Saldi
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00469235.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 11 filings
Turnover
≈ €200,000
Estimated: probably between €160,000 and €240,000
Total assets
€250,261▲ 0.3%
2024 · €249,554
Net result
€10,054
2024 · -€8,847
Working capital
€114,416▼ 31.3%
2024 · €166,609
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€21,112
2025
20182025
Net result
€10,054
2025
lowest quarter of the sector
20182025
Equity
€132,963
▼ 24.1%
2025
middle half of the sector
20182025
Total assets
€250,261
▲ 0.3%
2025
middle half of the sector
20182025
Debt
€117,298
▲ 57.8%
2025
20182025
Working capital
€114,416
▼ 31.3%
2025
middle half of the sector
20182025
Solvency
53.1%
▼ 17.1pp
2025
middle half of the sector
20182025
Current ratio
1.98
▼ 1.74
2025
middle half of the sector
20182025
Return on assets (ROA)
4.0%
▲ 7.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.8
▲ 5.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€32,159-€323▼ 99.0%€22,458▲ 70×€84,444▲ 276%€55,094▼ 34.8%€29,792▼ 45.9%-€8,089€21,112
Net result€19,835--€240€14,931within the sector's middle half€59,646within the sector's middle half▲ 299%€37,865within the sector's middle half▼ 36.5%€19,788within the sector's middle half▼ 47.7%-€8,847below the sector's middle half€10,054below the sector's middle half
Equity€59,411-€59,171▼ 0.4%€74,103within the sector's middle half▲ 25.2%€131,249within the sector's middle half▲ 77.1%€164,257within the sector's middle half▲ 25.1%€184,045within the sector's middle half▲ 12.0%€175,198within the sector's middle half▼ 4.8%€132,963within the sector's middle half▼ 24.1%
Total assets€174,206-€167,759▼ 3.7%€165,656within the sector's middle half▼ 1.3%€240,954within the sector's middle half▲ 45.5%€259,466within the sector's middle half▲ 7.7%€264,478within the sector's middle half▲ 1.9%€249,554within the sector's middle half▼ 5.6%€250,261within the sector's middle half▲ 0.3%
Debt€114,795-€108,588▼ 5.4%€91,553▼ 15.7%€109,706▲ 19.8%€95,209▼ 13.2%€80,433▼ 15.5%€74,356▼ 7.6%€117,298▲ 57.8%
Working capital€11,086-€17,477▲ 57.7%€39,032within the sector's middle half▲ 123%€104,825within the sector's middle half▲ 169%€141,947within the sector's middle half▲ 35.4%€161,484within the sector's middle half▲ 13.8%€166,609within the sector's middle half▲ 3.2%€114,416within the sector's middle half▼ 31.3%
Solvency34.1%-35.3%▲ 1.2pp44.7%within the sector's middle half▲ 9.5pp54.5%within the sector's middle half▲ 9.7pp63.3%within the sector's middle half▲ 8.8pp69.6%within the sector's middle half▲ 6.3pp70.2%within the sector's middle half▲ 0.6pp53.1%within the sector's middle half▼ 17.1pp
Current ratio1.11-1.17▲ 0.061.43within the sector's middle half▲ 0.261.96within the sector's middle half▲ 0.532.49within the sector's middle half▲ 0.533.01within the sector's middle half▲ 0.523.73within the sector's middle half▲ 0.721.98within the sector's middle half▼ 1.74
Return on assets (ROA)11.4%--0.1%▼ 11.5pp9.0%within the sector's middle half▲ 9.2pp24.8%within the sector's middle half▲ 15.7pp14.6%within the sector's middle half▼ 10.2pp7.5%within the sector's middle half▼ 7.1pp-3.5%below the sector's middle half▼ 11.0pp4.0%below the sector's middle half▲ 7.6pp
Staff (FTE)2.53above the sector's middle half▲ 20.0%2.2▼ 26.7%1.4▼ 36.4%1.71.8▲ 5.9%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 profit of €21,112, after a loss of €8,089 in 2024.
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 €250,261
Fixed assets
€19,568 ▼ 10.5%
Current assets
€230,693 ▲ 1.3%
Equity and liabilities €250,261
Equity
€132,963 ▼ 24.1%
Debt
€117,298 ▲ 57.8%
Debt's share of the balance-sheet total rises from 29.8% to 46.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25,356▲
2024 · -€4,390
Cash flow
€14,298▲
2024 · -€5,148
Debt to equity
0.88▲
2024 · 0.42
ROE
7.6%▲
2024 · -5.0%
Interest coverage
9.46▲
2024 · -6.24
Debt ≤ 1 year
€116,277▲
2024 · €61,089
Income taxes
€8,413▲
2024 · €59
Staff costs
€70,223▲
2024 · €65,872
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 2 |
| full-time | 1 | 1 | 1 | 2 |
| part-time | - | 0 | 1 | 0 |
| in full-time equivalents | 1 | 1 | 1.8 | 2 |
| Average over the year, in full-time equivalents | 2.2 | 1.4 | 1.7 | 1.8 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | 2 | 1 | 1 | 2 |
| Left | 4 | 1 | 1 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €745 | €660 | €4,383 | €3,300 | €1,956 |
| Financial fixed assets | - | €500 | - | - | €0 |
| Depreciation and write-downs of the year | €9,737 | €6,096 | €2,890 | €3,699 | €4,245 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €653 awarded · €653 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €542 | €542 |
| 2022 | 1 | €111 | €111 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €75,832 | €63,323 | €48,939 | €65,872 | €70,223 | ▲ 6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,688 | €38,352 | €13,403 | €9,737 | €6,096 | €2,890 | €3,699 | €4,245 | ▲ 14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €3,029 | €27,461 | €7,329 | ▼ 73.3% |
| Other operating charges640/8 | - | - | - | €892 | €654 | €795 | €753 | €683 | ▼ 9.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €3 | €305 | €0 | ▼ 100% |
| Gross operating margin9900 | €114,561 | €140,997 | €159,233 | €170,905 | €125,167 | €85,447 | €90,001 | €103,591 | ▲ 15.1% |
| Operating profit (loss)9901 | €32,159 | €323 | €22,458 | €84,444 | €55,094 | €29,792 | -€8,089 | €21,112 | - |
| Financial income75/76B | - | - | - | - | - | €1 | €4 | €36 | ▲ 711% |
| Recurring financial income75 | €0 | - | - | - | - | €1 | €4 | €36 | ▲ 711% |
| Financial charges65/66B | - | - | - | €1,301 | €557 | €921 | €703 | €2,681 | ▲ 281% |
| Recurring financial charges65 | €1,118 | €828 | €1,643 | €1,301 | €557 | €921 | €703 | €2,681 | ▲ 281% |
| Profit (loss) for the period before taxes9903 | €31,042 | -€505 | €20,814 | €83,144 | €54,537 | €28,871 | -€8,787 | €18,467 | - |
| Income taxes67/77 | €11,206 | -€265 | €5,883 | €23,498 | €16,671 | €9,083 | €59 | €8,413 | ▲ 142× |
| Profit (loss) for the period9904 | €19,835 | -€240 | €14,931 | €59,646 | €37,865 | €19,788 | -€8,847 | €10,054 | - |
| Profit (loss) for the period to be appropriated9905 | €19,835 | -€240 | €14,931 | €59,646 | €37,865 | €19,788 | -€8,847 | €10,054 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €174,206 | €167,759 | €165,656 | €240,954 | €259,466 | €264,478 | €249,554 | €250,261 | ▲ 0.3% |
| Fixed assets21/28 | €60,768 | €48,064 | €36,238 | €27,246 | €22,310 | €22,560 | €21,857 | €19,568 | ▼ 10.5% |
| Intangible fixed assets21 | €36,953 | €6,000 | €3,186 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €20,565 | €39,814 | €33,052 | €27,246 | €21,810 | €22,060 | €21,357 | €19,068 | ▼ 10.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,220 | €4,029 | €3,786 | ▼ 6.0% |
| Furniture and vehicles24 | - | - | - | €10,586 | €6,130 | €5,141 | €3,607 | €2,542 | ▼ 29.5% |
| Other tangible fixed assets26 | - | - | - | €16,660 | €15,680 | €14,700 | €13,720 | €12,740 | ▼ 7.1% |
| Financial fixed assets28 | €3,250 | €2,250 | - | - | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €113,438 | €119,695 | €129,418 | €213,709 | €237,156 | €241,918 | €227,698 | €230,693 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €112,850 | €116,654 | €107,807 | €196,764 | €171,412 | €181,518 | €142,596 | €164,232 | ▲ 15.2% |
| Trade receivables40 | - | - | - | €179,326 | €171,412 | €180,843 | €137,437 | €150,160 | ▲ 9.3% |
| Other amounts receivable41 | - | - | - | €17,438 | €0 | €675 | €5,159 | €14,072 | ▲ 173% |
| Cash at bank and in hand54/58 | €588 | €1,300 | €19,239 | €4,459 | €50,932 | €51,267 | €60,473 | €28,452 | ▼ 52.9% |
| Deferred charges and accrued income490/1 | - | - | - | €12,486 | €14,812 | €9,132 | €24,629 | €38,009 | ▲ 54.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €174,206 | €167,759 | €165,656 | €240,954 | €259,466 | €264,478 | €249,554 | €250,261 | ▲ 0.3% |
| Equity10/15 | €59,411 | €59,171 | €74,103 | €131,249 | €164,257 | €184,045 | €175,198 | €132,963 | ▼ 24.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €59,006 | €92,014 | €111,802 | €111,802 | €69,567 | ▼ 37.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €57,146 | €90,154 | €109,942 | €109,942 | €67,707 | ▼ 38.4% |
| Profit (loss) carried forward14 | €38,951 | €38,711 | €53,643 | €53,643 | €53,643 | €53,643 | €44,796 | €44,796 | = |
| Amounts payable17/49 | €114,795 | €108,588 | €91,553 | €109,706 | €95,209 | €80,433 | €74,356 | €117,298 | ▲ 57.8% |
| Amounts payable after more than one year17 | €12,443 | €5,156 | €334 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €102,352 | €102,218 | €90,386 | €108,883 | €95,209 | €80,433 | €61,089 | €116,277 | ▲ 90.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €334 | €0 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €1,482 | €0 | ▼ 100% |
| Other loans439 | - | - | - | - | - | - | €1,482 | €0 | ▼ 100% |
| Trade debts44 | €25,958 | €50,605 | €23,077 | €27,837 | €28,260 | €26,811 | €14,465 | €27,766 | ▲ 92.0% |
| Suppliers440/4 | - | - | - | €27,837 | €28,260 | €26,811 | €14,465 | €27,766 | ▲ 92.0% |
| Taxes, remuneration and social security45 | - | - | - | €57,674 | €57,260 | €47,092 | €38,776 | €32,538 | ▼ 16.1% |
| Taxes450/3 | - | - | - | €54,487 | €52,656 | €38,671 | €28,349 | €22,029 | ▼ 22.3% |
| Remuneration and social security454/9 | - | - | - | €3,188 | €4,604 | €8,421 | €10,427 | €10,508 | ▲ 0.8% |
| Other amounts payable47/48 | - | - | - | €23,039 | €9,689 | €6,530 | €6,366 | €55,973 | ▲ 779% |
| Accrued charges and deferred income492/3 | - | - | - | €822 | €0 | - | €13,268 | €1,021 | ▼ 92.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,835 | -€240 | €14,931 | €59,646 | €37,865 | €19,788 | -€8,847 | €10,054 | - |
| + Depreciation and write-downs630 | €29,688 | €38,352 | €13,403 | €9,737 | €6,096 | €2,890 | €3,699 | €4,245 | ▲ 14.8% |
| Operating cash flow (approximation) | €49,523 | €38,112 | €28,334 | €69,383 | €43,961 | €22,678 | -€5,148 | €14,298 | - |
| Investment in fixed assets (approximation) | - | -€25,648 | -€1,577 | -€745 | -€1,160 | -€3,140 | -€2,995 | -€1,956 | ▲ 34.7% |
| Change in cash | - | €713 | €17,939 | -€14,780 | €46,473 | €335 | €9,206 | -€32,020 | - |
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, 10,904 companies had the same profile as Saldi has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Saldi 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 10,904 companies, not a prediction for Saldi. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00469235 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00453059 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00424292 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00417442 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20372630 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65700383 | |
| 31-12-2019 | micro format | 29-11-2020 | 2020-73200581 | |
| 31-12-2018 | micro format | 29-09-2019 | 2019-68200394 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-63800403 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52300144 |