Simakon
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 42 filings
Turnover
≈ €130,000
Estimated: probably between €69,000 and €260,000
Total assets
€109,749▲ 6.5%
2024 · €103,073
Net result
€3,230▲ 24.4%
2024 · €2,597
Working capital
€94,807▲ 7.5%
2024 · €88,203
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,204
▲ 23.9%
2025
20182025
Net result
€3,230
▲ 24.4%
2025
middle half of the sector
20182025
Equity
€101,345
▲ 3.3%
2025
middle half of the sector
20182025
Total assets
€109,749
▲ 6.5%
2025
middle half of the sector
20182025
Debt
€8,403
▲ 69.5%
2025
20182025
Working capital
€94,807
▲ 7.5%
2025
highest quarter of the sector
20182025
Solvency
92.3%
▼ 2.8pp
2025
highest quarter of the sector
20182025
Current ratio
13.16
▼ 5.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.9%
▲ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,189--€3,229€1,425€6,473▲ 354%€17,833▲ 176%€9,232▼ 48.2%€4,199▼ 54.5%€5,204▲ 23.9%
Net result€4,995--€4,104€65below the sector's middle half€3,641within the sector's middle half▲ 56×€12,435within the sector's middle half▲ 242%€6,148within the sector's middle half▼ 50.6%€2,597within the sector's middle half▼ 57.8%€3,230within the sector's middle half▲ 24.4%
Equity€77,333-€73,229▼ 5.3%€73,294within the sector's middle half▲ 0.1%€76,935within the sector's middle half▲ 5.0%€89,370within the sector's middle half▲ 16.2%€95,518within the sector's middle half▲ 6.9%€98,115within the sector's middle half▲ 2.7%€101,345within the sector's middle half▲ 3.3%
Total assets€99,084-€86,941▼ 12.3%€76,115within the sector's middle half▼ 12.5%€82,079within the sector's middle half▲ 7.8%€96,167within the sector's middle half▲ 17.2%€102,212within the sector's middle half▲ 6.3%€103,073within the sector's middle half▲ 0.8%€109,749within the sector's middle half▲ 6.5%
Debt€21,751-€13,712▼ 37.0%€2,821▼ 79.4%€5,144▲ 82.3%€6,797▲ 32.1%€6,694▼ 1.5%€4,958▼ 25.9%€8,403▲ 69.5%
Working capital€69,376-€66,721▼ 3.8%€72,958within the sector's middle half▲ 9.3%€76,767within the sector's middle half▲ 5.2%€89,370above the sector's middle half▲ 16.4%€82,840within the sector's middle half▼ 7.3%€88,203within the sector's middle half▲ 6.5%€94,807above the sector's middle half▲ 7.5%
Solvency78.0%-84.2%▲ 6.2pp96.3%above the sector's middle half▲ 12.1pp93.7%above the sector's middle half▼ 2.6pp92.9%above the sector's middle half▼ 0.8pp93.5%above the sector's middle half▲ 0.5pp95.2%above the sector's middle half▲ 1.7pp92.3%above the sector's middle half▼ 2.8pp
Current ratio6.71-6.91▲ 0.2026.86above the sector's middle half▲ 19.9515.92above the sector's middle half▼ 10.9414.15above the sector's middle half▼ 1.7713.37above the sector's middle half▼ 0.7718.79above the sector's middle half▲ 5.4213.16above the sector's middle half▼ 5.63
Return on assets (ROA)5.0%--4.7%▼ 9.8pp0.1%below the sector's middle half▲ 4.8pp4.4%within the sector's middle half▲ 4.4pp12.9%within the sector's middle half▲ 8.5pp6.0%within the sector's middle half▼ 6.9pp2.5%within the sector's middle half▼ 3.5pp2.9%within the sector's middle half▲ 0.4pp
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 24% higher than in 2024. 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 €109,749
Fixed assets
€7,146 ▼ 27.9%
Current assets
€102,603 ▲ 10.1%
Equity and liabilities €109,749
Equity
€101,345 ▲ 3.3%
Debt
€8,403 ▲ 69.5%
Debt's share of the balance-sheet total rises from 4.8% to 7.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€7,970▲
2024 · €6,965
Cash flow
€5,996▲
2024 · €5,363
Quick ratio
13.05▼
2024 · 18.60
Debt to equity
0.08▲
2024 · 0.05
ROE
3.2%▲
2024 · 2.6%
Interest coverage
56.92▲
2024 · 49.59
Debt ≤ 1 year
€7,796▲
2024 · €4,958
Income taxes
€1,840▲
2024 · €1,462
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 | - | - | €13,831 | - | - |
| Depreciation and write-downs of the year | €168 | €168 | €1,153 | €2,766 | €2,766 |
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 | €18,180 | €8,591 | €8,591 | €168 | €168 | €1,153 | €2,766 | €2,766 | = |
| Other operating charges640/8 | - | - | - | €1,192 | €1,536 | €1,758 | €1,373 | €1,591 | ▲ 15.9% |
| Gross operating margin9900 | €29,199 | €6,991 | €11,308 | €7,832 | €19,537 | €12,142 | €8,339 | €9,560 | ▲ 14.7% |
| Operating profit (loss)9901 | €9,189 | -€3,229 | €1,425 | €6,473 | €17,833 | €9,232 | €4,199 | €5,204 | ▲ 23.9% |
| Financial income75/76B | - | - | - | €11 | €0 | €71 | €0 | €6 | - |
| Recurring financial income75 | €1 | - | - | €11 | €0 | €71 | €0 | €6 | - |
| Financial charges65/66B | - | - | - | €111 | €142 | €100 | €140 | €140 | ▼ 0.3% |
| Recurring financial charges65 | €529 | €224 | €98 | €111 | €142 | €100 | €140 | €140 | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | €8,661 | -€3,453 | €1,326 | €6,372 | €17,692 | €9,203 | €4,059 | €5,070 | ▲ 24.9% |
| Income taxes67/77 | €3,666 | €651 | €1,261 | €2,732 | €5,256 | €3,055 | €1,462 | €1,840 | ▲ 25.9% |
| Profit (loss) for the period9904 | €4,995 | -€4,104 | €65 | €3,641 | €12,435 | €6,148 | €2,597 | €3,230 | ▲ 24.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,550 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4,995 | -€4,104 | €65 | €8,191 | €12,435 | €6,148 | €2,597 | €3,230 | ▲ 24.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €99,084 | €86,941 | €76,115 | €82,079 | €96,167 | €102,212 | €103,073 | €109,749 | ▲ 6.5% |
| Fixed assets21/28 | €17,557 | €8,927 | €336 | €168 | €0 | €12,678 | €9,912 | €7,146 | ▼ 27.9% |
| Tangible fixed assets22/27 | €17,517 | €8,927 | €336 | €168 | €0 | €12,678 | €9,912 | €7,146 | ▼ 27.9% |
| Furniture and vehicles24 | - | - | - | €168 | €0 | €12,678 | €9,912 | €7,146 | ▼ 27.9% |
| Financial fixed assets28 | €40 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €81,527 | €78,014 | €75,779 | €81,911 | €96,167 | €89,534 | €93,161 | €102,603 | ▲ 10.1% |
| Stocks and contracts in progress3 | €314 | €690 | €647 | €337 | €434 | €359 | €942 | €836 | ▼ 11.3% |
| Stocks30/36 | - | - | - | €337 | €434 | €359 | €942 | €836 | ▼ 11.3% |
| Amounts receivable within one year40/41 | €4,483 | €9,182 | €8,653 | €7,362 | €19,342 | €24,114 | €17,723 | €3,264 | ▼ 81.6% |
| Trade receivables40 | - | - | - | €6,642 | €18,710 | €18,792 | €11,554 | €1,781 | ▼ 84.6% |
| Other amounts receivable41 | - | - | - | €720 | €632 | €5,322 | €6,170 | €1,483 | ▼ 76.0% |
| Cash at bank and in hand54/58 | €73,417 | €64,850 | €64,083 | €71,812 | €73,899 | €58,675 | €70,751 | €92,587 | ▲ 30.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,400 | €2,491 | €6,385 | €3,745 | €5,916 | ▲ 58.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €99,084 | €86,941 | €76,115 | €82,079 | €96,167 | €102,212 | €103,073 | €109,749 | ▲ 6.5% |
| Equity10/15 | €77,333 | €73,229 | €73,294 | €76,935 | €89,370 | €95,518 | €98,115 | €101,345 | ▲ 3.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €58,733 | €54,629 | €54,694 | €58,335 | €70,770 | €76,918 | €79,515 | €82,745 | ▲ 4.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €56,475 | €70,770 | €76,918 | €79,515 | €82,745 | ▲ 4.1% |
| Amounts payable17/49 | €21,751 | €13,712 | €2,821 | €5,144 | €6,797 | €6,694 | €4,958 | €8,403 | ▲ 69.5% |
| Amounts payable after more than one year17 | €9,600 | €2,419 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €12,151 | €11,293 | €2,821 | €5,144 | €6,797 | €6,694 | €4,958 | €7,796 | ▲ 57.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €396 | €3,405 | €141 | €2,333 | €506 | €6,079 | €4,698 | €3,945 | ▼ 16.0% |
| Suppliers440/4 | - | - | - | €2,333 | €506 | €6,079 | €4,698 | €3,945 | ▼ 16.0% |
| Taxes, remuneration and social security45 | - | - | - | €2,812 | €6,290 | €615 | €260 | €3,851 | ▲ 15× |
| Taxes450/3 | - | - | - | €2,812 | €6,290 | €615 | €260 | €3,851 | ▲ 15× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €608 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,995 | -€4,104 | €65 | €3,641 | €12,435 | €6,148 | €2,597 | €3,230 | ▲ 24.4% |
| + Depreciation and write-downs630 | €18,180 | €8,591 | €8,591 | €168 | €168 | €1,153 | €2,766 | €2,766 | = |
| Operating cash flow (approximation) | €23,175 | €4,487 | €8,656 | €3,808 | €12,603 | €7,301 | €5,363 | €5,996 | ▲ 11.8% |
| Investment in fixed assets (approximation) | - | €40 | €0 | €0 | €0 | -€13,831 | €0 | €0 | - |
| Change in cash | - | -€8,567 | -€767 | €7,729 | €2,087 | -€15,224 | €12,076 | €21,836 | ▲ 80.8% |
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, 17,041 companies had the same profile as Simakon has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Simakon 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 17,041 companies, not a prediction for Simakon. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-06-2026 | 2026-00179741 | |
| 31-12-2024 | micro format | 23-05-2025 | 2025-00104791 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00164938 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00295919 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20052144 | |
| 31-12-2020 | micro format | 05-08-2021 | 2021-46000030 | |
| 31-12-2019 | micro format | 26-05-2020 | 2020-13000174 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-18900367 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-15500122 | |
| 31-12-2016 | micro format | 29-05-2017 | 2017-13300243 |