2 SINCLAIR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 32 days after the deadline Filed on 1 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00499816.
Annual accounts 2025 filed on 01-09-2026 at the NBB all 9 filings
Turnover
€40,049
EBIT margin
0.5%
Net result
€38▼ 23.3%
2024 · €49
Working capital
-€202,025▼ 20.9%
2024 · -€167,071
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€203
▼ 7.0%
2025
20182025
Net result
€38
▼ 23.3%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.1m
▼ 4.4%
2025
highest quarter of the sector
20182025
Total assets
€1.3m
▼ 3.7%
2025
highest quarter of the sector
20182025
Debt
€245,854
▼ 0.1%
2025
20182025
Working capital
-€202,025
▼ 20.9%
2025
lowest quarter of the sector
20182025
Solvency
81.4%
▼ 0.7pp
2025
highest quarter of the sector
20182025
Current ratio
0.18
▼ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.0%
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.04m
Operating result€0.008m--€0.001m-€0.001m▲ 13.3%-€0.01m▼ 2,172%-€0.03m▼ 112%-€0.001m▲ 95.4%€219€203▼ 7.0%
Net result€0.008m--€0.001m-€0.001mwithin the sector's middle half▲ 13.4%-€0.02mbelow the sector's middle half▼ 2,197%-€0.03mbelow the sector's middle half▼ 110%-€0.002mwithin the sector's middle half▲ 94.7%€49within the sector's middle half€38within the sector's middle half▼ 23.3%
EBIT margin0.5%
Equity€0.004m-€0.004m▼ 17.2%€0.003mbelow the sector's middle half▼ 18.0%-€0.01mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 263%€1.1mabove the sector's middle half€1.1mabove the sector's middle half=€1.1mabove the sector's middle half▼ 4.4%
Total assets€0.8m-€0.8m▼ 0.1%€0.8mwithin the sector's middle half▲ 0.1%€1.4mabove the sector's middle half▲ 84.3%€1.4mabove the sector's middle half▼ 2.2%€1.4mabove the sector's middle half▼ 0.1%€1.4mabove the sector's middle half=€1.3mabove the sector's middle half▼ 3.7%
Debt€0.8m-€0.8m=€0.8m▲ 0.2%€1.4m▲ 86.6%€1.4m=€0.2m▼ 82.6%€0.2m▲ 0.1%€0.2m▼ 0.1%
Working capital-€0.8m--€0.8m▼ 0.1%-€0.8mbelow the sector's middle half▼ 0.1%-€1.2mbelow the sector's middle half▼ 54.3%-€1.4mbelow the sector's middle half▼ 16.9%-€0.2mbelow the sector's middle half▲ 86.7%-€0.2mbelow the sector's middle half▲ 8.3%-€0.2mbelow the sector's middle half▼ 20.9%
Solvency0.6%-0.5%▼ 0.1pp0.4%below the sector's middle half▼ 0.1pp-0.9%below the sector's middle half▼ 1.3pp-3.2%below the sector's middle half▼ 2.3pp82.1%above the sector's middle half▲ 85.3pp82.0%above the sector's middle half=81.4%above the sector's middle half▼ 0.7pp
Current ratio0.00-0.00=0.00below the sector's middle half=0.17below the sector's middle half▲ 0.170.04below the sector's middle half▼ 0.140.26below the sector's middle half▲ 0.220.32below the sector's middle half▲ 0.060.18below the sector's middle half▼ 0.14
Return on assets (ROA)1.0%--0.1%▼ 1.1pp-0.1%within the sector's middle half=-1.1%within the sector's middle half▼ 1.0pp-2.3%below the sector's middle half▼ 1.2pp-0.1%within the sector's middle half▲ 2.2pp0.0%within the sector's middle half▲ 0.1pp0.0%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 7% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.3m ▼ 1.2%
Current assets
€43,829 ▼ 44.6%
Equity and liabilities €1.3m
Equity
€1.1m ▼ 4.4%
Debt
€245,854 ▼ 0.1%
Debt's share of the balance-sheet total rises from 18.0% to 18.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€15,212▼
2024 · €15,227
Cash flow
€15,046▼
2024 · €15,057
Debt to equity
0.23▲
2024 · 0.22
ROE
0.0%▼
2024 · 0.0%
Interest coverage
91.81▲
2024 · 89.78
Debt ≤ 1 year
€245,854▼
2024 · €246,195
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 | €405,240 | €177,500 | - | - | - |
| Depreciation and write-downs of the year | €9,236 | €12,401 | €15,008 | €15,008 | €15,008 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €40,049 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €14,339 | €38,076 | €17,891 | €19,854 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €9,236 | €12,401 | €15,008 | €15,008 | €15,008 | = |
| Other operating charges640/8 | - | - | - | €1,418 | €2,557 | €4,775 | €4,968 | €5,125 | ▲ 3.1% |
| Gross operating margin9900 | €7,575 | -€761 | -€660 | -€4,339 | -€16,832 | €18,322 | €20,195 | €20,336 | ▲ 0.7% |
| Operating profit (loss)9901 | €7,575 | -€761 | -€660 | -€14,993 | -€31,791 | -€1,462 | €219 | €203 | ▼ 7.0% |
| Financial charges65/66B | - | - | - | €189 | €151 | €242 | €170 | €166 | ▼ 2.3% |
| Recurring financial charges65 | €3 | €2 | €1 | €189 | €151 | €242 | €170 | €166 | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €7,572 | -€763 | -€661 | -€15,182 | -€31,943 | -€1,703 | €49 | €38 | ▼ 23.3% |
| Profit (loss) for the period9904 | €7,572 | -€763 | -€661 | -€15,182 | -€31,943 | -€1,703 | €49 | €38 | ▼ 23.3% |
| Profit (loss) for the period to be appropriated9905 | €7,572 | -€763 | -€661 | -€15,182 | -€31,943 | -€1,703 | €49 | €38 | ▼ 23.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.8m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | ▼ 3.7% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.8m | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 1.2% |
| Tangible fixed assets22/27 | - | - | - | €0.4m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 2.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 2.8% |
| Financial fixed assets28 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Current assets29/58 | €0.001m | €42 | €0.001m | €0.2m | €0.05m | €0.06m | €0.08m | €0.04m | ▼ 44.6% |
| Amounts receivable within one year40/41 | €0.001m | - | - | - | - | - | - | €0.006m | - |
| Trade receivables40 | - | - | - | - | - | - | - | €0.001m | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.005m | - |
| Cash at bank and in hand54/58 | €97 | €42 | €0.001m | €0.2m | €0.05m | €0.06m | €0.08m | €0.04m | ▼ 52.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.8m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | ▼ 3.7% |
| Equity10/15 | €0.004m | €0.004m | €0.003m | -€0.01m | -€0.04m | €1.1m | €1.1m | €1.1m | ▼ 4.4% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €1.2m | €1.2m | €1.1m | ▼ 4.2% |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | -€0.02m | -€0.03m | -€0.06m | -€0.07m | -€0.07m | -€0.07m | ▲ 0.1% |
| Amounts payable17/49 | €0.8m | €0.8m | €0.8m | €1.4m | €1.4m | €0.2m | €0.2m | €0.2m | ▼ 0.1% |
| Amounts payable within one year42/48 | €0.8m | €0.8m | €0.8m | €1.4m | €1.4m | €0.2m | €0.2m | €0.2m | ▼ 0.1% |
| Trade debts44 | - | - | €0.001m | - | €76 | - | €185 | - | - |
| Suppliers440/4 | - | - | - | - | €76 | - | €185 | - | - |
| Other amounts payable47/48 | - | - | - | €1.4m | €1.4m | €0.2m | €0.2m | €0.2m | ▼ 0.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,572 | -€763 | -€661 | -€15,182 | -€31,943 | -€1,703 | €49 | €38 | ▼ 23.3% |
| + Depreciation and write-downs630 | - | - | - | €9,236 | €12,401 | €15,008 | €15,008 | €15,008 | = |
| Operating cash flow (approximation) | €7,572 | -€763 | -€661 | -€5,946 | -€19,541 | €13,305 | €15,057 | €15,046 | ▼ 0.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€405,240 | -€177,500 | €0 | €0 | €0 | - |
| Change in cash | - | -€55 | €1,113 | €246,085 | -€196,587 | €13,229 | €15,242 | -€41,625 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-09-2026 | 2026-00499816 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00250851 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00325416 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00334754 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20329084 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44400370 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-59900140 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-63600008 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-50300280 |