ETUDE, CONCEPTION, DIFFUSION
ActiveSummary
ETUDE, CONCEPTION, DIFFUSION has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €27k and a net result of €1k. Equity is growing by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 19% of 36375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability40▼-30
Solvency42▲+1
Growth84=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity ample (current ratio 1.53 against 1.54 in 2023; short-term debt: 65.3% and cash: 0% of total assets), but 83.3% 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
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 · 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
16.7%
Return on assets
0.8%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 36375 sector peers (2024).
NBB · sector comparisonPosition among 36375 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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
not confirmed
2024
61 d late
2023
31 d late
2022
32 d late
2021
31 d late
2020
31 d late
2019
129 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Turnover
€32k▼ 0.9%
2021 · €33k
2018: €16klowest in 5 years
2019: €20k▲ +24.6% vs 2018
2020: €22k▲ +7.9% vs 2019
2021: €33k▲ +50.2% vs 2020highest in 5 years
2022: €32k▼ -0.9% vs 2021
2018 → 2022
EBIT margin
14.6%▼ 0.9pp
2021 · 15.5%
2018: 6.8%
2019: 5.4%▼ -20.3% vs 2018lowest in 5 years
2020: 68.0%▲ +1163% vs 2019highest in 5 years
2021: 15.5%▼ -77.2% vs 2020
2022: 14.6%▼ -5.8% vs 2021
2018 → 2022
Net result
€1k▼ 18.5%
2023 · €2k
2018: €-77lowest in 7 years
2019: €452▲ +689% vs 2018
2020: €15k▲ +3113% vs 2019highest in 7 years
2021: €4k▼ -72.0% vs 2020
2022: €5k▲ +15.8% vs 2021
2023: €2k▼ -65.6% vs 2022
2024: €1k▼ -18.5% vs 2023
2018 → 2024
Working capital
€55k▲ 2.4%
2023 · €54k
2018: €26klowest in 7 years
2019: €33k▲ +26.2% vs 2018
2020: €51k▲ +53.5% vs 2019
2021: €51k▼ -0.1% vs 2020
2022: €56k▲ +9.7% vs 2021highest in 7 years
2023: €54k▼ -3.9% vs 2022
2024: €55k▲ +2.4% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€22k-€33k▲ 50.2%€32k▼ 0.9%
2020: €22klowest in 3 years
2021: €33k▲ +50.2% vs 2020highest in 3 years
2022: €32k▼ -0.9% vs 2021
Equity€35k-€28k▼ 18.4%€33k▲ 16.6%€25k▼ 23.6%€27k▲ 5.2%
2020: €35khighest in 5 years
2021: €28k▼ -18.4% vs 2020
2022: €33k▲ +16.6% vs 2021
2023: €25k▼ -23.6% vs 2022lowest in 5 years
2024: €27k▲ +5.2% vs 2023
Operating result€15k-€5k▼ 65.7%€5k▼ 6.6%€3k▼ 40.2%€1k▼ 52.0%
2020: €15khighest in 5 years
2021: €5k▼ -65.7% vs 2020
2022: €5k▼ -6.6% vs 2021
2023: €3k▼ -40.2% vs 2022
2024: €1k▼ -52.0% vs 2023lowest in 5 years
Net result€15k-€4k▼ 72.0%€5k▲ 15.8%€2k▼ 65.6%€1k▼ 18.5%
2020: €15khighest in 5 years
2021: €4k▼ -72.0% vs 2020
2022: €5k▲ +15.8% vs 2021
2023: €2k▼ -65.6% vs 2022
2024: €1k▼ -18.5% vs 2023lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2024 is 52% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €159k
Equity
€27k ▲ 5.2%
Debt
€133k ▲ 3.6%
Debt's share of the balance-sheet total falls from 83.6% to 83.3%. Equity and debt are higher.
Key figures and ratios
Current ratio
1.53▼
2023 · 1.54
Debt to equity
5.00▼
2023 · 5.08
ROE
5.0%▼
2023 · 6.4%
ROA
0.8%▼
2023 · 1.1%
Debt ≤ 1 year
€104k▲
2023 · €100k
Debt > 1 year
€29k=
2023 · €29k
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 · 2024 against 2023 · 31 lines
Balance sheet
Code20232024
Assets
Total assets20/58€153k€159k▲
Current assets29/58€153k€159k▲
Amounts receivable within one year40/41€148k€154k▲
Trade receivables40€147k€153k▲
Other amounts receivable41€941€1k▲
Cash at bank and in hand54/58€135€26▼
Deferred charges and accrued income490/1€5k€5k=
Equity and liabilities
Total equity and liabilities10/49€153k€159k▲
Equity10/15€25k€27k▲
Contributions10/11€19k€19k=
Capital10€19k-
Issued capital100€19k-
Profit (loss) carried forward14€7k€8k▲
Amounts payable17/49€128k€133k▲
Amounts payable after more than one year17€29k€29k=
Financial debts170/4€29k€29k=
Amounts payable within one year42/48€100k€104k▲
Trade debts44€89k€92k▲
Suppliers440/4€89k€92k▲
Other amounts payable47/48€11k€12k▲
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k-
Gross operating margin9900€10k€1k▼
Operating profit (loss)9901€3k€1k▼
Financial charges65/66B€46€46=
Recurring financial charges65€46€46=
Profit (loss) for the period before taxes9903€3k€1k▼
Income taxes67/77€1k-
Profit (loss) for the period9904€2k€1k▼
Profit (loss) for the period to be appropriated9905€2k€1k▼
Appropriation of the result
Profit (loss) to be appropriated9906€7k€8k▲
Profit (loss) brought forward from the previous period14P€5k€7k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €22k | €33k | €32k | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €29k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €500 | €7k | - | - |
| Other operating charges640/8 | - | - | €148 | - | - | - |
| Gross operating margin9900 | €15k | €5k | €5k | €10k | €1k | ▼ 85.9% |
| Operating profit (loss)9901 | €15k | €5k | €5k | €3k | €1k | ▼ 52.0% |
| Financial charges65/66B | - | €80 | €42 | €46 | €46 | = |
| Recurring financial charges65 | €315 | €80 | €42 | €46 | €46 | = |
| Profit (loss) for the period before taxes9903 | €15k | €5k | €5k | €3k | €1k | ▼ 52.8% |
| Income taxes67/77 | - | €940 | - | €1k | - | - |
| Profit (loss) for the period9904 | €15k | €4k | €5k | €2k | €1k | ▼ 18.5% |
| Profit (loss) for the period to be appropriated9905 | €15k | €4k | €5k | €2k | €1k | ▼ 18.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €98k | €124k | €146k | €153k | €159k | ▲ 3.9% |
| Fixed assets21/28 | €14k | €7k | €7k | - | - | - |
| Tangible fixed assets22/27 | €14k | €7k | €7k | - | - | - |
| Furniture and vehicles24 | - | €7k | €7k | - | - | - |
| Current assets29/58 | €84k | €116k | €139k | €153k | €159k | ▲ 3.9% |
| Stocks and contracts in progress3 | €30 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €84k | €113k | €134k | €148k | €154k | ▲ 4.1% |
| Trade receivables40 | - | €113k | €134k | €147k | €153k | ▲ 3.7% |
| Other amounts receivable41 | - | - | - | €941 | €1k | ▲ 56.7% |
| Cash at bank and in hand54/58 | €229 | €3k | €5k | €135 | €26 | ▼ 80.5% |
| Deferred charges and accrued income490/1 | - | - | - | €5k | €5k | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €98k | €124k | €146k | €153k | €159k | ▲ 3.9% |
| Equity10/15 | €35k | €28k | €33k | €25k | €27k | ▲ 5.2% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | - | €19k | €19k | €19k | - | - |
| Issued capital100 | - | €19k | €19k | €19k | - | - |
| Profit (loss) carried forward14 | €16k | €10k | €14k | €7k | €8k | ▲ 19.9% |
| Amounts payable17/49 | €63k | €95k | €113k | €128k | €133k | ▲ 3.6% |
| Amounts payable after more than one year17 | €30k | €30k | €30k | €29k | €29k | = |
| Financial debts170/4 | - | €30k | €30k | €29k | €29k | = |
| Other amounts payable178/9 | - | €1 | - | - | - | - |
| Amounts payable within one year42/48 | €33k | €65k | €83k | €100k | €104k | ▲ 4.6% |
| Trade debts44 | €29k | €56k | €83k | €89k | €92k | ▲ 3.7% |
| Suppliers440/4 | - | €56k | €83k | €89k | €92k | ▲ 3.7% |
| Taxes, remuneration and social security45 | - | - | €82 | - | - | - |
| Taxes450/3 | - | - | €82 | - | - | - |
| Other amounts payable47/48 | - | €9k | - | €11k | €12k | ▲ 12.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15k | €4k | €5k | €2k | €1k | ▼ 18.5% |
| + Depreciation and write-downs630 | - | - | €500 | €7k | - | - |
| Operating cash flow (approximation) | €15k | €4k | €5k | €8k | €1k | ▼ 84.4% |
| Investment in fixed assets (approximation) | - | €6k | €0 | - | - | - |
| Change in cash | - | €3k | €2k | €-5k | €-109 | ▲ 97.9% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €15k ▲3,113%
Operating result €15k, net result €15k, both a record.
07-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 129 days late
2019
31-12
Financial
Back to profitnet €452
Net result €452 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 31 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
28-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 150 days late
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 92 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, Chaudfontaine
Ground area
950 m²
Building footprint
112 m²
Parcel 62104D0337/00M037, Wallonia. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62104D0337/00M037 | Wallonia | 950 m² | 1 · 112 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.
Similar companies · same sector, comparable size
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Of 7,289 companies in sector 43350 we hold annual accounts for 2,362. 1,873 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)
Founded15-02-2007
Fiscal year end31-12
Abbreviation FR
E.C.D.
Activities, NACEBEL 2025
43350Other building finishing work
62200Computer consultancy and computer facilities management
Scores and ratios are computed by Checked and are not a credit decision.