SHERMAN
ActiveSummary
SHERMAN has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €552k and a net result of €14k. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 95% of 2003 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+1
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity ample (current ratio 16.3 against 11.03 in 2024; short-term debt: 2.6% and cash: 22% of total assets), and 3.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
96.2%
Return on assets
2.4%
Age of the figures
9 mo
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
35 d early
2023
37 d early
2022
3 d early
2021
1 d early
2020
17 d early
2019
28 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
€552k▲ 2.5%
2024 · €538k
Total assets
€574k▲ 2.2%
2024 · €561k
Net result
€14k▲ 29.6%
2024 · €10k
Working capital
€230k▲ 26.1%
2024 · €182k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20k▲ 135%€10k▼ 51.8%€6k▼ 43.9%€15k▲ 174%€19k▲ 24.6%
Net result€16k▲ 96.3%€9k▼ 45.7%€3k▼ 60.6%€10k▲ 206%€14k▲ 29.6%
Equity€518k▲ 2.9%€526k▲ 1.5%€528k▲ 0.5%€538k▲ 1.8%€552k▲ 2.5%
Total assets€581k▲ 2.8%€587k▲ 0.9%€550k▼ 6.2%€561k▲ 2.0%€574k▲ 2.2%
Debt€64k▲ 2.7%€61k▼ 3.8%€22k▼ 64.0%€23k▲ 5.2%€22k▼ 5.3%
Working capital€145k▲ 30.7%€146k▲ 0.2%€144k▼ 1.4%€182k▲ 26.8%€230k▲ 26.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 25% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €574k
Fixed assets
€329k ▼ 8.9%
Current assets
€245k ▲ 22.2%
Equity and liabilities €574k
Equity
€552k ▲ 2.5%
Debt
€22k ▼ 5.3%
Debt's share of the balance-sheet total falls from 4.1% to 3.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€51k▲
2024 · €47k
Cash flow
€46k▲
2024 · €42k
Current ratio
16.30▲
2024 · 11.03
Quick ratio
10.45▲
2024 · 5.33
Debt to equity
0.04▼
2024 · 0.04
ROE
2.5%▲
2024 · 1.9%
ROA
2.4%▲
2024 · 1.9%
Interest coverage
209.61▼
2024 · 260.40
Debt ≤ 1 year
€15k▼
2024 · €18k
Debt > 1 year
€5k=
2024 · €5k
Income taxes
€6k▲
2024 · €5k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39k | €33k | €35k | €32k | €32k | ▲ 0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €5k | - |
| Other operating charges640/8 | €1k | €2k | €2k | €2k | €2k | ▲ 11.0% |
| Gross operating margin9900 | €60k | €45k | €43k | €49k | €57k | ▲ 18.1% |
| Operating profit (loss)9901 | €20k | €10k | €6k | €15k | €19k | ▲ 24.6% |
| Financial income75/76B | €622 | €404 | €535 | €482 | €654 | ▲ 35.6% |
| Recurring financial income75 | €622 | €404 | €535 | €482 | €654 | ▲ 35.6% |
| Financial charges65/66B | €368 | €315 | €249 | €180 | €243 | ▲ 34.7% |
| Recurring financial charges65 | €368 | €315 | €249 | €180 | €243 | ▲ 34.7% |
| Profit (loss) for the period before taxes9903 | €21k | €10k | €6k | €15k | €19k | ▲ 24.8% |
| Income taxes67/77 | €5k | €1k | €2k | €5k | €6k | ▲ 14.7% |
| Profit (loss) for the period9904 | €16k | €9k | €3k | €10k | €14k | ▲ 29.6% |
| Profit (loss) for the period to be appropriated9905 | €16k | €9k | €3k | €10k | €14k | ▲ 29.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €581k | €587k | €550k | €561k | €574k | ▲ 2.2% |
| Fixed assets21/28 | €417k | €425k | €390k | €361k | €329k | ▼ 8.9% |
| Tangible fixed assets22/27 | €417k | €425k | €390k | €361k | €329k | ▼ 8.9% |
| Land and buildings22 | €415k | €424k | €389k | €358k | €327k | ▼ 8.7% |
| Plant, machinery and equipment23 | €2k | €1k | €679 | €3k | €2k | ▼ 26.0% |
| Current assets29/58 | €164k | €162k | €161k | €200k | €245k | ▲ 22.2% |
| Stocks and contracts in progress3 | €112k | €118k | €127k | €104k | €88k | ▼ 15.3% |
| Stocks30/36 | €112k | €118k | €127k | €104k | €88k | ▼ 15.3% |
| Amounts receivable within one year40/41 | €15k | €2k | €11k | €3k | €28k | ▲ 781% |
| Trade receivables40 | €7k | €1k | €7k | €3k | €18k | ▲ 469% |
| Other amounts receivable41 | €8k | €1k | €4k | €5 | €10k | ▲ 197,713% |
| Cash at bank and in hand54/58 | €30k | €33k | €22k | €91k | €126k | ▲ 39.0% |
| Deferred charges and accrued income490/1 | €7k | €9k | €1k | €3k | €3k | ▲ 0.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €581k | €587k | €550k | €561k | €574k | ▲ 2.2% |
| Equity10/15 | €518k | €526k | €528k | €538k | €552k | ▲ 2.5% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Outside capital11 | €19k | - | - | - | - | - |
| Other1109/19 | €19k | - | - | - | - | - |
| Reserves13 | €87k | €96k | €99k | €109k | €123k | ▲ 12.4% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | €4k | €4k | €4k | €4k | €4k | = |
| Distributable reserves133 | €82k | €90k | €96k | €106k | €120k | ▲ 12.8% |
| Profit (loss) carried forward14 | €412k | €412k | €411k | €410k | €410k | = |
| Amounts payable17/49 | €64k | €61k | €22k | €23k | €22k | ▼ 5.3% |
| Amounts payable after more than one year17 | €45k | €45k | €5k | €5k | €5k | = |
| Financial debts170/4 | €45k | €45k | €5k | €5k | €5k | = |
| Amounts payable within one year42/48 | €19k | €16k | €17k | €18k | €15k | ▼ 17.3% |
| Trade debts44 | €4k | €5k | €2k | €726 | €1k | ▲ 53.5% |
| Suppliers440/4 | €4k | €5k | €2k | €726 | €1k | ▲ 53.5% |
| Taxes, remuneration and social security45 | €8k | €8k | €10k | €14k | €11k | ▼ 19.7% |
| Taxes450/3 | €8k | €8k | €7k | €10k | €7k | ▼ 29.5% |
| Remuneration and social security454/9 | - | €600 | €3k | €4k | €4k | ▲ 7.5% |
| Other amounts payable47/48 | €7k | €2k | €5k | €3k | €3k | ▼ 22.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16k | €9k | €3k | €10k | €14k | ▲ 29.6% |
| + Depreciation and write-downs630 | €39k | €33k | €35k | €32k | €32k | ▲ 0.7% |
| Operating cash flow (approximation) | €55k | €42k | €39k | €42k | €46k | ▲ 7.8% |
| Investment in fixed assets (approximation) | - | €-41k | €0 | €-3k | €0 | ▲ 100% |
| Change in cash | - | €2k | €-11k | €69k | €35k | ▼ 48.6% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €16k ▲96.3%
Operating result €20k, net result €16k, both a record.
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €8k
Net result €8k after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 10.30
Current ratio from 3.90 to 10.30; short-term debt falls from €31k to €12k.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial
Weakest financial yearnet €-12k
Net result drops to €-12k, the lowest in the series; recovery starts the following year.
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Scherpenheuvel-Zichem · 1 establishment unit since 1988
Ground area
487 m²
Building footprint
114 m²
Volume, LiDAR
669 m³
Parcel 24105D0363/00T000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Dorp 44, 3272 Scherpenheuvel-Zichem
since 19882.041.297.593
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24105D0363/00T000 | Flanders | 487 m² | 1 · 114 m² | 8.5 m · 2 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 3,395 companies in sector 90393 we hold annual accounts for 937. 562 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
Founded15-12-1988
Fiscal year end31-12
Activities, NACEBEL 2025
90393Specialised image, lighting and sound technical services
Scores and ratios are computed by Checked and are not a credit decision.