SIGMATRON
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 35 filings
Turnover
≈ €150,000
Estimated: probably between €100,000 and €200,000
Total assets
€194,275▲ 12.4%
2025 · €172,821
Net result
€10,922▲ 973%
2025 · €1,018
Working capital
€144,749▲ 14.4%
2025 · €126,580
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€18,011
▲ 305%
2026
20192026
Net result
€10,922
▲ 973%
2026
20192026
Equity
€148,248
▲ 7.3%
2026
20192026
Total assets
€194,275
▲ 12.4%
2026
20192026
Debt
€46,026
▲ 32.8%
2026
20192026
Working capital
€144,749
▲ 14.4%
2026
20192026
Solvency
76.3%
▼ 3.6pp
2026
20192026
Current ratio
4.29
▼ 0.52
2026
20192026
Return on assets (ROA)
5.6%
▲ 5.0pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€16,754-€24,258▲ 44.8%€28,854▲ 18.9%€23,673▼ 18.0%€14,673▼ 38.0%-€2,630€4,452€18,011▲ 305%
Net result€10,093-€14,989▲ 48.5%€19,542within the sector's middle half▲ 30.4%€13,403within the sector's middle half▼ 31.4%€6,979within the sector's middle half▼ 47.9%-€2,585below the sector's middle half€1,018within the sector's middle half€10,922▲ 973%
Equity€88,859-€103,036▲ 16.0%€121,778within the sector's middle half▲ 18.2%€134,381above the sector's middle half▲ 10.3%€140,560above the sector's middle half▲ 4.6%€137,975above the sector's middle half▼ 1.8%€138,159above the sector's middle half▲ 0.1%€148,248▲ 7.3%
Total assets€179,234-€177,774▼ 0.8%€262,811within the sector's middle half▲ 47.8%€261,171within the sector's middle half▼ 0.6%€170,095within the sector's middle half▼ 34.9%€169,484within the sector's middle half▼ 0.4%€172,821within the sector's middle half▲ 2.0%€194,275▲ 12.4%
Debt€90,375-€74,739▼ 17.3%€141,033▲ 88.7%€126,790▼ 10.1%€29,535▼ 76.7%€31,509▲ 6.7%€34,662▲ 10.0%€46,026▲ 32.8%
Working capital€74,774-€62,897▼ 15.9%€88,642above the sector's middle half▲ 40.9%€109,755above the sector's middle half▲ 23.8%€123,274above the sector's middle half▲ 12.3%€123,350above the sector's middle half▲ 0.1%€126,580above the sector's middle half▲ 2.6%€144,749▲ 14.4%
Solvency49.6%-58.0%▲ 8.4pp46.3%within the sector's middle half▼ 11.6pp51.5%within the sector's middle half▲ 5.1pp82.6%above the sector's middle half▲ 31.2pp81.4%above the sector's middle half▼ 1.2pp79.9%above the sector's middle half▼ 1.5pp76.3%▼ 3.6pp
Current ratio1.83-1.84▲ 0.011.81within the sector's middle half▼ 0.032.08within the sector's middle half▲ 0.2711.29above the sector's middle half▲ 9.216.02above the sector's middle half▼ 5.274.80above the sector's middle half▼ 1.224.29▼ 0.52
Return on assets (ROA)5.6%-8.4%▲ 2.8pp7.4%within the sector's middle half▼ 1.0pp5.1%within the sector's middle half▼ 2.3pp4.1%within the sector's middle half▼ 1.0pp-1.5%below the sector's middle half▼ 5.6pp0.6%within the sector's middle half▲ 2.1pp5.6%▲ 5.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2026 is over 4 times that of 2025 and the highest since 2022. It is the second rise in a row, after the fall 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
2026 in colour, 2025 as the grey bar beneath
Assets €194,275
Fixed assets
€5,481 ▼ 57.7%
Current assets
€188,793 ▲ 18.1%
Equity and liabilities €194,275
Equity
€148,248 ▲ 7.3%
Debt
€46,026 ▲ 32.8%
Debt's share of the balance-sheet total rises from 20.1% to 23.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,303▲
2025 · €14,886
Cash flow
€20,214▲
2025 · €11,452
Quick ratio
3.77▼
2025 · 4.13
Debt to equity
0.31▲
2025 · 0.25
ROE
7.4%▲
2025 · 0.7%
Interest coverage
12.01▲
2025 · 8.25
Debt ≤ 1 year
€44,044▲
2025 · €33,271
Income taxes
€5,004▲
2025 · €1,816
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,332 | €1,545 | €3,802 | €1,869 | €2,771 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €16,782 | €16,386 | €17,059 | €10,434 | €9,292 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €256 awarded · €256 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,000 | - | - | - | €158 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,298 | €11,739 | €11,893 | €16,782 | €16,386 | €17,059 | €10,434 | €9,292 | ▼ 10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €2,625 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,201 | €1,002 | €1,118 | €1,252 | €1,225 | ▼ 2.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,352 | €0 | ▼ 100% |
| Gross operating margin9900 | €22,902 | €37,488 | €42,037 | €41,656 | €32,060 | €15,548 | €20,115 | €28,529 | ▲ 41.8% |
| Operating profit (loss)9901 | €16,754 | €24,258 | €28,854 | €23,673 | €14,673 | -€2,630 | €4,452 | €18,011 | ▲ 305% |
| Financial income75/76B | - | - | - | €145 | €159 | €2,214 | €186 | €189 | ▲ 1.2% |
| Recurring financial income75 | €360 | €271 | €297 | €145 | €159 | €143 | €186 | €189 | ▲ 1.2% |
| Non-recurring financial income76B | - | - | - | - | - | €2,072 | - | - | - |
| Financial charges65/66B | - | - | - | €3,869 | €3,688 | €654 | €1,805 | €2,274 | ▲ 25.9% |
| Recurring financial charges65 | €2,794 | €2,943 | €3,092 | €3,869 | €3,688 | €654 | €1,805 | €2,274 | ▲ 25.9% |
| Profit (loss) for the period before taxes9903 | €14,320 | €21,585 | €26,059 | €19,949 | €11,143 | -€1,069 | €2,833 | €15,926 | ▲ 462% |
| Income taxes67/77 | €4,227 | €6,597 | €6,518 | €6,546 | €4,164 | €1,517 | €1,816 | €5,004 | ▲ 176% |
| Profit (loss) for the period9904 | €10,093 | €14,989 | €19,542 | €13,403 | €6,979 | -€2,585 | €1,018 | €10,922 | ▲ 973% |
| Profit (loss) for the period to be appropriated9905 | €10,093 | €14,989 | €19,542 | €13,403 | €6,979 | -€2,585 | €1,018 | €10,922 | ▲ 973% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €179,234 | €177,774 | €262,811 | €261,171 | €170,095 | €169,484 | €172,821 | €194,275 | ▲ 12.4% |
| Fixed assets21/28 | €14,139 | €40,194 | €65,133 | €49,683 | €34,842 | €21,585 | €12,970 | €5,481 | ▼ 57.7% |
| Tangible fixed assets22/27 | €12,351 | €38,405 | €63,344 | €47,895 | €33,054 | €19,797 | €11,231 | €3,868 | ▼ 65.6% |
| Land and buildings22 | - | - | - | €3,364 | €2,129 | €1,061 | €380 | €206 | ▼ 45.9% |
| Plant, machinery and equipment23 | - | - | - | €850 | €627 | €1,055 | €764 | €473 | ▼ 38.1% |
| Furniture and vehicles24 | - | - | - | €43,681 | €30,298 | €17,680 | €10,087 | €3,189 | ▼ 68.4% |
| Financial fixed assets28 | €1,788 | €1,788 | €1,788 | €1,788 | €1,788 | €1,788 | €1,738 | €1,613 | ▼ 7.2% |
| Current assets29/58 | €165,095 | €137,581 | €197,678 | €211,488 | €135,253 | €147,899 | €159,851 | €188,793 | ▲ 18.1% |
| Stocks and contracts in progress3 | €19,804 | €33,196 | €25,312 | €22,312 | €17,531 | €23,924 | €22,510 | €22,846 | ▲ 1.5% |
| Stocks30/36 | - | - | - | €22,312 | €17,531 | €23,924 | €22,510 | €22,846 | ▲ 1.5% |
| Amounts receivable within one year40/41 | €1,859 | €12,713 | €25,969 | €38,930 | €18,555 | €20,460 | €22,345 | €18,101 | ▼ 19.0% |
| Trade receivables40 | - | - | - | €33,498 | €11,617 | €16,685 | €19,092 | €17,108 | ▼ 10.4% |
| Other amounts receivable41 | - | - | - | €5,432 | €6,938 | €3,775 | €3,252 | €992 | ▼ 69.5% |
| Current investments50/53 | - | - | - | - | - | - | - | €35,000 | - |
| Cash at bank and in hand54/58 | €140,146 | €87,842 | €142,678 | €145,821 | €94,835 | €98,895 | €109,641 | €108,011 | ▼ 1.5% |
| Deferred charges and accrued income490/1 | - | - | - | €4,425 | €4,332 | €4,620 | €5,355 | €4,835 | ▼ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €179,234 | €177,774 | €262,811 | €261,171 | €170,095 | €169,484 | €172,821 | €194,275 | ▲ 12.4% |
| Equity10/15 | €88,859 | €103,036 | €121,778 | €134,381 | €140,560 | €137,975 | €138,159 | €148,248 | ▲ 7.3% |
| Contributions10/11 | €30,987 | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Reserves13 | €32,940 | €47,925 | €67,465 | €80,865 | €87,835 | €87,835 | €87,835 | €97,924 | ▲ 11.5% |
| Tax-exempt reserves132 | - | - | - | €11,000 | €11,000 | €11,000 | €11,000 | €11,000 | = |
| Distributable reserves133 | - | - | - | €69,865 | €76,835 | €76,835 | €76,835 | €86,924 | ▲ 13.1% |
| Profit (loss) carried forward14 | €24,933 | €24,124 | €23,326 | €22,530 | €21,739 | €19,153 | €19,338 | €19,338 | = |
| Amounts payable17/49 | €90,375 | €74,739 | €141,033 | €126,790 | €29,535 | €31,509 | €34,662 | €46,026 | ▲ 32.8% |
| Amounts payable after more than one year17 | - | - | €29,013 | €21,716 | €14,345 | €6,896 | - | - | - |
| Financial debts170/4 | - | - | - | €21,716 | €14,345 | €6,896 | - | - | - |
| Amounts payable within one year42/48 | €90,321 | €74,684 | €109,036 | €101,733 | €11,979 | €24,550 | €33,271 | €44,044 | ▲ 32.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,546 | €8,623 | €8,714 | €8,161 | €1,260 | ▼ 84.6% |
| Trade debts44 | €2,973 | €3,125 | €21,286 | €4,350 | €597 | €3,339 | €1,118 | €4,369 | ▲ 291% |
| Suppliers440/4 | - | - | - | €4,350 | €597 | €3,339 | €1,118 | €4,369 | ▲ 291% |
| Taxes, remuneration and social security45 | - | - | - | €2,379 | €1,959 | €1,920 | - | €3,216 | - |
| Taxes450/3 | - | - | - | €2,379 | €1,959 | €1,920 | - | €3,216 | - |
| Other amounts payable47/48 | - | - | - | €86,458 | €800 | €10,577 | €23,992 | €35,199 | ▲ 46.7% |
| Accrued charges and deferred income492/3 | - | - | - | €3,340 | €3,211 | €64 | €1,390 | €1,982 | ▲ 42.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,093 | €14,989 | €19,542 | €13,403 | €6,979 | -€2,585 | €1,018 | €10,922 | ▲ 973% |
| + Depreciation and write-downs630 | €5,298 | €11,739 | €11,893 | €16,782 | €16,386 | €17,059 | €10,434 | €9,292 | ▼ 10.9% |
| Operating cash flow (approximation) | €15,391 | €26,728 | €31,435 | €30,185 | €23,365 | €14,473 | €11,452 | €20,214 | ▲ 76.5% |
| Investment in fixed assets (approximation) | - | -€37,793 | -€36,832 | -€1,332 | -€1,545 | -€3,802 | -€1,819 | -€1,804 | ▲ 0.8% |
| Change in cash | - | -€52,304 | €54,836 | €3,144 | -€50,986 | €4,060 | €10,746 | -€1,630 | - |
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 SIGMATRON 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 SIGMATRON 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 31,368 companies, not a prediction for SIGMATRON. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00599586 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00557809 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00525287 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00501086 | |
| 31-03-2022 | micro format | 16-10-2022 | 2022-20463792 | |
| 31-03-2021 | micro format | 01-11-2021 | 2021-76000077 | |
| 31-03-2020 | micro format | 18-09-2020 | 2020-54200394 | |
| 31-03-2019 | micro format | 30-09-2019 | 2019-66900010 | |
| 31-03-2018 | micro format | 30-09-2018 | 2018-67100073 | |
| 31-03-2017 | micro format | 28-09-2017 | 2017-64800256 |