ETLAB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 7 filings
Turnover
≈ €130,000
Estimated: probably between €110,000 and €170,000
Total assets
€110,363▲ 7.8%
2024 · €102,425
Net result
€15,104▼ 36.0%
2024 · €23,591
Working capital
€3,890
2024 · -€3,722
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,924
▼ 32.1%
2025
20192025
Net result
€15,104
▼ 36.0%
2025
middle half of the sector
20192025
Equity
€17,656
▲ 437%
2025
middle half of the sector
20192025
Total assets
€110,363
▲ 7.8%
2025
middle half of the sector
20192025
Debt
€92,707
▼ 6.5%
2025
20192025
Working capital
€3,890
2025
middle half of the sector
20192025
Solvency
16.0%
▲ 12.8pp
2025
lowest quarter of the sector
20192025
Current ratio
1.04
▲ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
13.7%
▼ 9.3pp
2025
middle half of the sector
20192025
Staff (FTE)
1
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€31,481-€1,040€7,456▲ 617%-€10,385€14,845€30,832▲ 108%€20,924▼ 32.1%
Net result-€32,102-€71within the sector's middle half€6,361within the sector's middle half▲ 90×-€10,177below the sector's middle half€9,346within the sector's middle half€23,591within the sector's middle half▲ 152%€15,104within the sector's middle half▼ 36.0%
Equity-€25,902--€25,832below the sector's middle half▲ 0.3%-€19,471below the sector's middle half▲ 24.6%-€29,648below the sector's middle half▼ 52.3%-€20,302below the sector's middle half▲ 31.5%€3,289below the sector's middle half€17,656within the sector's middle half▲ 437%
Total assets€23,266-€35,242below the sector's middle half▲ 51.5%€41,041below the sector's middle half▲ 16.5%€46,044below the sector's middle half▲ 12.2%€56,625below the sector's middle half▲ 23.0%€102,425within the sector's middle half▲ 80.9%€110,363within the sector's middle half▲ 7.8%
Debt€49,169-€61,073▲ 24.2%€60,512▼ 0.9%€75,692▲ 25.1%€76,927▲ 1.6%€99,136▲ 28.9%€92,707▼ 6.5%
Working capital€970--€18,521below the sector's middle half-€24,515below the sector's middle half▼ 32.4%-€35,106below the sector's middle half▼ 43.2%-€24,769below the sector's middle half▲ 29.4%-€3,722below the sector's middle half▲ 85.0%€3,890within the sector's middle half
Solvency-111.3%--73.3%below the sector's middle half▲ 38.0pp-47.4%below the sector's middle half▲ 25.9pp-64.4%below the sector's middle half▼ 16.9pp-35.9%below the sector's middle half▲ 28.5pp3.2%below the sector's middle half▲ 39.1pp16.0%below the sector's middle half▲ 12.8pp
Current ratio1.04-0.61below the sector's middle half▼ 0.430.59below the sector's middle half▼ 0.020.54below the sector's middle half▼ 0.060.68below the sector's middle half▲ 0.140.96below the sector's middle half▲ 0.281.04within the sector's middle half▲ 0.08
Return on assets (ROA)-138.0%-0.2%within the sector's middle half▲ 138.2pp15.5%within the sector's middle half▲ 15.3pp-22.1%below the sector's middle half▼ 37.6pp16.5%within the sector's middle half▲ 38.6pp23.0%within the sector's middle half▲ 6.5pp13.7%within the sector's middle half▼ 9.3pp
Staff (FTE)11
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 32% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €110,363
Fixed assets
€13,767 ▲ 96.3%
Current assets
€96,597 ▲ 1.2%
Equity and liabilities €110,363
Equity
€17,656 ▲ 437%
Debt
€92,707 ▼ 6.5%
Debt's share of the balance-sheet total falls from 96.8% to 84.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24,026▼
2024 · €32,860
Cash flow
€18,206▼
2024 · €25,620
Debt to equity
5.25▼
2024 · 30.14
ROE
85.5%▼
2024 · 717.2%
Interest coverage
32.11▼
2024 · 43.67
Debt ≤ 1 year
€92,707▼
2024 · €99,136
Income taxes
€5,071▼
2024 · €6,488
Staff costs
€36,581▲
2024 · €32,889
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| full-time | - | 1 |
| in full-time equivalents | - | 1 |
| Average over the year, in full-time equivalents | 1 | 1 |
| On a permanent contract | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,404 | - | €4,573 | €10,595 |
| Depreciation and write-downs of the year | €622 | €990 | €990 | €2,028 | €3,102 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €58 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €21,623 | €33,877 | €32,941 | €32,889 | €36,581 | ▲ 11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,321 | €587 | €622 | €990 | €990 | €2,028 | €3,102 | ▲ 52.9% |
| Other operating charges640/8 | - | - | €189 | €370 | €543 | €167 | €158 | ▼ 5.4% |
| Gross operating margin9900 | -€29,679 | €1,769 | €29,890 | €24,853 | €49,320 | €65,916 | €60,764 | ▼ 7.8% |
| Operating profit (loss)9901 | -€31,481 | €1,040 | €7,456 | -€10,385 | €14,845 | €30,832 | €20,924 | ▼ 32.1% |
| Financial income75/76B | - | - | - | €11 | - | - | - | - |
| Recurring financial income75 | - | - | - | €11 | - | - | - | - |
| Financial charges65/66B | - | - | €1,095 | €782 | €1,438 | €752 | €748 | ▼ 0.6% |
| Recurring financial charges65 | €621 | €969 | €1,095 | €782 | €1,438 | €752 | €748 | ▼ 0.6% |
| Profit (loss) for the period before taxes9903 | -€32,102 | €71 | €6,361 | -€11,157 | €13,408 | €30,079 | €20,176 | ▼ 32.9% |
| Income taxes67/77 | - | - | - | -€980 | €4,062 | €6,488 | €5,071 | ▼ 21.8% |
| Profit (loss) for the period9904 | -€32,102 | €71 | €6,361 | -€10,177 | €9,346 | €23,591 | €15,104 | ▼ 36.0% |
| Profit (loss) for the period to be appropriated9905 | -€32,102 | €71 | €6,361 | -€10,177 | €9,346 | €23,591 | €15,104 | ▼ 36.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €23,266 | €35,242 | €41,041 | €46,044 | €56,625 | €102,425 | €110,363 | ▲ 7.8% |
| Fixed assets21/28 | €30 | €5,666 | €5,044 | €5,457 | €4,467 | €7,012 | €13,767 | ▲ 96.3% |
| Tangible fixed assets22/27 | - | €5,636 | €5,014 | €5,427 | €4,437 | €6,982 | €13,737 | ▲ 96.8% |
| Furniture and vehicles24 | - | - | - | €1,036 | €668 | €3,835 | €2,195 | ▼ 42.8% |
| Other tangible fixed assets26 | - | - | €5,014 | €4,392 | €3,769 | €3,147 | €11,542 | ▲ 267% |
| Financial fixed assets28 | €30 | €30 | €30 | €30 | €30 | €30 | €30 | = |
| Current assets29/58 | €23,236 | €29,575 | €35,997 | €40,587 | €52,158 | €95,414 | €96,597 | ▲ 1.2% |
| Amounts receivable within one year40/41 | €7,941 | €12,856 | €13,659 | €22,368 | €11,550 | €25,457 | €26,249 | ▲ 3.1% |
| Trade receivables40 | - | - | €13,659 | €21,388 | €11,550 | €25,457 | €26,249 | ▲ 3.1% |
| Other amounts receivable41 | - | - | - | €980 | - | - | - | - |
| Cash at bank and in hand54/58 | €15,296 | €16,719 | €22,337 | €17,216 | €40,608 | €69,765 | €70,137 | ▲ 0.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,002 | - | €192 | €211 | ▲ 10.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €23,266 | €35,242 | €41,041 | €46,044 | €56,625 | €102,425 | €110,363 | ▲ 7.8% |
| Equity10/15 | -€25,902 | -€25,832 | -€19,471 | -€29,648 | -€20,302 | €3,289 | €17,656 | ▲ 437% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€32,102 | -€32,032 | -€25,671 | -€35,848 | -€26,502 | -€2,911 | €11,456 | - |
| Amounts payable17/49 | €49,169 | €61,073 | €60,512 | €75,692 | €76,927 | €99,136 | €92,707 | ▼ 6.5% |
| Amounts payable after more than one year17 | €26,902 | €12,977 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €22,266 | €48,096 | €60,512 | €75,692 | €76,927 | €99,136 | €92,707 | ▼ 6.5% |
| Current portion of amounts payable after more than one year42 | - | - | €13,570 | - | - | - | - | - |
| Trade debts44 | €4,408 | €2,234 | €1,861 | €11,493 | €1,564 | €18,883 | €14,719 | ▼ 22.1% |
| Suppliers440/4 | - | - | €1,861 | €11,493 | €1,564 | €18,883 | €14,719 | ▼ 22.1% |
| Taxes, remuneration and social security45 | - | - | €23,277 | €12,317 | €16,010 | €20,446 | €26,097 | ▲ 27.6% |
| Taxes450/3 | - | - | €23,277 | €7,698 | €11,085 | €15,420 | €20,855 | ▲ 35.2% |
| Remuneration and social security454/9 | - | - | - | €4,619 | €4,924 | €5,026 | €5,242 | ▲ 4.3% |
| Other amounts payable47/48 | - | - | €21,803 | €51,881 | €59,353 | €59,807 | €51,892 | ▼ 13.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,102 | €71 | €6,361 | -€10,177 | €9,346 | €23,591 | €15,104 | ▼ 36.0% |
| + Depreciation and write-downs630 | €1,321 | €587 | €622 | €990 | €990 | €2,028 | €3,102 | ▲ 52.9% |
| Operating cash flow (approximation) | -€30,781 | €657 | €6,983 | -€9,187 | €10,336 | €25,620 | €18,206 | ▼ 28.9% |
| Investment in fixed assets (approximation) | - | -€6,223 | €0 | -€1,404 | €0 | -€4,573 | -€9,857 | ▼ 116% |
| Change in cash | - | €1,423 | €5,618 | -€5,121 | €23,392 | €29,157 | €372 | ▼ 98.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,713 companies had the same profile as ETLAB has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ETLAB itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,713 companies, not a prediction for ETLAB. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00354494 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00545674 | |
| 31-12-2023 | micro format | 02-09-2024 | 2024-00457446 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00393830 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20412784 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64900076 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-67700445 |