SOLARECYCLE
ActiveSummary
SOLARECYCLE has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €450,879 and a net result of -€6,802. Equity is growing by about 6.6% per year across the filed financial years. Its solvency ranks better than 93% of 2,434 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €450,879
- Loss
- -€6,802
- Parent
- ECOSTAL GROUP · 100%
- ECOSTAL GROUPDirector · permanent representative DAUVISTER Stéphane
- SMARTSOL SYSTEMSDirector
Why 95raises riskSize: turnover €190,461, total assets €519,464Sector: Specialised construction activities (NACE 43)lowers riskLiquidity: current ratio 7.47, cash €154,522Equity €450,879 (86.8% of total assets)Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 43, micro): better than 90% on solvency, 83% on liquidity, 55% on profitability and 32% on growth.
The bankruptcy probability was computed on 24-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 37 days before the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
- Appointment: BDO Réviseurs d'entreprises SRL (commissaire…Permanent representative: Christophe PELZER
- Annual accounts filedfinancial year 2025 · full…
- Permanent representatives: Loic Marie PEQUIGNOT and…Power of attorney
Financials · financial year 2025, full format
2022 to 2025, 5 financial years 2019 to 2025, 8 financial years
Multiple financial year ends fall in the same calendar year; an annual trend is not displayed.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 2,687 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 93.7% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
A further 0.3% 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 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 2,687 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €443,837 | - | - | - | - | - | €190,461 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €50,260 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €254,931 | €254,931 | €254,931 | €254,931 | €254,934 | €131,501 | €257,107 | €132,033 | ▼ 48.6% |
| Other operating charges640/8 | - | - | - | €868 | €521 | €960 | €968 | €0 | ▼ 100% |
| Gross operating margin9900 | €350,584 | - | €343,383 | €338,406 | €372,011 | €42,375 | €224,612 | €140,201 | ▼ 37.6% |
| Operating profit (loss)9901 | €94,785 | €77,025 | €87,584 | €82,607 | €116,556 | -€90,086 | -€33,463 | €8,169 | - |
| Financial income75/76B | - | - | - | €7,263 | €2,850 | €70 | €1,180 | €7,352 | ▲ 523% |
| Recurring financial income75 | €111 | €120 | €1,576 | €7,263 | €2,850 | €70 | €1,180 | €7,352 | ▲ 523% |
| Financial charges65/66B | - | - | - | €23,402 | €16,187 | €2,007 | €1,077 | €305 | ▼ 71.7% |
| Recurring financial charges65 | €39,388 | €32,572 | €30,104 | €23,402 | €16,187 | €2,007 | €1,077 | €305 | ▼ 71.7% |
| Debt charges650 | - | €29,451 | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €55,509 | €44,572 | €59,056 | €66,469 | €103,219 | -€92,023 | -€33,359 | €15,215 | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €22,017 | - |
| Profit (loss) for the period9904 | €55,509 | €44,572 | €59,056 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| Profit (loss) for the period to be appropriated9905 | €55,509 | €44,572 | €59,056 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.4m | €1.3m | €1.1m | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 2.0% |
| Fixed assets21/28 | €1.5m | €1.3m | €1.0m | €0.8m | €0.5m | €0.4m | €0.1m | €0.007m | ▼ 94.8% |
| Intangible fixed assets21 | - | - | - | - | €0.01m | €0.03m | €0.02m | €0.007m | ▼ 58.7% |
| Tangible fixed assets22/27 | €1.5m | €1.3m | €1.0m | €0.8m | €0.5m | €0.4m | €0.1m | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €0.8m | €0.5m | €0.4m | €0.1m | €0 | ▼ 100% |
| Current assets29/58 | €0.1m | €0.1m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 31.1% |
| Stocks and contracts in progress3 | - | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.05m | €0.2m | €0.4m | €0.3m | €0.2m | €0.3m | €0.4m | ▲ 16.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | €0.02m | ▼ 77.9% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.02m | €0.004m | €0.2m | €0.3m | ▲ 65.4% |
| Cash at bank and in hand54/58 | €0.003m | €0.04m | €0.08m | €0.02m | €0.03m | €0.04m | €0.08m | €0.2m | ▲ 87.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.002m | €0.003m | ▲ 23.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.4m | €1.3m | €1.1m | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 2.0% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 1.5% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.09m | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 2.9% |
| Amounts payable17/49 | €1.3m | €1.0m | €0.9m | €0.7m | €0.2m | €0.2m | €0.07m | €0.07m | ▼ 5.2% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.3m | €0.1m | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.4m | €0.6m | €0.5m | €0.2m | €0.2m | €0.07m | €0.07m | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.1m | €0.07m | €0 | - | - |
| Financial debts43 | - | - | - | €0.2m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0 | - | - | - | - |
| Trade debts44 | €0.07m | €0.07m | €0.1m | €0.1m | €0.09m | €0.1m | €0.06m | €0.06m | ▼ 6.2% |
| Suppliers440/4 | - | - | - | €0.1m | €0.09m | €0.1m | €0.06m | €0.06m | ▼ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.01m | €0.004m | €0.009m | €0.009m | ▲ 1.6% |
| Taxes450/3 | - | - | - | €0.004m | €0.01m | €0.004m | €0.009m | €0.009m | ▲ 1.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,509 | €44,572 | €59,056 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| + Depreciation and write-downs630 | €254,931 | €254,931 | €254,931 | €254,931 | €254,934 | €131,501 | €257,107 | €132,033 | ▼ 48.6% |
| Operating cash flow (approximation) | €310,439 | €299,503 | €313,987 | €321,399 | €358,153 | €39,477 | €223,748 | €125,231 | ▼ 44.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€10,700 | - | €0 | €0 | - |
| Change in cash | - | €36,515 | €38,437 | -€56,648 | €9,873 | - | €38,372 | €72,082 | ▲ 87.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00330090 |
| 31-12-2024 | full format | 23-07-2025 | 2025-00333997 |
| 31-12-2023 | full format | 01-07-2024 | 2024-00188410 |
| 30-06-2023 | full format | 20-12-2023 | 2023-00536043 |
| 30-06-2022 | full format | 29-11-2022 | 2022-20528937 |
| 30-06-2021 | full format | 06-12-2021 | 2021-79400294 |
| 30-06-2020 | full format | 09-12-2020 | 2020-75500150 |
| 30-06-2019 | full format | 25-11-2019 | 2019-74600331 |
| 30-06-2018 | full format | 20-12-2018 | 2018-75600456 |
| 30-06-2017 | full format | 15-12-2017 | 2017-72300026 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 1
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| ECOSTAL GROUP |
|
| SMARTSOL SYSTEMSfrom an act |
|
| BDO Réviseurs d'Entreprises SRL |
|
| ESSENSIS CONSULT |
|
| THEMA INVEST |
|
Owners and capital
Owners
1 ownerChain of control
- ECOSTAL GROUP
- SOLARECYCLE
Highest known parent: ECOSTAL GROUP. The sources do not say who stands above it.
Owners 1
-
100%
According to the 2025 annual accounts of SOLARECYCLE and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 06-12-2023 Capital stated in the deed · €200,000 · 2,000 shares
Group and network
Connections & network
2 connected companiesHistory
Acts, filings and financial milestones
15-09
Gazette deed
Appointment: BDO Réviseurs d'entreprises SRL (commissaire aux comptes)Permanent representative: Christophe PELZER3 facts ▸
- Auditor appointment, BDO Réviseurs d'entreprises SRL (commissaire aux comptes) (3 times)
- Permanent representative, Christophe PELZER (représentant permanent chargé d'exécuter le mandat de commissaire)
- General meeting, 19/02/26
01-04
Gazette deed
Permanent representatives: Loic Marie PEQUIGNOT and Alexander DE WITPower of attorney5 facts ▸
- Board meeting, 18-02-2026
- Permanent representative, Loic Marie PEQUIGNOT
- Permanent representative, Alexander DE WIT
- Power of attorney, Ad-Ministerie BV
- Other provision, “Nom et qualité du notaire instrumentant ou de la personne ou des personnes ayant pouvoir de représenter la personne morale à l'égard des tiers, form instruction…” (deed in French)
24-04
Gazette deed
Permanent representative: Alexander de Wit3 facts ▸
- General meeting, 04-03-2025
- Permanent representative, Alexander de Wit
- Director in office, Ecostal Group SA (director)
18-04
Gazette deed
Permanent representatives: Christophe Piron and Stéphane Dauvister4 facts ▸
- General meeting, 25-03-2024
- Permanent representative, Christophe Piron
- Permanent representative, Stéphane Dauvister
- Director in office, ECOSTAL GROUP SA (sole director)
06-12
Gazette deed
Resignations: THEMA INVEST (director) and ESSENSIS CONSULT (director)Permanent representatives: DAUVISTER Stéphane and LOT Claudio · Appointment: SMARTSOL SYSTEMS (sole director) · Registered office clause14 facts ▸
- Director resignation, THEMA INVEST (director)
- Permanent representative, DAUVISTER Stéphane (2 times)
- Director resignation, ESSENSIS CONSULT (director)
- Permanent representative, LOT Claudio
- Director appointment, SMARTSOL SYSTEMS (sole director)
- Other provision, “décharge des administrateurs pour l'exécution de leur mandat, assemblée générale annuelle prochaine” (deed in French)
- Registered office clause, “4632 Soumagne,Rue du Relais 1” (deed in French)
- General meeting, “toutes les résolutions qui précèdent, adoptées séparément et successivement à l'unanimité des voix” (deed in French)
- General meeting, 27-11-2023
- Purpose change
- Name change, SOLARECYCLE
- Other provision, “adaptation des statuts aux dispositions du Code des sociétés et des associations, article 39, §1, alinéa 1 et 3 de la loi du 23 mars introduisant le Code des so…” (deed in French)
- +2 further facts in this act
Show earlier events
About the unread acts
Of the 12 Belgian Official Gazette deeds we know for this company, 5 have been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0899.286.307
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62021A0212/00A000 | Wallonia | 1.1 ha | - | - |
| 63027B0719/00Z007 | Wallonia | 2,796 m² | 1 · 1,016 m² | 8.1 m · 2 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- SOLARECYCLE
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, 2” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, administrateur unique” (deed in French)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Librement” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Third Tuesday of June at 18:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Liquidation par l'administrateur unique en fonction, dissolution pour quelque raison que ce soit et à n'importe quel moment” (deed in French)“Paiement dettes,charges,frais ou consignation, actif net en espèces ou titres au prorata du nombre d'actions” (deed in French)1 more provision on this in the deed