ETHEON
ActiveSummary
ETHEON has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €121,345 and a net result of €18,034. Equity is growing by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 91% of 31840 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-3
Solvency100=
Growth52=
Track record94
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 12.47 against 12.45 in 2024; short-term debt: 7.1% and cash: 26.4% of total assets), and 7.1% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
92.9%
Return on assets
13.8%
Age of the figures
12 mo
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 04-05-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
4 d late
2024
7 d early
2023
on the day
2022
8 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€121,345▼ 3.5%
2024 · €125,747
Total assets
€130,631▼ 3.5%
2024 · €135,342
Net result
€18,034▼ 19.6%
2024 · €22,436
Working capital
€106,522▼ 3.1%
2024 · €109,908
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result€99,839-€35,531▼ 64.4%€28,023▼ 21.1%€22,019▼ 21.4%
Net result€71,279-€25,831▼ 63.8%€22,436▼ 13.1%€18,034▼ 19.6%
Equity€78,279-€103,311▲ 32.0%€125,747▲ 21.7%€121,345▼ 3.5%
Total assets€107,135-€128,314▲ 19.8%€135,342▲ 5.5%€130,631▼ 3.5%
Debt€28,856-€25,003▼ 13.4%€9,595▼ 61.6%€9,287▼ 3.2%
Working capital€56,109-€97,183▲ 73.2%€109,908▲ 13.1%€106,522▼ 3.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 21% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €130,631
Fixed assets
€14,823 ▼ 6.4%
Current assets
€115,809 ▼ 3.1%
Equity and liabilities €130,631
Equity
€121,345 ▼ 3.5%
Debt
€9,287 ▼ 3.2%
Debt's share of the balance-sheet total stays at 7.1%.
Key figures and ratios
EBITDA
€26,836▼
2024 · €32,344
Cash flow
€22,851▼
2024 · €26,757
Current ratio
12.47▲
2024 · 12.45
Debt to equity
0.08▲
2024 · 0.08
ROE
14.9%▼
2024 · 17.8%
ROA
13.8%▼
2024 · 16.6%
Interest coverage
566.17▼
2024 · 675.37
Debt ≤ 1 year
€9,287▼
2024 · €9,595
Income taxes
€4,658▼
2024 · €5,725
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,964 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,011 | €3,847 | €4,321 | €4,817 | ▲ 11.5% |
| Other operating charges640/8 | €684 | €199 | €348 | €556 | ▲ 60.0% |
| Non-recurring operating charges66A | - | €18 | €0 | - | - |
| Gross operating margin9900 | €106,534 | €39,595 | €32,691 | €27,392 | ▼ 16.2% |
| Operating profit (loss)9901 | €99,839 | €35,531 | €28,023 | €22,019 | ▼ 21.4% |
| Financial income75/76B | €0 | €74 | €186 | €721 | ▲ 286% |
| Recurring financial income75 | €0 | €74 | €186 | €721 | ▲ 286% |
| Financial charges65/66B | €213 | €78 | €48 | €47 | ▼ 1.0% |
| Recurring financial charges65 | €213 | €78 | €48 | €47 | ▼ 1.0% |
| Profit (loss) for the period before taxes9903 | €99,627 | €35,526 | €28,161 | €22,692 | ▼ 19.4% |
| Income taxes67/77 | €28,348 | €9,695 | €5,725 | €4,658 | ▼ 18.6% |
| Profit (loss) for the period9904 | €71,279 | €25,831 | €22,436 | €18,034 | ▼ 19.6% |
| Profit (loss) for the period to be appropriated9905 | €71,279 | €25,831 | €22,436 | €18,034 | ▼ 19.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €107,135 | €128,314 | €135,342 | €130,631 | ▼ 3.5% |
| Fixed assets21/28 | €22,170 | €13,328 | €15,838 | €14,823 | ▼ 6.4% |
| Tangible fixed assets22/27 | €22,170 | €13,328 | €15,838 | €14,823 | ▼ 6.4% |
| Land and buildings22 | - | - | - | €2,690 | - |
| Plant, machinery and equipment23 | €1,044 | €522 | €0 | - | - |
| Furniture and vehicles24 | €21,126 | €12,807 | €15,838 | €12,133 | ▼ 23.4% |
| Current assets29/58 | €84,965 | €114,985 | €119,504 | €115,809 | ▼ 3.1% |
| Amounts receivable within one year40/41 | €25,975 | €16,069 | €6,126 | €8,418 | ▲ 37.4% |
| Trade receivables40 | €25,975 | €16,069 | €6,126 | €7,841 | ▲ 28.0% |
| Other amounts receivable41 | - | - | - | €577 | - |
| Current investments50/53 | €5,000 | €15,551 | €47,619 | €72,914 | ▲ 53.1% |
| Cash at bank and in hand54/58 | €45,012 | €83,366 | €58,384 | €34,476 | ▼ 40.9% |
| Deferred charges and accrued income490/1 | €8,978 | €0 | €7,375 | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €107,135 | €128,314 | €135,342 | €130,631 | ▼ 3.5% |
| Equity10/15 | €78,279 | €103,311 | €125,747 | €121,345 | ▼ 3.5% |
| Contributions10/11 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Reserves13 | €71,279 | €96,311 | €118,747 | €114,345 | ▼ 3.7% |
| Distributable reserves133 | €71,279 | €96,311 | €118,747 | €114,345 | ▼ 3.7% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €28,856 | €25,003 | €9,595 | €9,287 | ▼ 3.2% |
| Amounts payable within one year42/48 | €28,856 | €17,803 | €9,595 | €9,287 | ▼ 3.2% |
| Trade debts44 | €250 | €888 | €77 | €100 | ▲ 29.3% |
| Suppliers440/4 | €250 | €888 | €77 | €100 | ▲ 29.3% |
| Taxes, remuneration and social security45 | €28,522 | €15,984 | €9,386 | €7,216 | ▼ 23.1% |
| Taxes450/3 | €28,522 | €15,984 | €9,386 | €7,216 | ▼ 23.1% |
| Other amounts payable47/48 | €83 | €932 | €132 | €1,971 | ▲ 1,396% |
| Accrued charges and deferred income492/3 | - | €7,200 | €0 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,279 | €25,831 | €22,436 | €18,034 | ▼ 19.6% |
| + Depreciation and write-downs630 | €6,011 | €3,847 | €4,321 | €4,817 | ▲ 11.5% |
| Operating cash flow (approximation) | €77,290 | €29,679 | €26,757 | €22,851 | ▼ 14.6% |
| Investment in fixed assets (approximation) | - | €4,995 | -€6,831 | -€3,802 | ▲ 44.3% |
| Change in cash | - | €38,354 | -€24,982 | -€23,907 | ▲ 4.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
2025
30-09
Financial
Weakest financial yearnet €18,034 ▼19.6%
Net result drops to €18,034, the lowest in the series.
23-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Liquidity doublescurrent ratio 6.46
Current ratio from 2.94 to 6.46; short-term debt falls from €28,856 to €17,803.
30-09
Financial
Equity above €100,000Eq €103,311 ▲32%
2 profitable years in a row build equity to €103,311.
08-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 8 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lennik · 1 establishment unit since 2020
Ground area
991 m²
Building footprint
79 m²
Volume, LiDAR
298 m³
Parcel 23072B0106/00V002, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ETHEON
since 20202.309.201.794
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23072B0106/00V002 | Flanders | 991 m² | 1 · 79 m² | 7.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 40,861 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-10-2020
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0756475284
Registered
22-08-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.