ETC
ActiveSummary
ETC has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €508,770 and a net result of €42,028. Equity remains stable across the filed financial years (±1.8% per year). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, micro format
Equity
€508,770▲ 9.0%
2024 · €466,743
Total assets
€1.4m▲ 1.3%
2024 · €1.3m
Net result
€42,028▼ 30.1%
2024 · €60,132
Working capital
-€179,601▲ 38.0%
2024 · -€289,447
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has risen four years in a row; 2025 is 2% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.04m
2025
Net result€0.04m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.4m
2025
Equity€0.5m
2025
Debt€0.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.2m
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.001m▼ 95.3%€0.03m▲ 2,402%€0.03m▲ 1.8%€0.04m▲ 27.5%€0.04m▲ 3.0%€0.04m▲ 11.3%€0.04m▲ 1.6%
Net result€0.04m-€0.02m▼ 52.6%€0.04m▲ 133%€0.05m▲ 1.0%€0.004m▼ 90.2%€0.04m▲ 818%€0.06m▲ 47.9%€0.04m▼ 30.1%
Equity€1.1m-€1.2m▲ 1.7%€1.2m▲ 3.9%€1.2m▲ 3.8%€1.2m▲ 0.4%€1.3m▲ 3.3%€0.5m▼ 63.8%€0.5m▲ 9.0%
Total assets€1.4m-€1.4m▲ 1.9%€1.4m▲ 0.8%€1.4m▲ 0.6%€1.4m▼ 2.3%€1.4m▲ 0.1%€1.3m▼ 3.3%€1.4m▲ 1.3%
Debt€0.2m-€0.2m▲ 2.9%€0.2m▼ 14.2%€0.2m▼ 18.0%€0.1m▼ 22.2%€0.09m▼ 30.6%€0.9m▲ 860%€0.8m▼ 2.8%
Working capital€0.05m-€0.08m▲ 66.7%€0.1m▲ 41.2%€0.1m▲ 28.6%€0.1m▼ 9.3%€0.2m▲ 16.8%-€0.3m-€0.2m▲ 38.0%
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€1.2m ▼ 1.8%
Current assets
€198,900 ▲ 24.5%
Equity and liabilities €1.4m
Equity
€508,770 ▲ 9.0%
Debt
€842,501 ▼ 2.8%
Debt's share of the balance-sheet total falls from 65.0% to 62.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,501▲
2024 · €65,792
Cash flow
€63,691▼
2024 · €81,796
Current ratio
0.53▲
2024 · 0.36
Debt to equity
1.66▼
2024 · 1.86
ROE
8.3%▼
2024 · 12.9%
ROA
3.1%▼
2024 · 4.5%
Interest coverage
1.89▼
2024 · 5.95
Debt ≤ 1 year
€378,501▼
2024 · €449,175
Debt > 1 year
€464,000▲
2024 · €417,845
Income taxes
€3,438▼
2024 · €8,645
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €12 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,053 | €25,584 | €25,584 | €25,584 | €21,664 | €21,664 | €21,664 | €21,664 | = |
| Other operating charges640/8 | - | - | - | €2,266 | €2,322 | €2,544 | €2,647 | €2,731 | ▲ 3.1% |
| Gross operating margin9900 | €51,738 | €29,444 | €57,487 | €58,043 | €62,480 | €63,839 | €68,440 | €69,231 | ▲ 1.2% |
| Operating profit (loss)9901 | €24,965 | €1,185 | €29,654 | €30,193 | €38,494 | €39,632 | €44,129 | €44,837 | ▲ 1.6% |
| Financial income75/76B | - | - | - | €29,760 | €2,365 | €2,254 | €35,713 | €35,905 | ▲ 0.5% |
| Recurring financial income75 | €30,000 | €29,760 | €29,592 | €29,760 | €2,365 | €2,254 | €28,507 | €35,905 | ▲ 26.0% |
| Non-recurring financial income76B | - | - | - | - | - | - | €7,206 | - | - |
| Financial charges65/66B | - | - | - | €9,580 | €27,623 | -€8,134 | €11,065 | €35,276 | ▲ 219% |
| Recurring financial charges65 | €11,374 | €10,270 | €9,341 | €9,580 | €27,623 | €4,728 | €11,065 | €35,276 | ▲ 219% |
| Non-recurring financial charges66B | - | - | - | - | - | -€12,862 | - | - | - |
| Profit (loss) for the period before taxes9903 | €43,590 | €20,516 | €49,904 | €50,373 | €13,236 | €50,021 | €68,777 | €45,465 | ▼ 33.9% |
| Income taxes67/77 | €2,899 | €1,237 | €5,000 | €5,000 | €8,805 | €9,358 | €8,645 | €3,438 | ▼ 60.2% |
| Profit (loss) for the period9904 | €40,691 | €19,279 | €44,904 | €45,373 | €4,431 | €40,663 | €60,132 | €42,028 | ▼ 30.1% |
| Profit (loss) for the period to be appropriated9905 | €40,691 | €19,279 | €44,904 | €45,373 | €4,431 | €40,663 | €60,132 | €42,028 | ▼ 30.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | €1.4m | ▲ 1.3% |
| Fixed assets21/28 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 1.8% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 4.8% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.01m | €0.009m | €0.005m | ▼ 48.6% |
| Financial fixed assets28 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Current assets29/58 | €0.08m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 24.5% |
| Amounts receivable within one year40/41 | €0.03m | €0.04m | €0.03m | €0.03m | €0.001m | €0.004m | €0.03m | €0.03m | ▲ 17.7% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.001m | €0.004m | €0.03m | €0.03m | ▲ 17.7% |
| Current investments50/53 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.1% |
| Cash at bank and in hand54/58 | €0.05m | €0.08m | €0.1m | €0.09m | €0.08m | €0.08m | €0.01m | €0.05m | ▲ 272% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | €1.4m | ▲ 1.3% |
| Equity10/15 | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | €1.3m | €0.5m | €0.5m | ▲ 9.0% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.03m | €0.03m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | - | - | - | - |
| Issued capital100 | - | - | - | €0.9m | €0.9m | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €0.9m | - | - | - |
| Other1109/19 | - | - | - | - | - | €0.9m | - | - | - |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 9.6% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.9m | €0.8m | ▼ 2.8% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.05m | €0.4m | €0.5m | ▲ 11.0% |
| Financial debts170/4 | - | - | - | €0.1m | €0.09m | €0.05m | €0.02m | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.4m | €0.5m | ▲ 16.0% |
| Amounts payable within one year42/48 | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | €0.4m | €0.4m | ▼ 15.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.03m | €0.02m | ▼ 40.2% |
| Trade debts44 | - | €61 | - | - | - | - | €100 | - | - |
| Suppliers440/4 | - | - | - | - | - | - | €100 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.003m | €0.003m | €0.002m | €0.01m | ▲ 310% |
| Taxes450/3 | - | - | - | €0.002m | €0.003m | €0.003m | €0.002m | €0.01m | ▲ 310% |
| Other amounts payable47/48 | - | - | - | €30 | €30 | €30 | €0.4m | €0.4m | ▼ 15.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,691 | €19,279 | €44,904 | €45,373 | €4,431 | €40,663 | €60,132 | €42,028 | ▼ 30.1% |
| + Depreciation and write-downs630 | €24,053 | €25,584 | €25,584 | €25,584 | €21,664 | €21,664 | €21,664 | €21,664 | = |
| Operating cash flow (approximation) | €64,744 | €44,863 | €70,488 | €70,957 | €26,095 | €62,326 | €81,796 | €63,691 | ▼ 22.1% |
| Investment in fixed assets (approximation) | - | -€15,312 | €0 | €0 | €0 | €0 | -€14,460 | €0 | - |
| Change in cash | - | €31,677 | €40,071 | -€35,354 | -€7,299 | €6,809 | -€70,719 | €37,690 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 08-05-2026 | 2026-00110774 |
| 31-12-2024 | micro format | 08-05-2025 | 2025-00094053 |
| 31-12-2023 | micro format | 28-05-2024 | 2024-00103690 |
| 31-12-2022 | micro format | 23-05-2023 | 2023-00101106 |
| 31-12-2021 | micro format | 09-05-2022 | 2022-20024896 |
| 31-12-2020 | micro format | 04-06-2021 | 2021-17900015 |
| 31-12-2019 | micro format | 03-06-2020 | 2020-15300305 |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26600040 |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17500067 |
| 31-12-2016 | full format | 14-06-2017 | 2017-18400568 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.