3S+
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 20 days after the deadline Filed on 20 July 2026, deadline 30 June 2026 (7 months after the close on 30 November 2025, Companies Code art. 3:10). Source: NBB, 2026-00311097.
Annual accounts 2025 filed on 20-07-2026 at the NBB all 16 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€463,435▼ 5.1%
2024 · €488,271
Net result
€19,152▲ 79.2%
2024 · €10,689
Working capital
€41,982
2024 · -€6,885
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€26,745
▲ 24.3%
2025
20182025
Net result
€19,152
▲ 79.2%
2025
middle half of the sector
20182025
Equity
€403,916
▼ 1.5%
2025
highest quarter of the sector
20182025
Total assets
€463,435
▼ 5.1%
2025
highest quarter of the sector
20182025
Debt
€53,685
▼ 25.7%
2025
20182025
Working capital
€41,982
2025
middle half of the sector
20182025
Solvency
87.2%
▲ 3.2pp
2025
highest quarter of the sector
20182025
Current ratio
1.78
▲ 0.88
2025
middle half of the sector
20182025
Return on assets (ROA)
4.1%
▲ 1.9pp
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
Operating result€32,228-€41,708▲ 29.4%€24,794▼ 40.6%€16,918▼ 31.8%€62,658▲ 270%€36,400▼ 41.9%€21,516▼ 40.9%€26,745▲ 24.3%
Net result€19,496-€25,252▲ 29.5%€15,367within the sector's middle half▼ 39.1%€8,421within the sector's middle half▼ 45.2%€45,856within the sector's middle half▲ 445%€22,971within the sector's middle half▼ 49.9%€10,689within the sector's middle half▼ 53.5%€19,152within the sector's middle half▲ 79.2%
Equity€307,994-€329,202▲ 6.9%€343,488above the sector's middle half▲ 4.3%€350,828above the sector's middle half▲ 2.1%€388,528above the sector's middle half▲ 10.7%€410,373above the sector's middle half▲ 5.6%€410,141above the sector's middle half▼ 0.1%€403,916above the sector's middle half▼ 1.5%
Total assets€488,742-€514,859▲ 5.3%€501,957within the sector's middle half▼ 2.5%€428,501within the sector's middle half▼ 14.6%€510,115above the sector's middle half▲ 19.0%€496,184above the sector's middle half▼ 2.7%€488,271above the sector's middle half▼ 1.6%€463,435above the sector's middle half▼ 5.1%
Debt€174,915-€179,824▲ 2.8%€152,636▼ 15.1%€71,840▼ 52.9%€115,753▲ 61.1%€79,977▼ 30.9%€72,297▼ 9.6%€53,685▼ 25.7%
Working capital-€133,654--€99,816▲ 25.3%-€50,879below the sector's middle half▲ 49.0%-€41,119below the sector's middle half▲ 19.2%-€41,379below the sector's middle half▼ 0.6%-€53,203below the sector's middle half▼ 28.6%-€6,885below the sector's middle half▲ 87.1%€41,982within the sector's middle half
Solvency63.0%-63.9%▲ 0.9pp68.4%within the sector's middle half▲ 4.5pp81.9%above the sector's middle half▲ 13.4pp76.2%within the sector's middle half▼ 5.7pp82.7%above the sector's middle half▲ 6.5pp84.0%above the sector's middle half▲ 1.3pp87.2%above the sector's middle half▲ 3.2pp
Current ratio0.24-0.44▲ 0.210.67below the sector's middle half▲ 0.220.43below the sector's middle half▼ 0.240.64below the sector's middle half▲ 0.210.33below the sector's middle half▼ 0.310.90below the sector's middle half▲ 0.571.78within the sector's middle half▲ 0.88
Return on assets (ROA)4.0%-4.9%▲ 0.9pp3.1%within the sector's middle half▼ 1.8pp2.0%within the sector's middle half▼ 1.1pp9.0%within the sector's middle half▲ 7.0pp4.6%within the sector's middle half▼ 4.4pp2.2%within the sector's middle half▼ 2.4pp4.1%within the sector's middle half▲ 1.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 24% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €463,435
Fixed assets
€367,767 ▼ 13.1%
Current assets
€95,667 ▲ 46.5%
Equity and liabilities €463,435
Equity
€403,916 ▼ 1.5%
Provisions
€5,833 =
Debt
€53,685 ▼ 25.7%
Debt's share of the balance-sheet total falls from 14.8% to 11.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€89,879▲
2024 · €78,087
Cash flow
€82,286▲
2024 · €67,260
Debt to equity
0.13▼
2024 · 0.18
ROE
4.7%▲
2024 · 2.6%
Interest coverage
34.07▲
2024 · 25.12
Debt ≤ 1 year
€53,685▼
2024 · €72,181
Income taxes
€10,311▲
2024 · €7,733
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,459 | €83,710 | €87,636 | €10,135 | €3,459 |
| Depreciation and write-downs of the year | €39,879 | €42,650 | €54,847 | €56,571 | €63,134 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,381 | €7,240 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,360 | €41,017 | €39,385 | €39,879 | €42,650 | €54,847 | €56,571 | €63,134 | ▲ 11.6% |
| Other operating charges640/8 | - | - | - | €2,024 | €1,885 | €3,298 | €2,142 | €2,866 | ▲ 33.8% |
| Gross operating margin9900 | €73,438 | €84,109 | €66,237 | €58,821 | €107,193 | €94,545 | €80,229 | €92,745 | ▲ 15.6% |
| Operating profit (loss)9901 | €32,228 | €41,708 | €24,794 | €16,918 | €62,658 | €36,400 | €21,516 | €26,745 | ▲ 24.3% |
| Financial income75/76B | - | - | - | - | €2,460 | €3 | €15 | €5,356 | ▲ 361× |
| Recurring financial income75 | €581 | €2 | €9 | - | €2,460 | €3 | €15 | €889 | ▲ 60× |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €4,467 | - |
| Financial charges65/66B | - | - | - | €3,946 | €3,564 | €3,637 | €3,109 | €2,638 | ▼ 15.1% |
| Recurring financial charges65 | €5,751 | €5,763 | €5,351 | €3,946 | €3,564 | €3,637 | €3,109 | €2,638 | ▼ 15.1% |
| Profit (loss) for the period before taxes9903 | €27,057 | €35,947 | €19,452 | €12,973 | €61,555 | €32,766 | €18,422 | €29,463 | ▲ 59.9% |
| Income taxes67/77 | €7,561 | €10,695 | €4,085 | €4,552 | €15,698 | €9,796 | €7,733 | €10,311 | ▲ 33.3% |
| Profit (loss) for the period9904 | €19,496 | €25,252 | €15,367 | €8,421 | €45,856 | €22,971 | €10,689 | €19,152 | ▲ 79.2% |
| Profit (loss) for the period to be appropriated9905 | €9,796 | €25,252 | €15,367 | €8,421 | €45,856 | €22,971 | €10,689 | €19,152 | ▲ 79.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €488,742 | €514,859 | €501,957 | €428,501 | €510,115 | €496,184 | €488,271 | €463,435 | ▼ 5.1% |
| Fixed assets21/28 | €447,481 | €434,851 | €400,200 | €397,779 | €436,620 | €469,410 | €422,975 | €367,767 | ▼ 13.1% |
| Tangible fixed assets22/27 | €447,480 | €434,850 | €400,200 | €397,779 | €436,620 | €469,410 | €422,975 | €367,767 | ▼ 13.1% |
| Land and buildings22 | - | - | - | €372,877 | €376,177 | €392,589 | €362,087 | €324,962 | ▼ 10.3% |
| Plant, machinery and equipment23 | - | - | - | €2,333 | €3,393 | €4,864 | €4,129 | €7,203 | ▲ 74.5% |
| Furniture and vehicles24 | - | - | - | €22,570 | €57,050 | €71,957 | €56,759 | €35,602 | ▼ 37.3% |
| Financial fixed assets28 | €1 | €1 | - | - | - | - | - | - | - |
| Current assets29/58 | €41,261 | €80,008 | €101,758 | €30,722 | €73,495 | €26,774 | €65,297 | €95,667 | ▲ 46.5% |
| Amounts receivable within one year40/41 | €24,196 | €29,056 | €21,942 | €17,610 | €14,738 | €16,105 | €21,775 | €20,420 | ▼ 6.2% |
| Trade receivables40 | - | - | - | €13,915 | €14,738 | €15,125 | €17,825 | €18,430 | ▲ 3.4% |
| Other amounts receivable41 | - | - | - | €3,695 | - | €980 | €3,950 | €1,990 | ▼ 49.6% |
| Current investments50/53 | €1,925 | €1,925 | €1,925 | €1,925 | - | €1,940 | €1,940 | €5,189 | ▲ 167% |
| Cash at bank and in hand54/58 | €15,140 | €47,537 | €76,192 | €9,581 | €57,188 | €7,367 | €40,144 | €68,588 | ▲ 70.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,605 | €1,569 | €1,361 | €1,437 | €1,470 | ▲ 2.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €488,742 | €514,859 | €501,957 | €428,501 | €510,115 | €496,184 | €488,271 | €463,435 | ▼ 5.1% |
| Equity10/15 | €307,994 | €329,202 | €343,488 | €350,828 | €388,528 | €410,373 | €410,141 | €403,916 | ▼ 1.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Revaluation surpluses12 | - | - | - | €747 | €747 | €747 | €747 | €747 | = |
| Reserves13 | €288,356 | €309,608 | €323,974 | €331,295 | €368,977 | €390,948 | €390,341 | €383,942 | ▼ 1.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €9,700 | €9,700 | €9,700 | €9,700 | €9,700 | = |
| Distributable reserves133 | - | - | - | €319,735 | €357,417 | €379,388 | €378,781 | €372,382 | ▼ 1.7% |
| Profit (loss) carried forward14 | €291 | €247 | €166 | €185 | €204 | €78 | €453 | €627 | ▲ 38.5% |
| Provisions and deferred taxes16 | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | = |
| Pensions and similar obligations160 | - | - | - | €5,833 | €5,833 | €5,833 | €5,833 | €5,833 | = |
| Amounts payable17/49 | €174,915 | €179,824 | €152,636 | €71,840 | €115,753 | €79,977 | €72,297 | €53,685 | ▼ 25.7% |
| Amounts payable within one year42/48 | €174,915 | €179,824 | €152,636 | €71,840 | €114,873 | €79,977 | €72,181 | €53,685 | ▼ 25.6% |
| Trade debts44 | €39,647 | €35,350 | €18,295 | €13,952 | €17,120 | €501 | €13,697 | €853 | ▼ 93.8% |
| Suppliers440/4 | - | - | - | €13,952 | €17,120 | €501 | €13,697 | €853 | ▼ 93.8% |
| Taxes, remuneration and social security45 | - | - | - | €3,206 | €14,157 | €2,694 | €14,781 | €7,366 | ▼ 50.2% |
| Taxes450/3 | - | - | - | €3,206 | €14,157 | €2,694 | €14,781 | €7,366 | ▼ 50.2% |
| Other amounts payable47/48 | - | - | - | €54,681 | €83,596 | €76,781 | €43,703 | €45,466 | ▲ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €880 | - | €116 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,496 | €25,252 | €15,367 | €8,421 | €45,856 | €22,971 | €10,689 | €19,152 | ▲ 79.2% |
| + Depreciation and write-downs630 | €38,360 | €41,017 | €39,385 | €39,879 | €42,650 | €54,847 | €56,571 | €63,134 | ▲ 11.6% |
| Operating cash flow (approximation) | €57,856 | €66,269 | €54,751 | €48,300 | €88,506 | €77,817 | €67,260 | €82,286 | ▲ 22.3% |
| Investment in fixed assets (approximation) | - | -€28,388 | -€4,733 | -€37,459 | -€81,491 | -€87,636 | -€10,135 | -€7,926 | ▲ 21.8% |
| Change in cash | - | €32,396 | €28,656 | -€66,611 | €47,607 | -€49,821 | €32,777 | €28,444 | ▼ 13.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,049 companies had the same profile as 3S+ has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of 3S+ itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 6,049 companies, not a prediction for 3S+. 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.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | micro format | 20-07-2026 | 2026-00311097 | |
| 30-11-2024 | micro format | 01-07-2025 | 2025-00205083 | |
| 30-11-2023 | micro format | 28-06-2024 | 2024-00177801 | |
| 30-11-2022 | micro format | 21-06-2023 | 2023-00142096 | |
| 30-11-2021 | micro format | 29-06-2022 | 2022-20148864 | |
| 30-11-2020 | micro format | 24-07-2021 | 2021-42800063 | |
| 30-11-2019 | abbreviated format | 28-06-2020 | 2020-22100349 | |
| 30-11-2018 | abbreviated format | 11-06-2019 | 2019-17600362 | |
| 30-11-2017 | abbreviated format | 03-07-2018 | 2018-28100357 | |
| 30-11-2016 | abbreviated format | 30-05-2017 | 2017-14600002 |