SAMI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-04-2026 PDF all 20 filings
Turnover
≈ €450,000
Estimated: probably between €210,000 and €1.1m
Total assets
€486,549▼ 7.0%
2024 · €523,248
Net result
€64,790▲ 6.4%
2024 · €60,870
Working capital
€59,479▼ 65.6%
2024 · €172,870
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€92,476
▲ 3.2%
2025
20182025
Net result
€64,790
▲ 6.4%
2025
highest quarter of the sector
20182025
Equity
€192,326
▼ 33.4%
2025
highest quarter of the sector
20182025
Total assets
€486,549
▼ 7.0%
2025
highest quarter of the sector
20182025
Debt
€294,223
▲ 25.4%
2025
20182025
Working capital
€59,479
▼ 65.6%
2025
middle half of the sector
20182025
Solvency
39.5%
▼ 15.6pp
2025
middle half of the sector
20182025
Current ratio
1.26
▼ 1.18
2025
middle half of the sector
20182025
Return on assets (ROA)
13.3%
▲ 1.7pp
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€64,107-€81,505▲ 27.1%€95,302▲ 16.9%€77,298▼ 18.9%€87,405▲ 13.1%€76,299▼ 12.7%€89,589▲ 17.4%€92,476▲ 3.2%
Net result€33,284-€47,299▲ 42.1%€59,108above the sector's middle half▲ 25.0%€46,940above the sector's middle half▼ 20.6%€55,050above the sector's middle half▲ 17.3%€46,256above the sector's middle half▼ 16.0%€60,870above the sector's middle half▲ 31.6%€64,790above the sector's middle half▲ 6.4%
Equity€43,694-€90,993▲ 108%€150,101above the sector's middle half▲ 65.0%€197,041above the sector's middle half▲ 31.3%€252,091above the sector's middle half▲ 27.9%€275,063above the sector's middle half▲ 9.1%€288,634above the sector's middle half▲ 4.9%€192,326above the sector's middle half▼ 33.4%
Total assets€378,672-€360,782▼ 4.7%€369,163within the sector's middle half▲ 2.3%€393,577within the sector's middle half▲ 6.6%€495,448above the sector's middle half▲ 25.9%€537,065above the sector's middle half▲ 8.4%€523,248above the sector's middle half▼ 2.6%€486,549above the sector's middle half▼ 7.0%
Debt€334,978-€269,789▼ 19.5%€219,062▼ 18.8%€196,536▼ 10.3%€243,358▲ 23.8%€262,002▲ 7.7%€234,614▼ 10.5%€294,223▲ 25.4%
Working capital-€7,955-€25,052€73,896within the sector's middle half▲ 195%€89,387within the sector's middle half▲ 21.0%€119,441above the sector's middle half▲ 33.6%€191,544above the sector's middle half▲ 60.4%€172,870above the sector's middle half▼ 9.7%€59,479within the sector's middle half▼ 65.6%
Solvency11.5%-25.2%▲ 13.7pp40.7%within the sector's middle half▲ 15.4pp50.1%within the sector's middle half▲ 9.4pp50.9%within the sector's middle half▲ 0.8pp51.2%within the sector's middle half▲ 0.3pp55.2%within the sector's middle half▲ 3.9pp39.5%within the sector's middle half▼ 15.6pp
Current ratio0.90-1.40▲ 0.502.77within the sector's middle half▲ 1.372.78within the sector's middle half▲ 0.012.79within the sector's middle half▲ 0.013.01within the sector's middle half▲ 0.232.44within the sector's middle half▼ 0.581.26within the sector's middle half▼ 1.18
Return on assets (ROA)8.8%-13.1%▲ 4.3pp16.0%above the sector's middle half▲ 2.9pp11.9%within the sector's middle half▼ 4.1pp11.1%within the sector's middle half▼ 0.8pp8.6%within the sector's middle half▼ 2.5pp11.6%within the sector's middle half▲ 3.0pp13.3%within the sector's middle half▲ 1.7pp
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 3% 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 €486,549
Fixed assets
€195,771 ▼ 14.9%
Current assets
€290,777 ▼ 0.9%
Equity and liabilities €486,549
Equity
€192,326 ▼ 33.4%
Debt
€294,223 ▲ 25.4%
Debt's share of the balance-sheet total rises from 44.8% to 60.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€116,764▼
2024 · €128,978
Cash flow
€89,078▼
2024 · €100,259
Debt to equity
1.53▲
2024 · 0.81
ROE
33.7%▲
2024 · 21.1%
Interest coverage
16.32▲
2024 · 13.50
Debt ≤ 1 year
€231,298▲
2024 · €120,447
Debt > 1 year
€62,924▼
2024 · €114,167
Income taxes
€26,184▲
2024 · €24,810
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €165,000 | €165,000 | €165,000 | €165,000 |
| Mortgage mandates | - | €150,000 | €150,000 | €150,000 | €150,000 |
| Carrying value of the mortgaged assets | - | €186,147 | €171,220 | €170,145 | €158,517 |
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 | €36,232 | €102,807 | €54,930 | €18,941 | €15,971 |
| Depreciation and write-downs of the year | €35,808 | €42,474 | €32,523 | €39,390 | €24,289 |
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 | - | - | - | - | - | - | - | €8,404 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,599 | €38,408 | €37,019 | €35,808 | €42,474 | €32,523 | €39,390 | €24,289 | ▼ 38.3% |
| Other operating charges640/8 | - | - | - | €1,992 | €2,095 | €25,310 | €2,207 | €1,879 | ▼ 14.9% |
| Gross operating margin9900 | €105,124 | €121,466 | €134,084 | €115,098 | €131,973 | €134,132 | €131,185 | €118,643 | ▼ 9.6% |
| Operating profit (loss)9901 | €64,107 | €81,505 | €95,302 | €77,298 | €87,405 | €76,299 | €89,589 | €92,476 | ▲ 3.2% |
| Financial income75/76B | - | - | - | €0 | €19 | €87 | €5,649 | €5,654 | ▲ 0.1% |
| Recurring financial income75 | - | - | €56 | €0 | €19 | €87 | €5,649 | €5,654 | ▲ 0.1% |
| Financial charges65/66B | - | - | - | €10,510 | €10,437 | €10,975 | €9,557 | €7,155 | ▼ 25.1% |
| Recurring financial charges65 | €14,885 | €13,627 | €12,032 | €10,510 | €10,437 | €10,975 | €9,557 | €7,155 | ▼ 25.1% |
| Profit (loss) for the period before taxes9903 | €49,222 | €67,877 | €83,326 | €66,787 | €76,986 | €65,411 | €85,680 | €90,974 | ▲ 6.2% |
| Income taxes67/77 | €15,938 | €20,579 | €24,218 | €19,848 | €21,937 | €19,154 | €24,810 | €26,184 | ▲ 5.5% |
| Profit (loss) for the period9904 | €33,284 | €47,299 | €59,108 | €46,940 | €55,050 | €46,256 | €60,870 | €64,790 | ▲ 6.4% |
| Profit (loss) for the period to be appropriated9905 | €41,056 | €47,299 | €59,108 | €46,940 | €55,050 | €46,256 | €60,870 | €64,790 | ▲ 6.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €378,672 | €360,782 | €369,163 | €393,577 | €495,448 | €537,065 | €523,248 | €486,549 | ▼ 7.0% |
| Fixed assets21/28 | €306,201 | €272,973 | €253,465 | €253,889 | €309,179 | €250,379 | €229,931 | €195,771 | ▼ 14.9% |
| Tangible fixed assets22/27 | €306,201 | €272,973 | €253,465 | €253,889 | €309,179 | €250,379 | €229,931 | €195,771 | ▼ 14.9% |
| Land and buildings22 | - | - | - | €198,312 | €186,147 | €171,220 | €170,145 | €158,517 | ▼ 6.8% |
| Plant, machinery and equipment23 | - | - | - | €13,230 | €18,188 | €14,539 | €13,082 | €10,669 | ▼ 18.4% |
| Furniture and vehicles24 | - | - | - | €42,347 | €104,845 | €64,621 | €46,704 | €26,586 | ▼ 43.1% |
| Current assets29/58 | €72,471 | €87,809 | €115,698 | €139,688 | €186,269 | €286,685 | €293,318 | €290,777 | ▼ 0.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €34,986 | €206,635 | €175,717 | ▼ 15.0% |
| Other amounts receivable291 | - | - | - | - | - | €34,986 | €206,635 | €175,717 | ▼ 15.0% |
| Amounts receivable within one year40/41 | €29,130 | €44,619 | €7,423 | €28,187 | €13,913 | €35,063 | €20,128 | €37,394 | ▲ 85.8% |
| Trade receivables40 | - | - | - | €15,538 | €4,598 | €21,861 | €12,594 | €29,971 | ▲ 138% |
| Other amounts receivable41 | - | - | - | €12,650 | €9,315 | €13,201 | €7,534 | €7,423 | ▼ 1.5% |
| Cash at bank and in hand54/58 | €41,537 | €40,867 | €107,827 | €106,472 | €163,403 | €215,627 | €64,042 | €76,139 | ▲ 18.9% |
| Deferred charges and accrued income490/1 | - | - | - | €5,029 | €8,953 | €1,010 | €2,512 | €1,527 | ▼ 39.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €378,672 | €360,782 | €369,163 | €393,577 | €495,448 | €537,065 | €523,248 | €486,549 | ▼ 7.0% |
| Equity10/15 | €43,694 | €90,993 | €150,101 | €197,041 | €252,091 | €275,063 | €288,634 | €192,326 | ▼ 33.4% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €25,144 | €72,443 | €131,551 | €178,491 | €233,541 | €256,513 | €270,084 | €173,776 | ▼ 35.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €176,631 | €231,681 | €256,513 | €270,084 | €173,776 | ▼ 35.7% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €334,978 | €269,789 | €219,062 | €196,536 | €243,358 | €262,002 | €234,614 | €294,223 | ▲ 25.4% |
| Amounts payable after more than one year17 | €254,552 | €207,032 | €177,260 | €146,235 | €176,529 | €166,860 | €114,167 | €62,924 | ▼ 44.9% |
| Financial debts170/4 | - | - | - | €146,235 | €176,529 | €166,860 | €114,167 | €62,924 | ▼ 44.9% |
| Amounts payable within one year42/48 | €80,427 | €62,757 | €41,802 | €50,301 | €66,829 | €95,141 | €120,447 | €231,298 | ▲ 92.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,025 | €43,853 | €51,125 | €52,694 | €51,243 | ▼ 2.8% |
| Financial debts43 | - | - | - | - | - | - | - | €151 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €151 | - |
| Trade debts44 | €2,400 | €5,394 | €1,675 | €1,757 | €3,334 | €2,524 | €2,998 | €4,185 | ▲ 39.6% |
| Suppliers440/4 | - | - | - | €1,757 | €3,334 | €2,524 | €2,998 | €4,185 | ▲ 39.6% |
| Taxes, remuneration and social security45 | - | - | - | €17,133 | €19,643 | €18,208 | €16,560 | €12,487 | ▼ 24.6% |
| Taxes450/3 | - | - | - | €17,133 | €19,643 | €18,208 | €16,560 | €12,487 | ▼ 24.6% |
| Other amounts payable47/48 | - | - | - | €386 | €0 | €23,284 | €48,195 | €163,232 | ▲ 239% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,284 | €47,299 | €59,108 | €46,940 | €55,050 | €46,256 | €60,870 | €64,790 | ▲ 6.4% |
| + Depreciation and write-downs630 | €38,599 | €38,408 | €37,019 | €35,808 | €42,474 | €32,523 | €39,390 | €24,289 | ▼ 38.3% |
| Operating cash flow (approximation) | €71,883 | €85,707 | €96,127 | €82,748 | €97,524 | €78,779 | €100,259 | €89,078 | ▼ 11.2% |
| Investment in fixed assets (approximation) | - | -€5,180 | -€17,511 | -€36,232 | -€97,765 | €26,277 | -€18,941 | €9,871 | - |
| Change in cash | - | -€671 | €66,961 | -€1,356 | €56,931 | €52,224 | -€151,584 | €12,097 | - |
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, 20,136 companies had the same profile as SAMI has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of SAMI 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 20,136 companies, not a prediction for SAMI. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-04-2026 | 2026-00077373 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00131878 | |
| 31-12-2023 | micro format | 19-03-2024 | 2024-00048962 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00302452 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20056363 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-22200529 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-26700469 | |
| 31-12-2018 | micro format | 30-06-2019 | 2019-28800201 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-34000218 | |
| 31-12-2016 | micro format | 05-09-2017 | 2017-58800084 |