SB-SYSTEM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00467655.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 6 filings
Turnover
≈ €280,000
Estimated: probably between €210,000 and €580,000
Total assets
€122,856▼ 0.4%
2024 · €123,353
Net result
€4,042
2024 · -€38,913
Working capital
€47,517▲ 30.5%
2024 · €36,412
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€10,041
2025
20202025
Net result
€4,042
2025
middle half of the sector
20202025
Equity
€32,780
▲ 14.1%
2025
middle half of the sector
20202025
Total assets
€122,856
▼ 0.4%
2025
middle half of the sector
20202025
Debt
€90,076
▼ 4.8%
2025
20202025
Working capital
€47,517
▲ 30.5%
2025
middle half of the sector
20202025
Solvency
26.7%
▲ 3.4pp
2025
middle half of the sector
20202025
Current ratio
2.33
▲ 0.23
2025
middle half of the sector
20202025
Return on assets (ROA)
3.3%
▲ 34.8pp
2025
middle half of the sector
20202025
Staff (FTE)
1.3
▲ 333%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€34,575-€6,346▼ 81.6%€28,960▲ 356%€29,465▲ 1.7%-€33,635€10,041
Net result€23,726within the sector's middle half-€3,903within the sector's middle half▼ 83.5%€19,219within the sector's middle half▲ 392%€17,803within the sector's middle half▼ 7.4%-€38,913below the sector's middle half€4,042within the sector's middle half
Equity€26,726within the sector's middle half-€30,629within the sector's middle half▲ 14.6%€49,848within the sector's middle half▲ 62.7%€67,651within the sector's middle half▲ 35.7%€28,738within the sector's middle half▼ 57.5%€32,780within the sector's middle half▲ 14.1%
Total assets€81,956within the sector's middle half-€77,406within the sector's middle half▼ 5.6%€213,365within the sector's middle half▲ 176%€131,152within the sector's middle half▼ 38.5%€123,353within the sector's middle half▼ 5.9%€122,856within the sector's middle half▼ 0.4%
Debt€55,230-€46,777▼ 15.3%€163,517▲ 250%€63,501▼ 61.2%€94,615▲ 49.0%€90,076▼ 4.8%
Working capital-€11,561below the sector's middle half--€2,222below the sector's middle half▲ 80.8%€29,279within the sector's middle half€75,055within the sector's middle half▲ 156%€36,412within the sector's middle half▼ 51.5%€47,517within the sector's middle half▲ 30.5%
Solvency32.6%within the sector's middle half-39.6%within the sector's middle half▲ 7.0pp23.4%within the sector's middle half▼ 16.2pp51.6%within the sector's middle half▲ 28.2pp23.3%below the sector's middle half▼ 28.3pp26.7%within the sector's middle half▲ 3.4pp
Current ratio0.79below the sector's middle half-0.95below the sector's middle half▲ 0.161.18within the sector's middle half▲ 0.233.37above the sector's middle half▲ 2.192.10within the sector's middle half▼ 1.262.33within the sector's middle half▲ 0.23
Return on assets (ROA)28.9%above the sector's middle half-5.0%within the sector's middle half▼ 23.9pp9.0%within the sector's middle half▲ 4.0pp13.6%within the sector's middle half▲ 4.6pp-31.5%below the sector's middle half▼ 45.1pp3.3%within the sector's middle half▲ 34.8pp
Staff (FTE)1within the sector's middle half-1.6▲ 60.0%0.3▼ 81.3%0.31.3▲ 333%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €10,041, after a loss of €33,635 in 2024.
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 €122,856
Fixed assets
€39,655 ▼ 26.5%
Current assets
€83,201 ▲ 19.9%
Equity and liabilities €122,856
Equity
€32,780 ▲ 14.1%
Debt
€90,076 ▼ 4.8%
Debt's share of the balance-sheet total falls from 76.7% to 73.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24,051▲
2024 · -€20,783
Cash flow
€18,052▲
2024 · -€26,061
Debt to equity
2.75▼
2024 · 3.29
ROE
12.3%▲
2024 · -135.4%
Interest coverage
4.08▲
2024 · -3.94
Debt ≤ 1 year
€35,684▲
2024 · €32,975
Debt > 1 year
€54,244▼
2024 · €61,473
Income taxes
€267
Staff costs
€23,287▲
2024 · €4,594
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | - | 2 |
| part-time | 1 | - | - | 2 |
| in full-time equivalents | 0.8 | - | - | 1.6 |
| Average over the year, in full-time equivalents | 1.6 | 0.2 | 0.2 | 1.3 |
| On a permanent contract | 1 | - | - | - |
| Joined | 3 | 0 | 0 | 4 |
| Left | 3 | 1 | 1 | 3 |
| Training hours | - | - | - | 1,953 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,610 | - | €9,910 | €79,184 | €3,955 |
| Financial fixed assets | - | - | - | €363 | €60 |
| Depreciation and write-downs of the year | €13,046 | €12,282 | €6,090 | €12,852 | €14,010 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €8,540 | - |
| Remuneration, social security and pensions62 | - | €38,188 | €19,276 | €4,475 | €4,594 | €23,287 | ▲ 407% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,140 | €13,046 | €12,282 | €6,090 | €12,852 | €14,010 | ▲ 9.0% |
| Other operating charges640/8 | - | €1,837 | €10,914 | €8,661 | €6,763 | €8,935 | ▲ 32.1% |
| Non-recurring operating charges66A | - | - | - | - | €9,433 | - | - |
| Gross operating margin9900 | €77,465 | €59,417 | €71,432 | €48,691 | €7 | €56,273 | ▲ 8,039× |
| Operating profit (loss)9901 | €34,575 | €6,346 | €28,960 | €29,465 | -€33,635 | €10,041 | - |
| Financial income75/76B | - | €805 | €164 | €111 | €2 | €170 | ▲ 85× |
| Recurring financial income75 | €14 | €805 | €164 | €111 | €2 | €170 | ▲ 85× |
| Financial charges65/66B | - | €1,448 | €1,665 | €5,313 | €5,280 | €5,902 | ▲ 11.8% |
| Recurring financial charges65 | €1,471 | €1,448 | €1,665 | €5,313 | €5,280 | €5,902 | ▲ 11.8% |
| Profit (loss) for the period before taxes9903 | €33,118 | €5,703 | €27,459 | €24,263 | -€38,913 | €4,309 | - |
| Income taxes67/77 | €9,392 | €1,800 | €8,240 | €6,460 | - | €267 | - |
| Profit (loss) for the period9904 | €23,726 | €3,903 | €19,219 | €17,803 | -€38,913 | €4,042 | - |
| Profit (loss) for the period to be appropriated9905 | €23,726 | €3,903 | €19,219 | €17,803 | -€38,913 | €4,042 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €81,956 | €77,406 | €213,365 | €131,152 | €123,353 | €122,856 | ▼ 0.4% |
| Fixed assets21/28 | €38,287 | €32,851 | €20,569 | €24,389 | €53,966 | €39,655 | ▼ 26.5% |
| Tangible fixed assets22/27 | €38,287 | €32,851 | €20,569 | €24,389 | €53,603 | €39,232 | ▼ 26.8% |
| Plant, machinery and equipment23 | - | €18,945 | €8,144 | €4,619 | €7,683 | €4,743 | ▼ 38.3% |
| Furniture and vehicles24 | - | - | - | €8,671 | €35,860 | €21,644 | ▼ 39.6% |
| Other tangible fixed assets26 | - | €13,906 | €12,425 | €11,099 | €10,060 | €12,845 | ▲ 27.7% |
| Financial fixed assets28 | - | - | - | - | €363 | €423 | ▲ 16.5% |
| Current assets29/58 | €43,669 | €44,555 | €192,796 | €106,763 | €69,387 | €83,201 | ▲ 19.9% |
| Stocks and contracts in progress3 | €4,783 | €23,504 | - | - | - | - | - |
| Stocks30/36 | - | €23,504 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €28,556 | €14,151 | €184,537 | €43,268 | €64,308 | €80,186 | ▲ 24.7% |
| Trade receivables40 | - | €1,213 | €170,597 | €21,936 | €10,028 | €9,343 | ▼ 6.8% |
| Other amounts receivable41 | - | €12,938 | €13,940 | €21,332 | €54,280 | €70,843 | ▲ 30.5% |
| Cash at bank and in hand54/58 | €10,140 | €6,440 | €7,323 | €63,334 | €1,687 | €535 | ▼ 68.3% |
| Deferred charges and accrued income490/1 | - | €460 | €936 | €161 | €3,392 | €2,480 | ▼ 26.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €81,956 | €77,406 | €213,365 | €131,152 | €123,353 | €122,856 | ▼ 0.4% |
| Equity10/15 | €26,726 | €30,629 | €49,848 | €67,651 | €28,738 | €32,780 | ▲ 14.1% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €23,726 | €23,726 | €23,726 | €23,726 | €23,726 | €23,726 | = |
| Distributable reserves133 | - | €23,726 | €23,726 | €23,726 | €23,726 | €23,726 | = |
| Profit (loss) carried forward14 | - | €3,903 | €23,122 | €40,925 | €2,012 | €6,054 | ▲ 201% |
| Amounts payable17/49 | €55,230 | €46,777 | €163,517 | €63,501 | €94,615 | €90,076 | ▼ 4.8% |
| Amounts payable after more than one year17 | - | - | - | €31,533 | €61,473 | €54,244 | ▼ 11.8% |
| Financial debts170/4 | - | - | - | €31,533 | €61,473 | €54,244 | ▼ 11.8% |
| Amounts payable within one year42/48 | €55,230 | €46,777 | €163,517 | €31,708 | €32,975 | €35,684 | ▲ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,287 | €17,019 | €20,619 | ▲ 21.2% |
| Trade debts44 | €47,303 | €28,311 | €154,112 | €9,512 | €11,440 | €14,695 | ▲ 28.5% |
| Suppliers440/4 | - | €28,311 | €154,112 | - | €11,440 | €14,695 | ▲ 28.5% |
| Bills of exchange payable441 | - | - | - | €9,512 | - | - | - |
| Advances received on contracts in progress46 | - | €2,223 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | €4,952 | €9,405 | €14,909 | €4,516 | €370 | ▼ 91.8% |
| Taxes450/3 | - | €1,800 | €9,405 | €14,909 | €4,000 | €370 | ▼ 90.8% |
| Remuneration and social security454/9 | - | €3,152 | - | - | €516 | - | - |
| Other amounts payable47/48 | - | €11,291 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €260 | €167 | €148 | ▼ 11.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,726 | €3,903 | €19,219 | €17,803 | -€38,913 | €4,042 | - |
| + Depreciation and write-downs630 | €9,140 | €13,046 | €12,282 | €6,090 | €12,852 | €14,010 | ▲ 9.0% |
| Operating cash flow (approximation) | €32,866 | €16,949 | €31,501 | €23,893 | -€26,061 | €18,052 | - |
| Investment in fixed assets (approximation) | - | -€7,610 | €0 | -€9,910 | -€42,429 | €301 | - |
| Change in cash | - | -€3,700 | €883 | €56,011 | -€61,647 | -€1,152 | ▲ 98.1% |
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, 3,274 companies had the same profile as SB-SYSTEM has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SB-SYSTEM itself: 2.7% 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 3,274 companies, not a prediction for SB-SYSTEM. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00467655 | |
| 31-12-2024 | micro format | 25-09-2025 | 2025-00502688 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00411013 | |
| 31-12-2022 | micro format | 05-10-2023 | 2023-00471892 | |
| 31-12-2021 | micro format | 28-10-2022 | 2022-20478065 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58500541 |