Simabat
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 16 filings
Turnover
€263,598▼ 5.8%
2019 · €279,847
EBIT margin
15.0%▲ 1.3pp
2019 · 13.6%
Net result
-€1,910
2024 · €34,499
Working capital
€50,074▼ 27.6%
2024 · €69,135
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€37,435
▼ 30.5%
2025
20182025
Net result
-€1,910
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€55,649
▼ 3.3%
2025
middle half of the sector
20182025
Total assets
€130,341
▼ 2.3%
2025
middle half of the sector
20182025
Debt
€74,692
▼ 1.5%
2025
20182025
Working capital
€50,074
▼ 27.6%
2025
middle half of the sector
20182025
Solvency
42.7%
▼ 0.4pp
2025
middle half of the sector
20182025
Current ratio
1.67
▼ 0.57
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.5%
▼ 27.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€196,865-€279,847▲ 42.2%€263,598▼ 5.8%
Operating result€51,045-€38,194▼ 25.2%€39,416▲ 3.2%-€15,090-€8,490▲ 43.7%€4,537€53,897▲ 12×€37,435▼ 30.5%
Net result€50,239-€27,814▼ 44.6%€835below the sector's middle half▼ 97.0%-€40,950below the sector's middle half-€8,217below the sector's middle half▲ 79.9%€1,438within the sector's middle half€34,499above the sector's middle half▲ 24×-€1,910below the sector's middle half
EBIT margin25.9%-13.6%▼ 12.3pp15.0%▲ 1.3pp
Equity€42,139-€69,953▲ 66.0%€70,788within the sector's middle half▲ 1.2%€29,839within the sector's middle half▼ 57.8%€21,622within the sector's middle half▼ 27.5%€23,060within the sector's middle half▲ 6.7%€57,559within the sector's middle half▲ 150%€55,649within the sector's middle half▼ 3.3%
Total assets€91,113-€109,510▲ 20.2%€122,320within the sector's middle half▲ 11.7%€156,703within the sector's middle half▲ 28.1%€69,162within the sector's middle half▼ 55.9%€74,229within the sector's middle half▲ 7.3%€133,423within the sector's middle half▲ 79.7%€130,341within the sector's middle half▼ 2.3%
Debt€48,974-€39,557▼ 19.2%€51,531▲ 30.3%€126,865▲ 146%€47,540▼ 62.5%€51,169▲ 7.6%€75,863▲ 48.3%€74,692▼ 1.5%
Working capital€35,261-€54,607▲ 54.9%€56,780within the sector's middle half▲ 4.0%€32,333within the sector's middle half▼ 43.1%€24,503within the sector's middle half▼ 24.2%€23,271within the sector's middle half▼ 5.0%€69,135within the sector's middle half▲ 197%€50,074within the sector's middle half▼ 27.6%
Solvency46.2%-63.9%▲ 17.6pp57.9%within the sector's middle half▼ 6.0pp19.0%below the sector's middle half▼ 38.8pp31.3%within the sector's middle half▲ 12.2pp31.1%within the sector's middle half▼ 0.2pp43.1%within the sector's middle half▲ 12.1pp42.7%within the sector's middle half▼ 0.4pp
Current ratio1.72-2.38▲ 0.662.13within the sector's middle half▼ 0.251.28within the sector's middle half▼ 0.861.60within the sector's middle half▲ 0.321.48within the sector's middle half▼ 0.122.24within the sector's middle half▲ 0.761.67within the sector's middle half▼ 0.57
Return on assets (ROA)55.1%-25.4%▼ 29.7pp0.7%below the sector's middle half▼ 24.7pp-26.1%below the sector's middle half▼ 26.8pp-11.9%below the sector's middle half▲ 14.3pp1.9%within the sector's middle half▲ 13.8pp25.9%above the sector's middle half▲ 23.9pp-1.5%below the sector's middle half▼ 27.3pp
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 31% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €130,341
Fixed assets
€5,575 ▼ 33.8%
Current assets
€124,766 ▼ 0.2%
Equity and liabilities €130,341
Equity
€55,649 ▼ 3.3%
Debt
€74,692 ▼ 1.5%
Debt's share of the balance-sheet total rises from 56.9% to 57.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€40,191▼
2024 · €56,020
Cash flow
€846▼
2024 · €36,622
Quick ratio
1.47▼
2024 · 2.24
Debt to equity
1.34▲
2024 · 1.32
ROE
-3.4%▼
2024 · 59.9%
Interest coverage
1.16▼
2024 · 20.34
Debt ≤ 1 year
€74,692▲
2024 · €55,863
Income taxes
€1,711▼
2024 · €18,080
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €2,819 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €675 | €463 | - | €5,156 | - |
| Depreciation and write-downs of the year | €7,352 | €4,574 | €1,189 | €2,123 | €2,756 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €196,865 | €279,847 | €263,598 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,189 | €3,101 | €4,236 | €7,352 | €4,574 | €1,189 | €2,123 | €2,756 | ▲ 29.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €20,701 | €15,583 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €31,054 | €248 | €1,635 | - | €2,482 | - |
| Gross operating margin9900 | €34,052 | €44,152 | €46,027 | €44,018 | €11,915 | €7,361 | €56,020 | €42,673 | ▼ 23.8% |
| Operating profit (loss)9901 | €51,045 | €38,194 | €39,416 | -€15,090 | -€8,490 | €4,537 | €53,897 | €37,435 | ▼ 30.5% |
| Financial income75/76B | - | - | - | €2,068 | €5,571 | €1,078 | €1,436 | €1,550 | ▲ 7.9% |
| Recurring financial income75 | €0 | €0 | €54 | €2,068 | €1,918 | €1,078 | €1,436 | €1,550 | ▲ 7.9% |
| Non-recurring financial income76B | - | - | - | - | €3,653 | - | - | - | - |
| Financial charges65/66B | - | - | - | €25,909 | €5,161 | €3,458 | €2,754 | €39,183 | ▲ 14× |
| Recurring financial charges65 | €806 | €10,380 | €13,375 | €5,595 | €5,161 | €3,458 | €2,754 | €34,503 | ▲ 13× |
| Non-recurring financial charges66B | - | - | - | €20,314 | - | - | - | €4,680 | - |
| Profit (loss) for the period before taxes9903 | €50,239 | €27,814 | €26,096 | -€38,931 | -€8,080 | €2,156 | €52,579 | -€199 | - |
| Income taxes67/77 | - | - | €25,260 | €2,019 | €137 | €718 | €18,080 | €1,711 | ▼ 90.5% |
| Profit (loss) for the period9904 | €50,239 | €27,814 | €835 | -€40,950 | -€8,217 | €1,438 | €34,499 | -€1,910 | - |
| Profit (loss) for the period to be appropriated9905 | €50,239 | €27,814 | €835 | -€40,950 | -€8,217 | €1,438 | €34,499 | -€1,910 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €91,113 | €109,510 | €122,320 | €156,703 | €69,162 | €74,229 | €133,423 | €130,341 | ▼ 2.3% |
| Fixed assets21/28 | €6,878 | €15,346 | €15,458 | €7,741 | €3,629 | €2,440 | €8,424 | €5,575 | ▼ 33.8% |
| Tangible fixed assets22/27 | €6,878 | €14,214 | €14,326 | €7,648 | €3,537 | €2,348 | €8,331 | €5,575 | ▼ 33.1% |
| Plant, machinery and equipment23 | - | - | - | €5,799 | €3,537 | €2,348 | €5,528 | €2,920 | ▼ 47.2% |
| Furniture and vehicles24 | - | - | - | €400 | - | - | €2,803 | €2,655 | ▼ 5.3% |
| Leasing and similar rights25 | - | - | - | €1,450 | - | - | - | - | - |
| Financial fixed assets28 | - | €1,133 | €1,133 | €93 | €93 | €93 | €93 | - | - |
| Current assets29/58 | €84,234 | €94,164 | €106,861 | €148,962 | €65,532 | €71,789 | €124,999 | €124,766 | ▼ 0.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €38,000 | €38,000 | €38,000 | €38,000 | = |
| Other amounts receivable291 | - | - | - | - | €38,000 | €38,000 | €38,000 | €38,000 | = |
| Stocks and contracts in progress3 | - | - | - | - | - | €10,000 | - | €15,000 | - |
| Stocks30/36 | - | - | - | - | - | €10,000 | - | €15,000 | - |
| Amounts receivable within one year40/41 | €84,137 | €94,068 | €105,325 | €146,373 | €26,569 | €23,387 | €43,973 | €63,821 | ▲ 45.1% |
| Trade receivables40 | - | - | - | €102,630 | €25,461 | €19,231 | €32,475 | €21,972 | ▼ 32.3% |
| Other amounts receivable41 | - | - | - | €43,743 | €1,108 | €4,156 | €11,498 | €41,849 | ▲ 264% |
| Cash at bank and in hand54/58 | €97 | €0 | €0 | €1,049 | - | - | €40,330 | €6,861 | ▼ 83.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,540 | €964 | €402 | €2,695 | €1,084 | ▼ 59.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €91,113 | €109,510 | €122,320 | €156,703 | €69,162 | €74,229 | €133,423 | €130,341 | ▼ 2.3% |
| Equity10/15 | €42,139 | €69,953 | €70,788 | €29,839 | €21,622 | €23,060 | €57,559 | €55,649 | ▼ 3.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €3,298 | €37,797 | €37,797 | = |
| 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 | - | - | - | - | - | €1,438 | €35,937 | €35,937 | = |
| Profit (loss) carried forward14 | €21,679 | €49,493 | €50,328 | €9,379 | €1,162 | €1,162 | €1,162 | -€748 | - |
| Amounts payable17/49 | €48,974 | €39,557 | €51,531 | €126,865 | €47,540 | €51,169 | €75,863 | €74,692 | ▼ 1.5% |
| Amounts payable after more than one year17 | - | - | €1,449 | €10,236 | €6,511 | €2,651 | - | - | - |
| Financial debts170/4 | - | - | - | €10,236 | €6,511 | €2,651 | - | - | - |
| Amounts payable within one year42/48 | €48,974 | €39,557 | €50,082 | €116,629 | €41,029 | €48,518 | €55,863 | €74,692 | ▲ 33.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,044 | €3,725 | €3,860 | €2,651 | - | - |
| Financial debts43 | - | - | - | - | €7,378 | - | - | - | - |
| Other loans439 | - | - | - | - | €7,378 | - | - | - | - |
| Trade debts44 | €43,844 | €29,032 | €2,462 | €104,996 | €21,060 | €27,639 | €33,538 | €6,664 | ▼ 80.1% |
| Suppliers440/4 | - | - | - | €104,996 | €21,060 | €27,639 | €33,538 | €6,664 | ▼ 80.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,166 | €4,569 | €2,112 | €19,251 | €20,039 | ▲ 4.1% |
| Taxes450/3 | - | - | - | €6,166 | €2,819 | €2,112 | €19,251 | €20,039 | ▲ 4.1% |
| Remuneration and social security454/9 | - | - | - | - | €1,750 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €423 | €4,297 | €14,908 | €423 | €47,988 | ▲ 113× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €20,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €50,239 | €27,814 | €835 | -€40,950 | -€8,217 | €1,438 | €34,499 | -€1,910 | - |
| + Depreciation and write-downs630 | €1,189 | €3,101 | €4,236 | €7,352 | €4,574 | €1,189 | €2,123 | €2,756 | ▲ 29.8% |
| Operating cash flow (approximation) | €51,428 | €30,915 | €5,072 | -€33,598 | -€3,642 | €2,627 | €36,622 | €846 | ▼ 97.7% |
| Investment in fixed assets (approximation) | - | -€11,569 | -€4,348 | €366 | -€463 | €0 | -€8,106 | €93 | - |
| Change in cash | - | -€97 | €0 | €1,049 | - | - | - | -€33,469 | - |
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, 6,908 companies had the same profile as Simabat has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Simabat itself: 0.3% 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 6,908 companies, not a prediction for Simabat. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00251172 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00345658 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00316404 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00192602 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20381625 | |
| 31-12-2020 | micro format | 10-11-2021 | 2021-77100362 | |
| 31-12-2019 | micro format | 04-11-2020 | 2020-69100311 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58700414 | |
| 31-12-2017 | micro format | 02-08-2018 | 2018-43000161 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-54700343 |