SIMSEK
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 73 days after the deadline Filed on 12 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00554031.
Annual accounts 2025 filed on 12-10-2026 at the NBB all 11 filings
Turnover
≈ €450,000
Estimated: probably between €320,000 and €680,000
Total assets
€81,033▲ 8.8%
2024 · €74,503
Net result
€18,920
2024 · -€2,984
Working capital
€49,118▲ 5.9%
2024 · €46,398
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,918
▲ 13×
2025
20182025
Net result
€18,920
2025
middle half of the sector
20182025
Equity
€66,096
▲ 40.1%
2025
middle half of the sector
20182025
Total assets
€81,033
▲ 8.8%
2025
middle half of the sector
20182025
Debt
€14,937
▼ 45.3%
2025
20182025
Working capital
€49,118
▲ 5.9%
2025
middle half of the sector
20182025
Solvency
81.6%
▲ 18.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.29
▲ 1.59
2025
highest quarter of the sector
20182025
Return on assets (ROA)
23.3%
▲ 27.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,313-€9,096▼ 61.0%€14,008▲ 54.0%€1,896▼ 86.5%-€10,406€17,016€1,799▼ 89.4%€23,918▲ 13×
Net result€15,789-€8,670▼ 45.1%€4,249within the sector's middle half▼ 51.0%€1,563within the sector's middle half▼ 63.2%-€9,636below the sector's middle half€10,716within the sector's middle half-€2,984below the sector's middle half€18,920within the sector's middle half
Equity€34,599-€43,269▲ 25.1%€47,518within the sector's middle half▲ 9.8%€49,081within the sector's middle half▲ 3.3%€39,445within the sector's middle half▼ 19.6%€50,160within the sector's middle half▲ 27.2%€47,176within the sector's middle half▼ 5.9%€66,096within the sector's middle half▲ 40.1%
Total assets€57,423-€58,610▲ 2.1%€78,261within the sector's middle half▲ 33.5%€73,069within the sector's middle half▼ 6.6%€58,639below the sector's middle half▼ 19.7%€68,944within the sector's middle half▲ 17.6%€74,503within the sector's middle half▲ 8.1%€81,033within the sector's middle half▲ 8.8%
Debt€22,824-€15,342▼ 32.8%€30,744▲ 100%€23,989▼ 22.0%€19,194▼ 20.0%€18,783▼ 2.1%€27,327▲ 45.5%€14,937▼ 45.3%
Working capital€31,849-€43,269▲ 35.9%€46,268within the sector's middle half▲ 6.9%€49,081within the sector's middle half▲ 6.1%€39,445within the sector's middle half▼ 19.6%€48,915within the sector's middle half▲ 24.0%€46,398within the sector's middle half▼ 5.1%€49,118within the sector's middle half▲ 5.9%
Solvency60.3%-73.8%▲ 13.6pp60.7%within the sector's middle half▼ 13.1pp67.2%above the sector's middle half▲ 6.5pp67.3%above the sector's middle half▲ 0.1pp72.8%above the sector's middle half▲ 5.5pp63.3%within the sector's middle half▼ 9.4pp81.6%above the sector's middle half▲ 18.2pp
Current ratio2.40-3.82▲ 1.422.50within the sector's middle half▼ 1.323.05within the sector's middle half▲ 0.543.06within the sector's middle half▲ 0.013.60above the sector's middle half▲ 0.552.70within the sector's middle half▼ 0.914.29above the sector's middle half▲ 1.59
Return on assets (ROA)27.5%-14.8%▼ 12.7pp5.4%within the sector's middle half▼ 9.4pp2.1%within the sector's middle half▼ 3.3pp-16.4%below the sector's middle half▼ 18.6pp15.5%within the sector's middle half▲ 32.0pp-4.0%below the sector's middle half▼ 19.5pp23.3%above the sector's middle half▲ 27.4pp
Staff (FTE)0.8-1▲ 25.0%0.91.2▲ 33.3%1.6▲ 33.3%2▲ 25.0%2=
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 over 13 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 €81,033
Fixed assets
€16,978 ▲ 22×
Current assets
€64,055 ▼ 13.1%
Equity and liabilities €81,033
Equity
€66,096 ▲ 40.1%
Debt
€14,937 ▼ 45.3%
Debt's share of the balance-sheet total falls from 36.7% to 18.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,900▲
2024 · €2,265
Cash flow
€20,902▲
2024 · -€2,517
Quick ratio
4.21▲
2024 · 2.58
Debt to equity
0.23▼
2024 · 0.58
ROE
28.6%▲
2024 · -6.3%
Interest coverage
7.36▲
2024 · 0.56
Debt ≤ 1 year
€14,937▼
2024 · €27,327
Income taxes
€1,478▲
2024 · €761
Staff costs
€107,075▲
2024 · €90,806
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 2 | 2 | 2 |
| full-time | 1 | - | 2 | 2 | 2 |
| in full-time equivalents | 1 | - | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 0.6 | 1.2 | 1.6 | 2 | 2 |
| On a permanent contract | - | - | 1 | 1 | 2 |
| Joined | 3 | 4 | 2 | 1 | - |
| Left | 3 | 5 | 0 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,066 | €1,901 | - | €18,182 |
| Depreciation and write-downs of the year | €750 | €2,533 | €656 | €467 | €1,982 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €492 | €24,121 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €42,312 | €16,203 | €37,986 | €72,769 | €90,806 | €107,075 | ▲ 17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,750 | €2,750 | €250 | €750 | €2,533 | €656 | €467 | €1,982 | ▲ 324% |
| Other operating charges640/8 | - | - | €2,120 | €2,974 | €1,196 | €2,076 | €2,510 | €3,840 | ▲ 53.0% |
| Gross operating margin9900 | €57,567 | €46,689 | €58,690 | €21,823 | €31,309 | €92,517 | €95,581 | €136,814 | ▲ 43.1% |
| Operating profit (loss)9901 | €23,313 | €9,096 | €14,008 | €1,896 | -€10,406 | €17,016 | €1,799 | €23,918 | ▲ 13× |
| Financial income75/76B | - | - | €0 | €14 | €9 | €0 | €0 | €2 | ▲ 38× |
| Recurring financial income75 | - | €110 | €0 | €14 | €9 | €0 | €0 | €2 | ▲ 38× |
| Financial charges65/66B | - | - | €381 | €347 | €1,873 | €3,622 | €4,022 | €3,521 | ▼ 12.5% |
| Recurring financial charges65 | €108 | €536 | €381 | €347 | €1,873 | €3,622 | €4,022 | €3,521 | ▼ 12.5% |
| Profit (loss) for the period before taxes9903 | €23,205 | €8,670 | €13,627 | €1,563 | -€12,270 | €13,394 | -€2,223 | €20,398 | - |
| Income taxes67/77 | €7,416 | - | €9,378 | - | -€2,634 | €2,679 | €761 | €1,478 | ▲ 94.2% |
| Profit (loss) for the period9904 | €15,789 | €8,670 | €4,249 | €1,563 | -€9,636 | €10,716 | -€2,984 | €18,920 | - |
| Profit (loss) for the period to be appropriated9905 | €15,789 | €8,670 | €4,249 | €1,563 | -€9,636 | €10,716 | -€2,984 | €18,920 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €57,423 | €58,610 | €78,261 | €73,069 | €58,639 | €68,944 | €74,503 | €81,033 | ▲ 8.8% |
| Fixed assets21/28 | €2,750 | - | €1,250 | - | - | €1,245 | €778 | €16,978 | ▲ 22× |
| Tangible fixed assets22/27 | €2,750 | - | €1,250 | - | - | €1,245 | €778 | €16,978 | ▲ 22× |
| Furniture and vehicles24 | - | - | €1,250 | - | - | €1,245 | €778 | €16,978 | ▲ 22× |
| Current assets29/58 | €54,673 | €58,610 | €77,011 | €73,069 | €58,639 | €67,698 | €73,725 | €64,055 | ▼ 13.1% |
| Stocks and contracts in progress3 | €98 | - | - | - | €1,656 | €1,656 | €3,142 | €1,169 | ▼ 62.8% |
| Stocks30/36 | - | - | - | - | €1,656 | €1,656 | €3,142 | €1,169 | ▼ 62.8% |
| Amounts receivable within one year40/41 | €18,760 | €15,714 | €22,493 | €21,873 | €1,982 | €7,102 | €25,695 | €20,583 | ▼ 19.9% |
| Trade receivables40 | - | - | - | €9,554 | - | €5,220 | €22,790 | €16,277 | ▼ 28.6% |
| Other amounts receivable41 | - | - | €22,493 | €12,319 | €1,982 | €1,882 | €2,905 | €4,306 | ▲ 48.2% |
| Cash at bank and in hand54/58 | €35,815 | €42,896 | €53,973 | €45,079 | €54,516 | €58,311 | €44,194 | €41,439 | ▼ 6.2% |
| Deferred charges and accrued income490/1 | - | - | €546 | €6,117 | €486 | €630 | €693 | €864 | ▲ 24.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €57,423 | €58,610 | €78,261 | €73,069 | €58,639 | €68,944 | €74,503 | €81,033 | ▲ 8.8% |
| Equity10/15 | €34,599 | €43,269 | €47,518 | €49,081 | €39,445 | €50,160 | €47,176 | €66,096 | ▲ 40.1% |
| Contributions10/11 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €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 | €1,860 | = |
| Profit (loss) carried forward14 | €16,539 | €25,209 | €29,458 | €31,021 | €21,385 | €32,100 | €29,116 | €48,036 | ▲ 65.0% |
| Amounts payable17/49 | €22,824 | €15,342 | €30,744 | €23,989 | €19,194 | €18,783 | €27,327 | €14,937 | ▼ 45.3% |
| Amounts payable within one year42/48 | €22,824 | €15,342 | €30,744 | €23,989 | €19,194 | €18,783 | €27,327 | €14,937 | ▼ 45.3% |
| Trade debts44 | €5,698 | €4,495 | €5,089 | €5,430 | €9,642 | €7,637 | €8,737 | €6,722 | ▼ 23.1% |
| Suppliers440/4 | - | - | €5,089 | €5,430 | €9,642 | €7,637 | €8,737 | €6,722 | ▼ 23.1% |
| Advances received on contracts in progress46 | - | - | - | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | = |
| Taxes, remuneration and social security45 | - | - | €20,782 | €17,359 | €8,352 | €9,283 | €17,391 | €7,015 | ▼ 59.7% |
| Taxes450/3 | - | - | €12,670 | €5,693 | €2,193 | €2,683 | €3,130 | €4,085 | ▲ 30.5% |
| Remuneration and social security454/9 | - | - | €8,113 | €11,666 | €6,159 | €6,600 | €14,261 | €2,930 | ▼ 79.5% |
| Other amounts payable47/48 | - | - | €4,872 | - | - | €664 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,789 | €8,670 | €4,249 | €1,563 | -€9,636 | €10,716 | -€2,984 | €18,920 | - |
| + Depreciation and write-downs630 | €2,750 | €2,750 | €250 | €750 | €2,533 | €656 | €467 | €1,982 | ▲ 324% |
| Operating cash flow (approximation) | €18,539 | €11,420 | €4,499 | €2,313 | -€7,103 | €11,371 | -€2,517 | €20,902 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | €0 | -€18,182 | - |
| Change in cash | - | €7,081 | €11,077 | -€8,894 | €9,436 | €3,795 | -€14,117 | -€2,755 | ▲ 80.5% |
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, 34,693 companies had the same profile as SIMSEK has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SIMSEK 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 34,693 companies, not a prediction for SIMSEK. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-10-2026 | 2026-00554031 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00510008 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00505981 | |
| 31-12-2022 | micro format | 08-10-2023 | 2023-00482774 | |
| 31-12-2021 | micro format | 15-10-2022 | 2022-20461473 | |
| 31-12-2020 | micro format | 10-05-2022 | 2022-20023540 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74500453 | |
| 31-12-2018 | micro format | 08-08-2020 | 2020-40200074 | |
| 31-12-2017 | micro format | 01-10-2018 | 2018-68600108 | |
| 31-12-2016 | abbreviated format | 14-12-2017 | 2017-71700059 |