SABLIM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 34 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €320,000
EBIT margin
Not included in this filing
Net result
€25,435▲ 7.2%
2024 · €23,726
Working capital
€54,465▲ 70.9%
2024 · €31,872
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€38,887
▲ 6.9%
2025
20182025
Net result
€25,435
▲ 7.2%
2025
20182025
Equity
€239,706
▲ 11.9%
2025
20182025
Total assets
€316,906
▲ 5.1%
2025
20182025
Debt
€41,930
▼ 15.2%
2025
20182025
Working capital
€54,465
▲ 70.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,693-€20,589▲ 10.1%€22,936▲ 11.4%€22,542▼ 1.7%€23,040▲ 2.2%€23,574▲ 2.3%€36,385▲ 54.3%€38,887▲ 6.9%
Net result€18,334-€20,714▲ 13.0%€14,717▼ 29.0%€12,759▼ 13.3%€16,254▲ 27.4%€14,733▼ 9.4%€23,726▲ 61.0%€25,435▲ 7.2%
Equity€111,369-€132,083▲ 18.6%€146,800▲ 11.1%€159,559▲ 8.7%€175,813▲ 10.2%€190,546▲ 8.4%€214,271▲ 12.5%€239,706▲ 11.9%
Total assets€341,687-€323,499▼ 5.3%€306,504▼ 5.3%€283,797▼ 7.4%€291,772▲ 2.8%€287,827▼ 1.4%€301,559▲ 4.8%€316,906▲ 5.1%
Debt€176,177-€140,842▼ 20.1%€111,680▼ 20.7%€78,765▼ 29.5%€73,037▼ 7.3%€56,910▼ 22.1%€49,468▼ 13.1%€41,930▼ 15.2%
Working capital-€102,815--€104,744▼ 1.9%-€36,857▲ 64.8%-€14,255▲ 61.3%-€17,449▼ 22.4%€11,169€31,872▲ 185%€54,465▲ 70.9%
The operating result for 2025 is 7% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €316,906
Fixed assets
€247,462 ▼ 3.0%
Current assets
€69,444 ▲ 49.8%
Equity and liabilities €316,906
Equity
€239,706 ▲ 11.9%
Provisions
€35,269 ▼ 6.7%
Debt
€41,930 ▼ 15.2%
Debt's share of the balance-sheet total falls from 16.4% to 13.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58,102▲
2024 · €53,703
Cash flow
€44,650▲
2024 · €41,044
Current ratio
4.64▲
2024 · 3.20
Debt to equity
0.17▼
2024 · 0.23
ROE
10.6%▼
2024 · 11.1%
ROA
8.0%▲
2024 · 7.9%
Interest coverage
89.59▲
2024 · 64.69
Debt ≤ 1 year
€14,979▲
2024 · €14,477
Debt > 1 year
€26,951▼
2024 · €34,990
Income taxes
€15,355▲
2024 · €14,380
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €32,668 | - | €9,866 | €11,468 |
| Depreciation and write-downs of the year | €21,374 | €23,466 | €24,241 | €17,318 | €19,215 |
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 | €23,315 | €23,159 | €21,374 | €21,374 | €23,466 | €24,241 | €17,318 | €19,215 | ▲ 11.0% |
| Other operating charges640/8 | - | - | - | €348 | €5,844 | €6,219 | €6,416 | €4,119 | ▼ 35.8% |
| Gross operating margin9900 | €46,446 | €45,566 | €44,657 | €44,264 | €52,350 | €54,034 | €60,119 | €62,221 | ▲ 3.5% |
| Operating profit (loss)9901 | €18,693 | €20,589 | €22,936 | €22,542 | €23,040 | €23,574 | €36,385 | €38,887 | ▲ 6.9% |
| Financial charges65/66B | - | - | - | €1,966 | €982 | €988 | €830 | €649 | ▼ 21.9% |
| Recurring financial charges65 | €3,926 | €2,892 | €3,099 | €1,966 | €982 | €988 | €830 | €649 | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | €14,767 | €17,697 | €19,837 | €20,576 | €22,058 | €22,586 | €35,555 | €38,239 | ▲ 7.5% |
| Transfer from deferred taxes780 | - | - | - | €2,551 | €2,551 | €2,551 | €2,551 | €2,551 | = |
| Income taxes67/77 | - | €550 | €7,671 | €10,368 | €8,355 | €10,404 | €14,380 | €15,355 | ▲ 6.8% |
| Profit (loss) for the period9904 | €18,334 | €20,714 | €14,717 | €12,759 | €16,254 | €14,733 | €23,726 | €25,435 | ▲ 7.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €7,652 | €7,653 | €7,653 | €7,652 | €7,652 | = |
| Profit (loss) for the period to be appropriated9905 | €24,970 | €27,350 | €22,369 | €20,411 | €23,907 | €22,386 | €31,378 | €33,087 | ▲ 5.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €341,687 | €323,499 | €306,504 | €283,797 | €291,772 | €287,827 | €301,559 | €316,906 | ▲ 5.1% |
| Fixed assets21/28 | €333,323 | €320,448 | €299,074 | €277,700 | €286,902 | €262,661 | €255,209 | €247,462 | ▼ 3.0% |
| Tangible fixed assets22/27 | €333,323 | €320,448 | €299,074 | €277,700 | €286,902 | €262,661 | €255,209 | €247,462 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €277,700 | €286,902 | €262,661 | €215,484 | €205,281 | ▼ 4.7% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €39,725 | €42,181 | ▲ 6.2% |
| Current assets29/58 | €8,364 | €3,051 | €7,430 | €6,097 | €4,870 | €25,166 | €46,350 | €69,444 | ▲ 49.8% |
| Amounts receivable within one year40/41 | - | - | €3,479 | - | - | €6,896 | €13,296 | €63,296 | ▲ 376% |
| Other amounts receivable41 | - | - | - | - | - | €6,896 | €13,296 | €63,296 | ▲ 376% |
| Cash at bank and in hand54/58 | €4,485 | €2,901 | €3,765 | €5,906 | €4,702 | €18,083 | €32,783 | €5,914 | ▼ 82.0% |
| Deferred charges and accrued income490/1 | - | - | - | €191 | €168 | €187 | €271 | €234 | ▼ 13.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €341,687 | €323,499 | €306,504 | €283,797 | €291,772 | €287,827 | €301,559 | €316,906 | ▲ 5.1% |
| Equity10/15 | €111,369 | €132,083 | €146,800 | €159,559 | €175,813 | €190,546 | €214,271 | €239,706 | ▲ 11.9% |
| Contributions10/11 | €25,000 | €25,000 | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €86,315 | €106,179 | €121,800 | €134,548 | €150,695 | €165,042 | €188,689 | €214,037 | ▲ 13.4% |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Tax-exempt reserves132 | - | - | - | €57,375 | €49,722 | €42,069 | €34,416 | €26,764 | ▼ 22.2% |
| Distributable reserves133 | - | - | - | €74,673 | €98,473 | €120,473 | €151,773 | €184,773 | ▲ 21.7% |
| Profit (loss) carried forward14 | €54 | €904 | - | €11 | €118 | €504 | €582 | €669 | ▲ 15.0% |
| Provisions and deferred taxes16 | €54,141 | €50,574 | €48,024 | €45,473 | €42,922 | €40,371 | €37,820 | €35,269 | ▼ 6.7% |
| Deferred taxes168 | - | - | - | €45,473 | €42,922 | €40,371 | €37,820 | €35,269 | ▼ 6.7% |
| Amounts payable17/49 | €176,177 | €140,842 | €111,680 | €78,765 | €73,037 | €56,910 | €49,468 | €41,930 | ▼ 15.2% |
| Amounts payable after more than one year17 | €64,998 | €33,047 | €67,393 | €58,413 | €50,718 | €42,913 | €34,990 | €26,951 | ▼ 23.0% |
| Financial debts170/4 | - | - | - | €58,413 | €50,718 | €42,913 | €34,990 | €26,951 | ▼ 23.0% |
| Amounts payable within one year42/48 | €111,179 | €107,795 | €44,287 | €20,352 | €22,319 | €13,997 | €14,477 | €14,979 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,583 | €7,695 | €12,222 | €7,923 | €8,039 | ▲ 1.5% |
| Taxes, remuneration and social security45 | - | - | - | €10,290 | €12,145 | - | €4,780 | €5,165 | ▲ 8.1% |
| Taxes450/3 | - | - | - | €10,290 | €12,145 | - | €4,780 | €5,165 | ▲ 8.1% |
| Other amounts payable47/48 | - | - | - | €2,479 | €2,479 | €1,775 | €1,775 | €1,775 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,334 | €20,714 | €14,717 | €12,759 | €16,254 | €14,733 | €23,726 | €25,435 | ▲ 7.2% |
| + Depreciation and write-downs630 | €23,315 | €23,159 | €21,374 | €21,374 | €23,466 | €24,241 | €17,318 | €19,215 | ▲ 11.0% |
| Operating cash flow (approximation) | €41,649 | €43,873 | €36,091 | €34,133 | €39,720 | €38,974 | €41,044 | €44,650 | ▲ 8.8% |
| Investment in fixed assets (approximation) | - | -€10,284 | €0 | €0 | -€32,668 | €0 | -€9,866 | -€11,468 | ▼ 16.2% |
| Change in cash | - | -€1,584 | €864 | €2,141 | -€1,204 | €13,381 | €14,700 | -€26,869 | - |
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, 31,368 companies had the same profile as SABLIM has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SABLIM itself: 0.1% 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 31,368 companies, not a prediction for SABLIM. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00287881 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00246934 | |
| 31-12-2023 | full format | 27-05-2024 | 2024-00098845 | |
| 31-12-2022 | full format | 09-06-2023 | 2023-00120348 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20313769 | |
| 31-12-2020 | micro format | 03-06-2021 | 2021-17200277 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15100471 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20700271 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33800422 | |
| 31-12-2016 | full format | 18-07-2017 | 2017-33300296 |