ERCAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 12 filings
Equity
-€4,513▼ 15,122%
2024 · -€30
Total assets
€6,992▼ 64.1%
2024 · €19,469
Net result
-€4,484
2024 · €15,591
Working capital
-€5,415▼ 303%
2024 · -€1,345
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,338
2025
20182025
Net result
-€4,484
2025
middle half of the sector
20182025
Equity
-€4,513
▼ 15,122%
2025
lowest quarter of the sector
20182025
Total assets
€6,992
▼ 64.1%
2025
lowest quarter of the sector
20182025
Debt
€11,506
▼ 41.0%
2025
20182025
Working capital
-€5,415
▼ 303%
2025
middle half of the sector
20182025
Solvency
-64.5%
▼ 64.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.53
▼ 0.40
2025
middle half of the sector
20182025
Return on assets (ROA)
-64.1%
▼ 144.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,023--€8,119-€731▲ 91.0%-€11,886▼ 1,527%€1,226-€11,491€15,827-€4,338
Net result€10,552--€8,479-€975within the sector's middle half▲ 88.5%-€12,015below the sector's middle half▼ 1,133%€1,171within the sector's middle half-€11,548below the sector's middle half€15,591within the sector's middle half-€4,484within the sector's middle half
Equity€16,226-€7,747▼ 52.3%€6,772within the sector's middle half▼ 12.6%-€5,243below the sector's middle half-€4,073below the sector's middle half▲ 22.3%-€15,620below the sector's middle half▼ 284%-€30within the sector's middle half▲ 99.8%-€4,513below the sector's middle half▼ 15,122%
Total assets€31,230-€21,993▼ 29.6%€21,858below the sector's middle half▼ 0.6%€11,140below the sector's middle half▼ 49.0%€12,632below the sector's middle half▲ 13.4%€11,304below the sector's middle half▼ 10.5%€19,469below the sector's middle half▲ 72.2%€6,992below the sector's middle half▼ 64.1%
Debt€15,004-€14,247▼ 5.0%€15,086▲ 5.9%€16,383▲ 8.6%€16,705▲ 2.0%€26,925▲ 61.2%€19,499▼ 27.6%€11,506▼ 41.0%
Working capital€5,892--€372€275within the sector's middle half-€6,134within the sector's middle half-€6,549within the sector's middle half▼ 6.8%-€17,518within the sector's middle half▼ 167%-€1,345within the sector's middle half▲ 92.3%-€5,415within the sector's middle half▼ 303%
Solvency52.0%-35.2%▼ 16.7pp31.0%within the sector's middle half▼ 4.2pp-47.1%below the sector's middle half▼ 78.1pp-32.2%below the sector's middle half▲ 14.8pp-138.2%below the sector's middle half▼ 105.9pp-0.2%within the sector's middle half▲ 138.0pp-64.5%below the sector's middle half▼ 64.4pp
Current ratio1.94-0.96▼ 0.971.02within the sector's middle half▲ 0.060.62within the sector's middle half▼ 0.390.61within the sector's middle half▼ 0.020.35below the sector's middle half▼ 0.260.93within the sector's middle half▲ 0.580.53within the sector's middle half▼ 0.40
Return on assets (ROA)33.8%--38.6%▼ 72.3pp-4.5%within the sector's middle half▲ 34.1pp-107.9%below the sector's middle half▼ 103.4pp9.3%within the sector's middle half▲ 117.1pp-102.2%below the sector's middle half▼ 111.4pp80.1%above the sector's middle half▲ 182.2pp-64.1%below the sector's middle half▼ 144.2pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 a loss of €4,338, after a profit of €15,827 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6,992
Fixed assets
€901 ▼ 32.6%
Current assets
€6,091 ▼ 66.4%
Equity and liabilities
Equity-€4,513
Debt€11,506
Equity is negative. Debt (€11,506) exceeds the balance-sheet total (€6,992).
Key figures and ratios
EBITDA
-€3,901▼
2024 · €16,413
Cash flow
-€4,047▼
2024 · €16,177
Quick ratio
0.47▼
2024 · 0.90
Interest coverage
-26.70▼
2024 · 69.48
Debt ≤ 1 year
€11,506▼
2024 · €19,476
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,184 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €5,933 | €554 | €628 | €586 | €437 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,091 | €6,091 | €6,091 | €5,933 | €554 | €628 | €586 | €437 | ▼ 25.4% |
| Other operating charges640/8 | - | - | - | €3,310 | €3,804 | €5,645 | €4,894 | €3,569 | ▼ 27.1% |
| Gross operating margin9900 | €20,239 | €1,369 | €9,762 | -€2,643 | €5,583 | -€5,218 | €21,307 | -€331 | - |
| Operating profit (loss)9901 | €11,023 | -€8,119 | -€731 | -€11,886 | €1,226 | -€11,491 | €15,827 | -€4,338 | - |
| Financial charges65/66B | - | - | - | €129 | €55 | €57 | €236 | €146 | ▼ 38.2% |
| Recurring financial charges65 | €471 | €360 | €244 | €129 | €55 | €57 | €236 | €146 | ▼ 38.2% |
| Profit (loss) for the period before taxes9903 | €10,552 | -€8,479 | -€975 | -€12,015 | €1,171 | -€11,548 | €15,591 | -€4,484 | - |
| Profit (loss) for the period9904 | €10,552 | -€8,479 | -€975 | -€12,015 | €1,171 | -€11,548 | €15,591 | -€4,484 | - |
| Profit (loss) for the period to be appropriated9905 | €10,552 | -€8,479 | -€975 | -€12,015 | €1,171 | -€11,548 | €15,591 | -€4,484 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,230 | €21,993 | €21,858 | €11,140 | €12,632 | €11,304 | €19,469 | €6,992 | ▼ 64.1% |
| Fixed assets21/28 | €19,038 | €12,946 | €6,855 | €922 | €2,553 | €1,924 | €1,338 | €901 | ▼ 32.6% |
| Tangible fixed assets22/27 | €18,948 | €12,856 | €6,765 | €832 | €2,463 | €1,834 | €1,248 | €811 | ▼ 35.0% |
| Plant, machinery and equipment23 | - | - | - | €832 | €2,463 | €1,834 | €1,248 | €811 | ▼ 35.0% |
| Financial fixed assets28 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | = |
| Current assets29/58 | €12,193 | €9,047 | €15,003 | €10,218 | €10,079 | €9,380 | €18,131 | €6,091 | ▼ 66.4% |
| Stocks and contracts in progress3 | €731 | €645 | €954 | €537 | €646 | €870 | €647 | €636 | ▼ 1.7% |
| Stocks30/36 | - | - | - | €537 | €646 | €870 | €647 | €636 | ▼ 1.7% |
| Amounts receivable within one year40/41 | €2,196 | €2,280 | €4,161 | €1,482 | €6,017 | €1,367 | €24 | €20 | ▼ 16.0% |
| Trade receivables40 | - | - | - | €827 | €6,017 | €1,367 | - | - | - |
| Other amounts receivable41 | - | - | - | €656 | - | - | €24 | €20 | ▼ 16.0% |
| Cash at bank and in hand54/58 | €6,715 | €4,126 | €5,502 | €4,957 | €1,510 | €5,048 | €11,928 | €1,368 | ▼ 88.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,241 | €1,906 | €2,095 | €5,532 | €4,067 | ▼ 26.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,230 | €21,993 | €21,858 | €11,140 | €12,632 | €11,304 | €19,469 | €6,992 | ▼ 64.1% |
| Equity10/15 | €16,226 | €7,747 | €6,772 | -€5,243 | -€4,073 | -€15,620 | -€30 | -€4,513 | ▼ 15,122% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €2,629 | €3,826 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €1,197 | -€8,479 | -€7,488 | -€19,503 | -€18,333 | -€28,020 | -€12,430 | -€16,913 | ▼ 36.1% |
| Amounts payable17/49 | €15,004 | €14,247 | €15,086 | €16,383 | €16,705 | €26,925 | €19,499 | €11,506 | ▼ 41.0% |
| Amounts payable after more than one year17 | €8,688 | €4,583 | €358 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €6,301 | €9,419 | €14,729 | €16,352 | €16,628 | €26,899 | €19,476 | €11,506 | ▼ 40.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €358 | - | - | - | - | - |
| Trade debts44 | €295 | €338 | €3,963 | €87 | - | - | €400 | €762 | ▲ 90.6% |
| Suppliers440/4 | - | - | - | €87 | - | - | €400 | €762 | ▲ 90.6% |
| Advances received on contracts in progress46 | - | - | - | - | €2,276 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €506 | €1,715 | €3,160 | €1,538 | €1,556 | ▲ 1.2% |
| Taxes450/3 | - | - | - | €506 | €1,715 | €3,160 | €1,538 | €1,556 | ▲ 1.2% |
| Other amounts payable47/48 | - | - | - | €15,401 | €12,638 | €23,738 | €17,538 | €9,188 | ▼ 47.6% |
| Accrued charges and deferred income492/3 | - | - | - | €31 | €76 | €26 | €23 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,552 | -€8,479 | -€975 | -€12,015 | €1,171 | -€11,548 | €15,591 | -€4,484 | - |
| + Depreciation and write-downs630 | €6,091 | €6,091 | €6,091 | €5,933 | €554 | €628 | €586 | €437 | ▼ 25.4% |
| Operating cash flow (approximation) | €16,643 | -€2,388 | €5,117 | -€6,082 | €1,724 | -€10,919 | €16,177 | -€4,047 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€2,184 | €0 | €0 | €0 | - |
| Change in cash | - | -€2,589 | €1,376 | -€544 | -€3,447 | €3,537 | €6,880 | -€10,560 | - |
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, 6,907 companies had the same profile as ERCAN has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ERCAN 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 6,907 companies, not a prediction for ERCAN. 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.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00363975 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00141108 | |
| 31-12-2023 | micro format | 30-05-2024 | 2024-00100794 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00211820 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20181250 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42000252 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36400221 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41400574 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57500528 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-54700156 |