ERIM
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 34 filings
Equity
€107,038▼ 28.0%
2025 · €148,671
Total assets
€171,303▼ 15.7%
2025 · €203,272
Net result
-€41,633
2025 · €3,193
Working capital
€67,038▼ 32.6%
2025 · €99,528
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€44,752
▼ 16,853%
2026
20192026
Net result
-€41,633
2026
20192026
Equity
€107,038
▼ 28.0%
2026
20192026
Total assets
€171,303
▼ 15.7%
2026
20192026
Debt
€13,848
▲ 20×
2026
20192026
Working capital
€67,038
▼ 32.6%
2026
20192026
Solvency
62.5%
▼ 10.7pp
2026
20192026
Current ratio
5.84
2026
20192026
Return on assets (ROA)
-24.3%
▼ 25.9pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€16,744--€9,349▲ 44.2%-€16,049▼ 71.7%€7,133-€17,563-€13,140▲ 25.2%-€264▲ 98.0%-€44,752▼ 16,853%
Net result-€11,259--€3,895▲ 65.4%-€12,335below the sector's middle half▼ 217%€10,554within the sector's middle half-€14,092below the sector's middle half-€9,675within the sector's middle half▲ 31.3%€3,193within the sector's middle half-€41,633
Equity€174,921-€171,026▼ 2.2%€158,691within the sector's middle half▼ 7.2%€169,245within the sector's middle half▲ 6.7%€155,154within the sector's middle half▼ 8.3%€145,478within the sector's middle half▼ 6.2%€148,671within the sector's middle half▲ 2.2%€107,038▼ 28.0%
Total assets€251,527-€243,040▼ 3.4%€226,726within the sector's middle half▼ 6.7%€308,290within the sector's middle half▲ 36.0%€218,055within the sector's middle half▼ 29.3%€207,684within the sector's middle half▼ 4.8%€203,272within the sector's middle half▼ 2.1%€171,303▼ 15.7%
Debt€436-€320▼ 26.6%€22▼ 93.2%€74,712▲ 3,429×€2,047▼ 97.3%€4,831▲ 136%€704▼ 85.4%€13,848▲ 20×
Working capital€62,644-€69,408▲ 10.8%€68,113within the sector's middle half▼ 1.9%€9,198within the sector's middle half▼ 86.5%€85,543within the sector's middle half▲ 830%€86,305within the sector's middle half▲ 0.9%€99,528within the sector's middle half▲ 15.3%€67,038▼ 32.6%
Solvency69.5%-70.4%▲ 0.8pp70.0%above the sector's middle half▼ 0.4pp54.9%within the sector's middle half▼ 15.1pp71.2%above the sector's middle half▲ 16.3pp70.0%above the sector's middle half▼ 1.1pp73.1%above the sector's middle half▲ 3.1pp62.5%▼ 10.7pp
Current ratio1.12within the sector's middle half42.79above the sector's middle half▲ 41.6718.87above the sector's middle half▼ 23.925.84
Return on assets (ROA)-4.5%--1.6%▲ 2.9pp-5.4%below the sector's middle half▼ 3.8pp3.4%within the sector's middle half▲ 8.9pp-6.5%below the sector's middle half▼ 9.9pp-4.7%below the sector's middle half▲ 1.8pp1.6%within the sector's middle half▲ 6.2pp-24.3%▼ 25.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €44,752, larger than the loss of €264 in 2025. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €171,303
Fixed assets
€90,417 ▼ 12.3%
Current assets
€80,886 ▼ 19.3%
Equity and liabilities €171,303
Equity
€107,038 ▼ 28.0%
Provisions
€50,417 ▼ 6.5%
Debt
€13,848 ▲ 20×
Debt's share of the balance-sheet total rises from 0.3% to 8.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€32,129▼
2025 · €13,245
Cash flow
-€29,011▼
2025 · €16,702
Debt to equity
0.13▲
2025 · 0.00
ROE
-38.9%▼
2025 · 2.1%
Interest coverage
-204.31▼
2025 · over 100
Debt ≤ 1 year
€13,848▲
2025 · €704
Income taxes
€203
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Financial fixed assets | €80,000 | - | - | - | - |
| Depreciation and write-downs of the year | €14,211 | €13,916 | €13,916 | €13,509 | €12,622 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,667 | €15,136 | €14,720 | €14,211 | €13,916 | €13,916 | €13,509 | €12,622 | ▼ 6.6% |
| Other operating charges640/8 | - | - | - | €15,018 | €2,195 | €1,985 | €1,140 | €2,838 | ▲ 149% |
| Gross operating margin9900 | €2,576 | €7,452 | €420 | €36,362 | -€1,453 | €2,761 | €14,385 | -€29,292 | - |
| Operating profit (loss)9901 | -€16,744 | -€9,349 | -€16,049 | €7,133 | -€17,563 | -€13,140 | -€264 | -€44,752 | ▼ 16,853% |
| Financial income75/76B | - | - | - | €22 | - | €0 | - | - | - |
| Recurring financial income75 | €489 | €1,072 | €267 | €22 | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €281 | €7 | €15 | €22 | €157 | ▲ 622% |
| Recurring financial charges65 | €230 | €95 | €233 | €281 | €7 | €15 | €22 | €157 | ▲ 622% |
| Profit (loss) for the period before taxes9903 | -€16,485 | -€8,372 | -€16,015 | €6,874 | -€17,570 | -€13,154 | -€286 | -€44,909 | ▼ 15,616% |
| Transfer from deferred taxes780 | - | - | - | €3,680 | €3,479 | €3,479 | €3,479 | €3,479 | = |
| Income taxes67/77 | - | - | - | - | - | - | - | €203 | - |
| Profit (loss) for the period9904 | -€11,259 | -€3,895 | -€12,335 | €10,554 | -€14,092 | -€9,675 | €3,193 | -€41,633 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €11,040 | €10,437 | €10,437 | €10,437 | €10,437 | = |
| Profit (loss) for the period to be appropriated9905 | €1,182 | €6,764 | -€1,295 | €21,594 | -€3,655 | €761 | €13,630 | -€31,197 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €251,527 | €243,040 | €226,726 | €308,290 | €218,055 | €207,684 | €203,272 | €171,303 | ▼ 15.7% |
| Fixed assets21/28 | €188,447 | €173,311 | €158,591 | €224,380 | €130,464 | €116,549 | €103,040 | €90,417 | ▼ 12.3% |
| Tangible fixed assets22/27 | €188,447 | €173,311 | €158,591 | €144,380 | €130,464 | €116,549 | €103,040 | €90,417 | ▼ 12.3% |
| Land and buildings22 | - | - | - | €144,380 | €130,464 | €116,549 | €103,040 | €90,417 | ▼ 12.3% |
| Financial fixed assets28 | - | - | - | €80,000 | - | - | - | - | - |
| Current assets29/58 | €63,080 | €69,728 | €68,135 | €83,910 | €87,590 | €91,136 | €100,232 | €80,886 | ▼ 19.3% |
| Amounts receivable within one year40/41 | €62,379 | €67,289 | €67,451 | €82,949 | €87,025 | €90,931 | €99,433 | €80,850 | ▼ 18.7% |
| Trade receivables40 | - | - | - | €52,387 | €52,387 | €46,430 | €52,387 | €52,387 | = |
| Other amounts receivable41 | - | - | - | €30,563 | €34,638 | €44,502 | €47,046 | €28,464 | ▼ 39.5% |
| Cash at bank and in hand54/58 | €701 | €2,439 | €684 | €961 | €566 | €204 | €800 | €36 | ▼ 95.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €251,527 | €243,040 | €226,726 | €308,290 | €218,055 | €207,684 | €203,272 | €171,303 | ▼ 15.7% |
| Equity10/15 | €174,921 | €171,026 | €158,691 | €169,245 | €155,154 | €145,478 | €148,671 | €107,038 | ▼ 28.0% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €199,451 | €188,792 | €177,752 | €166,712 | €156,275 | €145,838 | €135,401 | €124,964 | ▼ 7.7% |
| Non-distributable reserves130/1 | - | - | - | €1,357 | €1,357 | €1,357 | €1,357 | €1,357 | = |
| Reserves not available under the articles1311 | - | - | - | €1,357 | €1,357 | €1,357 | €1,357 | €1,357 | = |
| Tax-exempt reserves132 | - | - | - | €148,597 | €138,160 | €127,723 | €117,286 | €106,850 | ▼ 8.9% |
| Distributable reserves133 | - | - | - | €16,758 | €16,758 | €16,758 | €16,758 | €16,758 | = |
| Profit (loss) carried forward14 | -€43,130 | -€36,366 | -€37,660 | -€16,066 | -€19,721 | -€18,960 | -€5,330 | -€36,526 | ▼ 585% |
| Provisions and deferred taxes16 | €76,170 | €71,693 | €68,013 | €64,333 | €60,854 | €57,375 | €53,896 | €50,417 | ▼ 6.5% |
| Deferred taxes168 | - | - | - | €64,333 | €60,854 | €57,375 | €53,896 | €50,417 | ▼ 6.5% |
| Amounts payable17/49 | €436 | €320 | €22 | €74,712 | €2,047 | €4,831 | €704 | €13,848 | ▲ 20× |
| Amounts payable within one year42/48 | €436 | €320 | €22 | €74,712 | €2,047 | €4,831 | €704 | €13,848 | ▲ 20× |
| Trade debts44 | €236 | €320 | €22 | €254 | €1,916 | €306 | €254 | €1,736 | ▲ 585% |
| Suppliers440/4 | - | - | - | €254 | €1,916 | €306 | €254 | €1,736 | ▲ 585% |
| Other amounts payable47/48 | - | - | - | €74,458 | €131 | €4,525 | €451 | €12,112 | ▲ 27× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,259 | -€3,895 | -€12,335 | €10,554 | -€14,092 | -€9,675 | €3,193 | -€41,633 | - |
| + Depreciation and write-downs630 | €17,667 | €15,136 | €14,720 | €14,211 | €13,916 | €13,916 | €13,509 | €12,622 | ▼ 6.6% |
| Operating cash flow (approximation) | €6,408 | €11,241 | €2,385 | €24,765 | -€176 | €4,240 | €16,702 | -€29,011 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€80,000 | €80,000 | €0 | €0 | €0 | - |
| Change in cash | - | €1,738 | -€1,755 | €277 | -€395 | -€361 | €595 | -€764 | - |
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, 5,831 companies had the same profile as ERIM has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ERIM itself: 0.9% 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 5,831 companies, not a prediction for ERIM. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00597149 | |
| 31-03-2025 | micro format | 22-07-2025 | 2025-00299447 | |
| 31-03-2024 | micro format | 22-07-2025 | 2025-00299409 | |
| 31-03-2023 | micro format | 10-12-2023 | 2023-00526354 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20478155 | |
| 31-03-2021 | micro format | 01-02-2022 | 2022-04200041 | |
| 31-03-2020 | micro format | 07-10-2021 | 2021-71600431 | |
| 31-03-2019 | micro format | 12-02-2020 | 2020-04900135 | |
| 31-03-2018 | micro format | 22-03-2019 | 2019-07600144 | |
| 31-03-2017 | micro format | 22-03-2019 | 2019-07600143 |