ESP
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 12 filings
Turnover
€0
EBIT margin
Not included in this filing
Net result
-€16,069▲ 19.0%
2024 · -€19,839
Working capital
-€6,383
2024 · €2,904
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€13,582
▲ 18.9%
2025
20182025
Net result
-€16,069
▲ 19.0%
2025
lowest quarter of the sector
20182025
Equity
-€1,958
2025
lowest quarter of the sector
20182025
Total assets
€9,320
▼ 79.9%
2025
lowest quarter of the sector
20182025
Debt
€11,278
▼ 65.2%
2025
20182025
Working capital
-€6,383
2025
lowest quarter of the sector
20182025
Solvency
-21.0%
▼ 51.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.43
▼ 0.66
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-172.4%
▼ 129.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.9
▼ 69.0%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-
Operating result-€1,838--€2,276▼ 23.8%€6,460€10,181▲ 57.6%€41,621▲ 309%€18,352▼ 55.9%-€16,747-€13,582▲ 18.9%
Net result-€1,838--€2,464▼ 34.0%€5,071within the sector's middle half€7,191within the sector's middle half▲ 41.8%€23,917within the sector's middle half▲ 233%€6,504within the sector's middle half▼ 72.8%-€19,839below the sector's middle half-€16,069below the sector's middle half▲ 19.0%
Equity-€6,269--€8,733▼ 39.3%-€3,662below the sector's middle half▲ 58.1%€3,529below the sector's middle half€27,446within the sector's middle half▲ 678%€33,950within the sector's middle half▲ 23.7%€14,111within the sector's middle half▼ 58.4%-€1,958below the sector's middle half
Total assets€4,031-€11,341▲ 181%€18,375below the sector's middle half▲ 62.0%€66,486below the sector's middle half▲ 262%€103,954within the sector's middle half▲ 56.4%€86,061within the sector's middle half▼ 17.2%€46,478below the sector's middle half▼ 46.0%€9,320below the sector's middle half▼ 79.9%
Debt€10,300-€20,074▲ 94.9%€22,037▲ 9.8%€62,957▲ 186%€76,508▲ 21.5%€52,112▼ 31.9%€32,368▼ 37.9%€11,278▼ 65.2%
Working capital-€8,301--€9,047▼ 9.0%-€3,662within the sector's middle half▲ 59.5%-€20,357below the sector's middle half▼ 456%€7,432within the sector's middle half€15,961within the sector's middle half▲ 115%€2,904within the sector's middle half▼ 81.8%-€6,383below the sector's middle half
Solvency-77.0%-19.9%below the sector's middle half▲ 57.1pp5.3%below the sector's middle half▲ 25.2pp26.4%within the sector's middle half▲ 21.1pp39.4%within the sector's middle half▲ 13.0pp30.4%within the sector's middle half▼ 9.1pp-21.0%below the sector's middle half▼ 51.4pp
Current ratio0.550.83below the sector's middle half▲ 0.280.68below the sector's middle half▼ 0.161.10within the sector's middle half▲ 0.421.31within the sector's middle half▲ 0.211.09within the sector's middle half▼ 0.220.43below the sector's middle half▼ 0.66
Return on assets (ROA)-21.7%27.6%above the sector's middle half▲ 49.3pp10.8%within the sector's middle half▼ 16.8pp23.0%above the sector's middle half▲ 12.2pp7.6%within the sector's middle half▼ 15.5pp-42.7%below the sector's middle half▼ 50.2pp-172.4%below the sector's middle half▼ 129.7pp
Staff (FTE)0.71.7▲ 143%2.9▲ 70.6%0.9below the sector's middle half▼ 69.0%
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 a loss of €13,582, smaller than the loss of €16,747 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9,320
Fixed assets
€4,425 ▼ 60.5%
Current assets
€4,895 ▼ 86.1%
Equity and liabilities
Equity-€1,958
Debt€11,278
Equity is negative. Debt (€11,278) exceeds the balance-sheet total (€9,320).
Key figures and ratios
EBITDA
-€6,800▲
2024 · -€9,965
Cash flow
-€9,287▲
2024 · -€13,057
Interest coverage
-2.77▲
2024 · -2.87
Debt ≤ 1 year
€11,278▼
2024 · €32,368
Income taxes
€381▼
2024 · €496
Staff costs
€13,704▼
2024 · €39,900
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | 2 | 2 | - |
| part-time | - | 2 | 2 | - |
| in full-time equivalents | - | 1 | 1 | - |
| Average over the year, in full-time equivalents | 0.2 | 0.7 | 1.3 | 0.4 |
| On a permanent contract | - | 2 | 1 | - |
| Joined | 15 | - | - | - |
| Left | 15 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,389 | €1,360 | €4,298 | - | - |
| Financial fixed assets | €941 | - | - | - | - |
| Depreciation and write-downs of the year | €2,444 | €5,232 | €6,323 | €6,782 | €6,782 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €157 | €5,192 | €16,169 | €39,900 | €13,704 | ▼ 65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,491 | €1,718 | €314 | €2,444 | €5,232 | €6,323 | €6,782 | €6,782 | = |
| Other operating charges640/8 | - | - | - | €1,557 | €6,358 | €3,678 | €4,489 | €2,974 | ▼ 33.7% |
| Gross operating margin9900 | €0 | -€210 | €7,539 | €14,339 | €58,403 | €44,523 | €34,424 | €9,878 | ▼ 71.3% |
| Operating profit (loss)9901 | -€1,838 | -€2,276 | €6,460 | €10,181 | €41,621 | €18,352 | -€16,747 | -€13,582 | ▲ 18.9% |
| Financial income75/76B | - | - | - | €83 | €242 | €350 | €883 | €350 | ▼ 60.4% |
| Recurring financial income75 | - | - | €0 | €83 | €242 | €350 | €883 | €350 | ▼ 60.4% |
| Financial charges65/66B | - | - | - | €329 | €1,952 | €6,502 | €3,478 | €2,455 | ▼ 29.4% |
| Recurring financial charges65 | - | €188 | €335 | €329 | €1,952 | €6,502 | €3,478 | €2,455 | ▼ 29.4% |
| Profit (loss) for the period before taxes9903 | -€1,838 | -€2,464 | €6,125 | €9,936 | €39,911 | €12,200 | -€19,343 | -€15,687 | ▲ 18.9% |
| Income taxes67/77 | - | - | €1,055 | €2,744 | €15,994 | €5,697 | €496 | €381 | ▼ 23.1% |
| Profit (loss) for the period9904 | -€1,838 | -€2,464 | €5,071 | €7,191 | €23,917 | €6,504 | -€19,839 | -€16,069 | ▲ 19.0% |
| Profit (loss) for the period to be appropriated9905 | -€1,838 | -€2,464 | €5,071 | €7,191 | €23,917 | €6,504 | -€19,839 | -€16,069 | ▲ 19.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,031 | €11,341 | €18,375 | €66,486 | €103,954 | €86,061 | €46,478 | €9,320 | ▼ 79.9% |
| Fixed assets21/28 | €2,033 | €314 | - | €23,886 | €20,014 | €17,989 | €11,207 | €4,425 | ▼ 60.5% |
| Tangible fixed assets22/27 | €2,033 | €314 | - | €22,945 | €19,073 | €17,048 | €10,266 | €3,484 | ▼ 66.1% |
| Plant, machinery and equipment23 | - | - | - | €9,916 | €8,975 | €6,556 | €4,137 | €1,719 | ▼ 58.5% |
| Furniture and vehicles24 | - | - | - | €13,029 | €10,098 | €10,492 | €6,128 | €1,765 | ▼ 71.2% |
| Financial fixed assets28 | - | - | - | €941 | €941 | €941 | €941 | €941 | = |
| Current assets29/58 | €1,999 | €11,027 | €18,375 | €42,600 | €83,939 | €68,072 | €35,272 | €4,895 | ▼ 86.1% |
| Stocks and contracts in progress3 | €907 | €907 | €907 | €7,085 | €6,967 | €6,317 | €6,317 | - | - |
| Stocks30/36 | - | - | - | €7,085 | €6,967 | €6,317 | €6,317 | - | - |
| Amounts receivable within one year40/41 | - | - | €2,953 | €2,620 | €2,199 | €11,145 | €11,361 | €920 | ▼ 91.9% |
| Trade receivables40 | - | - | - | €2,620 | €2,199 | €5,979 | €4,047 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €5,166 | €7,315 | €920 | ▼ 87.4% |
| Cash at bank and in hand54/58 | €1,091 | €10,120 | €14,515 | €32,895 | €74,773 | €50,610 | €17,593 | €3,975 | ▼ 77.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,031 | €11,341 | €18,375 | €66,486 | €103,954 | €86,061 | €46,478 | €9,320 | ▼ 79.9% |
| Equity10/15 | -€6,269 | -€8,733 | -€3,662 | €3,529 | €27,446 | €33,950 | €14,111 | -€1,958 | - |
| Contributions10/11 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Capital10 | - | - | - | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Issued capital100 | - | - | - | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Reserves13 | - | - | - | - | €23,000 | €23,000 | €23,000 | €23,000 | = |
| Distributable reserves133 | - | - | - | - | €23,000 | €23,000 | €23,000 | €23,000 | = |
| Profit (loss) carried forward14 | -€51,269 | -€53,733 | -€48,662 | -€41,471 | -€40,554 | -€34,050 | -€53,889 | -€69,958 | ▼ 29.8% |
| Amounts payable17/49 | €10,300 | €20,074 | €22,037 | €62,957 | €76,508 | €52,112 | €32,368 | €11,278 | ▼ 65.2% |
| Amounts payable within one year42/48 | €10,300 | €20,074 | €22,037 | €62,957 | €76,508 | €52,112 | €32,368 | €11,278 | ▼ 65.2% |
| Trade debts44 | €10,300 | €10,300 | €908 | €196 | €181 | €1,152 | €3,021 | €1,563 | ▼ 48.3% |
| Suppliers440/4 | - | - | - | €196 | €181 | €1,152 | €3,021 | €1,563 | ▼ 48.3% |
| Taxes, remuneration and social security45 | - | - | - | €6,077 | €21,722 | €28,696 | €9,258 | €381 | ▼ 95.9% |
| Taxes450/3 | - | - | - | €6,077 | €21,722 | €23,657 | €7,170 | €381 | ▼ 94.7% |
| Remuneration and social security454/9 | - | - | - | - | - | €5,039 | €2,088 | - | - |
| Other amounts payable47/48 | - | - | - | €56,684 | €54,604 | €22,264 | €20,088 | €9,333 | ▼ 53.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,838 | -€2,464 | €5,071 | €7,191 | €23,917 | €6,504 | -€19,839 | -€16,069 | ▲ 19.0% |
| + Depreciation and write-downs630 | €1,491 | €1,718 | €314 | €2,444 | €5,232 | €6,323 | €6,782 | €6,782 | = |
| Operating cash flow (approximation) | -€348 | -€746 | €5,385 | €9,635 | €29,149 | €12,827 | -€13,057 | -€9,287 | ▲ 28.9% |
| Investment in fixed assets (approximation) | - | €0 | - | - | -€1,360 | -€4,298 | €0 | €0 | - |
| Change in cash | - | €9,029 | €4,395 | €18,380 | €41,878 | -€24,163 | -€33,017 | -€13,618 | ▲ 58.8% |
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, 6,907 companies had the same profile as ESP has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ESP itself is lower: 0.5% within 12 months. It rests on far more data about ESP than the profile alone.
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 6,907 companies, not a prediction for ESP. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00331679 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00309230 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00284768 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00285942 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20210702 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64500555 | |
| 31-12-2019 | full format | 30-10-2020 | 2020-67000088 | |
| 31-12-2018 | full format | 31-07-2019 | 2019-42200589 | |
| 31-12-2017 | full format | 29-09-2018 | 2018-67100345 | |
| 31-12-2016 | full format | 19-08-2017 | 2017-46000585 |