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EPSILON

Active
Public limited companyfounded 199135 yrs activeIndustrieterrein Kanaal-Noord 1159, 3960 Bree, BelgiumKBO/BCE: BE 0444.856.351
Summary

EPSILON has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €15.0m and a net result of €1.4m. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 83% of 682 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Checked score

Score 2025
Axes · tick = 2024
Profitability77▼-18
Solvency100▲+59
Growth50▼-14
Track record100
Bankruptcy probability, 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,250,000 at 30 days acceptable
Liquidity ample (current ratio 3.83 against 1.15 in 2024; short-term debt: 20.4% and cash: 20.9% of total assets), and 24.4% of the assets are financed with debt.
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Signals

Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 35 years 0 40 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
75.6%
Return on assets
7%
Age of the figures
9 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
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% more bankruptcies
← fewer bankruptcies more bankruptcies →
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
17 d early
2024
28 d early
2023
16 d early
2022
17 d early
2021
17 d early
2020
16 d early
2019
58 d early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 24 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.

Checked, nothing found (2)
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. Usually files around 14 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Position in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

History

On 31 July 1991, EPSILON was incorporated.1 Revenue went from EUR 17 million in 2018 to EUR 22 million in 2025 and headcount from 51.1 to 65.3 full-time equivalents.2

  1. 1Crossroads Bank for Enterprises
  2. 2National Bank, annual accounts 2018 and 2025

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, full schema

Source amounts without an identifiable currency are assumed to be EUR.

Turnover
€21.6m▲ 19.0%
2024 · €18.1m
EBIT margin
9.2%▼ 2.2pp
2024 · 11.4%
Net result
€1.4m▼ 97.9%
2024 · €66.7m
Working capital
€11.5m▲ 3.2%
2024 · €11.2m
Trend over the years

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before
favourable unfavourable
Line20212022202320242025
Turnover€13.5m▼ 3.7%€15.7m▲ 16.4%€18.3m▲ 16.3%€18.1m▼ 1.0%€21.6m▲ 19.0%
Operating result€1.7m▼ 10.5%€1.4m▼ 15.5%€2.5m▲ 77.8%€2.1m▼ 18.4%€2.0m▼ 4.2%
Net result€1.3mabove the sector's middle half▼ 5.7%€1.0mabove the sector's middle half▼ 20.3%€1.8mabove the sector's middle half▲ 80.0%€66.7mabove the sector's middle half▲ 3,515%€1.4mabove the sector's middle half▼ 97.9%
EBIT margin12.5%▼ 1.0pp9.1%▼ 3.4pp13.9%▲ 4.8pp11.4%▼ 2.4pp9.2%▼ 2.2pp
Equity€11.3mabove the sector's middle half▲ 13.0%€12.3mabove the sector's middle half▲ 9.0%€12.3mabove the sector's middle half▲ 0.3%€13.7mabove the sector's middle half▲ 10.7%€15.0mabove the sector's middle half▲ 10.1%
Total assets€18.7mabove the sector's middle half▲ 8.9%€18.9mabove the sector's middle half▲ 1.1%€19.9mabove the sector's middle half▲ 5.4%€87.4mabove the sector's middle half▲ 339%€19.9mabove the sector's middle half▼ 77.2%
Debt€7.4m▲ 3.0%€6.6m▼ 10.9%€7.5m▲ 15.0%€73.7m▲ 878%€4.8m▼ 93.4%
Working capital€8.4mabove the sector's middle half▲ 36.8%€8.6mabove the sector's middle half▲ 3.1%€7.4mabove the sector's middle half▼ 14.0%€11.2mabove the sector's middle half▲ 50.1%€11.5mabove the sector's middle half▲ 3.2%
Solvency60.5%above the sector's middle half▲ 2.2pp65.2%above the sector's middle half▲ 4.7pp62.1%above the sector's middle half▼ 3.2pp15.6%below the sector's middle half▼ 46.4pp75.6%above the sector's middle half▲ 60.0pp
Current ratio3.22above the sector's middle half▲ 1.003.27above the sector's middle half▲ 0.042.19within the sector's middle half▼ 1.081.15within the sector's middle half▼ 1.033.83above the sector's middle half▲ 2.68
Return on assets (ROA)6.9%within the sector's middle half▼ 1.1pp5.4%within the sector's middle half▼ 1.5pp9.3%within the sector's middle half▲ 3.8pp76.3%above the sector's middle half▲ 67.0pp7.0%within the sector's middle half▼ 69.3pp
Staff (FTE)63.3above the sector's middle half▲ 3.1%65.9above the sector's middle half▲ 4.1%61.4above the sector's middle half▼ 6.8%67.7above the sector's middle half▲ 10.3%65.3above the sector's middle half▼ 3.5%
above within below the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
€0€20.0m€40.0m€60.0mOperating result 2021: €1.7m€1.7mNet result 2021: €1.3m€1.3mOperating result 2022: €1.4m€1.4mNet result 2022: €1.0m€1.0mOperating result 2023: €2.5m€2.5mNet result 2023: €1.8m€1.8mOperating result 2024: €2.1m€2.1mNet result 2024: €66.7m€66.7mOperating result 2025: €2.0m€2.0mNet result 2025: €1.4m€1.4m20212022202320242025€0€20m€40m€60mOperating result 2023: €2.5m€2.5mNet result 2023: €1.8m€1.8mOperating result 2024: €2.1m€2.1mNet result 2024: €66.7m€67mOperating result 2025: €2.0m€2mNet result 2025: €1.4m€1.4m202320242025
The operating result has fallen two years in a row; 2025 is 4% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.9m
Fixed assets €4.3m ▲ 11.5%
Current assets €15.6m ▼ 81.4%
Equity and liabilities €19.9m
Equity €15.0m ▲ 10.1%
Provisions €4,255 ▼ 13.8%
Debt €4.8m ▼ 93.4%
Debt's share of the balance-sheet total falls from 84.4% to 24.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€3.0m▼
2024 · €3.0m
Cash flow
€2.4m▼
2024 · €67.6m
Quick ratio
2.01▲
2024 · 1.03
Debt to equity
0.32▼
2024 · 5.39
ROE
9.2%▼
2024 · 487.7%
Interest coverage
38.81▲
2024 · 33.71
Debt ≤ 1 year
€4.1m▼
2024 · €72.3m
Debt > 1 year
€786,299▼
2024 · €1.4m
Income taxes
€495,101▼
2024 · €503,201
Staff costs
€4.9m▼
2024 · €4.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 1,577 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 97% are still going.

  • Medium-sized
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.1% went bankrupt
3.1% stopped otherwise
97% still going

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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
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% 1.0%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.9%
9 3.0% 3.1%
10 5.6% 6.2%

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 1,577 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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 96 lines
Balance sheet Code20242025
Assets
Total assets20/58€87.4m€19.9m▼
Fixed assets21/28€3.9m€4.3m▲
Intangible fixed assets21€581,004€557,338▼
Tangible fixed assets22/27€2.6m€3.0m▲
Land and buildings22€670,209€723,766▲
Plant, machinery and equipment23€1.4m€1.5m▲
Furniture and vehicles24€389,150€600,879▲
Leasing and similar rights25€113,587€51,708▼
Assets under construction and advance payments27€0€131,361▲
Financial fixed assets28€720,182€726,736▲
Affiliated companies280/1€503,182€553,182▲
Participating interests280€503,182€553,182▲
Companies linked by participating interests282/3€213,750€168,750▼
Participating interests282€73,750€73,750=
Amounts receivable283€140,000€95,000▼
Other financial fixed assets284/8€3,250€4,804▲
Shares284€2,500€2,500=
Amounts receivable and cash guarantees285/8€750€2,304▲
Current assets29/58€83.5m€15.6m▼
Stocks and contracts in progress3€8.8m€7.4m▼
Stocks30/36€6.3m€6.7m▲
Raw materials and consumables30/31€6.3m€6.7m▲
Contracts in progress37€2.5m€654,843▼
Amounts receivable within one year40/41€3.5m€4.0m▲
Trade receivables40€3.1m€3.2m▲
Other amounts receivable41€346,925€748,638▲
Current investments50/53€68.8m€0▼
Other investments51/53€68.8m€0▼
Cash at bank and in hand54/58€2.4m€4.2m▲
Deferred charges and accrued income490/1€57,118€50,621▼
Equity and liabilities
Total equity and liabilities10/49€87.4m€19.9m▼
Equity10/15€13.7m€15.0m▲
Contributions10/11€150,000€150,000=
Capital10€150,000€150,000=
Issued capital100€150,000€150,000=
Reserves13€13.5m€14.9m▲
Non-distributable reserves130/1€15,000€15,000=
Legal reserve130€15,000€15,000=
Distributable reserves133€13.5m€14.9m▲
Investment grants15€20,218€14,492▼
Provisions and deferred taxes16€4,936€4,255▼
Deferred taxes168€4,936€4,255▼
Amounts payable17/49€73.7m€4.8m▼
Amounts payable after more than one year17€1.4m€786,299▼
Financial debts170/4€1.4m€786,299▼
Leasing and similar obligations172€51,994€0▼
Credit institutions173€1.3m€786,299▼
Other amounts payable178/9€0-
Amounts payable within one year42/48€72.3m€4.1m▼
Current portion of amounts payable after more than one year42€567,678€576,597▲
Financial debts43€1.4m€33,085▼
Credit institutions430/8€1.4m€33,085▼
Trade debts44€1.7m€1.7m▼
Suppliers440/4€1.7m€1.7m▼
Advances received on contracts in progress46€92,312€716,227▲
Taxes, remuneration and social security45€762,065€1.1m▲
Taxes450/3€105,508€374,972▲
Remuneration and social security454/9€656,556€678,358▲
Other amounts payable47/48€67.8m€3,131▼
Income statement Code20242025
Operating income70/76A€21.1m€20.3m▼
Turnover70€18.1m€21.6m▲
Change in stocks of work in progress, finished goods and contracts in progress71€2.3m-€1.8m▼
Own construction capitalised72€113,750€200,765▲
Other operating income74€564,820€396,091▼
Non-recurring operating income76A€0-
Operating charges60/66A€19.0m€18.3m▼
Goods for resale, raw materials and consumables60€8.3m€8.4m▲
Purchases600/8€7.8m€8.8m▲
Change in stocks: decrease (increase)609€501,132-€415,972▼
Services and other goods61€4.8m€4.0m▼
Remuneration, social security and pensions62€4.9m€4.9m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€919,849€992,035▲
Other operating charges640/8€100,526€121,096▲
Operating profit (loss)9901€2.1m€2.0m▼
Financial income75/76B€65.3m€52,013▼
Recurring financial income75€339,150€52,013▼
Income from current assets751€331,501€27,138▼
Other financial income752/9€7,649€24,875▲
Non-recurring financial income76B€64.9m€0▼
Financial charges65/66B€189,601€158,886▼
Recurring financial charges65€189,601€158,886▼
Debt charges650€88,780€76,732▼
Other financial charges652/9€100,821€82,155▼
Profit (loss) for the period before taxes9903€67.2m€1.9m▼
Transfer from deferred taxes780€948€681▼
Income taxes67/77€503,201€495,101▼
Taxes670/3€503,201€495,101▼
Profit (loss) for the period9904€66.7m€1.4m▼
Profit (loss) for the period to be appropriated9905€66.7m€1.4m▼
Appropriation of the result
Profit (loss) to be appropriated9906€66.7m€1.4m▼
Transfer to equity691/2€1.3m€1.4m▲
To other reserves6921€1.3m€1.4m▲
Profit to be distributed694/7€65.3m€0▼
Return on contributions (dividend)694€65.0m€0▼
Employees696€322,411€0▼
Social balance
Average headcount (FTE)908767.765.3▼

The notes to these accounts (101 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20212022202320242025Change
Operating income70/76A€14.7m€15.9m€18.5m€21.1m€20.3m▼ 3.7%
Turnover70€13.5m€15.7m€18.3m€18.1m€21.6m▲ 19.0%
Change in stocks of work in progress, finished goods and contracts in progress71€782,388-€269,034-€349,185€2.3m-€1.8m▼ 179%
Own construction capitalised72€110,811€93,739€157,883€113,750€200,765▲ 76.5%
Other operating income74€324,679€337,370€334,735€564,820€396,091▼ 29.9%
Non-recurring operating income76A€2,689€28,900€70,276€0--
Operating charges60/66A€13.0m€14.5m€16.0m€19.0m€18.3m▼ 3.7%
Goods for resale, raw materials and consumables60€6.0m€6.6m€7.6m€8.3m€8.4m▲ 1.6%
Purchases600/8€8.5m€6.5m€8.4m€7.8m€8.8m▲ 13.6%
Change in stocks: decrease (increase)609-€2.5m€83,646-€829,144€501,132-€415,972▼ 183%
Services and other goods61€2.4m€2.9m€3.2m€4.8m€4.0m▼ 18.0%
Remuneration, social security and pensions62€4.0m€4.2m€4.3m€4.9m€4.9m▼ 1.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€578,682€724,771€815,779€919,849€992,035▲ 7.8%
Other operating charges640/8€70,616€83,354€88,386€100,526€121,096▲ 20.5%
Non-recurring operating charges66A-€5,358----
Operating profit (loss)9901€1.7m€1.4m€2.5m€2.1m€2.0m▼ 4.2%
Financial income75/76B€85,362€12,558€60,911€65.3m€52,013▼ 99.9%
Recurring financial income75€85,362€12,558€60,911€339,150€52,013▼ 84.7%
Income from current assets751€750€3,042€45,905€331,501€27,138▼ 91.8%
Other financial income752/9€84,612€9,516€15,006€7,649€24,875▲ 225%
Non-recurring financial income76B---€64.9m€0▼ 100%
Financial charges65/66B€36,628€38,821€111,020€189,601€158,886▼ 16.2%
Recurring financial charges65€36,628€38,821€111,020€189,601€158,886▼ 16.2%
Debt charges650€23,995€24,217€52,146€88,780€76,732▼ 13.6%
Other financial charges652/9€12,633€14,604€58,874€100,821€82,155▼ 18.5%
Profit (loss) for the period before taxes9903€1.7m€1.4m€2.5m€67.2m€1.9m▼ 97.2%
Transfer from deferred taxes780€877€1,567€1,568€948€681▼ 28.2%
Income taxes67/77€455,608€379,870€649,280€503,201€495,101▼ 1.6%
Taxes670/3€460,251€379,870€649,280€503,201€495,101▼ 1.6%
Tax adjustments and reversals of tax provisions77€4,643-----
Profit (loss) for the period9904€1.3m€1.0m€1.8m€66.7m€1.4m▼ 97.9%
Profit (loss) for the period to be appropriated9905€1.3m€1.0m€1.8m€66.7m€1.4m▼ 97.9%
Line20212022202320242025Change
Assets
Total assets20/58€18.7m€18.9m€19.9m€87.4m€19.9m▼ 77.2%
Fixed assets21/28€6.5m€6.4m€6.2m€3.9m€4.3m▲ 11.5%
Intangible fixed assets21€194,514€292,970€354,950€581,004€557,338▼ 4.1%
Tangible fixed assets22/27€3.3m€3.1m€2.7m€2.6m€3.0m▲ 17.9%
Land and buildings22€1.1m€950,832€866,179€670,209€723,766▲ 8.0%
Plant, machinery and equipment23€1.5m€1.4m€1.2m€1.4m€1.5m▲ 9.1%
Furniture and vehicles24€205,716€213,536€186,146€389,150€600,879▲ 54.4%
Leasing and similar rights25€299,226€237,347€175,467€113,587€51,708▼ 54.5%
Assets under construction and advance payments27€232,153€259,827€249,597€0€131,361-
Financial fixed assets28€3.0m€3.0m€3.1m€720,182€726,736▲ 0.9%
Affiliated companies280/1€2.9m€2.9m€2.9m€503,182€553,182▲ 9.9%
Participating interests280€2.9m€2.9m€2.9m€503,182€553,182▲ 9.9%
Companies linked by participating interests282/3€148,750€148,750€218,750€213,750€168,750▼ 21.1%
Participating interests282€73,750€73,750€73,750€73,750€73,750=
Amounts receivable283€75,000€75,000€145,000€140,000€95,000▼ 32.1%
Other financial fixed assets284/8€3,250€3,250€3,250€3,250€4,804▲ 47.8%
Shares284€2,500€2,500€2,500€2,500€2,500=
Amounts receivable and cash guarantees285/8€750€750€750€750€2,304▲ 207%
Current assets29/58€12.1m€12.5m€13.7m€83.5m€15.6m▼ 81.4%
Stocks and contracts in progress3€6.9m€6.5m€7.0m€8.8m€7.4m▼ 16.1%
Stocks30/36€6.1m€6.0m€6.8m€6.3m€6.7m▲ 6.6%
Raw materials and consumables30/31€6.1m€6.0m€6.8m€6.3m€6.7m▲ 6.6%
Contracts in progress37€782,388€513,354€164,169€2.5m€654,843▼ 73.6%
Amounts receivable within one year40/41€4.3m€4.9m€6.2m€3.5m€4.0m▲ 14.9%
Trade receivables40€4.0m€4.8m€6.0m€3.1m€3.2m▲ 3.7%
Other amounts receivable41€261,945€100,076€223,877€346,925€748,638▲ 116%
Current investments50/53---€68.8m€0▼ 100%
Other investments51/53---€68.8m€0▼ 100%
Cash at bank and in hand54/58€997,595€1.0m€425,530€2.4m€4.2m▲ 71.3%
Deferred charges and accrued income490/1€27,318€36,545€44,157€57,118€50,621▼ 11.4%
Equity and liabilities
Total equity and liabilities10/49€18.7m€18.9m€19.9m€87.4m€19.9m▼ 77.2%
Equity10/15€11.3m€12.3m€12.3m€13.7m€15.0m▲ 10.1%
Contributions10/11€150,000€150,000€150,000€150,000€150,000=
Capital10€150,000€150,000€150,000€150,000€150,000=
Issued capital100€150,000€150,000€150,000€150,000€150,000=
Reserves13€11.1m€12.1m€12.2m€13.5m€14.9m▲ 10.3%
Non-distributable reserves130/1€15,000€15,000€15,000€15,000€15,000=
Legal reserve130€15,000€15,000€15,000€15,000€15,000=
Distributable reserves133€11.1m€12.1m€12.1m€13.5m€14.9m▲ 10.3%
Investment grants15€45,515€36,463€27,411€20,218€14,492▼ 28.3%
Provisions and deferred taxes16€9,019€7,452€5,884€4,936€4,255▼ 13.8%
Deferred taxes168€9,019€7,452€5,884€4,936€4,255▼ 13.8%
Amounts payable17/49€7.4m€6.6m€7.5m€73.7m€4.8m▼ 93.4%
Amounts payable after more than one year17€3.6m€2.7m€1.3m€1.4m€786,299▼ 42.3%
Financial debts170/4€1.6m€790,302€163,825€1.4m€786,299▼ 42.3%
Leasing and similar obligations172€237,754€176,079€114,160€51,994€0▼ 100%
Credit institutions173€1.3m€614,223€49,665€1.3m€786,299▼ 40.0%
Other amounts payable178/9€2.0m€2.0m€1.1m€0--
Amounts payable within one year42/48€3.8m€3.8m€6.3m€72.3m€4.1m▼ 94.4%
Current portion of amounts payable after more than one year42€862,971€892,078€626,484€567,678€576,597▲ 1.6%
Financial debts43-€363,049€691,348€1.4m€33,085▼ 97.6%
Credit institutions430/8-€363,049€691,348€1.4m€33,085▼ 97.6%
Trade debts44€1.8m€1.3m€2.2m€1.7m€1.7m▼ 1.2%
Suppliers440/4€1.8m€1.3m€2.2m€1.7m€1.7m▼ 1.2%
Advances received on contracts in progress46-€295,110€243,470€92,312€716,227▲ 676%
Taxes, remuneration and social security45€1.1m€945,939€747,287€762,065€1.1m▲ 38.2%
Taxes450/3€438,032€301,109€105,520€105,508€374,972▲ 255%
Remuneration and social security454/9€633,032€644,830€641,767€656,556€678,358▲ 3.3%
Other amounts payable47/48--€1.8m€67.8m€3,131▼ 100.0%
Accrued charges and deferred income492/3€1,616€163----
Line20212022202320242025Change
Profit (loss) for the period9904€1.3m€1.0m€1.8m€66.7m€1.4m▼ 97.9%
+ Depreciation and write-downs630€578,682€724,771€815,779€919,849€992,035▲ 7.8%
Operating cash flow (approximation)€1.9m€1.7m€2.7m€67.6m€2.4m▼ 96.5%
Investment in fixed assets (approximation)--€632,506-€589,199€1.4m-€1.4m▼ 204%
Change in cash-€32,423-€604,488€2.0m€1.7m▼ 13.5%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
21-09
State Gazette act Reappointment: Moore Audit BV (statutory auditor)
Permanent representative: Dirk Gorré3 facts ▸
  • General meeting, 21-08-2026
  • Auditor reappointment, Moore Audit BV (statutory auditor)
  • Permanent representative, Dirk Gorré (permanent representative)
14-07
NBB filing Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial Liquidity triplescurrent ratio 3.83
Current ratio from 1.15 to 3.83; short-term debt falls from €72.3m to €4.1m.
03-07
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial Highest result since 2018net €66.7m ▲3,515%
Net result €66.7m, the highest in the series.
15-07
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
14-07
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial Weakest financial yearnet €1.0m ▼20.3%
Net result drops to €1.0m, the lowest in the series; recovery starts the following year.
14-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial Equity above €10mEq €11.3m ▲13%
4 profitable years in a row build equity to €11.3m.
15-07
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
03-06
NBB filing Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
31-12
Financial Equity above €10mEq €10.1m ▲3%
2 profitable years in a row build equity to €10.1m.
05-07
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
11-06
NBB filing Annual accounts filed
fiscal year 2017 · full schema
2017
19-07
NBB filing Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 10 acts read
About the unread acts

Of the 10 Belgian State Gazette acts we know for this company, 1 has been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.

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Directors · office · real estate

Directors

Statutory auditor 1

BV MOORE AUDIT
Statutory auditor · since 21-08-2026 · perm. rep.: Ingrid Vosch
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Bree · 1 establishment unit since 1991
seat establishment The establishment unit on the map
Ground area
2.5 ha
Building footprint
9,405 m²
Volume, LiDAR
79,371 m³
Parcel 72004A0327/00B002, Flanders · tallest building 11.0 m, ±3 floors. Linked by address, not a title deed.
3 companies at this address See who is registered here
1 establishment unit
EPSILON
Industrieterrein Kanaal-Noord 1159, 3960 BreeNACE 3150203
since 19912.054.817.019
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
72004A0327/00B002 Flanders 2.5 ha 1 · 9,405 m² 11.0 m · 3 fl.
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Mandate history

1 person since 2026, 1 in office
Show
  • Statutory auditor
Mandates per person, with start and end dates
Name Functions and periods
BV MOORE AUDIT
  • Statutory auditor, from 21-08-2026 to date
See the board, name and seat on a given date →

Articles of association

Other statement
One provision in the deed

Structure & network

Owners and holdings

1 owner · 4 holdings

Chain of control

  1. Epsilon Cities 99.87%
  2. EPSILON

Highest known parent: Epsilon Cities. The sources do not say who stands above it.

Owners 1

Holdings 4

  • Epsilon Cities Germany GmbhDEsubsidiary
    Equity €26,286Result -€23,714
    100%
  • Epsilon NorwayNOsubsidiary
    Equity -NOK 483,702Result -NOK 1.5m
    100%
  • Epsilon Cities B.V.NLsubsidiary
    Equity €1.3mResult €12,627
    80%
  • Conwee GmbHDE
    Equity -€247,955Result -€42,678
    25%

According to the 2025 annual accounts of EPSILON and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

No current directors or connected companies found in the register.

Public money · subsidies and aid

Flemish government

2022 to 2025 · 8 entries · 23,443 EUR awarded · 23,388 EUR paid
Year Entries awardedpaid
2025 2 2,553 EUR2,553 EUR
2024 1 773 EUR493 EUR
2023 2 4,589 EUR4,814 EUR
2022 3 15,528 EUR15,528 EUR
Schemes
3 entries · 17,637 EUR · 17,637 EUR paid · Departement Werk en Sociale Economie
4 entries · 3,789 EUR · 3,734 EUR paid · Fonds voor Innoveren en Ondernemen
1 entry · 2,017 EUR · 2,017 EUR paid · Departement Werk en Sociale Economie

Recognitions · licences · registrations

Recognised contractor

6 categories
EPSILON NV40117
category F, class 7 · category F2, class 7 · category P1, class 7 · category P2, class 5 · category P3, class 5 · category S1, class 5
decision 06-02-2025

Legal Entity Identifier

6994006XL64TGAWR0V51
live in the LEI register

Similar companies · same sector, comparable size

Of 3,983 companies in sector 25110 we hold annual accounts for 2,145. 299 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
Founded31-07-1991
Fiscal year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
27402Manufacture of electrical equipment
43240Other construction installation
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID 0208:0444856351
Registered 23-09-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Register as of 29 September 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.