SENAD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 4 filings
Turnover
€400,325
EBIT margin
-2.1%
Net result
€12,382
2024 · -€10,076
Working capital
-€36,549▲ 22.8%
2024 · -€47,327
Multi-year overview
2021 to 2025, 4 financial yearsTurnover
no figure
2025
20212025
Operating result
€12,545
2025
20212025
Net result
€12,382
2025
middle half of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
-€33,916
▲ 26.7%
2025
lowest quarter of the sector
20212025
Total assets
€64,175
▲ 51.8%
2025
middle half of the sector
20212025
Debt
€98,091
▲ 10.8%
2025
20212025
Working capital
-€36,549
▲ 22.8%
2025
lowest quarter of the sector
20212025
Solvency
-52.9%
▲ 56.7pp
2025
lowest quarter of the sector
20212025
Current ratio
0.63
▲ 0.16
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
19.3%
▲ 43.1pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2021202220242025
Turnover€400,325-
Operating result€2,629-€1,876▼ 28.6%-€8,458-€12,545
Net result€2,628within the sector's middle half-€1,723within the sector's middle half▼ 34.4%-€10,076below the sector's middle half-€12,382within the sector's middle half
EBIT margin-2.1%-
Equity€15,426within the sector's middle half-€17,149within the sector's middle half▲ 11.2%-€46,298below the sector's middle half--€33,916below the sector's middle half▲ 26.7%
Total assets€26,963below the sector's middle half-€39,773below the sector's middle half▲ 47.5%€42,271below the sector's middle half-€64,175within the sector's middle half▲ 51.8%
Debt€11,536-€22,624▲ 96.1%€88,569-€98,091▲ 10.8%
Working capital€12,056within the sector's middle half-€15,659within the sector's middle half▲ 29.9%-€47,327below the sector's middle half--€36,549below the sector's middle half▲ 22.8%
Solvency57.2%within the sector's middle half-43.1%within the sector's middle half▼ 14.1pp-109.5%below the sector's middle half--52.9%below the sector's middle half▲ 56.7pp
Current ratio2.05within the sector's middle half-1.69within the sector's middle half▼ 0.350.47below the sector's middle half-0.63below the sector's middle half▲ 0.16
Return on assets (ROA)9.7%within the sector's middle half-4.3%within the sector's middle half▼ 5.4pp-23.8%below the sector's middle half-19.3%above the sector's middle half▲ 43.1pp
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 a profit of €12,545, after a loss of €8,458 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €64,175
Fixed assets
€2,633 ▲ 156%
Current assets
€61,542 ▲ 49.2%
Equity and liabilities
Equity-€33,916
Debt€98,091
Equity is negative. Debt (€98,091) exceeds the balance-sheet total (€64,175).
Key figures and ratios
EBITDA
€13,031▲
2024 · -€8,200
Cash flow
€12,868▲
2024 · -€9,819
Quick ratio
0.54▲
2024 · 0.29
Interest coverage
79.97▲
2024 · -58.36
Debt ≤ 1 year
€98,091▲
2024 · €88,569
Staff costs
€112,935▼
2024 · €115,788
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 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,350 | - | €1,286 | €2,090 |
| Depreciation and write-downs of the year | €1,165 | €1,880 | €257 | €487 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | - | - | €400,325 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €289,761 | - | - |
| Remuneration, social security and pensions62 | €71,466 | €52,492 | €115,788 | €112,935 | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,165 | €1,880 | €257 | €487 | ▲ 89.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,112 | - | - |
| Other operating charges640/8 | €1,100 | €302 | €864 | €352 | ▼ 59.3% |
| Gross operating margin9900 | €76,361 | €56,550 | €110,564 | €126,317 | ▲ 14.2% |
| Operating profit (loss)9901 | €2,629 | €1,876 | -€8,458 | €12,545 | - |
| Financial charges65/66B | €141 | €153 | €141 | €163 | ▲ 16.0% |
| Recurring financial charges65 | €141 | €153 | €141 | €163 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | €2,487 | €1,723 | -€8,598 | €12,382 | - |
| Income taxes67/77 | -€141 | - | €1,478 | - | - |
| Profit (loss) for the period9904 | €2,628 | €1,723 | -€10,076 | €12,382 | - |
| Profit (loss) for the period to be appropriated9905 | €2,628 | €1,723 | -€10,076 | €12,382 | - |
| Line | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €26,963 | €39,773 | €42,271 | €64,175 | ▲ 51.8% |
| Fixed assets21/28 | €3,370 | €1,490 | €1,029 | €2,633 | ▲ 156% |
| Tangible fixed assets22/27 | €3,370 | €1,490 | €1,029 | €2,633 | ▲ 156% |
| Plant, machinery and equipment23 | €900 | €450 | - | - | - |
| Furniture and vehicles24 | €2,470 | €1,040 | €1,029 | €2,633 | ▲ 156% |
| Current assets29/58 | €23,593 | €38,283 | €41,242 | €61,542 | ▲ 49.2% |
| Stocks and contracts in progress3 | €10,965 | €18,068 | €15,956 | €8,431 | ▼ 47.2% |
| Stocks30/36 | €10,965 | €18,068 | €15,956 | €8,431 | ▼ 47.2% |
| Amounts receivable within one year40/41 | €30 | €1,563 | €1,861 | €18,204 | ▲ 878% |
| Other amounts receivable41 | €30 | €1,563 | €1,861 | €18,204 | ▲ 878% |
| Cash at bank and in hand54/58 | €12,597 | €18,653 | €23,425 | €34,907 | ▲ 49.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €26,963 | €39,773 | €42,271 | €64,175 | ▲ 51.8% |
| Equity10/15 | €15,426 | €17,149 | -€46,298 | -€33,916 | ▲ 26.7% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €153 | €153 | €153 | €153 | = |
| Non-distributable reserves130/1 | €153 | €153 | €153 | €153 | = |
| Reserves not available under the articles1311 | €153 | €153 | €153 | €153 | = |
| Profit (loss) carried forward14 | €2,873 | €4,596 | -€58,851 | -€46,469 | ▲ 21.0% |
| Amounts payable17/49 | €11,536 | €22,624 | €88,569 | €98,091 | ▲ 10.8% |
| Amounts payable within one year42/48 | €11,536 | €22,624 | €88,569 | €98,091 | ▲ 10.8% |
| Trade debts44 | €2,559 | €17,331 | €82,406 | €89,095 | ▲ 8.1% |
| Suppliers440/4 | €2,559 | €17,331 | €82,406 | €89,095 | ▲ 8.1% |
| Taxes, remuneration and social security45 | €8,978 | €5,293 | €4,508 | €7,341 | ▲ 62.9% |
| Taxes450/3 | €8,978 | €5,293 | €4,508 | €7,341 | ▲ 62.9% |
| Other amounts payable47/48 | - | - | €1,655 | €1,655 | = |
| Line | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,628 | €1,723 | -€10,076 | €12,382 | - |
| + Depreciation and write-downs630 | €1,165 | €1,880 | €257 | €487 | ▲ 89.1% |
| Operating cash flow (approximation) | €3,793 | €3,603 | -€9,819 | €12,868 | - |
| Investment in fixed assets (approximation) | - | €0 | - | -€2,090 | - |
| Change in cash | - | €6,056 | - | €11,482 | - |
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, 2,180 companies had the same profile as SENAD has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SENAD itself: 1.3% 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 2,180 companies, not a prediction for SENAD. 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.