SAMCHEER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 29 filings
Turnover
€252,607▼ 4.9%
2022 · €265,521
EBIT margin
-35.1%▼ 20.6pp
2022 · -14.5%
Net result
-€24,968▲ 57.2%
2024 · -€58,283
Working capital
-€902,834▼ 1.1%
2024 · -€893,275
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€26,275
▲ 55.8%
2025
20182025
Net result
-€24,968
▲ 57.2%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€791,456
▼ 3.3%
2025
lowest quarter of the sector
20182025
Total assets
€339,533
▼ 5.9%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 0.3%
2025
20182025
Working capital
-€902,834
▼ 1.1%
2025
lowest quarter of the sector
20182025
Solvency
-233.1%
▼ 20.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.02
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.4%
▲ 8.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€0.1m▼ 0.6%€0.2m▲ 76.9%€0.3m▲ 53.9%€0.3m▼ 14.5%€0.3m▼ 4.9%
Operating result-€0.03m--€0.04m▼ 55.0%-€0.05m▼ 38.8%-€0.06m▼ 6.1%-€0.04m▲ 33.4%-€0.09m▼ 130%-€0.06m▲ 33.0%-€0.03m▲ 55.8%
Net result-€0.06m--€0.08m▼ 19.7%-€0.07mbelow the sector's middle half▲ 4.4%-€0.07mbelow the sector's middle half▲ 9.1%-€0.03mbelow the sector's middle half▲ 57.1%-€0.09mbelow the sector's middle half▼ 208%-€0.06mbelow the sector's middle half▲ 33.3%-€0.02mbelow the sector's middle half▲ 57.2%
EBIT margin-22.1%--34.5%▼ 12.4pp-27.0%▲ 7.4pp-18.6%▲ 8.4pp-14.5%▲ 4.1pp-35.1%▼ 20.6pp
Equity-€0.4m--€0.5m▼ 20.3%-€0.5mbelow the sector's middle half▼ 16.1%-€0.6mbelow the sector's middle half▼ 12.6%-€0.6mbelow the sector's middle half▼ 4.8%-€0.7mbelow the sector's middle half▼ 14.1%-€0.8mbelow the sector's middle half▼ 8.2%-€0.8mbelow the sector's middle half▼ 3.3%
Total assets€0.6m-€0.5m▼ 10.7%€0.5mwithin the sector's middle half▼ 3.0%€0.5mbelow the sector's middle half▼ 1.2%€0.5mabove the sector's middle half▼ 10.3%€0.4mwithin the sector's middle half▼ 14.1%€0.4mwithin the sector's middle half▼ 7.2%€0.3mwithin the sector's middle half▼ 5.9%
Debt€1.0m-€1.0m▲ 1.4%€1.0m▲ 5.8%€1.1m▲ 5.8%€1.1m▼ 2.1%€1.1m▲ 2.2%€1.1m▲ 2.8%€1.1m▲ 0.3%
Working capital-€0.7m--€0.7m▼ 6.2%-€0.8mbelow the sector's middle half▼ 3.6%-€0.8mbelow the sector's middle half▼ 6.9%-€0.8mbelow the sector's middle half▲ 0.6%-€0.9mbelow the sector's middle half▼ 6.7%-€0.9mbelow the sector's middle half▼ 3.8%-€0.9mbelow the sector's middle half▼ 1.1%
Solvency-63.9%--86.0%▼ 22.1pp-103.0%below the sector's middle half▼ 17.0pp-117.3%below the sector's middle half▼ 14.4pp-137.0%below the sector's middle half▼ 19.7pp-182.1%below the sector's middle half▼ 45.1pp-212.4%below the sector's middle half▼ 30.3pp-233.1%below the sector's middle half▼ 20.7pp
Current ratio0.15-0.07▼ 0.080.08below the sector's middle half▲ 0.010.09below the sector's middle half=0.07below the sector's middle half▼ 0.020.03below the sector's middle half▼ 0.040.03below the sector's middle half=0.02below the sector's middle half▼ 0.01
Return on assets (ROA)-10.8%--14.5%▼ 3.7pp-14.3%below the sector's middle half▲ 0.2pp-13.1%below the sector's middle half▲ 1.1pp-6.3%below the sector's middle half▲ 6.9pp-22.5%below the sector's middle half▼ 16.2pp-16.1%below the sector's middle half▲ 6.3pp-7.4%below the sector's middle half▲ 8.8pp
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 €26,275, smaller than the loss of €59,439 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €339,533
Fixed assets
€320,477 ▼ 4.6%
Current assets
€19,055 ▼ 23.9%
Equity and liabilities
Equity-€791,456
Debt€1.1m
Equity is negative. Debt (€1.1m) exceeds the balance-sheet total (€339,533).
Key figures and ratios
EBITDA
-€10,866▲
2024 · -€33,914
Cash flow
-€9,559▲
2024 · -€32,758
Quick ratio
0.01▼
2024 · 0.01
Interest coverage
-28.13▲
2024 · -117.45
Debt ≤ 1 year
€921,889▲
2024 · €918,330
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,121 | - | - | - | - |
| Depreciation and write-downs of the year | €33,379 | €33,379 | €33,379 | €25,525 | €15,409 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €114,799 | €114,093 | €201,829 | €310,551 | €265,521 | €252,607 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €327,956 | €263,675 | €300,824 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €323 | €25 | - | €10 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,673 | €29,616 | €29,224 | €33,379 | €33,379 | €33,379 | €25,525 | €15,409 | ▼ 39.6% |
| Other operating charges640/8 | - | - | - | €6,743 | €6,997 | €7,082 | €7,557 | €7,761 | ▲ 2.7% |
| Gross operating margin9900 | €4,024 | -€3,384 | -€17,196 | -€17,405 | €1,846 | -€48,216 | -€26,347 | -€3,105 | ▲ 88.2% |
| Operating profit (loss)9901 | -€25,367 | -€39,308 | -€54,542 | -€57,850 | -€38,556 | -€88,677 | -€59,439 | -€26,275 | ▲ 55.8% |
| Financial income75/76B | - | - | - | €1,479 | €10,912 | €1,563 | €1,445 | €1,694 | ▲ 17.2% |
| Recurring financial income75 | €481 | €0 | €1,346 | €1,479 | €10,912 | €1,563 | €1,445 | €1,694 | ▲ 17.2% |
| Financial charges65/66B | - | - | - | €9,981 | €791 | €325 | €289 | €386 | ▲ 33.8% |
| Recurring financial charges65 | €38,823 | €36,997 | €19,727 | €9,981 | €791 | €325 | €289 | €386 | ▲ 33.8% |
| Profit (loss) for the period before taxes9903 | -€63,709 | -€76,304 | -€72,923 | -€66,351 | -€28,434 | -€87,439 | -€58,283 | -€24,968 | ▲ 57.2% |
| Income taxes67/77 | €98 | €63 | €91 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€63,807 | -€76,367 | -€73,014 | -€66,351 | -€28,434 | -€87,439 | -€58,283 | -€24,968 | ▲ 57.2% |
| Profit (loss) for the period to be appropriated9905 | -€63,807 | -€76,367 | -€73,014 | -€66,351 | -€28,434 | -€87,439 | -€58,283 | -€24,968 | ▲ 57.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 5.9% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 4.6% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 4.6% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 4.5% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.01m | €0.005m | €291 | €146 | ▼ 49.9% |
| Current assets29/58 | €0.1m | €0.06m | €0.07m | €0.08m | €0.06m | €0.03m | €0.03m | €0.02m | ▼ 23.9% |
| Stocks and contracts in progress3 | €0.06m | €0.05m | €0.05m | €0.06m | €0.04m | €0.02m | €0.02m | €0.01m | ▼ 25.8% |
| Stocks30/36 | - | - | - | €0.06m | €0.04m | €0.02m | €0.02m | €0.01m | ▼ 25.8% |
| Amounts receivable within one year40/41 | €0.003m | €0.003m | €1 | €0.004m | €0.01m | €72 | €0.004m | €0.004m | ▲ 4.9% |
| Trade receivables40 | - | - | - | €0.004m | €0.01m | €72 | €0.004m | €0.004m | ▲ 4.9% |
| Cash at bank and in hand54/58 | €0.06m | €0.005m | €0.02m | €0.005m | €0.002m | €0.005m | €0.002m | €0.001m | ▼ 66.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 5.9% |
| Equity10/15 | -€0.4m | -€0.5m | -€0.5m | -€0.6m | -€0.6m | -€0.7m | -€0.8m | -€0.8m | ▼ 3.3% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Contributions outside capital11 | - | - | - | €0.1m | - | - | - | - | - |
| Other1109/19 | - | - | - | €0.1m | - | - | - | - | - |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.5m | -€0.6m | -€0.7m | -€0.7m | -€0.8m | -€0.9m | -€0.9m | -€0.9m | ▼ 2.7% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.3% |
| Amounts payable within one year42/48 | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 0.4% |
| Trade debts44 | €0.01m | €0.007m | €0.009m | €0.02m | €0.01m | €0.01m | €0.02m | €0.009m | ▼ 46.5% |
| Suppliers440/4 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | €0.009m | ▼ 46.5% |
| Advances received on contracts in progress46 | - | - | - | €0.007m | - | - | - | €0.007m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | - | €0.004m | €478 | €0.003m | ▲ 493% |
| Taxes450/3 | - | - | - | €0.005m | - | €0.004m | €478 | €0.003m | ▲ 493% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 0.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€63,807 | -€76,367 | -€73,014 | -€66,351 | -€28,434 | -€87,439 | -€58,283 | -€24,968 | ▲ 57.2% |
| + Depreciation and write-downs630 | €23,673 | €29,616 | €29,224 | €33,379 | €33,379 | €33,379 | €25,525 | €15,409 | ▼ 39.6% |
| Operating cash flow (approximation) | -€40,134 | -€46,751 | -€43,791 | -€32,972 | €4,945 | -€54,060 | -€32,758 | -€9,559 | ▲ 70.8% |
| Investment in fixed assets (approximation) | - | -€29,715 | €0 | -€19,121 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€50,674 | €17,524 | -€17,567 | -€2,686 | €3,251 | -€3,410 | -€1,290 | ▲ 62.2% |
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, 2,796 companies had the same profile as SAMCHEER has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SAMCHEER itself: 1.3% 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 2,796 companies, not a prediction for SAMCHEER. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00222409 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00261382 | |
| 31-12-2023 | micro format | 14-05-2024 | 2024-00086675 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00171764 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20225165 | |
| 31-12-2020 | abbreviated format | 12-08-2021 | 2021-48200298 | |
| 31-12-2019 | abbreviated format | 10-08-2020 | 2020-40300015 | |
| 31-12-2018 | abbreviated format | 29-07-2019 | 2019-40000524 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-40700245 | |
| 31-12-2016 | abbreviated format | 22-06-2017 | 2017-20200577 |