ETHIMMO
ActiveSummary
For the legal form of ETHIMMO, Checked does not compute a bankruptcy probability. The 2025 annual accounts show equity of €507,911 and a net result of -€27,482. Equity is growing by ~12.3% per year across the filed fiscal years. The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability39=
Solvency45▼-1
Growth54=
Track record100
Credit verdict
Credit up to €23,000 at 30 days acceptable
Liquidity short (current ratio 0.64 against 1.85 in 2024; short-term debt: 4.1% and cash: 2.5% of total assets), and 80% of the assets are financed with debt.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 -€27,482
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 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
22 d early
2023
204 d late
2022
288 d late
2021
16 d early
2020
107 d late
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 78 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€96,197▼ 6.0%
2022 · €102,363
EBIT margin
415.3%▲ 323.8pp
2022 · 91.4%
Net result
-€27,482▼ 11.7%
2024 · -€24,605
Working capital
-€36,835
2024 · €96,295
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€84,330€102,363▲ 21.4%€96,197▼ 6.0%
Operating result€26,047▲ 18.2%€93,579▲ 259%€399,468▲ 327%€9,547▼ 97.6%€2,446▼ 74.4%
Net result-€9,325€47,026€269,029▲ 472%-€24,605-€27,482▼ 11.7%
EBIT margin30.9%91.4%▲ 60.5pp415.3%▲ 323.8pp
Equity€283,024▼ 4.9%€324,717▲ 14.7%€588,413▲ 81.2%€540,725▼ 8.1%€507,911▼ 6.1%
Total assets€1.9m▲ 0.4%€1.9m▼ 1.1%€2.5m▲ 36.9%€2.5m▲ 0.2%€2.5m▼ 0.3%
Debt€1.6m▲ 0.6%€1.5m▼ 5.6%€1.8m▲ 21.5%€1.9m▲ 3.1%€1.9m▲ 1.6%
Working capital-€238,522▼ 88.5%-€101,126▲ 57.6%€89,414€96,295▲ 7.7%-€36,835
Staff (FTE)0
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2023 Net result +472% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 74% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€2.5m ▲ 5.8%
Current assets
€66,567 ▼ 68.3%
Equity and liabilities €2.5m
Equity
€507,911 ▼ 6.1%
Provisions
€131,175 ▼ 3.4%
Debt
€1.9m ▲ 1.6%
Debt's share of the balance-sheet total rises from 73.4% to 74.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€105,120▼
2024 · €110,575
Cash flow
€75,192▼
2024 · €76,423
Current ratio
0.64▼
2024 · 1.85
Debt to equity
3.74▲
2024 · 3.46
ROE
-5.4%▼
2024 · -4.6%
ROA
-1.1%▼
2024 · -1.0%
Interest coverage
2.63▲
2024 · 2.57
Debt ≤ 1 year
€103,403▼
2024 · €113,758
Debt > 1 year
€1.8m▲
2024 · €1.7m
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 | €84,330 | €102,363 | €96,197 | - | - | - |
| Non-recurring operating income76A | €48,322 | €104,220 | €404,577 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €16,711 | €30,616 | €14,878 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79,156 | €74,888 | €74,874 | €101,028 | €102,673 | ▲ 1.6% |
| Other operating charges640/8 | €11,711 | €8,270 | €11,554 | €7,829 | €7,592 | ▼ 3.0% |
| Gross operating margin9900 | €116,915 | €176,737 | €485,896 | €118,404 | €112,711 | ▼ 4.8% |
| Operating profit (loss)9901 | €26,047 | €93,579 | €399,468 | €9,547 | €2,446 | ▼ 74.4% |
| Financial income75/76B | €5,333 | €5,333 | €5,333 | €5,333 | €5,394 | ▲ 1.1% |
| Recurring financial income75 | €5,333 | €5,333 | €5,333 | €5,333 | €5,394 | ▲ 1.1% |
| Financial charges65/66B | €28,625 | €25,831 | €34,627 | €43,015 | €39,897 | ▼ 7.2% |
| Recurring financial charges65 | €28,625 | €25,831 | €34,627 | €43,015 | €39,897 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €2,755 | €73,081 | €370,173 | -€28,135 | -€32,057 | ▼ 13.9% |
| Transfer from deferred taxes780 | - | - | - | €3,530 | €4,575 | ▲ 29.6% |
| Transfer to deferred taxes680 | €12,081 | €26,055 | €101,144 | - | - | - |
| Income taxes67/77 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€9,325 | €47,026 | €269,029 | -€24,605 | -€27,482 | ▼ 11.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €10,591 | €13,725 | ▲ 29.6% |
| Transfer to tax-exempt reserves689 | €36,242 | €78,165 | €303,433 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€45,567 | -€31,139 | -€34,404 | -€14,014 | -€13,757 | ▲ 1.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.9m | €1.9m | €2.5m | €2.5m | €2.5m | ▼ 0.3% |
| Fixed assets21/28 | €1.8m | €1.8m | €2.3m | €2.3m | €2.5m | ▲ 5.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.8m | €1.8m | €2.3m | €2.3m | €2.5m | ▲ 5.8% |
| Land and buildings22 | €1.8m | €1.6m | €1.7m | €2.3m | €2.5m | ▲ 5.9% |
| Assets under construction and advance payments27 | €50,477 | €217,454 | €625,840 | €3,630 | - | - |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €750 | ▲ 50.0% |
| Current assets29/58 | €41,919 | €41,290 | €202,756 | €210,053 | €66,567 | ▼ 68.3% |
| Amounts receivable within one year40/41 | €6,454 | €1,896 | €4,534 | - | - | - |
| Other amounts receivable41 | €6,454 | €1,896 | €4,534 | - | - | - |
| Cash at bank and in hand54/58 | €33,470 | €37,479 | €196,906 | €207,961 | €63,945 | ▼ 69.3% |
| Deferred charges and accrued income490/1 | €1,995 | €1,915 | €1,317 | €2,092 | €2,622 | ▲ 25.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.9m | €1.9m | €2.5m | €2.5m | €2.5m | ▼ 0.3% |
| Equity10/15 | €283,024 | €324,717 | €588,413 | €540,725 | €507,911 | ▼ 6.1% |
| Contributions10/11 | €210,250 | €210,250 | €210,250 | €192,500 | €192,500 | = |
| Capital10 | €210,250 | €210,250 | €210,250 | €192,500 | €192,500 | = |
| Issued capital100 | €210,250 | €210,250 | €210,250 | €192,500 | €192,500 | = |
| Reserves13 | €43,371 | €121,537 | €424,969 | €414,378 | €400,653 | ▼ 3.3% |
| Non-distributable reserves130/1 | €2,130 | €2,130 | €2,130 | €2,130 | €2,130 | = |
| Legal reserve130 | €2,130 | €2,130 | €2,130 | €2,130 | €2,130 | = |
| Tax-exempt reserves132 | €36,242 | €114,407 | €417,840 | €407,249 | €393,524 | ▼ 3.4% |
| Distributable reserves133 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€19,801 | -€50,941 | -€85,344 | -€99,358 | -€113,115 | ▼ 13.8% |
| Investment grants15 | €49,204 | €43,871 | €38,538 | €33,205 | €27,873 | ▼ 16.1% |
| Provisions and deferred taxes16 | €12,081 | €38,136 | €139,280 | €135,750 | €131,175 | ▼ 3.4% |
| Deferred taxes168 | €12,081 | €38,136 | €139,280 | €135,750 | €131,175 | ▼ 3.4% |
| Amounts payable17/49 | €1.6m | €1.5m | €1.8m | €1.9m | €1.9m | ▲ 1.6% |
| Amounts payable after more than one year17 | €1.3m | €1.3m | €1.7m | €1.7m | €1.8m | ▲ 2.5% |
| Financial debts170/4 | €1.3m | €1.3m | €1.7m | €1.7m | €1.8m | ▲ 2.5% |
| Amounts payable within one year42/48 | €280,441 | €142,416 | €113,342 | €113,758 | €103,403 | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | €48,395 | €42,697 | €38,481 | €55,470 | €55,527 | ▲ 0.1% |
| Trade debts44 | €67,830 | €70,057 | €63,979 | €47,990 | €38,221 | ▼ 20.4% |
| Suppliers440/4 | €67,830 | €70,057 | €63,979 | €47,990 | €38,221 | ▼ 20.4% |
| Other amounts payable47/48 | €164,216 | €29,662 | €10,882 | €10,299 | €9,655 | ▼ 6.3% |
| Accrued charges and deferred income492/3 | €14,155 | €15,932 | €20,783 | €27,200 | €23,355 | ▼ 14.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,325 | €47,026 | €269,029 | -€24,605 | -€27,482 | ▼ 11.7% |
| + Depreciation and write-downs630 | €79,156 | €74,888 | €74,874 | €101,028 | €102,673 | ▲ 1.6% |
| Operating cash flow (approximation) | €69,831 | €121,913 | €343,903 | €76,423 | €75,192 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | -€54,347 | -€599,077 | -€98,550 | -€238,064 | ▼ 142% |
| Change in cash | - | €4,009 | €159,426 | €11,055 | -€144,016 | ▼ 1,403% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€27,482
Net result drops to -€27,482, the lowest in the series.
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
20-02
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 204 days late
2024
14-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 288 days late
2023
31-12
Financial
Highest result since 2018net €269,029 ▲472%
Operating result €399,468, net result €269,029, both a record.
31-12
Financial
Liquidity times 6current ratio 1.79
Current ratio from 0.29 to 1.79; short-term debt falls from €142,416 to €113,342.
31-12
Financial
Equity above €500,000Eq €588,413 ▲81.2%
2 profitable years in a row build equity to €588,413.
2022
31-12
Financial
Back to profitnet €47,026
Net result €47,026 after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
15-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 107 days late
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 20 days late
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Kortrijk
Ground area
5,484 m²
Building footprint
918 m²
Volume, LiDAR
8,259 m³
Parcel 34353B0280/00R000, Flanders · tallest building 10.9 m, ±3 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34353B0280/00R000 | Flanders | 5,484 m² | 1 · 918 m² | 10.9 m · 3 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.
Structure & network
Owners and holdings
2 ownersOwners 2
- Sourceaccounts CLARUS 202520%
- Sourceaccounts Hefboom 202513%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No current directors or connected companies found in the register.
Identification & contact
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid met een sociaal oogmerk
Founded29-04-2005
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0873551514
Registered
14-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.