DE SAN
ActiveSummary
DE SAN has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €255,902 and a net result of €42,195. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 95% of 28374 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▼-4
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22,000 at 30 days acceptable
Liquidity ample (current ratio 13.75 against 15.84 in 2024; short-term debt: 6.8% and cash: 89.3% of total assets), and 8.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
91.9%
Return on assets
15.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
on the day
2023
30 d late
2022
30 d late
2021
2 d early
2020
30 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 21 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 30 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€255,902▲ 9.2%
2024 · €234,389
Total assets
€278,569▲ 12.1%
2024 · €248,600
Net result
€42,195▼ 10.1%
2024 · €46,913
Working capital
€242,186▲ 14.8%
2024 · €210,960
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€28,636▲ 419%€31,464▲ 9.9%€13,145▼ 58.2%€62,662▲ 377%€54,998▼ 12.2%
Net result€5,902within the sector's middle half▲ 90.5%€22,671within the sector's middle half▲ 284%€8,170within the sector's middle half▼ 64.0%€46,913above the sector's middle half▲ 474%€42,195above the sector's middle half▼ 10.1%
Equity€194,980above the sector's middle half▲ 3.1%€216,798above the sector's middle half▲ 11.2%€208,286above the sector's middle half▼ 3.9%€234,389above the sector's middle half▲ 12.5%€255,902above the sector's middle half▲ 9.2%
Total assets€253,257within the sector's middle half▲ 10.1%€252,108within the sector's middle half▼ 0.5%€226,217within the sector's middle half▼ 10.3%€248,600within the sector's middle half▲ 9.9%€278,569within the sector's middle half▲ 12.1%
Debt€58,278▲ 42.0%€35,311▼ 39.4%€17,932▼ 49.2%€14,211▼ 20.7%€22,667▲ 59.5%
Working capital€164,203above the sector's middle half▲ 8.1%€168,630above the sector's middle half▲ 2.7%€175,866above the sector's middle half▲ 4.3%€210,960above the sector's middle half▲ 20.0%€242,186above the sector's middle half▲ 14.8%
Solvency77.0%above the sector's middle half▼ 5.2pp86.0%above the sector's middle half▲ 9.0pp92.1%above the sector's middle half▲ 6.1pp94.3%above the sector's middle half▲ 2.2pp91.9%above the sector's middle half▼ 2.4pp
Current ratio4.48above the sector's middle half▼ 2.576.80above the sector's middle half▲ 2.3211.55above the sector's middle half▲ 4.7515.84above the sector's middle half▲ 4.3013.75above the sector's middle half▼ 2.10
Return on assets (ROA)2.3%within the sector's middle half▲ 1.0pp9.0%within the sector's middle half▲ 6.7pp3.6%within the sector's middle half▼ 5.4pp18.9%above the sector's middle half▲ 15.3pp15.1%within the sector's middle half▼ 3.7pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 12% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €278,569
Fixed assets
€17,387 ▼ 25.8%
Current assets
€261,181 ▲ 16.0%
Equity and liabilities €278,569
Equity
€255,902 ▲ 9.2%
Debt
€22,667 ▲ 59.5%
Debt's share of the balance-sheet total rises from 5.7% to 8.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€64,252▼
2024 · €72,913
Cash flow
€51,450▼
2024 · €57,164
Debt to equity
0.09▲
2024 · 0.06
ROE
16.5%▼
2024 · 20.0%
Interest coverage
244.92▼
2024 · 306.31
Debt ≤ 1 year
€18,996▲
2024 · €14,211
Income taxes
€15,278▼
2024 · €17,053
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,340 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% | 1.0% |
| 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% 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 31,371 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,949 | €17,976 | €20,732 | €10,251 | €9,255 | ▼ 9.7% |
| Other operating charges640/8 | €735 | €734 | €620 | €696 | €665 | ▼ 4.4% |
| Gross operating margin9900 | €43,320 | €50,174 | €34,497 | €73,609 | €64,918 | ▼ 11.8% |
| Operating profit (loss)9901 | €28,636 | €31,464 | €13,145 | €62,662 | €54,998 | ▼ 12.2% |
| Financial income75/76B | €208 | €193 | €432 | €1,542 | €2,738 | ▲ 77.6% |
| Recurring financial income75 | €208 | €193 | €432 | €1,542 | €2,738 | ▲ 77.6% |
| Financial charges65/66B | €591 | €490 | €302 | €238 | €262 | ▲ 10.2% |
| Recurring financial charges65 | €591 | €490 | €302 | €238 | €262 | ▲ 10.2% |
| Profit (loss) for the period before taxes9903 | €28,253 | €31,168 | €13,276 | €63,966 | €57,473 | ▼ 10.2% |
| Income taxes67/77 | €22,351 | €8,496 | €5,106 | €17,053 | €15,278 | ▼ 10.4% |
| Profit (loss) for the period9904 | €5,902 | €22,671 | €8,170 | €46,913 | €42,195 | ▼ 10.1% |
| Transfer from tax-exempt reserves789 | €53,790 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €59,692 | €22,671 | €8,170 | €46,913 | €42,195 | ▼ 10.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €253,257 | €252,108 | €226,217 | €248,600 | €278,569 | ▲ 12.1% |
| Fixed assets21/28 | €41,914 | €54,411 | €33,680 | €23,429 | €17,387 | ▼ 25.8% |
| Tangible fixed assets22/27 | €41,503 | €54,001 | €33,270 | €23,018 | €16,977 | ▼ 26.2% |
| Plant, machinery and equipment23 | €1,154 | €856 | €558 | €260 | €2,909 | ▲ 1,020% |
| Furniture and vehicles24 | €23,401 | €39,467 | €22,304 | €14,945 | €8,850 | ▼ 40.8% |
| Other tangible fixed assets26 | €16,949 | €13,678 | €10,408 | €7,814 | €5,218 | ▼ 33.2% |
| Financial fixed assets28 | €410 | €410 | €410 | €410 | €410 | = |
| Current assets29/58 | €211,344 | €197,697 | €192,537 | €225,171 | €261,181 | ▲ 16.0% |
| Amounts receivable within one year40/41 | €7,808 | €7,189 | €14,558 | €9,076 | €10,248 | ▲ 12.9% |
| Trade receivables40 | €7,808 | €6,995 | €1,923 | €5,053 | €9,388 | ▲ 85.8% |
| Other amounts receivable41 | €0 | €194 | €12,635 | €4,023 | €860 | ▼ 78.6% |
| Current investments50/53 | - | - | €100,000 | €120,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €200,664 | €186,947 | €73,663 | €92,238 | €248,634 | ▲ 170% |
| Deferred charges and accrued income490/1 | €2,871 | €3,560 | €4,317 | €3,857 | €2,300 | ▼ 40.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €253,257 | €252,108 | €226,217 | €248,600 | €278,569 | ▲ 12.1% |
| Equity10/15 | €194,980 | €216,798 | €208,286 | €234,389 | €255,902 | ▲ 9.2% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €174,328 | €196,146 | €187,634 | €213,737 | €235,251 | ▲ 10.1% |
| Non-distributable reserves130/1 | €5,337 | €5,337 | €0 | - | - | - |
| Reserves not available under the articles1311 | €5,337 | €5,337 | €0 | - | - | - |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €168,991 | €190,809 | €187,634 | €213,737 | €235,251 | ▲ 10.1% |
| Profit (loss) carried forward14 | €2,059 | €2,059 | €2,059 | €2,059 | €2,059 | = |
| Amounts payable17/49 | €58,278 | €35,311 | €17,932 | €14,211 | €22,667 | ▲ 59.5% |
| Amounts payable after more than one year17 | €11,137 | €6,244 | €1,260 | €0 | - | - |
| Financial debts170/4 | €11,137 | €6,244 | €1,260 | €0 | - | - |
| Amounts payable within one year42/48 | €47,141 | €29,067 | €16,671 | €14,211 | €18,996 | ▲ 33.7% |
| Current portion of amounts payable after more than one year42 | €4,805 | €4,893 | €4,983 | €1,260 | €0 | ▼ 100% |
| Trade debts44 | €0 | €1,764 | €3,712 | €1,137 | €3,500 | ▲ 208% |
| Suppliers440/4 | €0 | €1,764 | €3,712 | €1,137 | €0 | ▼ 100% |
| Bills of exchange payable441 | - | - | - | - | €3,500 | - |
| Taxes, remuneration and social security45 | €24,172 | €12,188 | €911 | €3,699 | €4,594 | ▲ 24.2% |
| Taxes450/3 | €24,172 | €12,188 | €911 | €3,489 | €4,594 | ▲ 31.7% |
| Remuneration and social security454/9 | €0 | - | - | €210 | €0 | ▼ 100% |
| Other amounts payable47/48 | €18,164 | €10,221 | €7,065 | €8,115 | €10,902 | ▲ 34.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,671 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,902 | €22,671 | €8,170 | €46,913 | €42,195 | ▼ 10.1% |
| + Depreciation and write-downs630 | €13,949 | €17,976 | €20,732 | €10,251 | €9,255 | ▼ 9.7% |
| Operating cash flow (approximation) | €19,850 | €40,648 | €28,902 | €57,164 | €51,450 | ▼ 10.0% |
| Investment in fixed assets (approximation) | - | -€30,474 | €0 | €0 | -€3,214 | - |
| Change in cash | - | -€13,717 | -€113,284 | €18,575 | €156,396 | ▲ 742% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €46,913 ▲474%
Operating result €62,662, net result €46,913, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Equity above €200,000Eq €216,798 ▲11.2%
5 profitable years in a row build equity to €216,798.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Weakest financial yearnet €3,098 ▼42.6%
Net result drops to €3,098, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 1 day late
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Braine-l'Alleud · 1 establishment unit since 1998
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Belles Pierres 21421 Braine-l'Alleud1 establishment unit
Rue Belles Pierres 2, 1421 Braine-l'Alleud
since 19982.088.925.880
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Of 7,868 companies in sector 43341 we hold annual accounts for 2,666. 1,911 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-10-1998
Fiscal year end31-12
Activities, NACEBEL 2025
43341Painting of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0464337218
Registered
20-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.