SIDICO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 04-11-2025 PDF all 37 filings
Turnover
≈ €9.7m
Estimated: probably between €6.6m and €16.0m
EBIT margin
Not included in this filing
Net result
-€43,414▲ 77.8%
2023 · -€195,408
Working capital
€65,043
2023 · -€42,205
In the rankings
#6 employer in Koekelberg
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€149,500
2025
20192025
Net result
-€43,414
2025
lowest quarter of the sector
20192025
Equity
€462,943
2025
middle half of the sector
20192025
Total assets
€2.0m
2025
middle half of the sector
20192025
Debt
€1.4m
2025
20192025
Working capital
€65,043
2025
middle half of the sector
20192025
Solvency
23.6%
2025
middle half of the sector
20192025
Current ratio
1.05
2025
middle half of the sector
20192025
Return on assets (ROA)
-2.2%
2025
lowest quarter of the sector
20192025
Staff (FTE)
59.9
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232025
Operating result€0.05m-€0.04m▼ 20.3%€0.2m▲ 438%-€0.1m-€0.2m▼ 46.7%€0.1m-
Net result€0.03m-€0.03mwithin the sector's middle half▲ 3.7%€0.1mwithin the sector's middle half▲ 394%-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 69.1%-€0.04mbelow the sector's middle half-
Equity€0.2m-€0.3mwithin the sector's middle half▲ 10.2%€0.5mwithin the sector's middle half▲ 93.2%€0.9mwithin the sector's middle half▲ 70.0%€0.5mwithin the sector's middle half▼ 41.2%€0.5mwithin the sector's middle half-
Total assets€1.3m-€1.1mwithin the sector's middle half▼ 16.0%€1.6mwithin the sector's middle half▲ 45.9%€2.0mwithin the sector's middle half▲ 21.5%€1.9mwithin the sector's middle half▼ 5.7%€2.0mwithin the sector's middle half-
Debt€1.1m-€0.9m▼ 21.7%€1.1m▲ 31.6%€1.1m=€1.3m▲ 10.3%€1.4m-
Working capital€0.03m-€0.1mwithin the sector's middle half▲ 243%€0.2mwithin the sector's middle half▲ 90.8%€0.05mwithin the sector's middle half▼ 75.0%-€0.04mwithin the sector's middle half€0.07mwithin the sector's middle half-
Solvency17.7%-23.2%within the sector's middle half▲ 5.5pp30.7%within the sector's middle half▲ 7.5pp43.0%within the sector's middle half▲ 12.3pp26.8%within the sector's middle half▼ 16.2pp23.6%within the sector's middle half-
Current ratio1.03-1.13within the sector's middle half▲ 0.101.19within the sector's middle half▲ 0.061.05within the sector's middle half▼ 0.140.97within the sector's middle half▼ 0.081.05within the sector's middle half-
Return on assets (ROA)2.0%-2.5%within the sector's middle half▲ 0.5pp8.4%within the sector's middle half▲ 5.9pp-5.8%below the sector's middle half▼ 14.1pp-10.4%below the sector's middle half▼ 4.6pp-2.2%below the sector's middle half-
Staff (FTE)54.4-52.9within the sector's middle half▼ 2.8%52.5within the sector's middle half▼ 0.8%51.4within the sector's middle half▼ 2.1%55within the sector's middle half▲ 7.0%59.9within the sector's middle half-
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 €149,500, against a loss of €196,414 in 2023. Comparable figures for the intervening years are unavailable.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €2.0m
Fixed assets
€575,839 ▼ 18.8%
Current assets
€1.4m ▲ 17.7%
Equity and liabilities €2.0m
Equity
€462,943 ▼ 8.6%
Provisions
€97,939 ▼ 20.5%
Debt
€1.4m ▲ 11.5%
Debt's share of the balance-sheet total rises from 66.6% to 71.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€375,405▲
2023 · -€57,623
Cash flow
€182,491▲
2023 · -€56,617
Quick ratio
0.83▲
2023 · 0.77
Debt to equity
3.03▲
2023 · 2.48
ROE
-9.4%▲
2023 · -38.6%
Interest coverage
3.10▲
2023 · -1.86
Debt ≤ 1 year
€1.3m▲
2023 · €1.2m
Income taxes
€97,170▲
2023 · €15,044
Staff costs
€5.2m▲
2023 · €2.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 71 | 66 | 83 | 79 |
| full-time | 44 | 43 | 54 | 44 |
| part-time | 27 | 23 | 29 | 35 |
| in full-time equivalents | 50 | 49.2 | 60.7 | 55.5 |
| Average over the year, in full-time equivalents | 52.5 | 51.4 | 55 | 59.9 |
| On a permanent contract | 49 | 48 | 54 | 47 |
| Joined | 29 | 37 | 56 | - |
| Left | 27 | 39 | 38 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €256,864 | €631,039 | €37,495 | €99,341 |
| Financial fixed assets | - | €1,157 | €1,972 | - |
| Depreciation and write-downs of the year | €97,787 | €151,500 | €138,791 | €225,905 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €500 awarded · €500 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.001m | - | - |
| Remuneration, social security and pensions62 | - | - | €2.0m | €2.4m | €2.7m | €5.2m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.001m | - | - | - | - |
| Other operating charges640/8 | - | - | €0.04m | €0.3m | €0.009m | €0.04m | - |
| Non-recurring operating charges66A | - | - | - | €0.02m | - | €0.006m | - |
| Gross operating margin9900 | €2.3m | €2.3m | €2.4m | €2.7m | €2.7m | €5.6m | - |
| Operating profit (loss)9901 | €0.05m | €0.04m | €0.2m | -€0.1m | -€0.2m | €0.1m | - |
| Financial income75/76B | - | - | €0.03m | €0.02m | €0.02m | €1 | - |
| Recurring financial income75 | €0.01m | €0.03m | €0.03m | €0.02m | €0.02m | €1 | - |
| Financial charges65/66B | - | - | €0.02m | €0.01m | €0.03m | €0.1m | - |
| Recurring financial charges65 | €0.01m | €0.02m | €0.02m | €0.01m | €0.03m | €0.1m | - |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.05m | €0.2m | -€0.1m | -€0.2m | €0.03m | - |
| Transfer from deferred taxes780 | - | - | - | - | €0.03m | €0.03m | - |
| Income taxes67/77 | €0.03m | €0.02m | €0.1m | -€0.01m | €0.02m | €0.1m | - |
| Profit (loss) for the period9904 | €0.03m | €0.03m | €0.1m | -€0.1m | -€0.2m | -€0.04m | - |
| Transfer from tax-exempt reserves789 | - | - | €0.02m | €0.07m | €0.08m | €0.08m | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.03m | €0.2m | -€0.05m | -€0.1m | €0.03m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.3m | €1.1m | €1.6m | €2.0m | €1.9m | €2.0m | - |
| Fixed assets21/28 | €0.3m | €0.2m | €0.3m | €0.8m | €0.7m | €0.6m | - |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.3m | €0.8m | €0.7m | €0.6m | - |
| Land and buildings22 | - | - | €0.03m | €0.1m | €0.2m | €0.1m | - |
| Plant, machinery and equipment23 | - | - | €0.2m | €0.6m | €0.5m | €0.4m | - |
| Furniture and vehicles24 | - | - | €0.06m | €0.04m | €0.03m | €0.003m | - |
| Leasing and similar rights25 | - | - | €0.008m | - | - | - | - |
| Other tangible fixed assets26 | - | - | €0.02m | €0.04m | €0.04m | €0.03m | - |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.004m | €0.006m | €0.006m | - |
| Current assets29/58 | €1.1m | €0.9m | €1.3m | €1.2m | €1.2m | €1.4m | - |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | - |
| Stocks30/36 | - | - | €0.2m | €0.2m | €0.2m | €0.3m | - |
| Amounts receivable within one year40/41 | €0.7m | €0.6m | €0.6m | €0.8m | €0.8m | €0.8m | - |
| Trade receivables40 | - | - | €0.2m | €0.3m | €0.3m | €0.2m | - |
| Other amounts receivable41 | - | - | €0.4m | €0.5m | €0.5m | €0.6m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.5m | €0.1m | €0.2m | €0.2m | - |
| Deferred charges and accrued income490/1 | - | - | €0.003m | €0.01m | - | €0.03m | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.6m | €2.0m | €1.9m | €2.0m | - |
| Equity10/15 | €0.2m | €0.3m | €0.5m | €0.9m | €0.5m | €0.5m | - |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | - |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | - |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | - |
| Revaluation surpluses12 | - | - | €171 | €171 | - | - | - |
| Reserves13 | €0.07m | €0.07m | €0.3m | €0.7m | €0.4m | €0.3m | - |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | - |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | - |
| Tax-exempt reserves132 | - | - | €0.2m | €0.6m | €0.4m | €0.3m | - |
| Distributable reserves133 | - | - | €0.06m | €0.06m | - | - | - |
| Profit (loss) carried forward14 | €0.07m | €0.1m | €0.2m | €0.1m | €0.07m | €0.1m | - |
| Investment grants15 | - | - | €0.02m | €0.01m | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | €0.1m | €0.1m | - |
| Deferred taxes168 | - | - | - | - | €0.1m | €0.1m | - |
| Amounts payable17/49 | €1.1m | €0.9m | €1.1m | €1.1m | €1.3m | €1.4m | - |
| Amounts payable after more than one year17 | €0.06m | €0.04m | €0.03m | - | €0.04m | - | - |
| Financial debts170/4 | - | - | €0.03m | - | €0.04m | - | - |
| Amounts payable within one year42/48 | €1.0m | €0.8m | €1.1m | €1.1m | €1.2m | €1.3m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.1m | €0.2m | - |
| Financial debts43 | - | - | €0.1m | €0.05m | - | - | - |
| Credit institutions430/8 | - | - | €0.1m | €0.05m | - | - | - |
| Trade debts44 | €0.5m | €0.4m | €0.6m | €0.4m | €0.6m | €0.8m | - |
| Suppliers440/4 | - | - | €0.6m | €0.4m | €0.6m | €0.8m | - |
| Taxes, remuneration and social security45 | - | - | €0.3m | €0.4m | €0.5m | €0.3m | - |
| Taxes450/3 | - | - | €0.09m | €0.06m | €0.01m | €0.08m | - |
| Remuneration and social security454/9 | - | - | €0.3m | €0.4m | €0.5m | €0.2m | - |
| Other amounts payable47/48 | - | - | €0.08m | €0.05m | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €0.001m | - | - | €0.08m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,943 | €27,937 | €137,997 | -€115,531 | -€195,408 | -€43,414 | - |
| + Depreciation and write-downs630 | €110,214 | €105,117 | €97,787 | €151,500 | €138,791 | €225,905 | - |
| Operating cash flow (approximation) | €137,157 | €133,054 | €235,784 | €35,969 | -€56,617 | €182,491 | - |
| Investment in fixed assets (approximation) | - | -€28,973 | -€231,389 | -€632,196 | -€39,467 | - | - |
| Change in cash | - | -€7,477 | €381,285 | -€361,357 | €66,741 | - | - |
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, 371 companies had the same profile as SIDICO has now. Two years later, 96.8% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
96.8%
was still going
2.2%
stopped otherwise
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SIDICO itself: 0.7% 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 371 companies, not a prediction for SIDICO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 04-11-2025 | 2025-00561081 | |
| 30-09-2023 | full format | 30-04-2024 | 2024-00083040 | |
| 30-09-2022 | full format | 02-05-2023 | 2023-00085262 | |
| 30-09-2021 | full format | 25-04-2022 | 2022-20010147 | |
| 30-09-2020 | full format | 28-04-2021 | 2021-11800194 | |
| 30-09-2019 | full format | 29-04-2020 | 2020-10600074 | |
| 30-09-2018 | full format | 29-03-2019 | 2019-08500168 | |
| 30-09-2017 | full format | 03-04-2018 | 2018-08600170 | |
| 30-09-2016 | full format | 30-03-2017 | 2017-08100256 | |
| 30-09-2015 | full format | 30-03-2016 | 2016-08200136 |