ESPEL
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 23-10-2026 at the NBB all 21 filings
Turnover
€2.7m▼ 4.9%
2025 · €2.9m
EBIT margin
0.5%▲ 0.2pp
2025 · 0.2%
Net result
€328▼ 18.1%
2025 · €400
Working capital
€32,401▲ 29.6%
2025 · €25,003
In the rankings
#5 company by staff growth in Halle
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€2.7m
▼ 4.9%
2026
20192026
Operating result
€12,267
▲ 73.3%
2026
20192026
Net result
€328
▼ 18.1%
2026
20192026
EBIT margin
0.5%
▲ 0.2pp
2026
20192026
Equity
€205,589
▲ 0.2%
2026
20192026
Total assets
€803,879
▼ 5.2%
2026
20192026
Debt
€598,289
▼ 6.9%
2026
20192026
Working capital
€32,401
▲ 29.6%
2026
20192026
Solvency
25.6%
▲ 1.4pp
2026
20192026
Current ratio
1.06
▲ 0.02
2026
20192026
Return on assets (ROA)
0.0%
=
2026
20192026
Staff (FTE)
19.2
▲ 38.1%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€2.8m-€2.9m▲ 3.2%€3.0m▲ 2.5%€2.9m▼ 3.7%€3.1m▲ 7.4%€3.2m▲ 2.5%€2.9m▼ 9.4%€2.7m▼ 4.9%
Operating result€0.02m--€0.03m€0.1m€0.01m▼ 91.7%€0.002m▼ 78.8%€0.02m▲ 612%€0.007m▼ 53.3%€0.01m▲ 73.3%
Net result€0.006m--€0.04m€0.1mabove the sector's middle half€0.005mwithin the sector's middle half▼ 95.6%€49within the sector's middle half▼ 99.0%€0.002mwithin the sector's middle half▲ 33×€400within the sector's middle half▼ 75.0%€328▼ 18.1%
EBIT margin0.7%--1.1%▼ 1.7pp4.1%▲ 5.1pp0.4%▼ 3.7pp0.1%▼ 0.3pp0.5%▲ 0.4pp0.2%▼ 0.2pp0.5%▲ 0.2pp
Equity€0.1m-€0.09m▼ 29.3%€0.2mabove the sector's middle half▲ 112%€0.2mabove the sector's middle half▲ 2.3%€0.2mwithin the sector's middle half=€0.2mwithin the sector's middle half▲ 0.8%€0.2mwithin the sector's middle half▲ 0.2%€0.2m▲ 0.2%
Total assets€0.9m-€0.8m▼ 7.1%€0.8mabove the sector's middle half▼ 4.3%€0.9mabove the sector's middle half▲ 16.2%€0.8mwithin the sector's middle half▼ 17.1%€0.8mwithin the sector's middle half▲ 2.9%€0.8mwithin the sector's middle half▲ 6.3%€0.8m▼ 5.2%
Debt€0.8m-€0.7m▼ 3.3%€0.6m▼ 18.9%€0.7m▲ 20.8%€0.6m▼ 21.9%€0.6m▲ 3.7%€0.6m▲ 8.4%€0.6m▼ 6.9%
Working capital-€0.1m--€0.2m▼ 54.0%€0.03mwithin the sector's middle half-€0.03mwithin the sector's middle half€0.01mwithin the sector's middle half€0.005mwithin the sector's middle half▼ 51.8%€0.03mwithin the sector's middle half▲ 400%€0.03m▲ 29.6%
Solvency14.7%-11.2%▼ 3.5pp24.7%within the sector's middle half▲ 13.5pp21.7%within the sector's middle half▼ 3.0pp26.2%within the sector's middle half▲ 4.5pp25.7%within the sector's middle half▼ 0.5pp24.2%within the sector's middle half▼ 1.5pp25.6%▲ 1.4pp
Current ratio0.79-0.69▼ 0.101.07within the sector's middle half▲ 0.380.96within the sector's middle half▼ 0.111.02within the sector's middle half▲ 0.061.01within the sector's middle half▼ 0.011.04within the sector's middle half▲ 0.031.06▲ 0.02
Return on assets (ROA)0.7%--4.6%▼ 5.3pp13.0%within the sector's middle half▲ 17.6pp0.5%within the sector's middle half▼ 12.5pp0.0%within the sector's middle half▼ 0.5pp0.2%within the sector's middle half▲ 0.2pp0.0%within the sector's middle half▼ 0.2pp0.0%=
Staff (FTE)25.3-15.6above the sector's middle half12.5within the sector's middle half▼ 19.9%10.3within the sector's middle half▼ 17.6%10.8within the sector's middle half▲ 4.9%13.9within the sector's middle half▲ 28.7%19.2▲ 38.1%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 2026 is 73% higher than in 2025. It is a recovery after the fall in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €803,879
Fixed assets
€203,702 ▼ 6.4%
Current assets
€600,176 ▼ 4.8%
Equity and liabilities €803,879
Equity
€205,589 ▲ 0.2%
Debt
€598,289 ▼ 6.9%
Debt's share of the balance-sheet total falls from 75.8% to 74.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€91,832▲
2025 · €75,388
Cash flow
€79,893▲
2025 · €68,709
Quick ratio
1.02▲
2025 · 1.01
Debt to equity
2.91▼
2025 · 3.13
ROE
0.2%▼
2025 · 0.2%
Interest coverage
over 100▲
2025 · 78.88
Debt ≤ 1 year
€567,776▼
2025 · €605,238
Debt > 1 year
€21,662▼
2025 · €34,311
Income taxes
€12,267▲
2025 · €6,117
Customer credit
22 days▼
2025 · 23 days
Supplier credit
76 days▼
2025 · 86 days
Staff costs
€801,233▲
2025 · €588,465
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 13 | 11 | 21 | 23 |
| full-time | 7 | 6 | 5 | 15 | 16 |
| part-time | 7 | 7 | 6 | 6 | 7 |
| in full-time equivalents | 12.4 | 10.5 | 9.1 | 19.4 | 20.5 |
| Average over the year, in full-time equivalents | 12.5 | 10.3 | 10.8 | 13.9 | 19.2 |
| On a permanent contract | 9 | 13 | 11 | 11 | 17 |
| Joined | 13 | 18 | 31 | 1,924 | 3,527 |
| Left | 16 | 20 | 33 | 1,914 | 3,525 |
| Agency workers, average number | 10.4 | 10.6 | 10.2 | 5.7 | - |
| Training hours | - | - | 24 | 60 | 16 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €181,164 | €47,840 | €66,354 | €31,542 | €52,138 |
| Depreciation and write-downs of the year | €156,531 | €136,233 | €75,977 | €68,309 | €79,565 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.0m | - | €3.1m | €3.2m | €3.2m | €3.0m | €2.8m | ▼ 6.6% |
| Turnover70 | €2.8m | €2.9m | €3.0m | €2.9m | €3.1m | €3.2m | €2.9m | €2.7m | ▼ 4.9% |
| Other operating income74 | - | €0.06m | - | €0.2m | €0.1m | €0.07m | €0.2m | €0.1m | ▼ 31.0% |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.006m | €0 | ▼ 100% |
| Operating charges60/66A | - | €3.0m | - | €3.1m | €3.2m | €3.2m | €3.0m | €2.8m | ▼ 6.8% |
| Goods for resale, raw materials and consumables60 | - | €0.7m | - | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 4.6% |
| Purchases600/8 | - | €0.7m | - | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 4.3% |
| Change in stocks: decrease (increase)609 | - | €0.005m | - | -€0.001m | €248 | €0.004m | -€0.001m | -€0.003m | ▼ 434% |
| Services and other goods61 | - | €1.5m | - | €1.8m | €1.8m | €1.8m | €1.6m | €1.2m | ▼ 24.8% |
| Remuneration, social security and pensions62 | - | €0.6m | - | €0.5m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.08m | €0.07m | €0.08m | ▲ 16.5% |
| Other operating charges640/8 | - | €0.01m | - | €0.01m | €0.008m | €0.01m | €0.01m | €0.01m | ▼ 20.8% |
| Operating profit (loss)9901 | €0.02m | -€0.03m | €0.1m | €0.01m | €0.002m | €0.02m | €0.007m | €0.01m | ▲ 73.3% |
| Financial income75/76B | - | €337 | - | €0.001m | €0.002m | €0.003m | €0.002m | €0.002m | ▼ 8.8% |
| Recurring financial income75 | €0.005m | €337 | €0.001m | €0.001m | €0.002m | €0.003m | €0.002m | €0.002m | ▼ 8.8% |
| Income from current assets751 | - | €0 | - | - | - | - | €0.002m | €0.001m | ▼ 34.5% |
| Other financial income752/9 | - | €337 | - | €0.001m | €0.002m | €0.003m | €143 | €0.001m | ▲ 349% |
| Financial charges65/66B | - | €0.008m | - | €0.005m | €0.004m | €0.003m | €0.003m | €0.002m | ▼ 40.0% |
| Recurring financial charges65 | €0.01m | €0.008m | €0.007m | €0.005m | €0.004m | €0.003m | €0.003m | €0.002m | ▼ 40.0% |
| Debt charges650 | €0.008m | €0.007m | €0.005m | €0.003m | €0.003m | €0.002m | €0.001m | €0.001m | ▼ 27.6% |
| Other financial charges652/9 | - | €0.001m | - | €0.002m | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 46.9% |
| Profit (loss) for the period before taxes9903 | €0.01m | -€0.04m | €0.1m | €0.006m | €63 | €0.01m | €0.007m | €0.01m | ▲ 93.3% |
| Income taxes67/77 | €0.006m | -€28 | €0.01m | €0.001m | €15 | €0.01m | €0.006m | €0.01m | ▲ 101% |
| Taxes670/3 | - | €0 | - | €0.001m | €0.001m | €0.01m | €0.006m | €0.01m | ▲ 101% |
| Tax adjustments and reversals of tax provisions77 | - | €28 | - | €0 | €0.001m | €0 | - | - | - |
| Profit (loss) for the period9904 | €0.006m | -€0.04m | €0.1m | €0.005m | €49 | €0.002m | €400 | €328 | ▼ 18.1% |
| Transfer to tax-exempt reserves689 | - | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.006m | -€0.04m | €0.1m | €0.005m | €49 | €0.002m | €400 | €328 | ▼ 18.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €905,544 | €840,848 | €804,488 | €935,021 | €775,159 | €797,929 | €847,971 | €803,879 | ▼ 5.2% |
| Fixed assets21/28 | €508,527 | €475,730 | €336,749 | €352,513 | €264,120 | €254,497 | €217,730 | €203,702 | ▼ 6.4% |
| Tangible fixed assets22/27 | €498,414 | €475,532 | €336,550 | €352,315 | €263,922 | €254,298 | €217,531 | €203,504 | ▼ 6.4% |
| Land and buildings22 | - | - | - | €85,807 | €29,709 | €31,958 | €42,637 | €39,523 | ▼ 7.3% |
| Plant, machinery and equipment23 | - | €208,658 | - | €260,380 | €224,715 | €211,990 | €167,445 | €157,062 | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | €6,128 | €9,498 | €10,350 | €7,450 | €6,919 | ▼ 7.1% |
| Financial fixed assets28 | €10,113 | €198 | €198 | €198 | €198 | €198 | €198 | €198 | = |
| Other financial fixed assets284/8 | - | €198 | - | €198 | €198 | €198 | €198 | €198 | = |
| Shares284 | - | €198 | - | €198 | €198 | €198 | €198 | €198 | = |
| Amounts receivable and cash guarantees285/8 | - | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €397,018 | €365,117 | €467,739 | €582,508 | €511,038 | €543,432 | €630,241 | €600,176 | ▼ 4.8% |
| Amounts receivable after more than one year29 | - | €43,930 | - | €22,579 | €16,829 | €55,556 | €31,921 | €9,187 | ▼ 71.2% |
| Other amounts receivable291 | - | €43,930 | - | €22,579 | €16,829 | €55,556 | €31,921 | €9,187 | ▼ 71.2% |
| Stocks and contracts in progress3 | €18,606 | €13,581 | €19,236 | €20,239 | €19,991 | €16,036 | €16,652 | €19,942 | ▲ 19.8% |
| Stocks30/36 | - | €13,581 | - | €20,239 | €19,991 | €16,036 | €16,652 | €19,942 | ▲ 19.8% |
| Goods purchased for resale34 | - | €13,581 | - | €20,239 | €19,991 | €16,036 | €16,652 | €19,942 | ▲ 19.8% |
| Amounts receivable within one year40/41 | €281,405 | €242,050 | €322,786 | €315,191 | €374,405 | €369,943 | €479,625 | €467,897 | ▼ 2.4% |
| Trade receivables40 | - | €89,322 | - | €125,595 | €103,769 | €66,459 | €176,698 | €163,486 | ▼ 7.5% |
| Other amounts receivable41 | - | €152,728 | - | €189,596 | €270,636 | €303,484 | €302,927 | €304,412 | ▲ 0.5% |
| Cash at bank and in hand54/58 | €71,319 | €34,178 | €68,491 | €198,836 | €83,343 | €83,952 | €85,117 | €90,274 | ▲ 6.1% |
| Deferred charges and accrued income490/1 | - | €31,378 | - | €25,663 | €16,471 | €17,944 | €16,926 | €12,876 | ▼ 23.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €905,544 | €840,848 | €804,488 | €935,021 | €775,159 | €797,929 | €847,971 | €803,879 | ▼ 5.2% |
| Equity10/15 | €132,719 | €93,870 | €198,578 | €203,215 | €203,264 | €204,862 | €205,262 | €205,589 | ▲ 0.2% |
| Contributions10/11 | €161,126 | €161,126 | - | €161,126 | €161,126 | €161,126 | €161,126 | €161,126 | = |
| Reserves13 | €15,330 | €15,330 | €15,330 | €15,330 | €15,330 | €15,330 | €15,330 | €15,330 | = |
| Non-distributable reserves130/1 | - | €14,808 | - | €14,808 | €14,808 | €14,808 | €14,808 | €14,808 | = |
| Reserves not available under the articles1311 | - | €14,808 | - | €14,808 | €14,808 | €14,808 | €14,808 | €14,808 | = |
| Tax-exempt reserves132 | - | €522 | - | €522 | €522 | €522 | €522 | €522 | = |
| Profit (loss) carried forward14 | -€43,737 | -€82,586 | €22,122 | €26,759 | €26,808 | €28,406 | €28,806 | €29,133 | ▲ 1.1% |
| Amounts payable17/49 | €772,825 | €746,977 | €605,910 | €731,806 | €571,895 | €593,067 | €642,709 | €598,289 | ▼ 6.9% |
| Amounts payable after more than one year17 | €264,286 | €212,321 | €163,036 | €117,600 | €68,728 | €51,606 | €34,311 | €21,662 | ▼ 36.9% |
| Financial debts170/4 | - | €212,321 | - | €117,600 | €68,728 | €51,606 | €34,311 | €21,662 | ▼ 36.9% |
| Credit institutions173 | - | €212,321 | - | €117,600 | €68,728 | €51,606 | €34,311 | €21,662 | ▼ 36.9% |
| Amounts payable within one year42/48 | €502,553 | €527,614 | €437,307 | €608,798 | €500,655 | €538,431 | €605,238 | €567,776 | ▼ 6.2% |
| Current portion of amounts payable after more than one year42 | - | €92,143 | - | €103,356 | €67,822 | €18,006 | €18,192 | €13,561 | ▼ 25.5% |
| Financial debts43 | - | €18,006 | - | - | - | - | - | - | - |
| Credit institutions430/8 | - | €18,006 | - | - | - | - | - | - | - |
| Trade debts44 | €213,012 | €243,343 | €197,052 | €218,560 | €206,096 | €228,766 | €187,302 | €157,638 | ▼ 15.8% |
| Suppliers440/4 | - | €243,343 | - | €218,560 | €206,096 | €228,766 | €187,302 | €157,638 | ▼ 15.8% |
| Taxes, remuneration and social security45 | - | €82,122 | - | €84,090 | €58,686 | €49,854 | €114,755 | €113,828 | ▼ 0.8% |
| Taxes450/3 | - | €3,459 | - | €8,774 | €1,200 | €1 | €26,149 | €31,432 | ▲ 20.2% |
| Remuneration and social security454/9 | - | €78,663 | - | €75,316 | €57,486 | €49,853 | €88,606 | €82,396 | ▼ 7.0% |
| Other amounts payable47/48 | - | €92,000 | - | €202,792 | €168,051 | €241,806 | €284,989 | €282,748 | ▼ 0.8% |
| Accrued charges and deferred income492/3 | - | €7,042 | - | €5,408 | €2,512 | €3,030 | €3,160 | €8,851 | ▲ 180% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,183 | -€38,849 | €104,708 | €4,637 | €49 | €1,598 | €400 | €328 | ▼ 18.1% |
| + Depreciation and write-downs630 | €130,780 | €147,686 | €151,502 | €156,531 | €136,233 | €75,977 | €68,309 | €79,565 | ▲ 16.5% |
| Operating cash flow (approximation) | €136,963 | €108,837 | €256,210 | €161,168 | €136,281 | €77,575 | €68,709 | €79,893 | ▲ 16.3% |
| Investment in fixed assets (approximation) | - | -€114,889 | -€12,521 | -€172,295 | -€47,840 | -€66,354 | -€31,542 | -€65,538 | ▼ 108% |
| Change in cash | - | -€37,141 | €34,313 | €130,345 | -€115,494 | €609 | €1,165 | €5,157 | ▲ 343% |
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, 4,685 companies had the same profile as ESPEL has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of ESPEL itself: 0.7% 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 4,685 companies, not a prediction for ESPEL. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 23-10-2026 | 2026-00594575 | |
| 31-03-2025 | full format | 23-10-2025 | 2025-00550387 | |
| 31-03-2024 | full format | 24-10-2024 | 2024-00514797 | |
| 31-03-2023 | full format | 23-10-2023 | 2023-00491186 | |
| 31-03-2022 | full format | 26-10-2022 | 2022-20476900 | |
| 31-03-2021 | full format | 28-10-2021 | 2021-74000385 | |
| 31-03-2020 | full format | 29-10-2020 | 2020-64800168 | |
| 31-03-2019 | full format | 10-10-2019 | 2019-70500240 | |
| 31-03-2018 | full format | 19-10-2018 | 2018-69600321 | |
| 31-03-2017 | abbreviated format | 05-10-2017 | 2017-66600458 |