SALT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 34 filings
Turnover
≈ €1.4m
Estimated: probably between €1.1m and €2.3m
EBIT margin
Not included in this filing
Net result
€878,533
2024 · -€372,736
Working capital
€6.3m▲ 12.8%
2024 · €5.6m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€507,963
2025
20182025
Net result
€878,533
2025
highest quarter of the sector
20182025
Equity
€5.0m
▲ 21.3%
2025
highest quarter of the sector
20182025
Total assets
€8.6m
▼ 14.6%
2025
middle half of the sector
20182025
Debt
€3.6m
▼ 39.5%
2025
20182025
Working capital
€6.3m
▲ 12.8%
2025
highest quarter of the sector
20182025
Solvency
58.2%
▲ 17.2pp
2025
middle half of the sector
20182025
Current ratio
17.89
▲ 14.58
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.2%
▲ 13.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.9
▲ 217%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.2m▼ 40.9%€0.5m▲ 213%€2.5m▲ 395%€0.4m▼ 83.9%-€0.4m-€0.3m▲ 31.8%€0.5m
Net result€0.1m-€0.05m▼ 53.6%€0.3mabove the sector's middle half▲ 500%€1.8mabove the sector's middle half▲ 477%€0.3mabove the sector's middle half▼ 81.4%-€0.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▲ 14.5%€0.9mabove the sector's middle half
Equity€2.4m-€2.4m▲ 2.2%€2.7mabove the sector's middle half▲ 13.2%€4.6mabove the sector's middle half▲ 67.1%€4.9mabove the sector's middle half▲ 7.5%€4.5mabove the sector's middle half▼ 8.8%€4.1mabove the sector's middle half▼ 8.3%€5.0mabove the sector's middle half▲ 21.3%
Total assets€5.4m-€5.2m▼ 3.7%€6.9mabove the sector's middle half▲ 31.9%€7.4mabove the sector's middle half▲ 7.2%€7.5mabove the sector's middle half▲ 2.5%€8.6mabove the sector's middle half▲ 13.8%€10.1mabove the sector's middle half▲ 17.2%€8.6mwithin the sector's middle half▼ 14.6%
Debt€3.0m-€2.8m▼ 8.3%€4.1m▲ 48.3%€2.8m▼ 32.7%€2.6m▼ 5.7%€4.1m▲ 56.6%€5.9m▲ 45.2%€3.6m▼ 39.5%
Working capital€3.8m-€3.8m▲ 0.1%€4.4mabove the sector's middle half▲ 15.9%€5.8mabove the sector's middle half▲ 31.7%€5.7mabove the sector's middle half▼ 1.4%€5.8mabove the sector's middle half▲ 1.4%€5.6mabove the sector's middle half▼ 2.7%€6.3mabove the sector's middle half▲ 12.8%
Solvency44.0%-46.7%▲ 2.7pp40.0%within the sector's middle half▼ 6.6pp62.4%above the sector's middle half▲ 22.3pp65.4%above the sector's middle half▲ 3.0pp52.4%within the sector's middle half▼ 13.0pp41.0%within the sector's middle half▼ 11.4pp58.2%within the sector's middle half▲ 17.2pp
Current ratio3.71-7.34▲ 3.633.74above the sector's middle half▼ 3.6015.01above the sector's middle half▲ 11.2717.14above the sector's middle half▲ 2.136.97above the sector's middle half▼ 10.183.31above the sector's middle half▼ 3.6617.89above the sector's middle half▲ 14.58
Return on assets (ROA)2.1%-1.0%▼ 1.1pp4.7%within the sector's middle half▲ 3.6pp25.0%above the sector's middle half▲ 20.4pp4.6%within the sector's middle half▼ 20.5pp-5.1%below the sector's middle half▼ 9.6pp-3.7%below the sector's middle half▲ 1.4pp10.2%above the sector's middle half▲ 13.9pp
Staff (FTE)1.3-1▼ 23.1%1within the sector's middle half=1.1within the sector's middle half▲ 10.0%0.1below the sector's middle half▼ 90.9%0within the sector's middle half▼ 100%0.6within the sector's middle half1.9within the sector's middle half▲ 217%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €507,963, after a loss of €278,250 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.6m
Fixed assets
€1.9m ▼ 6.4%
Current assets
€6.7m ▼ 16.6%
Equity and liabilities €8.6m
Equity
€5.0m ▲ 21.3%
Debt
€3.6m ▼ 39.5%
Debt's share of the balance-sheet total falls from 59.0% to 41.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€673,531▲
2024 · -€118,973
Cash flow
€1.0m▲
2024 · -€213,459
Quick ratio
9.73▲
2024 · 1.55
Debt to equity
0.72▼
2024 · 1.44
ROE
17.6%▲
2024 · -9.0%
Interest coverage
3.37▲
2024 · -0.58
Debt ≤ 1 year
€374,048▼
2024 · €2.4m
Debt > 1 year
€3.1m▼
2024 · €3.4m
Income taxes
€1,071▲
2024 · €894
Staff costs
€87,408▲
2024 · €19,691
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 | 2 | 1 | 1 | 2 |
| full-time | 1 | 0 | 1 | 1 |
| part-time | 1 | 1 | 0 | 1 |
| in full-time equivalents | 1.1 | 0.1 | 1 | 1.9 |
| Average over the year, in full-time equivalents | 1.1 | 0.1 | 0.6 | 1.9 |
| On a permanent contract | 2 | 1 | 1 | 2 |
| Joined | - | 0 | - | 1 |
| Left | - | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €388,358 | €700,623 | €749,907 | €674,268 |
| Mortgages, amount registered | €27,502 | €27,502 | €27,502 | €27,502 | €27,502 |
| Mortgage mandates | €11.9m | €11.9m | €11.9m | €11.9m | €11.9m |
| Carrying value of the mortgaged assets | €2.5m | €2.5m | €4.3m | €1.1m | €1.1m |
| Pledge on other assets, amount secured | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €394,639 | €402,700 | €440,024 | €332,061 | €33,989 |
| Financial fixed assets | - | - | - | €2,413 | - |
| Depreciation and write-downs of the year | €77,373 | €77,872 | €91,331 | €159,277 | €165,568 |
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 | - | - | - | - | €0.06m | €0.1m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.009m | €0 | €0.02m | €0.09m | ▲ 344% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.07m | €0.08m | €0.08m | €0.09m | €0.2m | €0.2m | ▲ 3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.2m | -€0.2m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.01m | €0.02m | €0.2m | €0.01m | ▼ 93.0% |
| Gross operating margin9900 | €0.4m | €0.3m | €0.7m | €2.7m | €0.5m | -€0.1m | -€0.07m | €0.8m | - |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.5m | €2.5m | €0.4m | -€0.4m | -€0.3m | €0.5m | - |
| Financial income75/76B | - | - | - | €0.06m | €0.1m | €0.1m | €0.1m | €0.6m | ▲ 420% |
| Recurring financial income75 | €0.05m | €0.05m | €0.05m | €0.06m | €0.1m | €0.1m | €0.1m | €0.6m | ▲ 420% |
| Financial charges65/66B | - | - | - | €0.1m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 4.4% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.2m | €0.2m | ▼ 3.4% |
| Non-recurring financial charges66B | - | - | - | €0.009m | €0 | - | - | €0.02m | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.4m | €2.5m | €0.4m | -€0.4m | -€0.4m | €0.9m | - |
| Income taxes67/77 | €0.07m | €0.04m | €0.1m | €0.6m | €0.1m | €0.001m | €0.001m | €0.001m | ▲ 19.8% |
| Profit (loss) for the period9904 | €0.1m | €0.05m | €0.3m | €1.8m | €0.3m | -€0.4m | -€0.4m | €0.9m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.05m | €0.3m | €1.8m | €0.3m | -€0.4m | -€0.4m | €0.9m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.4m | €5.2m | €6.9m | €7.4m | €7.5m | €8.6m | €10.1m | €8.6m | ▼ 14.6% |
| Fixed assets21/28 | €0.2m | €0.8m | €0.9m | €1.2m | €1.5m | €1.9m | €2.0m | €1.9m | ▼ 6.4% |
| Intangible fixed assets21 | €0.007m | €0.005m | €0.02m | €0.01m | €0.009m | €0.005m | €0.001m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.3m | €0.6m | €0.9m | €1.3m | €1.4m | €1.3m | ▼ 9.1% |
| Land and buildings22 | - | - | - | €0.4m | €0.8m | €0.9m | €1.1m | €1.1m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.008m | €0.01m | €0.03m | €0.02m | ▼ 19.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.3m | €0.3m | €0.2m | ▼ 25.6% |
| Financial fixed assets28 | €0.006m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Current assets29/58 | €5.2m | €4.4m | €6.0m | €6.2m | €6.0m | €6.7m | €8.0m | €6.7m | ▼ 16.6% |
| Amounts receivable after more than one year29 | - | - | - | €0.08m | €0.2m | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €0.08m | €0.2m | €0 | - | - | - |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €1.4m | €2.0m | €1.7m | €3.4m | €4.3m | €3.0m | ▼ 28.4% |
| Stocks30/36 | - | - | - | €0.3m | €0.1m | €1.5m | €1.4m | €0.004m | ▼ 99.7% |
| Contracts in progress37 | - | - | - | €1.7m | €1.6m | €1.9m | €2.9m | €3.0m | ▲ 6.6% |
| Amounts receivable within one year40/41 | €2.2m | €1.8m | €2.2m | €2.5m | €3.4m | €3.1m | €3.6m | €3.3m | ▼ 7.3% |
| Trade receivables40 | - | - | - | €0.006m | €0.2m | €0.05m | €0.1m | €0.1m | ▼ 12.1% |
| Other amounts receivable41 | - | - | - | €2.5m | €3.2m | €3.1m | €3.5m | €3.2m | ▼ 7.2% |
| Current investments50/53 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | = |
| Cash at bank and in hand54/58 | €0.8m | €1.1m | €1.5m | €1.5m | €0.7m | €0.1m | €0.1m | €0.3m | ▲ 93.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.01m | €0.03m | €0.01m | €0.01m | ▼ 22.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.4m | €5.2m | €6.9m | €7.4m | €7.5m | €8.6m | €10.1m | €8.6m | ▼ 14.6% |
| Equity10/15 | €2.4m | €2.4m | €2.7m | €4.6m | €4.9m | €4.5m | €4.1m | €5.0m | ▲ 21.3% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €4.7m | €4.3m | €3.9m | €4.8m | ▲ 22.5% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.01m | €4.6m | €4.2m | €3.8m | €4.7m | ▲ 23.0% |
| Profit (loss) carried forward14 | €2.1m | €2.1m | €2.4m | €4.3m | €0 | - | - | - | - |
| Amounts payable17/49 | €3.0m | €2.8m | €4.1m | €2.8m | €2.6m | €4.1m | €5.9m | €3.6m | ▼ 39.5% |
| Amounts payable after more than one year17 | €1.6m | €2.1m | €2.4m | €2.3m | €2.2m | €3.0m | €3.4m | €3.1m | ▼ 7.0% |
| Financial debts170/4 | - | - | - | €0.09m | €2.2m | €3.0m | €3.4m | €3.1m | ▼ 7.0% |
| Other amounts payable178/9 | - | - | - | €2.2m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts payable within one year42/48 | €1.4m | €0.6m | €1.6m | €0.4m | €0.4m | €1.0m | €2.4m | €0.4m | ▼ 84.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.07m | €0.08m | €0.08m | ▲ 2.5% |
| Financial debts43 | - | - | - | - | - | €0.7m | €1.7m | €0.1m | ▼ 93.9% |
| Credit institutions430/8 | - | - | - | - | - | €0.7m | €1.7m | €0.1m | ▼ 93.9% |
| Trade debts44 | €0.5m | €0.3m | €0.4m | €0.08m | €0.1m | €0.05m | €0.05m | €0.03m | ▼ 44.6% |
| Suppliers440/4 | - | - | - | €0.08m | €0.1m | €0.05m | €0.05m | €0.03m | ▼ 44.6% |
| Advances received on contracts in progress46 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.03m | ▼ 58.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.08m | €0.006m | €0.002m | €0.07m | ▲ 37× |
| Taxes450/3 | - | - | - | €0.2m | €0.08m | €0.003m | €237 | €0.06m | ▲ 238× |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0 | €0.003m | €0.002m | €0.009m | ▲ 491% |
| Other amounts payable47/48 | - | - | - | €0.008m | €0.005m | €0.01m | €0.5m | €0.06m | ▼ 87.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.07m | €0.09m | €0.1m | €0.08m | ▼ 41.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.05m | €0.3m | €1.8m | €0.3m | -€0.4m | -€0.4m | €0.9m | - |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.07m | €0.08m | €0.08m | €0.09m | €0.2m | €0.2m | ▲ 3.9% |
| Operating cash flow (approximation) | €0.2m | €0.1m | €0.4m | €1.9m | €0.4m | -€0.3m | -€0.2m | €1.0m | - |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.1m | -€0.4m | -€0.4m | -€0.4m | -€0.3m | -€0.03m | ▲ 89.8% |
| Change in cash | - | €0.3m | €0.4m | €0.04m | -€0.8m | -€0.6m | €0.003m | €0.1m | ▲ 40× |
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 SALT 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 SALT 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 31,368 companies, not a prediction for SALT. 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 | full format | 13-07-2026 | 2026-00292976 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00469573 | |
| 31-12-2023 | abbreviated format | 23-08-2024 | 2024-00361859 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00421146 | |
| 31-12-2021 | abbreviated format | 20-10-2022 | 2022-20472117 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-44300439 | |
| 31-12-2019 | abbreviated format | 26-08-2020 | 2020-44800485 | |
| 31-12-2018 | abbreviated format | 11-07-2019 | 2019-32300261 | |
| 31-12-2017 | abbreviated format | 24-07-2018 | 2018-37800183 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-38600104 |