S & S
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-01-2026 PDF all 16 filings
Turnover
≈ €260,000
Estimated: probably between €220,000 and €310,000
Total assets
€840,888▲ 8.7%
2024 · €773,291
Net result
€61,009▼ 1.2%
2024 · €61,743
Working capital
€133,180▲ 131%
2024 · €57,634
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€98,350
▼ 1.2%
2025
20192025
Net result
€61,009
▼ 1.2%
2025
middle half of the sector
20192025
Equity
€401,303
▲ 8.4%
2025
highest quarter of the sector
20192025
Total assets
€840,888
▲ 8.7%
2025
highest quarter of the sector
20192025
Debt
€439,585
▲ 9.0%
2025
20192025
Working capital
€133,180
▲ 131%
2025
highest quarter of the sector
20192025
Solvency
47.7%
▼ 0.1pp
2025
middle half of the sector
20192025
Current ratio
2.48
▲ 0.73
2025
middle half of the sector
20192025
Return on assets (ROA)
7.3%
▼ 0.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€57,982-€91,296▲ 57.5%€154,817▲ 69.6%€172,320▲ 11.3%€136,417▼ 20.8%€99,536▼ 27.0%€98,350▼ 1.2%
Net result€29,805-€55,540above the sector's middle half▲ 86.3%€93,451above the sector's middle half▲ 68.3%€110,377above the sector's middle half▲ 18.1%€85,777above the sector's middle half▼ 22.3%€61,743within the sector's middle half▼ 28.0%€61,009within the sector's middle half▼ 1.2%
Equity€54,255-€109,795within the sector's middle half▲ 102%€203,245within the sector's middle half▲ 85.1%€313,623above the sector's middle half▲ 54.3%€391,160above the sector's middle half▲ 24.7%€370,099above the sector's middle half▼ 5.4%€401,303above the sector's middle half▲ 8.4%
Total assets€343,834-€400,414within the sector's middle half▲ 16.5%€725,374above the sector's middle half▲ 81.2%€843,498above the sector's middle half▲ 16.3%€871,778above the sector's middle half▲ 3.4%€773,291above the sector's middle half▼ 11.3%€840,888above the sector's middle half▲ 8.7%
Debt€289,579-€290,619▲ 0.4%€522,128▲ 79.7%€529,876▲ 1.5%€480,618▼ 9.3%€403,191▼ 16.1%€439,585▲ 9.0%
Working capital€36,055-€77,674within the sector's middle half▲ 115%-€31,507below the sector's middle half€27,917within the sector's middle half€81,656within the sector's middle half▲ 192%€57,634within the sector's middle half▼ 29.4%€133,180above the sector's middle half▲ 131%
Solvency15.8%-27.4%within the sector's middle half▲ 11.6pp28.0%within the sector's middle half▲ 0.6pp37.2%within the sector's middle half▲ 9.2pp44.9%within the sector's middle half▲ 7.7pp47.9%within the sector's middle half▲ 3.0pp47.7%within the sector's middle half▼ 0.1pp
Current ratio1.52-1.97within the sector's middle half▲ 0.440.69below the sector's middle half▼ 1.271.24within the sector's middle half▲ 0.551.73within the sector's middle half▲ 0.491.75within the sector's middle half▲ 0.022.48within the sector's middle half▲ 0.73
Return on assets (ROA)8.7%-13.9%within the sector's middle half▲ 5.2pp12.9%within the sector's middle half▼ 1.0pp13.1%within the sector's middle half▲ 0.2pp9.8%within the sector's middle half▼ 3.2pp8.0%within the sector's middle half▼ 1.9pp7.3%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 1% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €840,888
Fixed assets
€617,838 ▼ 3.2%
Current assets
€223,051 ▲ 65.5%
Equity and liabilities €840,888
Equity
€401,303 ▲ 8.4%
Debt
€439,585 ▲ 9.0%
Debt's share of the balance-sheet total rises from 52.1% to 52.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€145,152▼
2024 · €148,187
Cash flow
€107,811▼
2024 · €110,394
Quick ratio
2.34▲
2024 · 1.58
Debt to equity
1.10▲
2024 · 1.09
ROE
15.2%▼
2024 · 16.7%
Interest coverage
12.36▲
2024 · 11.10
Debt ≤ 1 year
€89,871▲
2024 · €77,108
Debt > 1 year
€349,714▲
2024 · €326,083
Income taxes
€27,278▲
2024 · €26,263
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2020 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €22,000 | €86,432 | €25,349 | €8,856 | €26,091 |
| Depreciation and write-downs of the year | €15,023 | €41,098 | €46,618 | €48,651 | €46,802 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,035 awarded · €1,035 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,792 | €15,023 | €17,248 | €41,098 | €46,618 | €48,651 | €46,802 | ▼ 3.8% |
| Other operating charges640/8 | - | €1,872 | - | €4,859 | €13,609 | €3,986 | €7,018 | ▲ 76.1% |
| Gross operating margin9900 | €83,625 | €108,191 | €180,202 | €218,276 | €196,644 | €152,173 | €152,170 | = |
| Operating profit (loss)9901 | €57,982 | €91,296 | €154,817 | €172,320 | €136,417 | €99,536 | €98,350 | ▼ 1.2% |
| Financial income75/76B | - | €16 | - | €184 | €1,927 | €1,819 | €1,683 | ▼ 7.5% |
| Recurring financial income75 | €29 | €16 | €5 | €184 | €1,927 | €1,819 | €1,683 | ▼ 7.5% |
| Financial charges65/66B | - | €12,757 | - | €14,189 | €16,371 | €13,349 | €11,745 | ▼ 12.0% |
| Recurring financial charges65 | €12,351 | €12,757 | €15,563 | €14,189 | €16,371 | €13,349 | €11,745 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | €45,660 | €78,555 | €139,259 | €158,315 | €121,972 | €88,005 | €88,288 | ▲ 0.3% |
| Income taxes67/77 | €15,855 | €23,015 | €45,809 | €47,938 | €36,195 | €26,263 | €27,278 | ▲ 3.9% |
| Profit (loss) for the period9904 | €29,805 | €55,540 | €93,451 | €110,377 | €85,777 | €61,743 | €61,009 | ▼ 1.2% |
| Profit (loss) for the period to be appropriated9905 | €29,805 | €55,540 | €93,451 | €110,377 | €85,777 | €61,743 | €61,009 | ▼ 1.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €343,834 | €400,414 | €725,374 | €843,498 | €871,778 | €773,291 | €840,888 | ▲ 8.7% |
| Fixed assets21/28 | €238,893 | €242,361 | €654,278 | €699,613 | €678,343 | €638,548 | €617,838 | ▼ 3.2% |
| Tangible fixed assets22/27 | €238,893 | €242,361 | €654,278 | €699,613 | €678,343 | €638,548 | €617,838 | ▼ 3.2% |
| Land and buildings22 | - | €242,108 | - | €652,669 | €631,185 | €603,137 | €598,028 | ▼ 0.8% |
| Furniture and vehicles24 | - | €253 | - | €46,943 | €47,158 | €35,411 | €19,809 | ▼ 44.1% |
| Current assets29/58 | €104,942 | €158,053 | €71,095 | €143,886 | €193,435 | €134,742 | €223,051 | ▲ 65.5% |
| Amounts receivable after more than one year29 | - | - | - | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Other amounts receivable291 | - | - | - | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Stocks and contracts in progress3 | - | - | - | - | €12,821 | €12,821 | €12,821 | = |
| Stocks30/36 | - | - | - | - | €12,821 | €12,821 | €12,821 | = |
| Amounts receivable within one year40/41 | €102,965 | €155,092 | €37,881 | €23,248 | €102,744 | €46,925 | €133,026 | ▲ 183% |
| Trade receivables40 | - | €12,473 | - | €23,248 | €45,485 | €26,578 | €3,709 | ▼ 86.0% |
| Other amounts receivable41 | - | €142,619 | - | - | €57,259 | €20,347 | €129,317 | ▲ 536% |
| Cash at bank and in hand54/58 | €1,977 | €614 | €26,987 | €43,832 | €1,405 | €259 | €927 | ▲ 258% |
| Deferred charges and accrued income490/1 | - | €2,347 | - | €6,806 | €6,465 | €4,738 | €6,278 | ▲ 32.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €343,834 | €400,414 | €725,374 | €843,498 | €871,778 | €773,291 | €840,888 | ▲ 8.7% |
| Equity10/15 | €54,255 | €109,795 | €203,245 | €313,623 | €391,160 | €370,099 | €401,303 | ▲ 8.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €48,055 | €103,595 | €197,045 | €307,423 | €384,960 | €363,899 | €395,103 | ▲ 8.6% |
| Non-distributable reserves130/1 | - | €1,860 | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Other1319 | - | €1,860 | - | - | - | - | - | - |
| Distributable reserves133 | - | €101,735 | - | €305,563 | €384,960 | €363,899 | €395,103 | ▲ 8.6% |
| Amounts payable17/49 | €289,579 | €290,619 | €522,128 | €529,876 | €480,618 | €403,191 | €439,585 | ▲ 9.0% |
| Amounts payable after more than one year17 | €220,693 | €210,240 | €419,526 | €413,907 | €368,839 | €326,083 | €349,714 | ▲ 7.2% |
| Financial debts170/4 | - | €210,240 | - | €413,907 | €368,839 | €326,083 | €349,714 | ▲ 7.2% |
| Amounts payable within one year42/48 | €68,886 | €80,379 | €102,603 | €115,969 | €111,779 | €77,108 | €89,871 | ▲ 16.6% |
| Current portion of amounts payable after more than one year42 | - | €24,440 | - | €58,944 | €72,416 | €54,615 | €54,736 | ▲ 0.2% |
| Financial debts43 | - | - | - | - | €2,660 | €3,843 | €3,663 | ▼ 4.7% |
| Credit institutions430/8 | - | - | - | - | €2,660 | €3,843 | €3,663 | ▼ 4.7% |
| Trade debts44 | €38,042 | €38,668 | €31,194 | €11,519 | €20,650 | €4,791 | €17,134 | ▲ 258% |
| Suppliers440/4 | - | €38,668 | - | €11,519 | €20,650 | €4,791 | €17,134 | ▲ 258% |
| Taxes, remuneration and social security45 | - | €14,271 | - | €35,578 | €16,053 | €13,859 | €14,338 | ▲ 3.5% |
| Taxes450/3 | - | €9,691 | - | €35,578 | €16,053 | €13,859 | €14,338 | ▲ 3.5% |
| Remuneration and social security454/9 | - | €4,580 | - | - | - | - | - | - |
| Other amounts payable47/48 | - | €3,000 | - | €9,928 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,805 | €55,540 | €93,451 | €110,377 | €85,777 | €61,743 | €61,009 | ▼ 1.2% |
| + Depreciation and write-downs630 | €22,792 | €15,023 | €17,248 | €41,098 | €46,618 | €48,651 | €46,802 | ▼ 3.8% |
| Operating cash flow (approximation) | €52,597 | €70,563 | €110,699 | €151,475 | €132,395 | €110,394 | €107,811 | ▼ 2.3% |
| Investment in fixed assets (approximation) | - | -€18,491 | -€429,166 | -€86,432 | -€25,349 | -€8,856 | -€26,091 | ▼ 195% |
| Change in cash | - | -€1,363 | €26,373 | €16,845 | -€42,427 | -€1,146 | €668 | - |
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, 17,811 companies had the same profile as S & S has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of S & S itself: 0.2% 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 17,811 companies, not a prediction for S & S. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 07-01-2026 | 2026-00003275 | |
| 30-06-2024 | micro format | 07-01-2025 | 2025-00000706 | |
| 30-06-2023 | micro format | 05-01-2024 | 2024-00543741 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00009534 | |
| 30-06-2021 | micro format | 14-01-2022 | 2022-01100334 | |
| 30-06-2020 | micro format | 04-01-2021 | 2021-00200179 | |
| 30-06-2019 | micro format | 27-01-2020 | 2020-02300569 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-03000164 | |
| 30-06-2017 | micro format | 25-01-2018 | 2018-02500197 | |
| 30-06-2016 | abbreviated format | 05-01-2017 | 2017-00500528 |