ETSPM
ActiveSummary
ETSPM has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7,278 and a net result of €98. Equity is shrinking by ~15% per year across the filed fiscal years. Its solvency ranks better than 68% of 8782 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+19
Solvency96▲+5
Growth41=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity ample (current ratio 3.0 against 2.2 in 2024; short-term debt: 28.9% and cash: 28.2% of total assets), and 28.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 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 · 10 filingsDeviation from the deadline
2025
20 d late
2024
22 d late
2023
49 d late
2022
31 d late
2021
31 d late
2020
31 d late
2019
29 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 30 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€23,815▲ 30.3%
2020 · €18,284
EBIT margin
-9.5%▲ 4.6pp
2020 · -14.2%
Net result
€98
2024 · -€1,586
Working capital
€5,921▲ 32.5%
2024 · €4,467
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€23,815▲ 30.3%
Operating result-€2,274▲ 12.2%-€466▲ 79.5%€2,241€464▼ 79.3%€2,495▲ 438%
Net result-€3,819below the sector's middle half▼ 1.3%-€2,411below the sector's middle half▲ 36.9%-€328below the sector's middle half▲ 86.4%-€1,586below the sector's middle half▼ 383%€98below the sector's middle half
EBIT margin-9.5%▲ 4.6pp
Equity€11,505below the sector's middle half▼ 24.9%€9,094below the sector's middle half▼ 21.0%€8,766below the sector's middle half▼ 3.6%€7,180below the sector's middle half▼ 18.1%€7,278below the sector's middle half▲ 1.4%
Total assets€26,224below the sector's middle half▼ 21.0%€20,620below the sector's middle half▼ 21.4%€15,760below the sector's middle half▼ 23.6%€10,893below the sector's middle half▼ 30.9%€10,235below the sector's middle half▼ 6.0%
Debt€14,719▼ 17.6%€11,525▼ 21.7%€6,994▼ 39.3%€3,713▼ 46.9%€2,957▼ 20.4%
Working capital€2,720within the sector's middle half▼ 40.8%€1,671within the sector's middle half▼ 38.6%€3,342within the sector's middle half▲ 100.0%€4,467within the sector's middle half▲ 33.7%€5,921within the sector's middle half▲ 32.5%
Solvency43.9%within the sector's middle half▼ 2.3pp44.1%within the sector's middle half▲ 0.2pp55.6%within the sector's middle half▲ 11.5pp65.9%within the sector's middle half▲ 10.3pp71.1%within the sector's middle half▲ 5.2pp
Current ratio1.38within the sector's middle half▼ 0.341.21within the sector's middle half▼ 0.171.48within the sector's middle half▲ 0.272.20within the sector's middle half▲ 0.733.00within the sector's middle half▲ 0.80
Return on assets (ROA)-14.6%below the sector's middle half▼ 3.2pp-11.7%below the sector's middle half▲ 2.9pp-2.1%below the sector's middle half▲ 9.6pp-14.6%below the sector's middle half▼ 12.5pp1.0%within the sector's middle half▲ 15.5pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 438% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10,235
Fixed assets
€1,357 ▼ 50.0%
Current assets
€8,878 ▲ 8.5%
Equity and liabilities €10,235
Equity
€7,278 ▲ 1.4%
Debt
€2,957 ▼ 20.4%
Debt's share of the balance-sheet total falls from 34.1% to 28.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3,851▲
2024 · €3,175
Cash flow
€1,454▲
2024 · €1,125
Debt to equity
0.41▼
2024 · 0.52
ROE
1.3%▲
2024 · -22.1%
Interest coverage
8.58▲
2024 · 6.53
Debt ≤ 1 year
€2,957▼
2024 · €3,713
Income taxes
€1,948▲
2024 · €1,564
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,340 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% | 1.0% |
| 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% 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 17,040 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €23,815 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €18,926 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,953 | €5,423 | €5,423 | €2,711 | €1,356 | ▼ 50.0% |
| Other operating charges640/8 | €1,210 | €1,351 | €1,477 | €1,435 | €1,408 | ▼ 1.9% |
| Non-recurring operating charges66A | - | €157 | €129 | - | €127 | - |
| Gross operating margin9900 | €4,889 | €6,465 | €9,270 | €4,610 | €5,386 | ▲ 16.8% |
| Operating profit (loss)9901 | -€2,274 | -€466 | €2,241 | €464 | €2,495 | ▲ 438% |
| Financial charges65/66B | €610 | €597 | €619 | €486 | €449 | ▼ 7.6% |
| Recurring financial charges65 | €610 | €597 | €619 | €486 | €449 | ▼ 7.6% |
| Profit (loss) for the period before taxes9903 | -€2,884 | -€1,063 | €1,623 | -€22 | €2,046 | ▲ 9,400% |
| Income taxes67/77 | €935 | €1,349 | €1,951 | €1,564 | €1,948 | ▲ 24.6% |
| Profit (loss) for the period9904 | -€3,819 | -€2,411 | -€328 | -€1,586 | €98 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | -€3,819 | -€2,411 | -€328 | -€1,586 | €98 | ▲ 106% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €26,224 | €20,620 | €15,760 | €10,893 | €10,235 | ▼ 6.0% |
| Fixed assets21/28 | €16,269 | €10,847 | €5,424 | €2,713 | €1,357 | ▼ 50.0% |
| Tangible fixed assets22/27 | €16,269 | €10,847 | €5,424 | €2,713 | €1,357 | ▼ 50.0% |
| Furniture and vehicles24 | - | €10,847 | €5,424 | €2,713 | €1,357 | ▼ 50.0% |
| Leasing and similar rights25 | €16,269 | - | - | - | - | - |
| Current assets29/58 | €9,955 | €9,772 | €10,336 | €8,180 | €8,878 | ▲ 8.5% |
| Amounts receivable within one year40/41 | €5,737 | €5,045 | €5,745 | €3,976 | €5,570 | ▲ 40.1% |
| Trade receivables40 | €5,737 | €5,045 | €5,459 | €3,976 | €5,570 | ▲ 40.1% |
| Other amounts receivable41 | - | - | €286 | - | - | - |
| Cash at bank and in hand54/58 | €3,806 | €4,496 | €3,677 | €3,722 | €2,887 | ▼ 22.4% |
| Deferred charges and accrued income490/1 | €412 | €232 | €914 | €482 | €421 | ▼ 12.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €26,224 | €20,620 | €15,760 | €10,893 | €10,235 | ▼ 6.0% |
| Equity10/15 | €11,505 | €9,094 | €8,766 | €7,180 | €7,278 | ▲ 1.4% |
| Contributions10/11 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Capital10 | €6,197 | - | - | - | €6,197 | - |
| Issued capital100 | €18,592 | - | - | - | €6,197 | - |
| Uncalled capital101 | €12,395 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €3,448 | €1,037 | €709 | -€877 | -€779 | ▲ 11.2% |
| Amounts payable17/49 | €14,719 | €11,525 | €6,994 | €3,713 | €2,957 | ▼ 20.4% |
| Amounts payable after more than one year17 | €7,484 | €3,424 | - | - | - | - |
| Financial debts170/4 | €7,484 | €3,424 | - | - | - | - |
| Amounts payable within one year42/48 | €7,235 | €8,101 | €6,994 | €3,713 | €2,957 | ▼ 20.4% |
| Current portion of amounts payable after more than one year42 | €4,008 | €4,060 | €3,424 | - | - | - |
| Trade debts44 | €1,294 | €1,396 | €1,595 | €507 | €75 | ▼ 85.2% |
| Suppliers440/4 | €1,294 | €1,396 | €1,595 | €507 | €75 | ▼ 85.2% |
| Taxes, remuneration and social security45 | €833 | €1,262 | €360 | €654 | €886 | ▲ 35.5% |
| Taxes450/3 | €833 | €1,262 | €360 | €654 | €886 | ▲ 35.5% |
| Remuneration and social security454/9 | - | €0 | - | - | - | - |
| Other amounts payable47/48 | €1,100 | €1,383 | €1,615 | €2,552 | €1,996 | ▼ 21.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,819 | -€2,411 | -€328 | -€1,586 | €98 | ▲ 106% |
| + Depreciation and write-downs630 | €5,953 | €5,423 | €5,423 | €2,711 | €1,356 | ▼ 50.0% |
| Operating cash flow (approximation) | €2,134 | €3,012 | €5,095 | €1,125 | €1,454 | ▲ 29.2% |
| Investment in fixed assets (approximation) | - | -€1 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | €690 | -€819 | €45 | -€835 | ▼ 1,961% |
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
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 20 days late
2025
31-12
Financial
Back to profitnet €98
Net result €98 after 7 loss-making years.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 49 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€3,819
Net result drops to -€3,819, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
29-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 29 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 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, Andenne · 1 establishment unit since 1997
Ground area
893 m²
Building footprint
109 m²
Parcel 92093B0175/00L004, Wallonia. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ETSPM
since 19972.082.972.951
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92093B0175/00L004 | Wallonia | 893 m² | 1 · 109 m² | - |
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.
Recognitions · licences · registrations
Parcel delivery
Notified to the BIPT
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Of 82,601 companies in sector 70200 we hold annual accounts for 52,615. 19,475 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)
Founded22-07-1997
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
53100Postal and courier activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0461164328
Registered
27-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.