ETHICONOMIE
ActiveSummary
ETHICONOMIE has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €152,155 and a net result of €51,397. Equity is growing by ~49.4% per year across the filed fiscal years. Its solvency ranks better than 55% of 8782 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability93▲+15
Solvency83▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 2.16 against 1.92 in 2024; short-term debt: 29% and cash: 24.3% of total assets), and 41.6% 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○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 →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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
58.4%
Return on assets
19.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
14 d late
2023
55 d late
2022
31 d late
2021
117 d late
2020
44 d late
2019
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 38 days 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (4 of the last 5 filed years within 54 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€152,155▲ 23.3%
2024 · €123,368
Total assets
€260,671▲ 31.5%
2024 · €198,185
Net result
€51,397▲ 251%
2024 · €14,634
Working capital
€87,494▲ 27.7%
2024 · €68,539
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€34,970▲ 8.3%€51,559▲ 47.4%€65,117▲ 26.3%€22,331▼ 65.7%€74,555▲ 234%
Net result€21,644within the sector's middle half▼ 11.5%€33,630within the sector's middle half▲ 55.4%€44,435within the sector's middle half▲ 32.1%€14,634within the sector's middle half▼ 67.1%€51,397within the sector's middle half▲ 251%
Equity€30,668below the sector's middle half▲ 240%€64,298below the sector's middle half▲ 110%€108,734within the sector's middle half▲ 69.1%€123,368within the sector's middle half▲ 13.5%€152,155within the sector's middle half▲ 23.3%
Total assets€143,382below the sector's middle half▲ 17.4%€195,657below the sector's middle half▲ 36.5%€197,634within the sector's middle half▲ 1.0%€198,185below the sector's middle half▲ 0.3%€260,671below the sector's middle half▲ 31.5%
Debt€112,714▼ 0.3%€131,359▲ 16.5%€88,900▼ 32.3%€74,817▼ 15.8%€108,516▲ 45.0%
Working capital-€1,289within the sector's middle half▲ 88.3%€6,857within the sector's middle half€49,506within the sector's middle half▲ 622%€68,539within the sector's middle half▲ 38.4%€87,494within the sector's middle half▲ 27.7%
Solvency21.4%below the sector's middle half▲ 14.0pp32.9%within the sector's middle half▲ 11.5pp55.0%within the sector's middle half▲ 22.2pp62.2%within the sector's middle half▲ 7.2pp58.4%within the sector's middle half▼ 3.9pp
Current ratio0.99within the sector's middle half▲ 0.111.05within the sector's middle half▲ 0.061.56within the sector's middle half▲ 0.501.92within the sector's middle half▲ 0.362.16within the sector's middle half▲ 0.24
Return on assets (ROA)15.1%above the sector's middle half▼ 4.9pp17.2%above the sector's middle half▲ 2.1pp22.5%within the sector's middle half▲ 5.3pp7.4%within the sector's middle half▼ 15.1pp19.7%above the sector's middle half▲ 12.3pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 234% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €260,671
Fixed assets
€97,682 ▲ 78.2%
Current assets
€162,989 ▲ 13.7%
Equity and liabilities €260,671
Equity
€152,155 ▲ 23.3%
Debt
€108,516 ▲ 45.0%
Debt's share of the balance-sheet total rises from 37.8% to 41.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€86,133▲
2024 · €29,791
Cash flow
€62,975▲
2024 · €22,094
Debt to equity
0.71▲
2024 · 0.61
ROE
33.8%▲
2024 · 11.9%
Interest coverage
30.01▼
2024 · 40.04
Debt ≤ 1 year
€75,495▲
2024 · €74,817
Debt > 1 year
€33,021
Income taxes
€22,126▲
2024 · €9,110
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% 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 497,340 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% 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 31,371 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,892 | €3,820 | €7,163 | €7,460 | €11,578 | ▲ 55.2% |
| Other operating charges640/8 | €1,360 | €57 | €357 | €3,061 | €5,565 | ▲ 81.8% |
| Gross operating margin9900 | €42,221 | €55,437 | €72,636 | €32,852 | €91,698 | ▲ 179% |
| Operating profit (loss)9901 | €34,970 | €51,559 | €65,117 | €22,331 | €74,555 | ▲ 234% |
| Financial income75/76B | €170 | €41 | €36 | €2,157 | €1,837 | ▼ 14.8% |
| Recurring financial income75 | €170 | €41 | €36 | €2,157 | €1,837 | ▼ 14.8% |
| Financial charges65/66B | €2,721 | €2,565 | €1,129 | €744 | €2,870 | ▲ 286% |
| Recurring financial charges65 | €2,721 | €2,565 | €1,129 | €744 | €2,870 | ▲ 286% |
| Profit (loss) for the period before taxes9903 | €32,419 | €49,035 | €64,023 | €23,744 | €73,522 | ▲ 210% |
| Income taxes67/77 | €10,775 | €15,405 | €19,588 | €9,110 | €22,126 | ▲ 143% |
| Profit (loss) for the period9904 | €21,644 | €33,630 | €44,435 | €14,634 | €51,397 | ▲ 251% |
| Profit (loss) for the period to be appropriated9905 | €21,644 | €33,630 | €44,435 | €14,634 | €51,397 | ▲ 251% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €143,382 | €195,657 | €197,634 | €198,185 | €260,671 | ▲ 31.5% |
| Fixed assets21/28 | €42,290 | €57,442 | €59,227 | €54,828 | €97,682 | ▲ 78.2% |
| Tangible fixed assets22/27 | €17,290 | €32,442 | €34,227 | €29,828 | €72,682 | ▲ 144% |
| Plant, machinery and equipment23 | €752 | €644 | €537 | €429 | €322 | ▼ 25.0% |
| Furniture and vehicles24 | €9,583 | €13,586 | €9,861 | €6,315 | €50,981 | ▲ 707% |
| Other tangible fixed assets26 | €6,955 | €18,211 | €23,829 | €23,084 | €21,379 | ▼ 7.4% |
| Financial fixed assets28 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Current assets29/58 | €101,092 | €138,216 | €138,406 | €143,356 | €162,989 | ▲ 13.7% |
| Amounts receivable within one year40/41 | €49,493 | €64,769 | €49,882 | €86,072 | €89,293 | ▲ 3.7% |
| Trade receivables40 | - | €28,706 | €932 | €14,823 | €18,948 | ▲ 27.8% |
| Other amounts receivable41 | €49,493 | €36,064 | €48,949 | €71,250 | €70,345 | ▼ 1.3% |
| Cash at bank and in hand54/58 | €33,837 | €57,673 | €74,667 | €44,507 | €63,366 | ▲ 42.4% |
| Deferred charges and accrued income490/1 | €17,761 | €15,773 | €13,858 | €12,777 | €10,330 | ▼ 19.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €143,382 | €195,657 | €197,634 | €198,185 | €260,671 | ▲ 31.5% |
| Equity10/15 | €30,668 | €64,298 | €108,734 | €123,368 | €152,155 | ▲ 23.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €24,468 | €58,098 | €102,534 | €117,168 | €145,955 | ▲ 24.6% |
| Non-distributable reserves130/1 | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | €22,609 | €56,239 | €102,534 | €117,168 | €145,955 | ▲ 24.6% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €112,714 | €131,359 | €88,900 | €74,817 | €108,516 | ▲ 45.0% |
| Amounts payable after more than one year17 | €10,333 | - | - | - | €33,021 | - |
| Financial debts170/4 | €10,333 | - | - | - | €33,021 | - |
| Amounts payable within one year42/48 | €102,381 | €131,359 | €88,900 | €74,817 | €75,495 | ▲ 0.9% |
| Current portion of amounts payable after more than one year42 | €15,303 | €11,617 | - | - | €20,449 | - |
| Trade debts44 | €62,721 | €85,604 | €39,508 | €38,480 | €21,118 | ▼ 45.1% |
| Suppliers440/4 | €62,721 | €85,604 | €39,508 | €38,480 | €21,118 | ▼ 45.1% |
| Taxes, remuneration and social security45 | €24,356 | €34,138 | €49,392 | €36,337 | €33,928 | ▼ 6.6% |
| Taxes450/3 | €24,356 | €34,138 | €49,392 | €36,337 | €33,928 | ▼ 6.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,644 | €33,630 | €44,435 | €14,634 | €51,397 | ▲ 251% |
| + Depreciation and write-downs630 | €5,892 | €3,820 | €7,163 | €7,460 | €11,578 | ▲ 55.2% |
| Operating cash flow (approximation) | €27,536 | €37,450 | €51,598 | €22,094 | €62,975 | ▲ 185% |
| Investment in fixed assets (approximation) | - | -€18,972 | -€8,949 | -€3,061 | -€54,431 | ▼ 1,678% |
| Change in cash | - | €23,836 | €16,994 | -€30,160 | €18,860 | ▲ 163% |
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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
12-05
State Gazette act
Resignation: De Wijngaert Patrick (director)Appointment: DW INTERNATIONAL BV (director) · Permanent representative: De Wijngaert Patrick · Director discharge7 facts ▸
State Gazette act
Resignation: De Wijngaert Patrick (director)
Appointment: DW INTERNATIONAL BV (director) · Permanent representative: De Wijngaert Patrick · Director discharge7 facts ▸
- General meeting, 19-08-2025
- Director resignation, De Wijngaert Patrick (director)
- Director discharge, De Wijngaert Patrick
- Director appointment, DW INTERNATIONAL BV (director)
- Permanent representative, De Wijngaert Patrick (permanent representative)
- Other statement, geen benoemingsbeletsel, niet getroffen door enige maatregel die zich tegen de benoeming als bestuurder verzet
- Other statement, aanvaarding mandaat, het mandaat te aanvaarden
2025
31-12
Financial
Highest result since 2018net €51,397 ▲251%
Operating result €74,555, net result €51,397, both a record.
31-12
Financial
Equity above €150,000Eq €152,155 ▲23.3%
7 profitable years in a row build equity to €152,155.
14-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 14 days late
2024
24-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 55 days late
2023
31-12
Financial
Equity above €100,000Eq €108,734 ▲69.1%
5 profitable years in a row build equity to €108,734.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 117 days late
2021
13-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 44 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 28 days late
2019
31-12
Financial
Back to profitnet €39,404
Net result €39,404 after one loss-making year.
Show earlier events
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 58 days late
2018
18-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 49 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
DW INTERNATIONAL
CurrentDirector · since 01-01-2025 · Private limited company · perm. rep.: De Wijngaert Patrick
Permanent representatives 1
De Wijngaert Patrick
CurrentPermanent representative · since 01-01-2025 · for DW INTERNATIONAL
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 →
Not every act has been read: a resignation may be missing here
1 of this company's 2 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Heers · 1 establishment unit since 1995
Ground area
1,526 m²
Building footprint
195 m²
Volume, LiDAR
1,383 m³
Parcel 73033A0184/00K000, Flanders · tallest building 11.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Horpmaalstraat(Horpm.) 8, 3870 Heers
since 19952.071.064.024
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73033A0184/00K000 | Flanders | 1,526 m² | 1 · 195 m² | 11.6 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.
Mandate history
2 people since 2025, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| DW INTERNATIONAL |
|
| Patrick De Wijngaert |
|
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2025 annual accounts of ETHICONOMIE 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
1 current directorThe group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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Of 82,601 companies in sector 70200 we hold annual accounts for 52,615. 40,798 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
Founded10-11-1994
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453771245
Also
9925:BE0453771245
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.