ETHIMMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 PDF all 20 filings
Turnover
€96,197▼ 6.0%
2022 · €102,363
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€27,482▼ 11.7%
2024 · -€24,605
Working capital
-€36,835
2024 · €96,295
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€2,446
▼ 74.4%
2025
20182025
Net result
-€27,482
▼ 11.7%
2025
20182025
Equity
€507,911
▼ 6.1%
2025
20182025
Total assets
€2.5m
▼ 0.3%
2025
20182025
Debt
€1.9m
▲ 1.6%
2025
20182025
Working capital
-€36,835
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.08m€0.1m▲ 21.4%€0.1m▼ 6.0%
Operating result€0.03m-€0.02m▼ 14.4%€0.02m▼ 1.9%€0.03m▲ 18.2%€0.09m▲ 259%€0.4m▲ 327%€0.01m▼ 97.6%€0.002m▼ 74.4%
Net result€0.004m-€172▼ 96.0%€291▲ 68.6%-€0.009m€0.05m€0.3m▲ 472%-€0.02m-€0.03m▼ 11.7%
Equity€0.2m-€0.3m▲ 25.3%€0.3m=€0.3m▼ 4.9%€0.3m▲ 14.7%€0.6m▲ 81.2%€0.5m▼ 8.1%€0.5m▼ 6.1%
Total assets€1.6m-€1.7m▲ 3.7%€1.9m▲ 12.9%€1.9m▲ 0.4%€1.9m▼ 1.1%€2.5m▲ 36.9%€2.5m▲ 0.2%€2.5m▼ 0.3%
Debt€1.4m-€1.4m▼ 0.1%€1.6m▲ 15.7%€1.6m▲ 0.6%€1.5m▼ 5.6%€1.8m▲ 21.5%€1.9m▲ 3.1%€1.9m▲ 1.6%
Working capital-€0.2m--€0.2m▲ 13.8%-€0.1m▲ 27.6%-€0.2m▼ 88.5%-€0.1m▲ 57.6%€0.09m€0.1m▲ 7.7%-€0.04m
Staff (FTE)0
The operating result for 2025 is 74% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2023 Net result +472% on 2022. The accounts now follow the abbreviated format, last year the micro format.
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.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €961,479 | €1.0m |
| Mortgages, amount registered | €942,600 | €942,600 | €942,600 | €1.3m | €1.3m |
| Carrying value of the mortgaged assets | €1.8m | €1.8m | €2.3m | €2.3m | €2.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €140,766 | €170,127 | €656,732 | €144,204 | €237,814 |
| Financial fixed assets | - | - | - | - | €250 |
| Depreciation and write-downs of the year | €79,156 | €74,888 | €74,874 | €101,028 | €102,673 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 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 | €60,378 | €58,317 | €74,271 | €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 | €138,987 | €85,957 | €102,766 | €116,915 | €176,737 | €485,896 | €118,404 | €112,711 | ▼ 4.8% |
| Operating profit (loss)9901 | €26,248 | €22,469 | €22,032 | €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 | - | €3,333 | €6,469 | €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 | €21,953 | €25,630 | €28,210 | €28,625 | €25,831 | €34,627 | €43,015 | €39,897 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €4,295 | €172 | €291 | €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 | €4,295 | €172 | €291 | -€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 | €4,295 | €172 | €291 | -€45,567 | -€31,139 | -€34,404 | -€14,014 | -€13,757 | ▲ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €1.7m | €1.9m | €1.9m | €1.9m | €2.5m | €2.5m | €2.5m | ▼ 0.3% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.8m | €1.8m | €1.8m | €2.3m | €2.3m | €2.5m | ▲ 5.8% |
| Intangible fixed assets21 | - | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.6m | €1.6m | €1.8m | €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 | - | - | - | €0.05m | €0.2m | €0.6m | €0.004m | - | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 50.0% |
| Current assets29/58 | €0.009m | €0.02m | €0.05m | €0.04m | €0.04m | €0.2m | €0.2m | €0.07m | ▼ 68.3% |
| Amounts receivable within one year40/41 | €0.001m | €0.007m | €0.006m | €0.006m | €0.002m | €0.005m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.006m | €0.002m | €0.005m | - | - | - |
| Cash at bank and in hand54/58 | €0.007m | €0.009m | €0.04m | €0.03m | €0.04m | €0.2m | €0.2m | €0.06m | ▼ 69.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.001m | €0.002m | €0.003m | ▲ 25.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €1.7m | €1.9m | €1.9m | €1.9m | €2.5m | €2.5m | €2.5m | ▼ 0.3% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.6m | €0.5m | €0.5m | ▼ 6.1% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.04m | €0.1m | €0.4m | €0.4m | €0.4m | ▼ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.1m | €0.4m | €0.4m | €0.4m | ▼ 3.4% |
| Distributable reserves133 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €0.005m | €0.005m | €0.006m | -€0.02m | -€0.05m | -€0.09m | -€0.1m | -€0.1m | ▼ 13.8% |
| Investment grants15 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 16.1% |
| Provisions and deferred taxes16 | - | - | - | €0.01m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Deferred taxes168 | - | - | - | €0.01m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.6m | €1.6m | €1.5m | €1.8m | €1.9m | €1.9m | ▲ 1.6% |
| Amounts payable after more than one year17 | €1.1m | €1.2m | €1.4m | €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 | €0.2m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.04m | €0.06m | €0.06m | ▲ 0.1% |
| Trade debts44 | €0.02m | €0.02m | €0.006m | €0.07m | €0.07m | €0.06m | €0.05m | €0.04m | ▼ 20.4% |
| Suppliers440/4 | - | - | - | €0.07m | €0.07m | €0.06m | €0.05m | €0.04m | ▼ 20.4% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.03m | €0.01m | €0.01m | €0.01m | ▼ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 14.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,295 | €172 | €291 | -€9,325 | €47,026 | €269,029 | -€24,605 | -€27,482 | ▼ 11.7% |
| + Depreciation and write-downs630 | €60,378 | €58,317 | €74,271 | €79,156 | €74,888 | €74,874 | €101,028 | €102,673 | ▲ 1.6% |
| Operating cash flow (approximation) | €64,673 | €58,489 | €74,562 | €69,831 | €121,913 | €343,903 | €76,423 | €75,192 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | -€108,277 | -€254,891 | -€94,056 | -€54,347 | -€599,077 | -€98,550 | -€238,064 | ▼ 142% |
| Change in cash | - | €1,924 | €30,161 | -€5,309 | €4,009 | €159,426 | €11,055 | -€144,016 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00308828 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00248700 | |
| 31-12-2023 | abbreviated format | 20-02-2025 | 2025-00036945 | |
| 31-12-2022 | micro format | 14-05-2024 | 2024-00089200 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20196444 | |
| 31-12-2020 | micro format | 15-11-2021 | 2021-77300310 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37900028 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47400296 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-36400419 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-18400230 |