ESOPUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-01-2026 PDF all 32 filings
Turnover
≈ €89,000
Estimated: probably between €40,000 and €300,000
Total assets
€204,022▲ 14.7%
2024 · €177,848
Net result
€8,221▲ 397%
2024 · €1,654
Working capital
€165,872▲ 6.3%
2024 · €155,986
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€8,563
▲ 711%
2025
20192025
Net result
€8,221
▲ 397%
2025
middle half of the sector
20192025
Equity
€169,055
▲ 2.2%
2025
middle half of the sector
20192025
Total assets
€204,022
▲ 14.7%
2025
lowest quarter of the sector
20192025
Debt
€34,967
▲ 180%
2025
20192025
Working capital
€165,872
▲ 6.3%
2025
middle half of the sector
20192025
Solvency
82.9%
▼ 10.1pp
2025
highest quarter of the sector
20192025
Current ratio
5.74
▼ 7.77
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.0%
▲ 3.1pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,717-€6,876▼ 10.9%€8,206▲ 19.4%€5,941▼ 27.6%€10,685▲ 79.9%€1,056▼ 90.1%€8,563▲ 711%
Net result€4,176-€4,519within the sector's middle half▲ 8.2%€6,373below the sector's middle half▲ 41.0%€3,821below the sector's middle half▼ 40.0%€10,703within the sector's middle half▲ 180%€1,654within the sector's middle half▼ 84.5%€8,221within the sector's middle half▲ 397%
Equity€138,311-€142,831within the sector's middle half▲ 3.3%€149,204within the sector's middle half▲ 4.5%€153,025within the sector's middle half▲ 2.6%€163,728within the sector's middle half▲ 7.0%€165,382within the sector's middle half▲ 1.0%€169,055within the sector's middle half▲ 2.2%
Total assets€198,508-€155,633below the sector's middle half▼ 21.6%€235,799below the sector's middle half▲ 51.5%€166,442below the sector's middle half▼ 29.4%€178,604below the sector's middle half▲ 7.3%€177,848below the sector's middle half▼ 0.4%€204,022below the sector's middle half▲ 14.7%
Debt€60,197-€12,802▼ 78.7%€86,595▲ 576%€13,416▼ 84.5%€14,876▲ 10.9%€12,466▼ 16.2%€34,967▲ 180%
Working capital€138,311-€142,831within the sector's middle half▲ 3.3%€121,313within the sector's middle half▼ 15.1%€131,203within the sector's middle half▲ 8.2%€148,119within the sector's middle half▲ 12.9%€155,986within the sector's middle half▲ 5.3%€165,872within the sector's middle half▲ 6.3%
Solvency69.7%-91.8%above the sector's middle half▲ 22.1pp63.3%within the sector's middle half▼ 28.5pp91.9%above the sector's middle half▲ 28.7pp91.7%above the sector's middle half▼ 0.3pp93.0%above the sector's middle half▲ 1.3pp82.9%above the sector's middle half▼ 10.1pp
Current ratio3.30-12.16above the sector's middle half▲ 8.862.40within the sector's middle half▼ 9.7510.78above the sector's middle half▲ 8.3810.96above the sector's middle half▲ 0.1813.51above the sector's middle half▲ 2.565.74above the sector's middle half▼ 7.77
Return on assets (ROA)2.1%-2.9%within the sector's middle half▲ 0.8pp2.7%within the sector's middle half▼ 0.2pp2.3%within the sector's middle half▼ 0.4pp6.0%within the sector's middle half▲ 3.7pp0.9%within the sector's middle half▼ 5.1pp4.0%within the sector's middle half▲ 3.1pp
Staff (FTE)2.4-1.3below the sector's middle half▼ 45.8%
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 8.1 times that of 2024. It is a recovery after the fall in 2024.
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 €204,022
Fixed assets
€3,183 ▼ 66.1%
Current assets
€200,839 ▲ 19.2%
Equity and liabilities €204,022
Equity
€169,055 ▲ 2.2%
Debt
€34,967 ▲ 180%
Debt's share of the balance-sheet total rises from 7.0% to 17.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,777▲
2024 · €7,269
Cash flow
€14,434▲
2024 · €7,867
Debt to equity
0.21▲
2024 · 0.08
ROE
4.9%▲
2024 · 1.0%
Interest coverage
33.17▲
2024 · 11.78
Debt ≤ 1 year
€34,967▲
2024 · €12,466
Income taxes
€3,447▲
2024 · €2,189
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €265 | -€514 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €3,030 | €6,213 | €6,213 | €6,213 | €6,213 | = |
| Other operating charges640/8 | - | - | - | €410 | €410 | €446 | €449 | ▲ 0.6% |
| Gross operating margin9900 | €141,854 | €102,339 | €11,604 | €12,828 | €16,794 | €7,715 | €15,226 | ▲ 97.3% |
| Operating profit (loss)9901 | €7,717 | €6,876 | €8,206 | €5,941 | €10,685 | €1,056 | €8,563 | ▲ 711% |
| Financial income75/76B | - | - | - | €0 | €1,656 | €3,404 | €3,550 | ▲ 4.3% |
| Recurring financial income75 | - | €0 | €0 | €0 | €1,656 | €3,404 | €3,550 | ▲ 4.3% |
| Financial charges65/66B | - | - | - | €471 | €483 | €617 | €445 | ▼ 27.8% |
| Recurring financial charges65 | €227 | €363 | €728 | €471 | €483 | €617 | €445 | ▼ 27.8% |
| Profit (loss) for the period before taxes9903 | €7,490 | €6,513 | €7,478 | €5,470 | €11,858 | €3,842 | €11,668 | ▲ 204% |
| Income taxes67/77 | €3,314 | €1,994 | €1,105 | €1,649 | €1,156 | €2,189 | €3,447 | ▲ 57.5% |
| Profit (loss) for the period9904 | €4,176 | €4,519 | €6,373 | €3,821 | €10,703 | €1,654 | €8,221 | ▲ 397% |
| Profit (loss) for the period to be appropriated9905 | €4,176 | €4,519 | €6,373 | €3,821 | €10,703 | €1,654 | €8,221 | ▲ 397% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €198,508 | €155,633 | €235,799 | €166,442 | €178,604 | €177,848 | €204,022 | ▲ 14.7% |
| Fixed assets21/28 | - | - | €28,035 | €21,822 | €15,609 | €9,396 | €3,183 | ▼ 66.1% |
| Intangible fixed assets21 | - | - | €28,035 | €21,822 | €15,609 | €9,396 | €3,183 | ▼ 66.1% |
| Current assets29/58 | €198,508 | €155,633 | €207,764 | €144,619 | €162,995 | €168,452 | €200,839 | ▲ 19.2% |
| Amounts receivable within one year40/41 | €104,637 | €145,038 | €185,909 | €116,297 | €115,203 | €128,881 | €198,621 | ▲ 54.1% |
| Trade receivables40 | - | - | - | €60,777 | €5,652 | €6,777 | €12,081 | ▲ 78.3% |
| Other amounts receivable41 | - | - | - | €55,521 | €109,551 | €122,105 | €186,540 | ▲ 52.8% |
| Cash at bank and in hand54/58 | €92,476 | €10,397 | €21,042 | €26,947 | €45,561 | €37,852 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,375 | €2,231 | €1,719 | €2,218 | ▲ 29.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €198,508 | €155,633 | €235,799 | €166,442 | €178,604 | €177,848 | €204,022 | ▲ 14.7% |
| Equity10/15 | €138,311 | €142,831 | €149,204 | €153,025 | €163,728 | €165,382 | €169,055 | ▲ 2.2% |
| Contributions10/11 | €18,750 | €18,750 | - | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Contributions outside capital11 | - | - | - | €18,750 | €18,750 | - | - | - |
| Share premium1100/10 | - | - | - | - | €18,750 | - | - | - |
| Other1109/19 | - | - | - | €18,750 | - | - | - | - |
| Reserves13 | €119,561 | €124,081 | €130,454 | €134,275 | €144,978 | €146,632 | €150,305 | ▲ 2.5% |
| Distributable reserves133 | - | - | - | €134,275 | €144,978 | €146,632 | €150,305 | ▲ 2.5% |
| Amounts payable17/49 | €60,197 | €12,802 | €86,595 | €13,416 | €14,876 | €12,466 | €34,967 | ▲ 180% |
| Amounts payable within one year42/48 | €60,197 | €12,802 | €86,451 | €13,416 | €14,876 | €12,466 | €34,967 | ▲ 180% |
| Trade debts44 | €22,759 | €10,884 | €12,137 | €13,267 | €13,946 | €12,466 | €31,787 | ▲ 155% |
| Suppliers440/4 | - | - | - | €13,267 | €13,946 | €12,466 | €31,787 | ▲ 155% |
| Taxes, remuneration and social security45 | - | - | - | €149 | €930 | - | €3,180 | - |
| Taxes450/3 | - | - | - | €149 | €930 | - | €3,180 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,176 | €4,519 | €6,373 | €3,821 | €10,703 | €1,654 | €8,221 | ▲ 397% |
| + Depreciation and write-downs630 | - | - | €3,030 | €6,213 | €6,213 | €6,213 | €6,213 | = |
| Operating cash flow (approximation) | €4,176 | €4,519 | €9,403 | €10,035 | €16,916 | €7,867 | €14,434 | ▲ 83.5% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€82,079 | €10,644 | €5,905 | €18,614 | -€7,709 | - | - |
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, 17,041 companies had the same profile as ESOPUS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ESOPUS 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 17,041 companies, not a prediction for ESOPUS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 20-01-2026 | 2026-00012083 | |
| 30-06-2024 | abbreviated format | 18-02-2025 | 2025-00037284 | |
| 30-06-2023 | abbreviated format | 11-12-2023 | 2023-00526619 | |
| 30-06-2022 | abbreviated format | 29-11-2022 | 2022-20529440 | |
| 30-06-2021 | abbreviated format | 01-12-2021 | 2021-79200329 | |
| 30-06-2020 | abbreviated format | 20-11-2020 | 2020-71600182 | |
| 30-06-2019 | abbreviated format | 11-12-2019 | 2019-76000041 | |
| 30-06-2018 | abbreviated format | 21-05-2019 | 2019-13900084 | |
| 30-06-2017 | abbreviated format | 19-12-2017 | 2017-72300279 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400545 |