SARACAPELO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 16 filings
Turnover
≈ €270,000
Estimated: probably between €140,000 and €370,000
Total assets
€78,964▲ 94.5%
2024 · €40,595
Net result
€22,970▲ 82.2%
2024 · €12,604
Working capital
€9,102
2024 · -€1,805
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€25,638
▲ 97.7%
2025
20192025
Net result
€22,970
▲ 82.2%
2025
middle half of the sector
20192025
Equity
€15,109
2025
middle half of the sector
20192025
Total assets
€78,964
▲ 94.5%
2025
middle half of the sector
20192025
Debt
€63,855
▲ 31.8%
2025
20192025
Working capital
€9,102
2025
middle half of the sector
20192025
Solvency
19.1%
▲ 38.5pp
2025
middle half of the sector
20192025
Current ratio
1.17
▲ 0.21
2025
middle half of the sector
20192025
Return on assets (ROA)
29.1%
▼ 2.0pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€6,789-€18,183€13,390▼ 26.4%€16,275▲ 21.5%-€23,451€12,969€25,638▲ 97.7%
Net result-€9,329-€16,714within the sector's middle half€12,725within the sector's middle half▼ 23.9%€15,041within the sector's middle half▲ 18.2%-€24,508below the sector's middle half€12,604within the sector's middle half€22,970within the sector's middle half▲ 82.2%
Equity-€40,437--€23,723below the sector's middle half▲ 41.3%-€10,998below the sector's middle half▲ 53.6%€4,043below the sector's middle half-€20,465below the sector's middle half-€7,861below the sector's middle half▲ 61.6%€15,109within the sector's middle half
Total assets€44,849-€40,187below the sector's middle half▼ 10.4%€38,917below the sector's middle half▼ 3.2%€55,030below the sector's middle half▲ 41.4%€40,726below the sector's middle half▼ 26.0%€40,595below the sector's middle half▼ 0.3%€78,964within the sector's middle half▲ 94.5%
Debt€85,286-€63,910▼ 25.1%€49,915▼ 21.9%€50,987▲ 2.1%€61,191▲ 20.0%€48,456▼ 20.8%€63,855▲ 31.8%
Working capital-€11,962-€2,201within the sector's middle half€11,902within the sector's middle half▲ 441%€19,542within the sector's middle half▲ 64.2%-€5,713within the sector's middle half-€1,805within the sector's middle half▲ 68.4%€9,102within the sector's middle half
Solvency-90.2%--59.0%below the sector's middle half▲ 31.1pp-28.3%below the sector's middle half▲ 30.8pp7.3%within the sector's middle half▲ 35.6pp-50.3%below the sector's middle half▼ 57.6pp-19.4%below the sector's middle half▲ 30.9pp19.1%within the sector's middle half▲ 38.5pp
Current ratio0.79-1.06within the sector's middle half▲ 0.271.44within the sector's middle half▲ 0.391.60within the sector's middle half▲ 0.160.87within the sector's middle half▼ 0.730.95within the sector's middle half▲ 0.081.17within the sector's middle half▲ 0.21
Return on assets (ROA)-20.8%-41.6%above the sector's middle half▲ 62.4pp32.7%above the sector's middle half▼ 8.9pp27.3%above the sector's middle half▼ 5.4pp-60.2%below the sector's middle half▼ 87.5pp31.0%above the sector's middle half▲ 91.2pp29.1%above the sector's middle half▼ 2.0pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 98% 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 €78,964
Fixed assets
€15,257 ▲ 378%
Current assets
€63,707 ▲ 70.3%
Equity and liabilities €78,964
Equity
€15,109
Debt
€63,855
Debt's share of the balance-sheet total is 80.9%.
Key figures and ratios
EBITDA
€28,728▲
2024 · €14,304
Cash flow
€26,060▲
2024 · €13,939
Quick ratio
0.85▲
2024 · 0.53
Debt to equity
4.23
ROE
152.0%
Interest coverage
44.89▲
2024 · 16.13
Debt ≤ 1 year
€54,605▲
2024 · €39,206
Debt > 1 year
€9,250=
2024 · €9,250
Income taxes
€2,684▲
2024 · €185
Staff costs
€26,621▼
2024 · €28,833
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-08-2022 | 31-08-2023 | 31-08-2024 | 31-08-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,780 | - | €2,389 | €15,153 |
| Depreciation and write-downs of the year | €945 | €945 | €1,335 | €3,090 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €4,420 | - |
| Remuneration, social security and pensions62 | - | - | - | €6,145 | €23,875 | €28,833 | €26,621 | ▼ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,305 | - | - | €945 | €945 | €1,335 | €3,090 | ▲ 131% |
| Other operating charges640/8 | - | - | - | €725 | €683 | €1,214 | €573 | ▼ 52.8% |
| Gross operating margin9900 | €16,219 | €27,920 | €16,869 | €24,090 | €2,052 | €44,351 | €55,922 | ▲ 26.1% |
| Operating profit (loss)9901 | -€6,789 | €18,183 | €13,390 | €16,275 | -€23,451 | €12,969 | €25,638 | ▲ 97.7% |
| Financial income75/76B | - | - | - | €236 | €270 | €707 | €656 | ▼ 7.2% |
| Recurring financial income75 | €304 | €1 | €186 | €236 | €270 | €707 | €656 | ▼ 7.2% |
| Financial charges65/66B | - | - | - | €1,304 | €1,165 | €887 | €640 | ▼ 27.8% |
| Recurring financial charges65 | €2,663 | €1,307 | €697 | €1,304 | €1,165 | €887 | €640 | ▼ 27.8% |
| Profit (loss) for the period before taxes9903 | -€9,148 | €16,877 | €12,879 | €15,207 | -€24,346 | €12,789 | €25,654 | ▲ 101% |
| Income taxes67/77 | €181 | €163 | €154 | €166 | €162 | €185 | €2,684 | ▲ 15× |
| Profit (loss) for the period9904 | -€9,329 | €16,714 | €12,725 | €15,041 | -€24,508 | €12,604 | €22,970 | ▲ 82.2% |
| Profit (loss) for the period to be appropriated9905 | -€9,329 | €16,714 | €12,725 | €15,041 | -€24,508 | €12,604 | €22,970 | ▲ 82.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €44,849 | €40,187 | €38,917 | €55,030 | €40,726 | €40,595 | €78,964 | ▲ 94.5% |
| Fixed assets21/28 | €250 | €250 | €250 | €3,085 | €2,140 | €3,194 | €15,257 | ▲ 378% |
| Tangible fixed assets22/27 | - | - | - | €2,835 | €1,890 | €2,944 | €15,007 | ▲ 410% |
| Furniture and vehicles24 | - | - | - | €2,835 | €1,890 | €2,944 | €15,007 | ▲ 410% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €44,599 | €39,937 | €38,667 | €51,945 | €38,586 | €37,401 | €63,707 | ▲ 70.3% |
| Stocks and contracts in progress3 | €38,585 | €23,392 | €21,781 | €23,674 | €22,867 | €16,541 | €17,218 | ▲ 4.1% |
| Stocks30/36 | - | - | - | €23,674 | €22,867 | €16,541 | €17,218 | ▲ 4.1% |
| Amounts receivable within one year40/41 | €4,431 | €935 | €1,338 | €1,258 | €3,783 | €13,150 | €37,856 | ▲ 188% |
| Trade receivables40 | - | - | - | €1,253 | €3,778 | €13,138 | €37,837 | ▲ 188% |
| Other amounts receivable41 | - | - | - | €5 | €5 | €12 | €19 | ▲ 58.3% |
| Cash at bank and in hand54/58 | €1,504 | €15,305 | €15,138 | €26,448 | €11,414 | €7,290 | €8,265 | ▲ 13.4% |
| Deferred charges and accrued income490/1 | - | - | - | €565 | €522 | €420 | €368 | ▼ 12.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €44,849 | €40,187 | €38,917 | €55,030 | €40,726 | €40,595 | €78,964 | ▲ 94.5% |
| Equity10/15 | -€40,437 | -€23,723 | -€10,998 | €4,043 | -€20,465 | -€7,861 | €15,109 | - |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€59,037 | -€42,323 | -€29,598 | -€14,557 | -€39,065 | -€26,461 | -€3,491 | ▲ 86.8% |
| Amounts payable17/49 | €85,286 | €63,910 | €49,915 | €50,987 | €61,191 | €48,456 | €63,855 | ▲ 31.8% |
| Amounts payable after more than one year17 | €28,725 | €26,174 | €23,150 | €18,584 | €16,892 | €9,250 | €9,250 | = |
| Financial debts170/4 | - | - | - | €1,834 | €142 | - | - | - |
| Other amounts payable178/9 | - | - | - | €16,750 | €16,750 | €9,250 | €9,250 | = |
| Amounts payable within one year42/48 | €56,561 | €37,736 | €26,765 | €32,403 | €44,299 | €39,206 | €54,605 | ▲ 39.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,664 | €1,691 | €142 | - | - |
| Trade debts44 | €34,737 | €23,623 | €17,834 | €17,754 | €32,913 | €25,036 | €41,885 | ▲ 67.3% |
| Suppliers440/4 | - | - | - | €14,054 | €29,213 | €25,036 | €41,885 | ▲ 67.3% |
| Bills of exchange payable441 | - | - | - | €3,700 | €3,700 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €9,806 | €8,793 | €7,555 | €12,445 | ▲ 64.7% |
| Taxes450/3 | - | - | - | €7,149 | €4,478 | €4,894 | €9,009 | ▲ 84.1% |
| Remuneration and social security454/9 | - | - | - | €2,657 | €4,315 | €2,661 | €3,436 | ▲ 29.1% |
| Other amounts payable47/48 | - | - | - | €3,179 | €902 | €6,473 | €275 | ▼ 95.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,329 | €16,714 | €12,725 | €15,041 | -€24,508 | €12,604 | €22,970 | ▲ 82.2% |
| + Depreciation and write-downs630 | €5,305 | - | - | €945 | €945 | €1,335 | €3,090 | ▲ 131% |
| Operating cash flow (approximation) | -€4,024 | €16,714 | €12,725 | €15,986 | -€23,563 | €13,939 | €26,060 | ▲ 87.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,780 | €0 | -€2,389 | -€15,153 | ▼ 534% |
| Change in cash | - | €13,801 | -€167 | €11,310 | -€15,034 | -€4,124 | €975 | - |
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, 5,053 companies had the same profile as SARACAPELO has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SARACAPELO itself: 0.6% 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 5,053 companies, not a prediction for SARACAPELO. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | micro format | 31-03-2026 | 2026-00073522 | |
| 31-08-2024 | micro format | 14-04-2025 | 2025-00069875 | |
| 31-08-2023 | micro format | 29-11-2024 | 2024-00607489 | |
| 31-08-2022 | micro format | 31-03-2023 | 2023-00055279 | |
| 31-08-2021 | micro format | 31-03-2022 | 2022-09900168 | |
| 31-08-2020 | micro format | 02-04-2021 | 2021-09800247 | |
| 31-08-2019 | micro format | 31-03-2020 | 2020-08600101 | |
| 31-08-2018 | micro format | 25-03-2019 | 2019-08200107 | |
| 31-08-2017 | micro format | 28-02-2018 | 2018-06200100 | |
| 31-08-2016 | full format | 22-03-2017 | 2017-06900594 |