ERCIS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00441815.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 16 filings
Turnover
≈ €140,000
Estimated: probably between €86,000 and €260,000
EBIT margin
Not included in this filing
Net result
€814▼ 95.6%
2024 · €18,696
Working capital
€170,098▼ 0.1%
2024 · €170,336
In the rankings
#7 company by equity in Evere, Arts, sports and recreation sector#10 oldest company in Evere, Arts, sports and recreation sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€61
2025
20182025
Net result
€814
▼ 95.6%
2025
middle half of the sector
20182025
Equity
€173,877
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€227,590
▲ 8.7%
2025
middle half of the sector
20182025
Debt
€53,713
▲ 47.6%
2025
20182025
Working capital
€170,098
▼ 0.1%
2025
highest quarter of the sector
20182025
Solvency
76.4%
▼ 6.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.17
▼ 1.52
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.4%
▼ 8.6pp
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€28,217-€10,312▼ 63.5%€4,055▼ 60.7%€26,558▲ 555%€22,378▼ 15.7%€19,288▼ 13.8%€23,768▲ 23.2%-€61
Net result€20,894-€9,491▼ 54.6%€3,573within the sector's middle half▼ 62.4%€17,876within the sector's middle half▲ 400%€18,663within the sector's middle half▲ 4.4%€15,568within the sector's middle half▼ 16.6%€18,696within the sector's middle half▲ 20.1%€814within the sector's middle half▼ 95.6%
Equity€89,198-€98,689▲ 10.6%€102,261within the sector's middle half▲ 3.6%€120,137within the sector's middle half▲ 17.5%€138,800within the sector's middle half▲ 15.5%€154,367within the sector's middle half▲ 11.2%€173,063within the sector's middle half▲ 12.1%€173,877within the sector's middle half▲ 0.5%
Total assets€165,035-€141,697▼ 14.1%€137,527within the sector's middle half▼ 2.9%€147,078within the sector's middle half▲ 6.9%€212,949within the sector's middle half▲ 44.8%€220,430within the sector's middle half▲ 3.5%€209,443within the sector's middle half▼ 5.0%€227,590within the sector's middle half▲ 8.7%
Debt€75,837-€43,009▼ 43.3%€35,265▼ 18.0%€26,941▼ 23.6%€74,149▲ 175%€66,063▼ 10.9%€36,380▼ 44.9%€53,713▲ 47.6%
Working capital€103,396-€109,934▲ 6.3%€105,783within the sector's middle half▼ 3.8%€119,058above the sector's middle half▲ 12.5%€142,157above the sector's middle half▲ 19.4%€157,725within the sector's middle half▲ 11.0%€170,336above the sector's middle half▲ 8.0%€170,098above the sector's middle half▼ 0.1%
Solvency54.0%-69.6%▲ 15.6pp74.4%within the sector's middle half▲ 4.7pp81.7%above the sector's middle half▲ 7.3pp65.2%within the sector's middle half▼ 16.5pp70.0%within the sector's middle half▲ 4.9pp82.6%above the sector's middle half▲ 12.6pp76.4%above the sector's middle half▼ 6.2pp
Current ratio2.85-4.53▲ 1.684.43above the sector's middle half▼ 0.105.42above the sector's middle half▲ 0.993.04within the sector's middle half▼ 2.383.56above the sector's middle half▲ 0.525.68above the sector's middle half▲ 2.124.17above the sector's middle half▼ 1.52
Return on assets (ROA)12.7%-6.7%▼ 6.0pp2.6%within the sector's middle half▼ 4.1pp12.2%within the sector's middle half▲ 9.6pp8.8%within the sector's middle half▼ 3.4pp7.1%within the sector's middle half▼ 1.7pp8.9%within the sector's middle half▲ 1.9pp0.4%within the sector's middle half▼ 8.6pp
above
within
below
The sector band is the middle half of the companies in Gambling and betting activities (NACE 92). 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 €61, after a profit of €23,768 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €227,590
Fixed assets
€3,779 ▲ 38.6%
Current assets
€223,811 ▲ 8.3%
Equity and liabilities €227,590
Equity
€173,877 ▲ 0.5%
Debt
€53,713 ▲ 47.6%
Debt's share of the balance-sheet total rises from 17.4% to 23.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€987▼
2024 · €23,774
Cash flow
€1,862▼
2024 · €18,702
Quick ratio
3.52▼
2024 · 5.27
Debt to equity
0.31▲
2024 · 0.21
ROE
0.5%▼
2024 · 10.8%
Interest coverage
1.88▼
2024 · 35.67
Debt ≤ 1 year
€53,713▲
2024 · €36,380
Income taxes
€870▼
2024 · €5,045
Staff costs
€33,692▼
2024 · €34,113
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 | - | - | - | €1,554 | €2,100 |
| Financial fixed assets | €177 | €50 | - | €50 | - |
| Depreciation and write-downs of the year | - | - | - | €6 | €1,048 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4,896 | €8,921 | €15,640 | €34,113 | €33,692 | ▼ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,424 | €5,234 | - | - | - | - | €6 | €1,048 | ▲ 187× |
| Other operating charges640/8 | - | - | - | €2,166 | €1,992 | €3,871 | €7,089 | €1,013 | ▼ 85.7% |
| Non-recurring operating charges66A | - | - | - | - | €9,000 | - | - | - | - |
| Gross operating margin9900 | €34,001 | €17,442 | €9,478 | €33,620 | €42,291 | €38,798 | €64,976 | €35,691 | ▼ 45.1% |
| Operating profit (loss)9901 | €28,217 | €10,312 | €4,055 | €26,558 | €22,378 | €19,288 | €23,768 | -€61 | - |
| Financial income75/76B | - | - | - | €198 | €1,923 | €1,376 | €639 | €2,269 | ▲ 255% |
| Recurring financial income75 | €339 | €135 | €1 | €198 | €1,923 | €1,376 | €639 | €2,269 | ▲ 255% |
| Financial charges65/66B | - | - | - | €401 | €955 | €721 | €667 | €524 | ▼ 21.4% |
| Recurring financial charges65 | €521 | €746 | €483 | €401 | €955 | €721 | €667 | €524 | ▼ 21.4% |
| Profit (loss) for the period before taxes9903 | €28,036 | €9,700 | €3,573 | €26,356 | €23,346 | €19,943 | €23,741 | €1,684 | ▼ 92.9% |
| Income taxes67/77 | €7,142 | €210 | - | €8,480 | €4,683 | €4,375 | €5,045 | €870 | ▼ 82.8% |
| Profit (loss) for the period9904 | €20,894 | €9,491 | €3,573 | €17,876 | €18,663 | €15,568 | €18,696 | €814 | ▼ 95.6% |
| Profit (loss) for the period to be appropriated9905 | €20,894 | €9,491 | €3,573 | €17,876 | €18,663 | €15,568 | €18,696 | €814 | ▼ 95.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €165,035 | €141,697 | €137,527 | €147,078 | €212,949 | €220,430 | €209,443 | €227,590 | ▲ 8.7% |
| Fixed assets21/28 | €5,661 | €605 | €902 | €1,079 | €1,129 | €1,129 | €2,727 | €3,779 | ▲ 38.6% |
| Tangible fixed assets22/27 | €5,234 | - | - | - | - | - | €1,548 | €2,600 | ▲ 67.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,548 | €1,035 | ▼ 33.1% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €1,565 | - |
| Financial fixed assets28 | €427 | €605 | €902 | €1,079 | €1,129 | €1,129 | €1,179 | €1,179 | = |
| Current assets29/58 | €159,374 | €141,093 | €136,625 | €146,000 | €211,820 | €219,301 | €206,716 | €223,811 | ▲ 8.3% |
| Stocks and contracts in progress3 | €30,545 | €27,089 | €27,563 | €28,036 | €33,181 | €23,051 | €14,974 | €34,621 | ▲ 131% |
| Stocks30/36 | - | - | - | €28,036 | €33,181 | €23,051 | €14,974 | €34,621 | ▲ 131% |
| Amounts receivable within one year40/41 | €34,489 | €29,266 | €12,433 | €72,504 | €70,753 | €56,461 | €61,697 | €49,172 | ▼ 20.3% |
| Trade receivables40 | - | - | - | €4,019 | €11,620 | €15,093 | €24,047 | €11,433 | ▼ 52.5% |
| Other amounts receivable41 | - | - | - | €68,485 | €59,133 | €41,368 | €37,650 | €37,739 | ▲ 0.2% |
| Current investments50/53 | €94,341 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €84,738 | €96,629 | €45,460 | €107,887 | €139,789 | €130,045 | €140,018 | ▲ 7.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €165,035 | €141,697 | €137,527 | €147,078 | €212,949 | €220,430 | €209,443 | €227,590 | ▲ 8.7% |
| Equity10/15 | €89,198 | €98,689 | €102,261 | €120,137 | €138,800 | €154,367 | €173,063 | €173,877 | ▲ 0.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €81,138 | €90,629 | €94,201 | €112,077 | €130,740 | €146,307 | €165,003 | €165,817 | ▲ 0.5% |
| Amounts payable17/49 | €75,837 | €43,009 | €35,265 | €26,941 | €74,149 | €66,063 | €36,380 | €53,713 | ▲ 47.6% |
| Amounts payable after more than one year17 | €19,859 | €11,850 | €4,424 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €55,978 | €31,159 | €30,842 | €26,941 | €69,663 | €61,576 | €36,380 | €53,713 | ▲ 47.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,424 | - | - | - | - | - |
| Trade debts44 | €37,929 | €23,150 | €21,196 | €17,760 | €52,754 | €18,573 | €18,853 | €40,268 | ▲ 114% |
| Suppliers440/4 | - | - | - | €17,760 | €52,754 | €18,573 | €18,853 | €40,268 | ▲ 114% |
| Taxes, remuneration and social security45 | - | - | - | €4,660 | €16,735 | €42,812 | €17,398 | €13,445 | ▼ 22.7% |
| Taxes450/3 | - | - | - | €4,660 | €16,735 | €9,722 | €9,975 | €6,271 | ▼ 37.1% |
| Remuneration and social security454/9 | - | - | - | - | - | €33,090 | €7,423 | €7,174 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €97 | €174 | €192 | €129 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,486 | €4,486 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,894 | €9,491 | €3,573 | €17,876 | €18,663 | €15,568 | €18,696 | €814 | ▼ 95.6% |
| + Depreciation and write-downs630 | €5,424 | €5,234 | - | - | - | - | €6 | €1,048 | ▲ 187× |
| Operating cash flow (approximation) | €26,318 | €14,725 | €3,573 | €17,876 | €18,663 | €15,568 | €18,702 | €1,862 | ▼ 90.0% |
| Investment in fixed assets (approximation) | - | -€178 | -€297 | -€177 | -€50 | €0 | -€1,604 | -€2,100 | ▼ 30.9% |
| Change in cash | - | - | €11,891 | -€51,169 | €62,427 | €31,903 | -€9,745 | €9,973 | - |
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, 10,904 companies had the same profile as ERCIS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ERCIS 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 10,904 companies, not a prediction for ERCIS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00441815 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00340781 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00410778 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00464559 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20347408 | |
| 31-12-2020 | micro format | 09-11-2021 | 2021-77100220 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-66200379 | |
| 31-12-2018 | full format | 06-01-2020 | 2020-00200090 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-55500265 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-65500330 |