SIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 31 filings
Turnover
≈ €300,000
Estimated: probably between €150,000 and €700,000
Total assets
€238,074▲ 23.7%
2024 · €192,513
Net result
€17,024▼ 15.2%
2024 · €20,072
Working capital
€65,082▲ 26.0%
2024 · €51,669
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,517
▼ 35.3%
2025
20182025
Net result
€17,024
▼ 15.2%
2025
middle half of the sector
20182025
Equity
€101,162
▲ 20.2%
2025
middle half of the sector
20182025
Total assets
€238,074
▲ 23.7%
2025
middle half of the sector
20182025
Debt
€136,912
▲ 26.3%
2025
20182025
Working capital
€65,082
▲ 26.0%
2025
middle half of the sector
20182025
Solvency
42.5%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
1.97
▼ 0.15
2025
middle half of the sector
20182025
Return on assets (ROA)
7.2%
▼ 3.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,717-€16,090▲ 2.4%€6,518▼ 59.5%€20,422▲ 213%€34,771▲ 70.3%€33,240▼ 4.4%€36,332▲ 9.3%€23,517▼ 35.3%
Net result€14,723-€10,942▼ 25.7%€3,642within the sector's middle half▼ 66.7%€12,996within the sector's middle half▲ 257%€23,878within the sector's middle half▲ 83.7%€19,272within the sector's middle half▼ 19.3%€20,072within the sector's middle half▲ 4.1%€17,024within the sector's middle half▼ 15.2%
Equity€54,058-€52,999▼ 2.0%€44,641within the sector's middle half▼ 15.8%€43,637within the sector's middle half▼ 2.2%€60,016within the sector's middle half▲ 37.5%€70,338within the sector's middle half▲ 17.2%€84,137within the sector's middle half▲ 19.6%€101,162within the sector's middle half▲ 20.2%
Total assets€60,446-€60,521▲ 0.1%€67,302below the sector's middle half▲ 11.2%€125,734within the sector's middle half▲ 86.8%€123,834within the sector's middle half▼ 1.5%€217,374within the sector's middle half▲ 75.5%€192,513within the sector's middle half▼ 11.4%€238,074within the sector's middle half▲ 23.7%
Debt€6,388-€7,521▲ 17.7%€22,660▲ 201%€82,097▲ 262%€63,819▼ 22.3%€147,037▲ 130%€108,376▼ 26.3%€136,912▲ 26.3%
Working capital€55,950-€57,075▲ 2.0%€51,790within the sector's middle half▼ 9.3%€26,201within the sector's middle half▼ 49.4%€45,308within the sector's middle half▲ 72.9%€25,606within the sector's middle half▼ 43.5%€51,669within the sector's middle half▲ 102%€65,082within the sector's middle half▲ 26.0%
Solvency89.4%-87.6%▼ 1.9pp66.3%above the sector's middle half▼ 21.2pp34.7%within the sector's middle half▼ 31.6pp48.5%within the sector's middle half▲ 13.8pp32.4%within the sector's middle half▼ 16.1pp43.7%within the sector's middle half▲ 11.3pp42.5%within the sector's middle half▼ 1.2pp
Current ratio17.11-25.49▲ 8.384.73above the sector's middle half▼ 20.761.67within the sector's middle half▼ 3.062.76within the sector's middle half▲ 1.101.42within the sector's middle half▼ 1.352.12within the sector's middle half▲ 0.701.97within the sector's middle half▼ 0.15
Return on assets (ROA)24.4%-18.1%▼ 6.3pp5.4%within the sector's middle half▼ 12.7pp10.3%within the sector's middle half▲ 4.9pp19.3%above the sector's middle half▲ 8.9pp8.9%within the sector's middle half▼ 10.4pp10.4%within the sector's middle half▲ 1.6pp7.2%within the sector's middle half▼ 3.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 35% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €238,074
Fixed assets
€105,650 ▲ 11.8%
Current assets
€132,424 ▲ 35.1%
Equity and liabilities €238,074
Equity
€101,162 ▲ 20.2%
Debt
€136,912 ▲ 26.3%
Debt's share of the balance-sheet total rises from 56.3% to 57.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€63,104▼
2024 · €73,820
Cash flow
€56,612▼
2024 · €57,559
Debt to equity
1.35▲
2024 · 1.29
ROE
16.8%▼
2024 · 23.9%
Interest coverage
-55.62▼
2024 · 10.87
Debt ≤ 1 year
€67,342▲
2024 · €46,338
Debt > 1 year
€58,351▲
2024 · €50,763
Income taxes
€8,230▼
2024 · €9,855
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €67,022 | €7,152 | €108,144 | €1,875 | €50,732 |
| Depreciation and write-downs of the year | €8,480 | €14,471 | €30,866 | €37,488 | €39,588 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,001 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €886 | €463 | €505 | €8,480 | €14,471 | €30,866 | €37,488 | €39,588 | ▲ 5.6% |
| Other operating charges640/8 | - | - | - | €2,558 | €1,783 | €1,079 | €818 | €853 | ▲ 4.3% |
| Gross operating margin9900 | €17,860 | €19,538 | €8,257 | €31,460 | €51,024 | €65,185 | €74,638 | €63,957 | ▼ 14.3% |
| Operating profit (loss)9901 | €15,717 | €16,090 | €6,518 | €20,422 | €34,771 | €33,240 | €36,332 | €23,517 | ▼ 35.3% |
| Financial income75/76B | - | - | - | €690 | €76 | €306 | €387 | €603 | ▲ 55.7% |
| Recurring financial income75 | €143 | €662 | €64 | €690 | €76 | €306 | €387 | €603 | ▲ 55.7% |
| Financial charges65/66B | - | - | - | €667 | €665 | €4,919 | €6,793 | -€1,135 | - |
| Recurring financial charges65 | €820 | €48 | €109 | €667 | €665 | €4,919 | €6,793 | -€1,135 | - |
| Profit (loss) for the period before taxes9903 | €15,040 | €16,704 | €6,473 | €20,445 | €34,181 | €28,627 | €29,926 | €25,254 | ▼ 15.6% |
| Income taxes67/77 | €317 | €5,762 | €2,830 | €7,449 | €10,303 | €9,355 | €9,855 | €8,230 | ▼ 16.5% |
| Profit (loss) for the period9904 | €14,723 | €10,942 | €3,642 | €12,996 | €23,878 | €19,272 | €20,072 | €17,024 | ▼ 15.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,070 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €14,723 | €10,942 | €3,642 | €14,066 | €23,878 | €19,272 | €20,072 | €17,024 | ▼ 15.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €60,446 | €60,521 | €67,302 | €125,734 | €123,834 | €217,374 | €192,513 | €238,074 | ▲ 23.7% |
| Fixed assets21/28 | €1,023 | €1,115 | €1,618 | €60,160 | €52,840 | €130,118 | €94,505 | €105,650 | ▲ 11.8% |
| Tangible fixed assets22/27 | €974 | €1,065 | €1,568 | €60,110 | €52,791 | €130,069 | €94,456 | €105,600 | ▲ 11.8% |
| Plant, machinery and equipment23 | - | - | - | €5,236 | €5,823 | €4,359 | €2,894 | €1,429 | ▼ 50.6% |
| Furniture and vehicles24 | - | - | - | €54,873 | €46,968 | €125,710 | €91,562 | €104,171 | ▲ 13.8% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €59,422 | €59,406 | €65,684 | €65,575 | €70,994 | €87,256 | €98,008 | €132,424 | ▲ 35.1% |
| Amounts receivable within one year40/41 | €13,308 | €16,837 | €26,493 | €24,845 | €4,393 | €31,460 | €24,786 | €1,805 | ▼ 92.7% |
| Trade receivables40 | - | - | - | €20,570 | €2,190 | €18,161 | €1,450 | €3 | ▼ 99.8% |
| Other amounts receivable41 | - | - | - | €4,275 | €2,203 | €13,299 | €23,336 | €1,802 | ▼ 92.3% |
| Current investments50/53 | €2,902 | €3,495 | €3,470 | €4,111 | €4,111 | €3,507 | - | €84,060 | - |
| Cash at bank and in hand54/58 | €40,164 | €38,185 | €35,032 | €33,856 | €58,623 | €48,111 | €63,648 | €39,147 | ▼ 38.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,763 | €3,868 | €4,179 | €9,573 | €7,413 | ▼ 22.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €60,446 | €60,521 | €67,302 | €125,734 | €123,834 | €217,374 | €192,513 | €238,074 | ▲ 23.7% |
| Equity10/15 | €54,058 | €52,999 | €44,641 | €43,637 | €60,016 | €70,338 | €84,137 | €101,162 | ▲ 20.2% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €31,070 | €19,070 | €7,070 | €6,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €4,000 | - | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €2,988 | €13,929 | €17,571 | €17,637 | €38,016 | €48,338 | €62,137 | €79,162 | ▲ 27.4% |
| Amounts payable17/49 | €6,388 | €7,521 | €22,660 | €82,097 | €63,819 | €147,037 | €108,376 | €136,912 | ▲ 26.3% |
| Amounts payable after more than one year17 | - | - | - | €36,742 | €26,394 | €79,691 | €50,763 | €58,351 | ▲ 14.9% |
| Financial debts170/4 | - | - | - | €36,742 | €26,394 | €79,691 | €50,763 | €58,351 | ▲ 14.9% |
| Amounts payable within one year42/48 | €3,473 | €2,331 | €13,895 | €39,374 | €25,686 | €61,650 | €46,338 | €67,342 | ▲ 45.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,229 | €10,347 | €29,463 | €30,366 | €33,615 | ▲ 10.7% |
| Trade debts44 | €2,780 | €457 | €1,369 | €10,541 | - | €6,373 | €1,465 | €11,584 | ▲ 691% |
| Suppliers440/4 | - | - | - | €10,541 | - | €6,373 | €1,465 | €11,584 | ▲ 691% |
| Taxes, remuneration and social security45 | - | - | - | €11,428 | €10,376 | €5,547 | €4,551 | €7,386 | ▲ 62.3% |
| Taxes450/3 | - | - | - | €5,521 | €10,376 | €5,547 | €4,551 | €7,386 | ▲ 62.3% |
| Remuneration and social security454/9 | - | - | - | €5,907 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €7,175 | €4,963 | €20,268 | €9,956 | €14,758 | ▲ 48.2% |
| Accrued charges and deferred income492/3 | - | - | - | €5,982 | €11,739 | €5,696 | €11,274 | €11,219 | ▼ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,723 | €10,942 | €3,642 | €12,996 | €23,878 | €19,272 | €20,072 | €17,024 | ▼ 15.2% |
| + Depreciation and write-downs630 | €886 | €463 | €505 | €8,480 | €14,471 | €30,866 | €37,488 | €39,588 | ▲ 5.6% |
| Operating cash flow (approximation) | €15,609 | €11,405 | €4,148 | €21,476 | €38,349 | €50,138 | €57,559 | €56,612 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | -€555 | -€1,008 | -€67,022 | -€7,152 | -€108,144 | -€1,875 | -€50,732 | ▼ 2,606% |
| Change in cash | - | -€1,978 | -€3,153 | -€1,176 | €24,767 | -€10,512 | €15,537 | -€24,502 | - |
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, 31,368 companies had the same profile as SIC has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SIC itself: 0.2% within 12 months.
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 31,368 companies, not a prediction for SIC. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-07-2026 | 2026-00268419 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00266143 | |
| 31-12-2023 | micro format | 16-09-2024 | 2024-00462680 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00191018 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20139746 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25400448 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-18800570 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-34200192 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-32200371 | |
| 31-12-2016 | micro format | 26-06-2017 | 2017-22100329 |