SiMa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-02-2026 PDF all 19 filings
Turnover
≈ €940,000
Estimated: probably between €630,000 and €1.2m
Total assets
€620,789▼ 0.2%
2024 · €622,271
Net result
€28,126
2024 · -€3,319
Working capital
-€67,575▲ 27.1%
2024 · -€92,738
In the rankings
#7 company by total assets in Keerbergen, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€44,349
▲ 305%
2025
20192025
Net result
€28,126
2025
middle half of the sector
20192025
Equity
-€20,375
▲ 58.0%
2025
lowest quarter of the sector
20192025
Total assets
€620,789
▼ 0.2%
2025
highest quarter of the sector
20192025
Debt
€641,164
▼ 4.4%
2025
20192025
Working capital
-€67,575
▲ 27.1%
2025
lowest quarter of the sector
20192025
Solvency
-3.3%
▲ 4.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.84
▲ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
4.5%
▲ 5.1pp
2025
middle half of the sector
20192025
Staff (FTE)
2.5
▲ 19.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€16,893-€57,683▲ 241%€11,363▼ 80.3%-€59,034€25,647€10,946▼ 57.3%€44,349▲ 305%
Net result€723--€22,670below the sector's middle half€990within the sector's middle half-€71,272below the sector's middle half€13,408within the sector's middle half-€3,319below the sector's middle half€28,126within the sector's middle half
Equity€34,362-€11,692below the sector's middle half▼ 66.0%€12,682below the sector's middle half▲ 8.5%-€58,590below the sector's middle half-€45,183below the sector's middle half▲ 22.9%-€48,501below the sector's middle half▼ 7.3%-€20,375below the sector's middle half▲ 58.0%
Total assets€722,862-€600,234above the sector's middle half▼ 17.0%€635,449above the sector's middle half▲ 5.9%€615,454above the sector's middle half▼ 3.1%€676,206above the sector's middle half▲ 9.9%€622,271above the sector's middle half▼ 8.0%€620,789above the sector's middle half▼ 0.2%
Debt€688,501-€588,542▼ 14.5%€622,767▲ 5.8%€674,044▲ 8.2%€721,389▲ 7.0%€670,772▼ 7.0%€641,164▼ 4.4%
Working capital-€130,264--€23,230below the sector's middle half▲ 82.2%-€34,846below the sector's middle half▼ 50.0%-€133,656below the sector's middle half▼ 284%-€72,200below the sector's middle half▲ 46.0%-€92,738below the sector's middle half▼ 28.4%-€67,575below the sector's middle half▲ 27.1%
Solvency4.8%-1.9%below the sector's middle half▼ 2.8pp2.0%below the sector's middle half=-9.5%below the sector's middle half▼ 11.5pp-6.7%below the sector's middle half▲ 2.8pp-7.8%below the sector's middle half▼ 1.1pp-3.3%below the sector's middle half▲ 4.5pp
Current ratio0.68-0.94below the sector's middle half▲ 0.260.91below the sector's middle half▼ 0.020.68below the sector's middle half▼ 0.230.84below the sector's middle half▲ 0.160.78below the sector's middle half▼ 0.060.84below the sector's middle half▲ 0.06
Return on assets (ROA)0.1%--3.8%below the sector's middle half▼ 3.9pp0.2%below the sector's middle half▲ 3.9pp-11.6%below the sector's middle half▼ 11.7pp2.0%within the sector's middle half▲ 13.6pp-0.5%below the sector's middle half▼ 2.5pp4.5%within the sector's middle half▲ 5.1pp
Staff (FTE)1.6-1within the sector's middle half▼ 37.5%1.82.6▲ 44.4%2.1▼ 19.2%2.5▲ 19.0%
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 2025 is nearly 4.1 times that of 2024 and the highest since 2021. It is a recovery 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
2025 in colour, 2024 as the grey bar beneath
Assets €620,789
Fixed assets
€253,013 ▼ 11.1%
Current assets
€367,776 ▲ 8.9%
Equity and liabilities
Equity-€20,375
Debt€641,164
Equity is negative. Debt (€641,164) exceeds the balance-sheet total (€620,789).
Key figures and ratios
EBITDA
€85,955▲
2024 · €54,276
Cash flow
€69,732▲
2024 · €40,011
Quick ratio
0.68▲
2024 · 0.56
Interest coverage
5.62▲
2024 · 3.56
Debt ≤ 1 year
€435,351▲
2024 · €430,472
Debt > 1 year
€205,813▼
2024 · €240,300
Income taxes
€4,413▲
2024 · €717
Staff costs
€147,356▲
2024 · €104,435
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 3 |
| full-time | - | - | 1 | 2 |
| part-time | 2 | 2 | 2 | 1 |
| in full-time equivalents | 0.4 | 0.4 | 2 | 2.3 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 | 1.8 | 2.3 |
| On a permanent contract | - | - | 2 | 2 |
| Joined | 4 | 3 | 3 | 3 |
| Left | 3 | 3 | 2 | 3 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €52,866 | €111,954 | - | €35,419 | €10,083 |
| Depreciation and write-downs of the year | €34,095 | €47,972 | €39,829 | €43,330 | €41,606 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €10,331 | €13,547 | ▲ 31.1% |
| Remuneration, social security and pensions62 | - | - | €45,553 | €30,441 | €27,032 | €104,435 | €147,356 | ▲ 41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,140 | €31,592 | €34,095 | €47,972 | €39,829 | €43,330 | €41,606 | ▼ 4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€8,082 | - | - | €3,717 | - | - |
| Other operating charges640/8 | - | - | €11,547 | €2,233 | €3,305 | €4,313 | €2,897 | ▼ 32.8% |
| Non-recurring operating charges66A | - | - | €252 | - | - | €171 | - | - |
| Gross operating margin9900 | €140,029 | €142,115 | €94,729 | €21,612 | €95,813 | €166,912 | €236,209 | ▲ 41.5% |
| Operating profit (loss)9901 | €16,893 | €57,683 | €11,363 | -€59,034 | €25,647 | €10,946 | €44,349 | ▲ 305% |
| Financial income75/76B | - | - | €220 | €586 | €1,519 | €1,693 | €3,471 | ▲ 105% |
| Recurring financial income75 | €237 | €58 | €220 | €586 | €1,519 | €1,693 | €3,471 | ▲ 105% |
| Financial charges65/66B | - | - | €9,762 | €12,252 | €12,895 | €15,241 | €15,281 | ▲ 0.3% |
| Recurring financial charges65 | €14,193 | €14,362 | €9,762 | €12,252 | €12,895 | €15,241 | €15,281 | ▲ 0.3% |
| Profit (loss) for the period before taxes9903 | €2,936 | -€22,670 | €1,822 | -€70,700 | €14,271 | -€2,602 | €32,539 | - |
| Income taxes67/77 | €2,214 | - | €832 | €572 | €863 | €717 | €4,413 | ▲ 516% |
| Profit (loss) for the period9904 | €723 | -€22,670 | €990 | -€71,272 | €13,408 | -€3,319 | €28,126 | - |
| Profit (loss) for the period to be appropriated9905 | €723 | -€22,670 | €990 | -€71,272 | €13,408 | -€3,319 | €28,126 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €722,862 | €600,234 | €635,449 | €615,454 | €676,206 | €622,271 | €620,789 | ▼ 0.2% |
| Fixed assets21/28 | €444,915 | €252,428 | €268,467 | €332,448 | €292,619 | €284,536 | €253,013 | ▼ 11.1% |
| Tangible fixed assets22/27 | €444,195 | €251,708 | €267,747 | €331,728 | €291,899 | €283,816 | €252,293 | ▼ 11.1% |
| Land and buildings22 | - | - | €210,749 | €198,094 | €186,349 | €174,605 | €162,861 | ▼ 6.7% |
| Plant, machinery and equipment23 | - | - | €3,568 | €8,139 | €4,213 | €4,490 | €10,750 | ▲ 139% |
| Furniture and vehicles24 | - | - | €35,216 | €23,549 | €14,603 | €32,408 | €16,667 | ▼ 48.6% |
| Other tangible fixed assets26 | - | - | €18,214 | €101,947 | €86,734 | €72,314 | €62,016 | ▼ 14.2% |
| Financial fixed assets28 | €720 | €720 | €720 | €720 | €720 | €720 | €720 | = |
| Current assets29/58 | €277,947 | €347,806 | €366,982 | €283,005 | €383,587 | €337,734 | €367,776 | ▲ 8.9% |
| Stocks and contracts in progress3 | €81,964 | €77,764 | €96,613 | €95,773 | €91,369 | €98,519 | €71,835 | ▼ 27.1% |
| Stocks30/36 | - | - | €96,613 | €95,773 | €91,369 | €98,519 | €71,835 | ▼ 27.1% |
| Amounts receivable within one year40/41 | €159,707 | €218,738 | €154,562 | €139,124 | €197,395 | €193,254 | €231,764 | ▲ 19.9% |
| Trade receivables40 | - | - | €87,958 | €60,703 | €105,028 | €94,246 | €62,246 | ▼ 34.0% |
| Other amounts receivable41 | - | - | €66,604 | €78,421 | €92,368 | €99,008 | €169,518 | ▲ 71.2% |
| Cash at bank and in hand54/58 | €34,674 | €45,271 | €102,214 | €35,699 | €83,521 | €37,052 | €34,003 | ▼ 8.2% |
| Deferred charges and accrued income490/1 | - | - | €13,593 | €12,408 | €11,302 | €8,909 | €30,174 | ▲ 239% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €722,862 | €600,234 | €635,449 | €615,454 | €676,206 | €622,271 | €620,789 | ▼ 0.2% |
| Equity10/15 | €34,362 | €11,692 | €12,682 | -€58,590 | -€45,183 | -€48,501 | -€20,375 | ▲ 58.0% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €28,162 | €28,162 | €28,162 | €28,162 | €28,162 | €28,162 | €28,162 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €26,302 | €26,302 | €26,302 | €26,302 | €26,302 | = |
| Profit (loss) carried forward14 | - | -€22,670 | -€21,680 | -€92,952 | -€79,544 | -€82,863 | -€54,737 | ▲ 33.9% |
| Amounts payable17/49 | €688,501 | €588,542 | €622,767 | €674,044 | €721,389 | €670,772 | €641,164 | ▼ 4.4% |
| Amounts payable after more than one year17 | €280,289 | €217,506 | €220,939 | €257,383 | €265,601 | €240,300 | €205,813 | ▼ 14.4% |
| Financial debts170/4 | - | - | €220,939 | €257,383 | €265,601 | €240,300 | €205,813 | ▼ 14.4% |
| Amounts payable within one year42/48 | €408,211 | €371,036 | €401,828 | €416,661 | €455,788 | €430,472 | €435,351 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | €18,468 | €26,309 | €33,320 | €37,531 | €34,487 | ▼ 8.1% |
| Financial debts43 | - | - | €140,000 | €140,000 | €140,000 | €140,000 | €100,000 | ▼ 28.6% |
| Credit institutions430/8 | - | - | €140,000 | €140,000 | €140,000 | €140,000 | €100,000 | ▼ 28.6% |
| Trade debts44 | €230,580 | €214,723 | €239,660 | €243,468 | €274,522 | €246,987 | €292,086 | ▲ 18.3% |
| Suppliers440/4 | - | - | €239,660 | €243,468 | €274,522 | €246,987 | €292,086 | ▲ 18.3% |
| Taxes, remuneration and social security45 | - | - | €3,700 | €6,884 | €7,946 | €5,954 | €8,778 | ▲ 47.4% |
| Taxes450/3 | - | - | €3,700 | €6,884 | €7,946 | €5,750 | €6,450 | ▲ 12.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €204 | €2,328 | ▲ 11× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €723 | -€22,670 | €990 | -€71,272 | €13,408 | -€3,319 | €28,126 | - |
| + Depreciation and write-downs630 | €45,140 | €31,592 | €34,095 | €47,972 | €39,829 | €43,330 | €41,606 | ▼ 4.0% |
| Operating cash flow (approximation) | €45,863 | €8,922 | €35,085 | -€23,300 | €53,237 | €40,011 | €69,732 | ▲ 74.3% |
| Investment in fixed assets (approximation) | - | €160,895 | -€50,134 | -€111,954 | €0 | -€35,248 | -€10,083 | ▲ 71.4% |
| Change in cash | - | €10,596 | €56,944 | -€66,515 | €47,821 | -€46,469 | -€3,049 | ▲ 93.4% |
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, 1,379 companies had the same profile as SiMa has now. Two years later, 94.3% were still going and 2.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
94.3%
was still going
3.2%
stopped otherwise
2.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SiMa itself: 0.6% 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 1,379 companies, not a prediction for SiMa. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-02-2026 | 2026-00036112 | |
| 30-09-2024 | micro format | 25-04-2025 | 2025-00076844 | |
| 30-09-2023 | micro format | 08-02-2024 | 2024-00027986 | |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00067594 | |
| 30-09-2021 | micro format | 25-04-2022 | 2022-20009987 | |
| 30-09-2020 | micro format | 22-03-2021 | 2021-08100578 | |
| 30-09-2019 | micro format | 20-03-2020 | 2020-07400170 | |
| 30-09-2018 | micro format | 21-03-2019 | 2019-07500139 | |
| 30-09-2017 | micro format | 22-03-2018 | 2018-07600060 | |
| 30-09-2016 | abbreviated format | 16-02-2017 | 2017-04600085 |