SBPS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 14 days after the deadline Filed on 14 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00398062.
Annual accounts 2025 filed on 14-08-2026 PDF all 25 filings
Turnover
≈ €880,000
Estimated: probably between €600,000 and €1.1m
Total assets
€441,294▲ 10.1%
2024 · €400,633
Net result
€36,329▲ 15.2%
2024 · €31,537
Working capital
-€137,300▲ 23.0%
2024 · -€178,413
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,469
▲ 19.9%
2025
20182025
Net result
€36,329
▲ 15.2%
2025
highest quarter of the sector
20182025
Equity
€147,488
▲ 32.7%
2025
highest quarter of the sector
20182025
Total assets
€441,294
▲ 10.1%
2025
highest quarter of the sector
20182025
Debt
€293,806
▲ 1.5%
2025
20182025
Working capital
-€137,300
▲ 23.0%
2025
lowest quarter of the sector
20182025
Solvency
33.4%
▲ 5.7pp
2025
middle half of the sector
20182025
Current ratio
0.39
▲ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
8.2%
▲ 0.4pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€19,726-€14,200€31,827▲ 124%€16,755▼ 47.4%€46,949▲ 180%-€2,002€51,284€61,469▲ 19.9%
Net result-€27,368-€7,596€20,537within the sector's middle half▲ 170%€6,283within the sector's middle half▼ 69.4%€26,458above the sector's middle half▲ 321%-€8,731below the sector's middle half€31,537above the sector's middle half€36,329above the sector's middle half▲ 15.2%
Equity€13,661-€32,074▲ 135%€52,611within the sector's middle half▲ 64.0%€58,894within the sector's middle half▲ 11.9%€85,352within the sector's middle half▲ 44.9%€76,622within the sector's middle half▼ 10.2%€111,158within the sector's middle half▲ 45.1%€147,488above the sector's middle half▲ 32.7%
Total assets€421,545-€324,414▼ 23.0%€323,984above the sector's middle half▼ 0.1%€349,644above the sector's middle half▲ 7.9%€328,261above the sector's middle half▼ 6.1%€324,334within the sector's middle half▼ 1.2%€400,633above the sector's middle half▲ 23.5%€441,294above the sector's middle half▲ 10.1%
Debt€357,884-€292,341▼ 18.3%€271,373▼ 7.2%€290,750▲ 7.1%€242,909▼ 16.5%€247,713▲ 2.0%€289,475▲ 16.9%€293,806▲ 1.5%
Working capital-€54,356--€134,625▼ 148%-€135,295below the sector's middle half▼ 0.5%-€167,347below the sector's middle half▼ 23.7%-€160,078below the sector's middle half▲ 4.3%-€191,069below the sector's middle half▼ 19.4%-€178,413below the sector's middle half▲ 6.6%-€137,300below the sector's middle half▲ 23.0%
Solvency3.2%-9.9%▲ 6.6pp16.2%within the sector's middle half▲ 6.4pp16.8%within the sector's middle half▲ 0.6pp26.0%within the sector's middle half▲ 9.2pp23.6%within the sector's middle half▼ 2.4pp27.7%within the sector's middle half▲ 4.1pp33.4%within the sector's middle half▲ 5.7pp
Current ratio0.67-0.17▼ 0.500.21below the sector's middle half▲ 0.040.19below the sector's middle half▼ 0.020.18below the sector's middle half▼ 0.010.19below the sector's middle half▲ 0.010.24below the sector's middle half▲ 0.050.39below the sector's middle half▲ 0.15
Return on assets (ROA)-6.5%-2.3%▲ 8.8pp6.3%within the sector's middle half▲ 4.0pp1.8%within the sector's middle half▼ 4.5pp8.1%within the sector's middle half▲ 6.3pp-2.7%within the sector's middle half▼ 10.8pp7.9%within the sector's middle half▲ 10.6pp8.2%within the sector's middle half▲ 0.4pp
Staff (FTE)1.32.5within the sector's middle half▲ 92.3%1.2▼ 52.0%2.3▲ 91.7%2▼ 13.0%
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 20% 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 €441,294
Fixed assets
€354,138 ▲ 2.5%
Current assets
€87,155 ▲ 57.9%
Equity and liabilities €441,294
Equity
€147,488 ▲ 32.7%
Debt
€293,806 ▲ 1.5%
Debt's share of the balance-sheet total falls from 72.3% to 66.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€102,649▲
2024 · €87,917
Cash flow
€77,510▲
2024 · €68,169
Quick ratio
0.22▲
2024 · 0.10
Debt to equity
1.99▼
2024 · 2.60
ROE
24.6%▼
2024 · 28.4%
Interest coverage
9.29▲
2024 · 8.69
Debt ≤ 1 year
€224,456▼
2024 · €233,593
Debt > 1 year
€69,285▲
2024 · €55,882
Income taxes
€14,860▲
2024 · €10,225
Staff costs
-€1,671▼
2024 · €31,857
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 |
| full-time | - | - | 2 |
| part-time | 2 | 2 | - |
| in full-time equivalents | 0.4 | 0.4 | 2 |
| Average over the year, in full-time equivalents | 1.2 | 0.7 | 2 |
| On a permanent contract | - | - | 2 |
| Joined | 3 | 2 | - |
| Left | 4 | 2 | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €39,221 | €2,000 | €4,018 | €102,297 | €48,211 |
| Financial fixed assets | - | - | - | - | €1,655 |
| Depreciation and write-downs of the year | €17,347 | €18,262 | €17,809 | €36,633 | €41,181 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €12,925 | - | €1,274 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €33,926 | €8,640 | €10,979 | €31,857 | -€1,671 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,431 | €13,491 | €13,489 | €17,347 | €18,262 | €17,809 | €36,633 | €41,181 | ▲ 12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €606 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €5,948 | €4,490 | €6,753 | €9,194 | €5,135 | ▼ 44.1% |
| Gross operating margin9900 | €32,612 | €48,780 | €80,276 | €74,581 | €78,341 | €33,539 | €128,968 | €106,114 | ▼ 17.7% |
| Operating profit (loss)9901 | -€19,726 | €14,200 | €31,827 | €16,755 | €46,949 | -€2,002 | €51,284 | €61,469 | ▲ 19.9% |
| Financial income75/76B | - | - | - | €75 | €631 | €3 | €596 | €774 | ▲ 29.9% |
| Recurring financial income75 | €20 | €300 | - | €75 | €631 | €3 | €596 | €774 | ▲ 29.9% |
| Financial charges65/66B | - | - | - | €8,979 | €9,587 | €6,387 | €10,118 | €11,053 | ▲ 9.2% |
| Recurring financial charges65 | €7,662 | €6,904 | €7,355 | €8,979 | €9,587 | €6,387 | €10,118 | €11,053 | ▲ 9.2% |
| Profit (loss) for the period before taxes9903 | -€27,368 | €7,596 | €24,472 | €7,851 | €37,993 | -€8,385 | €41,762 | €51,190 | ▲ 22.6% |
| Income taxes67/77 | - | - | €3,935 | €1,568 | €11,534 | €345 | €10,225 | €14,860 | ▲ 45.3% |
| Profit (loss) for the period9904 | -€27,368 | €7,596 | €20,537 | €6,283 | €26,458 | -€8,731 | €31,537 | €36,329 | ▲ 15.2% |
| Profit (loss) for the period to be appropriated9905 | -€27,368 | €7,596 | €20,537 | €6,283 | €26,458 | -€8,731 | €31,537 | €36,329 | ▲ 15.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €421,545 | €324,414 | €323,984 | €349,644 | €328,261 | €324,334 | €400,633 | €441,294 | ▲ 10.1% |
| Fixed assets21/28 | €309,777 | €296,286 | €287,968 | €309,843 | €293,580 | €279,790 | €345,453 | €354,138 | ▲ 2.5% |
| Tangible fixed assets22/27 | €306,585 | €293,093 | €284,776 | €306,650 | €290,388 | €276,597 | €342,261 | €349,291 | ▲ 2.1% |
| Land and buildings22 | - | - | - | €269,004 | €256,315 | €243,625 | €237,607 | €264,513 | ▲ 11.3% |
| Plant, machinery and equipment23 | - | - | - | €36,659 | €33,868 | €31,456 | €26,777 | €22,185 | ▼ 17.1% |
| Furniture and vehicles24 | - | - | - | €988 | €205 | €1,516 | €77,877 | €62,593 | ▼ 19.6% |
| Financial fixed assets28 | €3,192 | €3,192 | €3,192 | €3,192 | €3,192 | €3,192 | €3,192 | €4,847 | ▲ 51.8% |
| Current assets29/58 | €111,768 | €28,129 | €36,016 | €39,801 | €34,681 | €44,545 | €55,180 | €87,155 | ▲ 57.9% |
| Stocks and contracts in progress3 | €67,048 | €24,275 | €22,077 | €16,835 | €5,570 | €13,806 | €32,371 | €36,869 | ▲ 13.9% |
| Stocks30/36 | - | - | - | €16,835 | €5,570 | €13,806 | €32,371 | €36,869 | ▲ 13.9% |
| Amounts receivable within one year40/41 | €44,719 | €893 | €8,958 | €18,646 | €943 | €3,037 | €6,206 | €15,196 | ▲ 145% |
| Trade receivables40 | - | - | - | €15,957 | €171 | - | €5,384 | €14,074 | ▲ 161% |
| Other amounts receivable41 | - | - | - | €2,688 | €771 | €3,037 | €823 | €1,123 | ▲ 36.4% |
| Cash at bank and in hand54/58 | - | €2,960 | €1,091 | €0 | €26,347 | €26,253 | €15,672 | €34,235 | ▲ 118% |
| Deferred charges and accrued income490/1 | - | - | - | €4,320 | €1,822 | €1,449 | €931 | €855 | ▼ 8.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €421,545 | €324,414 | €323,984 | €349,644 | €328,261 | €324,334 | €400,633 | €441,294 | ▲ 10.1% |
| Equity10/15 | €13,661 | €32,074 | €52,611 | €58,894 | €85,352 | €76,622 | €111,158 | €147,488 | ▲ 32.7% |
| Contributions10/11 | €118,600 | €118,600 | - | €118,600 | €118,600 | €118,600 | €121,600 | €121,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€106,799 | -€88,386 | -€67,849 | -€61,566 | -€35,108 | -€43,838 | -€12,302 | €24,028 | - |
| Provisions and deferred taxes16 | €50,000 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €357,884 | €292,341 | €271,373 | €290,750 | €242,909 | €247,713 | €289,475 | €293,806 | ▲ 1.5% |
| Amounts payable after more than one year17 | €191,760 | €129,587 | €100,062 | €83,602 | €48,150 | €12,099 | €55,882 | €69,285 | ▲ 24.0% |
| Financial debts170/4 | - | - | - | €83,602 | €48,150 | €12,099 | €55,882 | €69,285 | ▲ 24.0% |
| Amounts payable within one year42/48 | €166,124 | €162,754 | €171,311 | €207,148 | €194,759 | €235,614 | €233,593 | €224,456 | ▼ 3.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €37,165 | €38,452 | €39,051 | €29,206 | €31,123 | ▲ 6.6% |
| Financial debts43 | - | - | - | €8,075 | €5,000 | €6,928 | €10,139 | €11,647 | ▲ 14.9% |
| Credit institutions430/8 | - | - | - | €8,075 | €5,000 | €6,928 | €10,139 | €11,647 | ▲ 14.9% |
| Trade debts44 | €21,784 | €7,501 | €13,153 | €29,098 | €12,102 | €58,188 | €33,801 | €36,792 | ▲ 8.9% |
| Suppliers440/4 | - | - | - | €29,098 | €12,102 | €58,188 | €33,801 | €36,792 | ▲ 8.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €112 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €16,154 | €10,446 | €7,269 | €13,633 | €29,496 | ▲ 116% |
| Taxes450/3 | - | - | - | €10,040 | €10,446 | €4,379 | €11,538 | €29,496 | ▲ 156% |
| Remuneration and social security454/9 | - | - | - | €6,114 | - | €2,890 | €2,095 | - | - |
| Other amounts payable47/48 | - | - | - | €116,656 | €128,759 | €124,178 | €146,703 | €115,397 | ▼ 21.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €66 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,368 | €7,596 | €20,537 | €6,283 | €26,458 | -€8,731 | €31,537 | €36,329 | ▲ 15.2% |
| + Depreciation and write-downs630 | €14,431 | €13,491 | €13,489 | €17,347 | €18,262 | €17,809 | €36,633 | €41,181 | ▲ 12.4% |
| Operating cash flow (approximation) | -€12,937 | €21,087 | €34,026 | €23,629 | €44,721 | €9,078 | €68,169 | €77,510 | ▲ 13.7% |
| Investment in fixed assets (approximation) | - | €0 | -€5,171 | -€39,221 | -€2,000 | -€4,018 | -€102,297 | -€49,866 | ▲ 51.3% |
| Change in cash | - | - | -€1,869 | -€1,091 | €26,347 | -€94 | -€10,581 | €18,563 | - |
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, 31,368 companies had the same profile as SBPS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SBPS itself: 0.4% 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 31,368 companies, not a prediction for SBPS. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-08-2026 | 2026-00398062 | |
| 31-12-2024 | micro format | 11-08-2026 | 2026-00391894 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00404121 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00284082 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20227076 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44500140 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67700572 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-60600070 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-67000593 | |
| 31-12-2016 | micro format | 14-11-2017 | 2017-69600559 |