Sankaa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-03-2026 PDF all 5 filings
Turnover
€2,423
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€16,636
2024 · €45,343
Working capital
€265,421▼ 15.9%
2024 · €315,776
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
-€17,481
2025
20212025
Net result
-€16,636
2025
lowest quarter of the sector
20212025
Equity
€266,086
▼ 5.9%
2025
middle half of the sector
20212025
Total assets
€314,799
▼ 16.0%
2025
middle half of the sector
20212025
Debt
€48,713
▼ 47.1%
2025
20212025
Working capital
€265,421
▼ 15.9%
2025
middle half of the sector
20212025
Solvency
84.5%
▲ 9.1pp
2025
middle half of the sector
20212025
Current ratio
6.48
▼ 0.08
2025
middle half of the sector
20212025
Return on assets (ROA)
-5.3%
▼ 17.4pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€2,423
Operating result€52,822--€15,213-€8,325▲ 45.3%€44,225-€17,481
Net result€52,639above the sector's middle half--€15,433below the sector's middle half-€7,889within the sector's middle half▲ 48.9%€45,343above the sector's middle half-€16,636below the sector's middle half
Equity€260,701within the sector's middle half-€245,269within the sector's middle half▼ 5.9%€237,379within the sector's middle half▼ 3.2%€282,722within the sector's middle half▲ 19.1%€266,086within the sector's middle half▼ 5.9%
Total assets€316,784within the sector's middle half-€355,859within the sector's middle half▲ 12.3%€350,493within the sector's middle half▼ 1.5%€374,781within the sector's middle half▲ 6.9%€314,799within the sector's middle half▼ 16.0%
Debt€56,083-€93,663▲ 67.0%€97,747▲ 4.4%€92,058▼ 5.8%€48,713▼ 47.1%
Working capital€257,970within the sector's middle half-€317,076within the sector's middle half▲ 22.9%€291,091within the sector's middle half▼ 8.2%€315,776within the sector's middle half▲ 8.5%€265,421within the sector's middle half▼ 15.9%
Solvency82.3%within the sector's middle half-68.9%within the sector's middle half▼ 13.4pp67.7%within the sector's middle half▼ 1.2pp75.4%within the sector's middle half▲ 7.7pp84.5%within the sector's middle half▲ 9.1pp
Current ratio5.60within the sector's middle half-9.57above the sector's middle half▲ 3.976.31within the sector's middle half▼ 3.266.56within the sector's middle half▲ 0.256.48within the sector's middle half▼ 0.08
Return on assets (ROA)16.6%above the sector's middle half--4.3%within the sector's middle half▼ 21.0pp-2.3%within the sector's middle half▲ 2.1pp12.1%above the sector's middle half▲ 14.3pp-5.3%below the sector's middle half▼ 17.4pp
above
within
below
The sector band is the middle half of the companies in Activities of membership organisations (NACE 94). 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 €17,481, after a profit of €44,225 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €314,799
Fixed assets
€922 ▼ 57.8%
Current assets
€313,877 ▼ 15.8%
Equity and liabilities €314,799
Equity
€266,086 ▼ 5.9%
Debt
€48,713 ▼ 47.1%
Debt's share of the balance-sheet total falls from 24.6% to 15.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€14,836▼
2024 · €46,609
Cash flow
-€13,992▼
2024 · €47,727
Debt to equity
0.18▼
2024 · 0.33
ROE
-6.3%▼
2024 · 16.0%
Interest coverage
-25.11▼
2024 · 63.77
Debt ≤ 1 year
€48,455▼
2024 · €56,821
Supplier credit
14 days▼
2024 · 33 days
Staff costs
€305,735▼
2024 · €306,812
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 | €829 | €601 | €6,551 | - | €1,383 |
| Depreciation and write-downs of the year | €1,366 | €1,566 | €3,750 | €2,384 | €2,645 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €1.3m awarded · €1.3m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €340,306 | €339,687 |
| 2024 | 2 | €346,190 | €345,256 |
| 2023 | 2 | €326,058 | €357,312 |
| 2022 | 2 | €313,141 | €252,995 |
Schemes
Federal government
2023 · 1 entry · €2,000 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2023 | FOD Justitie | 1 | €2,000 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €2,423 | - | - |
| Membership fees, donations, legacies and grants73 | €443,893 | €415,841 | €558,245 | €455,421 | €417,004 | ▼ 8.4% |
| Goods, raw materials, services and sundry goods60/61 | €112,918 | €104,153 | €125,530 | €121,132 | €130,860 | ▲ 8.0% |
| Remuneration, social security and pensions62 | €276,787 | €326,190 | €441,309 | €306,812 | €305,735 | ▼ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,366 | €1,566 | €3,750 | €2,384 | €2,645 | ▲ 10.9% |
| Other operating charges640/8 | - | €265 | €75 | €249 | €239 | ▼ 4.1% |
| Gross operating margin9900 | €330,975 | €312,464 | €435,249 | €338,303 | €291,138 | ▼ 13.9% |
| Operating profit (loss)9901 | €52,822 | -€15,213 | -€8,325 | €44,225 | -€17,481 | - |
| Financial income75/76B | - | €1 | €856 | €1,849 | €1,436 | ▼ 22.3% |
| Recurring financial income75 | - | €1 | €856 | €1,849 | €1,436 | ▼ 22.3% |
| Financial charges65/66B | €183 | €220 | €421 | €731 | €591 | ▼ 19.1% |
| Recurring financial charges65 | €183 | €220 | €421 | €731 | €591 | ▼ 19.1% |
| Profit (loss) for the period before taxes9903 | €52,639 | -€15,433 | -€7,889 | €45,343 | -€16,636 | - |
| Profit (loss) for the period9904 | €52,639 | -€15,433 | -€7,889 | €45,343 | -€16,636 | - |
| Profit (loss) for the period to be appropriated9905 | €52,639 | -€15,433 | -€7,889 | €45,343 | -€16,636 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €316,784 | €355,859 | €350,493 | €374,781 | €314,799 | ▼ 16.0% |
| Fixed assets21/28 | €2,731 | €1,766 | €4,568 | €2,184 | €922 | ▼ 57.8% |
| Tangible fixed assets22/27 | €2,731 | €1,766 | €4,568 | €2,184 | €922 | ▼ 57.8% |
| Plant, machinery and equipment23 | - | €401 | €4,568 | €2,184 | €922 | ▼ 57.8% |
| Furniture and vehicles24 | €2,731 | €1,366 | - | - | - | - |
| Current assets29/58 | €314,053 | €354,093 | €345,926 | €372,597 | €313,877 | ▼ 15.8% |
| Stocks and contracts in progress3 | €2,756 | - | - | - | - | - |
| Stocks30/36 | €2,756 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €80,231 | €94,568 | €105,350 | €38,679 | €37,943 | ▼ 1.9% |
| Trade receivables40 | €80,231 | - | €628 | €400 | - | - |
| Other amounts receivable41 | - | €94,568 | €104,722 | €38,279 | €37,943 | ▼ 0.9% |
| Cash at bank and in hand54/58 | €231,066 | €255,641 | €237,358 | €329,058 | €270,308 | ▼ 17.9% |
| Deferred charges and accrued income490/1 | - | €3,883 | €3,218 | €4,860 | €5,626 | ▲ 15.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €316,784 | €355,859 | €350,493 | €374,781 | €314,799 | ▼ 16.0% |
| Equity10/15 | €260,701 | €245,269 | €237,379 | €282,722 | €266,086 | ▼ 5.9% |
| Reserves13 | €206,333 | €206,333 | €206,333 | €219,092 | €211,114 | ▼ 3.6% |
| Profit (loss) carried forward14 | €54,368 | €38,935 | €31,046 | €63,631 | €54,972 | ▼ 13.6% |
| Provisions and deferred taxes16 | - | €16,927 | €15,367 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €16,927 | €15,367 | - | - | - |
| Other liabilities and charges164/5 | - | €16,927 | €15,367 | - | - | - |
| Amounts payable17/49 | €56,083 | €93,663 | €97,747 | €92,058 | €48,713 | ▼ 47.1% |
| Amounts payable within one year42/48 | €56,083 | €37,016 | €54,835 | €56,821 | €48,455 | ▼ 14.7% |
| Trade debts44 | €20,052 | €1,450 | €14,599 | €11,064 | €5,111 | ▼ 53.8% |
| Suppliers440/4 | €20,052 | €1,450 | €14,599 | €11,064 | €5,111 | ▼ 53.8% |
| Taxes, remuneration and social security45 | €36,031 | €35,567 | €40,236 | €32,243 | €35,416 | ▲ 9.8% |
| Taxes450/3 | - | - | - | - | €91 | - |
| Remuneration and social security454/9 | €36,031 | €35,567 | €40,236 | €32,243 | €35,325 | ▲ 9.6% |
| Accrued charges and deferred income492/3 | - | €56,647 | €42,912 | €35,237 | €257 | ▼ 99.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,639 | -€15,433 | -€7,889 | €45,343 | -€16,636 | - |
| + Depreciation and write-downs630 | €1,366 | €1,566 | €3,750 | €2,384 | €2,645 | ▲ 10.9% |
| Operating cash flow (approximation) | €54,005 | -€13,867 | -€4,140 | €47,727 | -€13,992 | - |
| Investment in fixed assets (approximation) | - | -€601 | -€6,551 | €0 | -€1,383 | - |
| Change in cash | - | €24,575 | -€18,283 | €91,700 | -€58,750 | - |
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, 12,322 companies had the same profile as Sankaa has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Sankaa 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 12,322 companies, not a prediction for Sankaa. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-03-2026 | 2026-00061737 | |
| 31-12-2024 | micro format | 24-04-2025 | 2025-00074676 | |
| 31-12-2023 | micro format | 06-06-2024 | 2024-00114087 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00231949 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072769 |