Equity
€56.7m ▲ 2.5%
EPCO paid out €7.0m in dividends. That is 83% of the 2025 profit.
EPCO
Lifetime
10 annual accounts with figures on one time axispeak €70.0m (2022)
€48.1m▼ 17.3%
lowest -€2.3m (2019)
€8.4m▲ 17.9%
peak €56.7m (2025)
€56.7m▲ 2.5%
€55.9m▲ 17.3%
peak 56.4 FTE (2025)
56.4 FTE▲ 1.4%
Board8 names since 2019
4 directorsFrançois Glasset and 3 others
Owners3 names in the annual accounts
100%RE Panels 3
Documentsfilings and deeds
29-08-202629 days late
2025financial year
Turnover from €58.1m to €48.1mDividend €7.0mDebts from €47.7m to €55.9mCash from €18.1m to €5.7m
Key points
from the 2025 annual accountsInvestments
€635,706 0.1 × depreciation
Green is investment, beige is depreciation.
Payment terms
75 days to suppliers
EPCO pays its suppliers 38 days later than in 2024. Customers pay 217 days later.
Filings
10 annual accounts 12 filings, 4 late
The 2019 accounts came latest: 68 days after the end of the period.
Board
1 joined · 1 left
Board changed. Latest change 07-10-2026 · 3 in office.
Position in the sector
€8.4m
Higher net result than 95% of companies in fabricated metal products. Sector median €79,515 · 834 companies.
Checked score
92
Excellent
Financially stronger than 65% of medium-sized companies in fabricated metal products (NACE 25)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 132 companies (NACE 25, medium-sized).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: < 0.1%▼ -0.1 percentage points vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026lowest value
03-2026: < 0.1%● unchanged vs 02-2026lowest value
04-2026: 0.1%▲ +0.1 percentage points vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.2%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.2%● unchanged vs 09-2026highest value
11-2026: 0.2%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
Sector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
Liquidity: current ratio 2.56, cash €5.7m, halved
lowers risk
Size: turnover €48.1m, 56.4 FTE, total assets €112.7m
Figures for financial year 2025 (filed on 29-08-2026)
Calculation
The band follows from the bankruptcy probability. 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 25, medium-sized). It does better than 67% of them on solvency, 77% on liquidity, 86% on profitability and 30% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 546 companies had the same profile as EPCO has now. Each dot stands for 2 companies, two years later.
95.2%
were still trading
4.2%
stopped another way
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EPCO itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 546 companies, not a prediction for EPCO. 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.
Credit verdict
Credit of up to €4,800,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.56 (2.99 in 2024), above the usual 1.5. Short-term debt is 18.6% and cash 5% of total assets. 49.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €56.7m
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
29 days late
2024
13 days early
2023
23 days early
2022
27 days early
2021
18 days early
2020
10 days early
2019
68 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 1 day after the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 13 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- RE Panels 3 100%equity €81.4m (2025) · annual accounts 2025
Shares in 2 companies, POMAREZ SP ZOO and TECSEDO S.A.
Board & ownershipRecent changes
1 director appointed, 1 resignation
Resignation: Nicolas Louveaux · Appointment: Nicolas Louveaux · Permanent representative: Nicolas Louveaux · General meeting of 07-08-2026 · Gazette deed
Resignation: Massimo Cassinari (director)
Appointment: Nicolas Louveaux (director) · Director discharge: Massimo Cassinari · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0656915969
Appointment: DELOITTE REVISEURS D'ENTREPRISES (statutory auditor)
General meeting of 05-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| EPCO Tournai | €48.1m | 25.0% | 50.4% | 56.4 |
| METAL YAPI Machelen (Brab.) | €44.2m | 1.6% | 14.1% | 18.1 |
| Rf TECHNOLOGIES Oosterzele | €55.9m | 15.8% | 68.0% | 83.7 |
| DUCO PROJECTS Veurne | €17.5m | 15.1% | 79.2% | 42.2 |
| RENSON OUTDOOR Kruisem | €54.1m | -9.8% | 90.0% | 161.4 |
| FRANCOVERA Wervik | €30.3m | 2.8% | 28.5% | 47.9 |
| FENEKO Brussels | €26.7m | 4.0% | 83.1% | 67.3 |
Grey: the largest companies of the sector (fabricated metal products (NACE 25)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as EPCO: manufacture of fabricated metal products, except machinery and equipment (NACE 25120). They are comparable in size and age: total assets between €13m and €80m, founded between 1985 and 2002.
Official details
Source: KBO- Status
- Active since 23-06-2016Normal situation
- Activity
- Manufacture of fabricated metal products, except machinery and equipmentNACE 25120
- Joint committees
- 111Metal, mechanical and electrical engineering
- 209White-collar workers in metal manufacturing · annual accounts 2025
- Establishment unit
- 2.254.862.8897522 Tournai, since 23-06-2016
- Financial year end
- 31 December
- Peppol
- Reachable since 10-11-2025
Companies linked to EPCO
Parent and group
Insights on EPCO
EPCO has existed since 2016. In 2021 turnover rose from €1.0m to €61.8m and staff from 1 to 47.3 full-time equivalents. On 27 July 2021 EPCO absorbed EPCO in a merger.
Turnover has fallen every year since 2022.
RE Panels 3 holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about EPCO
- What is the company number of EPCO?
- The company number of EPCO is 0656.915.969. The VAT number is the same number with BE in front: BE 0656.915.969.
- Where is EPCO based?
- The registered office is at Rue du Bois des Hospices 3, 7522 Tournai.Company details
- What does EPCO do?
- According to the KBO register, the main activity is manufacture of fabricated metal products, except machinery and equipment (NACE 25120).
- What is the legal form of EPCO?
- EPCO is a public limited company (NV).
- When was EPCO founded?
- EPCO was founded on 23-06-2016.
- Is EPCO still active?
- Yes, EPCO is an active enterprise in the KBO register.
- How many employees does EPCO have?
- EPCO had an average of 56.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does EPCO fall under?
- In its 2025 annual accounts, EPCO states joint committees 111 (Metal, mechanical and electrical engineering) and 209 (White-collar workers in metal manufacturing).
- What is the turnover of EPCO?
- The turnover of EPCO was €48.1m in financial year 2025, according to the filed annual accounts.
- Is EPCO profitable?
- In financial year 2025, EPCO made a profit of €8.4m.
- Where can I find the annual accounts of EPCO?
- EPCO filed 12 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of EPCO due?
- EPCO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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