ESE · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of ESE is 1.6% (moderate). The 2024 annual accounts show negative equity (€-112k) and a net result of €-2.25M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 499 sector peers (fiscal year 2024). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

1.6% Moderate

0%0,5%1,5%4%10%≥25%

Higher-failure-rate sector +Annual accounts: weaker financial profile +Young company +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

1 signal · with evidence

Negative equity

Equity is negative for financial year 2024: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

View the annual accounts

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 32 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2026, 330 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

How we compute the deadline

The year end is derived from 6 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	26-06-2026	330 d late	2026-00217693
31-12-2023	31-07-2024	16-08-2024	16 d late	2024-00347327
31-12-2022	31-07-2023	28-07-2023	3 d early	2023-00291178
30-06-2021	31-01-2022	31-01-2022	on the day	2022-04800430
30-06-2020	31-01-2021	29-01-2021	2 d early	2021-02900496
30-06-2019	31-01-2020	31-01-2020	on the day	2020-03800341

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2018, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

Turnover€13.34M-52.9%

EBIT margin-15.7%-16.5pp

Net result€-2.25M

Working capital€844k-63.8%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 26-06-2026 with the NBB · fiscal year 2024 · volledig

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

volatile Too volatile to project: the yearly deviation from the trend is ~77% of the level (threshold 35%). We therefore deliberately show no projection line.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 43, Specialised construction · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	-1.2%	36.6%	better than 10% of 499 sector peers
Net result	€-2.25M	€19k	better than 5% of 497 sector peers
Equity	€-112k	€90k	better than 5% of 499 sector peers
Staff costs	€2.66M	€150k	higher than 95% of 331 sector peers
Employees (FTE)	35.2	4.3	better than 92% of 261 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P10

Stable position over 2020-2024 · n=295-499

Net result P5

Weakening position over 2020-2024 · n=295-497

Equity P5

Stable position over 2020-2024 · n=295-499

Staff costs P95

Stable position over 2022-2024 · n=289-331

Describes the position versus peers, not a forecast.

Revenue

€13.34M

-52.9% 19-24

EBITDA

€-1.97M

- 19-24

Net profit

€-2.25M

- 19-24

Cash flow

€-2.13M

- 19-24

Total assets

€9.27M

-20.1% 19-24

Equity

€-112k

- 19-24

Working capital

€844k

-63.8% 19-24

Employees (FTE)

35

-3.3% 19-24

Show 14 other metrics

Staff costs

€2.66M

-6.5% 19-24

Income taxes

€1k

-95.5% 19-24

Debt

€8.94M

-1.5% 19-24

Debt ≤ 1y

€8.14M

-9.4% 19-24

Debt > 1y

€753k

+1332.1% 19-24

Current ratio

1.10

-12.4% 19-24

Quick ratio

0.71

+18.1% 19-24

Solvency

-1.2%

- 19-24

Debt / equity

-79.72

- 19-24

ROE

2005.6%

+4321384.1% 19-24

ROA

-24.3%

- 19-24

Net margin

-16.9%

- 19-24

EBITDA margin

-14.8%

- 19-24

Interest coverage

-9.63

- 19-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	volledig
Revenue	€13.34M
EBITDA	€-1.97M
Net profit	€-2.25M
Cash flow	€-2.13M
Staff costs	€2.66M
Income taxes	€1k
Dividends	-
Total assets	€9.27M
Equity	€-112k
Debt	€8.94M
of which ≤ 1y	€8.14M
of which > 1y	€753k
Working capital	€844k
Employees (FTE)	35.2

Ratios (computed)

	2024
Current ratio	1.10
Quick ratio	0.71
Working capital ratio	9.1%
Solvency	-1.2%
Debt / equity	-79.72
Long-term debt ratio	-6.72
Interest coverage	-9.63
Gross margin	34.7%
Net margin	-16.9%
ROA	-24.3%
ROE	2005.6%
EBITDA margin	-14.8%
Days sales outstanding	105d
Days payable outstanding	92d
Inventory turnover	2.73
Days inventory (DSI)	134d

Balance-sheet composition 2024

Assets

Fixed assets €284k · 3.1% Current assets €8.98M · 96.9%

Full annual accounts (27 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€9.27M
Fixed assets	21/28	€284k
Intangible fixed assets	21	€104k
Tangible fixed assets	22/27	€176k
Financial fixed assets	28	€4k
Current assets	29/58	€8.98M
Stocks & contracts in progress	3	€3.19M
Amounts receivable within one year	40/41	€4.88M
Cash & bank	54/58	€759k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€9.27M
Equity	10/15	€-112k
Contributions / capital	10/11	€183k
Reserves	13	€0
Accumulated profits (losses)	14	€-295k
Provisions & deferred taxes	16	€435k
Amounts payable	17/49	€8.94M
Amounts payable after one year	17	€753k
Amounts payable within one year	42/48	€8.14M
Trade debts payable within one year	44	€2.20M
Income statement
Turnover	70	€13.34M
Operating result	9901	€-2.09M
Financial income	75	€59k
Financial charges	65	€219k
Result before taxes	9903	€-2.25M
Income taxes	67/77	€1k
Net result for the period	9904	€-2.25M
Result to be appropriated	9905	€-2.25M

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

17 / 100 Critical

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

6 companies at this address See who is registered here

Establishment units

1 location

ESE.solar

Ondernemingenstraat 9, 8630 VeurneVervaardiging van elektrische panelen voor het opvangen van zonne-energie

since 20182.277.597.711

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area7,418 m²

Buildings1

Building footprint2,983 m²

Volume (LiDAR)19,390 m³

Tallest building8.4 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
38024A0033/00C000	Flanders	7,418 m²	1 · 2,983 m²	8.4 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

1 act

All acts · 1 updated 4 years ago

2022

11-07-2022 Publication in the Belgian Official Gazette, Minor change Minor change·Eric dE Grave

Summary: Agm rules changeNotary: Eric dE Grave · Veurne

Original publication ↗

Analysis

Financial profile

5 of 5 axes measured

44 / 100

Fragile profile, watch health in particular.

All 5 axes are computed from data Checked has read.

Health 17

Profitability 33

Solvency 47

Growth 22

Stability 100

Credit advice

verdict per customer and amount

Similar

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Comparable size, same sector

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We hold annual accounts for 3,241 of the 22,814 companies in this sector. 343 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Algemene elektrotechnische installatiewerken43211

Primary activity highlighted.

Names & trade names

Legal nameNL

ESE

Registered office

Ondernemingenstraat 9

8630 Veurne, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.