230503 | |
| 31-12-2024 | full format | 08-07-2025 | 2025-00248785 | |
| 31-12-2023 | full format | 04-07-2024 | 2024-00227834 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00202201 | |
| 31-12-2021 | full format | 24-08-2022 | 2022-20311861 |