SAFTA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 19 filings
Amounts without an identifiable currency are taken as euros.
Equity
-€28,531
2024 · €34,414
Total assets
€350,934▲ 128%
2024 · €153,830
Net result
-€62,945
2024 · €1,173
Working capital
-€36,455
2024 · €24,966
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€56,820
2025
20182025
Net result
-€62,945
2025
lowest quarter of the sector
20182025
Equity
-€28,531
2025
lowest quarter of the sector
20182025
Total assets
€350,934
▲ 128%
2025
middle half of the sector
20182025
Debt
€379,465
▲ 218%
2025
20182025
Working capital
-€36,455
2025
lowest quarter of the sector
20182025
Solvency
-8.1%
▼ 30.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.90
▼ 0.31
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-17.9%
▼ 18.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€26,053-€34,152-€6,059-€6,423▼ 6.0%€6,777€5,560▼ 18.0%€1,976▼ 64.5%-€56,820
Net result-€27,306-€34,510€4,960within the sector's middle half▼ 85.6%-€6,419below the sector's middle half€4,446within the sector's middle half€1,687within the sector's middle half▼ 62.0%€1,173within the sector's middle half▼ 30.5%-€62,945below the sector's middle half
Equity-€5,944-€28,566€33,527within the sector's middle half▲ 17.4%€27,107within the sector's middle half▼ 19.1%€31,553within the sector's middle half▲ 16.4%€33,240within the sector's middle half▲ 5.3%€34,414within the sector's middle half▲ 3.5%-€28,531below the sector's middle half
Total assets€80,534-€94,197▲ 17.0%€51,818below the sector's middle half▼ 45.0%€30,213below the sector's middle half▼ 41.7%€42,176below the sector's middle half▲ 39.6%€36,602below the sector's middle half▼ 13.2%€153,830within the sector's middle half▲ 320%€350,934within the sector's middle half▲ 128%
Debt€86,478-€65,631▼ 24.1%€18,291▼ 72.1%€3,105▼ 83.0%€10,623▲ 242%€3,361▼ 68.4%€119,417▲ 36×€379,465▲ 218%
Working capital-€32,431-€4,604€17,093within the sector's middle half▲ 271%€20,635within the sector's middle half▲ 20.7%€17,925within the sector's middle half▼ 13.1%€22,926within the sector's middle half▲ 27.9%€24,966within the sector's middle half▲ 8.9%-€36,455below the sector's middle half
Solvency-7.4%-30.3%▲ 37.7pp64.7%above the sector's middle half▲ 34.4pp89.7%above the sector's middle half▲ 25.0pp74.8%above the sector's middle half▼ 14.9pp90.8%above the sector's middle half▲ 16.0pp22.4%within the sector's middle half▼ 68.4pp-8.1%below the sector's middle half▼ 30.5pp
Current ratio0.60-1.07▲ 0.471.93within the sector's middle half▲ 0.867.65above the sector's middle half▲ 5.712.69within the sector's middle half▼ 4.967.82above the sector's middle half▲ 5.131.21within the sector's middle half▼ 6.610.90below the sector's middle half▼ 0.31
Return on assets (ROA)-33.9%-36.6%▲ 70.5pp9.6%within the sector's middle half▼ 27.1pp-21.2%below the sector's middle half▼ 30.8pp10.5%within the sector's middle half▲ 31.8pp4.6%within the sector's middle half▼ 5.9pp0.8%within the sector's middle half▼ 3.8pp-17.9%below the sector's middle half▼ 18.7pp
Staff (FTE)1-1=1within the sector's middle half=0.5▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €56,820, after a profit of €1,976 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €350,934
Fixed assets
€7,923 ▼ 16.1%
Current assets
€343,011 ▲ 138%
Equity and liabilities
Equity-€28,531
Debt€379,465
Equity is negative. Debt (€379,465) exceeds the balance-sheet total (€350,934).
Key figures and ratios
EBITDA
-€55,295▼
2024 · €3,951
Cash flow
-€61,420▼
2024 · €3,148
Interest coverage
-8.85▼
2024 · 2.24
Debt ≤ 1 year
€379,465▲
2024 · €119,417
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 |
|---|---|
| Average over the year, in full-time equivalents | 0.5 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,930 | €10,945 | - | €1,108 | - |
| Depreciation and write-downs of the year | €2,343 | €3,789 | €3,314 | €1,975 | €1,525 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €24,071 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €15,821 | -€913 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,655 | €11,371 | €12,135 | €2,343 | €3,789 | €3,314 | €1,975 | €1,525 | ▼ 22.8% |
| Other operating charges640/8 | - | - | - | €3,654 | €3,265 | €621 | €831 | €520 | ▼ 37.5% |
| Gross operating margin9900 | €20,248 | €81,010 | €37,878 | €15,395 | €12,918 | €9,496 | €4,782 | -€54,776 | - |
| Operating profit (loss)9901 | -€26,053 | €34,152 | -€6,059 | -€6,423 | €6,777 | €5,560 | €1,976 | -€56,820 | - |
| Financial income75/76B | - | - | - | €372 | €2 | €6 | €3,043 | €120 | ▼ 96.1% |
| Recurring financial income75 | €3 | €0 | €12,540 | €372 | €2 | €6 | €3,043 | €120 | ▼ 96.1% |
| Financial charges65/66B | - | - | - | €686 | €2,049 | €548 | €1,766 | €6,245 | ▲ 254% |
| Recurring financial charges65 | €1,256 | €1,481 | €970 | €686 | €2,049 | €548 | €1,766 | €6,245 | ▲ 254% |
| Profit (loss) for the period before taxes9903 | -€27,306 | €32,671 | €5,510 | -€6,737 | €4,730 | €5,019 | €3,253 | -€62,945 | - |
| Income taxes67/77 | €0 | -€1,839 | €550 | -€318 | €284 | €3,331 | €2,080 | - | - |
| Profit (loss) for the period9904 | -€27,306 | €34,510 | €4,960 | -€6,419 | €4,446 | €1,687 | €1,173 | -€62,945 | - |
| Profit (loss) for the period to be appropriated9905 | -€27,306 | €34,510 | €4,960 | -€6,419 | €4,446 | €1,687 | €1,173 | -€62,945 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €80,534 | €94,197 | €51,818 | €30,213 | €42,176 | €36,602 | €153,830 | €350,934 | ▲ 128% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €31,753 | €23,962 | €16,434 | €6,472 | €13,628 | €10,314 | €9,448 | €7,923 | ▼ 16.1% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €31,753 | €23,962 | €16,434 | €6,472 | €13,628 | €10,314 | €9,448 | €7,923 | ▼ 16.1% |
| Land and buildings22 | - | - | - | - | €10,245 | €9,151 | €8,056 | €6,962 | ▼ 13.6% |
| Plant, machinery and equipment23 | - | - | - | €4,952 | €2,356 | €628 | - | - | - |
| Furniture and vehicles24 | - | - | - | €952 | €743 | €535 | €1,392 | €961 | ▼ 30.9% |
| Other tangible fixed assets26 | - | - | - | €568 | €284 | - | - | - | - |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €48,781 | €70,235 | €35,384 | €23,741 | €28,548 | €26,287 | €144,382 | €343,011 | ▲ 138% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €47,241 | €65,584 | €20,135 | €16,411 | €18,638 | €25,588 | €133,649 | €281,317 | ▲ 110% |
| Trade receivables40 | - | - | - | €5,025 | €16,745 | €3,340 | €131,688 | €269,146 | ▲ 104% |
| Other amounts receivable41 | - | - | - | €11,386 | €1,893 | €22,248 | €1,960 | €12,171 | ▲ 521% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,540 | €4,425 | €15,249 | €7,329 | €9,909 | €699 | €10,151 | €60,069 | ▲ 492% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €583 | €1,625 | ▲ 179% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €80,534 | €94,197 | €51,818 | €30,213 | €42,176 | €36,602 | €153,830 | €350,934 | ▲ 128% |
| Equity10/15 | -€5,944 | €28,566 | €33,527 | €27,107 | €31,553 | €33,240 | €34,414 | -€28,531 | - |
| Contributions10/11 | €35,000 | €35,000 | - | €38,500 | €38,500 | €38,500 | €38,500 | €38,500 | = |
| Reserves13 | €3,500 | €3,500 | €3,500 | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€44,444 | -€9,934 | -€4,973 | -€11,393 | -€6,947 | -€5,260 | -€4,086 | -€67,031 | ▼ 1,540% |
| Amounts payable17/49 | €86,478 | €65,631 | €18,291 | €3,105 | €10,623 | €3,361 | €119,417 | €379,465 | ▲ 218% |
| Amounts payable after more than one year17 | €5,266 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €81,212 | €65,631 | €18,291 | €3,105 | €10,623 | €3,361 | €119,417 | €379,465 | ▲ 218% |
| Trade debts44 | €36,401 | €21,693 | €8,257 | €790 | €1,928 | €705 | €87,416 | €372,965 | ▲ 327% |
| Suppliers440/4 | - | - | - | €790 | €1,928 | €705 | €87,416 | €372,965 | ▲ 327% |
| Taxes, remuneration and social security45 | - | - | - | €2,315 | €5,894 | €2,657 | €5,321 | - | - |
| Taxes450/3 | - | - | - | €2,315 | €5,894 | €2,657 | €5,321 | - | - |
| Other amounts payable47/48 | - | - | - | - | €2,801 | - | €26,679 | €6,500 | ▼ 75.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,306 | €34,510 | €4,960 | -€6,419 | €4,446 | €1,687 | €1,173 | -€62,945 | - |
| + Depreciation and write-downs630 | €10,655 | €11,371 | €12,135 | €2,343 | €3,789 | €3,314 | €1,975 | €1,525 | ▼ 22.8% |
| Operating cash flow (approximation) | -€16,651 | €45,881 | €17,095 | -€4,077 | €8,234 | €5,001 | €3,148 | -€61,420 | - |
| Investment in fixed assets (approximation) | - | -€3,579 | -€4,607 | €7,619 | -€10,945 | €0 | -€1,108 | €0 | - |
| Change in cash | - | €2,885 | €10,824 | -€7,920 | €2,580 | -€9,210 | €9,452 | €49,918 | ▲ 428% |
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, 6,619 companies had the same profile as SAFTA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SAFTA itself: 1.1% 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 6,619 companies, not a prediction for SAFTA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00392634 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00391706 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00152140 | |
| 31-12-2022 | micro format | 19-09-2023 | 2023-00448446 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20419787 | |
| 31-12-2020 | micro format | 23-09-2021 | 2021-68200244 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49800198 | |
| 31-12-2018 | micro format | 23-12-2019 | 2019-77500321 | |
| 31-12-2017 | micro format | 02-04-2019 | 2019-08900272 | |
| 31-12-2016 | abbreviated format | 26-02-2018 | 2018-05400300 |