SCHELDETRANS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 11 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €260,000
Total assets
€285,082▲ 5.3%
2024 · €270,794
Net result
€89,278▲ 33.3%
2024 · €66,968
Working capital
€246,552▲ 4.8%
2024 · €235,371
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€125,010
▲ 34.5%
2025
20182025
Net result
€89,278
▲ 33.3%
2025
highest quarter of the sector
20182025
Equity
€258,296
▲ 3.4%
2025
highest quarter of the sector
20182025
Total assets
€285,082
▲ 5.3%
2025
middle half of the sector
20182025
Debt
€26,787
▲ 27.0%
2025
20182025
Working capital
€246,552
▲ 4.8%
2025
highest quarter of the sector
20182025
Solvency
90.6%
▼ 1.6pp
2025
highest quarter of the sector
20182025
Current ratio
10.20
▼ 1.95
2025
highest quarter of the sector
20182025
Return on assets (ROA)
31.3%
▲ 6.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,860-€27,517▼ 4.7%€29,700▲ 7.9%€59,164▲ 99.2%€53,413▼ 9.7%€73,246▲ 37.1%€92,969▲ 26.9%€125,010▲ 34.5%
Net result€20,195-€19,224▼ 4.8%€19,556within the sector's middle half▲ 1.7%€41,903within the sector's middle half▲ 114%€37,853within the sector's middle half▼ 9.7%€51,797within the sector's middle half▲ 36.8%€66,968above the sector's middle half▲ 29.3%€89,278above the sector's middle half▲ 33.3%
Equity€90,251-€109,475▲ 21.3%€129,031within the sector's middle half▲ 17.9%€146,651within the sector's middle half▲ 13.7%€167,799within the sector's middle half▲ 14.4%€204,788within the sector's middle half▲ 22.0%€249,701above the sector's middle half▲ 21.9%€258,296above the sector's middle half▲ 3.4%
Total assets€95,415-€118,486▲ 24.2%€136,089within the sector's middle half▲ 14.9%€160,686within the sector's middle half▲ 18.1%€183,169within the sector's middle half▲ 14.0%€223,107within the sector's middle half▲ 21.8%€270,794within the sector's middle half▲ 21.4%€285,082within the sector's middle half▲ 5.3%
Debt€5,164-€9,011▲ 74.5%€7,058▼ 21.7%€14,035▲ 98.9%€15,369▲ 9.5%€18,319▲ 19.2%€21,093▲ 15.1%€26,787▲ 27.0%
Working capital€85,785-€106,269▲ 23.9%€127,086within the sector's middle half▲ 19.6%€138,712above the sector's middle half▲ 9.1%€147,067above the sector's middle half▲ 6.0%€187,807above the sector's middle half▲ 27.7%€235,371above the sector's middle half▲ 25.3%€246,552above the sector's middle half▲ 4.8%
Solvency94.6%-92.4%▼ 2.2pp94.8%above the sector's middle half▲ 2.4pp91.3%above the sector's middle half▼ 3.5pp91.6%above the sector's middle half▲ 0.3pp91.8%above the sector's middle half▲ 0.2pp92.2%above the sector's middle half▲ 0.4pp90.6%above the sector's middle half▼ 1.6pp
Current ratio17.61-12.79▼ 4.8219.01above the sector's middle half▲ 6.2110.88above the sector's middle half▼ 8.1210.57above the sector's middle half▼ 0.3111.25above the sector's middle half▲ 0.6812.16above the sector's middle half▲ 0.9110.20above the sector's middle half▼ 1.95
Return on assets (ROA)21.2%-16.2%▼ 4.9pp14.4%within the sector's middle half▼ 1.9pp26.1%within the sector's middle half▲ 11.7pp20.7%within the sector's middle half▼ 5.4pp23.2%within the sector's middle half▲ 2.6pp24.7%within the sector's middle half▲ 1.5pp31.3%within the sector's middle half▲ 6.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 34% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
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 €285,082
Fixed assets
€11,743 ▼ 18.1%
Current assets
€273,339 ▲ 6.6%
Equity and liabilities €285,082
Equity
€258,296 ▲ 3.4%
Debt
€26,787 ▲ 27.0%
Debt's share of the balance-sheet total rises from 7.8% to 9.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€127,597▲
2024 · €95,620
Cash flow
€91,865▲
2024 · €69,620
Debt to equity
0.10▲
2024 · 0.08
ROE
34.6%▲
2024 · 26.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€26,787▲
2024 · €21,093
Income taxes
€36,215▲
2024 · €25,688
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 | €7,492 | €15,243 | - | - | €12,563 |
| Depreciation and write-downs of the year | €1,498 | €2,450 | €3,751 | €2,651 | €2,587 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,261 | €1,261 | €1,261 | €1,498 | €2,450 | €3,751 | €2,651 | €2,587 | ▼ 2.4% |
| Other operating charges640/8 | - | - | - | €902 | €896 | €1,023 | €1,003 | €1,367 | ▲ 36.4% |
| Gross operating margin9900 | €30,698 | €29,358 | €31,527 | €61,564 | €56,759 | €78,020 | €96,623 | €128,964 | ▲ 33.5% |
| Operating profit (loss)9901 | €28,860 | €27,517 | €29,700 | €59,164 | €53,413 | €73,246 | €92,969 | €125,010 | ▲ 34.5% |
| Financial income75/76B | - | - | - | €9 | €48 | €2 | €534 | €1,719 | ▲ 222% |
| Recurring financial income75 | €102 | €75 | - | €9 | €48 | €2 | €534 | €1,719 | ▲ 222% |
| Financial charges65/66B | - | - | - | €1,139 | €1,629 | €1,386 | €846 | €1,237 | ▲ 46.2% |
| Recurring financial charges65 | €520 | €372 | €265 | €1,139 | €1,629 | €1,386 | €846 | €1,237 | ▲ 46.2% |
| Profit (loss) for the period before taxes9903 | €28,441 | €27,220 | €29,434 | €58,034 | €51,833 | €71,862 | €92,656 | €125,492 | ▲ 35.4% |
| Income taxes67/77 | €8,246 | €7,997 | €9,878 | €16,131 | €13,980 | €20,065 | €25,688 | €36,215 | ▲ 41.0% |
| Profit (loss) for the period9904 | €20,195 | €19,224 | €19,556 | €41,903 | €37,853 | €51,797 | €66,968 | €89,278 | ▲ 33.3% |
| Profit (loss) for the period to be appropriated9905 | €20,195 | €19,224 | €19,556 | €41,903 | €37,853 | €51,797 | €66,968 | €89,278 | ▲ 33.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €95,415 | €118,486 | €136,089 | €160,686 | €183,169 | €223,107 | €270,794 | €285,082 | ▲ 5.3% |
| Fixed assets21/28 | €4,466 | €3,206 | €1,945 | €7,939 | €20,733 | €16,982 | €14,331 | €11,743 | ▼ 18.1% |
| Tangible fixed assets22/27 | €4,466 | €3,206 | €1,945 | €7,939 | €20,733 | €16,982 | €14,331 | €11,743 | ▼ 18.1% |
| Furniture and vehicles24 | - | - | - | €2,392 | €4,605 | €2,764 | €2,022 | €1,345 | ▼ 33.5% |
| Other tangible fixed assets26 | - | - | - | €5,547 | €16,128 | €14,218 | €12,308 | €10,398 | ▼ 15.5% |
| Current assets29/58 | €90,948 | €115,280 | €134,144 | €152,747 | €162,436 | €206,126 | €256,464 | €273,339 | ▲ 6.6% |
| Amounts receivable within one year40/41 | €4,101 | €4,470 | €4,710 | €282 | €1,113 | €2,484 | €0 | - | - |
| Trade receivables40 | - | - | - | - | - | €2,484 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €282 | €1,113 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €86,621 | €110,576 | €129,189 | €139,441 | €148,262 | €197,656 | €253,999 | €264,289 | ▲ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | €13,024 | €13,061 | €5,986 | €2,464 | €9,050 | ▲ 267% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €95,415 | €118,486 | €136,089 | €160,686 | €183,169 | €223,107 | €270,794 | €285,082 | ▲ 5.3% |
| Equity10/15 | €90,251 | €109,475 | €129,031 | €146,651 | €167,799 | €204,788 | €249,701 | €258,296 | ▲ 3.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €77,851 | €97,075 | €116,631 | €134,251 | €155,399 | €192,388 | €237,301 | €245,896 | ▲ 3.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €132,391 | €153,539 | €192,388 | €237,301 | €245,896 | ▲ 3.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €5,164 | €9,011 | €7,058 | €14,035 | €15,369 | €18,319 | €21,093 | €26,787 | ▲ 27.0% |
| Amounts payable within one year42/48 | €5,164 | €9,011 | €7,058 | €14,035 | €15,369 | €18,319 | €21,093 | €26,787 | ▲ 27.0% |
| Financial debts43 | - | - | - | - | - | - | - | €1,311 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €1,311 | - |
| Trade debts44 | €1,663 | €4,938 | €587 | €4,691 | €3,662 | €3,699 | €2,316 | €1,711 | ▼ 26.1% |
| Suppliers440/4 | - | - | - | €4,691 | €3,662 | €3,699 | €2,316 | €1,711 | ▼ 26.1% |
| Taxes, remuneration and social security45 | - | - | - | €9,344 | €11,707 | €13,680 | €18,018 | €22,635 | ▲ 25.6% |
| Taxes450/3 | - | - | - | €9,344 | €11,707 | €13,680 | €18,018 | €22,635 | ▲ 25.6% |
| Other amounts payable47/48 | - | - | - | - | - | €940 | €759 | €1,130 | ▲ 49.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,195 | €19,224 | €19,556 | €41,903 | €37,853 | €51,797 | €66,968 | €89,278 | ▲ 33.3% |
| + Depreciation and write-downs630 | €1,261 | €1,261 | €1,261 | €1,498 | €2,450 | €3,751 | €2,651 | €2,587 | ▼ 2.4% |
| Operating cash flow (approximation) | €21,456 | €20,484 | €20,817 | €43,401 | €40,303 | €55,548 | €69,620 | €91,865 | ▲ 32.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€7,492 | -€15,243 | €0 | €0 | €0 | - |
| Change in cash | - | €23,954 | €18,614 | €10,251 | €8,822 | €49,394 | €56,344 | €10,290 | ▼ 81.7% |
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, 34,693 companies had the same profile as SCHELDETRANS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SCHELDETRANS itself: < 0.1% 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 34,693 companies, not a prediction for SCHELDETRANS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00244464 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00272626 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00220444 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00264499 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20244074 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100011 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-38500130 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-43300302 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40000038 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-33500539 |