ERCATO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 13 filings
Turnover
≈ €120,000
Estimated: probably between €84,000 and €280,000
Total assets
€345,027▲ 40.3%
2024 · €245,976
Net result
€21,299▲ 41.1%
2024 · €15,091
Working capital
€237,121▲ 2.3%
2024 · €231,794
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,398
▲ 38.8%
2025
20182025
Net result
€21,299
▲ 41.1%
2025
middle half of the sector
20182025
Equity
€253,343
▲ 9.2%
2025
highest quarter of the sector
20182025
Total assets
€345,027
▲ 40.3%
2025
highest quarter of the sector
20182025
Debt
€91,684
▲ 558%
2025
20182025
Working capital
€237,121
▲ 2.3%
2025
highest quarter of the sector
20182025
Solvency
73.4%
▼ 20.9pp
2025
highest quarter of the sector
20182025
Current ratio
3.59
▼ 14.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.2%
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,560-€15,711▲ 514%-€70,809€19,500€19,548▲ 0.2%€11,694▼ 40.2%€21,897▲ 87.3%€30,398▲ 38.8%
Net result€185-€9,990▲ 54×-€70,896below the sector's middle half€19,158within the sector's middle half€15,532within the sector's middle half▼ 18.9%€10,169within the sector's middle half▼ 34.5%€15,091within the sector's middle half▲ 48.4%€21,299within the sector's middle half▲ 41.1%
Equity€251,138-€261,127▲ 4.0%€190,231above the sector's middle half▼ 27.1%€191,390above the sector's middle half▲ 0.6%€206,922above the sector's middle half▲ 8.1%€217,091above the sector's middle half▲ 4.9%€232,044above the sector's middle half▲ 6.9%€253,343above the sector's middle half▲ 9.2%
Total assets€265,894-€280,226▲ 5.4%€197,357within the sector's middle half▼ 29.6%€218,443within the sector's middle half▲ 10.7%€207,031within the sector's middle half▼ 5.2%€224,612within the sector's middle half▲ 8.5%€245,976within the sector's middle half▲ 9.5%€345,027above the sector's middle half▲ 40.3%
Debt€14,756-€19,099▲ 29.4%€7,125▼ 62.7%€27,053▲ 280%€109▼ 99.6%€7,521▲ 69×€13,933▲ 85.2%€91,684▲ 558%
Working capital€251,138-€261,127▲ 4.0%€190,821above the sector's middle half▼ 26.9%€191,140above the sector's middle half▲ 0.2%€206,672above the sector's middle half▲ 8.1%€216,841above the sector's middle half▲ 4.9%€231,794above the sector's middle half▲ 6.9%€237,121above the sector's middle half▲ 2.3%
Solvency94.5%-93.2%▼ 1.3pp96.4%above the sector's middle half▲ 3.2pp87.6%above the sector's middle half▼ 8.8pp99.9%above the sector's middle half▲ 12.3pp96.7%above the sector's middle half▼ 3.3pp94.3%above the sector's middle half▼ 2.3pp73.4%above the sector's middle half▼ 20.9pp
Current ratio18.02-14.67▼ 3.3531.36above the sector's middle half▲ 16.688.07above the sector's middle half▼ 23.2929.83above the sector's middle half17.64above the sector's middle half▼ 12.193.59above the sector's middle half▼ 14.05
Return on assets (ROA)0.1%-3.6%▲ 3.5pp-35.9%below the sector's middle half▼ 39.5pp8.8%within the sector's middle half▲ 44.7pp7.5%within the sector's middle half▼ 1.3pp4.5%within the sector's middle half▼ 3.0pp6.1%within the sector's middle half▲ 1.6pp6.2%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 39% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €345,027
Fixed assets
€16,222 ▲ 65×
Current assets
€328,805 ▲ 33.8%
Equity and liabilities €345,027
Equity
€253,343 ▲ 9.2%
Debt
€91,684 ▲ 558%
Debt's share of the balance-sheet total rises from 5.7% to 26.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€37,426
Cash flow
€28,327
Quick ratio
1.91▼
2024 · 17.64
Debt to equity
0.36▲
2024 · 0.06
ROE
8.4%▲
2024 · 6.5%
Interest coverage
22.11
Debt ≤ 1 year
€91,684▲
2024 · €13,933
Income taxes
€8,132▲
2024 · €5,337
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €23,000 |
| Depreciation and write-downs of the year | - | - | - | - | €7,028 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | - | - | - | - | - | - | - | €7,028 | - |
| Other operating charges640/8 | - | - | - | €230 | €25,734 | €230 | €230 | €230 | = |
| Gross operating margin9900 | €3,894 | €16,154 | -€63,197 | €19,730 | €45,281 | €11,924 | €22,127 | €37,656 | ▲ 70.2% |
| Operating profit (loss)9901 | €2,560 | €15,711 | -€70,809 | €19,500 | €19,548 | €11,694 | €21,897 | €30,398 | ▲ 38.8% |
| Financial income75/76B | - | - | - | €0 | €1 | - | - | €727 | - |
| Recurring financial income75 | €46 | €1 | - | €0 | €1 | - | - | €727 | - |
| Financial charges65/66B | - | - | - | €343 | €1,174 | €1,525 | €1,469 | €1,693 | ▲ 15.3% |
| Recurring financial charges65 | €983 | €704 | €87 | €343 | €1,174 | €1,525 | €1,469 | €1,693 | ▲ 15.3% |
| Profit (loss) for the period before taxes9903 | €1,624 | €15,008 | -€70,896 | €19,158 | €18,374 | €10,169 | €20,428 | €29,432 | ▲ 44.1% |
| Income taxes67/77 | €1,439 | €5,019 | - | - | €2,842 | - | €5,337 | €8,132 | ▲ 52.4% |
| Profit (loss) for the period9904 | €185 | €9,990 | -€70,896 | €19,158 | €15,532 | €10,169 | €15,091 | €21,299 | ▲ 41.1% |
| Profit (loss) for the period to be appropriated9905 | €185 | €9,990 | -€70,896 | €19,158 | €15,532 | €10,169 | €15,091 | €21,299 | ▲ 41.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €265,894 | €280,226 | €197,357 | €218,443 | €207,031 | €224,612 | €245,976 | €345,027 | ▲ 40.3% |
| Fixed assets21/28 | - | - | €250 | €250 | €250 | €250 | €250 | €16,222 | ▲ 65× |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €15,972 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €15,972 | - |
| Financial fixed assets28 | - | - | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €265,894 | €280,226 | €197,107 | €218,193 | €206,781 | €224,362 | €245,726 | €328,805 | ▲ 33.8% |
| Amounts receivable after more than one year29 | - | - | - | €9,462 | €671 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €9,462 | €671 | - | - | - | - |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €153,527 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €153,527 | - |
| Amounts receivable within one year40/41 | €93,871 | €112,354 | €44,182 | €97,634 | €4,055 | €68,822 | €13,278 | €6,945 | ▼ 47.7% |
| Trade receivables40 | - | - | - | €82,240 | €744 | €63,220 | - | €6,945 | - |
| Other amounts receivable41 | - | - | - | €15,393 | €3,311 | €5,602 | €13,278 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €171,054 | €167,182 | €151,096 | €108,931 | €198,929 | €151,534 | €227,553 | €168,333 | ▼ 26.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,166 | €3,125 | €4,006 | €4,896 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €265,894 | €280,226 | €197,357 | €218,443 | €207,031 | €224,612 | €245,976 | €345,027 | ▲ 40.3% |
| Equity10/15 | €251,138 | €261,127 | €190,231 | €191,390 | €206,922 | €217,091 | €232,044 | €253,343 | ▲ 9.2% |
| Contributions10/11 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | - | €200,000 | €200,000 | = |
| Capital10 | - | - | - | €200,000 | €200,000 | - | - | - | - |
| Issued capital100 | - | - | - | €200,000 | €200,000 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €200,000 | - | - |
| Share premium1100/10 | - | - | - | - | - | - | €200,000 | - | - |
| Reserves13 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €220,000 | €20,000 | €41,299 | ▲ 106% |
| Non-distributable reserves130/1 | - | - | - | €20,000 | €20,000 | - | - | - | - |
| Legal reserve130 | - | - | - | €20,000 | €20,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €220,000 | €20,000 | €41,299 | ▲ 106% |
| Profit (loss) carried forward14 | €31,138 | €41,127 | -€29,769 | -€28,610 | -€13,078 | -€2,909 | €12,044 | €12,044 | = |
| Amounts payable17/49 | €14,756 | €19,099 | €7,125 | €27,053 | €109 | €7,521 | €13,933 | €91,684 | ▲ 558% |
| Amounts payable within one year42/48 | €14,756 | €19,099 | €6,286 | €27,053 | €109 | €7,521 | €13,933 | €91,684 | ▲ 558% |
| Trade debts44 | €418 | €1,748 | €1,835 | €20,213 | €109 | €2,096 | €622 | €1,103 | ▲ 77.3% |
| Suppliers440/4 | - | - | - | €20,213 | €109 | €2,096 | €622 | €1,103 | ▲ 77.3% |
| Taxes, remuneration and social security45 | - | - | - | €6,840 | - | €5,426 | €13,310 | €18,119 | ▲ 36.1% |
| Taxes450/3 | - | - | - | €6,840 | - | €5,426 | €9,448 | €17,166 | ▲ 81.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €3,862 | €953 | ▼ 75.3% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €72,462 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €185 | €9,990 | -€70,896 | €19,158 | €15,532 | €10,169 | €15,091 | €21,299 | ▲ 41.1% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €7,028 | - |
| Operating cash flow (approximation) | €185 | €9,990 | -€70,896 | €19,158 | €15,532 | €10,169 | €15,091 | €28,327 | ▲ 87.7% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | €0 | -€23,000 | - |
| Change in cash | - | -€3,872 | -€16,086 | -€42,166 | €89,998 | -€47,395 | €76,019 | -€59,220 | - |
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, 34,693 companies had the same profile as ERCATO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ERCATO itself: 0.1% 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 34,693 companies, not a prediction for ERCATO. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00340113 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00259771 | |
| 31-12-2023 | micro format | 07-09-2026 | 2026-00504829 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00366037 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20174488 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52300437 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35100017 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-23500465 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58200124 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51600251 |