SENIOR REFERENCE
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00411324.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 13 filings
Turnover
€1.1m▼ 8.5%
2020 · €1.2m
EBIT margin
1.5%▲ 14.7pp
2020 · -13.3%
Net result
-€3,858▼ 83.0%
2024 · -€2,108
Working capital
-€89,837▼ 4.5%
2024 · -€85,979
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,746
▼ 87.0%
2025
20182025
Net result
-€3,858
▼ 83.0%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€81,350
▼ 5.0%
2025
lowest quarter of the sector
20182025
Total assets
€103,021
▲ 0.5%
2025
lowest quarter of the sector
20182025
Debt
€184,371
▲ 2.4%
2025
20182025
Working capital
-€89,837
▼ 4.5%
2025
lowest quarter of the sector
20182025
Solvency
-79.0%
▼ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.51
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.7%
▼ 1.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.3m€1.2m▼ 6.4%€1.1m▼ 8.5%
Operating result-€0.3m--€0.04m▲ 85.3%-€0.2m▼ 289%€0.02m€0.3m▲ 17×€0.1m▼ 55.7%-€0.002m-€0.004m▼ 87.0%
Net result-€0.3m--€0.04m▲ 85.7%-€0.09mbelow the sector's middle half▼ 116%€0.02mwithin the sector's middle half€0.3mabove the sector's middle half▲ 17×€0.1mabove the sector's middle half▼ 55.7%-€0.002mwithin the sector's middle half-€0.004mwithin the sector's middle half▼ 83.0%
EBIT margin-3.2%-13.3%▼ 10.1pp1.5%▲ 14.7pp
Equity-€0.4m--€0.4m▼ 11.3%-€0.5mbelow the sector's middle half▼ 21.9%-€0.5mbelow the sector's middle half▲ 3.3%-€0.2mbelow the sector's middle half▲ 58.1%-€0.08mbelow the sector's middle half▲ 61.4%-€0.08mbelow the sector's middle half▼ 2.8%-€0.08mbelow the sector's middle half▼ 5.0%
Total assets€0.4m-€0.9m▲ 135%€1.2mwithin the sector's middle half▲ 26.4%€0.2mbelow the sector's middle half▼ 85.8%€0.1mbelow the sector's middle half▼ 31.3%€0.1mbelow the sector's middle half▲ 1.7%€0.1mbelow the sector's middle half▼ 10.2%€0.1mbelow the sector's middle half▲ 0.5%
Debt€0.7m-€1.3m▲ 75.9%€1.6m▲ 25.0%€0.6m▼ 61.4%€0.3m▼ 51.1%€0.2m▼ 38.4%€0.2m▼ 5.0%€0.2m▲ 2.4%
Working capital-€0.3m--€0.3m▼ 2.9%-€0.4mbelow the sector's middle half▼ 57.0%-€0.5mbelow the sector's middle half▼ 10.4%-€0.2mbelow the sector's middle half▲ 58.9%-€0.08mwithin the sector's middle half▲ 58.9%-€0.09mwithin the sector's middle half▼ 2.5%-€0.09mbelow the sector's middle half▼ 4.5%
Solvency-91.8%--43.4%▲ 48.3pp-41.9%below the sector's middle half▲ 1.5pp-285.1%below the sector's middle half▼ 243.2pp-174.0%below the sector's middle half▲ 111.1pp-66.0%below the sector's middle half▲ 107.9pp-75.6%below the sector's middle half▼ 9.5pp-79.0%below the sector's middle half▼ 3.4pp
Current ratio0.57-0.76▲ 0.190.71below the sector's middle half▼ 0.050.21below the sector's middle half▼ 0.500.34below the sector's middle half▲ 0.130.56below the sector's middle half▲ 0.220.52below the sector's middle half▼ 0.040.51below the sector's middle half▼ 0.01
Return on assets (ROA)-72.7%--4.4%▲ 68.3pp-7.5%below the sector's middle half▼ 3.1pp9.9%above the sector's middle half▲ 17.4pp241.0%above the sector's middle half▲ 231.2pp105.1%above the sector's middle half▼ 135.9pp-2.1%within the sector's middle half▼ 107.2pp-3.7%below the sector's middle half▼ 1.7pp
Staff (FTE)17.7-15.8▼ 10.7%17.2below the sector's middle half▲ 8.9%13.7below the sector's middle half▼ 20.3%
above
within
below
The sector band is the middle half of the companies in Residential care activities (NACE 87). 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 €3,746, larger than the loss of €2,003 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103,021
Fixed assets
€8,487 =
Current assets
€94,534 ▲ 0.5%
Equity and liabilities
Equity-€81,350
Debt€184,371
Equity is negative. Debt (€184,371) exceeds the balance-sheet total (€103,021).
Key figures and ratios
Debt ≤ 1 year
€184,371▲
2024 · €180,013
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.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 13.7 |
| On a permanent contract | 1 |
| Joined | 10 |
| Left | 34 |
Source: social balance sheet in the 2021 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €1.3m | €1.2m | €1.1m | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.004m | €0.02m | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.3m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.007m | €0.006m | €0.01m | €0.01m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.007m | €0.002m | €0.001m | - | €314 | - |
| Non-recurring operating charges66A | - | - | - | €0.04m | €0.02m | €0.003m | - | - | - |
| Gross operating margin9900 | €0.7m | €1.0m | €0.9m | €0.8m | €0.3m | €0.1m | -€0.002m | -€0.003m | ▼ 71.3% |
| Operating profit (loss)9901 | -€0.3m | -€0.04m | -€0.2m | €0.02m | €0.3m | €0.1m | -€0.002m | -€0.004m | ▼ 87.0% |
| Financial income75/76B | - | - | - | €247 | - | €1 | - | - | - |
| Recurring financial income75 | €77 | €0.001m | €69 | €247 | - | €1 | - | - | - |
| Financial charges65/66B | - | - | - | €234 | €142 | €85 | €105 | €112 | ▲ 6.8% |
| Recurring financial charges65 | €275 | €139 | €300 | €234 | €142 | €85 | €105 | €112 | ▲ 6.8% |
| Profit (loss) for the period before taxes9903 | -€0.3m | -€0.04m | -€0.09m | €0.02m | €0.3m | €0.1m | -€0.002m | -€0.004m | ▼ 83.0% |
| Profit (loss) for the period9904 | -€0.3m | -€0.04m | -€0.09m | €0.02m | €0.3m | €0.1m | -€0.002m | -€0.004m | ▼ 83.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | -€0.04m | -€0.09m | €0.02m | €0.3m | €0.1m | -€0.002m | -€0.004m | ▼ 83.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.9m | €1.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.5% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.04m | €0.03m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.03m | €0.02m | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.003m | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.005m | - | - | - | - | - |
| Financial fixed assets28 | €270 | €270 | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Current assets29/58 | €0.4m | €0.9m | €1.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▲ 0.5% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Trade receivables40 | - | - | - | €0.1m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Other amounts receivable41 | - | - | - | €15 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.7m | €0.9m | €0.04m | €0.01m | €0.01m | €0.001m | €0.001m | ▲ 59.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.9m | €1.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.5% |
| Equity10/15 | -€0.4m | -€0.4m | -€0.5m | -€0.5m | -€0.2m | -€0.08m | -€0.08m | -€0.08m | ▼ 5.0% |
| Contributions10/11 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Capital10 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Uncalled capital101 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.4m | -€0.4m | -€0.5m | -€0.5m | -€0.2m | -€0.09m | -€0.09m | -€0.09m | ▼ 4.3% |
| Amounts payable17/49 | €0.7m | €1.3m | €1.6m | €0.6m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 2.4% |
| Amounts payable within one year42/48 | €0.6m | €1.2m | €1.6m | €0.6m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 2.4% |
| Trade debts44 | €0.06m | €0.02m | €0.01m | €0.01m | - | €0.001m | - | - | - |
| Suppliers440/4 | - | - | - | €0.01m | - | €0.001m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 2.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€281,332 | -€40,212 | -€86,659 | €16,119 | €270,645 | €119,969 | -€2,108 | -€3,858 | ▼ 83.0% |
| + Depreciation and write-downs630 | €6,534 | €6,348 | €12,604 | €12,604 | - | - | - | - | - |
| Operating cash flow (approximation) | -€274,798 | -€33,864 | -€74,055 | €28,723 | €270,645 | €119,969 | -€2,108 | -€3,858 | ▼ 83.0% |
| Investment in fixed assets (approximation) | - | €0 | -€38,943 | €0 | €21,986 | €0 | €0 | €0 | - |
| Change in cash | - | €494,821 | €252,921 | -€869,976 | -€26,991 | €1,858 | -€11,618 | €499 | - |
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, 2,333 companies had the same profile as SENIOR REFERENCE has now. Two years later, 90.6% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.6%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SENIOR REFERENCE itself is lower: 0.2% within 12 months. It rests on far more data about SENIOR REFERENCE 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 2,333 companies, not a prediction for SENIOR REFERENCE. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-08-2026 | 2026-00411324 | |
| 31-12-2024 | full format | 23-07-2025 | 2025-00316995 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00416446 | |
| 31-12-2022 | full format | 10-07-2023 | 2023-00233850 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20352675 | |
| 31-12-2020 | full format | 23-07-2021 | 2021-40900486 | |
| 31-12-2019 | full format | 18-09-2020 | 2020-54800041 | |
| 31-12-2018 | full format | 26-08-2019 | 2019-50500472 | |
| 31-12-2017 | full format | 26-07-2018 | 2018-39800478 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-48800323 |