ETS DAOUD
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00561238.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 34 filings
Turnover
≈ €13,000
Estimated: probably between €6,500 and €40,000
Total assets
€49,132▲ 1.7%
2024 · €48,323
Net result
-€93▲ 99.1%
2024 · -€10,209
Working capital
-€49,259▼ 2.4%
2024 · -€48,124
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€417
2025
20182025
Net result
-€93
▲ 99.1%
2025
middle half of the sector
20182025
Equity
-€128,526
▼ 0.1%
2025
lowest quarter of the sector
20182025
Total assets
€49,132
▲ 1.7%
2025
lowest quarter of the sector
20182025
Debt
€177,658
▲ 0.5%
2025
20182025
Working capital
-€49,259
▼ 2.4%
2025
lowest quarter of the sector
20182025
Solvency
-261.6%
▲ 4.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.50
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.2%
▲ 20.9pp
2025
lowest quarter of the sector
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
Operating result-€442,395--€44,067▲ 90.0%-€34,285▲ 22.2%-€4,734▲ 86.2%-€9,959▼ 110%-€1,487▲ 85.1%-€9,806▼ 560%€417
Net result€436,537--€44,557-€34,864below the sector's middle half▲ 21.8%-€5,151below the sector's middle half▲ 85.2%-€10,259below the sector's middle half▼ 99.2%-€1,882within the sector's middle half▲ 81.7%-€10,209below the sector's middle half▼ 443%-€93within the sector's middle half▲ 99.1%
Equity-€21,511--€66,068▼ 207%-€100,932below the sector's middle half▼ 52.8%-€106,083below the sector's middle half▼ 5.1%-€116,342below the sector's middle half▼ 9.7%-€118,224below the sector's middle half▼ 1.6%-€128,433below the sector's middle half▼ 8.6%-€128,526below the sector's middle half▼ 0.1%
Total assets€76,335-€69,719▼ 8.7%€67,300below the sector's middle half▼ 3.5%€88,458within the sector's middle half▲ 31.4%€51,648below the sector's middle half▼ 41.6%€54,847below the sector's middle half▲ 6.2%€48,323below the sector's middle half▼ 11.9%€49,132below the sector's middle half▲ 1.7%
Debt€97,846-€135,787▲ 38.8%€168,231▲ 23.9%€194,541▲ 15.6%€167,990▼ 13.6%€173,071▲ 3.0%€176,756▲ 2.1%€177,658▲ 0.5%
Working capital€55,699-€11,143▼ 80.0%-€23,101below the sector's middle half-€28,253below the sector's middle half▼ 22.3%-€38,512below the sector's middle half▼ 36.3%-€40,394below the sector's middle half▼ 4.9%-€48,124below the sector's middle half▼ 19.1%-€49,259below the sector's middle half▼ 2.4%
Solvency-28.2%--94.8%▼ 66.6pp-150.0%below the sector's middle half▼ 55.2pp-119.9%below the sector's middle half▲ 30.0pp-225.3%below the sector's middle half▼ 105.3pp-215.6%below the sector's middle half▲ 9.7pp-265.8%below the sector's middle half▼ 50.2pp-261.6%below the sector's middle half▲ 4.2pp
Current ratio3.70-1.19▼ 2.510.74below the sector's middle half▼ 0.450.76below the sector's middle half▲ 0.010.57below the sector's middle half▼ 0.190.58below the sector's middle half=0.50below the sector's middle half▼ 0.070.50below the sector's middle half=
Return on assets (ROA)571.9%--63.9%▼ 635.8pp-51.8%below the sector's middle half▲ 12.1pp-5.8%below the sector's middle half▲ 46.0pp-19.9%below the sector's middle half▼ 14.0pp-3.4%below the sector's middle half▲ 16.4pp-21.1%below the sector's middle half▼ 17.7pp-0.2%below the sector's middle half▲ 20.9pp
Staff (FTE)1.5-1.3▼ 13.3%1.1within the sector's middle half▼ 15.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a profit of €417, after a loss of €9,806 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€98,391▲
2024 · €96,447
Debt > 1 year
€68,962▼
2024 · €74,962
Staff costs
€319▲
2024 · €0
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €6,000 | - |
| Remuneration, social security and pensions62 | - | - | - | €5,499 | €947 | -€345 | €0 | €319 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€1,827 | €522 | - |
| Other operating charges640/8 | - | - | - | €0 | €2,515 | €0 | €2,167 | €26 | ▼ 98.8% |
| Gross operating margin9900 | -€57,420 | -€17,429 | -€22,810 | €765 | -€6,497 | -€1,832 | -€9,466 | €1,283 | - |
| Operating profit (loss)9901 | -€442,395 | -€44,067 | -€34,285 | -€4,734 | -€9,959 | -€1,487 | -€9,806 | €417 | - |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | €881,316 | €0 | €0 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €417 | €300 | €395 | €403 | €510 | ▲ 26.4% |
| Recurring financial charges65 | €1,825 | €490 | €579 | €417 | €300 | €395 | €403 | €510 | ▲ 26.4% |
| Profit (loss) for the period before taxes9903 | €437,096 | -€44,557 | -€34,864 | -€5,151 | -€10,259 | -€1,882 | -€10,209 | -€93 | ▲ 99.1% |
| Income taxes67/77 | €558 | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €436,537 | -€44,557 | -€34,864 | -€5,151 | -€10,259 | -€1,882 | -€10,209 | -€93 | ▲ 99.1% |
| Profit (loss) for the period to be appropriated9905 | €436,537 | -€44,557 | -€34,864 | -€5,151 | -€10,259 | -€1,882 | -€10,209 | -€93 | ▲ 99.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €76,335 | €69,719 | €67,300 | €88,458 | €51,648 | €54,847 | €48,323 | €49,132 | ▲ 1.7% |
| Current assets29/58 | €76,335 | €69,719 | €67,300 | €88,458 | €51,648 | €54,847 | €48,323 | €49,132 | ▲ 1.7% |
| Stocks and contracts in progress3 | €15,000 | €305 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €17,819 | €55,253 | €54,456 | €77,161 | €40,331 | €42,649 | €40,233 | €41,606 | ▲ 3.4% |
| Trade receivables40 | - | - | - | €68,779 | €33,797 | €36,573 | €32,128 | €33,389 | ▲ 3.9% |
| Other amounts receivable41 | - | - | - | €8,382 | €6,534 | €6,075 | €8,105 | €8,217 | ▲ 1.4% |
| Cash at bank and in hand54/58 | €43,091 | €14,161 | €12,742 | €10,872 | €11,009 | €11,869 | €8,089 | €7,526 | ▼ 7.0% |
| Deferred charges and accrued income490/1 | - | - | - | €425 | €308 | €330 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €76,335 | €69,719 | €67,300 | €88,458 | €51,648 | €54,847 | €48,323 | €49,132 | ▲ 1.7% |
| Equity10/15 | -€21,511 | -€66,068 | -€100,932 | -€106,083 | -€116,342 | -€118,224 | -€128,433 | -€128,526 | ▼ 0.1% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€89,711 | -€134,268 | -€169,132 | -€174,283 | -€184,542 | -€186,424 | -€196,633 | -€196,726 | = |
| Amounts payable17/49 | €97,846 | €135,787 | €168,231 | €194,541 | €167,990 | €173,071 | €176,756 | €177,658 | ▲ 0.5% |
| Amounts payable after more than one year17 | €74,962 | €74,962 | €74,962 | €74,962 | €74,962 | €74,962 | €74,962 | €68,962 | ▼ 8.0% |
| Other amounts payable178/9 | - | - | - | €74,962 | €74,962 | €74,962 | €74,962 | €68,962 | ▼ 8.0% |
| Amounts payable within one year42/48 | €20,635 | €58,576 | €90,401 | €116,711 | €90,160 | €95,241 | €96,447 | €98,391 | ▲ 2.0% |
| Trade debts44 | €15,276 | €54,179 | €89,357 | €114,780 | €88,936 | €94,414 | €96,447 | €98,320 | ▲ 1.9% |
| Suppliers440/4 | - | - | - | €114,780 | €88,936 | €94,414 | €96,447 | €98,320 | ▲ 1.9% |
| Taxes, remuneration and social security45 | - | - | - | €966 | €396 | €0 | - | €71 | - |
| Taxes450/3 | - | - | - | €40 | €0 | - | - | €71 | - |
| Remuneration and social security454/9 | - | - | - | €926 | €396 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €966 | €828 | €828 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,869 | €2,869 | €2,869 | €5,348 | €10,305 | ▲ 92.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €436,537 | -€44,557 | -€34,864 | -€5,151 | -€10,259 | -€1,882 | -€10,209 | -€93 | ▲ 99.1% |
| Operating cash flow (approximation) | €436,537 | -€44,557 | -€34,864 | -€5,151 | -€10,259 | -€1,882 | -€10,209 | -€93 | ▲ 99.1% |
| Change in cash | - | -€28,930 | -€1,419 | -€1,871 | €137 | €860 | -€3,780 | -€564 | ▲ 85.1% |
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, 2,796 companies had the same profile as ETS DAOUD has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ETS DAOUD itself: 0.5% 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 2,796 companies, not a prediction for ETS DAOUD. 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.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00561238 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00441445 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00417631 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00419173 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20449882 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63000028 | |
| 31-12-2019 | micro format | 09-12-2020 | 2020-75100152 | |
| 31-12-2018 | micro format | 19-11-2019 | 2019-73900402 | |
| 31-12-2017 | full format | 08-10-2018 | 2018-68900157 | |
| 31-12-2016 | full format | 05-01-2018 | 2018-00500440 |