SHAAN
ActiveFinancials · financial year 2024, unclassified schema
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 18-08-2025 PDF all 23 filings
Turnover
€9.4m▼ 15.1%
2023 · €11.0m
EBIT margin
3.5%▲ 1.5pp
2023 · 1.9%
Net result
€62,425▼ 52.8%
2023 · €132,143
Working capital
€1.4m▼ 4.1%
2023 · €1.4m
In the rankings
#8 company by total assets in Sint-Jans-Molenbeek, Wholesale and retail trade sector#8 company by equity in Sint-Jans-Molenbeek, Wholesale and retail trade sector
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€9.4m
▼ 15.1%
2024
20182024
Operating result
€327,654
▲ 52.4%
2024
20182024
Net result
€62,425
▼ 52.8%
2024
20182024
EBIT margin
3.5%
▲ 1.5pp
2024
20182024
Equity
€2.4m
▲ 2.5%
2024
20182024
Total assets
€6.3m
▼ 10.3%
2024
20182024
Debt
€4.0m
▼ 16.7%
2024
20182024
Working capital
€1.4m
▼ 4.1%
2024
20182024
Staff (FTE)
13.7
▼ 19.4%
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€16.1m-€16.3m▲ 1.5%€18.5m▲ 13.4%€16.0m▼ 13.4%€15.7m▼ 1.8%€11.0m▼ 29.8%€9.4m▼ 15.1%
Operating result€0.3m-€0.1m▼ 63.3%€0.2m▲ 109%€0.1m▼ 48.4%€0.5m▲ 339%€0.2m▼ 52.3%€0.3m▲ 52.4%
Net result€0.05m-€0.01m▼ 76.1%€0.09m▲ 674%€0.001m▼ 99.0%€0.3m▲ 272×€0.1m▼ 47.7%€0.06m▼ 52.8%
EBIT margin1.6%-0.6%▼ 1.0pp1.1%▲ 0.5pp0.6%▼ 0.4pp2.9%▲ 2.2pp1.9%▼ 0.9pp3.5%▲ 1.5pp
Equity€1.8m-€1.9m▲ 0.6%€1.9m▲ 4.9%€1.9m=€2.2m▲ 13.0%€2.3m▲ 6.0%€2.4m▲ 2.5%
Total assets€5.8m-€5.9m▲ 1.4%€5.4m▼ 8.4%€6.5m▲ 20.3%€5.8m▼ 10.8%€7.1m▲ 22.4%€6.3m▼ 10.3%
Debt€4.0m-€4.0m▲ 1.7%€3.4m▼ 14.6%€4.5m▲ 31.7%€3.6m▼ 21.0%€4.7m▲ 32.5%€4.0m▼ 16.7%
Working capital€1.4m-€2.0m▲ 47.4%€1.8m▼ 7.7%€0.5m▼ 74.0%€1.6m▲ 230%€1.4m▼ 11.0%€1.4m▼ 4.1%
Staff (FTE)16.2-16.3▲ 0.6%17.8▲ 9.2%20.8▲ 16.9%20▼ 3.8%17▼ 15.0%13.7▼ 19.4%
The operating result for 2024 is 52% higher than in 2023. It is a recovery after the fall in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €6.1m
Fixed assets
€1.8m ▲ 7.3%
Current assets
€4.3m ▼ 16.5%
Equity and liabilities €6.3m
Equity
€2.4m ▲ 2.5%
Debt
€4.0m ▼ 16.7%
Debt's share of the balance-sheet total falls from 67.0% to 62.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€492,284▲
2023 · €388,421
Cash flow
€227,054▼
2023 · €305,519
Current ratio
1.46▲
2023 · 1.37
Quick ratio
0.30▼
2023 · 0.39
Debt to equity
1.65▼
2023 · 2.03
ROE
2.6%▼
2023 · 5.7%
ROA
1.0%▼
2023 · 1.9%
Interest coverage
2.31▼
2023 · 3.39
Debt ≤ 1 year
€3.0m▼
2023 · €3.8m
Debt > 1 year
€912,664▲
2023 · €905,901
Income taxes
€55,278▲
2023 · €40,938
Customer credit
19 days▼
2023 · 33 days
Supplier credit
37 days▼
2023 · 85 days
Staff costs
€466,328▼
2023 · €549,014
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 19 | 23 | 16 | 9 |
| full-time | 15 | 17 | 16 | 7 |
| part-time | 4 | 6 | 0 | 2 |
| in full-time equivalents | 17.7 | 20.3 | 16 | 8.3 |
| Average over the year, in full-time equivalents | 20.8 | 20 | 17 | 13.7 |
| On a permanent contract | 16 | 18 | 15 | 8 |
| Joined | 10 | 8 | 4 | 7 |
| Left | 13 | 4 | 8 | 13 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Mortgages, amount registered | €1.4m | €1.4m | €1.4m | €1.4m |
| Carrying value of the mortgaged assets | €1.0m | €941,567 | €941,567 | €1.1m |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €208,838 | €241,691 | €392,828 | €287,241 |
| Depreciation and write-downs of the year | €167,507 | €221,342 | €173,376 | €164,630 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.1m | €15.8m | €11.1m | €9.5m | ▼ 14.5% |
| Turnover70 | €16.1m | €16.3m | €18.5m | €16.0m | €15.7m | €11.0m | €9.4m | ▼ 15.1% |
| Other operating income74 | - | - | - | €0.1m | €0.08m | €0.06m | €0.1m | ▲ 111% |
| Non-recurring operating income76A | - | - | - | - | €0.04m | €0.005m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €16.0m | €15.4m | €10.9m | €9.2m | ▼ 15.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | €15.1m | €12.9m | €8.8m | €7.2m | ▼ 17.9% |
| Purchases600/8 | - | - | - | €14.8m | €12.6m | €9.0m | €7.0m | ▼ 22.5% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.2m | €0.4m | -€0.2m | €0.3m | - |
| Services and other goods61 | - | - | - | €1.4m | €1.5m | €1.2m | €1.2m | ▼ 2.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.05m | €0.1m | €0.08m | ▼ 26.2% |
| Non-recurring operating charges66A | - | - | - | -€1.4m | €0.006m | €0 | - | - |
| Operating profit (loss)9901 | €0.3m | €0.1m | €0.2m | €0.1m | €0.5m | €0.2m | €0.3m | ▲ 52.4% |
| Financial income75/76B | - | - | - | €0.03m | €0.001m | €0.07m | €0.01m | ▼ 85.8% |
| Recurring financial income75 | €0.004m | €0.007m | €0.03m | €0.03m | €0.001m | €0.07m | €0.01m | ▼ 85.8% |
| Income from current assets751 | - | - | - | €0.003m | €5 | €5 | €0.01m | ▲ 2,053× |
| Other financial income752/9 | - | - | - | €0.03m | €0.001m | €0.07m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.1m | €0.2m | ▲ 92.0% |
| Recurring financial charges65 | €0.1m | €0.08m | €0.1m | €0.1m | €0.09m | €0.1m | €0.2m | ▲ 92.0% |
| Debt charges650 | €0.09m | €0.05m | - | €0.06m | €0.08m | €0.1m | €0.2m | ▲ 85.5% |
| Other financial charges652/9 | - | - | - | €0.06m | €0.02m | €27 | €0.007m | ▲ 277× |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.02m | €0.1m | €0.02m | €0.4m | €0.2m | €0.1m | ▼ 32.0% |
| Income taxes67/77 | €0.1m | €0.008m | €0.04m | €0.01m | €0.1m | €0.04m | €0.06m | ▲ 35.0% |
| Taxes670/3 | - | - | - | €0.01m | €0.1m | €0.04m | €0.06m | ▲ 35.0% |
| Profit (loss) for the period9904 | €0.05m | €0.01m | €0.09m | €0.001m | €0.3m | €0.1m | €0.06m | ▼ 52.8% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.01m | €0.09m | €0.001m | €0.3m | €0.1m | €0.06m | ▼ 52.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.8m | €5.9m | €5.4m | €6.5m | €5.8m | €7.1m | €6.3m | ▼ 10.3% |
| Formation expenses20 | - | - | - | €1.4m | €0.2m | €0.2m | €0.2m | = |
| Fixed assets21/28 | €1.7m | €1.5m | €1.4m | €1.4m | €1.5m | €1.7m | €1.8m | ▲ 7.3% |
| Tangible fixed assets22/27 | €1.7m | €1.5m | €1.4m | €1.4m | €1.4m | €1.7m | €1.8m | ▲ 7.4% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.8m | €1.1m | ▲ 32.9% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 21.0% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.06m | €0.3m | €0.2m | ▼ 12.5% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0 | - | - | - |
| Financial fixed assets28 | €0.01m | €0.01m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €4.1m | €4.4m | €4.0m | €3.6m | €4.1m | €5.2m | €4.3m | ▼ 16.5% |
| Stocks and contracts in progress3 | €2.7m | €3.0m | €3.0m | €2.8m | €3.5m | €3.7m | €3.4m | ▼ 6.8% |
| Stocks30/36 | - | - | - | €2.8m | €3.5m | €3.7m | €3.4m | ▼ 6.8% |
| Goods purchased for resale34 | - | - | - | €2.8m | €3.5m | €3.7m | €3.4m | ▼ 6.8% |
| Amounts receivable within one year40/41 | €1.0m | €0.7m | €0.8m | €0.8m | €0.6m | €1.2m | €0.6m | ▼ 44.6% |
| Trade receivables40 | - | - | - | €0.8m | €0.6m | €1.0m | €0.5m | ▼ 51.2% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.03m | €0.1m | €0.1m | ▲ 1.4% |
| Cash at bank and in hand54/58 | €0.3m | €0.7m | €0.2m | €0.06m | €0.02m | €0.3m | €0.2m | ▼ 33.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0 | - | €0.02m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.8m | €5.9m | €5.4m | €6.5m | €5.8m | €7.1m | €6.3m | ▼ 10.3% |
| Equity10/15 | €1.8m | €1.9m | €1.9m | €1.9m | €2.2m | €2.3m | €2.4m | ▲ 2.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €2.4m | ▲ 363× |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.005m | €0.005m | €0.005m | €2.4m | ▲ 507× |
| Profit (loss) carried forward14 | €1.8m | €1.8m | €1.9m | €1.9m | €2.2m | €2.3m | €0 | ▼ 100% |
| Amounts payable17/49 | €4.0m | €4.0m | €3.4m | €4.5m | €3.6m | €4.7m | €4.0m | ▼ 16.7% |
| Amounts payable after more than one year17 | €1.2m | €1.6m | €1.3m | €1.4m | €1.1m | €0.9m | €0.9m | ▲ 0.7% |
| Financial debts170/4 | - | - | - | €1.4m | €1.1m | €0.9m | €0.9m | ▲ 0.7% |
| Leasing and similar obligations172 | - | - | - | - | €0.02m | €0.2m | €0.4m | ▲ 151% |
| Credit institutions173 | - | - | - | €1.4m | €1.0m | €0.7m | €0.5m | ▼ 30.6% |
| Amounts payable within one year42/48 | €2.7m | €2.4m | €2.1m | €3.2m | €2.5m | €3.8m | €3.0m | ▼ 21.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 14.6% |
| Financial debts43 | - | - | - | €0.6m | €0.5m | €1.0m | €1.5m | ▲ 49.8% |
| Credit institutions430/8 | - | - | - | €0.6m | €0.5m | €1.0m | €1.5m | ▲ 49.8% |
| Trade debts44 | €1.2m | €0.9m | €0.8m | €2.0m | €1.3m | €2.1m | €0.7m | ▼ 64.1% |
| Suppliers440/4 | - | - | - | €2.0m | €1.3m | €2.1m | €0.7m | ▼ 64.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.4m | €0.3m | €0.4m | ▲ 23.5% |
| Taxes450/3 | - | - | - | €0.03m | €0.2m | €0.2m | €0.3m | ▲ 31.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.1m | €0.1m | ▲ 6.1% |
| Other amounts payable47/48 | - | - | - | - | €0.02m | €0.007m | €0.02m | ▲ 117% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.001m | €0.07m | €0.07m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,213 | €11,747 | €90,885 | €928 | €252,697 | €132,143 | €62,425 | ▼ 52.8% |
| + Depreciation and write-downs630 | €252,423 | €216,747 | €202,118 | €167,507 | €221,342 | €173,376 | €164,630 | ▼ 5.0% |
| Operating cash flow (approximation) | €301,636 | €228,494 | €293,003 | €168,435 | €474,039 | €305,519 | €227,054 | ▼ 25.7% |
| Investment in fixed assets (approximation) | - | €17,202 | -€133,014 | -€190,366 | -€252,792 | -€392,828 | -€287,241 | ▲ 26.9% |
| Change in cash | - | €473,909 | -€571,925 | -€97,659 | -€40,440 | €308,825 | -€107,953 | - |
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, 14,766 companies had the same profile as SHAAN has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SHAAN itself is higher: 4.6% within 12 months. It rests on far more data about SHAAN 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 14,766 companies, not a prediction for SHAAN. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | unclassified schema | 18-08-2025 | 2025-00390771 | |
| 31-12-2023 | unclassified schema | 17-09-2024 | 2024-00465559 | |
| 31-12-2022 | unclassified schema | 14-06-2023 | 2023-00133046 | |
| 31-12-2021 | unclassified schema | 07-11-2022 | 2022-20518002 | |
| 31-12-2020 | unclassified schema | 31-08-2021 | 2021-66500080 | |
| 31-12-2019 | full format | 06-11-2020 | 2020-69200137 | |
| 31-12-2018 | full format | 23-08-2019 | 2019-51000458 | |
| 31-12-2017 | full format | 25-07-2018 | 2018-38000252 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-29200275 | |
| 31-12-2015 | full format | 26-07-2016 | 2016-34800299 |