ETICS · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of ETICS is 2.0% (moderate). The 2023 annual accounts show equity of €54k and a net result of €37k. Equity is growing by ~34.8% per year across the filed fiscal years. Its solvency ranks better than 80% of 468 sector peers (fiscal year 2023). The company has been active since 1990 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 2 administrative register entries (see administrative flags).

Based on the State Gazette, CBE and 5 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 80% of 468 peers (2023). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2022 and 2023).

View the result trend

Growing equity

Equity grew over 2021-2023. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2024 was due at the National Bank by 31-07-2025. Nothing is on record today, 392 days later. 2 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed after the deadline

The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 18-09-2024, 49 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2023, that is 31-07-2024.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	18-09-2024	49 d late	2024-00473496
31-12-2022	31-07-2023	31-08-2023	31 d late	2023-00392031
31-12-2021	31-07-2022	06-11-2023	463 d late	2023-00507794
31-12-2020	31-07-2021	08-11-2023	830 d late	2023-00508508
31-12-2018	31-07-2019	31-07-2019	on the day	2019-43700438
31-12-2017	31-07-2018	24-09-2018	55 d late	2018-65000308
31-12-2016	31-07-2017	21-09-2017	52 d late	2017-62100054
31-12-2015	31-07-2016	19-07-2016	12 d early	2016-33400497
31-12-2014	31-07-2015	17-07-2015	14 d early	2015-32000128
31-12-2013	31-07-2014	26-06-2014	35 d early	2014-23900092

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

1 signal

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

2 events

Late accounts filingStrikeout withdrawn

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

2.0% Moderate

0%0,5%1,5%4%10%≥25%

Higher-failure-rate sector +Higher-failure-rate region +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€37k+250.7%

Working capital€58k+139.9%

CSV export

Annual accounts & ratios

Source: NBB · 2023

Annual accounts filed on 18-09-2024 with the NBB · fiscal year 2023 · volledig

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~34.8%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2023 · NACE 43, Specialised construction · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	63.5%	35.9%	better than 80% of 468 sector peers
Net result	€37k	€21k	better than 61% of 468 sector peers
Equity	€54k	€90k	better than 40% of 469 sector peers
Gross operating margin	€54k	€110k	better than 37% of 439 sector peers
Total assets	€86k	€353k	better than 23% of 470 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P80

Improving position over 2020-2023 · n=295-468

Net result P61

Improving position over 2020-2023 · n=295-468

Equity P40

Improving position over 2020-2023 · n=295-469

Gross operating margin P37

Improving position over 2020-2023 · n=269-439

Describes the position versus peers, not a forecast.

EBITDA

€44k

+114.3% 18-23

Net profit

€37k

+250.7% 18-23

Cash flow

€45k

+139.2% 18-23

Total assets

€86k

+114.6% 18-23

Equity

€54k

+87.7% 18-23

Working capital

€58k

+139.9% 18-23

Income taxes

€2k

+4263.0% 18-23

Debt

€22k

+105.2% 18-23

Show 9 other metrics

Debt ≤ 1y

€22k

+164.7% 18-23

Debt > 1y

€3k

-70.6% 18-23

Current ratio

3.57

-6.9% 18-23

Quick ratio

3.57

-6.9% 18-23

Solvency

63.5%

-12.6% 18-23

Debt / equity

0.41

+9.4% 18-23

ROE

68.7%

+86.9% 18-23

ROA

43.7%

+63.4% 18-23

Interest coverage

158.92

+42.9% 18-23

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2023
Deposit	volledig
Revenue	-
EBITDA	€44k
Net profit	€37k
Cash flow	€45k
Staff costs	-
Income taxes	-
Dividends	-
Total assets	€86k
Equity	€54k
Debt	€22k
of which ≤ 1y	€22k
of which > 1y	-
Working capital	€58k
Employees (FTE)	-

Ratios (computed)

	2023
Current ratio	3.57
Quick ratio	3.57
Working capital ratio	67.1%
Solvency	63.5%
Debt / equity	0.41
Long-term debt ratio	-
Interest coverage	158.92
Gross margin	-
Net margin	-
ROA	43.7%
ROE	68.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2023

Assets

Fixed assets €6k · 6.7% Current assets €80k · 93.3%

Equity & liabilities

Equity €54k · 63.6% Provisions €9k · 10.3% Debt €22k · 26.1%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€86k
Fixed assets	21/28	€6k
Tangible fixed assets	22/27	€6k
Current assets	29/58	€80k
Amounts receivable within one year	40/41	€76k
Cash & bank	54/58	€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€86k
Equity	10/15	€54k
Contributions / capital	10/11	€19k
Reserves	13	€7k
Accumulated profits (losses)	14	€28k
Provisions & deferred taxes	16	€9k
Amounts payable	17/49	€22k
Amounts payable within one year	42/48	€22k
Trade debts payable within one year	44	€9k
Income statement
Gross operating margin	9900	€54k
Operating result	9901	€37k
Financial income	75	€318
Financial charges	65	€280
Result before taxes	9903	€37k
Net result for the period	9904	€37k
Result to be appropriated	9905	€37k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2023 · computed

100 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.

Directors

Directors & mandates

1 director

5 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

CHRONOWSKI Michal
Director
State Gazette act 24450433 (13-12-2024)

Current
10-12-2024 → present
2 events
- 10-12-2024 Resigned· Manager
- 10-12-2024 Appointed· Director

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Algemene elektrotechnische installatiewerken(43211)
Legal form	Private limited company(610)
Incorporation	16-01-1990
Status	Active
Postal code	1082

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

2 companies at this address See who is registered here

Establishment units

1 location

ETICS

Scarronstraat 33, 1050 ElseneGroothandel in banden voor motorvoertuigen

since 19902.046.748.104

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area400 m²

Buildings2

Building footprint175 m²

Volume (LiDAR)1,839 m³

Tallest building17.4 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21443A0146/00X014	Brussels	291 m²	1 · 98 m²	17.4 m · 4 fl.
21342B0023/00W003	Brussels	109 m²	1 · 78 m²	11.9 m · 3 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

2 events from the State Gazette

24-11-2023

KBO administration Strikeout withdrawn

· Publications in State Gazette ↗

Full insolvency chronology

The full chronology lists every recorded event with its date, the competent court and the appointed liquidator or administrator. It answers at which stage the proceedings stand and whether they are still running.

We hold 1 further earlier event in this file, covering 15-09-2023 to 24-11-2023.

Available in Kantoor S. See plans →