Active BE 0725.741.627Non-profit association

Erat

Benedenplein 3 ·3010 Leuven, Belgium· 7 yrs active

Sector: Youth work associations (94991)

Conclusion Checked

Erat has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €170k and a net result of €-2k. Equity is growing by ~27.4% per year across the filed fiscal years. Its solvency ranks better than 70% of 47 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€170k
Net result	€-2k
Staff (FTE)	4.2
Better than sector	70%

Financial profile 5 of 5 axes measured · computed by Checked

74 / 100

Strong profile, led by solvency.

All 5 axes are computed from data Checked has read.

Health 78

Profitability 23

Solvency 100

Growth 68

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

< 0.1% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2019, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

78 / 100 Excellent

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€1k

estimate, not credit advice

Score history

96 2022

100 2023

100 2024

78 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 5.16 (≥ 1.5) +10

Quick ratio Quick ratio 5.16 (≥ 1.0) +5

Leverage Debt/equity 0.16 (< 1.0) +10

Profitability Negatieve ROE -1% -10

EBITDA margin EBITDA-marge 14% (≥ 10%) +8

Interest coverage Interest coverage 5.9× (≥ 3×) +8

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview5 NBB filings

Annual accounts filed on 20-03-2026 with the NBB · fiscal year 2025 · micro schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~27.4%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 94, Activities of membership organisations · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	85.9%	71.6%	better than 70% of 47 sector peers
Net result	€-2k	€4k	better than 34% of 47 sector peers
Equity	€170k	€139k	better than 58% of 47 sector peers
Gross operating margin	€265k	€137k	better than 67% of 47 sector peers
Staff costs	€263k	€239k	higher than 62% of 35 sector peers

Revenue

€10k

-11.6% 22-25

EBITDA

€1k

-97.0% 22-25

Net profit

€-2k

- 22-25

Cash flow

€1k

-97.3% 22-25

Total assets

€197k

-3.3% 22-25

Equity

€170k

-1.1% 22-25

Working capital

€116k

-23.0% 22-25

Employees (FTE)

4

-2.3% 22-25

Staff costs

€263k

+11.4% 22-25

Income taxes

€18

+72.7% 22-25

Debt

€28k

-14.8% 22-25

Debt ≤ 1y

€28k

-14.8% 22-25

Current ratio

5.16

-7.9% 22-25

Quick ratio

5.16

-7.9% 22-25

Solvency

85.9%

+2.3% 22-25

Debt / equity

0.16

-13.8% 22-25

ROE

-1.1%

- 22-25

ROA

-1.0%

- 22-25

Net margin

-18.6%

- 22-25

EBITDA margin

13.5%

-96.6% 22-25

Interest coverage

5.89

-97.5% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	€10k	€12k	€4k	€5k
EBITDA	€1k	€46k	€97k	€39k
Net profit	€-2k	€40k	€91k	€37k
Cash flow	€1k	€46k	€97k	€39k
Staff costs	€263k	€236k	€120k	€121k
Income taxes	€18	€10	-	-
Dividends	-	-	-	-
Total assets	€197k	€204k	€164k	€75k
Equity	€170k	€171k	€132k	€41k
Debt	€28k	€33k	€32k	€34k
of which ≤ 1y	€28k	€33k	€20k	€33k
of which > 1y	-	-	-	-
Working capital	€116k	€150k	€116k	€16k
Employees (FTE)	4.2	4.3	-	-

Ratios (computed)

	2025	2024	2023	2022
Current ratio	5.16	5.60	6.87	1.49
Quick ratio	5.16	5.60	6.87	1.49
Working capital ratio	58.6%	73.6%	71.0%	21.5%
Solvency	85.9%	84.0%	80.6%	55.1%
Debt / equity	0.16	0.19	0.24	0.82
Long-term debt ratio	-	-	-	-
Interest coverage	5.89	235.77	596.03	359.48
Gross margin	-811.9%	-646.5%	-1440.7%	-686.4%
Net margin	-18.6%	341.5%	2218.0%	799.5%
ROA	-1.0%	19.4%	55.5%	49.6%
ROE	-1.1%	23.1%	68.8%	90.1%
EBITDA margin	13.5%	397.1%	2375.5%	843.4%
Days sales outstanding	19d	20d	739d	25d
Days payable outstanding	13d	35d	17d	4d
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €54k · 27.3% Current assets €143k · 72.7%

Equity & liabilities

Equity €170k · 85.9% Debt €28k · 14.1%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€197k	€204k	€164k	€75k
Fixed assets	21/28	€54k	€21k	€28k	€26k
Tangible fixed assets	22/27	€44k	€12k	€18k	€9k
Financial fixed assets	28	€10k	€10k	€10k	€16k
Current assets	29/58	€143k	€183k	€136k	€49k
Amounts receivable within one year	40/41	€41k	€37k	€64k	€312
Cash & bank	54/58	€101k	€145k	€71k	€14k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€197k	€204k	€164k	€75k
Equity	10/15	€170k	€171k	€132k	€41k
Accumulated profits (losses)	14	€170k	€171k	€132k	€41k
Amounts payable	17/49	€28k	€33k	€32k	€34k
Amounts payable within one year	42/48	€28k	€33k	€20k	€33k
Trade debts payable within one year	44	€3k	€8k	€3k	€351
Income statement
Turnover	70	€10k	€12k	€4k	€5k
Gross operating margin	9900	€265k	€282k	€223k	€165k
Operating result	9901	€-2k	€40k	€91k	€37k
Financial income	75	€104	€35	€6	-
Financial charges	65	€236	€196	€163	€109
Result before taxes	9903	€-2k	€40k	€91k	€37k
Income taxes	67/77	€18	€10	-	-
Net result for the period	9904	€-2k	€40k	€91k	€37k
Result to be appropriated	9905	€-2k	€40k	€91k	€37k

Directors & mandates 5 directors

Current directors & mandates

De Smet Dries
Chair
State Gazette act 25126629 (06-10-2025)

Current
06-10-2025 → present
Vermeiren Tim
Managing director
State Gazette act 25126629 (06-10-2025)

Current
06-10-2025 → present
Sophie Janssens
Director
State Gazette act 23027030 (23-02-2023)

Current
23-02-2023 → present

Former directors (2)

Mellaerts Bram
Chair
State Gazette act 25126629 (06-10-2025)

Former
- → 06-10-2025
Tabala Rusengo Jonas
Director
State Gazette act 25126629 (06-10-2025)

Former
- → 06-10-2025

Legal Structure

NACE primary	Youth work associations(94991)
Legal form	Non-profit association(017)
Incorporation	06-03-2019
Status	Active
Postal code	3010

Establishment units 1 location

Erat vzw

Benedenplein 3, 3010 LeuvenSocial work activities without accommodation

since 20212.313.042.402

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
24483E0012/00B003	Flanders	1.1 ha	1 · 666 m²	18.0 m · 5 fl.

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.

Updates 7 events

All 12Financial 5Gazette 2Filings 5

Next filing, fiscal year 2026, expected by 31-07-2027

2026

20-03

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Weakest financial yearnet €-2k ▼105%

Net result drops to €-2k, the lowest in the series.

06-10

State Gazette act Director changes

24-03

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Equity above €150kEq €171k ▲30.1%

3 profitable years in a row build equity to €171k.

24-05

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

31-12

Financial Highest result since 2022net €91k ▲145%

Operating result €91k, net result €91k, both a record.

31-12

Financial Liquidity times 5current ratio 6.87

Current ratio from 1.49 to 6.87; short-term debt falls from €33k to €20k.

31-12

Financial Equity above €100kEq €132k ▲221%

2 profitable years in a row build equity to €132k.

13-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

23-02

State Gazette act Director changes

2022

08-06

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts

All acts · 2 updated 11 months ago

2025

06-10-2025 2 directors appointed, 2 resigning Director changes

De Smet Dries, Voorzitter
Vermeiren Tim, Gedelegeerd bestuurder
Tabala Rusengo Jonas, Bestuurder
Mellaerts Bram, Voorzitter

Original publication ↗

Technical details

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  "notary": {
    "name": null,
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  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-10-06",
    "filing_date": "2025-09-26",
    "act_kind_objet": "Onderwerp akte:"
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  "decisions": [
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      "date": "2025-02-20",
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  "is_correction": false,
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}

2023

23-02-2023 Sophie Janssens appointed as director Director changes

Sophie Janssens, Bestuurder

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Social work activities without accommodation88992Youth work associations94991Human health activities86904Psychology services86931

Names & trade names

Legal nameNL

Erat

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