olivLaw · European equity research
Ekopak EKOP.BR
Belgium · Euronext Brussels · ISIN BE0974380124 · Vertical: Listed companies from Belgium
Ekopak, a Belgian company, supplies industrial process water and wastewater treatment, mainly through its Water-as-a-Service (WaaS) model and its non-WaaS activity. The integration of Global Water & Energy in September 2023 extended the group into North America and Southeast Asia, which makes its trajectory relevant now. Consolidated revenue reached 36.033 mn EUR in 2023.
At the close of 06 Nov 2026, Ekopak (EKOP.BR) stock was 2.53 EUR (+0.00% on the day), with market capitalisation 37.1 m EUR, beta 0.76, 52-week range 2.30–6.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 2.35 – 2.70
- in the upper half of the band · %B 0.52 · band width 13.9%
- SMA 50 / 200
- 3.04 / 4.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −0.6% | +0.8 pp | — |
| 3 months | −39.8% | −4.2% | −35.6 pp | — |
| 6 months | −43.2% | +4.3% | −47.5 pp | — |
| Year to date | −52.3% | +7.5% | −59.8 pp | — |
| 1 year | −38.0% | +9.9% | −47.9 pp | +6.8% |
| 3 years | −86.6% | +49.8% | −136.4 pp | −6.1% |
| 5 years | −85.8% | +42.8% | −128.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 11.3 m | 17.7 m | 36.0 m |
| Revenue YoY | unavailable | +57.4% | +103.5% |
| Net income | -700.0 k | -2.0 m | -3.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.05 | -0.13 | -0.21 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.2% | -11.2% | -8.5% |
| Free cash flow | -10.6 m | -13.3 m | -11.7 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 12.7 m EUR
- Financial debt
- 39.5 m EUR
- Net debt
- 26.8 m EUR
- Equity
- 53.5 m EUR
- Total assets
- 129.4 m EUR
- Debt / equity
- 0.74x
- Current ratio
- 1.40x
- ROE
- -5.6%
- ROA
- -2.9%
- FCF margin
- -32.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 11.3 m | 17.7 m | 36.0 m | esef· 16 Apr 2024verified |
| Operating income | -611.0 k | -2.3 m | -3.4 m | esef· 16 Apr 2024verified |
| Depreciation & amortisation | 953.0 k | 1.8 m | 6.6 m | esef· 16 Apr 2024verified |
| EBITDA | 342.0 k ≈ | -459.0 k ≈ | 3.2 m ≈ | esef· 16 Apr 2024derived |
| Interest expense | 166.0 k | 277.0 k | 880.0 k | esef· 16 Apr 2024verified |
| Pre-tax income | -748.0 k | -2.5 m | -4.0 m | esef· 16 Apr 2024verified |
| Income tax | -48.0 k | -535.0 k | -921.0 k | esef· 16 Apr 2024verified |
| Net income | -700.0 k | -2.0 m | -3.1 m | esef· 16 Apr 2024verified |
| Diluted EPS | -0.05 | -0.13 | -0.21 | esef· 16 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 42.1 m | 32.5 m | 12.7 m | esef· 16 Apr 2024verified |
| Inventories | 2.2 m | 4.8 m | 8.4 m | esef· 16 Apr 2024verified |
| Current assets | 50.3 m | 47.2 m | 42.9 m | esef· 16 Apr 2024verified |
| Goodwill | 1.0 m | 2.1 m | 20.4 m | esef· 16 Apr 2024verified |
| Intangibles (excl. goodwill) | 245.0 k | 4.6 m | 32.1 m | esef· 16 Apr 2024verified |
| Total assets | 67.4 m | 80.9 m | 129.4 m | esef· 16 Apr 2024verified |
| Accounts payable | 3.8 m | 7.2 m | 12.5 m | esef· 16 Apr 2024verified |
| Short-term debt | 522.0 k | 1.9 m | 5.3 m | esef· 16 Apr 2024verified |
| Long-term debt | 2.2 m | 10.8 m | 34.1 m | esef· 16 Apr 2024verified |
| Current liabilities | 5.7 m | 10.7 m | 30.7 m | esef· 16 Apr 2024verified |
| Total liabilities | 8.8 m | 24.2 m | 75.9 m | esef· 16 Apr 2024verified |
| Equity | 58.6 m | 56.7 m | 53.5 m | esef· 16 Apr 2024verified |
| Shares outstanding at year end | 14.0 m | 15.3 m | 14.6 m | esef· 16 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -414.0 k | -3.9 m | 575.0 k | esef· 16 Apr 2024verified |
| Capex | 10.2 m | 9.5 m | 12.2 m | esef· 16 Apr 2024verified |
| Free cash flow | -10.6 m ≈ | -13.3 m ≈ | -11.7 m ≈ | esef· 16 Apr 2024derived |
| Investing cash flow | -11.4 m | -14.7 m | -45.6 m | esef· 16 Apr 2024verified |
| Financing cash flow | 52.6 m | 9.0 m | 25.2 m | esef· 16 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 37.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
56% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.9% | 7 (vs peers) | 19% |
| Net margin · Quality | -8.5% | 13 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.4x | 0 (vs peers) | 19% |
| Interest coverage · Balance sheet | -3.9x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 20.0x | 25 (vs peers) | 19% |
| FCF yield · Valuation | -31.5% | 0 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation14/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ekopak (EKOP.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 36.0 m EUR in 2023; YoY growth 103.5%; net margin -8.5%; ROE -5.6%; net debt/EBITDA 8.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -4.9%
- Net margin: -8.5%
- Net debt / EBITDA: 8.4x
- Interest coverage: -3.9x
- EV/EBITDA: 20.0x
- FCF yield: -31.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for EKOP.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ekopak, a Belgian company, supplies industrial process water and wastewater treatment, mainly through its Water-as-a-Service (WaaS) model and its non-WaaS activity. The integration of Global Water & Energy in September 2023 extended the group into North America and Southeast Asia, which makes its trajectory relevant now. Consolidated revenue reached 36.033 mn EUR in 2023 1.
SWOT
Strengths
Weaknesses
- Group adjusted margin remains modest against medium-term objectives, and corporate costs weigh on the result 1.
- Pronounced seasonality in the second half of the year makes quarterly results harder to predict 1.
- Rapid integration of a large acquired entity with different systems and culture is a significant task for management 1.
Opportunities
Risks
- Integration riskhigh
Integrating a large acquired entity can delay synergies and raise operating costs 1.
- Currency riskmedium
Activity outside the euro zone exposes the company to exchange-rate movements and transfer pricing complexity 1.
- Seasonalitymedium
Concentration of revenue in the second half of the year can make quarterly results more volatile 1.
- Dependence on WaaS contractsmedium
The contractual value of WaaS projects depends on executing individual projects, which can create volatility 1.
- Attracting talentlow
In a difficult labour market, rapid team growth could put pressure on recruitment and retention 1.
Investment thesis
What would need to be true (bull case)
- Strong organic growth and the GWE integration could open new markets and support long-term revenue growth 1.
- The high margin of the WaaS segment could improve group profitability if extension to non-WaaS clients succeeds 1.
- The consolidated balance sheet is described by the company as solid, with a leverage level it considers conservative 1.
What would break the thesis
- Group adjusted margin remains below the medium-term objective, and corporate costs could limit progress 1.
- Dependence on seasonality and on executing large projects could produce uneven quarterly results 1.
- If the GWE integration takes longer than expected, the 2024 and 2028 objectives could prove hard to reach 1.
What to watch
- Delivery of revenue against the 2024 guidance2024
- Evolution of the adjusted margin and progress toward the medium-term objective2028
- Pace of the GWE integration and operational synergiesnext annual report
- Development of the WaaS Asia joint venture and North American activitynext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ekopak defines its purpose as 100% water circularity in industry and continuity of drinking water available for the world 1. The company runs two models: the WaaS segment, where it supplies contract-based water treatment units, and the non-WaaS segment, covering direct sales of installations. Headcount rose from 121 to 241 employees in 2023 1, and R&D and cloud software are pillars of the strategy.
More than a third of group revenue comes from outside Europe, on a pro forma basis including GWE 1. The company aims to become a full solution partner for the chemical, pharmaceutical and food industries, not only an equipment supplier.
The structure also includes the WaaS Asia joint venture, set up in 2023 to speed up entry into the Asian market 1. Currency exposure and transfer pricing therefore become important administrative topics.
Segments
WaaS
The WaaS segment generated revenue of 3.316 mn EUR in 2023, with an adjusted EBITDA margin of 65% 1. The company describes this margin as in line with its medium-term objective for the segment 1.
non-WaaS
The non-WaaS segment brought revenue of 32.717 mn EUR in 2023, forming the majority of consolidated revenue 1. The contribution of GWE, consolidated from September 2023, explains a significant part of this segment's growth 1.
Corporate
The corporate segment carried negative adjusted costs that weighed on the consolidated result, though they declined from the prior year 1. The company links this discipline to operational cost management.
Market context
The industrial water treatment market is changing quickly, and Ekopak is developing its strategy to meet future demand 1. Presence in France, the Philippines and Thailand, alongside Belgium, shows an expanding geographic profile 1.
For 2024 the company expects revenue between 70 and 75 mn EUR, and its medium-term objective for 2028 is 35-42 mn EUR in revenue 1. If these targets hold, they could signal a meaningful shift in product mix.
Trends
- Geographic expansiontailwind
The integration of GWE extended activity into North America and Southeast Asia, which could open new markets for WaaS 1.
- Digitalisation and datatailwind
The company invests in cloud software and data analysis to optimise its installations, which could support long-term margins 1.
- Greater seasonalityheadwind
The company anticipates a stronger seasonal dependence, with part of revenue shifting into the second half of the year 1.
- Integration cost pressuremixed
The legal and operational integration of GWE, together with currency management, could add complexity and administrative cost 1.
Competitive position
Competition in industrial water treatment includes global equipment suppliers and water service operators, though the analysed sources do not explicitly identify all rivals 1. Ekopak's differentiation rests on the WaaS model and circularity solutions.
Competitive position depends on the ability to combine GWE technology with the existing commercial network, which could give an edge with chemical and pharmaceutical clients 1.
- Global Water & Energy (GWE)
Company acquired in September 2023, with complementary water treatment expertise and clients in North America and Southeast Asia 1.
- Global industrial water treatment providers
The analysed sources do not name them specifically, so this category needs separate verification.
- Industrial water service operators
Competition in the WaaS segment likely comes from providers offering service contracts, but the list is not detailed in the sources.
- Water treatment equipment manufacturers
Direct competition for the non-WaaS segment, where the company sells installations.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202316 Apr 2024
- Annual report 202218 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Ekopak · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.