SENGA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 36 filings
Turnover
≈ €210,000
Estimated: probably between €160,000 and €410,000
EBIT margin
Not included in this filing
Net result
€21,700
2024 · -€2,681
Working capital
-€767,933▲ 6.9%
2024 · -€825,034
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€26,225
2025
20182025
Net result
€21,700
2025
middle half of the sector
20182025
Equity
€301,154
▲ 7.8%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 5.4%
2025
middle half of the sector
20182025
Debt
€782,511
▼ 8.3%
2025
20182025
Working capital
-€767,933
▲ 6.9%
2025
lowest quarter of the sector
20182025
Solvency
26.7%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
0.02
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.9%
▲ 2.1pp
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€0.03m--€0.02m€0.05m€0.02m▼ 53.0%-€0.003m-€0.03m▼ 736%-€0.003m▲ 89.8%€0.03m
Net result€0.04m--€0.007m€0.06mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 43.9%-€0.006mbelow the sector's middle half-€0.03mbelow the sector's middle half▼ 305%-€0.003mbelow the sector's middle half▲ 89.3%€0.02mwithin the sector's middle half
Equity€0.2m-€0.2m▼ 3.0%€0.3mwithin the sector's middle half▲ 24.6%€0.3mwithin the sector's middle half▲ 11.1%€0.3mwithin the sector's middle half▼ 2.0%€0.3mwithin the sector's middle half▼ 8.1%€0.3mwithin the sector's middle half▼ 1.0%€0.3mwithin the sector's middle half▲ 7.8%
Total assets€1.2m-€1.1m▼ 9.7%€1.3mwithin the sector's middle half▲ 19.6%€1.3mwithin the sector's middle half▲ 0.6%€1.3mwithin the sector's middle half▼ 0.1%€1.3mwithin the sector's middle half▼ 2.4%€1.2mwithin the sector's middle half▼ 6.2%€1.1mwithin the sector's middle half▼ 5.4%
Debt€0.8m-€0.7m▼ 11.6%€0.9m▲ 23.8%€0.9m▼ 1.0%€0.9m▲ 2.2%€0.9m▲ 1.0%€0.9m▼ 6.6%€0.8m▼ 8.3%
Working capital-€0.5m--€0.5m▲ 1.4%-€0.6mbelow the sector's middle half▼ 18.9%-€0.6mbelow the sector's middle half▼ 10.9%-€0.7mbelow the sector's middle half▼ 20.3%-€0.8mbelow the sector's middle half▼ 11.3%-€0.8mbelow the sector's middle half▲ 0.3%-€0.8mbelow the sector's middle half▲ 6.9%
Solvency19.4%-20.9%▲ 1.4pp21.7%within the sector's middle half▲ 0.9pp24.0%within the sector's middle half▲ 2.3pp23.6%within the sector's middle half▼ 0.4pp22.2%within the sector's middle half▼ 1.4pp23.4%within the sector's middle half▲ 1.2pp26.7%within the sector's middle half▲ 3.3pp
Current ratio0.12-0.06▼ 0.070.11below the sector's middle half▲ 0.060.07below the sector's middle half▼ 0.040.04below the sector's middle half▼ 0.030.05below the sector's middle half▲ 0.010.03below the sector's middle half▼ 0.020.02below the sector's middle half▼ 0.01
Return on assets (ROA)3.5%--0.6%▼ 4.1pp4.3%within the sector's middle half▲ 4.9pp2.4%within the sector's middle half▼ 1.9pp-0.5%below the sector's middle half▼ 2.9pp-2.0%below the sector's middle half▼ 1.5pp-0.2%within the sector's middle half▲ 1.7pp1.9%within the sector's middle half▲ 2.1pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €26,225, after a loss of €2,988 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€1.1m ▼ 4.3%
Current assets
€14,040 ▼ 49.1%
Equity and liabilities €1.1m
Equity
€301,154 ▲ 7.8%
Provisions
€45,705 ▼ 24.7%
Debt
€782,511 ▼ 8.3%
Debt's share of the balance-sheet total falls from 71.5% to 69.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€103,993▲
2024 · €84,172
Cash flow
€99,468▲
2024 · €84,480
Debt to equity
2.60▼
2024 · 3.05
ROE
7.2%▲
2024 · -1.0%
Interest coverage
over 100▲
2024 · 19.63
Debt ≤ 1 year
€781,972▼
2024 · €852,608
Income taxes
€18,515▲
2024 · €10,391
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €306,709 | - | - | - | - |
| Mortgages, amount registered | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 |
| Carrying value of the mortgaged assets | €1.0m | €1.2m | €1.2m | €823,143 | €712,846 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €90,890 | €93,284 | €40,940 | €23,020 | €27,056 |
| Depreciation and write-downs of the year | €59,792 | €76,321 | €83,680 | €87,160 | €77,768 |
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 | - | - | - | - | €6,198 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €89,939 | €86,457 | €67,684 | €59,792 | €76,321 | €83,680 | €87,160 | €77,768 | ▼ 10.8% |
| Other operating charges640/8 | - | - | - | €4,578 | €6,448 | €5,379 | €7,831 | €8,246 | ▲ 5.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €500 | - | - |
| Gross operating margin9900 | €125,253 | €74,197 | €117,080 | €85,592 | €79,279 | €59,887 | €92,503 | €112,239 | ▲ 21.3% |
| Operating profit (loss)9901 | €30,599 | -€18,143 | €45,184 | €21,223 | -€3,490 | -€29,172 | -€2,988 | €26,225 | - |
| Financial income75/76B | - | - | - | - | €9 | €0 | €5 | €9 | ▲ 76.4% |
| Recurring financial income75 | €11 | €0 | €2 | - | €9 | €0 | €5 | €9 | ▲ 76.4% |
| Financial charges65/66B | - | - | - | €4,594 | €4,359 | €6,575 | €4,289 | €1,001 | ▼ 76.7% |
| Recurring financial charges65 | €4,071 | €3,445 | €3,754 | €4,594 | €4,359 | €6,575 | €4,289 | €1,001 | ▼ 76.7% |
| Profit (loss) for the period before taxes9903 | €26,540 | -€21,588 | €41,432 | €16,629 | -€7,840 | -€35,747 | -€7,271 | €25,233 | - |
| Transfer from deferred taxes780 | - | - | - | €14,982 | €14,982 | €14,982 | €14,982 | €14,982 | = |
| Income taxes67/77 | €0 | €408 | €671 | €328 | €13,316 | €4,252 | €10,391 | €18,515 | ▲ 78.2% |
| Profit (loss) for the period9904 | €41,522 | -€7,014 | €55,742 | €31,283 | -€6,174 | -€25,017 | -€2,681 | €21,700 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €29,096 | €29,096 | €29,096 | €29,096 | €29,096 | = |
| Profit (loss) for the period to be appropriated9905 | €70,617 | €22,081 | €84,838 | €60,378 | €22,921 | €4,079 | €26,415 | €50,796 | ▲ 92.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | €1.1m | ▼ 5.4% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.2m | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | ▼ 4.3% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.2m | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | ▼ 4.3% |
| Land and buildings22 | - | - | - | €1.0m | €1.0m | €1.2m | €1.1m | €1.1m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.004m | €0.003m | €0.002m | ▼ 27.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 26.3% |
| Assets under construction and advance payments27 | - | - | - | €0.2m | €0.3m | - | - | - | - |
| Current assets29/58 | €0.07m | €0.03m | €0.07m | €0.05m | €0.03m | €0.04m | €0.03m | €0.01m | ▼ 49.1% |
| Amounts receivable within one year40/41 | €0.05m | €0.02m | €0.05m | €0.04m | €0.02m | €0.02m | €0.02m | €0.003m | ▼ 82.6% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.001m | ▼ 93.4% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.003m | €0.008m | €0.002m | €0.002m | ▼ 1.8% |
| Current investments50/53 | €378 | - | €0.02m | - | - | €0.01m | €0.002m | €0.008m | ▲ 296% |
| Cash at bank and in hand54/58 | €0.01m | €0.007m | €0.005m | €0.006m | €0.006m | €0.005m | €0.005m | €303 | ▼ 93.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.004m | €0.003m | €0.003m | €0.002m | ▼ 12.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | €1.1m | ▼ 5.4% |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.8% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 6.4% |
| Reserves13 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 27.1% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.09m | ▼ 24.7% |
| Profit (loss) carried forward14 | -€0.1m | -€0.1m | -€0.02m | €0.04m | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 53.1% |
| Provisions and deferred taxes16 | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | €0.08m | €0.06m | €0.05m | ▼ 24.7% |
| Deferred taxes168 | - | - | - | €0.1m | €0.09m | €0.08m | €0.06m | €0.05m | ▼ 24.7% |
| Amounts payable17/49 | €0.8m | €0.7m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 8.3% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.3m | €0.2m | €0.1m | €0.04m | - | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.04m | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | €0.8m | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.09m | €0.09m | €0.05m | €0.003m | ▼ 93.4% |
| Trade debts44 | €0.003m | €407 | €207 | €103 | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 62.9% |
| Suppliers440/4 | - | - | - | €103 | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 62.9% |
| Taxes, remuneration and social security45 | - | - | - | €340 | €0.003m | €0.01m | €0.006m | €0.01m | ▲ 127% |
| Taxes450/3 | - | - | - | €340 | €0.003m | €0.01m | €0.006m | €0.01m | ▲ 127% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | ▼ 4.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | ▼ 37.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,522 | -€7,014 | €55,742 | €31,283 | -€6,174 | -€25,017 | -€2,681 | €21,700 | - |
| + Depreciation and write-downs630 | €89,939 | €86,457 | €67,684 | €59,792 | €76,321 | €83,680 | €87,160 | €77,768 | ▼ 10.8% |
| Operating cash flow (approximation) | €131,461 | €79,443 | €123,426 | €91,075 | €70,147 | €58,663 | €84,480 | €99,468 | ▲ 17.7% |
| Investment in fixed assets (approximation) | - | -€8,006 | -€237,870 | -€90,890 | -€93,284 | -€40,291 | -€22,519 | -€27,056 | ▼ 20.1% |
| Change in cash | - | -€5,573 | -€1,986 | €1,273 | -€504 | -€191 | -€863 | -€4,312 | ▼ 400% |
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, 4,685 companies had the same profile as SENGA has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of SENGA itself: 0.3% 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 4,685 companies, not a prediction for SENGA. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00258836 | |
| 31-12-2024 | full format | 16-07-2025 | 2025-00286046 | |
| 31-12-2023 | full format | 29-07-2024 | 2024-00314814 | |
| 31-12-2022 | full format | 07-08-2023 | 2023-00323626 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20255113 | |
| 31-12-2020 | full format | 27-05-2021 | 2021-15600014 | |
| 31-12-2019 | full format | 08-06-2020 | 2020-16200395 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-25000282 | |
| 31-12-2017 | full format | 27-06-2018 | 2018-24100467 | |
| 31-12-2016 | full format | 27-06-2017 | 2017-24800264 |