SINCO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 40 days after the deadline Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00508937.
Annual accounts 2025 filed on 09-09-2026 at the NBB all 19 filings
Turnover
≈ €66,000
Estimated: probably between €44,000 and €100,000
Total assets
€891,847▼ 1.7%
2024 · €907,537
Net result
€9,441
2024 · -€39,480
Working capital
-€62,411▲ 59.2%
2024 · -€153,118
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,716
2025
20182025
Net result
€9,441
2025
middle half of the sector
20182025
Equity
€478,607
▲ 14.3%
2025
middle half of the sector
20182025
Total assets
€891,847
▼ 1.7%
2025
middle half of the sector
20182025
Debt
€396,395
▼ 18.9%
2025
20182025
Working capital
-€62,411
▲ 59.2%
2025
middle half of the sector
20182025
Solvency
53.7%
▲ 7.5pp
2025
middle half of the sector
20182025
Current ratio
0.75
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
1.1%
▲ 5.4pp
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€2,754-€1,163▼ 57.8%€4,378▲ 277%€1,254▼ 71.4%€9,192▲ 633%-€5,848-€37,294▼ 538%€18,716
Net result€3,110-€1,346▼ 56.7%€3,487within the sector's middle half▲ 159%€1,243within the sector's middle half▼ 64.3%€6,810within the sector's middle half▲ 448%-€5,934within the sector's middle half-€39,480below the sector's middle half▼ 565%€9,441within the sector's middle half
Equity€363,103-€364,449▲ 0.4%€367,936above the sector's middle half▲ 1.0%€369,179above the sector's middle half▲ 0.3%€375,989above the sector's middle half▲ 1.8%€370,054above the sector's middle half▼ 1.6%€418,631above the sector's middle half▲ 13.1%€478,607within the sector's middle half▲ 14.3%
Total assets€444,125-€465,918▲ 4.9%€486,707within the sector's middle half▲ 4.5%€508,488within the sector's middle half▲ 4.5%€520,709within the sector's middle half▲ 2.4%€533,748within the sector's middle half▲ 2.5%€907,537within the sector's middle half▲ 70.0%€891,847within the sector's middle half▼ 1.7%
Debt€81,023-€101,469▲ 25.2%€118,772▲ 17.1%€139,309▲ 17.3%€144,720▲ 3.9%€163,694▲ 13.1%€488,906▲ 199%€396,395▼ 18.9%
Working capital-€16,450--€14,695▲ 10.7%-€11,208within the sector's middle half▲ 23.7%-€9,832within the sector's middle half▲ 12.3%-€3,555within the sector's middle half▲ 63.8%-€9,461within the sector's middle half▼ 166%-€153,118below the sector's middle half▼ 1,518%-€62,411within the sector's middle half▲ 59.2%
Solvency81.8%-78.2%▼ 3.5pp75.6%above the sector's middle half▼ 2.6pp72.6%above the sector's middle half▼ 3.0pp72.2%above the sector's middle half▼ 0.4pp69.3%above the sector's middle half▼ 2.9pp46.1%within the sector's middle half▼ 23.2pp53.7%within the sector's middle half▲ 7.5pp
Current ratio0.80-0.85▲ 0.060.91within the sector's middle half▲ 0.050.93within the sector's middle half▲ 0.020.98within the sector's middle half▲ 0.050.94within the sector's middle half▼ 0.030.54within the sector's middle half▼ 0.410.75within the sector's middle half▲ 0.22
Return on assets (ROA)0.7%-0.3%▼ 0.4pp0.7%within the sector's middle half▲ 0.4pp0.2%within the sector's middle half▼ 0.5pp1.3%within the sector's middle half▲ 1.1pp-1.1%within the sector's middle half▼ 2.4pp-4.4%below the sector's middle half▼ 3.2pp1.1%within the sector's middle half▲ 5.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €18,716, after a loss of €37,294 in 2024. It is the highest result since 2021.
Large changes and their cause
- 2024 Total assets +70% on 2023. Merger absorbing CCI, Official Gazette 12-09-2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €891,847
Fixed assets
€701,061 ▼ 4.0%
Current assets
€190,786 ▲ 7.5%
Equity and liabilities €891,847
Equity
€478,607 ▲ 14.3%
Provisions
€16,845
Debt
€396,395 ▼ 18.9%
Debt's share of the balance-sheet total falls from 53.9% to 44.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,365
Cash flow
€12,091
Debt to equity
0.83▼
2024 · 1.17
ROE
2.0%▲
2024 · -9.4%
Interest coverage
2.30
Debt ≤ 1 year
€253,198▼
2024 · €330,661
Debt > 1 year
€143,197▼
2024 · €158,244
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 | - | - | - | - | €148,501 |
| Intangible fixed assets | - | - | - | - | €96,717 |
| Financial fixed assets | - | - | - | €350,093 | - |
| Depreciation and write-downs of the year | - | - | - | - | €2,650 |
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 | - | - | - | - | - | - | - | €2,650 | - |
| Other operating charges640/8 | - | - | - | €510 | €511 | €493 | €2,386 | €3,077 | ▲ 29.0% |
| Gross operating margin9900 | €3,259 | €1,670 | €4,887 | €1,764 | €9,703 | -€5,354 | -€34,908 | €24,442 | - |
| Operating profit (loss)9901 | €2,754 | €1,163 | €4,378 | €1,254 | €9,192 | -€5,848 | -€37,294 | €18,716 | - |
| Financial income75/76B | - | - | - | €654 | €441 | - | - | - | - |
| Recurring financial income75 | €839 | €893 | €1,057 | €654 | €441 | - | - | - | - |
| Financial charges65/66B | - | - | - | €221 | €352 | €86 | €2,186 | €9,274 | ▲ 324% |
| Recurring financial charges65 | €321 | €151 | €711 | €221 | €352 | €86 | €2,186 | €9,274 | ▲ 324% |
| Profit (loss) for the period before taxes9903 | €3,271 | €1,905 | €4,724 | €1,687 | €9,282 | -€5,934 | -€39,480 | €9,441 | - |
| Income taxes67/77 | €161 | €559 | €1,237 | €443 | €2,472 | - | - | - | - |
| Profit (loss) for the period9904 | €3,110 | €1,346 | €3,487 | €1,243 | €6,810 | -€5,934 | -€39,480 | €9,441 | - |
| Profit (loss) for the period to be appropriated9905 | €3,110 | €1,346 | €3,487 | €1,243 | €6,810 | -€5,934 | -€39,480 | €9,441 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €444,125 | €465,918 | €486,707 | €508,488 | €520,709 | €533,748 | €907,537 | €891,847 | ▼ 1.7% |
| Fixed assets21/28 | €379,900 | €379,900 | €379,900 | €379,900 | €379,900 | €379,900 | €729,993 | €701,061 | ▼ 4.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €94,067 | - |
| Tangible fixed assets22/27 | €299,900 | €299,900 | €299,900 | €299,900 | €299,900 | €299,900 | €299,900 | €448,401 | ▲ 49.5% |
| Land and buildings22 | - | - | - | €299,900 | €299,900 | €299,900 | €299,900 | €448,401 | ▲ 49.5% |
| Financial fixed assets28 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | €430,093 | €158,593 | ▼ 63.1% |
| Current assets29/58 | €64,225 | €86,018 | €106,807 | €128,588 | €140,809 | €153,848 | €177,544 | €190,786 | ▲ 7.5% |
| Amounts receivable within one year40/41 | €10,221 | €11,014 | €10,771 | €11,588 | €2,748 | €1,848 | €23,642 | €37,354 | ▲ 58.0% |
| Trade receivables40 | - | - | - | €1,530 | - | - | €23,316 | €31,335 | ▲ 34.4% |
| Other amounts receivable41 | - | - | - | €10,058 | €2,748 | €1,848 | €327 | €6,019 | ▲ 18× |
| Cash at bank and in hand54/58 | €5 | €4 | €36 | - | €61 | - | €1,902 | €1,432 | ▼ 24.7% |
| Deferred charges and accrued income490/1 | - | - | - | €117,000 | €138,000 | €152,000 | €152,000 | €152,000 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €444,125 | €465,918 | €486,707 | €508,488 | €520,709 | €533,748 | €907,537 | €891,847 | ▼ 1.7% |
| Equity10/15 | €363,103 | €364,449 | €367,936 | €369,179 | €375,989 | €370,054 | €418,631 | €478,607 | ▲ 14.3% |
| Contributions10/11 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €303,000 | €303,000 | = |
| Capital10 | - | - | - | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Issued capital100 | - | - | - | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €3,000 | €3,000 | = |
| Other1109/19 | - | - | - | - | - | - | €3,000 | €3,000 | = |
| Revaluation surpluses12 | - | - | - | - | - | - | €64,293 | €64,293 | = |
| Reserves13 | €63,103 | €64,449 | €67,936 | €69,179 | €75,989 | €70,054 | €51,338 | €111,314 | ▲ 117% |
| Non-distributable reserves130/1 | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Legal reserve130 | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €50,535 | - |
| Distributable reserves133 | - | - | - | €39,179 | €45,989 | €40,054 | €21,338 | €30,779 | ▲ 44.2% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €16,845 | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €16,845 | - |
| Amounts payable17/49 | €81,023 | €101,469 | €118,772 | €139,309 | €144,720 | €163,694 | €488,906 | €396,395 | ▼ 18.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €158,244 | €143,197 | ▼ 9.5% |
| Financial debts170/4 | - | - | - | - | - | - | €158,244 | €143,197 | ▼ 9.5% |
| Amounts payable within one year42/48 | €80,675 | €100,713 | €118,015 | €138,420 | €144,363 | €163,310 | €330,661 | €253,198 | ▼ 23.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €15,587 | €15,047 | ▼ 3.5% |
| Financial debts43 | - | - | - | €1 | - | €35 | - | - | - |
| Credit institutions430/8 | - | - | - | €1 | - | €35 | - | - | - |
| Trade debts44 | €13,127 | €20,458 | €20,010 | €17,044 | €4,569 | €7,724 | €10,683 | €19,630 | ▲ 83.8% |
| Suppliers440/4 | - | - | - | €17,044 | €4,569 | €7,724 | €10,683 | €19,630 | ▲ 83.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,697 | €2,915 | €2,472 | €5,955 | €29,861 | ▲ 401% |
| Taxes450/3 | - | - | - | €1,697 | €2,915 | €2,472 | €807 | €9,269 | ▲ 11× |
| Remuneration and social security454/9 | - | - | - | - | - | - | €5,148 | €20,593 | ▲ 300% |
| Other amounts payable47/48 | - | - | - | €119,678 | €136,879 | €153,079 | €298,436 | €188,659 | ▼ 36.8% |
| Accrued charges and deferred income492/3 | - | - | - | €889 | €357 | €384 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,110 | €1,346 | €3,487 | €1,243 | €6,810 | -€5,934 | -€39,480 | €9,441 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €2,650 | - |
| Operating cash flow (approximation) | €3,110 | €1,346 | €3,487 | €1,243 | €6,810 | -€5,934 | -€39,480 | €12,091 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€350,093 | €26,283 | - |
| Change in cash | - | -€0 | €32 | - | - | - | - | -€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, 6,049 companies had the same profile as SINCO has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of SINCO itself: 0.4% 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 6,049 companies, not a prediction for SINCO. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-09-2026 | 2026-00508937 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00425310 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00200256 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00344590 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20366707 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-54300268 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29000068 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59900038 | |
| 31-12-2017 | micro format | 18-06-2018 | 2018-19900001 | |
| 31-12-2016 | abbreviated format | 10-06-2017 | 2017-16600012 |