S.A.D.
ActiveS.A.D. has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-120k) and a net result of €-139k. Equity is shrinking by ~40.1% per year across the filed fiscal years. Its solvency ranks better than 7% of 36373 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2024
23
/ 100
Critical
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability0=
Solvency5▼-23
Growth22=
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.67 against 0.85 in 2023; short-term debt: 119.9% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Seven 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
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-19.9%
Return on assets
-22.9%
Age of the figures
21 mo
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
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €-120k
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-12-2025, 140 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
140 d late
2023
349 d late
2022
64 d late
2021
108 d late
2020
116 d early
2019
69 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Turnover
€870k▼ 34.5%
2020 · €1.33M
2018: €2.03M
2019: €1.44M
2020: €1.33M
2018 → 2021
EBIT margin
-8.3%▼ 13.3pp
2020 · 5.0%
2018: 4.9%
2019: -1.7%
2020: 5.0%
2018 → 2021
Net result
€-139k▼ 14.7%
2023 · €-121k
2018: €54k
2019: €-165k
2020: €36k
2021: €-93k
2022: €-63k
2023: €-121k
2018 → 2024
Working capital
€-237k▼ 185%
2023 · €-83k
2018: €364k
2019: €175k
2020: €208k
2021: €145k
2022: €44k
2023: €-83k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€1.33M-€870k▼ 34.5%
Equity€295k-€202k▼ 31.5%€140k▼ 31.0%€18k▼ 86.8%€-120k
Operating result€66k-€-72k€-38k▲ 47.6%€-100k▼ 165%€-110k▼ 10.0%
Net result€36k-€-93k€-63k▲ 32.6%€-121k▼ 93.4%€-139k▼ 14.7%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €110k in 2024 against €100k in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €605k
Fixed assets
€117k▼ 10.3%
Current assets
€489k=
Key figures and ratios
EBITDA
€-97k▼
2023 · €-83k
Cash flow
€-126k▼
2023 · €-104k
Solvency
-19.9%▼
2023 · 3.0%
Current ratio
0.67▼
2023 · 0.85
Quick ratio
0.46▼
2023 · 0.60
Debt / equity
-6.03▼
2023 · 32.56
ROA
-22.9%▼
2023 · -19.6%
Interest coverage
-3.23▲
2023 · -3.58
Debt
€726k▲
2023 · €601k
Debt ≤ 1 year
€726k▲
2023 · €572k
Staff costs
€148k▼
2023 · €170k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€619k€605k▼
Fixed assets21/28€130k€117k▼
Tangible fixed assets22/27€130k€117k▼
Land and buildings22€129k€117k▼
Plant, machinery and equipment23€910-
Financial fixed assets28€50€50=
Current assets29/58€489k€489k=
Stocks and contracts in progress3€145k€156k▲
Stocks30/36€145k€156k▲
Amounts receivable within one year40/41€313k€327k▲
Trade receivables40€301k€279k▼
Other amounts receivable41€12k€48k▲
Cash at bank and in hand54/58€30k-
Deferred charges and accrued income490/1€956€6k▲
Equity and liabilities
Total equity and liabilities10/49€619k€605k▼
Equity10/15€18k€-120k▼
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€-2k€-141k▼
Amounts payable17/49€601k€726k▲
Amounts payable after more than one year17€23k-
Financial debts170/4€23k-
Amounts payable within one year42/48€572k€726k▲
Current portion of amounts payable after more than one year42€34k€28k▼
Financial debts43€186k€50k▼
Credit institutions430/8€186k€50k▼
Trade debts44€110k€273k▲
Suppliers440/4€110k€273k▲
Taxes, remuneration and social security45€34k€76k▲
Taxes450/3€12k€29k▲
Remuneration and social security454/9€23k€47k▲
Other amounts payable47/48€208k€299k▲
Accrued charges and deferred income492/3€6k-
Income statement
Code20232024
Remuneration, social security and pensions62€170k€148k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17k€13k▼
Other operating charges640/8€709€149▼
Gross operating margin9900€88k€52k▼
Operating profit (loss)9901€-100k€-110k▼
Financial income75/76B€1k€905▼
Recurring financial income75€1k€905▼
Financial charges65/66B€23k€30k▲
Recurring financial charges65€23k€30k▲
Profit (loss) for the period before taxes9903€-122k€-139k▼
Income taxes67/77€-676-
Profit (loss) for the period9904€-121k€-139k▼
Profit (loss) for the period to be appropriated9905€-121k€-139k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-2k€-141k▼
Profit (loss) brought forward from the previous period14P€119k€-2k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
18-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 140 days late
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 349 days late
2023
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 64 days late
2022
16-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 108 days late
2021
06-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €36k
Net result €36k after one loss-making year.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 69 days late
2019
31-12
Financial
Weakest financial yearnet €-165k ▼408%
Net result drops to €-165k, the lowest in the series; recovery starts the following year.
18-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 110 days late
04-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 216 days late
2018
29-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 486 days late
2017
04-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 338 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2016
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
15-02-2016
Resigned as Managing director
Location & real-estate footprint
Registered office, Messancy · 1 establishment unit since 2005
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 des Ardennes,Wolkrange 86780 MessancyGround area
1,207 m²
Building footprint
978 m²
Volume, LiDAR
4,058 m³
Parcel 81015D0144/00D002, Wallonia · tallest building 5.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Well'Mess
since 20052.139.632.235
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81015D0144/00D002 | Wallonia | 1,207 m² | 1 · 978 m² | 5.7 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
COVRR
BE 0776.432.738
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KUPA
BE 0784.276.573
Nieuwerkerken (Limb.) · Eq €18k
BOGAERTS
BE 0419.012.680
Tienen · Eq €18k
Morelleke
BE 1006.501.989
Merelbeke-Melle · Eq €18k
MT-Invest
BE 0669.489.545
Middelkerke · Eq €18k
Of 15,529 companies in sector 43990 we hold annual accounts for 7,423. 5,101 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded06-08-2004
Fiscal year end31-12
Activities, NACEBEL
43990Other specialised construction activities
43999Specialised construction activities
45250
47527Retail trade
43120Site preparation
43211General electrical installation work
45112
45310
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryPhone:063219881