SDLangues
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00025935.
Annual accounts 2025 filed on 02-02-2026 PDF all 14 filings
Equity
-€61,500▼ 173%
2024 · -€22,527
Total assets
€75,291▼ 33.6%
2024 · €113,367
Net result
-€38,973▼ 503%
2024 · -€6,466
Working capital
€57,152▼ 39.2%
2024 · €94,068
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€29,234
2025
20192025
Net result
-€38,973
▼ 503%
2025
lowest quarter of the sector
20192025
Equity
-€61,500
▼ 173%
2025
lowest quarter of the sector
20192025
Total assets
€75,291
▼ 33.6%
2025
middle half of the sector
20192025
Debt
€26,414
▲ 7.4%
2025
20192025
Working capital
€57,152
▼ 39.2%
2025
middle half of the sector
20192025
Solvency
-81.7%
▼ 61.8pp
2025
lowest quarter of the sector
20192025
Current ratio
4.56
▼ 2.51
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-51.8%
▼ 46.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2,280--€1,292€9,710€22,244▲ 129%€548▼ 97.5%€3,925▲ 616%-€29,234
Net result-€6,967--€8,954below the sector's middle half▼ 28.5%-€3,104below the sector's middle half▲ 65.3%€12,452within the sector's middle half-€8,166below the sector's middle half-€6,466below the sector's middle half▲ 20.8%-€38,973below the sector's middle half▼ 503%
Equity-€8,288--€17,243below the sector's middle half▼ 108%-€20,347below the sector's middle half▼ 18.0%-€7,895below the sector's middle half▲ 61.2%-€16,061below the sector's middle half▼ 103%-€22,527below the sector's middle half▼ 40.3%-€61,500below the sector's middle half▼ 173%
Total assets€119,931-€108,452within the sector's middle half▼ 9.6%€105,230within the sector's middle half▼ 3.0%€127,140within the sector's middle half▲ 20.8%€119,984within the sector's middle half▼ 5.6%€113,367within the sector's middle half▼ 5.5%€75,291within the sector's middle half▼ 33.6%
Debt€12,835-€11,042▼ 14.0%€11,695▲ 5.9%€21,971▲ 87.9%€23,829▲ 8.5%€24,583▲ 3.2%€26,414▲ 7.4%
Working capital€64,427-€75,342above the sector's middle half▲ 16.9%€86,025above the sector's middle half▲ 14.2%€105,370above the sector's middle half▲ 22.5%€99,145above the sector's middle half▼ 5.9%€94,068above the sector's middle half▼ 5.1%€57,152within the sector's middle half▼ 39.2%
Solvency-6.9%--15.9%below the sector's middle half▼ 9.0pp-19.3%below the sector's middle half▼ 3.4pp-6.2%below the sector's middle half▲ 13.1pp-13.4%below the sector's middle half▼ 7.2pp-19.9%below the sector's middle half▼ 6.5pp-81.7%below the sector's middle half▼ 61.8pp
Current ratio6.02-7.82above the sector's middle half▲ 1.808.36above the sector's middle half▲ 0.537.56above the sector's middle half▼ 0.796.86above the sector's middle half▼ 0.707.07above the sector's middle half▲ 0.214.56above the sector's middle half▼ 2.51
Return on assets (ROA)-5.8%--8.3%below the sector's middle half▼ 2.4pp-2.9%below the sector's middle half▲ 5.3pp9.8%within the sector's middle half▲ 12.7pp-6.8%below the sector's middle half▼ 16.6pp-5.7%below the sector's middle half▲ 1.1pp-51.8%below the sector's middle half▼ 46.1pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 loss of €29,234, after a profit of €3,925 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €75,291
Fixed assets
€2,104 ▼ 44.7%
Current assets
€73,187 ▼ 33.2%
Equity and liabilities
Equity-€61,500
Debt€26,414
Equity is negative. Debt (€26,414) exceeds the balance-sheet total (€75,291).
Key figures and ratios
EBITDA
-€27,533▼
2024 · €5,521
Cash flow
-€37,272▼
2024 · -€4,870
Interest coverage
-2.83▼
2024 · 0.53
Debt ≤ 1 year
€16,035▲
2024 · €15,495
Income taxes
€174▲
2024 · €163
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,478 | - |
| Depreciation and write-downs of the year | €1,794 | €1,794 | €1,596 | €1,701 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,601 | €20,601 | €16,315 | €1,794 | €1,794 | €1,596 | €1,701 | ▲ 6.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€818 | -€848 | -€905 | -€934 | ▼ 3.2% |
| Other operating charges640/8 | - | - | - | €347 | €474 | €448 | €387 | ▼ 13.6% |
| Gross operating margin9900 | €22,535 | €18,926 | €25,254 | €23,567 | €1,968 | €5,064 | -€28,080 | - |
| Operating profit (loss)9901 | €2,280 | -€1,292 | €9,710 | €22,244 | €548 | €3,925 | -€29,234 | - |
| Financial income75/76B | - | - | - | €557 | €1,264 | €203 | €167 | ▼ 17.7% |
| Recurring financial income75 | €771 | €2,431 | - | €557 | €1,264 | €203 | €167 | ▼ 17.7% |
| Financial charges65/66B | - | - | - | €10,209 | €9,824 | €10,431 | €9,732 | ▼ 6.7% |
| Recurring financial charges65 | €9,889 | €9,968 | €12,688 | €10,209 | €9,824 | €10,431 | €9,732 | ▼ 6.7% |
| Profit (loss) for the period before taxes9903 | -€6,837 | -€8,829 | -€2,978 | €12,592 | -€8,012 | -€6,303 | -€38,799 | ▼ 516% |
| Income taxes67/77 | €130 | €126 | €126 | €140 | €154 | €163 | €174 | ▲ 6.7% |
| Profit (loss) for the period9904 | -€6,967 | -€8,954 | -€3,104 | €12,452 | -€8,166 | -€6,466 | -€38,973 | ▼ 503% |
| Profit (loss) for the period to be appropriated9905 | -€6,967 | -€8,954 | -€3,104 | €12,452 | -€8,166 | -€6,466 | -€38,973 | ▼ 503% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €119,931 | €108,452 | €105,230 | €127,140 | €119,984 | €113,367 | €75,291 | ▼ 33.6% |
| Fixed assets21/28 | €42,669 | €22,068 | €7,510 | €5,716 | €3,922 | €3,804 | €2,104 | ▼ 44.7% |
| Intangible fixed assets21 | €32,550 | €13,950 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €10,119 | €8,118 | €7,510 | €5,716 | €3,922 | €3,804 | €2,104 | ▼ 44.7% |
| Land and buildings22 | - | - | - | €650 | €542 | €434 | €325 | ▼ 25.1% |
| Plant, machinery and equipment23 | - | - | - | €666 | €80 | €1,170 | €679 | ▼ 42.0% |
| Other tangible fixed assets26 | - | - | - | €4,400 | €3,300 | €2,200 | €1,100 | ▼ 50.0% |
| Current assets29/58 | €77,262 | €86,384 | €97,720 | €121,424 | €116,062 | €109,563 | €73,187 | ▼ 33.2% |
| Amounts receivable within one year40/41 | €20,138 | €14,898 | €23,215 | €27,868 | €13,500 | €8,017 | €397 | ▼ 95.0% |
| Trade receivables40 | - | - | - | €27,868 | €13,500 | €7,730 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €287 | €397 | ▲ 38.3% |
| Cash at bank and in hand54/58 | €55,052 | €69,093 | €72,227 | €91,337 | €100,214 | €98,953 | €70,374 | ▼ 28.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,219 | €2,348 | €2,593 | €2,416 | ▼ 6.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €119,931 | €108,452 | €105,230 | €127,140 | €119,984 | €113,367 | €75,291 | ▼ 33.6% |
| Equity10/15 | -€8,288 | -€17,243 | -€20,347 | -€7,895 | -€16,061 | -€22,527 | -€61,500 | ▼ 173% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€16,348 | -€25,303 | -€28,407 | -€15,955 | -€24,121 | -€30,587 | -€69,560 | ▼ 127% |
| Provisions and deferred taxes16 | €115,384 | €114,653 | €113,882 | €113,064 | €112,216 | €111,311 | €110,377 | ▼ 0.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €113,064 | €112,216 | €111,311 | €110,377 | ▼ 0.8% |
| Environmental obligations163 | - | - | - | €113,064 | €112,216 | €111,311 | €110,377 | ▼ 0.8% |
| Amounts payable17/49 | €12,835 | €11,042 | €11,695 | €21,971 | €23,829 | €24,583 | €26,414 | ▲ 7.4% |
| Amounts payable within one year42/48 | €12,835 | €11,042 | €11,695 | €16,054 | €16,917 | €15,495 | €16,035 | ▲ 3.5% |
| Trade debts44 | €463 | €607 | €247 | €550 | €236 | - | - | - |
| Suppliers440/4 | - | - | - | €550 | €236 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,441 | €2,926 | €163 | €174 | ▲ 6.7% |
| Taxes450/3 | - | - | - | €4,441 | €2,926 | €163 | €174 | ▲ 6.7% |
| Other amounts payable47/48 | - | - | - | €11,063 | €13,755 | €15,332 | €15,861 | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €5,917 | €6,912 | €9,088 | €10,379 | ▲ 14.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,967 | -€8,954 | -€3,104 | €12,452 | -€8,166 | -€6,466 | -€38,973 | ▼ 503% |
| + Depreciation and write-downs630 | €20,601 | €20,601 | €16,315 | €1,794 | €1,794 | €1,596 | €1,701 | ▲ 6.6% |
| Operating cash flow (approximation) | €13,634 | €11,647 | €13,211 | €14,246 | -€6,372 | -€4,870 | -€37,272 | ▼ 665% |
| Investment in fixed assets (approximation) | - | €0 | -€1,757 | €0 | €0 | -€1,478 | -€1 | ▲ 99.9% |
| Change in cash | - | €14,041 | €3,134 | €19,110 | €8,877 | -€1,261 | -€28,579 | ▼ 2,166% |
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, 6,907 companies had the same profile as SDLangues has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SDLangues itself is lower: 0.4% within 12 months. It rests on far more data about SDLangues 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 6,907 companies, not a prediction for SDLangues. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00025935 | |
| 30-06-2024 | micro format | 08-01-2025 | 2025-00001172 | |
| 30-06-2023 | micro format | 15-01-2024 | 2024-00001457 | |
| 30-06-2022 | micro format | 12-01-2023 | 2023-20557006 | |
| 30-06-2021 | micro format | 10-01-2022 | 2022-00500241 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77200402 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02500098 | |
| 30-06-2018 | micro format | 03-01-2019 | 2019-00100239 | |
| 30-06-2017 | micro format | 21-12-2017 | 2017-72400426 | |
| 30-06-2016 | full format | 21-12-2016 | 2016-70700102 |