ERTA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-03-2026 PDF all 5 filings
Turnover
€190,234▲ 56.0%
2024 · €121,960
EBIT margin
7.2%▲ 2.4pp
2024 · 4.8%
Net result
€10,532▲ 82.8%
2024 · €5,762
Working capital
€11,743▲ 120%
2024 · €5,330
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€190,234
▲ 56.0%
2025
20212025
Operating result
€13,664
▲ 135%
2025
20212025
Net result
€10,532
▲ 82.8%
2025
middle half of the sector
20212025
EBIT margin
7.2%
▲ 2.4pp
2025
20212025
Equity
€18,436
▲ 133%
2025
lowest quarter of the sector
20212025
Total assets
€42,760
▲ 92.8%
2025
lowest quarter of the sector
20212025
Debt
€24,324
▲ 70.4%
2025
20212025
Working capital
€11,743
▲ 120%
2025
middle half of the sector
20212025
Solvency
43.1%
▲ 7.5pp
2025
middle half of the sector
20212025
Current ratio
1.48
▲ 0.11
2025
middle half of the sector
20212025
Return on assets (ROA)
24.6%
▼ 1.3pp
2025
highest quarter of the sector
20212025
Staff (FTE)
1
=
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€66,626-€124,036▲ 86.2%€135,738▲ 9.4%€121,960▼ 10.2%€190,234▲ 56.0%
Operating result€2,964-€3,493▲ 17.9%-€7,556€5,808€13,664▲ 135%
Net result€2,355within the sector's middle half-€2,709within the sector's middle half▲ 15.1%-€7,921below the sector's middle half€5,762within the sector's middle half€10,532within the sector's middle half▲ 82.8%
EBIT margin4.4%-2.8%▼ 1.6pp-5.6%▼ 8.4pp4.8%▲ 10.3pp7.2%▲ 2.4pp
Equity€7,355below the sector's middle half-€10,064below the sector's middle half▲ 36.8%€2,143below the sector's middle half▼ 78.7%€7,905below the sector's middle half▲ 269%€18,436below the sector's middle half▲ 133%
Total assets€17,359below the sector's middle half-€32,488below the sector's middle half▲ 87.2%€23,838below the sector's middle half▼ 26.6%€22,179below the sector's middle half▼ 7.0%€42,760below the sector's middle half▲ 92.8%
Debt€10,004-€22,425▲ 124%€21,695▼ 3.3%€14,274▼ 34.2%€24,324▲ 70.4%
Working capital€5,960within the sector's middle half-€7,013within the sector's middle half▲ 17.7%-€572below the sector's middle half€5,330within the sector's middle half€11,743within the sector's middle half▲ 120%
Solvency42.4%within the sector's middle half-31.0%within the sector's middle half▼ 11.4pp9.0%below the sector's middle half▼ 22.0pp35.6%within the sector's middle half▲ 26.7pp43.1%within the sector's middle half▲ 7.5pp
Current ratio1.60within the sector's middle half-1.31within the sector's middle half▼ 0.280.97below the sector's middle half▼ 0.341.37within the sector's middle half▲ 0.401.48within the sector's middle half▲ 0.11
Return on assets (ROA)13.6%within the sector's middle half-8.3%within the sector's middle half▼ 5.2pp-33.2%below the sector's middle half▼ 41.6pp26.0%above the sector's middle half▲ 59.2pp24.6%above the sector's middle half▼ 1.3pp
Staff (FTE)0.2-0.21▲ 400%1=
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 135% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €42,760
Fixed assets
€6,693 ▲ 160%
Current assets
€36,067 ▲ 84.0%
Equity and liabilities €42,760
Equity
€18,436 ▲ 133%
Debt
€24,324 ▲ 70.4%
Debt's share of the balance-sheet total falls from 64.4% to 56.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,696▲
2024 · €8,322
Cash flow
€12,563▲
2024 · €8,275
Debt to equity
1.32▼
2024 · 1.81
ROE
57.1%▼
2024 · 72.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€24,324▲
2024 · €14,274
Income taxes
€3,077
Customer credit
66 days▲
2024 · 33 days
Supplier credit
21 days▼
2024 · 22 days
Staff costs
€40,036▲
2024 · €26,628
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | 1 |
| full-time | - | - | - | 1 |
| part-time | - | 1 | 1 | - |
| in full-time equivalents | - | 0.8 | 0.8 | 1 |
| Average over the year, in full-time equivalents | 0.2 | 0.1 | 0.8 | 1 |
| On a permanent contract | - | 1 | 1 | 1 |
| Joined | 0 | 1 | - | 1 |
| Left | 1 | 0 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,000 | €1,277 | €2,373 | €6,150 |
| Intangible fixed assets | €1,744 | - | - | - | - |
| Depreciation and write-downs of the year | €350 | €1,343 | €1,612 | €2,513 | €2,032 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €66,626 | €124,036 | €135,738 | €121,960 | €190,234 | ▲ 56.0% |
| Goods, raw materials, services and sundry goods60/61 | €51,184 | €115,315 | €136,315 | €86,342 | €132,524 | ▲ 53.5% |
| Remuneration, social security and pensions62 | €11,292 | €3,449 | €4,539 | €26,628 | €40,036 | ▲ 50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €350 | €1,343 | €1,612 | €2,513 | €2,032 | ▼ 19.2% |
| Other operating charges640/8 | €849 | €436 | €828 | €815 | €2,051 | ▲ 152% |
| Gross operating margin9900 | €15,454 | €8,721 | -€577 | €35,764 | €57,783 | ▲ 61.6% |
| Operating profit (loss)9901 | €2,964 | €3,493 | -€7,556 | €5,808 | €13,664 | ▲ 135% |
| Financial income75/76B | - | €2 | - | - | - | - |
| Recurring financial income75 | - | €2 | - | - | - | - |
| Financial charges65/66B | €20 | €63 | €365 | €46 | €56 | ▲ 20.9% |
| Recurring financial charges65 | €20 | €63 | €365 | €46 | €56 | ▲ 20.9% |
| Profit (loss) for the period before taxes9903 | €2,943 | €3,431 | -€7,921 | €5,762 | €13,608 | ▲ 136% |
| Income taxes67/77 | €589 | €722 | - | - | €3,077 | - |
| Profit (loss) for the period9904 | €2,355 | €2,709 | -€7,921 | €5,762 | €10,532 | ▲ 82.8% |
| Profit (loss) for the period to be appropriated9905 | €2,355 | €2,709 | -€7,921 | €5,762 | €10,532 | ▲ 82.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17,359 | €32,488 | €23,838 | €22,179 | €42,760 | ▲ 92.8% |
| Fixed assets21/28 | €1,394 | €3,051 | €2,715 | €2,575 | €6,693 | ▲ 160% |
| Intangible fixed assets21 | €1,394 | €1,046 | €697 | €348 | - | - |
| Tangible fixed assets22/27 | - | €2,005 | €2,019 | €2,227 | €6,693 | ▲ 201% |
| Plant, machinery and equipment23 | - | - | €1,013 | €2,221 | €1,005 | ▼ 54.8% |
| Furniture and vehicles24 | - | €2,005 | €1,005 | €5 | €5,688 | ▲ 1,038× |
| Current assets29/58 | €15,964 | €29,437 | €21,122 | €19,604 | €36,067 | ▲ 84.0% |
| Amounts receivable within one year40/41 | €15,839 | €13,069 | €7,412 | €11,784 | €35,169 | ▲ 198% |
| Trade receivables40 | €15,519 | €11,635 | €6,036 | €10,903 | €34,481 | ▲ 216% |
| Other amounts receivable41 | €321 | €1,434 | €1,376 | €882 | €688 | ▼ 22.0% |
| Cash at bank and in hand54/58 | €125 | €16,369 | €13,711 | €7,820 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €898 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17,359 | €32,488 | €23,838 | €22,179 | €42,760 | ▲ 92.8% |
| Equity10/15 | €7,355 | €10,064 | €2,143 | €7,905 | €18,436 | ▲ 133% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €2,355 | €5,064 | -€2,857 | €2,905 | €13,436 | ▲ 363% |
| Amounts payable17/49 | €10,004 | €22,425 | €21,695 | €14,274 | €24,324 | ▲ 70.4% |
| Amounts payable within one year42/48 | €10,004 | €22,425 | €21,695 | €14,274 | €24,324 | ▲ 70.4% |
| Financial debts43 | - | - | - | - | €13 | - |
| Credit institutions430/8 | - | - | - | - | €13 | - |
| Trade debts44 | €1,881 | €7,748 | €5,570 | €5,272 | €7,445 | ▲ 41.2% |
| Suppliers440/4 | €1,881 | €7,748 | €5,570 | €5,272 | €7,445 | ▲ 41.2% |
| Taxes, remuneration and social security45 | €4,067 | €722 | €2,169 | €8,047 | €15,911 | ▲ 97.7% |
| Taxes450/3 | €589 | €722 | - | - | €3,710 | - |
| Remuneration and social security454/9 | €3,479 | - | €2,169 | €8,047 | €12,201 | ▲ 51.6% |
| Other amounts payable47/48 | €4,056 | €13,955 | €13,955 | €955 | €955 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,355 | €2,709 | -€7,921 | €5,762 | €10,532 | ▲ 82.8% |
| + Depreciation and write-downs630 | €350 | €1,343 | €1,612 | €2,513 | €2,032 | ▼ 19.2% |
| Operating cash flow (approximation) | €2,704 | €4,053 | -€6,309 | €8,275 | €12,563 | ▲ 51.8% |
| Investment in fixed assets (approximation) | - | -€3,000 | -€1,277 | -€2,373 | -€6,150 | ▼ 159% |
| Change in cash | - | €16,244 | -€2,658 | -€5,891 | - | - |
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, 26,972 companies had the same profile as ERTA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ERTA itself is higher: 3.4% within 12 months. It rests on far more data about ERTA than the profile alone.
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 26,972 companies, not a prediction for ERTA. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-03-2026 | 2026-00049299 | |
| 31-12-2024 | micro format | 11-03-2025 | 2025-00046531 | |
| 31-12-2023 | micro format | 25-03-2024 | 2024-00049919 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00136598 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20115648 |