Summary
ERCO is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €16,821 and a net result of -€3,605. Its solvency ranks better than 21% of 6,694 sector peers (NACE 64, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 21-06-2023 Normal situation
- Registered office
- 46 active companies are registered at this address 1 started in the 12 months before. Source: KBO register, as of 5 November 2026.
- Activity
- Activities of holding companies NACE 64210and 2 others
- Financial year end
- 31 December
- Peppol
- Reachable since 07-01-2026
Board and ownership
Board
- GBUSYDirector · permanent representative Grégory BRION
- JFBDirector · permanent representative Jean Frédéric BRION
- ALVARGONZALEZ SADirector · permanent representative Jorge Pascual ALVARGONZALEZ
Shareholders
- Conti Invest50%· score 97annual accounts 2025
- Ership50%annual accounts 2025
- Holdings
- Shares in 1 company Jambaar Holding
Financial position
Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts 2025
- Loss
- €3,605
- ▼ 62.3%
- Equity
- €16,821
- ▼ 17.7%
- Total assets
- €92,266
- ▼ 9.6%
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
1 signal.
neutral
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 17-06-2026, 44 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
44 days early
2024
43 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 44 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 2 filings
Equity
€16,821▼ 17.7%
2024 · €20,426
Net result
-€3,605▲ 62.3%
2024 · -€9,574
Total assets
€92,266▼ 9.6%
2024 · €102,052
Solvency
18.2%▼ 1.8pp
2024 · 20.0%
Multi-year overview
2024 to 2025, 2 financial yearsOperating result
-€607
▲ 93.4%
2025
20242025
Net result
-€3,605
▲ 62.3%
2025
lowest quarter of the sector
20242025
Equity
€16,821
▼ 17.7%
2025
lowest quarter of the sector
20242025
Total assets
€92,266
▼ 9.6%
2025
lowest quarter of the sector
20242025
Debt
€75,445
▼ 7.6%
2025
20242025
Working capital
-€59,679
▼ 6.4%
2025
middle half of the sector
20242025
Solvency
18.2%
▼ 1.8pp
2025
lowest quarter of the sector
20242025
Current ratio
0.21
▼ 0.10
2025
lowest quarter of the sector
20242025
Return on assets (ROA)
-3.9%
▲ 5.5pp
2025
lowest quarter of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20242025
Operating result-€9,160--€607▲ 93.4%
Net result-€9,574below the sector's middle half--€3,605below the sector's middle half▲ 62.3%
Equity€20,426below the sector's middle half-€16,821below the sector's middle half▼ 17.7%
Total assets€102,052below the sector's middle half-€92,266below the sector's middle half▼ 9.6%
Debt€81,626-€75,445▼ 7.6%
Working capital-€56,074within the sector's middle half--€59,679within the sector's middle half▼ 6.4%
Solvency20.0%below the sector's middle half-18.2%below the sector's middle half▼ 1.8pp
Current ratio0.31below the sector's middle half-0.21below the sector's middle half▼ 0.10
Return on assets (ROA)-9.4%below the sector's middle half--3.9%below the sector's middle half▲ 5.5pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 €607, smaller than the loss of €9,160 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €92,266
Fixed assets
€76,500 =
Current assets
€15,766 ▼ 38.3%
Equity and liabilities €92,266
Equity
€16,821 ▼ 17.7%
Debt
€75,445 ▼ 7.6%
Debt's share of the balance-sheet total rises from 80.0% to 81.8%. Equity and debt are lower.
Key figures and ratios
ROE
-21.4%▲
2024 · -46.9%
Debt ≤ 1 year
€75,445▼
2024 · €81,626
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Financial fixed assets | €76,500 | - |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Other operating charges640/8 | €890 | €120 | ▼ 86.5% |
| Gross operating margin9900 | -€8,270 | -€487 | ▲ 94.1% |
| Operating profit (loss)9901 | -€9,160 | -€607 | ▲ 93.4% |
| Financial charges65/66B | €414 | €2,998 | ▲ 624% |
| Recurring financial charges65 | €414 | €2,998 | ▲ 624% |
| Profit (loss) for the period before taxes9903 | -€9,574 | -€3,605 | ▲ 62.3% |
| Profit (loss) for the period9904 | -€9,574 | -€3,605 | ▲ 62.3% |
| Profit (loss) for the period to be appropriated9905 | -€9,574 | -€3,605 | ▲ 62.3% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €102,052 | €92,266 | ▼ 9.6% |
| Fixed assets21/28 | €76,500 | €76,500 | = |
| Financial fixed assets28 | €76,500 | €76,500 | = |
| Current assets29/58 | €25,552 | €15,766 | ▼ 38.3% |
| Amounts receivable within one year40/41 | €575 | €2 | ▼ 99.6% |
| Other amounts receivable41 | €575 | €2 | ▼ 99.6% |
| Cash at bank and in hand54/58 | €24,977 | €15,763 | ▼ 36.9% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €102,052 | €92,266 | ▼ 9.6% |
| Equity10/15 | €20,426 | €16,821 | ▼ 17.7% |
| Contributions10/11 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | -€9,574 | -€13,179 | ▼ 37.7% |
| Amounts payable17/49 | €81,626 | €75,445 | ▼ 7.6% |
| Amounts payable within one year42/48 | €81,626 | €75,445 | ▼ 7.6% |
| Trade debts44 | €9,126 | - | - |
| Suppliers440/4 | €9,126 | - | - |
| Other amounts payable47/48 | €72,500 | €75,445 | ▲ 4.1% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€9,574 | -€3,605 | ▲ 62.3% |
| Operating cash flow (approximation) | -€9,574 | -€3,605 | ▲ 62.3% |
| Investment in fixed assets (approximation) | - | €0 | - |
| Change in cash | - | -€9,214 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Directors
4 directors, no change since June 2023
Board 4
GBUSY
Current
Director · appointed by deed of 23-06-2023 · Private limited company · permanent representative: Grégory BRION
JFB
Current
Director · appointed by deed of 23-06-2023 · Private limited company · permanent representative: Jean Frédéric BRION · also on the board of 1 other company
ALVARGONZALEZ SA
Current
Director · in office according to the deed of 04-08-2026 · Legal entity · permanent representative: Jorge Pascual ALVARGONZALEZ
ERSHIP SA
Current
Director · in office according to the deed of 04-08-2026 · Legal entity · permanent representative: Jaime Gimeno ALVARGONZALEZ
Permanent representatives 4
Grégory BRION
Current
Permanent representative · appointed by deed of 23-06-2023 · for GBUSY
Jean Frédéric BRION
Current
Permanent representative · appointed by deed of 23-06-2023 · for JFB
Jaime Gimeno ALVARGONZALEZ
Current
Permanent representative · in office according to the deed of 04-08-2026 · for ERSHIP SA
Jorge Pascual ALVARGONZALEZ
Current
Permanent representative · in office according to the deed of 04-08-2026 · for ALVARGONZALEZ SA
Owners and capital
Shareholders
2 ownersOwners 2
- Equity €3.4m Profit of €857,645 in 2025 (loss of €358,895 in 2024) Checked score 9750%
- ErshipESSourceown accounts 202550%
Owners through the years 2024 to 2025
| Name | 2024 | 2025 |
|---|---|---|
| Conti Invest | 50% | |
| ErshipES | 50% | |
Source: shareholder structure in its own accounts
Capital transactions
Shareholders according to the deeds
At incorporation
deed of 23-06-2023 ↗
- Conti Invest (BE 0477.066.487) founder
- ERSHIP (BE 0800.374.714) founder
Capital over time
- 23-06-2023 Incorporation · €30,000 · 3,000 shares
Mandate history
4 people, 4 in office
- Board
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| GBUSY |
|
| JFB |
|
| ALVARGONZALEZ SA |
|
| ERSHIP SA |
|
Articles of association
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Overeenkomstig wettelijke bepalingen, algemene vergadering bepaalt wijze van vereffening”
Articles of association, deed of 23-06-2023 (in Dutch)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
-
50%
Companies at the same address
45 other companies- Howden Belgium Establishment · since 16-07-2026Founded in 2020 · 37 FTE (2025) 0745.664.635
- GRAVA GROUP WALLONIE Registered office · since 20-05-2026Founded in 2026 1038.165.066
- XPATRIATE Establishment · since 02-04-2026Founded in 2015 · 0.2 FTE (2025) 0600.877.980
- Monceau Participations B Registered office · since 27-06-2025Founded in 2025 1024.816.381
- IMPACT Establishment · since 02-06-2025Founded in 1998 · 554 FTE (2025) · group Gimv 0464.633.166
- COMMERCIAL TRADING AGENCY - C.T.A. Registered office · since 01-03-2025Founded in 1980 · 8.1 FTE (2024) · accounts filed late 0420.634.659
- WANAKA REAL ESTATE MANAGEMENT Registered office · since 08-11-2024Founded in 2024 · 32 FTE (2025) 1016.051.937
- Kojak Establishment · since 03-10-2024Founded in 2024 · total assets €16,753 (2025) · negative equity 1014.601.390
- BriCap Immo Registered office · since 20-01-2023Founded in 2023 · total assets €6.1m (2026) · group BriCapital 0797.437.394
- Grava Group Registered office · since 23-02-2022Founded in 2022 · total assets €408,610 (2025) 0782.538.788
Connections & network
2 connected companies, 1 earlier tieThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
Conti Barge Invest
Founded in 2019 · total assets €2.9m (2025) · negative equity · group BriCapital
→
Conti Seafrigo Antwerp
Founded in 2022 · total assets €2.3m (2025)
→
Earlier ties
ANTWERP RAILHOUSE
via JFB (no longer at ANTWERP RAILHOUSE) · Director
Founded in 2018 · 2.9 FTE (2025) · group STEVAL CONSULT
→
Timeline
Deeds, filings and financial milestones
Deadline for the 2026 accounts:
2026
04-08
Gazette deed
4 directors reappointedReappointments: JFB BV, GBUSY BV and 2 others · Permanent representatives: Jean Frédéric BRION, Grégory BRION and 2 others9 points ▸
Gazette deed
4 directors reappointed
Reappointments: JFB BV, GBUSY BV and 2 others · Permanent representatives: Jean Frédéric BRION, Grégory BRION and 2 others9 points ▸
- General meeting, 19-05-2026
- Director reappointment, JFB BV
- Permanent representative, Jean Frédéric BRION
- Director reappointment, GBUSY BV
- Permanent representative, Grégory BRION
- Director reappointment, ERSHIP SA
- Permanent representative, Jaime Gimeno ALVARGONZALEZ
- Director reappointment, ALVARGONZALEZ SA
- Permanent representative, Jorge Pascual ALVARGONZALEZ
- The deed holds 2 more points.
17-06
abbreviated format · 44 days before the deadline
2025
18-06
abbreviated format · 43 days before the deadline
2023
23-06
Gazette deed
IncorporationFounding capital of €30,000, 3,000 shares · Founders: Conti Invest and ERSHIP · Appointments: JFB, GBUSY and 2 others12 points ▸
Gazette deed
Incorporation
Founding capital of €30,000, 3,000 shares · Founders: Conti Invest and ERSHIP · Appointments: JFB, GBUSY and 2 others12 points ▸
- Incorporation, 20-06-2023
- Founder, Conti Invest
- Power of attorney, PAUWELS Eva
- Founder, ERSHIP
- Power of attorney, ALVARGONZALEZ PASCUAL Jorge
- Power of attorney, ALVARGONZALEZ GIMENO Jaime
- Founding capital, €30,000, 3,000 shares
- Registered office clause, Sneeuwbeslaan 14, 2610 Antwerpen (Wilrijk)
- Director appointment, JFB
- Permanent representative, BRION Jean Frédéric
- Director appointment, GBUSY
- Permanent representative, Grégory BRION
- The deed holds 6 more points.
Gazette deedNBB filing
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
ERCO in Dutch
Enterprise number
0802.973.126
Legal form
Private limited company
Status
Active, normal situation
Founded
21-06-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 23-06-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 23-06-2023 (in Dutch)Registered office and establishments
Registered office
Sneeuwbeslaan 14, 2610 Antwerp, Belgium
Activities
NACEBEL 202564210
Activities of holding companies main activity
50200
Water transport
52220
Warehousing and support activities for transportation
Codes under NACEBEL 2008
64200
Holdings main activity
50200
Water transport
52220
Warehousing and support activities for transportation
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 23-06-2023 (in Dutch)
“Het deelnemen in alle bestaande en op te richten ondernemingen actief in havenactiviteiten in de ruimste zin van het woord, alsmede alle…”
9 activities
- Het deelnemen in alle bestaande en op te richten ondernemingen actief in havenactiviteiten in de ruimste zin van het woord, alsmede alle activiteiten van maritiem transport, en dit zowel in België als in het buitenland.
- De vennootschap kan eveneens alle aanverwante en bijkomende verrichtingen waarnemen, evenals het beheren, besturen, financieren en het doen exploiteren van deze ondernemingen.
- De vennootschap kan het bestuur waarnemen en toezicht en controle uitoefenen over alle verbonden vennootschappen met dewelke één of andere band van deelneming bestaat en mag aan deze vennootschappen alle leningen van gelijk welke vorm en voor gelijk welke duur toestaan, waarborgen en inpandgevingen verstrekken en financieringen toekennen.
- Zij kan alle hoegenaamde handels-, nijverheids-, financiële, roerende en onroerende verrichtingen uitvoeren, die rechtstreeks of onrechtstreeks in verband staan met haar voorwerp of van die aard zijn, dit te begunstigen; zo kan zij onder meer, een belang nemen in iedere onderneming waarvan het voorwerp gelijkaardig, overeenkomstig of verwant is met het hare.
- Daartoe kan de vennootschap samenwerken met, deelnemen in, of op gelijk welke wijze, rechtstreeks of zijdelings, belangen nemen in ondernemingen van allerlei aard, alle verbintenissen aangaan, kredieten en leningen toestaan, zich voor derden borgstellen door haar goederen in hypotheek of in pand te geven, inclusief de eigen handelszaak of het volledig eigen vermogen.
- Zij mag bij wijze van inbreng in speciën of in natura, van fusie, inschrijving, deelneming, financiële tussenkomst of op een andere wijze een aandeel nemen in alle bestaande of op te richten vennootschappen of bedrijven in België of in het buitenland, waarvan het voorwerp identiek, gelijkaardig of verwant is met het hare of van aard is de uitoefening van haar voorwerp te bevorderen.
- De vennootschap mag alle roerende of onroerende goederen, materialen en benodigdheden verwerven, huren of verhuren, vervaardigen, overdragen of ruilen en in het algemeen alle commerciële, industriële of financiële handelingen verrichten welke rechtstreeks of onrechtstreeks in verband staan met haar voorwerp, met inbegrip van de onderaanneming in het algemeen en de uitbating van alle intellectuele rechten en industriële of commerciële eigendommen die er betrekking op hebben.
- Zij mag alle roerende en onroerende goederen als investering verwerven, zelfs als deze noch rechtstreeks noch onrechtstreeks verband houden met het voorwerp van de vennootschap.
- Kortom zij mag alles doen wat verband houdt met bovengenoemd voorwerp of kan bijdragen tot de realisatie ervan.
Invoicing and payment
VAT number
BE 0802.973.126
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
1.4 ha
Building footprint
2,696 m²
Building volume
45,530 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11051B0041/00S000 | Flanders | 1.4 ha | 1 · 2,696 m² | 21.4 m · 6 |