ESTERO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 12 filings
Turnover
≈ €1.1m
Estimated: probably between €650,000 and €1.3m
Total assets
€624,009▲ 48.3%
2024 · €420,856
Net result
€32,133▲ 205%
2024 · €10,539
Working capital
€73,082▼ 37.8%
2024 · €117,567
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€49,588
▲ 95.5%
2025
20182025
Net result
€32,133
▲ 205%
2025
middle half of the sector
20182025
Equity
€204,968
▲ 18.6%
2025
middle half of the sector
20182025
Total assets
€624,009
▲ 48.3%
2025
middle half of the sector
20182025
Debt
€419,042
▲ 69.0%
2025
20182025
Working capital
€73,082
▼ 37.8%
2025
middle half of the sector
20182025
Solvency
32.8%
▼ 8.2pp
2025
middle half of the sector
20182025
Current ratio
1.27
▼ 0.28
2025
middle half of the sector
20182025
Return on assets (ROA)
5.1%
▲ 2.6pp
2025
middle half of the sector
20182025
Staff (FTE)
7.6
▲ 8.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,062-€6,123▼ 73.4%€115,957▲ 19×€77,840▼ 32.9%€16,936▼ 78.2%€8,200▼ 51.6%€25,366▲ 209%€49,588▲ 95.5%
Net result€13,624-€232▼ 98.3%€74,561above the sector's middle half▲ 322×€47,398above the sector's middle half▼ 36.4%€6,166within the sector's middle half▼ 87.0%€357within the sector's middle half▼ 94.2%€10,539within the sector's middle half▲ 29×€32,133within the sector's middle half▲ 205%
Equity€38,780-€39,011▲ 0.6%€113,572within the sector's middle half▲ 191%€155,773within the sector's middle half▲ 37.2%€161,939within the sector's middle half▲ 4.0%€162,296within the sector's middle half▲ 0.2%€172,835within the sector's middle half▲ 6.5%€204,968within the sector's middle half▲ 18.6%
Total assets€137,346-€211,027▲ 53.6%€247,680within the sector's middle half▲ 17.4%€523,695within the sector's middle half▲ 111%€326,468within the sector's middle half▼ 37.7%€450,247within the sector's middle half▲ 37.9%€420,856within the sector's middle half▼ 6.5%€624,009within the sector's middle half▲ 48.3%
Debt€98,566-€172,016▲ 74.5%€134,107▼ 22.0%€367,923▲ 174%€164,529▼ 55.3%€287,951▲ 75.0%€248,021▼ 13.9%€419,042▲ 69.0%
Working capital€35,964-€34,299▼ 4.6%€103,842within the sector's middle half▲ 203%€275,099above the sector's middle half▲ 165%€85,099within the sector's middle half▼ 69.1%€115,390within the sector's middle half▲ 35.6%€117,567above the sector's middle half▲ 1.9%€73,082within the sector's middle half▼ 37.8%
Solvency28.2%-18.5%▼ 9.7pp45.9%within the sector's middle half▲ 27.4pp29.7%within the sector's middle half▼ 16.1pp49.6%within the sector's middle half▲ 19.9pp36.0%within the sector's middle half▼ 13.6pp41.1%within the sector's middle half▲ 5.0pp32.8%within the sector's middle half▼ 8.2pp
Current ratio1.36-1.20▼ 0.171.84within the sector's middle half▲ 0.642.44within the sector's middle half▲ 0.601.57within the sector's middle half▼ 0.871.48within the sector's middle half▼ 0.091.55within the sector's middle half▲ 0.071.27within the sector's middle half▼ 0.28
Return on assets (ROA)9.9%-0.1%▼ 9.8pp30.1%above the sector's middle half▲ 30.0pp9.1%above the sector's middle half▼ 21.1pp1.9%within the sector's middle half▼ 7.2pp0.1%within the sector's middle half▼ 1.8pp2.5%within the sector's middle half▲ 2.4pp5.1%within the sector's middle half▲ 2.6pp
Staff (FTE)1.3within the sector's middle half3.1▲ 138%4.6▲ 48.4%5.3▲ 15.2%7▲ 32.1%7.6▲ 8.6%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 95% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro 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 €624,009
Fixed assets
€281,129 ▲ 211%
Current assets
€342,880 ▲ 3.8%
Equity and liabilities €624,009
Equity
€204,968 ▲ 18.6%
Debt
€419,042 ▲ 69.0%
Debt's share of the balance-sheet total rises from 58.9% to 67.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€85,619▲
2024 · €52,459
Cash flow
€68,164▲
2024 · €37,631
Debt to equity
2.04▲
2024 · 1.44
ROE
15.7%▲
2024 · 6.1%
Interest coverage
18.93▲
2024 · 17.64
Debt ≤ 1 year
€269,799▲
2024 · €212,858
Debt > 1 year
€149,219▲
2024 · €35,163
Income taxes
€13,942▲
2024 · €12,001
Staff costs
€362,919▲
2024 · €320,907
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 | 4 | 5 | 6 | 10 | 7 |
| full-time | 3 | 5 | 6 | 9 | 7 |
| part-time | 1 | - | 0 | 1 | 0 |
| in full-time equivalents | 3.5 | 5 | 6 | 9.5 | 7 |
| Average over the year, in full-time equivalents | 3.1 | 4.6 | 5.3 | 7 | 7.6 |
| On a permanent contract | 3 | 4 | 6 | 9 | 7 |
| Joined | 3 | 2 | 4 | 9 | 14 |
| Left | 1 | 1 | 3 | 5 | 17 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | - | - | €280,000 |
| Carrying value of the other pledged assets | - | - | - | - | €210,463 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €22,374 | €50,598 | €26,850 | €25,349 | €226,729 |
| Intangible fixed assets | €21,800 | - | €2,400 | - | - |
| Financial fixed assets | - | - | - | €50 | - |
| Depreciation and write-downs of the year | €7,222 | €14,910 | €27,277 | €27,092 | €36,032 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €3,339 awarded · €3,339 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €803 | €1,271 |
| 2024 | 1 | €1,406 | €938 |
| 2023 | 1 | €323 | €863 |
| 2022 | 1 | €807 | €267 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,287 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €101,060 | €160,176 | €222,793 | €320,907 | €362,919 | ▲ 13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,175 | €2,244 | €4,154 | €7,222 | €14,910 | €27,277 | €27,092 | €36,032 | ▲ 33.0% |
| Other operating charges640/8 | - | - | - | €2,126 | €1,097 | €1,434 | €3,088 | €3,194 | ▲ 3.4% |
| Gross operating margin9900 | €26,080 | €8,902 | €159,897 | €188,248 | €193,120 | €259,703 | €376,454 | €451,732 | ▲ 20.0% |
| Operating profit (loss)9901 | €23,062 | €6,123 | €115,957 | €77,840 | €16,936 | €8,200 | €25,366 | €49,588 | ▲ 95.5% |
| Financial income75/76B | - | - | - | €115 | €881 | €358 | €147 | €1,010 | ▲ 587% |
| Recurring financial income75 | €0 | €0 | €66 | €115 | €881 | €358 | €147 | €1,010 | ▲ 587% |
| Financial charges65/66B | - | - | - | €6,578 | €5,530 | €4,010 | €2,973 | €4,523 | ▲ 52.1% |
| Recurring financial charges65 | €313 | €4,195 | €3,057 | €6,578 | €5,530 | €4,010 | €2,973 | €4,523 | ▲ 52.1% |
| Profit (loss) for the period before taxes9903 | €22,748 | €1,929 | €112,965 | €71,377 | €12,287 | €4,548 | €22,540 | €46,075 | ▲ 104% |
| Income taxes67/77 | €9,124 | €1,697 | €38,404 | €23,979 | €6,121 | €4,191 | €12,001 | €13,942 | ▲ 16.2% |
| Profit (loss) for the period9904 | €13,624 | €232 | €74,561 | €47,398 | €6,166 | €357 | €10,539 | €32,133 | ▲ 205% |
| Profit (loss) for the period to be appropriated9905 | €13,624 | €232 | €74,561 | €47,398 | €6,166 | €357 | €10,539 | €32,133 | ▲ 205% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €137,346 | €211,027 | €247,680 | €523,695 | €326,468 | €450,247 | €420,856 | €624,009 | ▲ 48.3% |
| Fixed assets21/28 | €2,816 | €4,712 | €20,793 | €57,745 | €92,773 | €94,746 | €90,431 | €281,129 | ▲ 211% |
| Intangible fixed assets21 | €780 | €390 | €2,279 | €22,919 | €18,056 | €15,300 | €9,957 | €4,851 | ▼ 51.3% |
| Tangible fixed assets22/27 | €2,036 | €4,322 | €18,514 | €34,826 | €74,718 | €79,446 | €80,424 | €276,228 | ▲ 243% |
| Furniture and vehicles24 | - | - | - | €33,805 | €74,207 | €79,446 | €80,424 | €65,765 | ▼ 18.2% |
| Other tangible fixed assets26 | - | - | - | €1,021 | €510 | €0 | - | €210,463 | - |
| Financial fixed assets28 | - | - | - | - | - | - | €50 | €50 | = |
| Current assets29/58 | €134,530 | €206,315 | €226,887 | €465,950 | €233,695 | €355,501 | €330,425 | €342,880 | ▲ 3.8% |
| Stocks and contracts in progress3 | - | - | €18,000 | €314,706 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €314,706 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €127,464 | €161,486 | €21,919 | €57,267 | €144,610 | €284,861 | €209,564 | €87,189 | ▼ 58.4% |
| Trade receivables40 | - | - | - | €19,528 | €71,402 | €128,706 | €138,706 | €49,623 | ▼ 64.2% |
| Other amounts receivable41 | - | - | - | €37,739 | €73,208 | €156,155 | €70,858 | €37,566 | ▼ 47.0% |
| Current investments50/53 | - | - | €180,000 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €6,426 | €44,189 | €5,978 | €87,894 | €62,953 | €66,736 | €116,098 | €240,925 | ▲ 108% |
| Deferred charges and accrued income490/1 | - | - | - | €6,083 | €26,133 | €3,904 | €4,763 | €14,767 | ▲ 210% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €137,346 | €211,027 | €247,680 | €523,695 | €326,468 | €450,247 | €420,856 | €624,009 | ▲ 48.3% |
| Equity10/15 | €38,780 | €39,011 | €113,572 | €155,773 | €161,939 | €162,296 | €172,835 | €204,968 | ▲ 18.6% |
| Contributions10/11 | €6,210 | €6,210 | - | €6,210 | €6,210 | €6,210 | €6,210 | €6,210 | = |
| Reserves13 | €32,570 | €32,801 | €107,362 | €149,563 | €155,729 | €156,086 | €166,625 | €198,758 | ▲ 19.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €147,703 | €153,869 | €156,086 | €166,625 | €198,758 | ▲ 19.3% |
| Amounts payable17/49 | €98,566 | €172,016 | €134,107 | €367,923 | €164,529 | €287,951 | €248,021 | €419,042 | ▲ 69.0% |
| Amounts payable after more than one year17 | - | - | €11,062 | €177,071 | €15,933 | €47,729 | €35,163 | €149,219 | ▲ 324% |
| Financial debts170/4 | - | - | - | €177,071 | €15,933 | €47,729 | €35,163 | €149,219 | ▲ 324% |
| Amounts payable within one year42/48 | €98,566 | €172,016 | €123,045 | €190,852 | €148,596 | €240,110 | €212,858 | €269,799 | ▲ 26.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,546 | €20,186 | €39,615 | €32,179 | €20,393 | ▼ 36.6% |
| Financial debts43 | - | - | - | €425 | €3,264 | €1,201 | €3,633 | €1,500 | ▼ 58.7% |
| Credit institutions430/8 | - | - | - | €425 | €3,264 | €491 | €3,633 | €1,500 | ▼ 58.7% |
| Other loans439 | - | - | - | - | - | €710 | €0 | - | - |
| Trade debts44 | €2,380 | €75,997 | €62,994 | €119,410 | €94,025 | €101,831 | €114,428 | €211,139 | ▲ 84.5% |
| Suppliers440/4 | - | - | - | €119,410 | €94,025 | €101,831 | €114,428 | €211,139 | ▲ 84.5% |
| Taxes, remuneration and social security45 | - | - | - | €48,950 | €31,121 | €64,349 | €62,501 | €36,646 | ▼ 41.4% |
| Taxes450/3 | - | - | - | €38,535 | €11,348 | €27,041 | €16,762 | €1,966 | ▼ 88.3% |
| Remuneration and social security454/9 | - | - | - | €10,415 | €19,774 | €37,308 | €45,740 | €34,680 | ▼ 24.2% |
| Other amounts payable47/48 | - | - | - | €10,521 | - | €33,115 | €118 | €121 | ▲ 2.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €111 | €0 | €24 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,624 | €232 | €74,561 | €47,398 | €6,166 | €357 | €10,539 | €32,133 | ▲ 205% |
| + Depreciation and write-downs630 | €2,175 | €2,244 | €4,154 | €7,222 | €14,910 | €27,277 | €27,092 | €36,032 | ▲ 33.0% |
| Operating cash flow (approximation) | €15,800 | €2,476 | €78,715 | €54,620 | €21,076 | €27,634 | €37,631 | €68,164 | ▲ 81.1% |
| Investment in fixed assets (approximation) | - | -€4,141 | -€20,234 | -€44,174 | -€49,939 | -€29,250 | -€22,777 | -€226,729 | ▼ 895% |
| Change in cash | - | €37,763 | -€38,211 | €81,916 | -€24,941 | €3,783 | €49,362 | €124,827 | ▲ 153% |
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, 34,693 companies had the same profile as ESTERO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ESTERO 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 34,693 companies, not a prediction for ESTERO. 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 | micro format | 16-07-2026 | 2026-00298069 | |
| 31-12-2024 | micro format | 28-05-2025 | 2025-00108299 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00200396 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00156547 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216332 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52400271 | |
| 31-12-2019 | micro format | 02-09-2020 | 2020-50400332 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56600044 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-28600488 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46500528 |