ESFE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00535184.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 31 filings
Turnover
≈ €490,000
Estimated: probably between €210,000 and €1.3m
Total assets
€1.0m▲ 1.0%
2024 · €1.0m
Net result
€12,685▲ 28.3%
2024 · €9,887
Working capital
-€132,153▲ 12.3%
2024 · -€150,606
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,015
▲ 4.8%
2025
20182025
Net result
€12,685
▲ 28.3%
2025
middle half of the sector
20182025
Equity
€517,753
▲ 2.5%
2025
middle half of the sector
20182025
Total assets
€1.0m
▲ 1.0%
2025
middle half of the sector
20182025
Debt
€499,207
▼ 0.5%
2025
20182025
Working capital
-€132,153
▲ 12.3%
2025
lowest quarter of the sector
20182025
Solvency
50.9%
▲ 0.7pp
2025
middle half of the sector
20182025
Current ratio
0.74
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.2%
▲ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.008m-€0.002m▼ 69.9%€0.01m▲ 339%€0.02m▲ 63.0%€0.02m▼ 0.1%€0.002m▼ 86.2%€0.01m▲ 300%€0.01m▲ 4.8%
Net result€0.01m-€0.003m▼ 71.2%€0.01mwithin the sector's middle half▲ 258%€0.02mwithin the sector's middle half▲ 68.1%€0.02mwithin the sector's middle half▼ 1.1%€0.002mwithin the sector's middle half▼ 85.8%€0.01mwithin the sector's middle half▲ 314%€0.01mwithin the sector's middle half▲ 28.3%
Equity€0.4m-€0.4m▲ 0.6%€0.5mabove the sector's middle half▲ 2.2%€0.5mabove the sector's middle half▲ 3.7%€0.5mabove the sector's middle half▲ 3.5%€0.5mabove the sector's middle half▲ 0.5%€0.5mabove the sector's middle half▲ 2.0%€0.5mwithin the sector's middle half▲ 2.5%
Total assets€1.0m-€1.0m▲ 3.7%€1.0mabove the sector's middle half▼ 0.9%€1.0mabove the sector's middle half▼ 1.9%€1.0mabove the sector's middle half▲ 3.7%€1.0mabove the sector's middle half▼ 0.2%€1.0mabove the sector's middle half▲ 0.3%€1.0mwithin the sector's middle half▲ 1.0%
Debt€0.5m-€0.5m▲ 6.4%€0.5m▼ 3.4%€0.5m▼ 6.8%€0.5m▲ 3.9%€0.5m▼ 0.9%€0.5m▼ 1.4%€0.5m▼ 0.5%
Working capital-€0.2m--€0.2m▼ 14.5%-€0.2mbelow the sector's middle half▲ 4.7%-€0.2mbelow the sector's middle half▲ 10.9%-€0.2mbelow the sector's middle half▼ 0.1%-€0.2mbelow the sector's middle half▲ 2.6%-€0.2mbelow the sector's middle half▲ 7.1%-€0.1mbelow the sector's middle half▲ 12.3%
Solvency46.4%-45.0%▼ 1.4pp46.4%within the sector's middle half▲ 1.4pp49.1%within the sector's middle half▲ 2.7pp49.0%within the sector's middle half▼ 0.1pp49.3%within the sector's middle half▲ 0.3pp50.2%within the sector's middle half▲ 0.8pp50.9%within the sector's middle half▲ 0.7pp
Current ratio0.67-0.62▼ 0.050.63below the sector's middle half▲ 0.010.66below the sector's middle half▲ 0.030.67below the sector's middle half▲ 0.010.68below the sector's middle half▲ 0.010.70below the sector's middle half▲ 0.020.74below the sector's middle half▲ 0.04
Return on assets (ROA)1.0%-0.3%▼ 0.7pp1.0%within the sector's middle half▲ 0.7pp1.7%within the sector's middle half▲ 0.7pp1.7%within the sector's middle half▼ 0.1pp0.2%within the sector's middle half▼ 1.4pp1.0%within the sector's middle half▲ 0.7pp1.2%within the sector's middle half▲ 0.3pp
Staff (FTE)0.91▲ 11.1%1=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 5% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €1.0m
Fixed assets
€649,907 ▼ 1.0%
Current assets
€367,053 ▲ 4.8%
Equity and liabilities €1.0m
Equity
€517,753 ▲ 2.5%
Debt
€499,207 ▼ 0.5%
Debt's share of the balance-sheet total falls from 49.8% to 49.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,419▲
2024 · €15,855
Cash flow
€19,090▲
2024 · €16,189
Debt to equity
0.96▼
2024 · 0.99
ROE
2.5%▲
2024 · 2.0%
Interest coverage
46.61
Debt ≤ 1 year
€499,207▼
2024 · €500,958
Income taxes
€233▲
2024 · -€334
Staff costs
€79,464▲
2024 · €76,509
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.9 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €30,463 | €528 | €826 | - |
| Depreciation and write-downs of the year | - | €5,408 | €6,196 | €6,301 | €6,405 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,382 | €452 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €57,260 | €75,430 | €76,509 | €79,464 | ▲ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €8,438 | €8,438 | - | €5,408 | €6,196 | €6,301 | €6,405 | ▲ 1.6% |
| Other operating charges640/8 | - | - | - | €988 | €990 | €1,092 | €1,108 | €1,143 | ▲ 3.1% |
| Gross operating margin9900 | €9,061 | €11,865 | €20,084 | €18,365 | €81,009 | €85,105 | €93,472 | €97,026 | ▲ 3.8% |
| Operating profit (loss)9901 | €8,062 | €2,426 | €10,659 | €17,377 | €17,351 | €2,388 | €9,553 | €10,015 | ▲ 4.8% |
| Financial income75/76B | - | - | - | €83 | €0 | €384 | - | €3,255 | - |
| Recurring financial income75 | €1,442 | €865 | - | €83 | €0 | €384 | - | €3,255 | - |
| Non-recurring financial income76B | - | - | - | €83 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €547 | €581 | €384 | - | €352 | - |
| Recurring financial charges65 | €212 | €472 | €574 | €547 | €581 | €384 | - | €352 | - |
| Profit (loss) for the period before taxes9903 | €9,793 | €2,819 | €10,085 | €16,913 | €16,771 | €2,387 | €9,553 | €12,918 | ▲ 35.2% |
| Income taxes67/77 | - | - | - | -€43 | - | - | -€334 | €233 | - |
| Profit (loss) for the period9904 | €9,793 | €2,819 | €10,085 | €16,956 | €16,771 | €2,387 | €9,887 | €12,685 | ▲ 28.3% |
| Profit (loss) for the period to be appropriated9905 | €9,793 | €2,819 | €10,085 | €16,956 | €16,771 | €2,387 | €9,887 | €12,685 | ▲ 28.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.0% |
| Fixed assets21/28 | €0.6m | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 1.0% |
| Tangible fixed assets22/27 | - | €0.03m | €0.03m | - | €0.03m | €0.02m | €0.01m | €0.008m | ▼ 46.0% |
| Furniture and vehicles24 | - | - | - | - | €0.03m | €0.02m | €0.01m | €0.008m | ▼ 46.0% |
| Financial fixed assets28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 4.8% |
| Amounts receivable after more than one year29 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Other amounts receivable291 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 12.9% |
| Trade receivables40 | - | - | - | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 14.0% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.006m | ▲ 10.5% |
| Current investments50/53 | €0.2m | €0.1m | €0.1m | €0.09m | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 68.8% |
| Cash at bank and in hand54/58 | €0.04m | €0.04m | €0.05m | €0.06m | €0.1m | €0.06m | €0.06m | €0.02m | ▼ 62.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.0% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 2.5% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | - | - | - | - | - |
| Issued capital100 | - | - | - | €1.1m | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €1.1m | €1.1m | €1.1m | - | - |
| Other1109/19 | - | - | - | - | €1.1m | €1.1m | €1.1m | - | - |
| Profit (loss) carried forward14 | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.5m | ▲ 2.3% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 0.5% |
| Amounts payable after more than one year17 | - | €0.03m | €0.02m | - | €0.008m | €0.004m | €0.001m | - | - |
| Financial debts170/4 | - | - | - | - | €0.008m | €0.004m | €0.001m | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 0.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.004m | €0.004m | €0.004m | €0.001m | ▼ 83.2% |
| Trade debts44 | €0.001m | - | €460 | €0.003m | €0.006m | €0.005m | €0.002m | €0.002m | ▲ 14.6% |
| Suppliers440/4 | - | - | - | €0.003m | €0.006m | €0.005m | €0.002m | €0.002m | ▲ 14.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.004m | €0.005m | €0.005m | €0.006m | ▲ 27.2% |
| Taxes450/3 | - | - | - | €0.001m | €0.004m | €0.005m | €0.005m | €0.006m | ▲ 27.2% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,793 | €2,819 | €10,085 | €16,956 | €16,771 | €2,387 | €9,887 | €12,685 | ▲ 28.3% |
| + Depreciation and write-downs630 | - | €8,438 | €8,438 | - | €5,408 | €6,196 | €6,301 | €6,405 | ▲ 1.6% |
| Operating cash flow (approximation) | €9,793 | €11,257 | €18,523 | €16,956 | €22,179 | €8,583 | €16,189 | €19,090 | ▲ 17.9% |
| Investment in fixed assets (approximation) | - | -€67,191 | €0 | €25,315 | -€30,463 | -€528 | -€826 | €0 | - |
| Change in cash | - | -€7,285 | €18,303 | €9,442 | €59,188 | -€59,758 | -€4,424 | -€36,935 | ▼ 735% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00535184 | |
| 31-12-2024 | micro format | 23-05-2025 | 2025-00103951 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00481209 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00348608 | |
| 31-12-2021 | micro format | 25-10-2022 | 2022-20471528 | |
| 31-12-2020 | micro format | 23-11-2021 | 2021-78000308 | |
| 31-12-2019 | micro format | 13-11-2020 | 2020-70300076 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-22000340 | |
| 31-12-2017 | micro format | 01-10-2018 | 2018-67000485 | |
| 31-12-2016 | micro format | 02-10-2017 | 2017-65600483 |