SAN
ActiveSummary
SAN has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €287,670 and a net result of €24,610. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 20% of 8763 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▲+3
Solvency43▲+2
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity short (current ratio 0.01 against 0.0 in 2024; short-term debt: 82.1% and cash: 0.8% of total assets), and 82.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.5%
Return on assets
1.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 8763 sector peers (2025).
NBB · sector comparisonPosition among 8763 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
35 d early
2023
30 d early
2022
3 d early
2021
4 d early
2020
1 d early
2019
37 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€287,670▲ 9.4%
2024 · €263,060
Total assets
€1.6m▲ 0.2%
2024 · €1.6m
Net result
€24,610
2024 · -€11,195
Working capital
-€1.3m▲ 1.8%
2024 · -€1.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,937€9,137▼ 8.0%-€26,679-€10,643▲ 60.1%€25,140
Net result€9,572within the sector's middle half€8,417within the sector's middle half▼ 12.1%-€27,374below the sector's middle half-€11,195below the sector's middle half▲ 59.1%€24,610within the sector's middle half
Equity€293,213within the sector's middle half▲ 3.4%€301,629within the sector's middle half▲ 2.9%€274,255within the sector's middle half▼ 9.1%€263,060within the sector's middle half▼ 4.1%€287,670within the sector's middle half▲ 9.4%
Total assets€1.7mwithin the sector's middle half▼ 2.5%€1.8mwithin the sector's middle half▲ 2.1%€1.7mwithin the sector's middle half▼ 3.6%€1.6mwithin the sector's middle half▼ 3.8%€1.6mwithin the sector's middle half▲ 0.2%
Debt€1.4m▼ 3.6%€1.5m▲ 2.0%€1.4m▼ 2.5%€1.4m▼ 3.8%€1.4m▼ 1.6%
Working capital-€1.4mbelow the sector's middle half▲ 3.6%-€1.4mbelow the sector's middle half▲ 0.7%-€1.4mbelow the sector's middle half▲ 1.3%-€1.4mbelow the sector's middle half▲ 2.5%-€1.3mbelow the sector's middle half▲ 1.8%
Solvency16.9%below the sector's middle half▲ 1.0pp17.1%below the sector's middle half▲ 0.1pp16.1%below the sector's middle half▼ 1.0pp16.0%below the sector's middle half=17.5%below the sector's middle half▲ 1.5pp
Current ratio0.01below the sector's middle half▲ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.00below the sector's middle half▼ 0.010.01below the sector's middle half▲ 0.01
Return on assets (ROA)0.6%within the sector's middle half▲ 0.9pp0.5%within the sector's middle half▼ 0.1pp-1.6%below the sector's middle half▼ 2.1pp-0.7%below the sector's middle half▲ 0.9pp1.5%within the sector's middle half▲ 2.2pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €25,140 after a loss of €10,643 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.6m ▼ 0.8%
Current assets
€19,518 ▲ 416%
Equity and liabilities €1.6m
Equity
€287,670 ▲ 9.4%
Debt
€1.4m ▼ 1.6%
Debt's share of the balance-sheet total falls from 84.0% to 82.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€85,299▲
2024 · €51,042
Cash flow
€84,769▲
2024 · €50,490
Debt to equity
4.71▼
2024 · 5.23
ROE
8.6%▲
2024 · -4.3%
Interest coverage
160.99▲
2024 · 92.46
Debt ≤ 1 year
€1.3m▼
2024 · €1.4m
Debt > 1 year
€6,145▼
2024 · €18,336
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,105 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,000 | €51,618 | €61,777 | €61,685 | €60,159 | ▼ 2.5% |
| Other operating charges640/8 | €5,563 | €6,173 | €6,135 | €6,666 | €6,847 | ▲ 2.7% |
| Gross operating margin9900 | €70,500 | €66,928 | €41,234 | €57,708 | €92,146 | ▲ 59.7% |
| Operating profit (loss)9901 | €9,937 | €9,137 | -€26,679 | -€10,643 | €25,140 | ▲ 336% |
| Financial income75/76B | - | €0 | - | €0 | €0 | ▲ 100% |
| Recurring financial income75 | - | €0 | - | €0 | €0 | ▲ 100% |
| Financial charges65/66B | €365 | €721 | €695 | €552 | €530 | ▼ 4.0% |
| Recurring financial charges65 | €365 | €721 | €695 | €552 | €530 | ▼ 4.0% |
| Profit (loss) for the period before taxes9903 | €9,572 | €8,417 | -€27,374 | -€11,195 | €24,610 | ▲ 320% |
| Profit (loss) for the period9904 | €9,572 | €8,417 | -€27,374 | -€11,195 | €24,610 | ▲ 320% |
| Profit (loss) for the period to be appropriated9905 | €9,572 | €8,417 | -€27,374 | -€11,195 | €24,610 | ▲ 320% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €1.8m | €1.7m | €1.6m | €1.6m | ▲ 0.2% |
| Fixed assets21/28 | €1.7m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 0.8% |
| Tangible fixed assets22/27 | €1.7m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 0.8% |
| Land and buildings22 | €1.7m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 2.2% |
| Plant, machinery and equipment23 | - | €2,313 | €1,805 | €2,853 | €2,012 | ▼ 29.5% |
| Furniture and vehicles24 | €36,171 | €108,104 | €85,849 | €61,524 | €84,769 | ▲ 37.8% |
| Other tangible fixed assets26 | €12,264 | €12,264 | €12,264 | €12,264 | €12,264 | = |
| Current assets29/58 | €19,253 | €16,719 | €10,958 | €3,785 | €19,518 | ▲ 416% |
| Amounts receivable within one year40/41 | €9,050 | €8,876 | €6,050 | €0 | €5,445 | - |
| Trade receivables40 | €6,050 | €6,050 | €6,050 | €0 | €5,445 | - |
| Other amounts receivable41 | €3,000 | €2,826 | - | - | - | - |
| Cash at bank and in hand54/58 | €10,045 | €7,648 | €4,428 | €2,189 | €12,788 | ▲ 484% |
| Deferred charges and accrued income490/1 | €158 | €196 | €479 | €1,596 | €1,284 | ▼ 19.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €1.8m | €1.7m | €1.6m | €1.6m | ▲ 0.2% |
| Equity10/15 | €293,213 | €301,629 | €274,255 | €263,060 | €287,670 | ▲ 9.4% |
| Contributions10/11 | €418,500 | €418,500 | €418,500 | €418,500 | €418,500 | = |
| Reserves13 | €4,250 | €4,250 | €4,250 | €4,250 | €4,250 | = |
| Non-distributable reserves130/1 | €4,250 | - | - | - | - | - |
| Reserves not available under the articles1311 | €4,250 | - | - | - | - | - |
| Distributable reserves133 | - | €4,250 | €4,250 | €4,250 | €4,250 | = |
| Profit (loss) carried forward14 | -€129,537 | -€121,121 | -€148,495 | -€159,690 | -€135,080 | ▲ 15.4% |
| Amounts payable17/49 | €1.4m | €1.5m | €1.4m | €1.4m | €1.4m | ▼ 1.6% |
| Amounts payable after more than one year17 | €955 | €42,334 | €30,399 | €18,336 | €6,145 | ▼ 66.5% |
| Financial debts170/4 | €955 | €42,334 | €30,399 | €18,336 | €6,145 | ▼ 66.5% |
| Amounts payable within one year42/48 | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | €11,397 | €12,763 | €11,935 | €12,063 | €12,192 | ▲ 1.1% |
| Trade debts44 | €1,349 | €3,269 | €3,571 | €1,238 | €531 | ▼ 57.1% |
| Suppliers440/4 | €1,349 | €3,269 | €3,571 | €1,238 | €531 | ▼ 57.1% |
| Taxes, remuneration and social security45 | €2,987 | €2,628 | €2,781 | €2,052 | €2,396 | ▲ 16.8% |
| Taxes450/3 | €2,987 | €2,628 | €2,781 | €2,052 | €2,396 | ▲ 16.8% |
| Other amounts payable47/48 | €1.4m | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 0.7% |
| Accrued charges and deferred income492/3 | - | €15 | €115 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,572 | €8,417 | -€27,374 | -€11,195 | €24,610 | ▲ 320% |
| + Depreciation and write-downs630 | €55,000 | €51,618 | €61,777 | €61,685 | €60,159 | ▼ 2.5% |
| Operating cash flow (approximation) | €64,572 | €60,035 | €34,403 | €50,490 | €84,769 | ▲ 67.9% |
| Investment in fixed assets (approximation) | - | -€90,867 | -€4,017 | -€3,411 | -€47,566 | ▼ 1,294% |
| Change in cash | - | -€2,398 | -€3,219 | -€2,240 | €10,600 | ▲ 573% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €24,610
Net result €24,610 after 2 loss-making years.
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€27,374
Net result drops to -€27,374, the lowest in the series; recovery starts the following year.
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €9,572
Net result €9,572 after 3 loss-making years.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Knokke-Heist · 1 establishment unit since 2009
Ground area
4.1 ha
Building footprint
1,364 m²
Volume, LiDAR
15,198 m³
Parcel 31332E1084/00A004, Flanders · tallest building 16.5 m, ±4 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
SAN
since 20092.180.493.682
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31332E1084/00A004 | Flanders | 4.1 ha | 1 · 1,364 m² | 16.5 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 38,392 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-06-2009
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
64999Other financial services
68110Buying and selling of own real estate
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0812362528
Also
9925:BE0812362528
Registered
06-05-2024
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.