ERTPAS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 42 filings
Turnover
≈ €7.6m
Estimated: probably between €4.6m and €9.1m
Total assets
€1.6m▲ 38.9%
2024 · €1.1m
Net result
€297,581▼ 25.4%
2024 · €399,150
Working capital
-€370,758
2024 · €301,499
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€396,657
▼ 25.2%
2025
20182025
Net result
€297,581
▼ 25.4%
2025
highest quarter of the sector
20182025
Equity
€567,860
▲ 20.7%
2025
middle half of the sector
20182025
Total assets
€1.6m
▲ 38.9%
2025
highest quarter of the sector
20182025
Debt
€984,078
▲ 52.1%
2025
20182025
Working capital
-€370,758
2025
lowest quarter of the sector
20182025
Solvency
36.6%
▼ 5.5pp
2025
middle half of the sector
20182025
Current ratio
0.62
▼ 0.86
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
19.2%
▼ 16.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
14.1
▲ 3.7%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.3m▲ 1.2%€0.7m▲ 108%€0.6m▼ 7.9%€0.4m▼ 28.4%€0.6m▲ 30.7%€0.5m▼ 5.9%€0.4m▼ 25.2%
Net result€0.2m-€0.2m▲ 1.4%€0.5mabove the sector's middle half▲ 122%€0.5mabove the sector's middle half▼ 11.7%€0.3mabove the sector's middle half▼ 25.7%€0.4mabove the sector's middle half▲ 25.5%€0.4mabove the sector's middle half▼ 4.8%€0.3mabove the sector's middle half▼ 25.4%
Equity€0.4m-€0.5m▲ 6.4%€0.4mwithin the sector's middle half▼ 16.5%€0.6mabove the sector's middle half▲ 63.2%€0.6mwithin the sector's middle half▼ 10.5%€0.5mwithin the sector's middle half▼ 18.1%€0.5mwithin the sector's middle half▼ 0.2%€0.6mwithin the sector's middle half▲ 20.7%
Total assets€0.8m-€0.9m▲ 6.4%€1.2mwithin the sector's middle half▲ 30.3%€1.1mwithin the sector's middle half▼ 8.0%€1.2mwithin the sector's middle half▲ 15.8%€1.2mwithin the sector's middle half=€1.1mwithin the sector's middle half▼ 9.7%€1.6mabove the sector's middle half▲ 38.9%
Debt€0.4m-€0.4m▲ 6.4%€0.8m▲ 83.0%€0.4m▼ 44.5%€0.7m▲ 55.4%€0.8m▲ 15.7%€0.6m▼ 15.6%€1.0m▲ 52.1%
Working capital€0.2m-€0.2m▲ 29.6%€0.1mwithin the sector's middle half▼ 39.5%€0.5mabove the sector's middle half▲ 204%€0.3mwithin the sector's middle half▼ 29.5%€0.3mwithin the sector's middle half▼ 7.7%€0.3mwithin the sector's middle half▲ 3.0%-€0.4mbelow the sector's middle half
Solvency52.9%-52.9%=33.9%within the sector's middle half▼ 19.0pp60.1%above the sector's middle half▲ 26.2pp46.5%within the sector's middle half▼ 13.6pp38.1%within the sector's middle half▼ 8.4pp42.1%within the sector's middle half▲ 4.0pp36.6%within the sector's middle half▼ 5.5pp
Current ratio1.49-1.58▲ 0.101.19within the sector's middle half▼ 0.392.06within the sector's middle half▲ 0.861.51within the sector's middle half▼ 0.551.40within the sector's middle half▼ 0.111.48within the sector's middle half▲ 0.080.62below the sector's middle half▼ 0.86
Return on assets (ROA)27.0%-25.7%▼ 1.3pp43.9%above the sector's middle half▲ 18.1pp42.1%above the sector's middle half▼ 1.8pp27.0%above the sector's middle half▼ 15.1pp33.9%above the sector's middle half▲ 6.9pp35.7%above the sector's middle half▲ 1.8pp19.2%above the sector's middle half▼ 16.6pp
Staff (FTE)9.5-9.8▲ 3.2%11.3above the sector's middle half▲ 15.3%11.9above the sector's middle half▲ 5.3%11.9above the sector's middle half=13.6above the sector's middle half▲ 14.3%13.6above the sector's middle half=14.1above the sector's middle half▲ 3.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 25% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.6m
Fixed assets
€948,909 ▲ 413%
Current assets
€603,029 ▼ 35.3%
Equity and liabilities €1.6m
Equity
€567,860 ▲ 20.7%
Debt
€984,078 ▲ 52.1%
Debt's share of the balance-sheet total rises from 57.9% to 63.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€548,981▼
2024 · €593,111
Cash flow
€449,905▼
2024 · €461,923
Quick ratio
0.23▼
2024 · 0.87
Debt to equity
1.73▲
2024 · 1.38
ROE
52.4%▼
2024 · 84.9%
Interest coverage
24.06▼
2024 · 29.57
Debt ≤ 1 year
€973,786▲
2024 · €630,786
Debt > 1 year
€6,681▼
2024 · €8,909
Income taxes
€87,385▼
2024 · €129,788
Staff costs
€571,832▲
2024 · €552,830
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 16 | 16 | 16 | 17 |
| full-time | 7 | 8 | 9 | 9 | 11 |
| part-time | 7 | 8 | 7 | 7 | 6 |
| in full-time equivalents | 11.7 | 13.6 | 14 | 14 | 15.3 |
| Average over the year, in full-time equivalents | 11.9 | 11.9 | 13.6 | 13.6 | 14.1 |
| On a permanent contract | 14 | 13 | 11 | 12 | 11 |
| Joined | 1 | 59 | 493 | 467 | 459 |
| Left | 0 | 57 | 493 | 467 | 458 |
| Training hours | - | - | 0 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,468 | €199,331 | €4,821 | €43,798 | €916,324 |
| Depreciation and write-downs of the year | €68,519 | €94,427 | €98,095 | €62,772 | €152,323 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €22,541 awardedSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.07m | €0.06m | €0.07m | €0.09m | €0.1m | €0.06m | €0.2m | ▲ 143% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 2.9% |
| Gross operating margin9900 | €0.7m | €0.7m | €1.1m | €1.1m | €0.9m | €1.2m | €1.1m | €1.1m | ▼ 2.2% |
| Operating profit (loss)9901 | €0.3m | €0.3m | €0.7m | €0.6m | €0.4m | €0.6m | €0.5m | €0.4m | ▼ 25.2% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 40.4% |
| Recurring financial income75 | €0.009m | €0.008m | €0.009m | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 40.4% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 13.8% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 13.8% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.3m | €0.6m | €0.6m | €0.4m | €0.6m | €0.5m | €0.4m | ▼ 27.2% |
| Income taxes67/77 | €0.08m | €0.08m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.09m | ▼ 32.7% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.5m | €0.5m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 25.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.6m | €0.5m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 25.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.9m | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.6m | ▲ 38.9% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 413% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 413% |
| Land and buildings22 | - | - | - | - | - | - | - | €0.5m | - |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 117% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.006m | €0.004m | €0.002m | €0.001m | ▼ 74.2% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.07m | €0.08m | €0.3m | ▲ 239% |
| Current assets29/58 | €0.6m | €0.7m | €0.9m | €0.9m | €0.9m | €1.0m | €0.9m | €0.6m | ▼ 35.3% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.6% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.6% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.1m | ▼ 71.1% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.1m | ▼ 75.5% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.02m | €0 | - | €0.02m | - |
| Cash at bank and in hand54/58 | €0.04m | €0.03m | €0.05m | €0.09m | €0.06m | €0.1m | €0.04m | €0.07m | ▲ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.01m | €0.006m | €0.004m | €0.003m | ▼ 28.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.9m | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.6m | ▲ 38.9% |
| Equity10/15 | €0.4m | €0.5m | €0.4m | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 20.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 21.7% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 21.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Investment grants15 | - | - | - | €0.003m | €0.001m | €0 | - | - | - |
| Amounts payable17/49 | €0.4m | €0.4m | €0.8m | €0.4m | €0.7m | €0.8m | €0.6m | €1.0m | ▲ 52.1% |
| Amounts payable after more than one year17 | €0.007m | €0 | - | - | €0.03m | €0.01m | €0.009m | €0.007m | ▼ 25.0% |
| Financial debts170/4 | - | - | - | - | €0.03m | €0.01m | €0.009m | €0.007m | ▼ 25.0% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.8m | €0.4m | €0.6m | €0.7m | €0.6m | €1.0m | ▲ 54.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.01m | €0.01m | €0.01m | €0.002m | ▼ 84.9% |
| Trade debts44 | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.6m | ▲ 361% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.6m | ▲ 361% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.09m | €0.1m | €0.09m | €0.08m | ▼ 12.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | €0.04m | €0.01m | €0.01m | ▼ 6.8% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.06m | €0.06m | €0.08m | €0.07m | ▼ 13.0% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.4m | €0.5m | €0.4m | €0.3m | ▼ 24.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.01m | €0.01m | €0.007m | €0.004m | ▼ 50.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €226,328 | €229,500 | €509,748 | €450,013 | €334,137 | €419,486 | €399,150 | €297,581 | ▼ 25.4% |
| + Depreciation and write-downs630 | €91,644 | €72,794 | €63,091 | €68,519 | €94,427 | €98,095 | €62,772 | €152,323 | ▲ 143% |
| Operating cash flow (approximation) | €317,971 | €302,294 | €572,839 | €518,532 | €428,564 | €517,580 | €461,923 | €449,905 | ▼ 2.6% |
| Investment in fixed assets (approximation) | - | -€37,648 | -€81,766 | -€15,468 | -€199,331 | -€4,821 | -€43,798 | -€916,324 | ▼ 1,992% |
| Change in cash | - | -€10,484 | €13,600 | €45,928 | -€27,540 | €69,372 | -€97,446 | €36,902 | - |
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, 20,136 companies had the same profile as ERTPAS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of ERTPAS itself: 0.3% 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 20,136 companies, not a prediction for ERTPAS. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00328390 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00232169 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00149504 | |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00122627 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20213645 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35800390 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-23200410 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-21200157 | |
| 31-12-2017 | abbreviated format | 25-06-2018 | 2018-23900329 | |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-26000251 |