EPSAD
ActiveSummary
EPSAD has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €129,023 and a net result of -€22,955. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 41% of 19362 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability26▼-23
Solvency46▼-2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity short (current ratio 0.23 against 0.51 in 2023; short-term debt: 20% of total assets), and 78.9% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
21.1%
Return on assets
-3.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-07-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
on the day
2023
29 d late
2022
28 d late
2021
65 d late
2020
31 d late
2019
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 30 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€22,955
2023 · €35,534
Working capital
-€94,115▼ 91.4%
2023 · -€49,167
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€2,943€16,453€22,237▲ 35.2%€50,206▲ 126%-€13,106
Net result-€19,774€19,903€694▼ 96.5%€35,534▲ 5,023%-€22,955
Equity€95,848▼ 17.1%€115,751▲ 20.8%€116,444▲ 0.6%€151,979▲ 30.5%€129,023▼ 15.1%
Total assets€731,286▲ 11.1%€727,285▼ 0.5%€703,295▼ 3.3%€660,335▼ 6.1%€610,509▼ 7.5%
Debt€635,438▲ 17.1%€611,534▼ 3.8%€586,850▼ 4.0%€508,356▼ 13.4%€481,485▼ 5.3%
Working capital-€81,577▼ 41.9%-€90,705▼ 11.2%-€110,191▼ 21.5%-€49,167▲ 55.4%-€94,115▼ 91.4%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €13,106 after €50,206 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €610,509
Fixed assets
€582,263 ▼ 4.5%
Current assets
€28,246 ▼ 44.3%
Equity and liabilities €610,509
Equity
€129,023 ▼ 15.1%
Debt
€481,485 ▼ 5.3%
Debt's share of the balance-sheet total rises from 77.0% to 78.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€14,269▼
2023 · €77,565
Cash flow
€4,419▼
2023 · €62,893
Current ratio
0.23▼
2023 · 0.51
Debt to equity
3.73▲
2023 · 3.34
ROE
-17.8%▼
2023 · 23.4%
ROA
-3.8%▼
2023 · 5.4%
Interest coverage
1.47▼
2023 · 2.88
Debt ≤ 1 year
€122,360▲
2023 · €99,864
Debt > 1 year
€359,125▼
2023 · €408,492
Income taxes
€140▼
2023 · €13,759
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,501 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64,006 | €26,953 | €27,120 | €27,359 | €27,374 | ▲ 0.1% |
| Other operating charges640/8 | - | €4,819 | €5,476 | €6,376 | €6,875 | ▲ 7.8% |
| Gross operating margin9900 | €66,329 | €48,225 | €54,833 | €83,941 | €21,143 | ▼ 74.8% |
| Operating profit (loss)9901 | -€2,943 | €16,453 | €22,237 | €50,206 | -€13,106 | ▼ 126% |
| Financial income75/76B | - | €6,277 | €35 | €26,029 | - | - |
| Recurring financial income75 | €0 | €6,277 | €35 | €29 | - | - |
| Non-recurring financial income76B | - | - | - | €26,000 | - | - |
| Financial charges65/66B | - | €1,791 | €20,669 | €26,942 | €9,710 | ▼ 64.0% |
| Recurring financial charges65 | €16,824 | €1,791 | €20,669 | €26,942 | €9,710 | ▼ 64.0% |
| Profit (loss) for the period before taxes9903 | -€19,767 | €20,940 | €1,602 | €49,294 | -€22,816 | ▼ 146% |
| Income taxes67/77 | €7 | €1,037 | €909 | €13,759 | €140 | ▼ 99.0% |
| Profit (loss) for the period9904 | -€19,774 | €19,903 | €694 | €35,534 | -€22,955 | ▼ 165% |
| Profit (loss) for the period to be appropriated9905 | -€19,774 | €19,903 | €694 | €35,534 | -€22,955 | ▼ 165% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €731,286 | €727,285 | €703,295 | €660,335 | €610,509 | ▼ 7.5% |
| Fixed assets21/28 | €726,554 | €699,601 | €674,267 | €609,637 | €582,263 | ▼ 4.5% |
| Tangible fixed assets22/27 | €726,504 | €699,551 | €674,217 | €609,588 | €582,214 | ▼ 4.5% |
| Land and buildings22 | - | €695,592 | €669,640 | €605,687 | €579,734 | ▼ 4.3% |
| Furniture and vehicles24 | - | €3,959 | €4,578 | €3,901 | €2,480 | ▼ 36.4% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €4,732 | €27,684 | €29,028 | €50,697 | €28,246 | ▼ 44.3% |
| Amounts receivable within one year40/41 | €1,334 | €23,850 | €27,925 | €50,622 | €28,246 | ▼ 44.2% |
| Trade receivables40 | - | €23,850 | €27,925 | €50,622 | €28,246 | ▼ 44.2% |
| Cash at bank and in hand54/58 | - | €2,580 | €724 | - | - | - |
| Deferred charges and accrued income490/1 | - | €1,253 | €379 | €75 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €731,286 | €727,285 | €703,295 | €660,335 | €610,509 | ▼ 7.5% |
| Equity10/15 | €95,848 | €115,751 | €116,444 | €151,979 | €129,023 | ▼ 15.1% |
| Contributions10/11 | €454,512 | €454,512 | €454,512 | €454,512 | €454,512 | = |
| Capital10 | - | €454,512 | €454,512 | €454,512 | €454,512 | = |
| Issued capital100 | - | €454,512 | €454,512 | €454,512 | €454,512 | = |
| Reserves13 | €114,600 | €115,595 | €115,595 | €115,595 | €115,595 | = |
| Non-distributable reserves130/1 | - | €10,895 | €10,895 | €10,895 | €10,895 | = |
| Legal reserve130 | - | €10,895 | €10,895 | €10,895 | €10,895 | = |
| Tax-exempt reserves132 | - | €5,700 | €5,700 | €5,700 | €5,700 | = |
| Distributable reserves133 | - | €99,000 | €99,000 | €99,000 | €99,000 | = |
| Profit (loss) carried forward14 | -€473,264 | -€454,357 | -€453,663 | -€418,129 | -€441,084 | ▼ 5.5% |
| Amounts payable17/49 | €635,438 | €611,534 | €586,850 | €508,356 | €481,485 | ▼ 5.3% |
| Amounts payable after more than one year17 | €549,129 | €493,145 | €447,632 | €408,492 | €359,125 | ▼ 12.1% |
| Financial debts170/4 | - | €399,180 | €353,482 | €314,577 | €265,210 | ▼ 15.7% |
| Other amounts payable178/9 | - | €93,965 | €94,150 | €93,915 | €93,915 | = |
| Amounts payable within one year42/48 | €86,309 | €118,389 | €139,218 | €99,864 | €122,360 | ▲ 22.5% |
| Current portion of amounts payable after more than one year42 | - | €52,513 | €50,188 | €53,690 | €49,367 | ▼ 8.1% |
| Financial debts43 | - | €2,268 | €4,857 | €4,104 | €7,045 | ▲ 71.6% |
| Credit institutions430/8 | - | €2,268 | €4,857 | €4,104 | €7,045 | ▲ 71.6% |
| Trade debts44 | €1,975 | €10,839 | €21,491 | €12,370 | €45,731 | ▲ 270% |
| Suppliers440/4 | - | €10,839 | €21,491 | €12,370 | €45,731 | ▲ 270% |
| Taxes, remuneration and social security45 | - | €8,739 | €11,295 | €24,793 | €19,426 | ▼ 21.6% |
| Taxes450/3 | - | €8,739 | €11,295 | €24,793 | €19,426 | ▼ 21.6% |
| Other amounts payable47/48 | - | €44,031 | €51,388 | €4,907 | €791 | ▼ 83.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,774 | €19,903 | €694 | €35,534 | -€22,955 | ▼ 165% |
| + Depreciation and write-downs630 | €64,006 | €26,953 | €27,120 | €27,359 | €27,374 | ▲ 0.1% |
| Operating cash flow (approximation) | €44,231 | €46,855 | €27,813 | €62,893 | €4,419 | ▼ 93.0% |
| Investment in fixed assets (approximation) | - | €0 | -€1,786 | €37,271 | €0 | ▼ 100% |
| Change in cash | - | - | -€1,856 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€22,955
Net result drops to -€22,955, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Highest result since 2018net €35,534 ▲5,023%
Operating result €50,206, net result €35,534, both a record.
31-12
Financial
Equity above €150,000Eq €151,979 ▲30.5%
3 profitable years in a row build equity to €151,979.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
04-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 65 days late
2021
31-12
Financial
Back to profitnet €19,903
Net result €19,903 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €115,751 ▲20.8%
Equity rises from €95,848 to €115,751.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 28 days late
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
10-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 10 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
23-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Braine-l'Alleud · 1 establishment unit since 1994
Ground area
740 m²
Building footprint
165 m²
Volume, LiDAR
1,531 m³
2 parcels, Brussels, Wallonia · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Maricollendreef 107, 1082 Sint-Agatha-Berchem
since 19942.067.933.496
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21003A0045/00L002 | Brussels | 380 m² | 1 · 96 m² | 12.0 m · 3 fl. |
| 25014N0222/00_000 | Wallonia | 360 m² | 1 · 68 m² | 10.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,756 companies in sector 68310 we hold annual accounts for 6,907. 5,247 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-06-1994
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453054336
Registered
23-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.