Ethias Solution
ActiveSummary
Ethias Solution has been active since 2010 and the Belgian Official 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 about 7.8% per year across the filed financial years. Its solvency ranks better than 69% of 1,139 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format
Turnover
€4.1m▼ 3.0%
2024 · €4.3m
EBIT margin
15.4%▼ 6.5pp
2024 · 21.9%
Net result
€531,352▼ 34.0%
2024 · €805,566
Working capital
€4.2m▼ 2.1%
2024 · €4.3m
Trend over the years
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result falls in 2025; 2025 is 32% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€4.1m
2025
Operating result€0.6m
2025
Net result€0.5m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€6.6m
2025
Equity€4.5m
2025
Debt€2.1m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€4.2m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin15.4%
2025
Return on assets (ROA)8.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency68.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.00
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€1.4m€2.8m▲ 100%€4.3m▲ 51.9%€4.1m▼ 3.0%
Operating result€0.07m€0.5m▲ 660%€0.9m▲ 77.2%€0.6m▼ 31.6%
Net result€0.05mwithin the sector's middle half€0.5mabove the sector's middle half▲ 829%€0.8mabove the sector's middle half▲ 71.1%€0.5mabove the sector's middle half▼ 34.0%
EBIT margin4.9%18.8%▲ 13.8pp21.9%▲ 3.1pp15.4%▼ 6.5pp
Equity€3.6mabove the sector's middle half€3.9mabove the sector's middle half▲ 6.8%€4.3mabove the sector's middle half▲ 11.0%€4.5mabove the sector's middle half▲ 5.0%
Total assets€3.8mwithin the sector's middle half-€6.2mabove the sector's middle half▲ 64.3%€6.5mwithin the sector's middle half▲ 4.1%€7.3mabove the sector's middle half▲ 12.5%€8.0mabove the sector's middle half▲ 9.6%€6.6mwithin the sector's middle half▼ 17.2%
Debt€2.9m€3.4m▲ 19.7%€3.7m▲ 7.9%€2.1m▼ 43.0%
Working capital€3.6mabove the sector's middle half€3.8mabove the sector's middle half▲ 7.2%€4.3mabove the sector's middle half▲ 11.4%€4.2mabove the sector's middle half▼ 2.1%
Solvency55.8%within the sector's middle half53.0%within the sector's middle half▼ 2.8pp53.7%within the sector's middle half▲ 0.7pp68.1%within the sector's middle half▲ 14.4pp
Current ratio2.25within the sector's middle half2.12within the sector's middle half▼ 0.132.16within the sector's middle half▲ 0.043.00within the sector's middle half▲ 0.85
Return on assets (ROA)0.8%within the sector's middle half6.5%within the sector's middle half▲ 5.7pp10.1%within the sector's middle half▲ 3.6pp8.0%within the sector's middle half▼ 2.1pp
above
within
below
the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2021 Total assets +64% on 2020. Capital increase of €5,000,000 (Official Gazette 12-04-2021).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.6m
Fixed assets
€343,496 ▲ 1,628%
Current assets
€6.3m ▼ 21.3%
Equity and liabilities €6.6m
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
EBITDA
€650,463▼
2024 · €945,698
Cash flow
€543,189▼
2024 · €817,403
Debt to equity
0.47▼
2024 · 0.86
ROE
11.8%▼
2024 · 18.8%
Interest coverage
over 100
2024 · over 100
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 observationOf the 546 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 95.2% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
4.2%
stopped otherwise
95.2%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 497,468 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 546 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 | 2020 | 2021 | 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 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.02m | €0.01m | €0.07m | -€0.05m | - |
| Other operating charges640/8 | - | - | €0.006m | €0.002m | - | €0.001m | - |
| Non-recurring operating charges66A | - | - | - | - | - | €0.005m | - |
| Operating profit (loss)9901 | - | - | €0.07m | €0.5m | €0.9m | €0.6m | ▼ 31.6% |
| Financial income75/76B | - | - | - | - | €0.1m | €0.07m | ▼ 48.8% |
| Recurring financial income75 | - | - | - | - | €0.1m | €0.07m | ▼ 48.8% |
| Income from financial fixed assets750 | - | - | - | - | €0.1m | €0.008m | ▼ 94.2% |
| Income from current assets751 | - | - | - | - | - | €0.06m | - |
| Financial charges65/66B | - | - | €0.02m | €0.006m | €0.002m | €0.001m | ▼ 46.5% |
| Recurring financial charges65 | - | - | €0.02m | €0.006m | €0.002m | €0.001m | ▼ 46.5% |
| Other financial charges652/9 | - | - | €0.02m | €0.006m | €0.002m | €0.001m | ▼ 46.5% |
| Profit (loss) for the period before taxes9903 | - | - | €0.05m | €0.5m | €1.1m | €0.7m | ▼ 33.9% |
| Income taxes67/77 | - | - | - | €0.05m | €0.3m | €0.2m | ▼ 33.3% |
| Taxes670/3 | - | - | - | €0.05m | €0.3m | €0.2m | ▼ 33.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €40 | - | - |
| Profit (loss) for the period9904 | - | - | €0.05m | €0.5m | €0.8m | €0.5m | ▼ 34.0% |
| Profit (loss) for the period to be appropriated9905 | - | - | €0.05m | €0.5m | €0.8m | €0.5m | ▼ 34.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €3.8m | €6.2m | €6.5m | €7.3m | €8.0m | €6.6m | ▼ 17.2% |
| Fixed assets21/28 | - | - | €0.04m | €0.03m | €0.02m | €0.3m | ▲ 1,628% |
| Intangible fixed assets21 | - | - | €0.04m | €0.03m | €0.02m | €0.008m | ▼ 59.6% |
| Financial fixed assets28 | - | - | - | - | - | €0.3m | - |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.3m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.3m | - |
| 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 | - | €0.005m | €0.2m | ▲ 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 | - | - | - | - | €0.008m | €0.004m | ▼ 50.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €3.8m | €6.2m | €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 | - | - | €0.03m | €0.05m | €0.09m | €0.1m | ▲ 29.7% |
| Non-distributable reserves130/1 | - | - | €0.03m | €0.05m | €0.09m | €0.1m | ▲ 29.7% |
| Legal reserve130 | - | - | €0.03m | €0.05m | €0.09m | €0.1m | ▲ 29.7% |
| Profit (loss) carried forward14 | - | - | -€0.2m | €0.06m | €0.4m | €0.6m | ▲ 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 | - | - | - | €0.002m | - | - | - |
| Credit institutions430/8 | - | - | - | €0.002m | - | - | - |
| Trade debts44 | - | - | €0.5m | €0.6m | €0.9m | €0.3m | ▼ 63.4% |
| Suppliers440/4 | - | - | €0.5m | €0.6m | €0.9m | €0.3m | ▼ 63.4% |
| Advances received on contracts in progress46 | - | - | €2.2m | €2.4m | €2.3m | €1.4m | ▼ 39.3% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.07m | €0.09m | €0.02m | ▼ 72.8% |
| Taxes450/3 | - | - | €0.03m | €0.07m | €0.09m | €0.02m | ▼ 72.8% |
| Other amounts payable47/48 | - | - | €0.1m | €0.3m | €0.4m | €0.3m | ▼ 14.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.02m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | €0.05m | €0.5m | €0.8m | €0.5m | ▼ 34.0% |
| + Depreciation and write-downs630 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Operating cash flow (approximation) | - | - | €0.06m | €0.5m | €0.8m | €0.5m | ▼ 33.5% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | -€0.3m | - |
| Change in cash | - | - | - | €0.2m | -€0.7m | -€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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 18-05-2026 | 2026-00117476 |
| 31-12-2024 | full format | 15-05-2025 | 2025-00102480 |
| 31-12-2023 | full format | 30-05-2024 | 2024-00113546 |
| 31-12-2022 | full format | 08-06-2023 | 2023-00130098 |
| 31-12-2021 | full format | 31-05-2022 | 2022-20047917 |
| 31-12-2020 | full format | 30-04-2021 | 2021-13200476 |
| 31-12-2019 | full format | 27-05-2020 | 2020-14400555 |
| 31-12-2018 | full format | 28-05-2019 | 2019-15500196 |
| 31-12-2017 | full format | 15-05-2018 | 2018-12900360 |
| 31-12-2016 | full format | 12-05-2017 | 2017-12000589 |
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Of the 24,162 active companies whose main activity is other business support services (NACE 82990), figures are known for 9,604. 2,001 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
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Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.