SATPROD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 5 filings
Turnover
€6,050
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€3,341▲ 21.6%
2024 · -€4,261
Working capital
€2,338▼ 29.8%
2024 · €3,332
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
-€3,239
▲ 22.0%
2025
20212025
Net result
-€3,341
▲ 21.6%
2025
middle half of the sector
20212025
Equity
€9,121
▼ 26.8%
2025
middle half of the sector
20212025
Total assets
€12,674
▼ 11.0%
2025
lowest quarter of the sector
20212025
Debt
€3,554
▲ 99.5%
2025
20212025
Working capital
€2,338
▼ 29.8%
2025
middle half of the sector
20212025
Solvency
72.0%
▼ 15.5pp
2025
middle half of the sector
20212025
Current ratio
2.22
▼ 1.16
2025
middle half of the sector
20212025
Return on assets (ROA)
-26.4%
▲ 3.6pp
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€6,050-
Operating result-€15,903--€2,759▲ 82.6%-€2,898▼ 5.0%-€4,154▼ 43.3%-€3,239▲ 22.0%
Net result-€16,032below the sector's middle half--€2,854within the sector's middle half▲ 82.2%-€2,993within the sector's middle half▼ 4.9%-€4,261within the sector's middle half▼ 42.3%-€3,341within the sector's middle half▲ 21.6%
Equity€22,568within the sector's middle half-€19,715within the sector's middle half▼ 12.6%€16,722within the sector's middle half▼ 15.2%€12,461within the sector's middle half▼ 25.5%€9,121within the sector's middle half▼ 26.8%
Total assets€22,568below the sector's middle half-€19,715below the sector's middle half▼ 12.6%€16,722below the sector's middle half▼ 15.2%€14,242below the sector's middle half▼ 14.8%€12,674below the sector's middle half▼ 11.0%
Debt€1,781€3,554▲ 99.5%
Working capital€3,332within the sector's middle half€2,338within the sector's middle half▼ 29.8%
Solvency100.0%above the sector's middle half-100.0%above the sector's middle half=100.0%above the sector's middle half=87.5%above the sector's middle half▼ 12.5pp72.0%within the sector's middle half▼ 15.5pp
Current ratio3.38within the sector's middle half2.22within the sector's middle half▼ 1.16
Return on assets (ROA)-71.0%below the sector's middle half--14.5%below the sector's middle half▲ 56.6pp-17.9%below the sector's middle half▼ 3.4pp-29.9%below the sector's middle half▼ 12.0pp-26.4%below the sector's middle half▲ 3.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of computer, electronic and optical products (NACE 26). 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 €3,239, smaller than the loss of €4,154 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12,674
Fixed assets
€8,415 ▼ 11.5%
Current assets
€4,259 ▼ 10.0%
Equity and liabilities €12,674
Equity
€9,121 ▼ 26.8%
Debt
€3,554 ▲ 99.5%
Debt's share of the balance-sheet total rises from 12.5% to 28.0%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.39▲
2024 · 0.14
ROE
-36.6%▼
2024 · -34.2%
Debt ≤ 1 year
€1,921▲
2024 · €1,400
Debt > 1 year
€1,632▲
2024 · €382
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 | €1,979 | €130 | €36 | €720 | €1,664 |
| Intangible fixed assets | €4,730 | €1,543 | €201 | €173 | €1,235 |
| Financial fixed assets | - | - | - | - | €416 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €6,050 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €21,808 | €2,255 | €2,676 | €3,531 | €5,915 | ▲ 67.5% |
| Other operating charges640/8 | €145 | €505 | €64 | €64 | €288 | ▲ 351% |
| Gross operating margin9900 | -€15,758 | -€2,255 | -€2,835 | -€4,090 | -€2,952 | ▲ 27.8% |
| Operating profit (loss)9901 | -€15,903 | -€2,759 | -€2,898 | -€4,154 | -€3,239 | ▲ 22.0% |
| Financial charges65/66B | €128 | €94 | €95 | €107 | €101 | ▼ 5.1% |
| Recurring financial charges65 | €128 | €94 | €95 | €107 | €101 | ▼ 5.1% |
| Profit (loss) for the period before taxes9903 | -€16,032 | -€2,854 | -€2,993 | -€4,261 | -€3,341 | ▲ 21.6% |
| Profit (loss) for the period9904 | -€16,032 | -€2,854 | -€2,993 | -€4,261 | -€3,341 | ▲ 21.6% |
| Profit (loss) for the period to be appropriated9905 | -€16,032 | -€2,854 | -€2,993 | -€4,261 | -€3,341 | ▲ 21.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €22,568 | €19,715 | €16,722 | €14,242 | €12,674 | ▼ 11.0% |
| Formation expenses20 | €1,289 | - | - | - | - | - |
| Fixed assets21/28 | €6,709 | €8,721 | €8,958 | €9,511 | €8,415 | ▼ 11.5% |
| Intangible fixed assets21 | €4,730 | €6,273 | €6,474 | €6,647 | €4,888 | ▼ 26.5% |
| Tangible fixed assets22/27 | €1,979 | €2,108 | €2,144 | €2,864 | €3,527 | ▲ 23.2% |
| Plant, machinery and equipment23 | - | - | - | - | €1,723 | - |
| Furniture and vehicles24 | €1,979 | €2,108 | €2,144 | €2,864 | €1,804 | ▼ 37.0% |
| Financial fixed assets28 | - | €340 | €340 | €0 | €0 | - |
| Current assets29/58 | €14,570 | €10,994 | €7,764 | €4,732 | €4,259 | ▼ 10.0% |
| Stocks and contracts in progress3 | €162 | - | - | - | - | - |
| Stocks30/36 | €162 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,067 | €107 | €105 | - | - | - |
| Other amounts receivable41 | €1,067 | €107 | €105 | - | - | - |
| Cash at bank and in hand54/58 | €13,341 | €10,887 | €7,659 | €4,732 | €4,259 | ▼ 10.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €22,568 | €19,715 | €16,722 | €14,242 | €12,674 | ▼ 11.0% |
| Equity10/15 | €22,568 | €19,715 | €16,722 | €12,461 | €9,121 | ▼ 26.8% |
| Contributions10/11 | €38,600 | €38,600 | €38,600 | €38,600 | €38,600 | = |
| Profit (loss) carried forward14 | -€16,032 | -€18,885 | -€21,878 | -€26,139 | -€29,479 | ▼ 12.8% |
| Amounts payable17/49 | - | - | - | €1,781 | €3,554 | ▲ 99.5% |
| Amounts payable after more than one year17 | - | - | - | €382 | €1,632 | ▲ 328% |
| Financial debts170/4 | - | - | - | €382 | - | - |
| Other amounts payable178/9 | - | - | - | - | €1,632 | - |
| Amounts payable within one year42/48 | - | - | - | €1,400 | €1,921 | ▲ 37.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,400 | €1,921 | ▲ 37.3% |
| Taxes450/3 | - | - | - | €1,400 | €1,921 | ▲ 37.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,032 | -€2,854 | -€2,993 | -€4,261 | -€3,341 | ▲ 21.6% |
| Operating cash flow (approximation) | -€16,032 | -€2,854 | -€2,993 | -€4,261 | -€3,341 | ▲ 21.6% |
| Investment in fixed assets (approximation) | - | -€2,012 | -€237 | -€553 | €1,095 | - |
| Change in cash | - | -€2,453 | -€3,228 | -€2,927 | -€473 | ▲ 83.8% |
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, 3,591 companies had the same profile as SATPROD has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SATPROD itself is lower: 0.1% within 12 months. It rests on far more data about SATPROD than the profile alone.
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 3,591 companies, not a prediction for SATPROD. 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 | 16-07-2026 | 2026-00300264 | |
| 31-12-2024 | micro format | 06-10-2025 | 2025-00531072 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00349659 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00223321 | |
| 31-12-2021 | micro format | 27-11-2022 | 2022-20525914 |