SHAON
ActiveSummary
The annual accounts of SHAON for fiscal year 2025 show a net loss of 56% of the equity at the start of that year. The 2025 annual accounts show equity of €9k and a net result of €-12k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 35% of 11389 sector peers (fiscal year 2025). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-15
Solvency48▼-23
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.3 against 1.85 in 2024; short-term debt: 77.2% and cash: 20.1% of total assets), and 77.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
22.8%
Return on assets
-29.3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-12k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
61 d late
2023
26 d early
2022
60 d late
2021
9 d early
2020
29 d early
2019
87 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€9k▼ 56.2%
2024 · €21k
2018: €-48k
2019: €-40k▲ +16.9% vs 2018
2020: €-54k▼ -35.3% vs 2019
2021: €-65k▼ -21.9% vs 2020lowest in 8 years
2022: €-53k▲ +19.6% vs 2021
2023: €25k▲ +148% vs 2022highest in 8 years
2024: €21k▼ -16.6% vs 2023
2025: €9k▼ -56.2% vs 2024
2018 → 2025
Total assets
€40k▼ 11.8%
2024 · €46k
2018: €67k
2019: €71k▲ +6.3% vs 2018
2020: €34k▼ -53.1% vs 2019
2021: €11k▼ -66.3% vs 2020lowest in 8 years
2022: €23k▲ +106% vs 2021
2023: €176k▲ +655% vs 2022highest in 8 years
2024: €46k▼ -74.0% vs 2023
2025: €40k▼ -11.8% vs 2024
2018 → 2025
Net result
€-12k▼ 183%
2024 · €-4k
2018: €2k
2019: €8k▲ +384% vs 2018
2020: €-14k▼ -273% vs 2019lowest in 8 years
2021: €-12k▲ +15.9% vs 2020
2022: €13k▲ +209% vs 2021
2023: €78k▲ +508% vs 2022highest in 8 years
2024: €-4k▼ -105% vs 2023
2025: €-12k▼ -183% vs 2024
2018 → 2025
Working capital
€9k▼ 56.2%
2024 · €21k
2018: €-43k
2019: €-40k▲ +7.6% vs 2018
2020: €-54k▼ -34.6% vs 2019
2021: €-65k▼ -21.7% vs 2020lowest in 8 years
2022: €-53k▲ +19.7% vs 2021
2023: €26k▲ +150% vs 2022highest in 8 years
2024: €21k▼ -19.9% vs 2023
2025: €9k▼ -56.2% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-65k-€-53k▲ 19.6%€25k€21k▼ 16.6%€9k▼ 56.2%
2021: €-65klowest in 5 years
2022: €-53k▲ +19.6% vs 2021
2023: €25k▲ +148% vs 2022highest in 5 years
2024: €21k▼ -16.6% vs 2023
2025: €9k▼ -56.2% vs 2024
Operating result€-11k-€14k€79k▲ 485%€-3k€-11k▼ 247%
2021: €-11klowest in 5 years
2022: €14k▲ +223% vs 2021
2023: €79k▲ +485% vs 2022highest in 5 years
2024: €-3k▼ -104% vs 2023
2025: €-11k▼ -247% vs 2024
Net result€-12k-€13k€78k▲ 508%€-4k€-12k▼ 183%
2021: €-12k
2022: €13k▲ +209% vs 2021
2023: €78k▲ +508% vs 2022highest in 5 years
2024: €-4k▼ -105% vs 2023
2025: €-12k▼ -183% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11k in 2025 against €3k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €40k
Equity
€9k ▼ 56.2%
Debt
€31k ▲ 26.0%
Debt's share of the balance-sheet total rises from 54.1% to 77.2%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
1.30▼
2024 · 1.85
Quick ratio
0.27▲
2024 · 0.17
Debt to equity
3.39▲
2024 · 1.18
ROE
-128.4%▼
2024 · -19.9%
ROA
-29.3%▼
2024 · -9.1%
Debt ≤ 1 year
€31k▲
2024 · €25k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 33 lines
Balance sheet
Code20242025
Assets
Total assets20/58€46k€40k▼
Current assets29/58€46k€40k▼
Stocks and contracts in progress3€42k€32k▼
Stocks30/36€42k€32k▼
Amounts receivable within one year40/41€1k-
Other amounts receivable41€1k-
Cash at bank and in hand54/58€2k€8k▲
Deferred charges and accrued income490/1€786€458▼
Equity and liabilities
Total equity and liabilities10/49€46k€40k▼
Equity10/15€21k€9k▼
Contributions10/11€6k€6k=
Reserves13€15k€3k▼
Distributable reserves133€15k€3k▼
Amounts payable17/49€25k€31k▲
Amounts payable within one year42/48€25k€31k▲
Trade debts44€2k€2k▲
Suppliers440/4€2k€2k▲
Taxes, remuneration and social security45-€5k
Taxes450/3-€5k
Other amounts payable47/48€23k€24k▲
Income statement
Code20242025
Other operating charges640/8€2k€737▼
Gross operating margin9900€-1k€-10k▼
Operating profit (loss)9901€-3k€-11k▼
Financial income75/76B€35€0▼
Recurring financial income75€35€0▼
Financial charges65/66B€1k€1k▲
Recurring financial charges65€1k€1k▲
Profit (loss) for the period before taxes9903€-4k€-12k▼
Income taxes67/77€-4-
Profit (loss) for the period9904€-4k€-12k▼
Profit (loss) for the period to be appropriated9905€-4k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-4k€-12k▼
Transfer from equity791/2€4k€12k▲
The notes to these accounts (3 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €80 | €80 | - | - | - | - |
| Other operating charges640/8 | €710 | €507 | €704 | €2k | €737 | ▼ 53.0% |
| Gross operating margin9900 | €-10k | €14k | €80k | €-1k | €-10k | ▼ 564% |
| Operating profit (loss)9901 | €-11k | €14k | €79k | €-3k | €-11k | ▼ 247% |
| Financial income75/76B | - | €2 | €349 | €35 | €0 | ▼ 100.0% |
| Recurring financial income75 | - | €2 | €349 | €35 | €0 | ▼ 100.0% |
| Financial charges65/66B | €699 | €745 | €1k | €1k | €1k | ▲ 6.5% |
| Recurring financial charges65 | €699 | €745 | €1k | €1k | €1k | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | €-12k | €13k | €78k | €-4k | €-12k | ▼ 183% |
| Income taxes67/77 | - | - | €410 | €-4 | - | - |
| Profit (loss) for the period9904 | €-12k | €13k | €78k | €-4k | €-12k | ▼ 183% |
| Profit (loss) for the period to be appropriated9905 | €-12k | €13k | €78k | €-4k | €-12k | ▼ 183% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11k | €23k | €176k | €46k | €40k | ▼ 11.8% |
| Fixed assets21/28 | €80 | - | - | - | - | - |
| Tangible fixed assets22/27 | €80 | - | - | - | - | - |
| Plant, machinery and equipment23 | €80 | - | - | - | - | - |
| Current assets29/58 | €11k | €23k | €176k | €46k | €40k | ▼ 11.8% |
| Stocks and contracts in progress3 | - | €12k | €13k | €42k | €32k | ▼ 23.7% |
| Stocks30/36 | - | €12k | €13k | €42k | €32k | ▼ 23.7% |
| Amounts receivable within one year40/41 | €3k | €2k | €78k | €1k | - | - |
| Trade receivables40 | €1k | €1k | €69k | - | - | - |
| Other amounts receivable41 | €2k | €723 | €9k | €1k | - | - |
| Cash at bank and in hand54/58 | €8k | €9k | €84k | €2k | €8k | ▲ 311% |
| Deferred charges and accrued income490/1 | €227 | €366 | €577 | €786 | €458 | ▼ 41.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11k | €23k | €176k | €46k | €40k | ▼ 11.8% |
| Equity10/15 | €-65k | €-53k | €25k | €21k | €9k | ▼ 56.2% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €2k | €2k | €19k | €15k | €3k | ▼ 79.8% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | - | - | €19k | €15k | €3k | ▼ 79.8% |
| Profit (loss) carried forward14 | €-73k | €-61k | - | - | - | - |
| Amounts payable17/49 | €77k | €76k | €151k | €25k | €31k | ▲ 26.0% |
| Amounts payable within one year42/48 | €77k | €76k | €150k | €25k | €31k | ▲ 26.0% |
| Trade debts44 | €1k | €3k | €114k | €2k | €2k | ▲ 7.3% |
| Suppliers440/4 | €1k | €3k | €114k | €2k | €2k | ▲ 7.3% |
| Taxes, remuneration and social security45 | - | - | €612 | - | €5k | - |
| Taxes450/3 | - | - | €612 | - | €5k | - |
| Other amounts payable47/48 | €75k | €73k | €35k | €23k | €24k | ▲ 7.7% |
| Accrued charges and deferred income492/3 | - | - | €1k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-12k | €13k | €78k | €-4k | €-12k | ▼ 183% |
| + Depreciation and write-downs630 | €80 | €80 | - | - | - | - |
| Operating cash flow (approximation) | €-12k | €13k | €78k | €-4k | €-12k | ▼ 183% |
| Change in cash | - | €587 | €75k | €-82k | €6k | ▲ 107% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €78k ▲508%
Operating result €79k, net result €78k, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 1.18
Current ratio from 0.31 to 1.18.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 60 days late
2022
31-12
Financial
Back to profitnet €13k
Net result €13k after 2 loss-making years.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-14k
Net result drops to €-14k, the lowest in the series; recovery starts the following year.
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
03-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 125 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
03-11
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 95 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2007
Ground area
651 m²
Building footprint
301 m²
Volume, LiDAR
5,704 m³
Parcel 11808H1179/00S021, Flanders · tallest building 26.2 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
-
since 20072.159.413.802
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11808H1179/00S021 | Flanders | 651 m² | 1 · 301 m² | 26.2 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 567 companies in sector 46480 we hold annual accounts for 353. 141 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-01-2007
Fiscal year end31-12
Activities, NACEBEL 2025
46480Wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.