ETUDE, CONCEPT ET ENGINEERING
ActiveSummary
ETUDE, CONCEPT ET ENGINEERING has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.78M and a net result of €-82k. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 91% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▲+4
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210k at 30 days acceptable
Liquidity ample (current ratio 75.28 against 71.88 in 2024; short-term debt: 1% and cash: 29.1% of total assets), and 7.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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
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
92.5%
Return on assets
-2.7%
Age of the figures
12 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-82k
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 26-03-2026, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
35 d early
2024
34 d early
2023
8 d early
2022
33 d early
2021
38 d early
2020
65 d early
2019
64 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€2.78M▼ 2.9%
2024 · €2.87M
2018: €2.51Mlowest in 8 years
2019: €2.79M▲ +10.9% vs 2018
2020: €2.97M▲ +6.5% vs 2019
2021: €3.19M▲ +7.4% vs 2020
2022: €3.79M▲ +18.8% vs 2021highest in 8 years
2023: €3.06M▼ -19.3% vs 2022
2024: €2.87M▼ -6.2% vs 2023
2025: €2.78M▼ -2.9% vs 2024
2018 → 2025
Total assets
€3.01M▼ 10.3%
2024 · €3.35M
2018: €3.76M
2019: €3.94M▲ +5.0% vs 2018
2020: €4.10M▲ +4.0% vs 2019
2021: €4.76M▲ +16.0% vs 2020
2022: €5.38M▲ +13.1% vs 2021highest in 8 years
2023: €4.31M▼ -19.9% vs 2022
2024: €3.35M▼ -22.2% vs 2023
2025: €3.01M▼ -10.3% vs 2024lowest in 8 years
2018 → 2025
Net result
€-82k▲ 58.6%
2024 · €-199k
2018: €383k
2019: €274k▼ -28.4% vs 2018
2020: €180k▼ -34.4% vs 2019
2021: €220k▲ +22.2% vs 2020
2022: €600k▲ +173% vs 2021highest in 8 years
2023: €2k▼ -99.6% vs 2022
2024: €-199k▼ -9238% vs 2023lowest in 8 years
2025: €-82k▲ +58.6% vs 2024
2018 → 2025
Working capital
€2.16M▼ 22.1%
2024 · €2.78M
2018: €1.65Mlowest in 8 years
2019: €1.95M▲ +17.8% vs 2018
2020: €1.83M▼ -6.2% vs 2019
2021: €2.51M▲ +37.8% vs 2020
2022: €4.61M▲ +83.4% vs 2021highest in 8 years
2023: €3.50M▼ -24.1% vs 2022
2024: €2.78M▼ -20.7% vs 2023
2025: €2.16M▼ -22.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.19M-€3.79M▲ 18.8%€3.06M▼ 19.3%€2.87M▼ 6.2%€2.78M▼ 2.9%
2021: €3.19M
2022: €3.79M▲ +18.8% vs 2021highest in 5 years
2023: €3.06M▼ -19.3% vs 2022
2024: €2.87M▼ -6.2% vs 2023
2025: €2.78M▼ -2.9% vs 2024lowest in 5 years
Operating result€131k-€60k▼ 53.7%€-198k€-233k▼ 17.8%€-144k▲ 38.3%
2021: €131khighest in 5 years
2022: €60k▼ -53.7% vs 2021
2023: €-198k▼ -428% vs 2022
2024: €-233k▼ -17.8% vs 2023lowest in 5 years
2025: €-144k▲ +38.3% vs 2024
Net result€220k-€600k▲ 173%€2k▼ 99.6%€-199k€-82k▲ 58.6%
2021: €220k
2022: €600k▲ +173% vs 2021highest in 5 years
2023: €2k▼ -99.6% vs 2022
2024: €-199k▼ -9238% vs 2023lowest in 5 years
2025: €-82k▲ +58.6% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €144k in 2025 against €233k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.01M
Fixed assets
€817k ▲ 52.7%
Current assets
€2.19M ▼ 22.2%
Equity and liabilities €3.01M
Equity
€2.78M ▼ 2.9%
Debt
€226k ▼ 53.6%
Debt's share of the balance-sheet total falls from 14.5% to 7.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-109k▲
2024 · €-211k
Cash flow
€-48k▲
2024 · €-176k
Current ratio
75.28▲
2024 · 71.88
Debt to equity
0.08▼
2024 · 0.17
ROE
-3.0%▲
2024 · -6.9%
ROA
-2.7%▲
2024 · -5.9%
Interest coverage
-3.19▲
2024 · -6.29
Debt ≤ 1 year
€29k▼
2024 · €39k
Debt > 1 year
€195k▼
2024 · €447k
Income taxes
€3k▼
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.35M€3.01M▼
Fixed assets21/28€535k€817k▲
Intangible fixed assets21€2k€2k▼
Tangible fixed assets22/27€528k€610k▲
Land and buildings22€517k€499k▼
Furniture and vehicles24€9k€106k▲
Other tangible fixed assets26€2k€4k▲
Financial fixed assets28€5k€205k▲
Current assets29/58€2.82M€2.19M▼
Amounts receivable within one year40/41€867k€573k▼
Trade receivables40€28k€50k▲
Other amounts receivable41€838k€523k▼
Current investments50/53€1.60M€739k▼
Cash at bank and in hand54/58€346k€874k▲
Deferred charges and accrued income490/1€9k€6k▼
Equity and liabilities
Total equity and liabilities10/49€3.35M€3.01M▼
Equity10/15€2.87M€2.78M▼
Contributions10/11€451k€451k=
Reserves13€1.70M€1.62M▼
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Tax-exempt reserves132€105k€0▼
Distributable reserves133€1.59M€1.62M▲
Profit (loss) carried forward14€717k€717k=
Amounts payable17/49€487k€226k▼
Amounts payable after more than one year17€447k€195k▼
Financial debts170/4€43k€0▼
Other amounts payable178/9€404k€195k▼
Amounts payable within one year42/48€39k€29k▼
Current portion of amounts payable after more than one year42€13k€0▼
Trade debts44€6k€8k▲
Suppliers440/4€6k€8k▲
Taxes, remuneration and social security45€20k€21k▲
Taxes450/3€19k€10k▼
Remuneration and social security454/9€1k€11k▲
Accrued charges and deferred income492/3€900€2k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€22k€35k▲
Other operating charges640/8€3k€3k▼
Gross operating margin9900€-207k€-106k▲
Operating profit (loss)9901€-233k€-144k▲
Financial income75/76B€80k€98k▲
Recurring financial income75€80k€98k▲
Non-recurring financial income76B€0-
Financial charges65/66B€34k€34k▲
Recurring financial charges65€34k€34k▲
Profit (loss) for the period before taxes9903€-187k€-80k▲
Income taxes67/77€12k€3k▼
Profit (loss) for the period9904€-199k€-82k▲
Transfer from tax-exempt reserves789€316k€105k▼
Profit (loss) for the period to be appropriated9905€117k€23k▼
Appropriation of the result
Profit (loss) to be appropriated9906€833k€740k▼
Profit (loss) brought forward from the previous period14P€717k€717k=
Transfer from equity791/2€0-
Transfer to equity691/2€117k€23k▼
To other reserves6921€117k€23k▼
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20k | €21k | €34k | €22k | €35k | ▲ 54.9% |
| Other operating charges640/8 | - | €3k | €4k | €3k | €3k | ▼ 9.4% |
| Gross operating margin9900 | €154k | €84k | €-160k | €-207k | €-106k | ▲ 48.8% |
| Operating profit (loss)9901 | €131k | €60k | €-198k | €-233k | €-144k | ▲ 38.3% |
| Financial income75/76B | - | €711k | €282k | €80k | €98k | ▲ 22.9% |
| Recurring financial income75 | €192k | €270k | €126k | €80k | €98k | ▲ 22.9% |
| Non-recurring financial income76B | - | €441k | €156k | €0 | - | - |
| Financial charges65/66B | - | €68k | €82k | €34k | €34k | ▲ 2.1% |
| Recurring financial charges65 | €70k | €68k | €82k | €34k | €34k | ▲ 2.1% |
| Profit (loss) for the period before taxes9903 | €258k | €703k | €3k | €-187k | €-80k | ▲ 57.3% |
| Income taxes67/77 | €38k | €103k | €541 | €12k | €3k | ▼ 78.2% |
| Profit (loss) for the period9904 | €220k | €600k | €2k | €-199k | €-82k | ▲ 58.6% |
| Transfer from tax-exempt reserves789 | - | €279k | - | €316k | €105k | ▼ 66.7% |
| Transfer to tax-exempt reserves689 | - | €105k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €136k | €774k | €2k | €117k | €23k | ▼ 80.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.76M | €5.38M | €4.31M | €3.35M | €3.01M | ▼ 10.3% |
| Fixed assets21/28 | €1.67M | €128k | €553k | €535k | €817k | ▲ 52.7% |
| Intangible fixed assets21 | - | - | - | €2k | €2k | ▼ 23.1% |
| Tangible fixed assets22/27 | €137k | €123k | €548k | €528k | €610k | ▲ 15.6% |
| Land and buildings22 | - | €101k | €533k | €517k | €499k | ▼ 3.4% |
| Furniture and vehicles24 | - | €12k | €12k | €9k | €106k | ▲ 1,106% |
| Other tangible fixed assets26 | - | €10k | €3k | €2k | €4k | ▲ 108% |
| Financial fixed assets28 | €1.53M | €5k | €5k | €5k | €205k | ▲ 4,000% |
| Current assets29/58 | €3.09M | €5.25M | €3.75M | €2.82M | €2.19M | ▼ 22.2% |
| Amounts receivable within one year40/41 | €1.22M | €139k | €394k | €867k | €573k | ▼ 33.8% |
| Trade receivables40 | - | - | €241k | €28k | €50k | ▲ 78.6% |
| Other amounts receivable41 | - | €139k | €153k | €838k | €523k | ▼ 37.6% |
| Current investments50/53 | €1.25M | €3.88M | €3.16M | €1.60M | €739k | ▼ 53.7% |
| Cash at bank and in hand54/58 | €121k | €1.22M | €39k | €346k | €874k | ▲ 152% |
| Deferred charges and accrued income490/1 | - | €17k | €158k | €9k | €6k | ▼ 38.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.76M | €5.38M | €4.31M | €3.35M | €3.01M | ▼ 10.3% |
| Equity10/15 | €3.19M | €3.79M | €3.06M | €2.87M | €2.78M | ▼ 2.9% |
| Contributions10/11 | - | €401k | €401k | €451k | €451k | = |
| Reserves13 | €2.07M | €2.67M | €1.94M | €1.70M | €1.62M | ▼ 4.9% |
| Non-distributable reserves130/1 | - | €41k | €41k | €0 | - | - |
| Reserves not available under the articles1311 | - | €41k | €41k | €0 | - | - |
| Tax-exempt reserves132 | - | €421k | €421k | €105k | €0 | ▼ 100% |
| Distributable reserves133 | - | €2.21M | €1.48M | €1.59M | €1.62M | ▲ 1.4% |
| Profit (loss) carried forward14 | €710k | €714k | €717k | €717k | €717k | = |
| Amounts payable17/49 | €1.57M | €1.59M | €1.25M | €487k | €226k | ▼ 53.6% |
| Amounts payable after more than one year17 | €995k | €955k | €1,000k | €447k | €195k | ▼ 56.4% |
| Financial debts170/4 | - | €70k | €57k | €43k | €0 | ▼ 100% |
| Other amounts payable178/9 | - | €885k | €943k | €404k | €195k | ▼ 51.7% |
| Amounts payable within one year42/48 | €576k | €638k | €252k | €39k | €29k | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | - | €13k | €13k | €13k | €0 | ▼ 100% |
| Trade debts44 | €16k | €33k | €190k | €6k | €8k | ▲ 34.0% |
| Suppliers440/4 | - | €33k | €190k | €6k | €8k | ▲ 34.0% |
| Taxes, remuneration and social security45 | - | €92k | €49k | €20k | €21k | ▲ 6.0% |
| Taxes450/3 | - | €92k | €47k | €19k | €10k | ▼ 47.7% |
| Remuneration and social security454/9 | - | - | €2k | €1k | €11k | ▲ 816% |
| Other amounts payable47/48 | - | €500k | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €800 | - | €900 | €2k | ▲ 83.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €220k | €600k | €2k | €-199k | €-82k | ▲ 58.6% |
| + Depreciation and write-downs630 | €20k | €21k | €34k | €22k | €35k | ▲ 54.9% |
| Operating cash flow (approximation) | €240k | €621k | €36k | €-176k | €-48k | ▲ 73.0% |
| Investment in fixed assets (approximation) | - | €1.52M | €-459k | €-4k | €-316k | ▼ 7,491% |
| Change in cash | - | €1.10M | €-1.18M | €307k | €528k | ▲ 72.1% |
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
26-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Weakest financial yearnet €-199k
Net result drops to €-199k, the lowest in the series; recovery starts the following year.
30-09
Financial
Liquidity times 5current ratio 71.88
Current ratio from 14.91 to 71.88; short-term debt falls from €252k to €39k.
22-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Highest result since 2018net €600k ▲173%
Net result €600k, the highest in the series.
23-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are 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, Herve · 1 establishment unit since 2003
Ground area
324 m²
Building footprint
249 m²
Volume, LiDAR
1,631 m³
Parcel 63006D0914/00B000, Wallonia · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
ETUDE,CONCEPT ET ENGINEERING
since 20032.134.066.613
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63006D0914/00B000 | Wallonia | 324 m² | 1 · 249 m² | 11.0 m · 2 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.
Recognitions · licences · registrations
Legal Entity Identifier
69940007523VC2YA9D34
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 16,601 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
Founded30-09-2003
Fiscal year end30-09
Abbreviation FR
E.C.E.
Activities, NACEBEL 2025
70200Business and other management consultancy
64210Activities of holding companies
Contact
E-mail
l.defourny@ece.energyHerve
Scores and ratios are computed by Checked and are not a credit decision.