ESKO SOFTWARE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-05-2026 PDF all 19 filings
Turnover
€50.6m▲ 5.4%
2024 · €48.0m
EBIT margin
20.1%▼ 2.0pp
2024 · 22.1%
Net result
€8.7m▲ 21.1%
2024 · €7.2m
Working capital
-€2.8m▲ 57.8%
2024 · -€6.7m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€50.6m
▲ 5.4%
2025
20182025
Operating result
€10.2m
▼ 4.2%
2025
20182025
Net result
€8.7m
▲ 21.1%
2025
highest quarter of the sector
20182025
EBIT margin
20.1%
▼ 2.0pp
2025
20182025
Equity
€30.9m
▲ 39.0%
2025
highest quarter of the sector
20182025
Total assets
€43.4m
▲ 5.2%
2025
highest quarter of the sector
20182025
Debt
€12.5m
▼ 34.3%
2025
20182025
Working capital
-€2.8m
▲ 57.8%
2025
lowest quarter of the sector
20182025
Solvency
71.1%
▲ 17.3pp
2025
highest quarter of the sector
20182025
Current ratio
0.77
▲ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
20.0%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
99.9
▲ 1.7%
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
Turnover€42.1m-€47.0m▲ 11.5%€44.9m▼ 4.4%€52.4m▲ 16.8%€54.6m▲ 4.1%€50.5m▼ 7.5%€48.0m▼ 4.9%€50.6m▲ 5.4%
Operating result€21.4m-€23.9m▲ 12.0%€19.7m▼ 17.4%€21.2m▲ 7.5%€20.6m▼ 2.7%€10.8m▼ 47.5%€10.6m▼ 2.1%€10.2m▼ 4.2%
Net result€19.1m-€20.1m▲ 4.9%€18.4mabove the sector's middle half▼ 8.3%€19.1mabove the sector's middle half▲ 4.0%€13.1mabove the sector's middle half▼ 31.6%€11.0mabove the sector's middle half▼ 16.1%€7.2mabove the sector's middle half▼ 34.9%€8.7mabove the sector's middle half▲ 21.1%
EBIT margin50.7%-50.9%▲ 0.2pp44.0%▼ 7.0pp40.5%▼ 3.5pp37.8%▼ 2.7pp21.5%▼ 16.3pp22.1%▲ 0.6pp20.1%▼ 2.0pp
Equity€109.3m-€54.4m▼ 50.2%€72.8mabove the sector's middle half▲ 33.9%€35.9mabove the sector's middle half▼ 50.6%€34.1mabove the sector's middle half▼ 5.3%€15.1mabove the sector's middle half▼ 55.8%€22.2mabove the sector's middle half▲ 47.6%€30.9mabove the sector's middle half▲ 39.0%
Total assets€115.8m-€62.4m▼ 46.1%€81.8mabove the sector's middle half▲ 31.0%€92.5mabove the sector's middle half▲ 13.1%€47.7mabove the sector's middle half▼ 48.5%€47.8mabove the sector's middle half▲ 0.3%€41.3mabove the sector's middle half▼ 13.6%€43.4mabove the sector's middle half▲ 5.2%
Debt€6.5m-€8.0m▲ 22.5%€9.0m▲ 11.9%€55.7m▲ 522%€13.6m▼ 75.6%€32.8m▲ 141%€19.1m▼ 41.7%€12.5m▼ 34.3%
Working capital€89.6m-€33.6m▼ 62.5%€51.7mabove the sector's middle half▲ 53.6%€15.9mabove the sector's middle half▼ 69.3%€11.9mabove the sector's middle half▼ 24.8%-€8.4mbelow the sector's middle half-€6.7mbelow the sector's middle half▲ 21.0%-€2.8mbelow the sector's middle half▲ 57.8%
Solvency94.4%-87.2%▼ 7.2pp89.0%above the sector's middle half▲ 1.9pp38.9%within the sector's middle half▼ 50.2pp71.5%above the sector's middle half▲ 32.6pp31.5%within the sector's middle half▼ 40.0pp53.8%within the sector's middle half▲ 22.3pp71.1%above the sector's middle half▲ 17.3pp
Current ratio16.54-5.42▼ 11.116.79above the sector's middle half▲ 1.361.28within the sector's middle half▼ 5.501.88within the sector's middle half▲ 0.590.74below the sector's middle half▼ 1.140.65below the sector's middle half▼ 0.090.77below the sector's middle half▲ 0.12
Return on assets (ROA)16.5%-32.2%▲ 15.7pp22.5%above the sector's middle half▼ 9.7pp20.7%above the sector's middle half▼ 1.8pp27.5%above the sector's middle half▲ 6.8pp23.0%above the sector's middle half▼ 4.5pp17.3%above the sector's middle half▼ 5.7pp20.0%above the sector's middle half▲ 2.6pp
Staff (FTE)97.4-99.7▲ 2.4%102.8above the sector's middle half▲ 3.1%103.1above the sector's middle half▲ 0.3%105.9above the sector's middle half▲ 2.7%102.9above the sector's middle half▼ 2.8%98.2above the sector's middle half▼ 4.6%99.9above the sector's middle half▲ 1.7%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 4% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43.4m
Fixed assets
€33.8m ▲ 16.7%
Current assets
€9.7m ▼ 21.9%
Equity and liabilities €43.4m
Equity
€30.9m ▲ 39.0%
Provisions
€13,205
Debt
€12.5m ▼ 34.3%
Debt's share of the balance-sheet total falls from 46.2% to 28.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23.5m▲
2024 · €23.0m
Cash flow
€22.0m▲
2024 · €19.5m
Debt to equity
0.41▼
2024 · 0.86
ROE
28.1%▼
2024 · 32.3%
Interest coverage
65.80▲
2024 · 23.32
Debt ≤ 1 year
€12.5m▼
2024 · €19.0m
Income taxes
€1.0m▼
2024 · €2.6m
Customer credit
14 days▼
2024 · 59 days
Supplier credit
1899049 days▲
2024 · 115426 days
Staff costs
€14.7m▲
2024 · €14.2m
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 | 110 | 110 | 105 | 106 | 107 |
| full-time | 89 | 87 | 87 | 83 | 82 |
| part-time | 21 | 23 | 18 | 23 | 25 |
| in full-time equivalents | 105.8 | 105.1 | 101.1 | 99.9 | 100.6 |
| Average over the year, in full-time equivalents | 103.1 | 105.9 | 102.9 | 98.2 | 99.9 |
| On a permanent contract | 110 | 110 | 105 | 106 | 107 |
| Joined | 10 | 5 | 7 | 10 | 9 |
| Left | 8 | 5 | 12 | 9 | 8 |
| Training hours | 554 | 333 | 117 | 304 | 675 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | €11.6m | €12.5m | €14.0m | €17.8m | €18.2m |
| Depreciation and write-downs of the year | €11.8m | €11.2m | €12.6m | €12.4m | €13.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €11,750 | €14,061 | €13,500 | €14,000 | €14,300 |
| Other work by the auditor | €6,640 | €6,500 | €6,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €2,298 awarded · €2,298 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €1,510 | €1,510 |
| 2023 | 1 | €788 | €788 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €67.4m | €68.1m | €67.3m | €68.7m | €70.6m | ▲ 2.7% |
| Turnover70 | €42.1m | €47.0m | €44.9m | €52.4m | €54.6m | €50.5m | €48.0m | €50.6m | ▲ 5.4% |
| Own construction capitalised72 | - | - | - | €11.6m | €12.4m | €14.0m | €17.8m | €18.2m | ▲ 2.2% |
| Other operating income74 | - | - | - | €3.4m | €1.1m | €2.8m | €2.9m | €1.8m | ▼ 37.5% |
| Operating charges60/66A | - | - | - | €46.2m | €47.5m | €56.5m | €58.1m | €60.4m | ▲ 4.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.2m | €0.04m | €0.02m | €0.01m | €0.001m | ▼ 91.7% |
| Purchases600/8 | - | - | - | €0.2m | €0.04m | €0.02m | €0.01m | €0.001m | ▼ 91.7% |
| Services and other goods61 | - | - | - | €20.9m | €24.4m | €28.5m | €30.8m | €32.3m | ▲ 5.1% |
| Remuneration, social security and pensions62 | - | - | - | €12.3m | €12.6m | €15.2m | €14.2m | €14.7m | ▲ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10.1m | €10.9m | €11.9m | €11.8m | €11.2m | €12.6m | €12.4m | €13.3m | ▲ 7.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.9m | -€0.9m | €362 | -€362 | €0.01m | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.03m | €0.04m | €0.8m | €245 | ▼ 100.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.003m | - |
| Operating profit (loss)9901 | €21.4m | €23.9m | €19.7m | €21.2m | €20.6m | €10.8m | €10.6m | €10.2m | ▼ 4.2% |
| Financial income75/76B | - | - | - | €0.2m | €0.3m | €0.5m | €0.5m | €0.1m | ▼ 69.7% |
| Recurring financial income75 | €0.8m | €0.09m | €0.2m | €0.2m | €0.3m | €0.5m | €0.5m | €0.1m | ▼ 69.7% |
| Income from current assets751 | - | - | - | €0.2m | €0.3m | €0.5m | €0.5m | €0.06m | ▼ 87.8% |
| Other financial income752/9 | - | - | - | €0.01m | €0.03m | €0.02m | €0.001m | €0.09m | ▲ 123× |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.5m | €1.3m | €0.6m | ▼ 54.8% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.5m | €1.3m | €0.6m | ▼ 54.8% |
| Debt charges650 | €202 | €32 | €0.03m | €0.03m | €62 | €0.3m | €1.0m | €0.4m | ▼ 63.7% |
| Other financial charges652/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 29.3% |
| Profit (loss) for the period before taxes9903 | €22.0m | €23.8m | €19.7m | €21.2m | €20.7m | €10.9m | €9.8m | €9.7m | ▼ 0.6% |
| Income taxes67/77 | €2.8m | €3.7m | €1.3m | €2.0m | €7.6m | -€0.1m | €2.6m | €1.0m | ▼ 60.0% |
| Taxes670/3 | - | - | - | €2.5m | €9.4m | €1.2m | €2.9m | €1.0m | ▼ 63.9% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.5m | €1.8m | €1.3m | €0.3m | - | - |
| Profit (loss) for the period9904 | €19.1m | €20.1m | €18.4m | €19.1m | €13.1m | €11.0m | €7.2m | €8.7m | ▲ 21.1% |
| Profit (loss) for the period to be appropriated9905 | €19.1m | €20.1m | €18.4m | €19.1m | €13.1m | €11.0m | €7.2m | €8.7m | ▲ 21.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €115.8m | €62.4m | €81.8m | €92.5m | €47.7m | €47.8m | €41.3m | €43.4m | ▲ 5.2% |
| Fixed assets21/28 | €20.5m | €21.2m | €21.2m | €21.0m | €22.1m | €23.5m | €28.9m | €33.8m | ▲ 16.7% |
| Intangible fixed assets21 | €20.4m | €21.1m | €21.2m | €21.0m | €22.1m | €23.5m | €28.9m | €33.8m | ▲ 16.7% |
| Tangible fixed assets22/27 | €0.05m | €0.02m | €0.001m | - | - | - | - | - | - |
| Current assets29/58 | €95.4m | €41.2m | €60.6m | €71.5m | €25.5m | €24.3m | €12.4m | €9.7m | ▼ 21.9% |
| Amounts receivable within one year40/41 | €81.8m | €10.1m | €6.2m | €16.4m | €8.7m | €4.8m | €10.1m | €4.4m | ▼ 56.3% |
| Trade receivables40 | - | - | - | €14.7m | €8.3m | €2.0m | €7.7m | €1.9m | ▼ 75.2% |
| Other amounts receivable41 | - | - | - | €1.7m | €0.3m | €2.8m | €2.4m | €2.5m | ▲ 5.0% |
| Cash at bank and in hand54/58 | €12.6m | €31.0m | €53.9m | €54.5m | €16.1m | €19.0m | €0.8m | €3.9m | ▲ 369% |
| Deferred charges and accrued income490/1 | - | - | - | €0.6m | €0.8m | €0.6m | €1.4m | €1.4m | ▼ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €115.8m | €62.4m | €81.8m | €92.5m | €47.7m | €47.8m | €41.3m | €43.4m | ▲ 5.2% |
| Equity10/15 | €109.3m | €54.4m | €72.8m | €35.9m | €34.1m | €15.1m | €22.2m | €30.9m | ▲ 39.0% |
| Contributions10/11 | €55.4m | - | - | - | - | - | - | - | - |
| Reserves13 | €3.0m | €54.4m | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | €50.9m | - | €18.4m | €35.9m | €34.1m | €15.1m | €22.2m | €30.9m | ▲ 39.0% |
| Provisions and deferred taxes16 | - | - | - | €0.9m | - | €362 | - | €0.01m | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.9m | - | €362 | - | €0.01m | - |
| Other liabilities and charges164/5 | - | - | - | €0.9m | - | €362 | - | €0.01m | - |
| Amounts payable17/49 | €6.5m | €8.0m | €9.0m | €55.7m | €13.6m | €32.8m | €19.1m | €12.5m | ▼ 34.3% |
| Amounts payable within one year42/48 | €5.8m | €7.6m | €8.9m | €55.7m | €13.6m | €32.7m | €19.0m | €12.5m | ▼ 34.5% |
| Financial debts43 | - | - | - | €29.7m | - | €24.2m | €10.5m | €1.6m | ▼ 85.0% |
| Credit institutions430/8 | - | - | - | €29.7m | - | €24.2m | €10.5m | €1.6m | ▼ 85.0% |
| Trade debts44 | €3.2m | €4.2m | €4.9m | €22.2m | €7.7m | €4.8m | €4.6m | €6.3m | ▲ 37.0% |
| Suppliers440/4 | - | - | - | €22.2m | €7.7m | €4.8m | €4.6m | €6.3m | ▲ 37.0% |
| Taxes, remuneration and social security45 | - | - | - | €3.8m | €5.9m | €3.7m | €3.9m | €4.6m | ▲ 17.4% |
| Taxes450/3 | - | - | - | €0.9m | €3.2m | €0.3m | €0.3m | €1.0m | ▲ 234% |
| Remuneration and social security454/9 | - | - | - | €2.9m | €2.7m | €3.4m | €3.6m | €3.6m | ▼ 0.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.06m | €0.06m | ▲ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19.1m | €20.1m | €18.4m | €19.1m | €13.1m | €11.0m | €7.2m | €8.7m | ▲ 21.1% |
| + Depreciation and write-downs630 | €10.1m | €10.9m | €11.9m | €11.8m | €11.2m | €12.6m | €12.4m | €13.3m | ▲ 7.9% |
| Operating cash flow (approximation) | €29.3m | €31.0m | €30.3m | €31.0m | €24.3m | €23.6m | €19.5m | €22.0m | ▲ 12.7% |
| Investment in fixed assets (approximation) | - | -€11.6m | -€11.9m | -€11.6m | -€12.4m | -€14.0m | -€17.8m | -€18.2m | ▼ 2.2% |
| Change in cash | - | €18.4m | €22.8m | €0.6m | -€38.4m | €2.9m | -€18.1m | €3.1m | - |
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, 546 companies had the same profile as ESKO SOFTWARE has now. Two years later, 95.2% were still going and 0.4% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.2%
was still going
4.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ESKO SOFTWARE itself: < 0.1% 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 546 companies, not a prediction for ESKO SOFTWARE. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-05-2026 | 2026-00126894 | |
| 31-12-2024 | full format | 05-06-2025 | 2025-00137992 | |
| 31-12-2023 | full format | 06-06-2024 | 2024-00128123 | |
| 31-12-2022 | full format | 11-07-2023 | 2023-00238216 | |
| 31-12-2021 | full format | 30-06-2022 | 2022-20129601 | |
| 31-12-2020 | full format | 03-06-2021 | 2021-18500443 | |
| 31-12-2019 | full format | 07-07-2020 | 2020-27400164 | |
| 31-12-2018 | full format | 06-06-2019 | 2019-16800473 | |
| 31-12-2017 | full format | 31-05-2018 | 2018-16300422 | |
| 31-12-2016 | full format | 01-06-2017 | 2017-14700047 |