Public limited company · founded 2010 · 16 yrs activeVoie Gisèle Halimi 10, 4000 Liège, BelgiumKBO/BCE: BE 0825.876.113
Summary
Ethias Solution has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.5m and a net result of €531,352. Equity is growing by ~7.8% per year across the filed fiscal years. Its solvency ranks better than 70% of 934 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability80▼-8
Solvency93▲+14
Growth85=
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.2%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €400,000 at 30 days acceptable
Liquidity ample (current ratio 3.0 against 2.16 in 2024; short-term debt: 31.6% and cash: 45.5% of total assets), and 31.9% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 69 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
Ethias Solution was incorporated on 12 May 2010, with a starting capital of EUR 250,000.12In 2021 the capital was increased by EUR 5 million to EUR 5.2 million.3The name was changed to Ethias Solution in 2025.4The registered office was moved to Liège in 2025.5The board currently has 7 members; Luc KRANZEN has served longest, since 2010.6Revenue grew from EUR 1.4 million in 2022 to EUR 4.1 million in 2025.7
Total assets€6.5m-€7.3m▲ 12.5%€8.0m▲ 9.6%€6.6m▼ 17.2%
Debt€2.9m-€3.4m▲ 19.7%€3.7m▲ 7.9%€2.1m▼ 43.0%
Working capital€3.6m-€3.8m▲ 7.2%€4.3m▲ 11.4%€4.2m▼ 2.1%
Why a figure moved sharply
2024Turnover +52%, Net result +71% on 2023.Cause not known from the registers.
2023Turnover +100%, Net result +829% on 2022.Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 32% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.6m
94.8%
Fixed assets€343,496 ▲ 1,628%
Current assets€6.3m ▼ 21.3%
Equity and liabilities €6.6m
68.1%
31.9%
Equity€4.5m ▲ 5.0%
Debt€2.1m ▼ 43.0%
Debt's share of the balance-sheet total falls from 46.3% to 31.9%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€650,463▼
2024 · €945,698
Cash flow
€543,189▼
2024 · €817,403
Current ratio
3.00▲
2024 · 2.16
Debt to equity
0.47▼
2024 · 0.86
ROE
11.8%▼
2024 · 18.8%
ROA
8.0%▼
2024 · 10.1%
Interest coverage
495.78▲
2024 · 385.37
Debt ≤ 1 year
€2.1m▼
2024 · €3.7m
Income taxes
€179,300▼
2024 · €269,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 545 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
Medium-sized
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more
0.2%went bankrupt
4.2%stopped otherwise
95%still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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%.
The companies in ten equal groups, from lowest to highest expected share.
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 545 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 60 lines
Balance sheetCode20242025
Assets
Total assets20/58€8.0m€6.6m▼
Fixed assets21/28€19,875€343,496▲
Intangible fixed assets21€19,875€8,038▼
Financial fixed assets28-€335,458
Other financial fixed assets284/8-€335,458
Amounts receivable and cash guarantees285/8-€335,458
Current assets29/58€8.0m€6.3m▼
Amounts receivable within one year40/41€3.5m€3.3m▼
Trade receivables40€3.5m€3.1m▼
Other amounts receivable41€4,895€165,005▲
Cash at bank and in hand54/58€4.5m€3.0m▼
Deferred charges and accrued income490/1€8,066€4,013▼
Equity and liabilities
Total equity and liabilities10/49€8.0m€6.6m▼
Equity10/15€4.3m€4.5m▲
Contributions10/11€3.8m€3.8m=
Capital10€3.8m€3.8m=
Issued capital100€5.3m€5.3m=
Uncalled capital101€1.5m€1.5m=
Reserves13€89,500€116,100▲
Non-distributable reserves130/1€89,500€116,100▲
Legal reserve130€89,500€116,100▲
Profit (loss) carried forward14€445,575€631,327▲
Amounts payable17/49€3.7m€2.1m▼
Amounts payable within one year42/48€3.7m€2.1m▼
Trade debts44€917,585€335,525▼
Suppliers440/4€917,585€335,525▼
Advances received on contracts in progress46€2.3m€1.4m▼
Taxes, remuneration and social security45€85,658€23,312▼
Taxes450/3€85,658€23,312▼
Other amounts payable47/48€380,000€323,963▼
Accrued charges and deferred income492/3-€21,025
Income statementCode20242025
Operating income70/76A€4.3m€4.1m▼
Turnover70€4.3m€4.1m▼
Other operating income74€282-
Operating charges60/66A€3.3m€3.5m▲
Services and other goods61€3.3m€3.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11,837€11,837=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€67,492-€48,434▼
Other operating charges640/8-€1,110
Non-recurring operating charges66A-€4,963
Operating profit (loss)9901€933,861€638,626▼
Financial income75/76B€143,159€73,338▼
Recurring financial income75€143,159€73,338▼
Income from financial fixed assets750€143,159€8,370▼
Income from current assets751-€64,968
Financial charges65/66B€2,454€1,312▼
Recurring financial charges65€2,454€1,312▼
Other financial charges652/9€2,454€1,312▼
Profit (loss) for the period before taxes9903€1.1m€710,652▼
Income taxes67/77€269,000€179,300▼
Taxes670/3€269,040€179,300▼
Tax adjustments and reversals of tax provisions77€40-
Profit (loss) for the period9904€805,566€531,352▼
Profit (loss) for the period to be appropriated9905€805,566€531,352▼
Appropriation of the result
Profit (loss) to be appropriated9906€866,075€976,927▲
Profit (loss) brought forward from the previous period14P€60,509€445,575▲
Transfer to equity691/2€40,500€26,600▼
To the legal reserve6920€40,500€26,600▼
Profit to be distributed694/7€380,000€319,000▼
Return on contributions (dividend)694€380,000€319,000▼
The notes to these accounts (22 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2022
2023
2024
2025
Change
Operating income70/76A
€1.4m
€2.8m
€4.3m
€4.1m
▼ 3.0%
Turnover70
€1.4m
€2.8m
€4.3m
€4.1m
▼ 3.0%
Other operating income74
-
-
€282
-
-
Operating charges60/66A
€1.3m
€2.3m
€3.3m
€3.5m
▲ 5.1%
Services and other goods61
€1.3m
€2.3m
€3.3m
€3.5m
▲ 8.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€11,837
€11,838
€11,837
€11,837
=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-€17,567
€12,693
€67,492
-€48,434
▼ 172%
Other operating charges640/8
€6,444
€1,566
-
€1,110
-
Non-recurring operating charges66A
-
-
-
€4,963
-
Operating profit (loss)9901
€69,385
€527,156
€933,861
€638,626
▼ 31.6%
Financial income75/76B
-
-
€143,159
€73,338
▼ 48.8%
Recurring financial income75
-
-
€143,159
€73,338
▼ 48.8%
Income from financial fixed assets750
-
-
€143,159
€8,370
▼ 94.2%
Income from current assets751
-
-
-
€64,968
-
Financial charges65/66B
€18,727
€5,914
€2,454
€1,312
▼ 46.5%
Recurring financial charges65
€18,727
€5,914
€2,454
€1,312
▼ 46.5%
Other financial charges652/9
€18,727
€5,914
€2,454
€1,312
▼ 46.5%
Profit (loss) for the period before taxes9903
€50,658
€521,242
€1.1m
€710,652
▼ 33.9%
Income taxes67/77
-
€50,387
€269,000
€179,300
▼ 33.3%
Taxes670/3
-
€50,387
€269,040
€179,300
▼ 33.4%
Tax adjustments and reversals of tax provisions77
-
-
€40
-
-
Profit (loss) for the period9904
€50,658
€470,855
€805,566
€531,352
▼ 34.0%
Profit (loss) for the period to be appropriated9905
€50,658
€470,855
€805,566
€531,352
▼ 34.0%
Line
2022
2023
2024
2025
Change
Assets
Total assets20/58
€6.5m
€7.3m
€8.0m
€6.6m
▼ 17.2%
Fixed assets21/28
€43,550
€31,712
€19,875
€343,496
▲ 1,628%
Intangible fixed assets21
€43,550
€31,712
€19,875
€8,038
▼ 59.6%
Financial fixed assets28
-
-
-
€335,458
-
Other financial fixed assets284/8
-
-
-
€335,458
-
Amounts receivable and cash guarantees285/8
-
-
-
€335,458
-
Current assets29/58
€6.4m
€7.2m
€8.0m
€6.3m
▼ 21.3%
Amounts receivable within one year40/41
€1.4m
€2.0m
€3.5m
€3.3m
▼ 6.2%
Trade receivables40
€1.4m
€2.0m
€3.5m
€3.1m
▼ 10.8%
Other amounts receivable41
€253
-
€4,895
€165,005
▲ 3,271%
Cash at bank and in hand54/58
€5.0m
€5.2m
€4.5m
€3.0m
▼ 33.0%
Deferred charges and accrued income490/1
-
-
€8,066
€4,013
▼ 50.2%
Equity and liabilities
Total equity and liabilities10/49
€6.5m
€7.3m
€8.0m
€6.6m
▼ 17.2%
Equity10/15
€3.6m
€3.9m
€4.3m
€4.5m
▲ 5.0%
Contributions10/11
€3.8m
€3.8m
€3.8m
€3.8m
=
Capital10
€3.8m
€3.8m
€3.8m
€3.8m
=
Issued capital100
€5.3m
€5.3m
€5.3m
€5.3m
=
Uncalled capital101
€1.5m
€1.5m
€1.5m
€1.5m
=
Reserves13
€25,000
€49,000
€89,500
€116,100
▲ 29.7%
Non-distributable reserves130/1
€25,000
€49,000
€89,500
€116,100
▲ 29.7%
Legal reserve130
€25,000
€49,000
€89,500
€116,100
▲ 29.7%
Profit (loss) carried forward14
-€161,347
€60,508
€445,575
€631,327
▲ 41.7%
Amounts payable17/49
€2.9m
€3.4m
€3.7m
€2.1m
▼ 43.0%
Amounts payable within one year42/48
€2.9m
€3.4m
€3.7m
€2.1m
▼ 43.5%
Financial debts43
-
€2,004
-
-
-
Credit institutions430/8
-
€2,004
-
-
-
Trade debts44
€483,336
€608,486
€917,585
€335,525
▼ 63.4%
Suppliers440/4
€483,336
€608,486
€917,585
€335,525
▼ 63.4%
Advances received on contracts in progress46
€2.2m
€2.4m
€2.3m
€1.4m
▼ 39.3%
Taxes, remuneration and social security45
€28,273
€72,680
€85,658
€23,312
▼ 72.8%
Taxes450/3
€28,273
€72,680
€85,658
€23,312
▼ 72.8%
Other amounts payable47/48
€147,648
€314,402
€380,000
€323,963
▼ 14.7%
Accrued charges and deferred income492/3
-
-
-
€21,025
-
Line
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€50,658
€470,855
€805,566
€531,352
▼ 34.0%
+ Depreciation and write-downs630
€11,837
€11,838
€11,837
€11,837
=
Operating cash flow (approximation)
€62,495
€482,693
€817,403
€543,189
▼ 33.5%
Investment in fixed assets (approximation)
-
€0
€0
-€335,458
-
Change in cash
-
€205,760
-€730,618
-€1.5m
▼ 103%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Auditor fees, EUR 5.000 (plus TVA, débours divers et cotisation IRE), adaptés annuellement sur base de l'évolution de l'indice des prix à la consommation ou suivant accord en…
08-06
NBB filingAnnual accounts filed
fiscal year 2022 · full schema
2022
31-08
State Gazette actResignation: ETHIAS SERVICES (director)
Reappointments: Maryline SERAFIN, Nicolas DUMAZY and 2 others6 facts ▸
General meeting, 02-05-2022
Director resignation, ETHIAS SERVICES (director)
Director reappointment, Maryline SERAFIN (director)
Director reappointment, Nicolas DUMAZY (director)
Director reappointment, Wilfried NEVEN (director)
Director reappointment, Luc KRANZEN (director)
31-05
NBB filingAnnual accounts filed
fiscal year 2021 · full schema
Show earlier events
03-02
State Gazette actResignations: Madame Flandre, Monsieur Verwilghen and Messieurs Lallemand et Yerna
Appointments: Maryline Serafin (director) and Nicolas Dumazy (director)6 facts ▸
Board meeting, 21-12-2021
Director resignation, Madame Flandre (director)
Director resignation, Monsieur Verwilghen (director)
Director resignation, Messieurs Lallemand et Yerna (director)
Director appointment, Maryline Serafin (director)
Director appointment, Nicolas Dumazy (director)
2021
30-07
State Gazette actAppointment: Geneviève Lardinois (day-to-day manager)
2 facts ▸
Board meeting, 27-04-2021
Director appointment, Geneviève Lardinois (day-to-day manager)
30-04
NBB filingAnnual accounts filed
fiscal year 2020 · full schema
12-04
State Gazette actCapital & shares · Statutes amendment
Capital increase · Bank account · Capital6 facts ▸
General meeting, 31/03/2021
Capital increase, €5.000.000
Bank account, BNP PARIBAS FORTIS
Capital, €5.250.000
Statutes amendment
Authorised capital, publication de l'assemblée générale du 31 mars 2021, 2.500.000 EUR
2020
12-08
State Gazette actResignation: Brigitte Buyle (director)
Appointment: Wilfried NEVEN (director)3 facts ▸
General meeting, 04-05-2020
Director resignation, Brigitte Buyle (director)
Director appointment, Wilfried NEVEN (director)
12-08
State Gazette actAppointment: PwC Reviseurs d'Entreprises (statutory auditor)
State Gazette actAppointment: Benoit-Laurent Yerna (director)
Resignation: Frank Jeusette (director)3 facts ▸
General meeting, 21-11-2019
Director appointment, Benoit-Laurent Yerna (director)
Director resignation, Frank Jeusette (director)
2019
28-05
NBB filingAnnual accounts filed
fiscal year 2018 · full schema
02-04
State Gazette actPurpose
Purpose change2 facts ▸
General meeting, 19-03-2019
Purpose change, La Société a pour objet, tant en Belgique qu'à l'étranger, pour son propre compte ou pour le compte d'autrui, en ce compris au nom et pour le compte de sociétés…
2018
15-05
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
15-01
State Gazette actAppointment: Brigitte Buyle (director)
2 facts ▸
General meeting, 19-12-2017
Director appointment, Brigitte Buyle (director)
2017
06-12
State Gazette actAppointments: Cécile Flandre, PWC and Luc Kranzen
5 facts ▸
General meeting, 09-11-2017
Director appointment, Cécile Flandre (director)
Auditor appointment, PWC (commissaire réviseur)
Board meeting, 07-11-2017
Director appointment, Luc Kranzen (chair of the board)
12-05
NBB filingAnnual accounts filed
fiscal year 2016 · full schema
2016
19-12
State Gazette actResignation: Bernard Thiry (director)
Appointments: Brigitte Buyle (director) and Benoît Verwilghen (chair of the board)4 facts ▸
Board meeting, 10-10-2016
Director resignation, Bernard Thiry (director)
Director appointment, Brigitte Buyle (director)
Director appointment, Benoît Verwilghen (chair of the board)
12-09
State Gazette actReappointments: Bernard Thiry, Benoît Verwilghen and 3 others
6 facts ▸
General meeting, 02-05-2016
Director reappointment, Bernard Thiry (director)
Director reappointment, Benoît Verwilghen (director)
Director reappointment, Philippe Lallemand (director)
Director reappointment, Luc Kranzen (director)
Director reappointment, Frank Jeusette (director)
2015
26-01
State Gazette actReappointment: PriceWaterhouseCoopers Réviseurs d'Entreprises SCCRL (statutory auditor)
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
23 of 23 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
5 directors, 2 in day-to-day management, no change since 2026
Member of the executive committee · since 10-05-2010
Not recently confirmed
Statutory auditor 1
KB
KPMG Bedrijfsrevisoren BV/SRL
Auditor · since 04-05-2026 · perm. rep.: Vanessa Cordonnier
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Registered office, Liège · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Voie Gisèle Halimi 104000 Liège
1 establishment unit
Voie Gisèle Halimi 10, 4000 Liège
Business consulting
since 20102.188.487.373
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Toutes prestations de services et de conseils aux institutions de retraite professionnelles...; tous services de gestion administrative...; le développement et la…
Full purpose
Toutes prestations de services et de conseils aux institutions de retraite professionnelles...; tous services de gestion administrative...; le développement et la commercialisation... de services en matière de prévention...; l'intermédiation d'assurances; l'intermédiation en crédit hypothécaire; l'intermédiation en crédit à la consommation; l'apport de clients en services financiers.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of Ethias Solution and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
64 connected companies
Depth
Shared directorsBundled connections
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 24,517 companies in sector 82990 we hold annual accounts for 9,415. 1,994 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded12-05-2010
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
66290Activities auxiliary to financial services and insurance activities