SIGMA VASTGOED
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 14 filings
Turnover
≈ €950,000
Estimated: probably between €570,000 and €1.6m
Total assets
€5.5m▼ 2.2%
2024 · €5.6m
Net result
-€19,215▲ 56.6%
2024 · -€44,302
Working capital
€54,348
2024 · -€13,819
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€52,684
▲ 136%
2025
20182025
Net result
-€19,215
▲ 56.6%
2025
20182025
Equity
€2.5m
▼ 0.8%
2025
20182025
Total assets
€5.5m
▼ 2.2%
2025
20182025
Debt
€2.9m
▼ 3.3%
2025
20182025
Working capital
€54,348
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.001m-€0.001m▼ 0.6%€151▼ 82.8%€0.001m▲ 846%-€0.08m€0.006m€0.02m▲ 273%€0.05m▲ 136%
Net result€0.001m-€0.001m▼ 14.0%€12▼ 98.4%€0.001m▲ 98×-€0.1m-€0.06m▲ 60.9%-€0.04m▲ 19.9%-€0.02m▲ 56.6%
Equity€2.7m-€2.7m=€2.7m=€2.7m=€2.6m▼ 3.9%€2.5m▼ 2.1%€2.5m▼ 1.8%€2.5m▼ 0.8%
Total assets€2.7m-€2.7m=€2.7m=€2.7m▲ 0.1%€6.1m▲ 124%€5.8m▼ 4.6%€5.6m▼ 3.0%€5.5m▼ 2.2%
Debt€0.02m-€0.02m▼ 7.1%€0.02m=€0.02m▲ 5.6%€3.4m▲ 142×€3.1m▼ 6.4%€3.0m▼ 4.0%€2.9m▼ 3.3%
Working capital-€0.02m--€0.02m▲ 7.0%-€0.02m▲ 4.3%-€0.02m▲ 7.2%€0.2m-€0.008m-€0.01m▼ 68.7%€0.05m
The operating result for 2025 is 136% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Large changes and their cause
- 2022 Total assets +124% on 2021. Merger absorbing IMMOLEMM, Official Gazette 15-09-2022. Merger absorbing LOCATIO INVEST, Official Gazette 15-09-2022.
Turnover and EBIT margin are not published. The abbreviated or 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 €5.5m
Fixed assets
€5.2m ▼ 4.1%
Current assets
€346,486 ▲ 38.3%
Equity and liabilities €5.5m
Equity
€2.5m ▼ 0.8%
Provisions
€123,637 ▼ 5.3%
Debt
€2.9m ▼ 3.3%
Debt's share of the balance-sheet total falls from 53.5% to 52.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€362,999▲
2024 · €329,577
Cash flow
€291,099▲
2024 · €262,922
Current ratio
1.19▲
2024 · 0.95
Debt to equity
1.18▼
2024 · 1.21
ROE
-0.8%▲
2024 · -1.8%
ROA
-0.3%▲
2024 · -0.8%
Interest coverage
6.08▲
2024 · 5.52
Debt ≤ 1 year
€292,138▲
2024 · €264,361
Debt > 1 year
€2.6m▼
2024 · €2.7m
Income taxes
€19,865▲
2024 · €14,643
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 | - | €259,278 | €185,017 | €99,411 | €88,748 |
| Depreciation and write-downs of the year | €385 | €316,454 | €298,442 | €307,225 | €310,314 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €942 | €942 | €942 | €385 | €316,454 | €298,442 | €307,225 | €310,314 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €969 | €33,592 | €37,017 | €38,278 | €39,991 | ▲ 4.5% |
| Gross operating margin9900 | €2,788 | €2,785 | €2,061 | €2,780 | €269,581 | €341,449 | €367,855 | €402,989 | ▲ 9.6% |
| Operating profit (loss)9901 | €882 | €878 | €151 | €1,426 | -€80,466 | €5,990 | €22,353 | €52,684 | ▲ 136% |
| Financial income75/76B | - | - | - | - | €7,208 | €9,649 | €740 | €716 | ▼ 3.4% |
| Recurring financial income75 | - | - | - | - | €7,208 | €9,649 | €740 | €716 | ▼ 3.4% |
| Financial charges65/66B | - | - | - | €276 | €74,293 | €73,730 | €59,690 | €59,687 | = |
| Recurring financial charges65 | €16 | €132 | €139 | €276 | €74,293 | €73,730 | €59,690 | €59,687 | = |
| Profit (loss) for the period before taxes9903 | €867 | €745 | €12 | €1,151 | -€147,551 | -€58,091 | -€36,597 | -€6,287 | ▲ 82.8% |
| Transfer from deferred taxes780 | - | - | - | - | €6,937 | €6,937 | €6,937 | €6,937 | = |
| Income taxes67/77 | - | - | - | - | €770 | €4,167 | €14,643 | €19,865 | ▲ 35.7% |
| Profit (loss) for the period9904 | €867 | €745 | €12 | €1,151 | -€141,384 | -€55,321 | -€44,302 | -€19,215 | ▲ 56.6% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €103,544 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €867 | €745 | €12 | €1,151 | -€37,841 | -€55,321 | -€44,302 | -€19,215 | ▲ 56.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.7m | €2.7m | €2.7m | €2.7m | €6.1m | €5.8m | €5.6m | €5.5m | ▼ 2.2% |
| Formation expenses20 | €0.001m | €0.001m | - | - | €0 | - | - | - | - |
| Fixed assets21/28 | €2.7m | €2.7m | €2.7m | €2.7m | €5.7m | €5.6m | €5.4m | €5.2m | ▼ 4.1% |
| Tangible fixed assets22/27 | €0.002m | €0.001m | €0.001m | €0.001m | €5.7m | €5.6m | €5.4m | €5.2m | ▼ 4.1% |
| Land and buildings22 | - | - | - | - | €5.6m | €5.5m | €5.3m | €5.1m | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €0.002m | €0.001m | €0.002m | ▲ 32.0% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.05m | €0.05m | €0.03m | €0.03m | ▼ 3.8% |
| Financial fixed assets28 | €2.7m | €2.7m | €2.7m | €2.7m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €176 | €140 | €0.001m | €0.004m | €0.4m | €0.2m | €0.3m | €0.3m | ▲ 38.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.03m | €0.03m | €0.03m | - | - |
| Other amounts receivable291 | - | - | - | - | €0.03m | €0.03m | €0.03m | - | - |
| Amounts receivable within one year40/41 | - | - | - | €0.001m | €0.001m | - | €0.001m | €0.01m | ▲ 989% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | - | €0.001m | €0.01m | ▲ 989% |
| Current investments50/53 | - | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 53.2% |
| Cash at bank and in hand54/58 | €176 | €140 | €0.001m | €0.003m | €0.05m | €0.03m | €0.06m | €0.08m | ▲ 38.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | ▲ 34.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.7m | €2.7m | €2.7m | €2.7m | €6.1m | €5.8m | €5.6m | €5.5m | ▼ 2.2% |
| Equity10/15 | €2.7m | €2.7m | €2.7m | €2.7m | €2.6m | €2.5m | €2.5m | €2.5m | ▼ 0.8% |
| Contributions10/11 | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Capital10 | - | - | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Issued capital100 | - | - | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Reserves13 | - | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves not available under the articles1311 | - | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | -€0.004m | -€0.003m | -€0.003m | -€0.002m | -€0.1m | -€0.2m | -€0.2m | -€0.3m | ▼ 7.9% |
| Provisions and deferred taxes16 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.3% |
| Deferred taxes168 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.3% |
| Amounts payable17/49 | €0.02m | €0.02m | €0.02m | €0.02m | €3.4m | €3.1m | €3.0m | €2.9m | ▼ 3.3% |
| Amounts payable after more than one year17 | - | - | - | - | €3.1m | €2.9m | €2.7m | €2.6m | ▼ 4.6% |
| Financial debts170/4 | - | - | - | - | €3.1m | €2.9m | €2.7m | €2.6m | ▼ 4.6% |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.02m | €0.02m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 5.1% |
| Trade debts44 | €0.003m | €475 | €0.002m | €0.002m | €0.007m | €0.005m | €0.007m | €0.03m | ▲ 323% |
| Suppliers440/4 | - | - | - | €0.002m | €0.007m | €0.005m | €0.007m | €0.03m | ▲ 323% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.005m | €0.01m | €0.02m | ▲ 34.4% |
| Taxes450/3 | - | - | - | - | - | €0.005m | €0.01m | €0.02m | ▲ 34.4% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.003m | €0.002m | €0.01m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.001m | €0.001m | €12 | €0.001m | -€0.1m | -€0.06m | -€0.04m | -€0.02m | ▲ 56.6% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.001m | €385 | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 1.0% |
| Operating cash flow (approximation) | €0.002m | €0.002m | €0.001m | €0.002m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 10.7% |
| Investment in fixed assets (approximation) | - | -€0.001m | -€0.001m | €0 | -€3.3m | -€0.2m | -€0.1m | -€0.09m | ▲ 10.7% |
| Change in cash | - | -€36 | €0.001m | €0.002m | €0.05m | -€0.02m | €0.03m | €0.02m | ▼ 24.6% |
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, 2,686 companies had the same profile as SIGMA VASTGOED has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SIGMA VASTGOED itself: < 0.1% 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 2,686 companies, not a prediction for SIGMA VASTGOED. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00231650 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00273263 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00217201 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00248698 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20174302 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-38600233 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19500132 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-21900048 | |
| 31-12-2017 | abbreviated format | 11-07-2018 | 2018-31900025 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36100601 |