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SHERMAN

Active
Private limited companyfounded 198837 yrs activeDorp 44, 3272 Scherpenheuvel-Zichem, BelgiumKBO/BCE: BE 0436.019.255
Summary

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 date
Age against the risk zone
highest failure risk from 2 to 8 years 37 years 0 40 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, 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 filings
Deviation 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 months
Position in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

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
€0€10k€20kOperating result 2021: €20k€20kNet result 2021: €16k€16kOperating result 2022: €10k€10kNet result 2022: €9k€9kOperating result 2023: €6k€6kNet result 2023: €3k€3kOperating result 2024: €15k€15kNet result 2024: €10k€10kOperating result 2025: €19k€19kNet result 2025: €14k€14k20212022202320242025€0€5k€10k€15k€20kOperating result 2023: €6k€5.5kNet result 2023: €3k€3.4kOperating result 2024: €15k€15kNet result 2024: €10k€10kOperating result 2025: €19k€19kNet result 2025: €14k€14k202320242025
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
2025 value · change against 2024
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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet Code20242025
Assets
Total assets20/58€561k€574k▲
Fixed assets21/28€361k€329k▼
Tangible fixed assets22/27€361k€329k▼
Land and buildings22€358k€327k▼
Plant, machinery and equipment23€3k€2k▼
Current assets29/58€200k€245k▲
Stocks and contracts in progress3€104k€88k▼
Stocks30/36€104k€88k▼
Amounts receivable within one year40/41€3k€28k▲
Trade receivables40€3k€18k▲
Other amounts receivable41€5€10k▲
Cash at bank and in hand54/58€91k€126k▲
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€561k€574k▲
Equity10/15€538k€552k▲
Contributions10/11€19k€19k=
Reserves13€109k€123k▲
Tax-exempt reserves132€4k€4k=
Distributable reserves133€106k€120k▲
Profit (loss) carried forward14€410k€410k=
Amounts payable17/49€23k€22k▼
Amounts payable after more than one year17€5k€5k=
Financial debts170/4€5k€5k=
Amounts payable within one year42/48€18k€15k▼
Trade debts44€726€1k▲
Suppliers440/4€726€1k▲
Taxes, remuneration and social security45€14k€11k▼
Taxes450/3€10k€7k▼
Remuneration and social security454/9€4k€4k▲
Other amounts payable47/48€3k€3k▼
Accrued charges and deferred income492/3-€2k
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32k€32k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€5k
Other operating charges640/8€2k€2k▲
Gross operating margin9900€49k€57k▲
Operating profit (loss)9901€15k€19k▲
Financial income75/76B€482€654▲
Recurring financial income75€482€654▲
Financial charges65/66B€180€243▲
Recurring financial charges65€180€243▲
Profit (loss) for the period before taxes9903€15k€19k▲
Income taxes67/77€5k€6k▲
Profit (loss) for the period9904€10k€14k▲
Profit (loss) for the period to be appropriated9905€10k€14k▲
Appropriation of the result
Profit (loss) to be appropriated9906€421k€424k▲
Profit (loss) brought forward from the previous period14P€411k€410k▼
Transfer to equity691/2€10k€14k▲
To other reserves6921€10k€14k▲
Profit to be distributed694/7€800-
Return on contributions (dividend)694€800-

The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20212022202320242025Change
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%
Line20212022202320242025Change
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-
Line20212022202320242025Change
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.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
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
seat establishment The establishment unit on the map
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
Gambling and betting activities
since 19882.041.297.593
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
24105D0363/00T000
ProtectedTownscape or village viewDorpskern TesteltSource ↗
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.

Similar companies · same sector, comparable size

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.