SCHEPENS & DECOSTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 14 filings
Turnover
≈ €160,000
Estimated: probably between €130,000 and €230,000
Total assets
€208,376▼ 14.0%
2024 · €242,339
Net result
€3,446▲ 675%
2024 · €445
Working capital
€29,104▲ 21.6%
2024 · €23,932
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,583
2025
20182025
Net result
€3,446
▲ 675%
2025
lowest quarter of the sector
20182025
Equity
€31,238
▲ 12.4%
2025
middle half of the sector
20182025
Total assets
€208,376
▼ 14.0%
2025
middle half of the sector
20182025
Debt
€177,138
▼ 17.4%
2025
20182025
Working capital
€29,104
▲ 21.6%
2025
middle half of the sector
20182025
Solvency
15.0%
▲ 3.5pp
2025
lowest quarter of the sector
20182025
Current ratio
1.16
▲ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
1.7%
▲ 1.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.2
▲ 20.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,552--€590€1,066€2,005▲ 88.1%€2,933▲ 46.3%€9,559▲ 226%-€342€5,583
Net result-€335--€4,440▼ 1,225%-€1,537below the sector's middle half▲ 65.4%€228below the sector's middle half€663below the sector's middle half▲ 191%€6,015below the sector's middle half▲ 808%€445below the sector's middle half▼ 92.6%€3,446below the sector's middle half▲ 675%
Equity€67,012-€62,572▼ 6.6%€61,034within the sector's middle half▼ 2.5%€25,985below the sector's middle half▼ 57.4%€26,647below the sector's middle half▲ 2.5%€32,662below the sector's middle half▲ 22.6%€27,792below the sector's middle half▼ 14.9%€31,238within the sector's middle half▲ 12.4%
Total assets€106,934-€119,869▲ 12.1%€157,485within the sector's middle half▲ 31.4%€153,377within the sector's middle half▼ 2.6%€170,153within the sector's middle half▲ 10.9%€180,849within the sector's middle half▲ 6.3%€242,339within the sector's middle half▲ 34.0%€208,376within the sector's middle half▼ 14.0%
Debt€39,922-€57,297▲ 43.5%€96,451▲ 68.3%€127,392▲ 32.1%€143,506▲ 12.6%€148,187▲ 3.3%€214,547▲ 44.8%€177,138▼ 17.4%
Working capital€66,442-€62,508▼ 5.9%€56,086within the sector's middle half▼ 10.3%€22,133within the sector's middle half▼ 60.5%€18,261within the sector's middle half▼ 17.5%€26,602within the sector's middle half▲ 45.7%€23,932within the sector's middle half▼ 10.0%€29,104within the sector's middle half▲ 21.6%
Solvency62.7%-52.2%▼ 10.5pp38.8%within the sector's middle half▼ 13.4pp16.9%below the sector's middle half▼ 21.8pp15.7%below the sector's middle half▼ 1.3pp18.1%below the sector's middle half▲ 2.4pp11.5%below the sector's middle half▼ 6.6pp15.0%below the sector's middle half▲ 3.5pp
Current ratio2.66-2.09▼ 0.571.58within the sector's middle half▼ 0.511.17below the sector's middle half▼ 0.411.13below the sector's middle half▼ 0.051.18below the sector's middle half▲ 0.051.11below the sector's middle half▼ 0.071.16within the sector's middle half▲ 0.05
Return on assets (ROA)-0.3%--3.7%▼ 3.4pp-1.0%below the sector's middle half▲ 2.7pp0.1%below the sector's middle half▲ 1.1pp0.4%below the sector's middle half▲ 0.2pp3.3%below the sector's middle half▲ 2.9pp0.2%below the sector's middle half▼ 3.1pp1.7%below the sector's middle half▲ 1.5pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1=1.2▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 €5,583, after a loss of €342 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 €208,376
Fixed assets
€2,134 ▼ 44.7%
Current assets
€206,242 ▼ 13.5%
Equity and liabilities €208,376
Equity
€31,238 ▲ 12.4%
Debt
€177,138 ▼ 17.4%
Debt's share of the balance-sheet total falls from 88.5% to 85.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€7,309▲
2024 · €1,921
Cash flow
€5,172▲
2024 · €2,708
Debt to equity
5.67▼
2024 · 7.72
ROE
11.0%▲
2024 · 1.6%
Interest coverage
8.37▲
2024 · 1.83
Debt ≤ 1 year
€177,138▼
2024 · €214,547
Income taxes
€2,576▲
2024 · €901
Staff costs
€44,887▲
2024 · €40,606
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | 3 | 2 | 2 |
| Left | - | - | 3 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,830 | - | - | - |
| Depreciation and write-downs of the year | €1,097 | €1,295 | €2,263 | €2,263 | €1,727 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €413 awarded · €413 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €360 | €360 |
| 2022 | 1 | €53 | €53 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €36,407 | €38,543 | €39,767 | €40,606 | €44,887 | ▲ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,317 | €506 | €600 | €1,097 | €1,295 | €2,263 | €2,263 | €1,727 | ▼ 23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,330 | - | €3,866 | €17,221 | €2,233 | ▼ 87.0% |
| Other operating charges640/8 | - | - | - | €14,622 | €16,031 | €24,039 | €26,026 | €22,753 | ▼ 12.6% |
| Gross operating margin9900 | €68,514 | €59,772 | €50,708 | €55,461 | €58,802 | €79,493 | €85,775 | €77,182 | ▼ 10.0% |
| Operating profit (loss)9901 | €2,552 | -€590 | €1,066 | €2,005 | €2,933 | €9,559 | -€342 | €5,583 | - |
| Financial income75/76B | - | - | - | €17 | €175 | €1,752 | €2,738 | €1,313 | ▼ 52.1% |
| Recurring financial income75 | €648 | €308 | €2,031 | €17 | €175 | €1,752 | €2,738 | €1,313 | ▼ 52.1% |
| Financial charges65/66B | - | - | - | €775 | €1,127 | €972 | €1,050 | €873 | ▼ 16.8% |
| Recurring financial charges65 | €1,662 | €1,285 | €842 | €775 | €1,127 | €972 | €1,050 | €873 | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €1,539 | -€1,567 | €2,255 | €1,247 | €1,980 | €10,339 | €1,346 | €6,022 | ▲ 347% |
| Income taxes67/77 | €1,874 | €2,873 | €3,793 | €1,019 | €1,318 | €4,324 | €901 | €2,576 | ▲ 186% |
| Profit (loss) for the period9904 | -€335 | -€4,440 | -€1,537 | €228 | €663 | €6,015 | €445 | €3,446 | ▲ 675% |
| Profit (loss) for the period to be appropriated9905 | -€335 | -€4,440 | €17,371 | €228 | €663 | €6,015 | €445 | €3,446 | ▲ 675% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,934 | €119,869 | €157,485 | €153,377 | €170,153 | €180,849 | €242,339 | €208,376 | ▼ 14.0% |
| Fixed assets21/28 | €570 | €63 | €4,949 | €3,852 | €8,386 | €6,123 | €3,860 | €2,134 | ▼ 44.7% |
| Tangible fixed assets22/27 | €570 | €63 | €4,949 | €3,852 | €8,386 | €6,123 | €3,860 | €2,134 | ▼ 44.7% |
| Plant, machinery and equipment23 | - | - | - | €3,852 | €8,386 | €6,123 | €3,860 | €2,134 | ▼ 44.7% |
| Current assets29/58 | €106,364 | €119,805 | €152,536 | €149,525 | €161,767 | €174,725 | €238,479 | €206,242 | ▼ 13.5% |
| Amounts receivable within one year40/41 | €90,578 | €111,373 | €98,761 | €102,569 | €136,333 | €131,815 | €167,317 | €137,260 | ▼ 18.0% |
| Trade receivables40 | - | - | - | €87,544 | €105,061 | €92,279 | €132,572 | €128,881 | ▼ 2.8% |
| Other amounts receivable41 | - | - | - | €15,026 | €31,272 | €39,536 | €34,745 | €8,380 | ▼ 75.9% |
| Cash at bank and in hand54/58 | €15,680 | €8,344 | €53,776 | €46,956 | €25,434 | €40,886 | €67,821 | €66,462 | ▼ 2.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,024 | €3,341 | €2,519 | ▼ 24.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,934 | €119,869 | €157,485 | €153,377 | €170,153 | €180,849 | €242,339 | €208,376 | ▼ 14.0% |
| Equity10/15 | €67,012 | €62,572 | €61,034 | €25,985 | €26,647 | €32,662 | €27,792 | €31,238 | ▲ 12.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €60,456 | €60,456 | €54,834 | €19,785 | €20,447 | €26,462 | €21,592 | €25,038 | ▲ 16.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €17,925 | €18,587 | €26,462 | €21,592 | €25,038 | ▲ 16.0% |
| Profit (loss) carried forward14 | €356 | -€4,084 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €39,922 | €57,297 | €96,451 | €127,392 | €143,506 | €148,187 | €214,547 | €177,138 | ▼ 17.4% |
| Amounts payable within one year42/48 | €39,922 | €57,297 | €96,451 | €127,392 | €143,506 | €148,123 | €214,547 | €177,138 | ▼ 17.4% |
| Financial debts43 | - | - | - | €144 | €151 | €151 | - | - | - |
| Credit institutions430/8 | - | - | - | €144 | €151 | €151 | - | - | - |
| Trade debts44 | €13,427 | €51,680 | €87,637 | €121,112 | €137,838 | €141,885 | €208,615 | €170,190 | ▼ 18.4% |
| Suppliers440/4 | - | - | - | €121,112 | €137,838 | €141,885 | €208,615 | €170,190 | ▼ 18.4% |
| Taxes, remuneration and social security45 | - | - | - | €6,137 | €5,517 | €6,087 | €5,932 | €6,948 | ▲ 17.1% |
| Taxes450/3 | - | - | - | €1,018 | €318 | €322 | - | €573 | - |
| Remuneration and social security454/9 | - | - | - | €5,119 | €5,199 | €5,765 | €5,932 | €6,375 | ▲ 7.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €64 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€335 | -€4,440 | -€1,537 | €228 | €663 | €6,015 | €445 | €3,446 | ▲ 675% |
| + Depreciation and write-downs630 | €1,317 | €506 | €600 | €1,097 | €1,295 | €2,263 | €2,263 | €1,727 | ▼ 23.7% |
| Operating cash flow (approximation) | €982 | -€3,934 | -€938 | €1,325 | €1,958 | €8,278 | €2,708 | €5,172 | ▲ 91.0% |
| Investment in fixed assets (approximation) | - | €0 | -€5,485 | €0 | -€5,830 | €0 | €0 | €0 | - |
| Change in cash | - | -€7,336 | €45,432 | -€6,820 | -€21,522 | €15,452 | €26,935 | -€1,359 | - |
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, 4,508 companies had the same profile as SCHEPENS & DECOSTER has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
The bankruptcy probability of SCHEPENS & DECOSTER itself is lower: < 0.1% within 12 months. It rests on far more data about SCHEPENS & DECOSTER 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 4,508 companies, not a prediction for SCHEPENS & DECOSTER. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00226687 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00194461 | |
| 31-12-2023 | micro format | 30-06-2024 | 2024-00183940 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00177566 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20110845 | |
| 31-12-2020 | micro format | 28-08-2021 | 2021-57100244 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22200145 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24700336 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46200577 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-35000105 |