S-LINK
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00438447.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 5 filings
Turnover
≈ €360,000
Estimated: probably between €250,000 and €570,000
Total assets
€106,744▲ 8.4%
2024 · €98,514
Net result
-€109,501▲ 12.6%
2024 · -€125,241
Working capital
-€32,950
2024 · €26,798
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€102,008
▲ 16.6%
2025
20212025
Net result
-€109,501
▲ 12.6%
2025
lowest quarter of the sector
20212025
Equity
-€200,970
▼ 120%
2025
lowest quarter of the sector
20212025
Total assets
€106,744
▲ 8.4%
2025
lowest quarter of the sector
20212025
Debt
€307,714
▲ 62.0%
2025
20212025
Working capital
-€32,950
2025
lowest quarter of the sector
20212025
Solvency
-188.3%
▼ 95.4pp
2025
lowest quarter of the sector
20212025
Current ratio
0.75
▼ 0.67
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-102.6%
▲ 24.5pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
3.7
▲ 23.3%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€9,412-€26,993-€2,126-€122,365▼ 5,655%-€102,008▲ 16.6%
Net result-€11,110below the sector's middle half-€18,516within the sector's middle half-€2,635below the sector's middle half-€125,241below the sector's middle half▼ 4,653%-€109,501below the sector's middle half▲ 12.6%
Equity-€7,110below the sector's middle half-€11,406below the sector's middle half€8,771below the sector's middle half▼ 23.1%-€91,470below the sector's middle half-€200,970below the sector's middle half▼ 120%
Total assets€121,660within the sector's middle half-€68,142below the sector's middle half▼ 44.0%€80,720within the sector's middle half▲ 18.5%€98,514within the sector's middle half▲ 22.0%€106,744below the sector's middle half▲ 8.4%
Debt€128,771-€56,736▼ 55.9%€71,949▲ 26.8%€189,984▲ 164%€307,714▲ 62.0%
Working capital-€7,110below the sector's middle half-€11,406below the sector's middle half€9,198within the sector's middle half▼ 19.4%€26,798within the sector's middle half▲ 191%-€32,950below the sector's middle half
Solvency-5.8%below the sector's middle half-16.7%below the sector's middle half▲ 22.6pp10.9%below the sector's middle half▼ 5.9pp-92.8%below the sector's middle half▼ 103.7pp-188.3%below the sector's middle half▼ 95.4pp
Current ratio0.94below the sector's middle half-1.20within the sector's middle half▲ 0.261.13within the sector's middle half▼ 0.071.43within the sector's middle half▲ 0.300.75below the sector's middle half▼ 0.67
Return on assets (ROA)-9.1%below the sector's middle half-27.2%above the sector's middle half▲ 36.3pp-3.3%below the sector's middle half▼ 30.4pp-127.1%below the sector's middle half▼ 123.9pp-102.6%below the sector's middle half▲ 24.5pp
Staff (FTE)14.7-5.8within the sector's middle half▼ 60.5%3.8▼ 34.5%3▼ 21.1%3.7within the sector's middle half▲ 23.3%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 a loss of €102,008, smaller than the loss of €122,365 in 2024.
Large changes and their cause
- 2022 Staff (FTE) -61% on 2021. The accounts now follow the abbreviated format, last year the micro format.
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 €106,744
Fixed assets
€6,848 ▼ 22.5%
Current assets
€99,895 ▲ 11.4%
Equity and liabilities
Equity-€200,970
Debt€307,714
Equity is negative. Debt (€307,714) exceeds the balance-sheet total (€106,744).
Key figures and ratios
EBITDA
-€99,163▲
2024 · -€121,851
Cash flow
-€106,655▲
2024 · -€124,727
Quick ratio
0.52▼
2024 · 1.43
Interest coverage
-14.84▲
2024 · -56.98
Debt ≤ 1 year
€132,846▲
2024 · €62,885
Debt > 1 year
€169,175▲
2024 · €125,000
Income taxes
€812▲
2024 · €740
Staff costs
€202,121▲
2024 · €159,170
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 18 | 4 | 4 | 3 | 4 |
| full-time | 16 | 3 | 3 | 2 | 3 |
| part-time | 2 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 17.4 | 3.8 | 3.8 | 2.8 | 3.8 |
| Average over the year, in full-time equivalents | 14.7 | 5.8 | 3.8 | 3 | 3.7 |
| On a permanent contract | 18 | 4 | 4 | 3 | 4 |
| Joined | 21 | 2 | - | 0 | 1 |
| Left | 3 | 16 | - | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €5,346 | €862 |
| Intangible fixed assets | - | - | - | €4,000 | - |
| Depreciation and write-downs of the year | - | - | - | €514 | €2,846 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €971 awarded · €971 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €765 | €765 |
| 2024 | 1 | €206 | €206 |
Public contracts
7 awards · 2025 to 2026
Raamovereenkomst asbestattesten: GUBES2500003 - 1
Asbestdeskundige scholen (2 Percelen Oost - 3 Percelen West): 16169 - BN2505002 - 2
Samenaankoop asbestattesten: Asbestattesten voor de luchthavenregio
Raamovereenkomst asbestattest voor burgers: Asbestattest 2025/001 - 1
Raamovereenkomst asbestinventarisatie voor woonmaatschappijen: INITIA-2024-01 Asbestinventarisatie - Perceel 3: regio Waasland en regio Gent
Show 2 more contracts
Raamovereenkomst bodemgerelateerde onderzoeken: Sloopopvolgingsplannen en asbestinventarissen
RAAMOVEREENKOMST STAALNAME ASBEST, ASBESTINVENTARIS, SLOOPOPVOLGINGSPLAN EN BEGELEIDING ASBESTVERWIJDERING: GEB_sg/24.066 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €752,964 | €300,068 | €219,714 | €159,170 | €202,121 | ▲ 27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €514 | €2,846 | ▲ 454% |
| Other operating charges640/8 | €1,149 | €669 | €751 | €1,528 | €286 | ▼ 81.3% |
| Gross operating margin9900 | €744,700 | €327,731 | €218,338 | €38,848 | €103,244 | ▲ 166% |
| Operating profit (loss)9901 | -€9,412 | €26,993 | -€2,126 | -€122,365 | -€102,008 | ▲ 16.6% |
| Financial income75/76B | €1 | €322 | - | €3 | - | - |
| Recurring financial income75 | €1 | €322 | - | €3 | - | - |
| Financial charges65/66B | €208 | €39 | €35 | €2,138 | €6,680 | ▲ 212% |
| Recurring financial charges65 | €208 | €39 | €35 | €2,138 | €6,680 | ▲ 212% |
| Profit (loss) for the period before taxes9903 | -€9,619 | €27,277 | -€2,161 | -€124,501 | -€108,689 | ▲ 12.7% |
| Income taxes67/77 | €1,491 | €8,760 | €474 | €740 | €812 | ▲ 9.7% |
| Profit (loss) for the period9904 | -€11,110 | €18,516 | -€2,635 | -€125,241 | -€109,501 | ▲ 12.6% |
| Profit (loss) for the period to be appropriated9905 | -€11,110 | €18,516 | -€2,635 | -€125,241 | -€109,501 | ▲ 12.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €121,660 | €68,142 | €80,720 | €98,514 | €106,744 | ▲ 8.4% |
| Fixed assets21/28 | - | - | - | €8,832 | €6,848 | ▼ 22.5% |
| Intangible fixed assets21 | - | - | - | €3,980 | €2,647 | ▼ 33.5% |
| Tangible fixed assets22/27 | - | - | - | €4,852 | €4,202 | ▼ 13.4% |
| Plant, machinery and equipment23 | - | - | - | €2,790 | €2,839 | ▲ 1.7% |
| Furniture and vehicles24 | - | - | - | €2,062 | €1,363 | ▼ 33.9% |
| Current assets29/58 | €121,660 | €68,142 | €80,720 | €89,682 | €99,895 | ▲ 11.4% |
| Stocks and contracts in progress3 | - | - | - | - | €30,545 | - |
| Contracts in progress37 | - | - | - | - | €30,545 | - |
| Amounts receivable within one year40/41 | €99,174 | €28,884 | €43,802 | €52,912 | €68,463 | ▲ 29.4% |
| Trade receivables40 | €99,174 | - | €43,802 | €52,912 | €68,463 | ▲ 29.4% |
| Other amounts receivable41 | - | €28,884 | - | - | - | - |
| Cash at bank and in hand54/58 | €22,487 | €39,258 | €36,919 | €36,770 | €887 | ▼ 97.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €121,660 | €68,142 | €80,720 | €98,514 | €106,744 | ▲ 8.4% |
| Equity10/15 | -€7,110 | €11,406 | €8,771 | -€91,470 | -€200,970 | ▼ 120% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €29,000 | €29,000 | = |
| Profit (loss) carried forward14 | -€11,110 | €7,406 | €4,771 | -€120,470 | -€229,970 | ▼ 90.9% |
| Amounts payable17/49 | €128,771 | €56,736 | €71,949 | €189,984 | €307,714 | ▲ 62.0% |
| Amounts payable after more than one year17 | - | - | - | €125,000 | €169,175 | ▲ 35.3% |
| Financial debts170/4 | - | - | - | €125,000 | €169,175 | ▲ 35.3% |
| Amounts payable within one year42/48 | €128,771 | €56,736 | €71,522 | €62,885 | €132,846 | ▲ 111% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,512 | - |
| Financial debts43 | - | - | - | - | €22,073 | - |
| Credit institutions430/8 | - | - | - | - | €22,073 | - |
| Trade debts44 | €5,417 | €2,452 | €1,777 | €25,798 | €46,231 | ▲ 79.2% |
| Suppliers440/4 | €5,417 | €2,452 | €1,777 | €25,798 | €46,231 | ▲ 79.2% |
| Taxes, remuneration and social security45 | €123,353 | €54,284 | €69,745 | €37,087 | €55,030 | ▲ 48.4% |
| Taxes450/3 | €43,476 | €23,362 | €20,209 | €8,168 | €14,734 | ▲ 80.4% |
| Remuneration and social security454/9 | €79,878 | €30,922 | €49,536 | €28,919 | €40,295 | ▲ 39.3% |
| Accrued charges and deferred income492/3 | - | - | €427 | €2,099 | €5,693 | ▲ 171% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,110 | €18,516 | -€2,635 | -€125,241 | -€109,501 | ▲ 12.6% |
| + Depreciation and write-downs630 | - | - | - | €514 | €2,846 | ▲ 454% |
| Operating cash flow (approximation) | -€11,110 | €18,516 | -€2,635 | -€124,727 | -€106,655 | ▲ 14.5% |
| Investment in fixed assets (approximation) | - | - | - | - | -€862 | - |
| Change in cash | - | €16,771 | -€2,339 | -€149 | -€35,883 | ▼ 24,051% |
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, 6,008 companies had the same profile as S-LINK has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of S-LINK itself: 6.9% 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 6,008 companies, not a prediction for S-LINK. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-08-2026 | 2026-00438447 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00156458 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00239895 | |
| 31-12-2022 | abbreviated format | 06-06-2023 | 2023-00108265 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20285110 |