ESFERAS
ActiveSummary
ESFERAS has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €57,383 and a net result of €36,695. Equity is growing by ~9% per year across the filed fiscal years. Its solvency ranks better than 15% of 9084 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability76▲+38
Solvency34▲+6
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity short (current ratio 0.88 against 0.88 in 2023; short-term debt: 90.1% of total assets), and 90.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
9.3%
Return on assets
5.9%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 9084 sector peers (2024).
NBB · sector comparisonPosition among 9084 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 05-05-2025, 87 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
87 d early
2023
236 d late
2022
92 d late
2021
153 d early
2020
201 d late
2019
565 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 142 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€57,383▲ 177%
2023 · €20,688
Total assets
€619,011▼ 5.0%
2023 · €651,529
Net result
€36,695▲ 1,871%
2023 · €1,862
Working capital
-€67,588▲ 5.8%
2023 · -€71,761
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€15,774▼ 452%€40,941€27,747▼ 32.2%€16,459▼ 40.7%€41,112▲ 150%
Net result-€23,840below the sector's middle half▼ 45.6%€33,888within the sector's middle half-€6,162below the sector's middle half€1,862within the sector's middle half€36,695within the sector's middle half▲ 1,871%
Equity-€8,900below the sector's middle half€24,988below the sector's middle half€18,827below the sector's middle half▼ 24.7%€20,688below the sector's middle half▲ 9.9%€57,383below the sector's middle half▲ 177%
Total assets€579,996within the sector's middle half▲ 8.6%€605,703within the sector's middle half▲ 4.4%€695,576within the sector's middle half▲ 14.8%€651,529within the sector's middle half▼ 6.3%€619,011within the sector's middle half▼ 5.0%
Debt€588,896▲ 13.4%€580,714▼ 1.4%€676,749▲ 16.5%€630,841▼ 6.8%€561,628▼ 11.0%
Working capital€298,977within the sector's middle half▲ 25.2%€391,440within the sector's middle half▲ 30.9%€357,883within the sector's middle half▼ 8.6%-€71,761below the sector's middle half-€67,588below the sector's middle half▲ 5.8%
Solvency-1.5%below the sector's middle half▼ 4.3pp4.1%below the sector's middle half▲ 5.7pp2.7%below the sector's middle half▼ 1.4pp3.2%below the sector's middle half▲ 0.5pp9.3%below the sector's middle half▲ 6.1pp
Current ratio2.46within the sector's middle half▲ 0.303.68above the sector's middle half▲ 1.232.28within the sector's middle half▼ 1.410.88below the sector's middle half▼ 1.400.88below the sector's middle half=
Return on assets (ROA)-4.1%below the sector's middle half▼ 1.0pp5.6%within the sector's middle half▲ 9.7pp-0.9%below the sector's middle half▼ 6.5pp0.3%within the sector's middle half▲ 1.2pp5.9%within the sector's middle half▲ 5.6pp
Staff (FTE)1.2below the sector's middle half▲ 20.0%1.5below the sector's middle half▲ 25.0%2.6within the sector's middle half▲ 73.3%1.6within the sector's middle half▼ 38.5%1.7within the sector's middle half▲ 6.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 150% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €619,011
Fixed assets
€129,028 ▲ 5.6%
Current assets
€489,984 ▼ 7.4%
Equity and liabilities €619,011
Equity
€57,383 ▲ 177%
Debt
€561,628 ▼ 11.0%
Debt's share of the balance-sheet total falls from 96.8% to 90.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€57,657
Cash flow
€53,239
Quick ratio
0.82▲
2023 · 0.77
Debt to equity
9.79▼
2023 · 30.49
ROE
63.9%▲
2023 · 9.0%
Interest coverage
12.32
Debt ≤ 1 year
€557,572▼
2023 · €601,073
Debt > 1 year
€4,057=
2023 · €4,057
Staff costs
€67,262▼
2023 · €73,679
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 931 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.9%
went bankrupt
4.6%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 931 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €101,228 | €73,679 | €67,262 | ▼ 8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,637 | €21,722 | €15,639 | - | €16,544 | - |
| Other operating charges640/8 | - | - | €5,182 | €4,208 | €3,212 | ▼ 23.7% |
| Gross operating margin9900 | €48,612 | €121,924 | €149,796 | €94,346 | €128,131 | ▲ 35.8% |
| Operating profit (loss)9901 | -€15,774 | €40,941 | €27,747 | €16,459 | €41,112 | ▲ 150% |
| Financial income75/76B | - | - | €1,026 | €921 | €261 | ▼ 71.7% |
| Recurring financial income75 | €845 | €563 | €1,026 | €921 | €261 | ▼ 71.7% |
| Financial charges65/66B | - | - | €15,114 | €6,794 | €4,679 | ▼ 31.1% |
| Recurring financial charges65 | €8,911 | €7,616 | €15,114 | €6,794 | €4,679 | ▼ 31.1% |
| Profit (loss) for the period before taxes9903 | -€23,840 | €33,888 | €13,658 | €10,587 | €36,695 | ▲ 247% |
| Income taxes67/77 | - | - | €19,820 | €8,725 | - | - |
| Profit (loss) for the period9904 | -€23,840 | €33,888 | -€6,162 | €1,862 | €36,695 | ▲ 1,871% |
| Profit (loss) for the period to be appropriated9905 | -€23,840 | €33,888 | -€6,162 | €1,862 | €36,695 | ▲ 1,871% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €579,996 | €605,703 | €695,576 | €651,529 | €619,011 | ▼ 5.0% |
| Fixed assets21/28 | €76,023 | €68,410 | €57,761 | €122,217 | €129,028 | ▲ 5.6% |
| Intangible fixed assets21 | €2,294 | €1,147 | - | - | - | - |
| Tangible fixed assets22/27 | €73,306 | €66,840 | €56,816 | €105,699 | €112,510 | ▲ 6.4% |
| Plant, machinery and equipment23 | - | - | €1,240 | - | - | - |
| Furniture and vehicles24 | - | - | €24,768 | €60,973 | €60,963 | = |
| Other tangible fixed assets26 | - | - | €30,809 | €44,726 | €51,547 | ▲ 15.3% |
| Financial fixed assets28 | €423 | €423 | €945 | €16,518 | €16,518 | = |
| Current assets29/58 | €503,974 | €537,293 | €637,815 | €529,313 | €489,984 | ▼ 7.4% |
| Stocks and contracts in progress3 | €237,258 | €259,870 | €232,940 | €67,039 | €34,039 | ▼ 49.2% |
| Stocks30/36 | - | - | €232,940 | €67,039 | €34,039 | ▼ 49.2% |
| Amounts receivable within one year40/41 | €54,007 | €26,669 | €87,164 | €176,478 | €168,759 | ▼ 4.4% |
| Trade receivables40 | - | - | €67,901 | €160,786 | €154,890 | ▼ 3.7% |
| Other amounts receivable41 | - | - | €19,263 | €15,692 | €13,869 | ▼ 11.6% |
| Cash at bank and in hand54/58 | €8,117 | €41,271 | €11,237 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | €306,474 | €285,795 | €287,186 | ▲ 0.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €579,996 | €605,703 | €695,576 | €651,529 | €619,011 | ▼ 5.0% |
| Equity10/15 | -€8,900 | €24,988 | €18,827 | €20,688 | €57,383 | ▲ 177% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €14,280 | €14,280 | €14,280 | €14,280 | €14,280 | = |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | €8,083 | €8,083 | €8,083 | = |
| Distributable reserves133 | - | - | €4,338 | €4,338 | €4,338 | = |
| Profit (loss) carried forward14 | -€41,772 | -€7,884 | -€14,046 | -€12,184 | €24,511 | ▲ 301% |
| Amounts payable17/49 | €588,896 | €580,714 | €676,749 | €630,841 | €561,628 | ▼ 11.0% |
| Amounts payable after more than one year17 | €382,643 | €433,605 | €395,705 | €4,057 | €4,057 | = |
| Financial debts170/4 | - | - | €45,170 | €4,057 | €4,057 | = |
| Other amounts payable178/9 | - | - | €350,536 | - | - | - |
| Amounts payable within one year42/48 | €204,997 | €145,853 | €279,933 | €601,073 | €557,572 | ▼ 7.2% |
| Current portion of amounts payable after more than one year42 | - | - | €24,279 | €30,390 | €11,761 | ▼ 61.3% |
| Financial debts43 | - | - | €31,767 | €30,130 | €19,290 | ▼ 36.0% |
| Credit institutions430/8 | - | - | €31,767 | €30,130 | €19,290 | ▼ 36.0% |
| Trade debts44 | €114,645 | €69,625 | €167,389 | €138,058 | €79,961 | ▼ 42.1% |
| Suppliers440/4 | - | - | €167,389 | €138,058 | €79,961 | ▼ 42.1% |
| Taxes, remuneration and social security45 | - | - | €56,498 | - | €28,520 | - |
| Taxes450/3 | - | - | €33,731 | - | €15,587 | - |
| Remuneration and social security454/9 | - | - | €22,767 | - | €12,933 | - |
| Other amounts payable47/48 | - | - | - | €402,494 | €418,040 | ▲ 3.9% |
| Accrued charges and deferred income492/3 | - | - | €1,111 | €25,711 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,840 | €33,888 | -€6,162 | €1,862 | €36,695 | ▲ 1,871% |
| + Depreciation and write-downs630 | €19,637 | €21,722 | €15,639 | - | €16,544 | - |
| Operating cash flow (approximation) | -€4,204 | €55,610 | €9,477 | €1,862 | €53,239 | ▲ 2,759% |
| Investment in fixed assets (approximation) | - | -€14,109 | -€4,990 | -€64,456 | -€23,355 | ▲ 63.8% |
| Change in cash | - | €33,155 | -€30,034 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
24-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 236 days late
2024
31-12
Financial
Highest result since 2018net €36,695 ▲1,871%
Operating result €41,112, net result €36,695, both a record.
2023
31-12
Financial
Back to profitnet €1,862
Net result €1,862 after one loss-making year.
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 92 days late
2022
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
17-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 201 days late
16-02
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 565 days late
2021
31-12
Financial
Back to profitnet €33,888
Net result €33,888 after 2 loss-making years.
2020
31-12
Financial
Weakest financial yearnet -€23,840
Net result drops to -€23,840, the lowest in the series; recovery starts the following year.
2019
31-12
Financial
Liquidity doublescurrent ratio 2.16
Current ratio from 1.04 to 2.16; short-term debt falls from €382,821 to €206,329.
15-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 76 days late
Show earlier events
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
2016
15-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 137 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 1988
Ground area
445 m²
Building footprint
384 m²
Volume, LiDAR
8,185 m³
Parcel 11810K1554/00P007, Flanders · tallest building 28.1 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
DEGRAEVE MERIJN
since 19882.035.178.180
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11810K1554/00P007 | Flanders | 445 m² | 1 · 384 m² | 28.1 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 ownersOwners 2
- Kevin BORREY DE CONINCKnatural personSourceown accounts 202450%
- Merijn DEGRAEVEnatural personSourceown accounts 202450%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of ESFERAS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
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Of 235 companies in sector 46419 we hold annual accounts for 130. 94 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-12-1987
Fiscal year end31-12
Activities, NACEBEL 2025
46419Wholesale trade
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0433002753
Registered
29-07-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.