ETHICS
ActiveSummary
ETHICS has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €77,546 and a net result of -€8,989. Equity is shrinking by ~2.5% per year across the filed fiscal years. Its solvency ranks better than 51% of 28281 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability62▲+54
Solvency73▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 2.88 against 3.36 in 2024; short-term debt: 23.2% and cash: 9.6% of total assets), but 52.1% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
47.9%
Return on assets
-5.5%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€8,989
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 17-04-2026, 105 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
105 d early
2024
87 d early
2023
99 d early
2022
130 d early
2021
123 d early
2020
106 d early
2019
127 d early
← 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 111 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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 17 April (5 of the last 5 filed years within 30 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, micro schema
In the rankings
#10 oldest company in Yvoir, Construction sector
Equity
€77,546▼ 10.4%
2024 · €86,535
Total assets
€161,991▼ 6.9%
2024 · €173,970
Net result
-€8,989▲ 39.8%
2024 · -€14,936
Working capital
€70,598▼ 7.4%
2024 · €76,201
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€5,711▲ 37.5%€1,824▼ 68.1%-€8,214-€15,152▼ 84.5%-€9,144▲ 39.7%
Net result€4,038within the sector's middle half▲ 6.9%€968within the sector's middle half▼ 76.0%-€8,110below the sector's middle half-€14,936below the sector's middle half▼ 84.2%-€8,989below the sector's middle half▲ 39.8%
Equity€108,613within the sector's middle half▲ 3.9%€109,581within the sector's middle half▲ 0.9%€101,471within the sector's middle half▼ 7.4%€86,535within the sector's middle half▼ 14.7%€77,546within the sector's middle half▼ 10.4%
Total assets€220,564within the sector's middle half▼ 6.3%€215,405within the sector's middle half▼ 2.3%€200,326within the sector's middle half▼ 7.0%€173,970within the sector's middle half▼ 13.2%€161,991within the sector's middle half▼ 6.9%
Debt€111,951▼ 14.5%€105,824▼ 5.5%€98,855▼ 6.6%€87,435▼ 11.6%€84,445▼ 3.4%
Working capital€86,708above the sector's middle half▲ 10.9%€92,966above the sector's middle half▲ 7.2%€87,971within the sector's middle half▼ 5.4%€76,201within the sector's middle half▼ 13.4%€70,598within the sector's middle half▼ 7.4%
Solvency49.2%within the sector's middle half▲ 4.8pp50.9%within the sector's middle half▲ 1.6pp50.7%within the sector's middle half▼ 0.2pp49.7%within the sector's middle half▼ 0.9pp47.9%within the sector's middle half▼ 1.9pp
Current ratio3.71above the sector's middle half▲ 0.883.72above the sector's middle half▲ 0.013.48above the sector's middle half▼ 0.243.36above the sector's middle half▼ 0.122.88within the sector's middle half▼ 0.48
Return on assets (ROA)1.8%within the sector's middle half▲ 0.2pp0.4%below the sector's middle half▼ 1.4pp-4.0%below the sector's middle half▼ 4.5pp-8.6%below the sector's middle half▼ 4.5pp-5.5%below the sector's middle half▲ 3.0pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9,144 in 2025 against €15,152 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €161,991
Fixed assets
€53,748 ▼ 17.9%
Current assets
€108,243 ▼ 0.3%
Equity and liabilities €161,991
Equity
€77,546 ▼ 10.4%
Debt
€84,445 ▼ 3.4%
Debt's share of the balance-sheet total rises from 50.3% to 52.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,671▲
2024 · -€2,713
Cash flow
€3,826▲
2024 · -€2,497
Debt to equity
1.09▲
2024 · 1.01
ROE
-11.6%▲
2024 · -17.3%
Interest coverage
26.60▲
2024 · -18.97
Debt ≤ 1 year
€37,645▲
2024 · €32,335
Debt > 1 year
€46,800▼
2024 · €55,100
Income taxes
€126▲
2024 · €64
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 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% | 1.9% |
| 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 12,321 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €450 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,924 | €13,590 | €12,115 | €12,439 | €12,815 | ▲ 3.0% |
| Other operating charges640/8 | - | €57 | €53 | €53 | €54 | ▲ 1.9% |
| Gross operating margin9900 | €19,690 | €15,471 | €3,954 | -€2,660 | €3,725 | ▲ 240% |
| Operating profit (loss)9901 | €5,711 | €1,824 | -€8,214 | -€15,152 | -€9,144 | ▲ 39.7% |
| Financial income75/76B | - | - | €325 | €423 | €419 | ▼ 0.9% |
| Recurring financial income75 | €74 | - | €325 | €423 | €419 | ▼ 0.9% |
| Financial charges65/66B | - | €149 | €142 | €143 | €138 | ▼ 3.5% |
| Recurring financial charges65 | €247 | €149 | €142 | €143 | €138 | ▼ 3.5% |
| Profit (loss) for the period before taxes9903 | €5,538 | €1,675 | -€8,031 | -€14,872 | -€8,863 | ▲ 40.4% |
| Income taxes67/77 | €1,500 | €707 | €79 | €64 | €126 | ▲ 96.9% |
| Profit (loss) for the period9904 | €4,038 | €968 | -€8,110 | -€14,936 | -€8,989 | ▲ 39.8% |
| Profit (loss) for the period to be appropriated9905 | €4,038 | €968 | -€8,110 | -€14,936 | -€8,989 | ▲ 39.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €220,564 | €215,405 | €200,326 | €173,970 | €161,991 | ▼ 6.9% |
| Fixed assets21/28 | €101,905 | €88,315 | €76,900 | €65,434 | €53,748 | ▼ 17.9% |
| Tangible fixed assets22/27 | €101,905 | €88,315 | €76,900 | €65,434 | €53,748 | ▼ 17.9% |
| Land and buildings22 | - | €88,315 | €76,434 | €64,552 | €52,671 | ▼ 18.4% |
| Plant, machinery and equipment23 | - | - | €466 | €882 | €1,077 | ▲ 22.1% |
| Current assets29/58 | €118,659 | €127,090 | €123,426 | €108,536 | €108,243 | ▼ 0.3% |
| Stocks and contracts in progress3 | €222 | €1,903 | - | €3,300 | - | - |
| Stocks30/36 | - | €1,903 | - | €3,300 | - | - |
| Amounts receivable within one year40/41 | €1,100 | €12,132 | €1,087 | €543 | €1,448 | ▲ 167% |
| Trade receivables40 | - | €12,132 | €778 | €281 | €1,322 | ▲ 370% |
| Other amounts receivable41 | - | - | €309 | €262 | €126 | ▼ 51.9% |
| Current investments50/53 | €60,489 | €60,489 | €60,628 | €90,921 | €91,214 | ▲ 0.3% |
| Cash at bank and in hand54/58 | €56,848 | €52,566 | €61,711 | €13,772 | €15,581 | ▲ 13.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €220,564 | €215,405 | €200,326 | €173,970 | €161,991 | ▼ 6.9% |
| Equity10/15 | €108,613 | €109,581 | €101,471 | €86,535 | €77,546 | ▼ 10.4% |
| Contributions10/11 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Capital10 | - | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Issued capital100 | - | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Reserves13 | €33,025 | €33,025 | €33,025 | €33,025 | €33,025 | = |
| Non-distributable reserves130/1 | - | €4,385 | €4,385 | €4,385 | €4,385 | = |
| Legal reserve130 | - | €4,385 | €4,385 | €4,385 | €4,385 | = |
| Tax-exempt reserves132 | - | €28,640 | €28,640 | €28,640 | €28,640 | = |
| Profit (loss) carried forward14 | €30,588 | €31,556 | €23,446 | €8,510 | -€479 | ▼ 106% |
| Amounts payable17/49 | €111,951 | €105,824 | €98,855 | €87,435 | €84,445 | ▼ 3.4% |
| Amounts payable after more than one year17 | €80,000 | €71,700 | €63,400 | €55,100 | €46,800 | ▼ 15.1% |
| Financial debts170/4 | - | €71,700 | €63,400 | €55,100 | €46,800 | ▼ 15.1% |
| Amounts payable within one year42/48 | €31,951 | €34,124 | €35,455 | €32,335 | €37,645 | ▲ 16.4% |
| Trade debts44 | €260 | €333 | €66 | €70 | €212 | ▲ 203% |
| Suppliers440/4 | - | €333 | €66 | €70 | €212 | ▲ 203% |
| Taxes, remuneration and social security45 | - | €3,767 | €1,173 | - | €1,620 | - |
| Taxes450/3 | - | €3,767 | €1,173 | - | €1,620 | - |
| Other amounts payable47/48 | - | €30,024 | €34,216 | €32,265 | €35,813 | ▲ 11.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,038 | €968 | -€8,110 | -€14,936 | -€8,989 | ▲ 39.8% |
| + Depreciation and write-downs630 | €13,924 | €13,590 | €12,115 | €12,439 | €12,815 | ▲ 3.0% |
| Operating cash flow (approximation) | €17,962 | €14,558 | €4,005 | -€2,497 | €3,826 | ▲ 253% |
| Investment in fixed assets (approximation) | - | €0 | -€700 | -€973 | -€1,129 | ▼ 16.0% |
| Change in cash | - | -€4,282 | €9,145 | -€47,939 | €1,809 | ▲ 104% |
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
17-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€14,936
Net result drops to -€14,936, the lowest in the series; recovery starts the following year.
23-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
23-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
16-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
02-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
13-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
10-04
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
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, Yvoir · 1 establishment unit since 2003
Ground area
938 m²
Building footprint
92 m²
Parcel 91124A0329/00P000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue des Rivières, Spontin 27, 5530 Yvoir
since 20032.126.987.393
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91124A0329/00P000 | Wallonia | 938 m² | 1 · 92 m² | - |
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 22,827 companies in sector 43211 we hold annual accounts for 10,338. 8,794 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 (pre-2019)
Founded26-03-2003
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0479798622
Registered
23-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.