EWoNo
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-05-2026 PDF all 6 filings
Turnover
≈ €290,000
Estimated: probably between €220,000 and €370,000
Total assets
€496,519▲ 33.3%
2024 · €372,580
Net result
€92,481▼ 6.0%
2024 · €98,415
Working capital
-€219,855▼ 127%
2024 · -€96,829
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€126,421
▼ 10.8%
2025
20202025
Net result
€92,481
▼ 6.0%
2025
highest quarter of the sector
20202025
Equity
€144,595
=
2025
middle half of the sector
20202025
Total assets
€496,519
▲ 33.3%
2025
highest quarter of the sector
20202025
Debt
€351,924
▲ 54.4%
2025
20202025
Working capital
-€219,855
▼ 127%
2025
lowest quarter of the sector
20202025
Solvency
29.1%
▼ 9.7pp
2025
middle half of the sector
20202025
Current ratio
0.17
▼ 0.23
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
18.6%
▼ 7.8pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€4,854-€20,649€92,765▲ 349%€128,983▲ 39.0%€141,763▲ 9.9%€126,421▼ 10.8%
Net result-€5,034below the sector's middle half-€13,640within the sector's middle half€65,874above the sector's middle half▲ 383%€97,617above the sector's middle half▲ 48.2%€98,415above the sector's middle half▲ 0.8%€92,481above the sector's middle half▼ 6.0%
Equity-€3,834below the sector's middle half-€9,806below the sector's middle half€75,680within the sector's middle half▲ 672%€46,180within the sector's middle half▼ 39.0%€144,595within the sector's middle half▲ 213%€144,595within the sector's middle half=
Total assets€8,907below the sector's middle half-€358,770above the sector's middle half▲ 40×€393,296above the sector's middle half▲ 9.6%€390,183above the sector's middle half▼ 0.8%€372,580above the sector's middle half▼ 4.5%€496,519above the sector's middle half▲ 33.3%
Debt€12,741-€348,965▲ 27×€317,616▼ 9.0%€344,003▲ 8.3%€227,985▼ 33.7%€351,924▲ 54.4%
Working capital-€2,584below the sector's middle half--€48,211below the sector's middle half▼ 1,766%-€41,533below the sector's middle half▲ 13.9%-€135,816below the sector's middle half▼ 227%-€96,829below the sector's middle half▲ 28.7%-€219,855below the sector's middle half▼ 127%
Solvency-43.0%below the sector's middle half-2.7%below the sector's middle half▲ 45.8pp19.2%below the sector's middle half▲ 16.5pp11.8%below the sector's middle half▼ 7.4pp38.8%within the sector's middle half▲ 27.0pp29.1%within the sector's middle half▼ 9.7pp
Current ratio0.78below the sector's middle half-0.47below the sector's middle half▼ 0.300.67below the sector's middle half▲ 0.190.37below the sector's middle half▼ 0.300.40below the sector's middle half▲ 0.040.17below the sector's middle half▼ 0.23
Return on assets (ROA)-56.5%below the sector's middle half-3.8%within the sector's middle half▲ 60.3pp16.7%within the sector's middle half▲ 12.9pp25.0%above the sector's middle half▲ 8.3pp26.4%above the sector's middle half▲ 1.4pp18.6%within the sector's middle half▼ 7.8pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 11% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €496,519
Fixed assets
€450,480 ▲ 46.8%
Current assets
€46,038 ▼ 29.9%
Equity and liabilities €496,519
Equity
€144,595 =
Debt
€351,924 ▲ 54.4%
Debt's share of the balance-sheet total rises from 61.2% to 70.9%. Debt is higher.
Key figures and ratios
EBITDA
€140,979▼
2024 · €157,638
Cash flow
€107,039▼
2024 · €114,290
Debt to equity
2.43▲
2024 · 1.58
ROE
64.0%▼
2024 · 68.1%
Interest coverage
22.29▼
2024 · over 100
Debt ≤ 1 year
€265,894▲
2024 · €162,525
Debt > 1 year
€81,967▲
2024 · €64,000
Income taxes
€27,705▼
2024 · €43,083
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €349,887 | €5,587 | €14,839 | €11,364 | €44,755 |
| Financial fixed assets | - | - | - | - | €120,000 |
| Depreciation and write-downs of the year | €34,671 | €10,290 | €13,957 | €15,875 | €14,559 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €5,400 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €34,671 | €10,290 | €13,957 | €15,875 | €14,559 | ▼ 8.3% |
| Other operating charges640/8 | - | €1,792 | €2,305 | €3,071 | €2,664 | €2,377 | ▼ 10.8% |
| Gross operating margin9900 | -€3,275 | €57,112 | €105,360 | €146,010 | €160,302 | €143,356 | ▼ 10.6% |
| Operating profit (loss)9901 | -€4,854 | €20,649 | €92,765 | €128,983 | €141,763 | €126,421 | ▼ 10.8% |
| Financial income75/76B | - | €1 | €5 | €1 | €1 | €88 | ▲ 177× |
| Recurring financial income75 | - | €1 | €5 | €1 | €1 | €88 | ▲ 177× |
| Financial charges65/66B | - | €326 | €463 | €455 | €265 | €6,324 | ▲ 24× |
| Recurring financial charges65 | €97 | €326 | €463 | €455 | €265 | €6,324 | ▲ 24× |
| Profit (loss) for the period before taxes9903 | -€4,951 | €20,325 | €92,307 | €128,529 | €141,498 | €120,185 | ▼ 15.1% |
| Income taxes67/77 | €83 | €6,685 | €26,432 | €30,912 | €43,083 | €27,705 | ▼ 35.7% |
| Profit (loss) for the period9904 | -€5,034 | €13,640 | €65,874 | €97,617 | €98,415 | €92,481 | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | -€5,034 | €13,640 | €65,874 | €97,617 | €98,415 | €92,481 | ▼ 6.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €8,907 | €358,770 | €393,296 | €390,183 | €372,580 | €496,519 | ▲ 33.3% |
| Fixed assets21/28 | - | €315,216 | €310,513 | €311,396 | €306,884 | €450,480 | ▲ 46.8% |
| Tangible fixed assets22/27 | - | €315,216 | €310,513 | €311,396 | €306,884 | €330,480 | ▲ 7.7% |
| Land and buildings22 | - | €312,072 | €307,361 | €297,647 | €287,933 | €278,219 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | €487 | €375 | €263 | €150 | €38,999 | ▲ 259× |
| Furniture and vehicles24 | - | €2,657 | €2,778 | €13,486 | €18,801 | €13,262 | ▼ 29.5% |
| Financial fixed assets28 | - | - | - | - | - | €120,000 | - |
| Current assets29/58 | €8,907 | €43,554 | €82,783 | €78,787 | €65,696 | €46,038 | ▼ 29.9% |
| Amounts receivable within one year40/41 | €866 | €520 | €25,964 | €5,102 | €33,465 | €40,665 | ▲ 21.5% |
| Trade receivables40 | - | - | €24,377 | - | €31,841 | €31,832 | = |
| Other amounts receivable41 | - | €520 | €1,587 | €5,102 | €1,625 | €8,834 | ▲ 444% |
| Cash at bank and in hand54/58 | €5,761 | €30,409 | €50,904 | €68,602 | €26,757 | €3,508 | ▼ 86.9% |
| Deferred charges and accrued income490/1 | - | €12,625 | €5,915 | €5,084 | €5,474 | €1,866 | ▼ 65.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €8,907 | €358,770 | €393,296 | €390,183 | €372,580 | €496,519 | ▲ 33.3% |
| Equity10/15 | -€3,834 | €9,806 | €75,680 | €46,180 | €144,595 | €144,595 | = |
| Contributions10/11 | - | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | = |
| Reserves13 | - | €8,606 | €44,980 | €44,980 | €143,395 | €143,395 | = |
| Distributable reserves133 | - | €8,606 | €44,980 | €44,980 | €143,395 | €143,395 | = |
| Profit (loss) carried forward14 | -€5,034 | - | €29,500 | - | - | - | - |
| Amounts payable17/49 | €12,741 | €348,965 | €317,616 | €344,003 | €227,985 | €351,924 | ▲ 54.4% |
| Amounts payable after more than one year17 | - | €256,000 | €192,000 | €128,000 | €64,000 | €81,967 | ▲ 28.1% |
| Financial debts170/4 | - | €256,000 | €192,000 | €128,000 | €64,000 | €81,967 | ▲ 28.1% |
| Amounts payable within one year42/48 | €11,491 | €91,765 | €124,316 | €214,603 | €162,525 | €265,894 | ▲ 63.6% |
| Current portion of amounts payable after more than one year42 | - | €64,000 | €64,000 | €64,000 | €64,000 | €88,936 | ▲ 39.0% |
| Financial debts43 | - | €254 | €995 | - | €280 | €575 | ▲ 105% |
| Credit institutions430/8 | - | €254 | €995 | - | €280 | €575 | ▲ 105% |
| Trade debts44 | €3,033 | €2,330 | €5,011 | €1,634 | €12,354 | €5,015 | ▼ 59.4% |
| Suppliers440/4 | - | €2,330 | €5,011 | €1,634 | €12,354 | €5,015 | ▼ 59.4% |
| Taxes, remuneration and social security45 | - | €17,322 | €52,752 | €50,564 | €24,421 | €13,343 | ▼ 45.4% |
| Taxes450/3 | - | €17,322 | €52,752 | €50,564 | €24,421 | €13,343 | ▼ 45.4% |
| Other amounts payable47/48 | - | €7,859 | €1,558 | €98,405 | €61,470 | €158,025 | ▲ 157% |
| Accrued charges and deferred income492/3 | - | €1,200 | €1,300 | €1,400 | €1,460 | €4,063 | ▲ 178% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,034 | €13,640 | €65,874 | €97,617 | €98,415 | €92,481 | ▼ 6.0% |
| + Depreciation and write-downs630 | - | €34,671 | €10,290 | €13,957 | €15,875 | €14,559 | ▼ 8.3% |
| Operating cash flow (approximation) | -€5,034 | €48,311 | €76,164 | €111,574 | €114,290 | €107,039 | ▼ 6.3% |
| Investment in fixed assets (approximation) | - | - | -€5,587 | -€14,839 | -€11,364 | -€158,155 | ▼ 1,292% |
| Change in cash | - | €24,647 | €20,495 | €17,698 | -€41,845 | -€23,249 | ▲ 44.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,684 companies had the same profile as EWoNo has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EWoNo itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,684 companies, not a prediction for EWoNo. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-05-2026 | 2026-00126419 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00427418 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00351177 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00153291 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20303464 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200034 |