ETHIMA
ActiveSummary
ETHIMA has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €49,851 and a net result of €55,985. Equity is shrinking by ~31% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2025. Its solvency ranks better than 19% of 20783 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+22
Solvency47▲+19
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity tight (current ratio 1.41 against 0.8 in 2023; short-term debt: 24.8% and cash: 21% of total assets), and 77.5% of the assets are financed with debt.
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Signals
Seven 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% 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
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 2024Solvency, return and age of the figures
Solvency
22.5%
Return on assets
25.2%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 20783 sector peers (2024).
NBB · sector comparisonPosition among 20783 sector peers
Solvency
better than 19%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €49,851
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 14-07-2025, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
17 d early
2023
27 d late
2022
29 d late
2021
61 d late
2020
20 d late
2019
42 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 27 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€49,851▲ 704%
2023 · €6,200
Total assets
€221,892▼ 4.6%
2023 · €232,482
Net result
€55,985▲ 220%
2023 · €17,480
Working capital
€22,420
2023 · -€19,886
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
Line20202021202220232024
Operating result€12,422▲ 378%€7,601▼ 38.8%€5,330▼ 29.9%€31,943▲ 499%€85,231▲ 167%
Net result€5,396-€962-€45,835▼ 4,663%€17,480€55,985▲ 220%
Equity€76,990▼ 44.2%€76,028▼ 1.2%€30,193▼ 60.3%€6,200▼ 79.5%€49,851▲ 704%
Total assets€344,740▲ 80.2%€300,937▼ 12.7%€229,000▼ 23.9%€232,482▲ 1.5%€221,892▼ 4.6%
Debt€267,749▲ 402%€224,909▼ 16.0%€198,807▼ 11.6%€226,282▲ 13.8%€172,042▼ 24.0%
Working capital-€10,349-€3,351▲ 67.6%€1,005-€19,886€22,420
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 167% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €221,892
Fixed assets
€144,541 ▼ 5.6%
Current assets
€77,351 ▼ 2.5%
Equity and liabilities €221,892
Equity
€49,851 ▲ 704%
Debt
€172,042 ▼ 24.0%
Debt's share of the balance-sheet total falls from 97.3% to 77.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€94,607▲
2023 · €50,602
Cash flow
€65,360▲
2023 · €36,139
Current ratio
1.41▲
2023 · 0.80
Debt to equity
3.45▼
2023 · 36.50
ROE
112.3%▼
2023 · 281.9%
ROA
25.2%▲
2023 · 7.5%
Interest coverage
56.10▲
2023 · 17.96
Debt ≤ 1 year
€54,931▼
2023 · €99,187
Debt > 1 year
€116,811▼
2023 · €124,068
Income taxes
€27,719▲
2023 · €11,762
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,149 | €22,230 | €22,561 | €18,659 | €9,376 | ▼ 49.8% |
| Other operating charges640/8 | - | €2,038 | €917 | €1,455 | €1,013 | ▼ 30.3% |
| Gross operating margin9900 | €21,778 | €31,869 | €28,808 | €52,056 | €95,620 | ▲ 83.7% |
| Operating profit (loss)9901 | €12,422 | €7,601 | €5,330 | €31,943 | €85,231 | ▲ 167% |
| Financial income75/76B | - | €0 | - | €117 | €158 | ▲ 35.7% |
| Recurring financial income75 | €48 | €0 | - | €117 | €158 | ▲ 35.7% |
| Financial charges65/66B | - | €3,890 | €48,493 | €2,818 | €1,686 | ▼ 40.2% |
| Recurring financial charges65 | €2,394 | €3,890 | €48,493 | €2,818 | €1,686 | ▼ 40.2% |
| Profit (loss) for the period before taxes9903 | €10,076 | €3,711 | -€43,162 | €29,242 | €83,703 | ▲ 186% |
| Income taxes67/77 | €4,679 | €4,674 | €2,673 | €11,762 | €27,719 | ▲ 136% |
| Profit (loss) for the period9904 | €5,396 | -€962 | -€45,835 | €17,480 | €55,985 | ▲ 220% |
| Profit (loss) for the period to be appropriated9905 | €5,396 | -€962 | -€45,835 | €17,480 | €55,985 | ▲ 220% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €344,740 | €300,937 | €229,000 | €232,482 | €221,892 | ▼ 4.6% |
| Fixed assets21/28 | €262,267 | €239,101 | €171,840 | €153,181 | €144,541 | ▼ 5.6% |
| Tangible fixed assets22/27 | €212,267 | €189,101 | €171,840 | €153,181 | €144,541 | ▼ 5.6% |
| Land and buildings22 | - | €166,372 | €162,526 | €153,181 | €143,836 | ▼ 6.1% |
| Furniture and vehicles24 | - | €22,729 | €9,314 | - | €705 | - |
| Financial fixed assets28 | €50,000 | €50,000 | - | - | - | - |
| Current assets29/58 | €82,473 | €61,836 | €57,160 | €79,301 | €77,351 | ▼ 2.5% |
| Amounts receivable within one year40/41 | €16,652 | €22,948 | €17,956 | €23,758 | €27,009 | ▲ 13.7% |
| Trade receivables40 | - | €22,942 | €16,618 | €23,758 | €15,598 | ▼ 34.3% |
| Other amounts receivable41 | - | €7 | €1,337 | - | €11,411 | - |
| Cash at bank and in hand54/58 | €64,115 | €38,387 | €38,553 | €55,216 | €46,508 | ▼ 15.8% |
| Deferred charges and accrued income490/1 | - | €501 | €651 | €328 | €3,834 | ▲ 1,068% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €344,740 | €300,937 | €229,000 | €232,482 | €221,892 | ▼ 4.6% |
| Equity10/15 | €76,990 | €76,028 | €30,193 | €6,200 | €49,851 | ▲ 704% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €70,789 | €69,789 | €69,789 | €28,316 | €43,651 | ▲ 54.2% |
| Distributable reserves133 | - | €69,789 | €69,789 | €28,316 | €43,651 | ▲ 54.2% |
| Profit (loss) carried forward14 | €1 | €39 | -€45,797 | -€28,316 | - | - |
| Amounts payable17/49 | €267,749 | €224,909 | €198,807 | €226,282 | €172,042 | ▼ 24.0% |
| Amounts payable after more than one year17 | €171,148 | €155,396 | €139,453 | €124,068 | €116,811 | ▼ 5.8% |
| Financial debts170/4 | - | €155,396 | €139,453 | €124,068 | €116,811 | ▼ 5.8% |
| Amounts payable within one year42/48 | €92,822 | €65,187 | €56,154 | €99,187 | €54,931 | ▼ 44.6% |
| Current portion of amounts payable after more than one year42 | - | €15,752 | €15,943 | €15,385 | €8,743 | ▼ 43.2% |
| Trade debts44 | €23,214 | €1,810 | €2,430 | €10,756 | €8,327 | ▼ 22.6% |
| Suppliers440/4 | - | €1,810 | €2,430 | €10,756 | €8,327 | ▼ 22.6% |
| Taxes, remuneration and social security45 | - | €7,635 | €2,216 | €10,508 | €25,527 | ▲ 143% |
| Taxes450/3 | - | €7,635 | €2,216 | €10,508 | €25,527 | ▲ 143% |
| Other amounts payable47/48 | - | €39,990 | €35,565 | €62,538 | €12,334 | ▼ 80.3% |
| Accrued charges and deferred income492/3 | - | €4,327 | €3,199 | €3,027 | €300 | ▼ 90.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,396 | -€962 | -€45,835 | €17,480 | €55,985 | ▲ 220% |
| + Depreciation and write-downs630 | €6,149 | €22,230 | €22,561 | €18,659 | €9,376 | ▼ 49.8% |
| Operating cash flow (approximation) | €11,545 | €21,268 | -€23,274 | €36,139 | €65,360 | ▲ 80.9% |
| Investment in fixed assets (approximation) | - | €936 | €44,700 | €0 | -€736 | - |
| Change in cash | - | -€25,727 | €166 | €16,662 | -€8,707 | ▼ 152% |
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
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €55,985 ▲220%
Operating result €85,231, net result €55,985, both a record.
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Back to profitnet €17,480
Net result €17,480 after 2 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Weakest financial yearnet -€45,835
Net result drops to -€45,835, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 20 days late
2020
31-12
Financial
Back to profitnet €5,396
Net result €5,396 after 2 loss-making years.
11-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 42 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
2016
05-07
NBB filing
Annual accounts filed
fiscal year 2015 · 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, Braine-l'Alleud · 1 establishment unit since 2008
Ground area
1.1 ha
Building footprint
823 m²
Volume, LiDAR
7,227 m³
2 parcels, Flanders, Wallonia · tallest building 12.9 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Ethima
since 20082.170.155.660
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25054A0280/00Y000 | Wallonia | 8,310 m² | 1 · 709 m² | 12.8 m · 4 fl. |
| 23032E0272/00P002 | Flanders | 2,739 m² | 1 · 113 m² | 1.1 m |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 30,002 companies in sector 62200 we hold annual accounts for 18,394. 15,348 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
Founded14-04-2008
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
62900Other information technology and computer services
68110Buying and selling of own real estate
70200Business and other management consultancy
93199Other sports activities
Contact
E-mail
pascal.chanteux@gmail.comPajottegem
Phone
0486/31.76.68Pajottegem
Scores and ratios are computed by Checked and are not a credit decision.