Equity
€5.7m ▲ 13.2%
SULO Belgium has made a profit without a break since 2012.
SULO Belgium
Lifetime
18 annual accounts with figures on one time axis, 38 filings since 1988peak €25.2m (2025)
€25.2m▲ 10.2%
lowest -€235,858 (2011)
€766,286▲ 3.9%
peak €5.7m (2025)
€5.7m▲ 13.2%
€11.9m▲ 56.9%
peak 64 FTE (2022)
62.6 FTE▲ 5.6%
Board13 names since 2007all names
2 directorsPedro Debergh and 1 other
Owners3 names in the annual accounts
consolidatesSulo Group SAS
Documentsfilings and deeds
03-07-202628 days before the deadline
2025financial year
New alternate director 22-09Dividend €100,000Equity from €5.0m to €5.7mDebts from €7.6m to €11.9m
Key points
from the 2025 annual accountsDebts
€11.9m ▲ 56.9%
Debts rose by €4.3m in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Staff
68 employees on 31-12-2025
In 2025, 17 people joined and 18 left. On top of that, 4.4 agency workers worked there on average.
Payment terms
124 days to suppliers
SULO Belgium pays its suppliers 31 days later than in 2024. Customers pay 47 days later.
Filings
38 annual accounts since 1988
Three of the last ten came late. The 2019 accounts came latest: 68 days after the end of the period.
Position in the sector
62.6 FTE
More staff than 90% of companies in wholesale trade. Sector median 10.4 FTE · 5,033 companies.
Checked score
92
Excellent
Financially stronger than 58% of medium-sized companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 745 companies (NACE 46, medium-sized).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025highest value
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: < 0.1%▼ -0.1 percentage points vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026lowest value
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: 0.2%▲ +0.2 percentage points vs 06-2026
08-2026: 0.1%▼ -0.1 percentage points vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
1 change of registered office in 24 months
lowers risk
Size: turnover €25.2m, 62.6 FTE, total assets €17.6m
Founded in 1987
Liquidity: current ratio 1.76, cash €2.6m
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, medium-sized). It does better than 41% of them on solvency, 57% on liquidity, 58% on profitability and 76% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,887 companies had the same profile as SULO Belgium has now. Each dot stands for 5 companies, two years later.
97.9%
were still trading
2.0%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of SULO Belgium itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 1,887 companies, not a prediction for SULO Belgium. 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.
Credit verdict
Credit of up to €500,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.76 (1.79 in 2024), above the usual 1.5. Short-term debt is 53.4% and cash 14.9% of total assets. However, 67.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 days early
2024
14 days early
2023
on the day
2022
21 days early
2021
37 days early
2020
5 days late
2019
68 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 10 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
SH
SULO Holding B.V.
Director, Thierry KOSKAS, since 03-06-2025
- Sulo Group SAS consolidatesannual accounts 2025
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0432823502
Registered office moved within Ninove
New registered office: Ring-Oost 14K 9400 Ninove · Previous registered office: Ring-Oost 14 bus 0, 9400 Ninove · Gazette deed
New alternate director
SULO Holding B.V. appointed, Jean-Marie VAISSAIRE resigned · Permanent representative: Thierry KOSKAS · General meeting of 28-08-2025 · Gazette deed
Appointment: DEBERGH Pedro Michel Corneel (managing director)
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| SULO Belgium Ninove | €25.2m | 4.3% | 32.5% | 62.6 |
| IMERYS TALC BELGIUM Ghent | €28.2m | 9.9% | 63.6% | 37 |
| tk accelis Plastics Belgium Lokeren | €21.9m | 1.6% | 64.9% | 35 |
| DECAPAC Herentals | €33.7m | 5.1% | 54.2% | 32 |
| VERSALIS INTERNATIONAL Brussels | €31.7m | -10.9% | 34.2% | 41.5 |
| OPTION TAPE SPECIALTIES Temse | €28.3m | 17.5% | 30.9% | 42.3 |
| Nefab Packaging Belgium Ghent | €22.1m | 9.9% | 67.7% | 37.3 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as SULO Belgium: wholesale trade (NACE 46869). They are comparable in size and age: total assets between €9.4m and €46m, founded between 1968 and 2004.
Official details
Source: KBO- Status
- Active since 09-12-1987Normal situation
- Activity
- Wholesale tradeNACE 46869and 1 other
- Joint committees
- 207White-collar workers in the chemical industry
- 116Chemical industry · annual accounts 2025
- Establishment units
- 2.142.920.1399400 Ninove, since 20-12-2002
- 2.374.765.3812450 Meerhout, since 01-11-2014
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- €17.6m▲ 39.4%
- Employeeson 31-12-2025
- 68▼ 1.4%
- Filing
- Filed on 03-07-2026, 28 days before the end of the filing period
Insights on SULO Belgium
SULO Belgium has existed since 1987. Turnover grew from €11.1m in 2008 to €25.2m in 2025 and staff from 44.1 to 62.6 full-time equivalents.
Solvency fell in 2025 from 40.0% to 32.5% because of higher debts to suppliers.
Since September 2023, DEBERGH Pedro Michel Corneel has been managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SULO Belgium
- What is the company number of SULO Belgium?
- The company number of SULO Belgium is 0432.823.502. The VAT number is the same number with BE in front: BE 0432.823.502.
- Where is SULO Belgium based?
- The registered office is at Ring-Oost 14K, 9400 Ninove.Company details
- What does SULO Belgium do?
- According to the KBO register, the main activity is wholesale trade (NACE 46869).
- What is the legal form of SULO Belgium?
- SULO Belgium is a public limited company (NV).
- When was SULO Belgium founded?
- SULO Belgium was founded on 09-12-1987.
- Is SULO Belgium still active?
- Yes, SULO Belgium is an active enterprise in the KBO register.
- How many employees does SULO Belgium have?
- SULO Belgium had an average of 62.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does SULO Belgium fall under?
- In its 2025 annual accounts, SULO Belgium states joint committees 207 (White-collar workers in the chemical industry) and 116 (Chemical industry).
- What is the turnover of SULO Belgium?
- The turnover of SULO Belgium was €25.2m in financial year 2025, according to the filed annual accounts.
- Is SULO Belgium profitable?
- In financial year 2025, SULO Belgium made a profit of €766,286.
- Where can I find the annual accounts of SULO Belgium?
- SULO Belgium filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of SULO Belgium due?
- SULO Belgium must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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