ETS. E. BOURLARD
ActiveSummary
The computed 12-month bankruptcy probability of ETS. E. BOURLARD is 1.7% (moderate). The 2025 annual accounts show equity of €37,135 and a net result of €9,958. Equity is growing by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 2075 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+8
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 11.06 against 17.52 in 2024; short-term debt: 8% and cash: 71.3% of total assets), and 8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
92%
Return on assets
24.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 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.
NBB · 9 filingsDeviation from the deadline
2025
30 d late
2024
31 d late
2023
29 d late
2022
29 d late
2021
30 d late
2020
102 d late
2019
224 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 68 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed 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. Usually files around 30 August (5 of the last 5 filed years within 30 days of that day).
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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€9,958▲ 83.7%
2024 · €5,422
Working capital
€32,532▲ 25.0%
2024 · €26,028
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8,705-€133€360€6,750▲ 1,776%€12,724▲ 88.5%
Net result€6,888within the sector's middle half-€18below the sector's middle half€84below the sector's middle half€5,422within the sector's middle half▲ 6,352%€9,958within the sector's middle half▲ 83.7%
Equity€21,689within the sector's middle half▲ 46.5%€21,670within the sector's middle half▼ 0.1%€21,754within the sector's middle half▲ 0.4%€27,177within the sector's middle half▲ 24.9%€37,135below the sector's middle half▲ 36.6%
Total assets€24,176below the sector's middle half▲ 1.2%€24,304below the sector's middle half▲ 0.5%€23,528below the sector's middle half▼ 3.2%€28,752below the sector's middle half▲ 22.2%€40,368below the sector's middle half▲ 40.4%
Debt€2,487▼ 72.6%€2,633▲ 5.9%€1,773▼ 32.7%€1,575▼ 11.2%€3,233▲ 105%
Working capital€20,486within the sector's middle half▲ 60.0%€20,700within the sector's middle half▲ 1.0%€20,016within the sector's middle half▼ 3.3%€26,028within the sector's middle half▲ 30.0%€32,532below the sector's middle half▲ 25.0%
Solvency89.7%above the sector's middle half▲ 27.8pp89.2%above the sector's middle half▼ 0.5pp92.5%above the sector's middle half▲ 3.3pp94.5%above the sector's middle half▲ 2.1pp92.0%above the sector's middle half▼ 2.5pp
Current ratio9.24above the sector's middle half▲ 6.838.86above the sector's middle half▼ 0.3812.29above the sector's middle half▲ 3.4317.52above the sector's middle half▲ 5.2411.06above the sector's middle half▼ 6.46
Return on assets (ROA)28.5%above the sector's middle half▲ 48.2pp-0.1%below the sector's middle half▼ 28.6pp0.4%below the sector's middle half▲ 0.4pp18.9%above the sector's middle half▲ 18.5pp24.7%above the sector's middle half▲ 5.8pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 88% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,368
Fixed assets
€4,603 ▲ 301%
Current assets
€35,765 ▲ 29.6%
Equity and liabilities €40,368
Equity
€37,135 ▲ 36.6%
Debt
€3,233 ▲ 105%
Debt's share of the balance-sheet total rises from 5.5% to 8.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,324▲
2024 · €7,340
Cash flow
€11,559▲
2024 · €6,012
Debt to equity
0.09▲
2024 · 0.06
ROE
26.8%▲
2024 · 20.0%
Interest coverage
222.46▲
2024 · 163.11
Debt ≤ 1 year
€3,233▲
2024 · €1,575
Income taxes
€2,731▲
2024 · €1,283
Staff costs
€2,457
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,970 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €536 | - | - | - | €2,457 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,046 | €716 | €710 | €590 | €1,601 | ▲ 171% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €3,981 | - | - | - | - | - |
| Other operating charges640/8 | €398 | €624 | €257 | €857 | €485 | ▼ 43.4% |
| Gross operating margin9900 | €14,666 | €1,207 | €1,327 | €8,197 | €17,266 | ▲ 111% |
| Operating profit (loss)9901 | €8,705 | -€133 | €360 | €6,750 | €12,724 | ▲ 88.5% |
| Financial income75/76B | €118 | €1 | €24 | - | €30 | - |
| Recurring financial income75 | €118 | €1 | €24 | - | €30 | - |
| Financial charges65/66B | €55 | €42 | €60 | €45 | €64 | ▲ 43.1% |
| Recurring financial charges65 | €55 | €42 | €60 | €45 | €64 | ▲ 43.1% |
| Profit (loss) for the period before taxes9903 | €8,768 | -€174 | €323 | €6,705 | €12,689 | ▲ 89.2% |
| Income taxes67/77 | €1,880 | -€156 | €239 | €1,283 | €2,731 | ▲ 113% |
| Profit (loss) for the period9904 | €6,888 | -€18 | €84 | €5,422 | €9,958 | ▲ 83.7% |
| Profit (loss) for the period to be appropriated9905 | €6,888 | -€18 | €84 | €5,422 | €9,958 | ▲ 83.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €24,176 | €24,304 | €23,528 | €28,752 | €40,368 | ▲ 40.4% |
| Fixed assets21/28 | €1,203 | €970 | €1,739 | €1,149 | €4,603 | ▲ 301% |
| Tangible fixed assets22/27 | €955 | €722 | €1,491 | €901 | €4,355 | ▲ 383% |
| Plant, machinery and equipment23 | €836 | €280 | - | - | €4,044 | - |
| Furniture and vehicles24 | €119 | €443 | €1,491 | €901 | €311 | ▼ 65.4% |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | = |
| Current assets29/58 | €22,973 | €23,333 | €21,789 | €27,603 | €35,765 | ▲ 29.6% |
| Stocks and contracts in progress3 | - | - | €170 | - | - | - |
| Stocks30/36 | - | - | €170 | - | - | - |
| Amounts receivable within one year40/41 | €13,136 | €12,488 | €16,019 | €17,793 | €6,963 | ▼ 60.9% |
| Trade receivables40 | €10,206 | €7,303 | €13,708 | €13,804 | €4,251 | ▼ 69.2% |
| Other amounts receivable41 | €2,930 | €5,185 | €2,311 | €3,990 | €2,712 | ▼ 32.0% |
| Cash at bank and in hand54/58 | €9,817 | €10,782 | €5,493 | €9,809 | €28,802 | ▲ 194% |
| Deferred charges and accrued income490/1 | €20 | €64 | €107 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €24,176 | €24,304 | €23,528 | €28,752 | €40,368 | ▲ 40.4% |
| Equity10/15 | €21,689 | €21,670 | €21,754 | €27,177 | €37,135 | ▲ 36.6% |
| Contributions10/11 | €14,800 | €14,800 | €14,800 | €14,800 | €14,800 | = |
| Outside capital11 | €14,800 | - | - | - | €14,800 | - |
| Share premium1100/10 | €14,800 | - | - | - | - | - |
| Other1109/19 | - | - | - | - | €14,800 | - |
| Profit (loss) carried forward14 | €6,889 | €6,870 | €6,954 | €12,377 | €22,335 | ▲ 80.5% |
| Amounts payable17/49 | €2,487 | €2,633 | €1,773 | €1,575 | €3,233 | ▲ 105% |
| Amounts payable within one year42/48 | €2,487 | €2,633 | €1,773 | €1,575 | €3,233 | ▲ 105% |
| Trade debts44 | €125 | €2,039 | €131 | €37 | €219 | ▲ 493% |
| Suppliers440/4 | €125 | €2,039 | €131 | €37 | €219 | ▲ 493% |
| Taxes, remuneration and social security45 | - | €140 | €225 | €1,250 | €3,014 | ▲ 141% |
| Taxes450/3 | - | €140 | €225 | €1,250 | €2,650 | ▲ 112% |
| Remuneration and social security454/9 | - | - | - | - | €364 | - |
| Other amounts payable47/48 | €2,362 | €454 | €1,417 | €288 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,888 | -€18 | €84 | €5,422 | €9,958 | ▲ 83.7% |
| + Depreciation and write-downs630 | €1,046 | €716 | €710 | €590 | €1,601 | ▲ 171% |
| Operating cash flow (approximation) | €7,934 | €699 | €794 | €6,012 | €11,559 | ▲ 92.3% |
| Investment in fixed assets (approximation) | - | -€484 | -€1,478 | €0 | -€5,054 | - |
| Change in cash | - | €965 | -€5,289 | €4,317 | €18,992 | ▲ 340% |
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
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 30 days late
2025
31-12
Financial
Highest result since 2018net €9,958 ▲83.7%
Operating result €12,724, net result €9,958, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Back to profitnet €84
Net result €84 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Back to profitnet €6,888
Net result €6,888 after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 9.24
Current ratio from 2.41 to 9.24; short-term debt falls from €9,091 to €2,487.
10-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 102 days late
12-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 224 days late
2020
31-12
Financial
Weakest financial yearnet -€4,707
Net result drops to -€4,707, the lowest in the series; recovery starts the following year.
2019
23-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 84 days late
2018
30-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Schaarbeek · 1 establishment unit since 2017
Ground area
376 m²
Building footprint
130 m²
Volume, LiDAR
1,603 m³
Parcel 21909E0224/00C002, Brussels · tallest building 18.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
ETS.E.BOURLARD sprl
since 20172.261.277.460
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21909E0224/00C002 | Brussels | 376 m² | 1 · 130 m² | 18.3 m · 4 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.
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,669. 4,240 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded02-02-2017
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
81300Landscape service activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0670667205
Also
9925:BE0670667205
Registered
06-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.