SANO Projects
ActiveSummary
SANO Projects has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €136,765 and a net result of €39,019. Equity is growing by ~39.7% per year across the filed fiscal years. Its solvency ranks better than 58% of 2071 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▼-7
Solvency79▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 1.97 against 1.76 in 2024; short-term debt: 35.4% and cash: 54.1% of total assets), and 46.2% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Education (NACE 85)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
53.8%
Return on assets
15.4%
Age of the figures
9 mo
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 22-04-2026, 100 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
100 d early
2024
58 d early
2023
89 d early
2022
118 d early
2021
95 d early
2020
80 d early
2019
58 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 85 days before the deadline; the sector median for financial year 2024 is 16 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. Usually files around 27 April (4 of the last 5 filed years within 30 days of that day).
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, micro schema
Equity
€136,765▲ 39.9%
2024 · €97,746
Total assets
€254,181▲ 27.9%
2024 · €198,712
Net result
€39,019▼ 7.9%
2024 · €42,353
Working capital
€87,205▲ 41.5%
2024 · €61,643
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 85, Education, 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€16,642▲ 901%€3,047▼ 81.7%€5,144▲ 68.8%€57,501▲ 1,018%€53,827▼ 6.4%
Net result€12,427within the sector's middle half▲ 708%€1,901within the sector's middle half▼ 84.7%€2,958within the sector's middle half▲ 55.6%€42,353above the sector's middle half▲ 1,332%€39,019above the sector's middle half▼ 7.9%
Equity€50,534within the sector's middle half▲ 96.6%€52,435within the sector's middle half▲ 3.8%€55,393within the sector's middle half▲ 5.6%€97,746within the sector's middle half▲ 76.5%€136,765above the sector's middle half▲ 39.9%
Total assets€89,286within the sector's middle half▲ 74.0%€174,792within the sector's middle half▲ 95.8%€168,344within the sector's middle half▼ 3.7%€198,712within the sector's middle half▲ 18.0%€254,181within the sector's middle half▲ 27.9%
Debt€38,752▲ 51.3%€122,357▲ 216%€112,951▼ 7.7%€100,966▼ 10.6%€117,416▲ 16.3%
Working capital€50,534within the sector's middle half▲ 96.6%€38,581within the sector's middle half▼ 23.7%€33,533within the sector's middle half▼ 13.1%€61,643within the sector's middle half▲ 83.8%€87,205above the sector's middle half▲ 41.5%
Solvency56.6%within the sector's middle half▲ 6.5pp30.0%within the sector's middle half▼ 26.6pp32.9%within the sector's middle half▲ 2.9pp49.2%within the sector's middle half▲ 16.3pp53.8%within the sector's middle half▲ 4.6pp
Current ratio2.30within the sector's middle half▲ 0.301.48within the sector's middle half▼ 0.821.41within the sector's middle half▼ 0.071.76within the sector's middle half▲ 0.351.97within the sector's middle half▲ 0.21
Return on assets (ROA)13.9%within the sector's middle half▲ 10.9pp1.1%within the sector's middle half▼ 12.8pp1.8%within the sector's middle half▲ 0.7pp21.3%within the sector's middle half▲ 19.6pp15.4%within the sector's middle half▼ 6.0pp
Staff (FTE)0.31.3▲ 333%2.5▲ 92.3%1.4▼ 44.0%
above
within
below
the middle half (P25 to P75) of NACE 85, Education, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 6% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €254,181
Fixed assets
€77,040 ▲ 37.4%
Current assets
€177,141 ▲ 24.2%
Equity and liabilities €254,181
Equity
€136,765 ▲ 39.9%
Debt
€117,416 ▲ 16.3%
Debt's share of the balance-sheet total falls from 50.8% to 46.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,885▲
2024 · €70,005
Cash flow
€57,077▲
2024 · €54,857
Debt to equity
0.86▼
2024 · 1.03
ROE
28.5%▼
2024 · 43.3%
Interest coverage
25.23▼
2024 · 30.91
Debt ≤ 1 year
€89,936▲
2024 · €80,988
Debt > 1 year
€27,480▲
2024 · €19,978
Income taxes
€12,412▼
2024 · €13,725
Staff costs
€10,463▼
2024 · €17,744
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 26,970 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €8,224 | €20,008 | €17,744 | €10,463 | ▼ 41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,313 | €10,024 | €12,504 | €18,058 | ▲ 44.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €591 | - | - | - | - | - |
| Other operating charges640/8 | - | €1,081 | €1,495 | €599 | €799 | ▲ 33.4% |
| Gross operating margin9900 | €17,233 | €15,665 | €36,671 | €88,348 | €83,147 | ▼ 5.9% |
| Operating profit (loss)9901 | €16,642 | €3,047 | €5,144 | €57,501 | €53,827 | ▼ 6.4% |
| Financial income75/76B | €76 | €47 | €234 | €842 | €453 | ▼ 46.2% |
| Recurring financial income75 | €76 | €47 | €234 | €842 | €453 | ▼ 46.2% |
| Financial charges65/66B | €353 | €1,193 | €2,420 | €2,265 | €2,849 | ▲ 25.8% |
| Recurring financial charges65 | €353 | €1,193 | €2,420 | €2,265 | €2,849 | ▲ 25.8% |
| Profit (loss) for the period before taxes9903 | €16,365 | €1,901 | €2,958 | €56,078 | €51,431 | ▼ 8.3% |
| Income taxes67/77 | €3,938 | - | - | €13,725 | €12,412 | ▼ 9.6% |
| Profit (loss) for the period9904 | €12,427 | €1,901 | €2,958 | €42,353 | €39,019 | ▼ 7.9% |
| Profit (loss) for the period to be appropriated9905 | €12,427 | €1,901 | €2,958 | €42,353 | €39,019 | ▼ 7.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €89,286 | €174,792 | €168,344 | €198,712 | €254,181 | ▲ 27.9% |
| Fixed assets21/28 | - | €56,117 | €53,189 | €56,081 | €77,040 | ▲ 37.4% |
| Tangible fixed assets22/27 | - | €43,967 | €41,039 | €43,931 | €64,890 | ▲ 47.7% |
| Plant, machinery and equipment23 | - | €32,292 | €31,740 | €37,007 | €55,069 | ▲ 48.8% |
| Furniture and vehicles24 | - | €5,922 | €4,777 | €3,632 | €5,342 | ▲ 47.1% |
| Other tangible fixed assets26 | - | €5,753 | €4,522 | €3,292 | €4,479 | ▲ 36.1% |
| Financial fixed assets28 | - | €12,150 | €12,150 | €12,150 | €12,150 | = |
| Current assets29/58 | €89,286 | €118,675 | €115,155 | €142,631 | €177,141 | ▲ 24.2% |
| Amounts receivable within one year40/41 | €22,740 | €34,707 | €46,219 | €42,492 | €35,207 | ▼ 17.1% |
| Trade receivables40 | €16,383 | €19,743 | €27,144 | €32,663 | €24,597 | ▼ 24.7% |
| Other amounts receivable41 | €6,357 | €14,964 | €19,075 | €9,829 | €10,610 | ▲ 7.9% |
| Cash at bank and in hand54/58 | €66,546 | €82,812 | €67,713 | €98,798 | €137,483 | ▲ 39.2% |
| Deferred charges and accrued income490/1 | - | €1,156 | €1,223 | €1,341 | €4,451 | ▲ 232% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €89,286 | €174,792 | €168,344 | €198,712 | €254,181 | ▲ 27.9% |
| Equity10/15 | €50,534 | €52,435 | €55,393 | €97,746 | €136,765 | ▲ 39.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €31,934 | €33,835 | €36,793 | €79,146 | €118,165 | ▲ 49.3% |
| Amounts payable17/49 | €38,752 | €122,357 | €112,951 | €100,966 | €117,416 | ▲ 16.3% |
| Amounts payable after more than one year17 | - | €42,263 | €31,329 | €19,978 | €27,480 | ▲ 37.6% |
| Financial debts170/4 | - | €42,263 | €31,329 | €19,978 | €27,480 | ▲ 37.6% |
| Amounts payable within one year42/48 | €38,752 | €80,094 | €81,622 | €80,988 | €89,936 | ▲ 11.0% |
| Current portion of amounts payable after more than one year42 | - | €10,532 | €10,934 | €11,352 | €17,209 | ▲ 51.6% |
| Trade debts44 | €12,352 | €27,556 | €29,659 | €30,888 | €36,587 | ▲ 18.5% |
| Suppliers440/4 | €12,352 | €27,556 | €29,659 | €30,888 | €36,587 | ▲ 18.5% |
| Advances received on contracts in progress46 | €15,210 | €9,028 | €8,750 | €7,500 | €6,250 | ▼ 16.7% |
| Taxes, remuneration and social security45 | €5,338 | €3,844 | €2,450 | €1,322 | - | - |
| Taxes450/3 | €5,338 | - | - | - | - | - |
| Remuneration and social security454/9 | - | €3,844 | €2,450 | €1,322 | - | - |
| Other amounts payable47/48 | €5,852 | €29,134 | €29,829 | €29,926 | €29,890 | ▼ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,427 | €1,901 | €2,958 | €42,353 | €39,019 | ▼ 7.9% |
| + Depreciation and write-downs630 | - | €3,313 | €10,024 | €12,504 | €18,058 | ▲ 44.4% |
| Operating cash flow (approximation) | €12,427 | €5,214 | €12,982 | €54,857 | €57,077 | ▲ 4.0% |
| Investment in fixed assets (approximation) | - | - | -€7,096 | -€15,396 | -€39,017 | ▼ 153% |
| Change in cash | - | €16,266 | -€15,099 | €31,085 | €38,685 | ▲ 24.4% |
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
22-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €100,000Eq €136,765 ▲39.9%
8 profitable years in a row build equity to €136,765.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €42,353 ▲1,332%
Operating result €57,501, net result €42,353, both a record.
03-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
12-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €1,538 ▼89%
Net result drops to €1,538, the lowest in the series; recovery starts the following year.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro 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, Ternat · 1 establishment unit since 2017
Ground area
1.7 ha
Building footprint
3,153 m²
Parcel 23091C0055/00G002, Flanders. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
SANO Projects
since 20172.270.504.536
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23091C0055/00G002 | Flanders | 1.7 ha | 1 · 3,153 m² | - |
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 13,509 companies in sector 85510 we hold annual accounts for 722. 467 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
Founded13-11-2017
Fiscal year end31-12
Activities, NACEBEL 2025
85510Sports and recreation education
47279Other retail sale of food
85599Other education
86995Nutrition and dietetics services
93130Fitness centres
93199Other sports activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0684620357
Also
9925:BE0684620357
Registered
02-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.