ETSolution
ActiveSummary
The computed 12-month bankruptcy probability of ETSolution is 1.9% (moderate). The 2025 annual accounts show equity of €2,265 and a net result of €31,586. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 11% of 34,789 sector peers (NACE 43, financial year 2025). The company has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €2,265
- Profit
- €31,586
Why 53raises riskLiquidity: current ratio 0.991 change of registered office in 24 monthsSector: Specialised construction activities (NACE 43)lowers riskSize: total assets €40,056Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro): better than 11% on solvency, 1% on liquidity and 92% on profitability.
The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 40 days before the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Back to profitnet €31,586
- Resignation: Benny Van Raemdonck (manager)Appointment: Cindy Elsocht (director) ·…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €31,586 after a loss of €1,909 in 2024, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,325 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 95.2% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,325 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €677 | €0 | - | - | €189 | - |
| Non-recurring operating charges66A | - | - | - | €39,017 | €0 | - | - | - | - |
| Gross operating margin9900 | €670 | €9,745 | €8,897 | -€2,946 | -€1,338 | -€1,337 | -€1,909 | €31,776 | - |
| Operating profit (loss)9901 | €345 | €9,066 | €8,398 | -€42,640 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €638 | €0 | - | - | - | - |
| Recurring financial charges65 | €463 | €553 | €503 | €638 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€118 | €8,513 | €7,896 | -€43,278 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Profit (loss) for the period9904 | -€118 | €8,513 | €7,896 | -€43,278 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Profit (loss) for the period to be appropriated9905 | -€118 | €8,513 | €7,896 | -€43,278 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,657 | €46,946 | €47,773 | €0 | - | - | - | €40,056 | - |
| Fixed assets21/28 | €42,229 | €43,062 | €43,062 | €0 | - | - | - | €2,700 | - |
| Tangible fixed assets22/27 | €42,229 | €43,062 | €43,062 | €0 | - | - | - | €2,700 | - |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €2,700 | - |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €6,428 | €3,884 | €4,712 | €0 | - | - | - | €37,356 | - |
| Stocks and contracts in progress3 | €1,907 | €2,505 | €1,479 | €0 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,387 | €0 | €278 | €0 | - | - | - | €36,886 | - |
| Trade receivables40 | - | - | - | €0 | - | - | - | €33,112 | - |
| Other amounts receivable41 | - | - | - | €0 | - | - | - | €3,774 | - |
| Current investments50/53 | - | - | - | - | - | - | - | €470 | - |
| Cash at bank and in hand54/58 | €573 | €379 | €1,603 | €0 | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,657 | €46,946 | €47,773 | €0 | - | - | - | €40,056 | - |
| Equity10/15 | €2,132 | €10,645 | €18,541 | -€24,737 | -€26,075 | -€27,413 | -€29,322 | €2,265 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€16,468 | -€7,955 | -€59 | -€43,337 | -€44,675 | -€46,013 | -€47,922 | -€16,335 | ▲ 65.9% |
| Amounts payable17/49 | €46,524 | €36,300 | €29,232 | €24,737 | €26,075 | €27,413 | €29,322 | €37,791 | ▲ 28.9% |
| Amounts payable after more than one year17 | €12,815 | €11,084 | €9,305 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €33,709 | €25,167 | €19,927 | €24,737 | €26,075 | €27,413 | €29,322 | €37,791 | ▲ 28.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €1,909 | €361 | €875 | €0 | €323 | €1,274 | €0 | €1,078 | - |
| Suppliers440/4 | - | - | - | €0 | €323 | €1,274 | €0 | €1,078 | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €11,236 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €7,081 | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €4,155 | - |
| Other amounts payable47/48 | - | - | - | €24,737 | €25,752 | €26,139 | €29,322 | €25,477 | ▼ 13.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€118 | €8,513 | €7,896 | -€43,278 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Operating cash flow (approximation) | -€118 | €8,513 | €7,896 | -€43,278 | -€1,338 | -€1,337 | -€1,909 | €31,586 | - |
| Investment in fixed assets (approximation) | - | -€833 | €0 | €43,062 | - | - | - | - | - |
| Change in cash | - | -€194 | €1,224 | -€1,603 | - | - | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00173349 |
| 31-12-2024 | micro format | 07-01-2025 | 2025-00002681 |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00412848 |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00303617 |
| 31-12-2021 | micro format | 10-08-2022 | 2022-20283503 |
| 31-12-2020 | micro format | 01-06-2021 | 2021-16300468 |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37900128 |
| 31-12-2018 | micro format | 24-07-2019 | 2019-38400444 |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36500437 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Cindy Elsocht |
|
| Benny Van Raemdonck |
|
Owners and capital
Capital and shareholders
- 02-05-2025 Converted to unavailable equity · €18,600
- 02-05-2025 Converted to available equity
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
02-05
Gazette deed
Resignation: Benny Van Raemdonck (manager)Appointment: Cindy Elsocht (director) · Amendment of the articles · Capital conversion15 facts ▸
- General meeting, 21-03-2025
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Other provision, “wettelijke reserve, nog geen aangelegd” (deed in Dutch)
- Capital conversion, “beschikbaar voor uitkering” (deed in Dutch)
- Director resignation, Benny Van Raemdonck (manager)
- Director discharge, Benny Van Raemdonck
- Director appointment, Cindy Elsocht (director (not named in the articles))
- Registered-office move, Kappelledreef7A,9960Assenede
- Name change, ETSolution
- Other provision, 10-03-2025
- Other provision, “niet-naleving termijn vijftien dagen artikelen5:83en5:84 voor verslag,draagwijdte artikel2:42, notaris” (deed in Dutch)
- +3 further facts in this act
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0661.665.605
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 43002E0302/00M000 | Flanders | 5,088 m² | 1 · 196 m² | 13.9 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Elektriciteitswerken; Overige zakelijke dienstverlening; De vennootschap kan alle verrichtingen uitvoeren die nodig of dienstig zijn voor de…” (deed in Dutch)
8 activities (deed in Dutch)
- Elektriciteitswerken
- Overige zakelijke dienstverlening
- De vennootschap kan alle verrichtingen uitvoeren die nodig of dienstig zijn voor de verwezenlijking van haar voorwerp.De vennootschap dient daartoe in voorkomend geval de vereiste wettelijke machtiging(en)te bekomen of te verkrijgen.
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een onroerend vermogen;alle verrichtingen met betrekking tot onroerende goederen een onroerende zakelijke rechten(vruchtgebruik,recht van opstal,erfpacht enzovoort)zoals de huurfinanciering van onroerende goederen aan derden,het aankopen,verkopen,ruilen,bouwen,verbouwen,onderhouden,verhuren,huren,verkavelen,prospecteren en uitbaten van onroerende goederen,het ontwerpen en opvolgen van projecten en het maken van studies met betrekking tot immobiliën;de aan-en verkoop,huur en verhuur van roerende goederen betreffende de inrichting en uitrusting van onroerende goederen,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de onroerende goederen te bevorderen;alsmede zich borg stellen voor het goede verloop van verbintenissen,inclusief deze door derde personen aangegaan,hierin begrepen haar onroerende goederen of rechten in hypotheek geven.
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een roerend vermogen alle verrichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,zoals het verwerven door inschrijving of aankoop,het beheren van aandelen,aandelenopties,obligaties,kasbons,afgeleide producten of andere roerende waarden,van welke vorm ook,uitgegeven door Belgische of buitenlandse emittenten.
- De vennootschap mag betrokken zijn bij wijze van inbreng,samensmelting,inschrijving of op elke andere wijze,in de ondernemingen,verenigingen of vennootschappen,die een gelijkaardig,soortgelijk of samenhangend voorwerp hebben of die nuttig zijn voor de verwezenlijking van het geheel of een gedeelte van haar voorwerp.
- De vennootschap kan,binnen de perken van haar voorwerp,zowel in België als in het buitenland alle roerende,onroerende,financiële of burgerrechtelijke verrichtingen doen die rechtstreeks of onrechtstreeks betrekking hebben op haar voorwerp.
- Zij kan zich bij wijze van inbreng,overdracht,samensmelting,inschrijving,participatie,financiële tussenkomst of op andere wijze interesseren in alle vennootschappen,ondernemingen of verrichtingen die een gelijkaardig of aanverwant voorwerp hebben of die van aard zijn de verwezenlijking van haar voorwerp te bevorderen.Zij kan zich voor bovengemelde vennootschappen en ondernemingen borg stellen,en er mandaten van zaakvoerder,bestuurder en vereffenaar in uitoefenen.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- ETSolution
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “1” (deed in Dutch)“Met of zonder beperking van duur, natuurlijke personen of rechtspersonen,al dan niet aandeelhouder” (deed in Dutch)“Iedere bestuurder, handelingen waarvoor volgens wet alleen algemene vergadering bevoegd is” (deed in Dutch)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Geen overdracht zonder goedkeuring, helft overdrager en helft koper(s) naar evenredigheid aantal bij meerdere kopers,ook bij erfgenaam of…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Friday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Algemene vergadering in vormen statutenwijziging, algemene vergadering mag één of meerdere vereffenaars aanduiden,bevoegdheden…” (deed in Dutch)