ETUDE, CONCEPT ET ENGINEERING
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 is shrinking by ~4% per year across the filed fiscal years. Its solvency ranks better than 91% of 31061 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
| Equity | €2.78M |
| Net result | €-82k |
| Better than sector | 91% |
| Active | 22 yrs |
Mixed profile: strong on solvency, weaker on profitability.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 92.5% | 55.9% | |
| Net result | €-82k | €27k | |
| Equity | €2.78M | €83k | |
| Gross operating margin | €-106k | €53k | |
| Total assets | €3.01M | €186k |
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €-109k | €-211k | €-164k | €81k | €151k |
| Net profit | €-82k | €-199k | €2k | €600k | €845k |
| Cash flow | €-48k | €-176k | €36k | €621k | €865k |
| Staff costs | - | - | - | - | - |
| Income taxes | €3k | €12k | €541 | €103k | €38k |
| Dividends | - | €0 | €732k | - | - |
| Total assets | €3.01M | €3.35M | €4.31M | €5.38M | €4.76M |
| Equity | €2.78M | €2.87M | €3.06M | €3.79M | €3.19M |
| Debt | €226k | €487k | €1.25M | €1.59M | €1.57M |
| of which ≤ 1y | €29k | €39k | €252k | €638k | €576k |
| of which > 1y | €195k | €447k | €1,000k | €955k | €995k |
| Working capital | €2.16M | €2.78M | €3.50M | €4.61M | €2.51M |
| Employees (FTE) | - | - | - | - | - |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 75.28 | 71.88 | 14.91 | 8.23 | 5.37 |
| Quick ratio | 75.28 | 71.88 | 14.91 | 8.23 | 5.37 |
| Working capital ratio | 71.9% | 82.9% | 81.3% | 85.8% | 52.9% |
| Solvency | 92.5% | 85.5% | 70.9% | 70.4% | 67.0% |
| Debt / equity | 0.08 | 0.17 | 0.41 | 0.42 | 0.31 |
| Long-term debt ratio | 0.07 | 0.16 | 0.33 | 0.25 | 0.31 |
| Interest coverage | -3.19 | -6.29 | -2.01 | 1.18 | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -2.7% | -5.9% | 0.1% | 11.2% | 17.8% |
| ROE | -3.0% | -6.9% | 0.1% | 15.9% | 26.5% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Full annual accounts (26 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €3.01M | €3.35M | €4.31M | €5.38M | €4.76M |
| Fixed assets | 21/28 | €817k | €535k | €553k | €128k | €1.67M |
| Intangible fixed assets | 21 | €2k | €2k | - | - | - |
| Tangible fixed assets | 22/27 | €610k | €528k | €548k | €123k | €137k |
| Financial fixed assets | 28 | €205k | €5k | €5k | €5k | €1.53M |
| Current assets | 29/58 | €2.19M | €2.82M | €3.75M | €5.25M | €3.09M |
| Amounts receivable within one year | 40/41 | €573k | €867k | €394k | €139k | €1.22M |
| Investments | 50/53 | €739k | €1.60M | €3.16M | €3.88M | €1.25M |
| Cash & bank | 54/58 | €874k | €346k | €39k | €1.22M | €121k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €3.01M | €3.35M | €4.31M | €5.38M | €4.76M |
| Equity | 10/15 | €2.78M | €2.87M | €3.06M | €3.79M | €3.19M |
| Contributions / capital | 10/11 | €451k | €451k | €401k | €401k | - |
| Reserves | 13 | €1.62M | €1.70M | €1.94M | €2.67M | €2.07M |
| Accumulated profits (losses) | 14 | €717k | €717k | €717k | €714k | €710k |
| Amounts payable | 17/49 | €226k | €487k | €1.25M | €1.59M | €1.57M |
| Amounts payable after one year | 17 | €195k | €447k | €1,000k | €955k | €995k |
| Amounts payable within one year | 42/48 | €29k | €39k | €252k | €638k | €576k |
| Trade debts payable within one year | 44 | €8k | €6k | €190k | €33k | €16k |
| Income statement | ||||||
| Gross operating margin | 9900 | €-106k | €-207k | €-160k | €84k | €154k |
| Operating result | 9901 | €-144k | €-233k | €-198k | €60k | €131k |
| Financial income | 75 | €98k | €80k | €126k | €270k | €192k |
| Financial charges | 65 | €34k | €34k | €82k | €68k | €70k |
| Result before taxes | 9903 | €-80k | €-187k | €3k | €703k | €258k |
| Income taxes | 67/77 | €3k | €12k | €541 | €103k | €38k |
| Net result for the period | 9904 | €-82k | €-199k | €2k | €600k | €220k |
| Result to be appropriated | 9905 | €23k | €117k | €2k | €774k | €136k |
Former directors (1)
-
Luc DEFOURNYDirector (executive)State Gazette act 23457682 (14-12-2023)Former- → 14-12-2023
| NACE primary | Business and other management consultancy(70200) |
| Legal form | Private limited company(610) |
| Incorporation | 30-09-2003 |
| Status | Active |
| Postal code | 4651 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63006D0914/00B000 | Wallonia | 324 m² | 1 · 249 m² | 11.0 m · 2 fl. |
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.
14-12-2023 1 resigning, 1 reappointed
- Luc DEFOURNY, Directeur
- Luc DEFOURNY, Bestuurder
Technical details
{
"events": [
{
"kind": "director_out",
"role": "directeur",
"person": {
"rrn": null,
"name": "Luc DEFOURNY",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": "de_plein_droit_dissolution",
"subkind": "rectification",
"via_org": null,
"statutory": null,
"compensated": null,
"effective_date": null,
"evidence_quote": "Quatri\u00E8me r\u00E9solution\nL\u2019assembl\u00E9e g\u00E9n\u00E9rale d\u00E9cide de mettre fin \u00E0 la fonction du g\u00E9rant actuel statutaire de Monsieur Luc\nDEFOURNY et proc\u00E8de imm\u00E9diatement au renouvellement de sa nomination comme administrateur",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
},
{
"kind": "director_renew",
"role": "administrateur",
"person": {
"rrn": null,
"name": "Luc DEFOURNY",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": "renewal",
"via_org": null,
"statutory": "niet_statutair",
"compensated": true,
"effective_date": null,
"evidence_quote": "Quatri\u00E8me r\u00E9solution\nL\u2019assembl\u00E9e g\u00E9n\u00E9rale d\u00E9cide de mettre fin \u00E0 la fonction du g\u00E9rant actuel statutaire de Monsieur Luc\nDEFOURNY et proc\u00E8de imm\u00E9diatement au renouvellement de sa nomination comme administrateur",
"decharge_status": "pending_next_agm",
"mandate_duration": {
"kind": "indefinite",
"value": null
},
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
},
{
"kind": "rep_rotation",
"role": "repr\u00E9sentant permanent",
"person": {
"rrn": null,
"name": "Luc DEFOURNY",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": "successor_conditional",
"via_org": {
"kbo": "0860.770.080",
"name": "ETUDE, CONCEPT ET ENGINEERING",
"address": "4651 Herve, Fays de Jos\u00E9, 78",
"country": "BE",
"legal_form": "SRL"
},
"statutory": null,
"compensated": null,
"effective_date": null,
"evidence_quote": "Septi\u00E8me r\u00E9solution\nL\u2019assembl\u00E9e g\u00E9n\u00E9rale d\u00E9signe :\nMonsieur DEFOURNY Luc pr\u00E9cit\u00E9,\nen qualit\u00E9 de repr\u00E9sentant permanent pour repr\u00E9senter la pr\u00E9sente soci\u00E9t\u00E9 au conseil d\u2019",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
},
{
"kind": "decharge_pending",
"role": "g\u00E9rant",
"person": {
"rrn": null,
"name": "Luc DEFOURNY",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": null,
"via_org": null,
"statutory": null,
"compensated": null,
"effective_date": null,
"evidence_quote": "L\u2019assembl\u00E9e g\u00E9n\u00E9rale d\u00E9cidera \u00E0 la prochaine assembl\u00E9e g\u00E9n\u00E9rale annuelle sur la d\u00E9charge au\ng\u00E9rant d\u00E9missionnaire pour l\u2019ex\u00E9cution de son mandat.",
"decharge_status": "pending_next_agm",
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
}
],
"notary": {
"name": "B\u00E9n\u00E9dicte JACQUES",
"firm_city": null,
"firm_name": null,
"office_city": "Pepinster",
"is_associated": false
},
"act_meta": {
"language": "mixed",
"pub_date": "2023-12-14",
"filing_date": "2023-12-12",
"act_kind_objet": "Objet de l\u0027acte:"
},
"decisions": [
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-12-01",
"unanimous": true
}
],
"is_correction": false,
"subject_company": {
"kbo": "0860.770.080",
"name_full": "ETUDE, CONCEPT ET ENGINEERING",
"legal_form": "SRL"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "B\u00E9n\u00E9dicte JACQUES",
"org_rep_person_name": null,
"person_role_at_subject": "notaire"
},
"co_filed_documents": [],
"corrected_publication_numac": null
}| Legal nameFR | ETUDE, CONCEPT ET ENGINEERING |
| AbbreviationFR | E.C.E. |