Multi-Sun
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 29 filings
Turnover
≈ €1.4m
Estimated: probably between €970,000 and €2.2m
Total assets
€1.1m▼ 41.9%
2024 · €1.8m
Net result
€268,242▲ 38×
2024 · €7,033
Working capital
€131,053▲ 14×
2024 · €9,655
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€341,198
▲ 44×
2025
20182025
Net result
€268,242
▲ 38×
2025
highest quarter of the sector
20182025
Equity
€219,125
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▼ 41.9%
2025
highest quarter of the sector
20182025
Debt
€839,845
▼ 55.1%
2025
20182025
Working capital
€131,053
▲ 14×
2025
highest quarter of the sector
20182025
Solvency
20.7%
▲ 23.4pp
2025
middle half of the sector
20182025
Current ratio
3.48
▲ 2.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.3%
▲ 24.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.009m-€0.001m▼ 89.0%€0.007m▲ 590%€166▼ 97.5%-€0.002m-€0.2m▼ 8,161%€0.008m€0.3m▲ 44×
Net result-€0.007m--€0.007m▲ 9.3%€0.008mwithin the sector's middle half-€0.004mbelow the sector's middle half-€0.006mbelow the sector's middle half▼ 45.5%-€0.2mbelow the sector's middle half▼ 3,409%€0.007mwithin the sector's middle half€0.3mabove the sector's middle half▲ 38×
Equity€0.2m-€0.2m▼ 3.8%€0.2mabove the sector's middle half▲ 4.9%€0.2mabove the sector's middle half▼ 2.5%€0.2mabove the sector's middle half▼ 3.7%-€0.06mbelow the sector's middle half-€0.05mbelow the sector's middle half▲ 12.5%€0.2mabove the sector's middle half
Total assets€1.0m-€0.9m▼ 3.5%€1.0mabove the sector's middle half▲ 3.7%€0.9mabove the sector's middle half▼ 0.6%€1.0mabove the sector's middle half▲ 8.3%€1.8mabove the sector's middle half▲ 73.3%€1.8mabove the sector's middle half▲ 2.2%€1.1mabove the sector's middle half▼ 41.9%
Debt€0.7m-€0.7m▼ 3.6%€0.7m▲ 3.9%€0.7m▼ 0.1%€0.8m▲ 12.1%€1.8m▲ 122%€1.9m▲ 5.1%€0.8m▼ 55.1%
Working capital-€0.01m--€0.01m▼ 13.1%€0.01mwithin the sector's middle half€0.004mwithin the sector's middle half▼ 61.3%€0.001mwithin the sector's middle half▼ 74.4%-€0.07mbelow the sector's middle half€0.01mwithin the sector's middle half€0.1mabove the sector's middle half▲ 14×
Solvency18.1%-18.1%▼ 0.1pp18.3%within the sector's middle half▲ 0.2pp18.0%within the sector's middle half▼ 0.3pp16.0%within the sector's middle half▼ 2.0pp-3.1%below the sector's middle half▼ 19.1pp-2.7%below the sector's middle half▲ 0.5pp20.7%within the sector's middle half▲ 23.4pp
Current ratio0.53-0.50▼ 0.031.35within the sector's middle half▲ 0.851.13within the sector's middle half▼ 0.221.04within the sector's middle half▼ 0.090.29below the sector's middle half▼ 0.741.43within the sector's middle half▲ 1.133.48above the sector's middle half▲ 2.05
Return on assets (ROA)-0.8%--0.7%=0.8%within the sector's middle half▲ 1.6pp-0.5%within the sector's middle half▼ 1.3pp-0.6%within the sector's middle half▼ 0.2pp-12.4%below the sector's middle half▼ 11.8pp0.4%within the sector's middle half▲ 12.7pp25.3%above the sector's middle half▲ 24.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 nearly 44 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €1.1m
Fixed assets
€875,005 ▼ 51.1%
Current assets
€183,965 ▲ 470%
Equity and liabilities €1.1m
Equity
€219,125
Debt
€839,845
Debt's share of the balance-sheet total is 79.3%.
Key figures and ratios
EBITDA
€364,861▲
2024 · €26,039
Cash flow
€291,905▲
2024 · €25,266
Quick ratio
2.90▲
2024 · 0.14
Debt to equity
3.83
ROE
122.4%
Interest coverage
12.18▲
2024 · 0.41
Debt ≤ 1 year
€52,912▲
2024 · €22,612
Debt > 1 year
€786,933▼
2024 · €1.8m
Income taxes
€43,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €41 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €85,000 | €906,609 | €53,424 | €23,477 |
| Depreciation and write-downs of the year | €1,586 | - | €66,609 | €18,233 | €23,663 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,427 | €33,428 | €7,424 | €1,586 | - | €66,609 | €18,233 | €23,663 | ▲ 29.8% |
| Other operating charges640/8 | - | - | - | €2,677 | €2,686 | €4,653 | €2,664 | €5,538 | ▲ 108% |
| Gross operating margin9900 | €46,169 | €40,168 | €17,993 | €4,429 | €611 | -€100,156 | €28,703 | €370,399 | ▲ 13× |
| Operating profit (loss)9901 | €8,769 | €965 | €6,654 | €166 | -€2,075 | -€171,418 | €7,806 | €341,198 | ▲ 44× |
| Financial income75/76B | - | - | - | €350 | - | €100 | €3,417 | - | - |
| Recurring financial income75 | €122 | €68 | €13,146 | €350 | - | €100 | €540 | - | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €2,877 | - | - |
| Financial charges65/66B | - | - | - | €5,998 | €5,334 | €50,215 | €64,144 | €29,956 | ▼ 53.3% |
| Recurring financial charges65 | €17,294 | €8,728 | €12,798 | €5,998 | €5,334 | €50,215 | €64,144 | €29,956 | ▼ 53.3% |
| Profit (loss) for the period before taxes9903 | -€8,403 | -€7,695 | €7,002 | -€5,482 | -€7,409 | -€221,533 | -€52,921 | €311,242 | - |
| Transfer from deferred taxes780 | - | - | - | €1,127 | €1,127 | €1,127 | €59,954 | - | - |
| Income taxes67/77 | -€21 | €12 | €15 | -€36 | - | - | - | €43,000 | - |
| Profit (loss) for the period9904 | -€7,232 | -€6,557 | €8,114 | -€4,319 | -€6,282 | -€220,406 | €7,033 | €268,242 | ▲ 38× |
| Transfer from tax-exempt reserves789 | - | - | - | €4,509 | €4,509 | €4,509 | €71,561 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€2,745 | -€2,070 | €12,623 | €190 | -€1,773 | -€215,897 | €78,594 | €268,242 | ▲ 241% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €0.9m | €1.0m | €0.9m | €1.0m | €1.8m | €1.8m | €1.1m | ▼ 41.9% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.8m | €1.8m | €0.9m | ▼ 51.1% |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.8m | €1.8m | €0.9m | ▼ 51.1% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €1.7m | €1.7m | €0.8m | ▼ 52.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 57.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.05m | €0.04m | ▼ 22.6% |
| Assets under construction and advance payments27 | - | - | - | - | €0.09m | - | - | - | - |
| Current assets29/58 | €0.01m | €0.01m | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.2m | ▲ 470% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.2m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.2m | - |
| Stocks and contracts in progress3 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 5.5% |
| Stocks30/36 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 5.5% |
| Amounts receivable within one year40/41 | €185 | €192 | €0.003m | €0.002m | €25 | €0.001m | €38 | €351 | ▲ 824% |
| Trade receivables40 | - | - | - | €0.001m | €25 | €442 | €38 | €60 | ▲ 57.9% |
| Other amounts receivable41 | - | - | - | €0.001m | - | €465 | - | €291 | - |
| Current investments50/53 | €0.01m | €0.01m | - | - | - | - | €474 | - | - |
| Cash at bank and in hand54/58 | €45 | €50 | €0.002m | €0.001m | €0.001m | €64 | €64 | €0.002m | ▲ 35× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.003m | €0.001m | ▼ 70.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €0.9m | €1.0m | €0.9m | €1.0m | €1.8m | €1.8m | €1.1m | ▼ 41.9% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | -€0.06m | -€0.05m | €0.2m | - |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.07m | €0.002m | €0.2m | ▲ 78× |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.08m | €0.08m | €0.07m | - | - | - |
| Distributable reserves133 | - | - | - | €0.06m | €0.06m | - | - | €0.2m | - |
| Profit (loss) carried forward14 | -€0.008m | -€0.01m | €0.003m | €0.003m | €0.001m | -€0.2m | -€0.08m | - | - |
| Provisions and deferred taxes16 | €0.07m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | - | - | - |
| Deferred taxes168 | - | - | - | €0.06m | €0.06m | €0.06m | - | - | - |
| Amounts payable17/49 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €1.8m | €1.9m | €0.8m | ▼ 55.1% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €1.7m | €1.8m | €0.8m | ▼ 57.4% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €1.0m | €1.0m | €0.02m | ▼ 97.9% |
| Other amounts payable178/9 | - | - | - | €0.5m | €0.6m | €0.6m | €0.8m | €0.8m | ▼ 4.7% |
| Amounts payable within one year42/48 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.1m | €0.02m | €0.05m | ▲ 134% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▲ 5.2% |
| Financial debts43 | - | - | - | - | - | €0.02m | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.02m | - | - | - |
| Trade debts44 | - | - | €2 | €111 | €112 | €50 | - | €19 | - |
| Suppliers440/4 | - | - | - | €111 | €112 | €50 | - | €19 | - |
| Advances received on contracts in progress46 | - | - | - | €0.001m | - | €0.003m | €352 | €400 | ▲ 13.6% |
| Taxes, remuneration and social security45 | - | - | - | - | €106 | - | €41 | €0.03m | ▲ 683× |
| Taxes450/3 | - | - | - | - | €106 | - | €41 | €0.03m | ▲ 683× |
| Other amounts payable47/48 | - | - | - | €0.003m | €162 | €0.05m | €162 | €0.001m | ▲ 693% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,232 | -€6,557 | €8,114 | -€4,319 | -€6,282 | -€220,406 | €7,033 | €268,242 | ▲ 38× |
| + Depreciation and write-downs630 | €33,427 | €33,428 | €7,424 | €1,586 | - | €66,609 | €18,233 | €23,663 | ▲ 29.8% |
| Operating cash flow (approximation) | €26,195 | €26,871 | €15,538 | -€2,733 | -€6,282 | -€153,797 | €25,266 | €291,905 | ▲ 12× |
| Investment in fixed assets (approximation) | - | €0 | -€15,865 | €0 | -€85,000 | -€821,609 | -€53,424 | €890,611 | - |
| Change in cash | - | €5 | €2,070 | -€1,060 | -€398 | -€598 | €0 | €2,146 | - |
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, 2,613 companies had the same profile as Multi-Sun has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Multi-Sun itself: 0.3% 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 2,613 companies, not a prediction for Multi-Sun. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-05-2026 | 2026-00107548 | |
| 31-12-2024 | micro format | 23-05-2025 | 2025-00103784 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00109743 | |
| 31-12-2022 | micro format | 13-05-2023 | 2023-00086849 | |
| 31-12-2021 | micro format | 17-05-2022 | 2022-20027848 | |
| 31-12-2020 | micro format | 08-05-2021 | 2021-13800310 | |
| 31-12-2019 | micro format | 17-05-2020 | 2020-12400506 | |
| 31-12-2018 | micro format | 31-05-2019 | 2019-15900139 | |
| 31-12-2017 | micro format | 20-05-2018 | 2018-13400207 | |
| 31-12-2016 | micro format | 16-05-2017 | 2017-12200466 |