ETHIKOS
ActiveSummary
ETHIKOS has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-30k) and a net result of €-40k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 1004 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-38
Solvency21▼-5
Growth47▼-21
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.96 against 1.02 in 2024; short-term debt: 101.4% and cash: 26% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Six 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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% 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
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
-3.5%
Return on assets
-4.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year €-30k
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 31-03-2026, 122 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
122 d early
2024
4 d early
2023
29 d late
2022
31 d late
2021
153 d early
2020
129 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.68M▼ 11.7%
2024 · €3.03M
EBIT margin
-1.5%▼ 1.4pp
2024 · -0.1%
Net result
€-40k▼ 3,003%
2024 · €-1k
Working capital
€-39k
2024 · €15k
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
Line20212022202320242025
Turnover€1.67M€3.22M▲ 92.7%€3.03M€2.68M▼ 11.7%
Operating result€31k▲ 1,179%€42k▲ 36.2%€-21k€-2k▲ 89.5%€-40k▼ 1,764%
Net result€23k▲ 1,849%€30k▲ 28.1%€-21k€-1k▲ 93.9%€-40k▼ 3,003%
EBIT margin1.8%1.3%▼ 0.5pp-0.1%-1.5%▼ 1.4pp
Equity€2k=€32k▲ 1,354%€11k▼ 66.4%€9k▼ 12.1%€-30k
Total assets€643k▲ 107%€704k▲ 9.4%€1.09M▲ 55.6%€794k▼ 27.5%€870k▲ 9.6%
Debt€641k▲ 108%€672k▲ 4.8%€1.08M▲ 61.4%€785k▼ 27.6%€901k▲ 14.8%
Working capital€2k▼ 90.9%€42k▲ 2,438%€29k▼ 32.1%€15k▼ 46.5%€-39k
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €40k in 2025 against €2k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €870k
Fixed assets
€26k ▲ 85.5%
Current assets
€844k ▲ 8.2%
Key figures and ratios
EBITDA
€-34k▼
2024 · €3k
Cash flow
€-34k▼
2024 · €4k
Solvency
-3.5%▼
2024 · 1.2%
Current ratio
0.96▼
2024 · 1.02
Debt to equity
-29.56▼
2024 · 83.75
ROA
-4.6%▼
2024 · -0.2%
Interest coverage
-64.79▼
2024 · 5.91
Debt ≤ 1 year
€883k▲
2024 · €765k
Debt > 1 year
€12k=
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €1.67M | €3.22M | - | €3.03M | €2.68M | ▼ 11.7% |
| Goods, raw materials, services and sundry goods60/61 | - | €3.17M | - | €3.03M | €2.72M | ▼ 10.4% |
| Remuneration, social security and pensions62 | - | €2k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1k | €4k | €4k | €5k | €6k | ▲ 24.1% |
| Other operating charges640/8 | - | €348 | €384 | €320 | - | - |
| Gross operating margin9900 | €32k | €49k | €-16k | €3k | €-34k | ▼ 1,192% |
| Operating profit (loss)9901 | €31k | €42k | €-21k | €-2k | €-40k | ▼ 1,764% |
| Financial income75/76B | - | - | €15 | €1k | €923 | ▼ 31.6% |
| Recurring financial income75 | - | - | €15 | €1k | €923 | ▼ 31.6% |
| Financial charges65/66B | - | €1k | €333 | €474 | €526 | ▲ 11.0% |
| Recurring financial charges65 | €205 | €1k | €333 | €474 | €526 | ▲ 11.0% |
| Profit (loss) for the period before taxes9903 | €31k | €41k | €-21k | €-1k | €-40k | ▼ 3,003% |
| Income taxes67/77 | €7k | €11k | €162 | - | - | - |
| Profit (loss) for the period9904 | €23k | €30k | €-21k | €-1k | €-40k | ▼ 3,003% |
| Profit (loss) for the period to be appropriated9905 | €23k | €30k | €-21k | €-1k | €-40k | ▼ 3,003% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €643k | €704k | €1.09M | €794k | €870k | ▲ 9.6% |
| Fixed assets21/28 | €20k | €13k | €9k | €14k | €26k | ▲ 85.5% |
| Intangible fixed assets21 | - | - | - | €7k | €12k | ▲ 72.4% |
| Tangible fixed assets22/27 | €17k | €12k | €8k | €6k | €2k | ▼ 67.0% |
| Furniture and vehicles24 | - | €12k | €8k | €6k | €2k | ▼ 67.0% |
| Financial fixed assets28 | €3k | €1k | €1k | €1k | €13k | ▲ 828% |
| Current assets29/58 | €624k | €690k | €1.09M | €780k | €844k | ▲ 8.2% |
| Amounts receivable within one year40/41 | €285k | €527k | €746k | €544k | €617k | ▲ 13.4% |
| Trade receivables40 | - | €521k | €707k | €455k | €596k | ▲ 31.0% |
| Other amounts receivable41 | - | €5k | €39k | €89k | €22k | ▼ 75.9% |
| Cash at bank and in hand54/58 | €334k | €160k | €340k | €236k | €227k | ▼ 3.8% |
| Deferred charges and accrued income490/1 | - | €3k | - | €302 | €145 | ▼ 52.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €643k | €704k | €1.09M | €794k | €870k | ▲ 9.6% |
| Equity10/15 | €2k | €32k | €11k | €9k | €-30k | ▼ 425% |
| Contributions10/11 | - | €1k | €1k | €1k | €1k | = |
| Reserves13 | €100 | €100 | €100 | €100 | €100 | = |
| Non-distributable reserves130/1 | - | €100 | €100 | €100 | €100 | = |
| Reserves not available under the articles1311 | - | €100 | €100 | €100 | €100 | = |
| Profit (loss) carried forward14 | €1k | €31k | €10k | €8k | €-32k | ▼ 482% |
| Amounts payable17/49 | €641k | €672k | €1.08M | €785k | €901k | ▲ 14.8% |
| Amounts payable after more than one year17 | €19k | €20k | €21k | €12k | €12k | = |
| Other amounts payable178/9 | - | €20k | €21k | €12k | €12k | = |
| Amounts payable within one year42/48 | €622k | €648k | €1.06M | €765k | €883k | ▲ 15.4% |
| Trade debts44 | €588k | €582k | €987k | €741k | €858k | ▲ 15.8% |
| Suppliers440/4 | - | €582k | €987k | €741k | €858k | ▲ 15.8% |
| Taxes, remuneration and social security45 | - | €14k | €7k | - | - | - |
| Taxes450/3 | - | €14k | €7k | - | - | - |
| Other amounts payable47/48 | - | €53k | €63k | €24k | €24k | ▲ 2.3% |
| Accrued charges and deferred income492/3 | - | €4k | €6k | €8k | €6k | ▼ 25.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23k | €30k | €-21k | €-1k | €-40k | ▼ 3,003% |
| + Depreciation and write-downs630 | €1k | €4k | €4k | €5k | €6k | ▲ 24.1% |
| Operating cash flow (approximation) | €24k | €34k | €-17k | €4k | €-34k | ▼ 1,016% |
| Investment in fixed assets (approximation) | - | €2k | €0 | €-10k | €-18k | ▼ 82.2% |
| Change in cash | - | €-174k | €180k | €-104k | €-9k | ▲ 91.3% |
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
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-40k
Net result drops to €-40k, the lowest in the series.
27-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Highest result since 2020net €30k ▲28.1%
Operating result €42k, net result €30k, both a record.
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Brussel · 1 establishment unit since 2019
Ground area
404 m²
Building footprint
241 m²
Volume, LiDAR
6,419 m³
Parcel 21807G0016/00Z002, Brussels · tallest building 30.1 m, ±9 floors. Linked by address, not a title deed.
26
companies at this address
See who is registered here
1 establishment unit
ETHIKOS
since 20192.291.649.051
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0016/00Z002 | Brussels | 404 m² | 1 · 241 m² | 30.1 m · 9 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 22,069 companies in sector 69101 we hold annual accounts for 9,052. 4,530 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
Founded23-07-2019
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
Scores and ratios are computed by Checked and are not a credit decision.