SAMANN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 7 filings
Turnover
≈ €230,000
Estimated: probably between €140,000 and €470,000
Total assets
€100,808▼ 2.5%
2024 · €103,408
Net result
€16,084▲ 13.0%
2024 · €14,235
Working capital
€32,935▲ 195%
2024 · €11,169
Multi-year overview
2020 to 2025, 7 financial yearsOperating result
€22,709
▲ 13.6%
2025
20202025
Net result
€16,084
▲ 13.0%
2025
middle half of the sector
20202025
Equity
€52,721
▲ 43.9%
2025
middle half of the sector
20202025
Total assets
€100,808
▼ 2.5%
2025
middle half of the sector
20202025
Debt
€48,087
▼ 28.0%
2025
20202025
Working capital
€32,935
▲ 195%
2025
middle half of the sector
20202025
Solvency
52.3%
▲ 16.9pp
2025
middle half of the sector
20202025
Current ratio
1.73
▲ 0.54
2025
middle half of the sector
20202025
Return on assets (ROA)
16.0%
▲ 2.2pp
2025
highest quarter of the sector
20202025
Staff (FTE)
0.6
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2020202120212022202320242025
Operating result-€5,759-€13,766€1,639-€12,181▲ 643%€1,903▼ 84.4%€19,997▲ 951%€22,709▲ 13.6%
Net result€238-€11,123within the sector's middle half▲ 47×€603within the sector's middle half-€7,364within the sector's middle half▲ 12×€75within the sector's middle half▼ 99.0%€14,235within the sector's middle half▲ 190×€16,084within the sector's middle half▲ 13.0%
Equity€3,238-€14,360within the sector's middle half▲ 344%€14,963within the sector's middle half-€22,327within the sector's middle half▲ 49.2%€22,402within the sector's middle half▲ 0.3%€36,637within the sector's middle half▲ 63.5%€52,721within the sector's middle half▲ 43.9%
Total assets€55,288-€70,864below the sector's middle half▲ 28.2%€60,838below the sector's middle half-€78,056within the sector's middle half▲ 28.3%€90,473within the sector's middle half▲ 15.9%€103,408within the sector's middle half▲ 14.3%€100,808within the sector's middle half▼ 2.5%
Debt€52,051-€56,504▲ 8.6%€45,875-€55,729▲ 21.5%€68,071▲ 22.1%€66,771▼ 1.9%€48,087▼ 28.0%
Working capital€25,187-€24,148within the sector's middle half▼ 4.1%€19,839within the sector's middle half--€10,533below the sector's middle half-€2,522within the sector's middle half▲ 76.1%€11,169within the sector's middle half€32,935within the sector's middle half▲ 195%
Solvency5.9%-20.3%within the sector's middle half▲ 14.4pp24.6%within the sector's middle half-28.6%within the sector's middle half▲ 4.0pp24.8%within the sector's middle half▼ 3.8pp35.4%within the sector's middle half▲ 10.7pp52.3%within the sector's middle half▲ 16.9pp
Current ratio2.06-1.59within the sector's middle half▼ 0.471.53within the sector's middle half-0.81below the sector's middle half▼ 0.720.96within the sector's middle half▲ 0.151.19within the sector's middle half▲ 0.231.73within the sector's middle half▲ 0.54
Return on assets (ROA)0.4%-15.7%above the sector's middle half▲ 15.3pp1.0%within the sector's middle half-9.4%within the sector's middle half▲ 8.4pp0.1%within the sector's middle half▼ 9.4pp13.8%above the sector's middle half▲ 13.7pp16.0%above the sector's middle half▲ 2.2pp
Staff (FTE)0.6
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 14% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €100,808
Fixed assets
€22,864 ▼ 32.0%
Current assets
€77,944 ▲ 11.7%
Equity and liabilities €100,808
Equity
€52,721 ▲ 43.9%
Debt
€48,087 ▼ 28.0%
Debt's share of the balance-sheet total falls from 64.6% to 47.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€33,483▲
2024 · €29,216
Cash flow
€26,858▲
2024 · €23,454
Quick ratio
0.33▲
2024 · 0.23
Debt to equity
0.91▼
2024 · 1.82
ROE
30.5%▼
2024 · 38.9%
Interest coverage
15.02▼
2024 · 19.90
Debt ≤ 1 year
€45,009▼
2024 · €58,601
Debt > 1 year
€3,078▼
2024 · €8,169
Income taxes
€4,396▼
2024 · €4,493
Staff costs
€5,427
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.6 |
| Average over the year, in full-time equivalents | 0.4 |
| On a permanent contract | 1 |
| Joined | 20 |
| Left | 19 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €343 | €47,107 | - | €17,933 | - |
| Depreciation and write-downs of the year | €2,529 | €17,997 | €7,936 | €9,219 | €10,774 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €5,427 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,477 | €3,719 | €2,529 | €17,997 | €7,936 | €9,219 | €10,774 | ▲ 16.9% |
| Other operating charges640/8 | - | - | €704 | €10,748 | €1,177 | €1,484 | €5,473 | ▲ 269% |
| Gross operating margin9900 | €2,686 | €22,147 | €4,872 | €40,926 | €11,015 | €30,699 | €44,383 | ▲ 44.6% |
| Operating profit (loss)9901 | -€5,759 | €13,766 | €1,639 | €12,181 | €1,903 | €19,997 | €22,709 | ▲ 13.6% |
| Financial income75/76B | - | - | €0 | €173 | €181 | €199 | - | - |
| Recurring financial income75 | - | €0 | €0 | €173 | €181 | €199 | - | - |
| Financial charges65/66B | - | - | €682 | €2,501 | €1,519 | €1,468 | €2,229 | ▲ 51.9% |
| Recurring financial charges65 | €2,803 | €1,622 | €682 | €2,501 | €1,519 | €1,468 | €2,229 | ▲ 51.9% |
| Profit (loss) for the period before taxes9903 | €238 | €12,144 | €957 | €9,852 | €564 | €18,728 | €20,479 | ▲ 9.4% |
| Income taxes67/77 | - | €1,022 | €354 | €2,488 | €489 | €4,493 | €4,396 | ▼ 2.2% |
| Profit (loss) for the period9904 | €238 | €11,123 | €603 | €7,364 | €75 | €14,235 | €16,084 | ▲ 13.0% |
| Profit (loss) for the period to be appropriated9905 | €238 | €11,123 | €603 | €7,364 | €75 | €14,235 | €16,084 | ▲ 13.0% |
| Line | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €55,288 | €70,864 | €60,838 | €78,056 | €90,473 | €103,408 | €100,808 | ▼ 2.5% |
| Formation expenses20 | €739 | €523 | €306 | €90 | - | - | - | - |
| Fixed assets21/28 | €5,605 | €5,413 | €3,443 | €32,769 | €24,924 | €33,638 | €22,864 | ▼ 32.0% |
| Tangible fixed assets22/27 | €5,605 | €5,413 | €3,443 | €32,769 | €24,924 | €33,638 | €22,864 | ▼ 32.0% |
| Land and buildings22 | - | - | €839 | €397 | €135 | €978 | €782 | ▼ 20.1% |
| Plant, machinery and equipment23 | - | - | €1,125 | €713 | €302 | €0 | - | - |
| Furniture and vehicles24 | - | - | €1,479 | €31,659 | €24,487 | €32,659 | €22,082 | ▼ 32.4% |
| Current assets29/58 | €48,944 | €64,929 | €57,089 | €45,196 | €65,549 | €69,770 | €77,944 | ▲ 11.7% |
| Stocks and contracts in progress3 | €22,716 | €39,449 | €39,785 | €36,841 | €57,537 | €56,226 | €62,941 | ▲ 11.9% |
| Stocks30/36 | - | - | €39,785 | €36,841 | €57,537 | €56,226 | €62,941 | ▲ 11.9% |
| Amounts receivable within one year40/41 | €17,464 | €19,269 | €10,381 | €1,558 | €2,341 | €609 | €1,097 | ▲ 80.3% |
| Trade receivables40 | - | - | €562 | €1,370 | €1,957 | €209 | - | - |
| Other amounts receivable41 | - | - | €9,819 | €189 | €384 | €400 | €1,097 | ▲ 174% |
| Cash at bank and in hand54/58 | €5,465 | €5,420 | €4,542 | €4,054 | €2,238 | €5,377 | €7,851 | ▲ 46.0% |
| Deferred charges and accrued income490/1 | - | - | €2,381 | €2,743 | €3,433 | €7,558 | €6,055 | ▼ 19.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €55,288 | €70,864 | €60,838 | €78,056 | €90,473 | €103,408 | €100,808 | ▼ 2.5% |
| Equity10/15 | €3,238 | €14,360 | €14,963 | €22,327 | €22,402 | €36,637 | €52,721 | ▲ 43.9% |
| Contributions10/11 | €3,000 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €238 | €11,360 | €11,360 | €11,360 | €11,360 | €11,360 | €11,360 | = |
| Distributable reserves133 | - | - | €11,360 | €11,360 | €11,360 | €11,360 | €11,360 | = |
| Profit (loss) carried forward14 | - | - | €603 | €7,967 | €8,042 | €22,277 | €38,361 | ▲ 72.2% |
| Amounts payable17/49 | €52,051 | €56,504 | €45,875 | €55,729 | €68,071 | €66,771 | €48,087 | ▼ 28.0% |
| Amounts payable after more than one year17 | €28,293 | €15,723 | €8,626 | - | - | €8,169 | €3,078 | ▼ 62.3% |
| Financial debts170/4 | - | - | €8,626 | - | - | €8,169 | €3,078 | ▼ 62.3% |
| Amounts payable within one year42/48 | €23,758 | €40,781 | €37,249 | €55,729 | €68,071 | €58,601 | €45,009 | ▼ 23.2% |
| Current portion of amounts payable after more than one year42 | - | - | €16,896 | - | - | €4,867 | €8,881 | ▲ 82.5% |
| Trade debts44 | €3,549 | €13,440 | €9,235 | €18,186 | €38,203 | €22,460 | €15,900 | ▼ 29.2% |
| Suppliers440/4 | - | - | €9,235 | €18,186 | €38,203 | €22,460 | €15,900 | ▼ 29.2% |
| Taxes, remuneration and social security45 | - | - | €10,122 | €17,449 | €14,463 | €21,928 | €15,731 | ▼ 28.3% |
| Taxes450/3 | - | - | €10,122 | €17,449 | €14,463 | €21,928 | €15,731 | ▼ 28.3% |
| Other amounts payable47/48 | - | - | €996 | €20,095 | €15,406 | €9,347 | €4,497 | ▼ 51.9% |
| Line | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €238 | €11,123 | €603 | €7,364 | €75 | €14,235 | €16,084 | ▲ 13.0% |
| + Depreciation and write-downs630 | €4,477 | €3,719 | €2,529 | €17,997 | €7,936 | €9,219 | €10,774 | ▲ 16.9% |
| Operating cash flow (approximation) | €4,715 | €14,842 | €3,131 | €25,361 | €8,011 | €23,454 | €26,858 | ▲ 14.5% |
| Investment in fixed assets (approximation) | - | -€3,527 | - | -€47,323 | -€90 | -€17,933 | €0 | - |
| Change in cash | - | -€46 | - | -€489 | -€1,815 | €3,139 | €2,474 | ▼ 21.2% |
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, 26,972 companies had the same profile as SAMANN has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SAMANN itself: 0.6% 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 26,972 companies, not a prediction for SAMANN. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00331599 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00183636 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00192464 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00140200 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20150006 | |
| 31-07-2021 | micro format | 24-01-2022 | 2022-01700205 | |
| 31-07-2020 | micro format | 19-11-2020 | 2020-71100223 |