SINAPI
ActiveSummary
SINAPI has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€171,947) and a net result of -€3,669. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 7% of 7081 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+1
Solvency0=
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.06 against 0.09 in 2024; short-term debt: 179.3% and cash: 8.8% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-79.3%
Return on assets
-1.7%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€171,947
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
60 d late
2023
31 d late
2022
5 d early
2021
2 d early
2020
31 d early
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 8 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€171,947▼ 2.2%
2024 · -€168,278
Total assets
€216,849▼ 12.5%
2024 · €247,744
Net result
-€3,669▲ 35.7%
2024 · -€5,709
Working capital
-€365,814▲ 3.7%
2024 · -€379,768
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€4,843▲ 8.5%€5,930▲ 22.5%-€3,531-€5,670▼ 60.6%-€3,617▲ 36.2%
Net result€4,806within the sector's middle half▲ 8.1%€5,896within the sector's middle half▲ 22.7%-€3,566below the sector's middle half-€5,709below the sector's middle half▼ 60.1%-€3,669below the sector's middle half▲ 35.7%
Equity-€164,899below the sector's middle half▲ 2.8%-€159,003below the sector's middle half▲ 3.6%-€162,569below the sector's middle half▼ 2.2%-€168,278below the sector's middle half▼ 3.5%-€171,947below the sector's middle half▼ 2.2%
Total assets€245,256within the sector's middle half▲ 0.3%€251,335within the sector's middle half▲ 2.5%€252,068within the sector's middle half▲ 0.3%€247,744within the sector's middle half▼ 1.7%€216,849within the sector's middle half▼ 12.5%
Debt€410,155▼ 1.0%€410,338=€414,637▲ 1.0%€416,022▲ 0.3%€388,795▼ 6.5%
Working capital-€362,836▲ 4.4%-€345,175▲ 4.9%-€369,723▼ 7.1%-€379,768▼ 2.7%-€365,814▲ 3.7%
Solvency-67.2%below the sector's middle half▲ 2.2pp-63.3%below the sector's middle half▲ 4.0pp-64.5%below the sector's middle half▼ 1.2pp-67.9%below the sector's middle half▼ 3.4pp-79.3%below the sector's middle half▼ 11.4pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3,617 in 2025 against €5,670 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €216,849
Fixed assets
€193,867 ▼ 8.3%
Current assets
€22,981 ▼ 36.6%
Key figures and ratios
EBITDA
€14,006▲
2024 · €11,281
Cash flow
€13,954▲
2024 · €11,242
Current ratio
0.06▼
2024 · 0.09
Debt to equity
-2.26▲
2024 · -2.47
ROA
-1.7%▲
2024 · -2.3%
Interest coverage
274.03▼
2024 · 288.88
Debt ≤ 1 year
€388,795▼
2024 · €416,022
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,798 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
1.9%
went bankrupt
6.0%
stopped otherwise
90%
still going
A further 2.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,798 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,765 | €11,765 | €13,919 | €16,951 | €17,623 | ▲ 4.0% |
| Other operating charges640/8 | €1,263 | €1,999 | €6,188 | €2,716 | €2,594 | ▼ 4.5% |
| Gross operating margin9900 | €17,870 | €19,695 | €16,575 | €13,997 | €16,599 | ▲ 18.6% |
| Operating profit (loss)9901 | €4,843 | €5,930 | -€3,531 | -€5,670 | -€3,617 | ▲ 36.2% |
| Financial charges65/66B | €37 | €34 | €35 | €39 | €51 | ▲ 30.9% |
| Recurring financial charges65 | €37 | €34 | €35 | €39 | €51 | ▲ 30.9% |
| Profit (loss) for the period before taxes9903 | €4,806 | €5,896 | -€3,566 | -€5,709 | -€3,669 | ▲ 35.7% |
| Profit (loss) for the period9904 | €4,806 | €5,896 | -€3,566 | -€5,709 | -€3,669 | ▲ 35.7% |
| Profit (loss) for the period to be appropriated9905 | €4,806 | €5,896 | -€3,566 | -€5,709 | -€3,669 | ▲ 35.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €245,256 | €251,335 | €252,068 | €247,744 | €216,849 | ▼ 12.5% |
| Formation expenses20 | - | - | - | - | €0 | - |
| Fixed assets21/28 | €197,937 | €186,172 | €207,154 | €211,490 | €193,867 | ▼ 8.3% |
| Tangible fixed assets22/27 | €197,937 | €186,172 | €207,154 | €211,490 | €193,867 | ▼ 8.3% |
| Land and buildings22 | €196,946 | €185,346 | €204,384 | €209,363 | €192,383 | ▼ 8.1% |
| Furniture and vehicles24 | €992 | €826 | €2,770 | €2,127 | €1,484 | ▼ 30.2% |
| Current assets29/58 | €47,319 | €65,163 | €44,914 | €36,253 | €22,981 | ▼ 36.6% |
| Amounts receivable within one year40/41 | €88 | - | €43 | €23,000 | €3,809 | ▼ 83.4% |
| Trade receivables40 | - | - | - | €23,000 | €0 | ▼ 100% |
| Other amounts receivable41 | €88 | - | €43 | - | €3,809 | - |
| Cash at bank and in hand54/58 | €47,230 | €65,163 | €44,871 | €13,253 | €19,173 | ▲ 44.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €245,256 | €251,335 | €252,068 | €247,744 | €216,849 | ▼ 12.5% |
| Equity10/15 | -€164,899 | -€159,003 | -€162,569 | -€168,278 | -€171,947 | ▼ 2.2% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€185,350 | -€179,454 | -€183,020 | -€188,729 | -€192,398 | ▼ 1.9% |
| Amounts payable17/49 | €410,155 | €410,338 | €414,637 | €416,022 | €388,795 | ▼ 6.5% |
| Amounts payable within one year42/48 | €410,155 | €410,338 | €414,637 | €416,022 | €388,795 | ▼ 6.5% |
| Trade debts44 | €169 | €57 | €224 | - | €510 | - |
| Suppliers440/4 | €169 | €57 | €224 | - | €510 | - |
| Taxes, remuneration and social security45 | €273 | €568 | €4,700 | €5,587 | €1,572 | ▼ 71.9% |
| Taxes450/3 | €273 | €568 | €4,700 | €5,587 | €1,572 | ▼ 71.9% |
| Other amounts payable47/48 | €409,713 | €409,713 | €409,713 | €410,434 | €386,713 | ▼ 5.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,806 | €5,896 | -€3,566 | -€5,709 | -€3,669 | ▲ 35.7% |
| + Depreciation and write-downs630 | €11,765 | €11,765 | €13,919 | €16,951 | €17,623 | ▲ 4.0% |
| Operating cash flow (approximation) | €16,571 | €17,661 | €10,353 | €11,242 | €13,954 | ▲ 24.1% |
| Investment in fixed assets (approximation) | - | €0 | -€34,900 | -€21,287 | €0 | ▲ 100% |
| Change in cash | - | €17,933 | -€20,292 | -€31,618 | €5,920 | ▲ 119% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 60 days late
2024
31-12
Financial
Weakest financial yearnet -€5,709
Net result drops to -€5,709, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €5,896 ▲22.7%
Operating result €5,930, net result €5,896, both a record.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €4,447
Net result €4,447 after 2 loss-making years.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
11-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 11 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Oud-Heverlee · 1 establishment unit since 1998
Ground area
1,313 m²
Building footprint
181 m²
Volume, LiDAR
1,055 m³
Parcel 24034B0020/00W003, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Sinapi
since 19982.085.223.351
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24034B0020/00W003 | Flanders | 1,313 m² | 1 · 181 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 2,711 companies in sector 73200 we hold annual accounts for 1,787. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded19-01-1998
Fiscal year end31-12
Activities, NACEBEL 2025
73200Market research and public opinion polling
26200Manufacture of computer, electronic and optical products
Contact
E-mail
Johandb2812@gmail.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462421467
Also
9925:BE0462421467
Registered
12-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.