Simsek Suat
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 17 filings
Equity
€59,401▼ 32.0%
2024 · €87,299
Total assets
€61,649▼ 39.1%
2024 · €101,253
Net result
-€27,898▼ 75.0%
2024 · -€15,943
Working capital
€29,828▼ 34.4%
2024 · €45,489
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€26,882
▼ 84.0%
2025
20182025
Net result
-€27,898
▼ 75.0%
2025
lowest quarter of the sector
20182025
Equity
€59,401
▼ 32.0%
2025
middle half of the sector
20182025
Total assets
€61,649
▼ 39.1%
2025
middle half of the sector
20182025
Debt
€2,248
▼ 83.9%
2025
20182025
Working capital
€29,828
▼ 34.4%
2025
middle half of the sector
20182025
Solvency
96.4%
▲ 10.1pp
2025
highest quarter of the sector
20182025
Current ratio
14.27
▲ 10.01
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-45.3%
▼ 29.5pp
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
Operating result€11,527-€15,880▲ 37.8%€18,302▲ 15.3%€22,146▲ 21.0%€23,966▲ 8.2%€23,388▼ 2.4%-€14,606-€26,882▼ 84.0%
Net result€7,312-€11,311▲ 54.7%€14,091within the sector's middle half▲ 24.6%€16,199within the sector's middle half▲ 15.0%€18,604within the sector's middle half▲ 14.8%€17,284within the sector's middle half▼ 7.1%-€15,943below the sector's middle half-€27,898below the sector's middle half▼ 75.0%
Equity€100,038-€111,349▲ 11.3%€125,440above the sector's middle half▲ 12.7%€141,639above the sector's middle half▲ 12.9%€160,243above the sector's middle half▲ 13.1%€103,242within the sector's middle half▼ 35.6%€87,299within the sector's middle half▼ 15.4%€59,401within the sector's middle half▼ 32.0%
Total assets€154,191-€144,657▼ 6.2%€155,561within the sector's middle half▲ 7.5%€174,790within the sector's middle half▲ 12.4%€187,260within the sector's middle half▲ 7.1%€200,561within the sector's middle half▲ 7.1%€101,253within the sector's middle half▼ 49.5%€61,649within the sector's middle half▼ 39.1%
Debt€54,153-€33,308▼ 38.5%€30,121▼ 9.6%€33,151▲ 10.1%€27,016▼ 18.5%€97,318▲ 260%€13,953▼ 85.7%€2,248▼ 83.9%
Working capital€101,057-€127,822▲ 26.5%€141,504above the sector's middle half▲ 10.7%€140,022above the sector's middle half▼ 1.0%€158,178above the sector's middle half▲ 13.0%€60,822within the sector's middle half▼ 61.5%€45,489within the sector's middle half▼ 25.2%€29,828within the sector's middle half▼ 34.4%
Solvency64.9%-77.0%▲ 12.1pp80.6%above the sector's middle half▲ 3.7pp81.0%above the sector's middle half▲ 0.4pp85.6%above the sector's middle half▲ 4.5pp51.5%within the sector's middle half▼ 34.1pp86.2%above the sector's middle half▲ 34.7pp96.4%above the sector's middle half▲ 10.1pp
Current ratio4.40-8.59▲ 4.1911.07above the sector's middle half▲ 2.475.57above the sector's middle half▼ 5.506.85above the sector's middle half▲ 1.281.67within the sector's middle half▼ 5.184.26above the sector's middle half▲ 2.5914.27above the sector's middle half▲ 10.01
Return on assets (ROA)4.7%-7.8%▲ 3.1pp9.1%within the sector's middle half▲ 1.2pp9.3%within the sector's middle half▲ 0.2pp9.9%within the sector's middle half▲ 0.7pp8.6%within the sector's middle half▼ 1.3pp-15.7%below the sector's middle half▼ 24.4pp-45.3%below the sector's middle half▼ 29.5pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 a loss of €26,882, larger than the loss of €14,606 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61,649
Fixed assets
€29,573 ▼ 29.3%
Current assets
€32,076 ▼ 46.0%
Equity and liabilities €61,649
Equity
€59,401 ▼ 32.0%
Debt
€2,248 ▼ 83.9%
Debt's share of the balance-sheet total falls from 13.8% to 3.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€14,645▼
2024 · -€2,369
Cash flow
-€15,661▼
2024 · -€3,706
Debt to equity
0.04▼
2024 · 0.16
ROE
-47.0%▼
2024 · -18.3%
Interest coverage
-8.67▼
2024 · -1.77
Debt ≤ 1 year
€2,248▼
2024 · €13,953
Income taxes
€235
Staff costs
€403▼
2024 · €595
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 | €6,198 | - | €61,186 | - | - |
| Depreciation and write-downs of the year | €2,066 | €2,066 | €11,897 | €12,237 | €12,237 |
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 | - | - | - | - | - | - | €4,759 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €4,326 | €1,013 | €2,432 | €595 | €403 | ▼ 32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,751 | €23,451 | - | €2,066 | €2,066 | €11,897 | €12,237 | €12,237 | = |
| Other operating charges640/8 | - | - | - | €662 | €914 | €370 | €567 | €386 | ▼ 31.9% |
| Gross operating margin9900 | €35,731 | €41,021 | €19,908 | €29,200 | €27,959 | €38,088 | -€1,207 | -€13,856 | ▼ 1,048% |
| Operating profit (loss)9901 | €11,527 | €15,880 | €18,302 | €22,146 | €23,966 | €23,388 | -€14,606 | -€26,882 | ▼ 84.0% |
| Financial income75/76B | - | - | - | - | - | €244 | - | €908 | - |
| Recurring financial income75 | €255 | €368 | €70 | - | - | €244 | - | €908 | - |
| Financial charges65/66B | - | - | - | €1,206 | €312 | €1,091 | €1,337 | €1,690 | ▲ 26.4% |
| Recurring financial charges65 | €1,203 | €1,023 | €974 | €1,206 | €312 | €1,091 | €1,337 | €1,690 | ▲ 26.4% |
| Profit (loss) for the period before taxes9903 | €10,579 | €15,225 | €17,398 | €20,940 | €23,654 | €22,541 | -€15,943 | -€27,664 | ▼ 73.5% |
| Income taxes67/77 | €3,267 | €3,915 | €3,307 | €4,741 | €5,050 | €5,256 | - | €235 | - |
| Profit (loss) for the period9904 | €7,312 | €11,311 | €14,091 | €16,199 | €18,604 | €17,284 | -€15,943 | -€27,898 | ▼ 75.0% |
| Profit (loss) for the period to be appropriated9905 | €7,312 | €11,311 | €14,091 | €16,199 | €18,604 | €17,284 | -€15,943 | -€27,898 | ▼ 75.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €154,191 | €144,657 | €155,561 | €174,790 | €187,260 | €200,561 | €101,253 | €61,649 | ▼ 39.1% |
| Fixed assets21/28 | €23,451 | - | - | €4,132 | €2,066 | €49,289 | €41,810 | €29,573 | ▼ 29.3% |
| Tangible fixed assets22/27 | €23,451 | - | - | €4,132 | €2,066 | €49,289 | €41,810 | €29,573 | ▼ 29.3% |
| Furniture and vehicles24 | - | - | - | €4,132 | €2,066 | €49,289 | €41,810 | €29,573 | ▼ 29.3% |
| Current assets29/58 | €130,740 | €144,657 | €155,561 | €170,659 | €185,194 | €151,272 | €59,442 | €32,076 | ▼ 46.0% |
| Amounts receivable within one year40/41 | €8,285 | €17,826 | €10,839 | €1,166 | €16,161 | €1,004 | €1,210 | €3,315 | ▲ 174% |
| Trade receivables40 | - | - | - | - | €5,846 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €1,166 | €10,315 | €1,004 | €1,210 | €3,315 | ▲ 174% |
| Cash at bank and in hand54/58 | €122,455 | €126,831 | €144,722 | €169,492 | €169,033 | €150,267 | €58,232 | €28,761 | ▼ 50.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €154,191 | €144,657 | €155,561 | €174,790 | €187,260 | €200,561 | €101,253 | €61,649 | ▼ 39.1% |
| Equity10/15 | €100,038 | €111,349 | €125,440 | €141,639 | €160,243 | €103,242 | €87,299 | €59,401 | ▼ 32.0% |
| Contributions10/11 | €10,200 | €10,200 | - | €10,200 | €10,200 | €200 | €200 | €200 | = |
| Reserves13 | €59,017 | €59,017 | €59,017 | €59,017 | €59,017 | €59,017 | €59,017 | €59,017 | = |
| 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 | - | - | - | €57,157 | €57,157 | €57,157 | €57,157 | €57,157 | = |
| Profit (loss) carried forward14 | €30,821 | €42,131 | €56,223 | €72,422 | €91,026 | €44,025 | €28,082 | €184 | ▼ 99.3% |
| Amounts payable17/49 | €54,153 | €33,308 | €30,121 | €33,151 | €27,016 | €97,318 | €13,953 | €2,248 | ▼ 83.9% |
| Amounts payable after more than one year17 | €24,470 | €16,473 | €16,064 | €2,514 | - | €6,869 | - | - | - |
| Financial debts170/4 | - | - | - | €2,514 | - | €6,869 | - | - | - |
| Amounts payable within one year42/48 | €29,683 | €16,835 | €14,057 | €30,637 | €27,016 | €90,450 | €13,953 | €2,248 | ▼ 83.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,335 | €2,514 | €9,922 | €6,869 | - | - |
| Trade debts44 | €11,884 | €2,304 | €4,090 | €8,704 | €5,420 | €3,731 | €1,824 | €1,863 | ▲ 2.1% |
| Suppliers440/4 | - | - | - | €8,704 | €5,420 | €3,731 | €1,824 | €1,863 | ▲ 2.1% |
| Taxes, remuneration and social security45 | - | - | - | €8,947 | €13,593 | €31,423 | €5,260 | €385 | ▼ 92.7% |
| Taxes450/3 | - | - | - | €8,947 | €11,528 | €30,492 | €5,260 | €385 | ▼ 92.7% |
| Remuneration and social security454/9 | - | - | - | - | €2,065 | €930 | €0 | €0 | = |
| Other amounts payable47/48 | - | - | - | €1,650 | €5,489 | €45,374 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,312 | €11,311 | €14,091 | €16,199 | €18,604 | €17,284 | -€15,943 | -€27,898 | ▼ 75.0% |
| + Depreciation and write-downs630 | €22,751 | €23,451 | - | €2,066 | €2,066 | €11,897 | €12,237 | €12,237 | = |
| Operating cash flow (approximation) | €30,063 | €34,762 | €14,091 | €18,265 | €20,670 | €29,182 | -€3,706 | -€15,661 | ▼ 323% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | -€59,120 | -€4,759 | €0 | - |
| Change in cash | - | €4,376 | €17,892 | €24,770 | -€459 | -€18,766 | -€92,035 | -€29,471 | ▲ 68.0% |
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, 4,805 companies had the same profile as Simsek Suat has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Simsek Suat itself is lower: 0.3% within 12 months. It rests on far more data about Simsek Suat than the profile alone.
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 4,805 companies, not a prediction for Simsek Suat. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00243631 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00181495 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00195574 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00192097 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20103489 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24600596 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28300557 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25000232 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49100288 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-48100025 |