SADEL
ActiveSummary
SADEL has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €290,613 and a net result of €65,840. Equity is shrinking by ~4.1% per year across the filed fiscal years. Its solvency ranks better than 65% of 3330 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-14
Solvency86▲+14
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 2.3 against 1.51 in 2024; short-term debt: 38.3% and cash: 37.3% of total assets), and 38.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
61.5%
Return on assets
13.9%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 16-03-2026, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
45 d early
2024
on the day
2023
4 d early
2022
on the day
2021
2 d late
2020
1 d late
2019
2 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 6 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 30 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€290,613▲ 0.3%
2024 · €289,773
Total assets
€472,874▼ 23.8%
2024 · €620,481
Net result
€65,840▼ 75.3%
2024 · €266,846
Working capital
€236,117▲ 41.1%
2024 · €167,333
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€142,907▼ 3.7%€171,247▲ 19.8%€185,063▲ 8.1%€275,539▲ 48.9%€89,450▼ 67.5%
Net result€132,797within the sector's middle half▼ 3.9%€158,622within the sector's middle half▲ 19.4%€173,778within the sector's middle half▲ 9.6%€266,846within the sector's middle half▲ 53.6%€65,840within the sector's middle half▼ 75.3%
Equity€409,312within the sector's middle half▲ 4.6%€352,226within the sector's middle half▼ 13.9%€289,773within the sector's middle half▼ 17.7%€289,773within the sector's middle half=€290,613within the sector's middle half▲ 0.3%
Total assets€583,743within the sector's middle half▲ 2.4%€632,825within the sector's middle half▲ 8.4%€609,699within the sector's middle half▼ 3.7%€620,481within the sector's middle half▲ 1.8%€472,874within the sector's middle half▼ 23.8%
Debt€174,432▼ 2.4%€280,599▲ 60.9%€319,926▲ 14.0%€330,709▲ 3.4%€182,261▼ 44.9%
Working capital€244,521within the sector's middle half▲ 28.6%€222,041within the sector's middle half▼ 9.2%€116,369within the sector's middle half▼ 47.6%€167,333within the sector's middle half▲ 43.8%€236,117within the sector's middle half▲ 41.1%
Solvency70.1%above the sector's middle half▲ 1.5pp55.7%within the sector's middle half▼ 14.5pp47.5%within the sector's middle half▼ 8.1pp46.7%within the sector's middle half▼ 0.8pp61.5%within the sector's middle half▲ 14.8pp
Current ratio2.41within the sector's middle half▲ 0.341.79within the sector's middle half▼ 0.621.37within the sector's middle half▼ 0.431.51within the sector's middle half▲ 0.142.30within the sector's middle half▲ 0.80
Return on assets (ROA)22.7%above the sector's middle half▼ 1.5pp25.1%above the sector's middle half▲ 2.3pp28.5%above the sector's middle half▲ 3.4pp43.0%above the sector's middle half▲ 14.5pp13.9%within the sector's middle half▼ 29.1pp
Staff (FTE)2.8within the sector's middle half▼ 42.9%3.8within the sector's middle half▲ 35.7%4within the sector's middle half▲ 5.3%3.8within the sector's middle half▼ 5.0%2.7within the sector's middle half▼ 28.9%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 68% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €472,874
Fixed assets
€55,651 ▼ 55.0%
Current assets
€417,223 ▼ 16.0%
Equity and liabilities €472,874
Equity
€290,613 ▲ 0.3%
Debt
€182,261 ▼ 44.9%
Debt's share of the balance-sheet total falls from 53.3% to 38.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€140,933▼
2024 · €334,388
Cash flow
€117,323▼
2024 · €325,696
Debt to equity
0.63▼
2024 · 1.14
ROE
22.7%▼
2024 · 92.1%
Interest coverage
149.23▼
2024 · 797.70
Debt ≤ 1 year
€181,106▼
2024 · €329,554
Income taxes
€23,240▲
2024 · €8,490
Staff costs
€177,275▼
2024 · €213,147
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,349 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €147,762 | €162,051 | €213,420 | €213,147 | €177,275 | ▼ 16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,930 | €40,595 | €57,828 | €58,850 | €51,483 | ▼ 12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€4,615 | -€8,555 | - | - | €37 | - |
| Other operating charges640/8 | €1,369 | €6,592 | €1,638 | €3,780 | €1,935 | ▼ 48.8% |
| Non-recurring operating charges66A | - | - | - | - | €10,108 | - |
| Gross operating margin9900 | €327,353 | €371,930 | €457,948 | €551,316 | €330,287 | ▼ 40.1% |
| Operating profit (loss)9901 | €142,907 | €171,247 | €185,063 | €275,539 | €89,450 | ▼ 67.5% |
| Financial income75/76B | €679 | - | - | €217 | €574 | ▲ 165% |
| Recurring financial income75 | €679 | - | - | €217 | €574 | ▲ 165% |
| Financial charges65/66B | €140 | €164 | €131 | €419 | €944 | ▲ 125% |
| Recurring financial charges65 | €140 | €164 | €131 | €419 | €944 | ▲ 125% |
| Profit (loss) for the period before taxes9903 | €143,445 | €171,084 | €184,932 | €275,336 | €89,080 | ▼ 67.6% |
| Income taxes67/77 | €10,648 | €12,462 | €11,154 | €8,490 | €23,240 | ▲ 174% |
| Profit (loss) for the period9904 | €132,797 | €158,622 | €173,778 | €266,846 | €65,840 | ▼ 75.3% |
| Profit (loss) for the period to be appropriated9905 | €132,797 | €158,622 | €173,778 | €266,846 | €65,840 | ▼ 75.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €583,743 | €632,825 | €609,699 | €620,481 | €472,874 | ▼ 23.8% |
| Fixed assets21/28 | €165,789 | €131,255 | €174,559 | €123,595 | €55,651 | ▼ 55.0% |
| Intangible fixed assets21 | €230 | €115 | €1,790 | €1,020 | €250 | ▼ 75.5% |
| Tangible fixed assets22/27 | €165,554 | €131,135 | €172,768 | €122,574 | €55,401 | ▼ 54.8% |
| Land and buildings22 | €88,056 | €67,410 | €46,764 | €26,118 | €5,472 | ▼ 79.1% |
| Plant, machinery and equipment23 | €68,691 | €58,048 | €58,429 | €45,639 | €26,169 | ▼ 42.7% |
| Furniture and vehicles24 | €8,807 | €5,678 | €67,576 | €50,817 | €23,760 | ▼ 53.2% |
| Financial fixed assets28 | €5 | €5 | - | - | - | - |
| Current assets29/58 | €417,954 | €501,570 | €435,141 | €496,887 | €417,223 | ▼ 16.0% |
| Amounts receivable within one year40/41 | €103,952 | €117,843 | €150,304 | €192,187 | €239,287 | ▲ 24.5% |
| Trade receivables40 | €100,009 | €117,843 | €150,304 | €190,612 | €216,454 | ▲ 13.6% |
| Other amounts receivable41 | €3,943 | - | - | €1,575 | €22,832 | ▲ 1,350% |
| Cash at bank and in hand54/58 | €313,477 | €383,202 | €284,080 | €292,391 | €176,159 | ▼ 39.8% |
| Deferred charges and accrued income490/1 | €525 | €525 | €756 | €12,309 | €1,778 | ▼ 85.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €583,743 | €632,825 | €609,699 | €620,481 | €472,874 | ▼ 23.8% |
| Equity10/15 | €409,312 | €352,226 | €289,773 | €289,773 | €290,613 | ▲ 0.3% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €342,000 | €327,000 | €262,000 | €262,000 | €262,000 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | €340,000 | €325,000 | €260,000 | €262,000 | €262,000 | = |
| Profit (loss) carried forward14 | €47,312 | €5,226 | €7,773 | €7,773 | €8,613 | ▲ 10.8% |
| Amounts payable17/49 | €174,432 | €280,599 | €319,926 | €330,709 | €182,261 | ▼ 44.9% |
| Amounts payable within one year42/48 | €173,433 | €279,529 | €318,771 | €329,554 | €181,106 | ▼ 45.0% |
| Trade debts44 | €38,672 | €36,697 | €50,787 | €38,264 | €85,245 | ▲ 123% |
| Suppliers440/4 | €38,672 | €36,697 | €50,787 | €38,264 | €85,245 | ▲ 123% |
| Taxes, remuneration and social security45 | €19,242 | €27,125 | €31,565 | €24,443 | €30,861 | ▲ 26.3% |
| Taxes450/3 | €566 | €3,822 | €7,367 | €3,158 | €13,481 | ▲ 327% |
| Remuneration and social security454/9 | €18,676 | €23,302 | €24,198 | €21,286 | €17,381 | ▼ 18.3% |
| Other amounts payable47/48 | €115,519 | €215,707 | €236,419 | €266,846 | €65,000 | ▼ 75.6% |
| Accrued charges and deferred income492/3 | €999 | €1,070 | €1,155 | €1,155 | €1,155 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €132,797 | €158,622 | €173,778 | €266,846 | €65,840 | ▼ 75.3% |
| + Depreciation and write-downs630 | €39,930 | €40,595 | €57,828 | €58,850 | €51,483 | ▼ 12.5% |
| Operating cash flow (approximation) | €172,728 | €199,216 | €231,606 | €325,696 | €117,323 | ▼ 64.0% |
| Investment in fixed assets (approximation) | - | -€6,061 | -€101,131 | -€7,886 | €16,461 | ▲ 309% |
| Change in cash | - | €69,725 | -€99,122 | €8,310 | -€116,232 | ▼ 1,499% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
18-09
State Gazette act
Merger · Other statementAppointment: Kathleen Michels (director) · Auditor report · Net-asset statement25 facts ▸
State Gazette act
Merger · Other statement
Appointment: Kathleen Michels (director) · Auditor report · Net-asset statement25 facts ▸
- Merger, partiele splitsing, 22-05-2026
- Other statement, waiver of report, aandelen van de nieuwe vennootschap worden uitgegeven aan de aandeelhouders van de gesplitste vennootschap, evenredig aan hun rechten in het k…
- Other statement, special report of board, inbreng in natura en kapitaalverhoging
- Auditor report, 06-07-2026
- Other statement, no significant changes, tussen de datum van opstelling van het splitsingsvoorstel en de datum van de huidige algemene vergadering
- Merger, partiele splitsing, vaststelling verwezenlijking splitsing
- Net-asset statement, 185588.85, EUR
- Declaration, no liens, De ingebrachte goederen zijn niet bezwaard met enig pandrecht en de vennootschap is vrij tot overdracht
- Capital increase, €15.945,08
- Capital increase, €23.654,92
- Capital, €101.600
- Statutes amendment, 5
- +13 further facts in this act
21-08
State Gazette act
Capital & shares · Resignations & appointments · RestructuringAppointment: Kathleen Michels (director) · Demerger · Declaration29 facts ▸
State Gazette act
Capital & shares · Resignations & appointments · Restructuring
Appointment: Kathleen Michels (director) · Demerger · Declaration29 facts ▸
- General meeting, buitengewone algemene vergaderingen van de aandeelhouders van de te splitsen en de verkrijgende vennootschap
- Demerger, partiele splitsing, 22-05-2026
- Declaration, waiver of directors' report, aandelen van de nieuwe vennootschap worden uitgegeven aan de aandeelhouders van de gesplitste vennootschap, evenredig aan hun recht…
- Auditor report, 06-07-2026
- Capital contribution, €185.588,85
- Demerger, partiele splitsing, voltrokken
- Net-asset statement, 185588.85, EUR
- Declaration, pandrecht en vrijheid tot overdracht, de ingebrachte goederen zijn niet bezwaard met enig pandrecht en de te splitsen vennootschap kan vrij tot de overdracht va…
- Share issue, 40, dezelfde rechten en plichten als de bestaande aandelen
- Capital increase, €15.945,08
- Capital increase, €23.654,92
- Capital, €101.600
- +17 further facts in this act
16-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Weakest financial yearnet €65,840 ▼75.3%
Net result drops to €65,840, the lowest in the series.
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Highest result since 2018net €266,846 ▲53.6%
Operating result €275,539, net result €266,846, both a record.
26-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
02-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 2 days late
2021
01-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 1 day late
2020
02-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 2 days late
2019
03-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 3 days late
2018
02-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 2 days late
2017
03-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 3 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 2 have been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Kathleen Michels
CurrentDirector · since 21-08-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
7 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Deinze · 1 establishment unit since 2007
Ground area
557 m²
Building footprint
142 m²
Volume, LiDAR
899 m³
Parcel 44054B0927/00F000, Flanders · tallest building 6.8 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
SADEL
since 20072.165.975.158
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44054B0927/00F000 | Flanders | 557 m² | 1 · 142 m² | 6.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Kathleen Michels |
|
Articles of association
Financial year
From 1 January to 31 December
Annual meeting
Second Friday of June at 11:00
Other statement
One provision in the deed
Accounting effect
01-01-2026
Structure & network
Owners and holdings
1 ownerChain of control
- K-FISC
- SADEL
Highest known parent: K-FISC. The sources do not say who stands above it.
Owners 1
- K-FISCparentSourceaccounts K-FISC 202399.87%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Acquisitions and mergers
1 transactionDemerger with:FISCOVAN
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 3,465 EUR awarded · 4,857 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,896 EUR | 1,896 EUR |
| 2024 | 1 | 507 EUR | 567 EUR |
| 2023 | 1 | 732 EUR | 2,064 EUR |
| 2022 | 1 | 330 EUR | 330 EUR |
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Of 12,174 companies in sector 69201 we hold annual accounts for 7,641. 6,089 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-01-1978
Fiscal year end30-09
Legal name NL
SADEL ACCOUNTANCY
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0418395048
Also
9925:BE0418395048
Registered
01-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.