SAVACO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 35 filings
Turnover
€66.9m▲ 22.6%
2024 · €54.5m
EBIT margin
6.4%▲ 5.2pp
2024 · 1.2%
Net result
€1.9m
2024 · -€3.6m
Working capital
€6.5m▲ 125%
2024 · €2.9m
In the rankings
#1 employer in West Flanders, Computer programming and consultancy sector#1 company by total assets in Kortrijk, Telecoms and IT sector#2 company by equity in Kortrijk, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€66.9m
▲ 22.6%
2025
20182025
Operating result
€4.3m
▲ 544%
2025
20182025
Net result
€1.9m
2025
highest quarter of the sector
20182025
EBIT margin
6.4%
▲ 5.2pp
2025
20182025
Equity
€8.3m
▲ 30.4%
2025
highest quarter of the sector
20182025
Total assets
€53.8m
▲ 18.7%
2025
highest quarter of the sector
20182025
Debt
€45.5m
▲ 17.2%
2025
20182025
Working capital
€6.5m
▲ 125%
2025
highest quarter of the sector
20182025
Solvency
15.4%
▲ 1.4pp
2025
middle half of the sector
20182025
Current ratio
1.24
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
3.6%
▲ 11.6pp
2025
middle half of the sector
20182025
Staff (FTE)
242.3
▲ 16.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€29.2m-€27.2m▼ 6.9%€31.4m▲ 15.5%€39.6m▲ 26.0%€45.9m▲ 16.1%€53.8m▲ 17.2%€54.5m▲ 1.3%€66.9m▲ 22.6%
Operating result€3.2m-€2.7m▼ 15.6%€3.8m▲ 39.5%€4.2m▲ 11.9%€4.5m▲ 7.4%€2.8m▼ 38.7%€0.7m▼ 76.0%€4.3m▲ 544%
Net result€2.2m-€1.7m▼ 20.9%€2.6mabove the sector's middle half▲ 49.0%€2.8mabove the sector's middle half▲ 9.1%€2.8mabove the sector's middle half▼ 0.5%€1.1mabove the sector's middle half▼ 59.2%-€3.6mbelow the sector's middle half€1.9mabove the sector's middle half
EBIT margin10.9%-9.9%▼ 1.0pp12.0%▲ 2.1pp10.6%▼ 1.3pp9.8%▼ 0.8pp5.1%▼ 4.7pp1.2%▼ 3.9pp6.4%▲ 5.2pp
Equity€9.4m-€10.8m▲ 15.6%€7.4mabove the sector's middle half▼ 31.6%€6.0mabove the sector's middle half▼ 18.7%€8.8mabove the sector's middle half▲ 46.4%€10.0mabove the sector's middle half▲ 12.9%€6.4mabove the sector's middle half▼ 36.2%€8.3mabove the sector's middle half▲ 30.4%
Total assets€16.8m-€23.8m▲ 41.6%€28.1mabove the sector's middle half▲ 17.9%€25.3mabove the sector's middle half▼ 9.9%€38.0mabove the sector's middle half▲ 50.1%€49.7mabove the sector's middle half▲ 31.0%€45.3mabove the sector's middle half▼ 8.8%€53.8mabove the sector's middle half▲ 18.7%
Debt€7.2m-€12.8m▲ 77.6%€20.5m▲ 60.2%€19.1m▼ 6.8%€29.0m▲ 51.8%€39.6m▲ 36.8%€38.8m▼ 1.9%€45.5m▲ 17.2%
Working capital€7.1m-€14.4m▲ 102%€9.0mabove the sector's middle half▼ 38.0%€4.7mabove the sector's middle half▼ 47.2%€6.7mabove the sector's middle half▲ 42.5%€1.0mabove the sector's middle half▼ 85.4%€2.9mabove the sector's middle half▲ 193%€6.5mabove the sector's middle half▲ 125%
Solvency55.8%-45.5%▼ 10.2pp26.4%within the sector's middle half▼ 19.1pp23.9%within the sector's middle half▼ 2.6pp23.3%within the sector's middle half▼ 0.6pp20.1%within the sector's middle half▼ 3.2pp14.0%below the sector's middle half▼ 6.0pp15.4%within the sector's middle half▲ 1.4pp
Current ratio2.18-3.30▲ 1.121.69within the sector's middle half▼ 1.611.40within the sector's middle half▼ 0.281.43within the sector's middle half▲ 0.031.05below the sector's middle half▼ 0.381.16within the sector's middle half▲ 0.121.24within the sector's middle half▲ 0.08
Return on assets (ROA)13.0%-7.3%▼ 5.7pp9.2%within the sector's middle half▲ 1.9pp11.1%within the sector's middle half▲ 1.9pp7.4%within the sector's middle half▼ 3.7pp2.3%within the sector's middle half▼ 5.1pp-8.0%below the sector's middle half▼ 10.3pp3.6%within the sector's middle half▲ 11.6pp
Staff (FTE)126.3-132.3▲ 4.8%137.9above the sector's middle half▲ 4.2%162.4above the sector's middle half▲ 17.8%187.5above the sector's middle half▲ 15.5%203.7above the sector's middle half▲ 8.6%207.2above the sector's middle half▲ 1.7%242.3above the sector's middle half▲ 16.9%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 over 6.4 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2023 Net result -59% on 2022. Merger absorbing Thrives, effective 29-04-2022, in the previous financial year. That operation now counts for a full year for the first time.
- 2022 Total assets +50% on 2021. Merger absorbing Thrives, effective 29-04-2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53.8m
Fixed assets
€20.8m ▼ 16.5%
Current assets
€33.0m ▲ 61.7%
Equity and liabilities €53.8m
Equity
€8.3m ▲ 30.4%
Provisions
€5,829 ▼ 95.9%
Debt
€45.5m ▲ 17.2%
Debt's share of the balance-sheet total falls from 85.6% to 84.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€7.1m▲
2024 · €1.8m
Cash flow
€4.8m▲
2024 · -€2.5m
Quick ratio
1.24▲
2024 · 1.14
Debt to equity
5.49▼
2024 · 6.10
ROE
23.3%▲
2024 · -56.8%
Interest coverage
7.72▲
2024 · 1.51
Debt ≤ 1 year
€26.5m▲
2024 · €17.5m
Debt > 1 year
€4.3m▼
2024 · €11.3m
Income taxes
€1.9m▲
2024 · €251,720
Customer credit
98 days▲
2024 · 68 days
Supplier credit
160 days▲
2024 · 143 days
Staff costs
€23.4m▲
2024 · €17.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 182 | 201 | 208 | 224 | 264 |
| full-time | 171 | 185 | 188 | 205 | 226 |
| part-time | 11 | 16 | 20 | 19 | 38 |
| in full-time equivalents | 179.2 | 197.2 | 203 | 219.5 | 255 |
| Average over the year, in full-time equivalents | 162.4 | 187.5 | 203.7 | 207.2 | 242.3 |
| On a permanent contract | 182 | 201 | 208 | 224 | 264 |
| Joined | 49 | 52 | 35 | 49 | 81 |
| Left | 14 | 33 | 28 | 33 | 41 |
| Agency workers, average number | 0.7 | - | 0.3 | - | - |
| Training hours | 18,967 | 29,594 | 35,658 | 35,387 | 13,110 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €5.1m | €10.4m | €9.2m | €9.0m |
| Mortgages, amount registered | €6.1m | €6.1m | €6.1m | €6.1m | - |
| Carrying value of the mortgaged assets | €2.0m | €1.9m | €1.9m | €1.9m | - |
| Pledge on the business | €69.8m | €69.8m | €69.8m | €69.8m | €69.8m |
| Mandates to pledge the business | - | - | - | €69.8m | €69.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €392,674 | €1.3m | €756,706 | €1.4m | €2.0m |
| Intangible fixed assets | €2.5m | €2.1m | €286,373 | €74,258 | €15.3m |
| Financial fixed assets | €4.0m | €9.0m | €12.0m | - | - |
| Depreciation and write-downs of the year | €719,654 | €929,161 | €968,335 | €1.1m | €2.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is CALLENS VANDELANOTTE.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €11,781 | €11,500 | €13,000 | €13,412 | €19,034 |
| Other work by the auditor | €26,650 | - | €36,000 | - | €285 |
| Work by persons linked to the auditor | €6,875 | €12,030 | €5,600 | €72,264 | €10,110 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 13 entries · €73,474 awarded · €72,177 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €11,264 | €11,318 |
| 2024 | 4 | €31,340 | €30,646 |
| 2023 | 3 | €17,509 | €20,272 |
| 2022 | 2 | €13,361 | €9,941 |
Public contracts
6 awards · 2023 to 2025
Implementatie en onderhoud van software voor inplannen en opvolgen van taken/werkopdrachten voor diensten Team Openbare Netheid en Team Stadstoezicht voor Stad Mechelen 2025 (4+6x1): Implementatie en onderhoud van software voor inplannen en opvolgen van taken/werkopdrachten voor diensten Team Openbare Netheid en Team Stadstoezicht voor Stad Mechelen
2023-008: Raamovereenkomst ICT - Installeren van Cloud omgeving inclusief permanente ondersteuning
raamovereenkomst voor ondersteuning digitale transformatie door verschillende experten: Netwerk en Security
Raamovereenkomst: Aanduiding van dienstverleners voor verbetertrajecten rond cyber-security bij Vlaamse kmo’s.
Ondersteuning diensten informatica
Show 1 more contract
Ondersteuning diensten informatica
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €40.9m | €47.5m | €56.1m | €56.6m | €73.2m | ▲ 29.3% |
| Turnover70 | €29.2m | €27.2m | €31.4m | €39.6m | €45.9m | €53.8m | €54.5m | €66.9m | ▲ 22.6% |
| Other operating income74 | - | - | - | €1.4m | €1.6m | €2.2m | €2.0m | €2.1m | ▲ 2.5% |
| Non-recurring operating income76A | - | - | - | €0.003m | - | €0.009m | €0.03m | €4.2m | ▲ 122× |
| Operating charges60/66A | - | - | - | €36.7m | €43.0m | €53.3m | €55.9m | €68.9m | ▲ 23.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €19.0m | €21.4m | €24.7m | €25.8m | €29.8m | ▲ 15.6% |
| Purchases600/8 | - | - | - | €19.1m | €21.3m | €24.8m | €25.8m | €29.5m | ▲ 14.2% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.1m | €0.1m | -€0.07m | -€0.05m | €0.3m | - |
| Services and other goods61 | - | - | - | €4.6m | €6.4m | €9.2m | €10.9m | €12.1m | ▲ 10.6% |
| Remuneration, social security and pensions62 | - | - | - | €11.9m | €14.2m | €18.0m | €17.9m | €23.4m | ▲ 31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.7m | €0.6m | €0.7m | €0.9m | €1.0m | €1.1m | €2.9m | ▲ 162% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.004m | €0.002m | -€0.005m | €0.001m | €0.07m | ▲ 77× |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.002m | -€0.004m | -€0.007m | €0.002m | - | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.08m | €0.09m | €0.1m | €0.3m | ▲ 153% |
| Non-recurring operating charges66A | - | - | - | €0.4m | €0.01m | €0.3m | €0.2m | €0.4m | ▲ 152% |
| Operating profit (loss)9901 | €3.2m | €2.7m | €3.8m | €4.2m | €4.5m | €2.8m | €0.7m | €4.3m | ▲ 544% |
| Financial income75/76B | - | - | - | €0.002m | €0.02m | €0.05m | €0.1m | €0.4m | ▲ 151% |
| Recurring financial income75 | €0.07m | €0.05m | €0.01m | €0.002m | €0.02m | €0.05m | €0.1m | €0.4m | ▲ 151% |
| Income from financial fixed assets750 | - | - | - | - | €0.02m | €0.05m | €0.1m | €0.2m | ▲ 78.4% |
| Income from current assets751 | - | - | - | €22 | €0.001m | €0.002m | €0.003m | - | - |
| Other financial income752/9 | - | - | - | €0.002m | €0.001m | €0.002m | €0.003m | €0.1m | ▲ 33× |
| Financial charges65/66B | - | - | - | €0.2m | €0.4m | €0.8m | €4.2m | €1.0m | ▼ 76.8% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.8m | €1.2m | €1.0m | ▼ 17.7% |
| Debt charges650 | €0.1m | €0.09m | €0.1m | €0.1m | €0.3m | €0.8m | €1.2m | €0.9m | ▼ 20.3% |
| Other financial charges652/9 | - | - | - | €0.005m | €0.008m | €0.02m | €0.02m | €0.04m | ▲ 151% |
| Non-recurring financial charges66B | - | - | - | - | €0.02m | - | €3.0m | - | - |
| Profit (loss) for the period before taxes9903 | €3.2m | €2.6m | €3.7m | €4.1m | €4.2m | €2.0m | -€3.4m | €3.7m | - |
| Transfer from deferred taxes780 | - | - | - | €0.01m | €0.01m | €0.009m | €0.009m | €0.1m | ▲ 16× |
| Income taxes67/77 | €1.0m | €0.9m | €1.1m | €1.3m | €1.4m | €0.9m | €0.3m | €1.9m | ▲ 643% |
| Taxes670/3 | - | - | - | €1.3m | €1.4m | €0.9m | €0.3m | €1.9m | ▲ 584% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €218 | - | €34 | €0.02m | - | - |
| Profit (loss) for the period9904 | €2.2m | €1.7m | €2.6m | €2.8m | €2.8m | €1.1m | -€3.6m | €1.9m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.9m | €0.03m | €0.03m | €0.03m | €0.4m | ▲ 16× |
| Transfer to tax-exempt reserves689 | - | - | - | €184 | - | - | - | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €2.2m | €2.3m | €3.4m | €3.7m | €2.8m | €1.2m | -€3.6m | €2.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.8m | €23.8m | €28.1m | €25.3m | €38.0m | €49.7m | €45.3m | €53.8m | ▲ 18.7% |
| Fixed assets21/28 | €3.6m | €3.1m | €6.1m | €8.8m | €15.6m | €27.5m | €24.9m | €20.8m | ▼ 16.5% |
| Intangible fixed assets21 | €480 | - | - | €2.1m | €3.8m | €3.6m | €3.0m | €16.9m | ▲ 462% |
| Tangible fixed assets22/27 | €3.6m | €3.0m | €2.9m | €2.6m | €2.7m | €3.0m | €3.9m | €1.3m | ▼ 67.9% |
| Land and buildings22 | - | - | - | €2.0m | €1.9m | €1.9m | €1.9m | €0.01m | ▼ 99.4% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.7m | €0.8m | €0.9m | €0.8m | ▼ 9.6% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.06m | €0.05m | €0.04m | €0.2m | ▲ 353% |
| Other tangible fixed assets26 | - | - | - | - | €0.009m | €0.1m | €0.1m | €0.2m | ▲ 92.1% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €1.0m | - | - |
| Financial fixed assets28 | €0.02m | €0.03m | €3.1m | €4.1m | €9.0m | €21.0m | €18.0m | €2.7m | ▼ 84.9% |
| Affiliated companies280/1 | - | - | - | €4.0m | €9.0m | €20.9m | €17.9m | €2.6m | ▼ 85.4% |
| Participating interests280 | - | - | - | €4.0m | €9.0m | €20.9m | €17.9m | - | - |
| Amounts receivable281 | - | - | - | - | - | - | - | €2.6m | - |
| Companies linked by participating interests282/3 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Participating interests282 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.04m | €0.03m | €0.05m | €0.09m | ▲ 59.8% |
| Shares284 | - | - | - | €496 | €496 | €496 | €496 | €496 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.04m | €0.03m | €0.05m | €0.09m | ▲ 60.4% |
| Current assets29/58 | €13.2m | €20.7m | €22.0m | €16.4m | €22.4m | €22.2m | €20.4m | €33.0m | ▲ 61.7% |
| Stocks and contracts in progress3 | €0.6m | €0.1m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.07m | ▼ 79.2% |
| Stocks30/36 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.07m | ▼ 79.2% |
| Goods purchased for resale34 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.07m | ▼ 79.2% |
| Amounts receivable within one year40/41 | €7.1m | €8.8m | €7.2m | €8.5m | €10.2m | €12.7m | €10.5m | €18.0m | ▲ 71.4% |
| Trade receivables40 | - | - | - | €8.5m | €9.0m | €9.3m | €10.2m | €18.0m | ▲ 76.6% |
| Other amounts receivable41 | - | - | - | €0.007m | €1.2m | €3.4m | €0.3m | €0.03m | ▼ 91.5% |
| Current investments50/53 | - | - | - | - | €0.08m | - | - | - | - |
| Other investments51/53 | - | - | - | - | €0.08m | - | - | - | - |
| Cash at bank and in hand54/58 | €5.0m | €7.2m | €9.6m | €2.2m | €5.6m | €2.3m | €2.2m | €3.0m | ▲ 32.7% |
| Deferred charges and accrued income490/1 | - | - | - | €5.4m | €6.2m | €6.9m | €7.3m | €12.0m | ▲ 63.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.8m | €23.8m | €28.1m | €25.3m | €38.0m | €49.7m | €45.3m | €53.8m | ▲ 18.7% |
| Equity10/15 | €9.4m | €10.8m | €7.4m | €6.0m | €8.8m | €10.0m | €6.4m | €8.3m | ▲ 30.4% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €2.9m | €3.1m | €3.1m | €3.0m | €3.0m | €3.0m | €3.0m | €2.7m | ▼ 8.9% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.2m | ▼ 63.5% |
| Distributable reserves133 | - | - | - | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Profit (loss) carried forward14 | €6.3m | €7.6m | €4.2m | €2.9m | €5.7m | €6.9m | €3.3m | €5.5m | ▲ 66.8% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.006m | ▼ 95.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | €0.01m | €0.004m | €0.006m | €0.006m | = |
| Pensions and similar obligations160 | - | - | - | €0.02m | €0.01m | €0.004m | €0.006m | €0.006m | = |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | - | - |
| Amounts payable17/49 | €7.2m | €12.8m | €20.5m | €19.1m | €29.0m | €39.6m | €38.8m | €45.5m | ▲ 17.2% |
| Amounts payable after more than one year17 | - | - | - | €0.001m | €4.4m | €8.7m | €11.3m | €4.3m | ▼ 61.8% |
| Financial debts170/4 | - | - | - | - | €4.4m | €8.7m | €11.3m | €4.3m | ▼ 61.8% |
| Credit institutions173 | - | - | - | - | €4.4m | €8.7m | €7.5m | €4.3m | ▼ 42.5% |
| Other loans174 | - | - | - | - | - | - | €3.8m | - | - |
| Other amounts payable178/9 | - | - | - | €0.001m | €0.001m | - | - | - | - |
| Amounts payable within one year42/48 | €6.1m | €6.3m | €13.0m | €11.7m | €15.7m | €21.2m | €17.5m | €26.5m | ▲ 51.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.7m | €1.7m | €1.7m | €4.7m | ▲ 178% |
| Trade debts44 | €2.5m | €3.9m | €4.5m | €5.5m | €6.3m | €7.5m | €10.1m | €13.1m | ▲ 29.3% |
| Suppliers440/4 | - | - | - | €5.5m | €6.3m | €7.5m | €10.1m | €13.1m | ▲ 29.3% |
| Advances received on contracts in progress46 | - | - | - | €0.3m | €0.6m | €0.3m | €0.8m | €0.8m | ▼ 3.4% |
| Taxes, remuneration and social security45 | - | - | - | €3.1m | €3.2m | €3.8m | €4.2m | €7.9m | ▲ 89.3% |
| Taxes450/3 | - | - | - | €1.0m | €0.9m | €0.9m | €1.2m | €4.0m | ▲ 248% |
| Remuneration and social security454/9 | - | - | - | €2.1m | €2.3m | €2.8m | €3.0m | €3.9m | ▲ 29.2% |
| Other amounts payable47/48 | - | - | - | €2.9m | €4.8m | €7.9m | €0.7m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €7.4m | €8.9m | €9.7m | €10.1m | €14.7m | ▲ 46.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.2m | €1.7m | €2.6m | €2.8m | €2.8m | €1.1m | -€3.6m | €1.9m | - |
| + Depreciation and write-downs630 | €0.6m | €0.7m | €0.6m | €0.7m | €0.9m | €1.0m | €1.1m | €2.9m | ▲ 162% |
| Operating cash flow (approximation) | €2.8m | €2.4m | €3.2m | €3.5m | €3.7m | €2.1m | -€2.5m | €4.8m | - |
| Investment in fixed assets (approximation) | - | -€0.2m | -€3.6m | -€3.5m | -€7.6m | -€13.0m | €1.5m | €1.3m | ▼ 16.6% |
| Change in cash | - | €2.2m | €2.4m | -€7.4m | €3.4m | -€3.3m | -€0.05m | €0.7m | - |
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, 733 companies had the same profile as SAVACO has now. Two years later, 97.3% were still going and 1.0% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
97.3%
was still going
1.4%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SAVACO itself: 0.2% 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 733 companies, not a prediction for SAVACO. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-07-2026 | 2026-00328065 | |
| 31-12-2024 | full format | 17-06-2025 | 2025-00154689 | |
| 31-12-2023 | full format | 25-07-2024 | 2024-00306257 | |
| 31-12-2022 | full format | 04-05-2023 | 2023-00082677 | |
| 31-12-2021 | full format | 04-05-2022 | 2022-20022231 | |
| 31-12-2020 | full format | 04-05-2021 | 2021-13300050 | |
| 31-12-2019 | full format | 06-05-2020 | 2020-11600125 | |
| 31-12-2018 | full format | 09-07-2019 | 2019-30000235 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-21700493 | |
| 31-12-2016 | full format | 08-06-2017 | 2017-15200366 |