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SIPEF

Active Risk: not assessed
Public limited companyfounded 1919active for 107 yearsCalesbergdreef 5, 2900 Schoten, BelgiumKBO/BCE: BE 0404.491.285
Summary

SIPEF is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of USD 266.1m and a net result of USD 56.9m. Its solvency ranks better than 51% of 3,005 sector peers (NACE 64, financial year 2025). The company has been active since 1919 and the Belgian Official Gazette contains no insolvency or warning signals.

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Financials · financial year 2025, full format, standalone accounts

Amounts retain their source currency, without conversion. Different currencies are not compared or combined in one chart; mixed amounts within a financial year are withheld.

Equity
USD 266.1m
2022 · €289.1m
Net result
USD 56.9m
2022 · €50.7m
Total assets
USD 427.0m
2022 · €433.6m
Solvency
62.3%▼ 4.4pp
2022 · 66.7%
Trend over the years

2019 to 2025, 5 financial years 2018 to 2025, 6 financial years

How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).

Return on assets (ROA)13.3% 2025

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line201820192020202120222025
Turnover€266.0m-€159.5m▼ 40.0%€149.2m▼ 6.5%€220.8m▲ 48.0%€293.7m▲ 33.0%USD 326.2m-
Operating result€2.6m-€0.9m▼ 65.0%€1.3m▲ 38.6%€2.6m▲ 105%€3.2m▲ 25.0%USD 0.4m-
Net result€19.3m-€30.8m▲ 59.8%€2.2m▼ 92.8%€34.7m▲ 1,464%€50.7m▲ 46.0%USD 56.9m-
Equity€231.9m-€262.7m▲ 13.3%€260.5m▼ 0.9%€271.6m▲ 4.3%€289.1m▲ 6.4%USD 266.1m-
Total assets€439.7m-€473.4m▲ 7.6%€464.1m▼ 2.0%€399.0m▼ 14.0%€433.6m▲ 8.7%USD 427.0m-
Debt€207.8m-€210.7m▲ 1.4%€203.6m▼ 3.3%€127.3m▼ 37.5%€144.5m▲ 13.4%USD 160.8m-
Working capital-€70.5m--€31.0m▲ 56.1%-€73.0m▼ 136%€28.5m€4.4m▼ 84.5%-USD 19.8m-
Solvency52.7%-55.5%▲ 2.8pp56.1%within the sector's middle half▲ 0.6pp68.1%within the sector's middle half▲ 12.0pp66.7%within the sector's middle half▼ 1.4pp62.3%within the sector's middle half-
Current ratio0.60-0.79▲ 0.190.51within the sector's middle half▼ 0.281.31within the sector's middle half▲ 0.801.04within the sector's middle half▼ 0.280.88within the sector's middle half-
Return on assets (ROA)4.4%-6.5%▲ 2.1pp0.5%within the sector's middle half▼ 6.0pp8.7%above the sector's middle half▲ 8.2pp11.7%above the sector's middle half▲ 3.0pp13.3%above the sector's middle half-
Staff (FTE)15.3-15.8▲ 3.3%15.5above the sector's middle half▼ 1.9%15.3above the sector's middle half▼ 1.3%15.6above the sector's middle half▲ 2.0%20.5above the sector's middle half-
above within below the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
Assets USD 427.0m
Fixed assets USD 286.0m
Current assets USD 141.0m
Equity and liabilities USD 426.9m
Equity USD 266.1m
Debt USD 160.8m
Debt's share of the balance-sheet total rises from 33.3% to 37.7%.
Key figures and ratios
2025 value · change against 2022
ROE
21.4%▲
2022 · 17.5%
Debt ≤ 1 year
USD 160.8m
2022 · €126.5m
Income taxes
USD 1.2m
2022 · €1.7m
Staff costs
USD 3.8m
2022 · €2.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2022 · 86 lines
Balance sheet Code20222025
Assets
Total assets20/58€433.6mUSD 427.0m
Fixed assets21/28€302.7mUSD 286.0m
Intangible fixed assets21€0.2mUSD 0.07m
Tangible fixed assets22/27€0.2mUSD 0.4m
Furniture and vehicles24€0.2mUSD 0.4m
Other tangible fixed assets26€0.001mUSD 0.07m
Financial fixed assets28€302.2mUSD 285.5m
Affiliated companies280/1€302.2mUSD 285.5m
Participating interests280€99.4mUSD 194.1m
Amounts receivable281€202.8mUSD 91.4m
Other financial fixed assets284/8€0.02mUSD 0.03m
Shares284€0.02mUSD 0.02m
Amounts receivable and cash guarantees285/8-USD 0.01m
Current assets29/58€130.9mUSD 141.0m
Stocks and contracts in progress3€0.8mUSD 1.1m
Stocks30/36€0.8mUSD 1.1m
Goods purchased for resale34€0.8mUSD 1.1m
Amounts receivable within one year40/41€86.0mUSD 67.2m
Trade receivables40€38.9mUSD 33.7m
Other amounts receivable41€47.1mUSD 33.5m
Current investments50/53€36.9mUSD 66.5m
Own shares50€10.2mUSD 8.5m
Other investments51/53€26.7mUSD 58.0m
Cash at bank and in hand54/58€6.4mUSD 6.1m
Deferred charges and accrued income490/1€0.8mUSD 0.2m
Equity and liabilities
Total equity and liabilities10/49€433.6mUSD 427.0m
Equity10/15€289.1mUSD 266.1m
Contributions10/11€152.7mUSD 44.7m
Capital10€44.7mUSD 44.7m
Issued capital100€44.7mUSD 44.7m
Contributions outside capital11€108.0mUSD 108.0m
Share premium1100/10€108.0mUSD 108.0m
Reserves13€15.8mUSD 15.8m
Non-distributable reserves130/1€15.2mUSD 13.5m
Legal reserve130€4.5mUSD 4.5m
Own shares acquired1312€10.2mUSD 8.5m
Other1319€0.6mUSD 0.6m
Distributable reserves133€0.6mUSD 2.3m
Profit (loss) carried forward14€120.6mUSD 97.6m
Amounts payable17/49€144.5m-
Amounts payable after more than one year17€18.0m-
Financial debts170/4€18.0m-
Credit institutions173€18.0m-
Amounts payable within one year42/48€126.5mUSD 160.8m
Current portion of amounts payable after more than one year42€18.0m-
Financial debts43€5.3mUSD 2.9m
Other loans439€5.3mUSD 2.9m
Trade debts44€65.2mUSD 96.8m
Suppliers440/4€65.2mUSD 96.8m
Advances received on contracts in progress46€0.2mUSD 4.2m
Taxes, remuneration and social security45€3.9mUSD 3.7m
Taxes450/3€0.3mUSD 0.7m
Remuneration and social security454/9€3.6mUSD 3.0m
Other amounts payable47/48€33.8mUSD 53.3m
Accrued charges and deferred income492/3-USD 0.1m
Income statement Code20222025
Operating income70/76A€295.6m-
Turnover70€293.7mUSD 326.2m
Other operating income74€1.7mUSD 1.4m
Non-recurring operating income76A€0.3m-
Operating charges60/66A€292.4mUSD 327.1m
Goods for resale, raw materials and consumables60€277.7mUSD 308.3m
Change in stocks: decrease (increase)609-€0.2mUSD 0.2m
Services and other goods61€12.3mUSD 14.9m
Remuneration, social security and pensions62€2.2mUSD 3.8m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2mUSD 0.1m
Other operating charges640/8€0.02mUSD 0.02m
Non-recurring operating charges66A€0.005m-
Operating profit (loss)9901€3.2mUSD 0.4m
Recurring financial income75€53.3mUSD 59.4m
Income from financial fixed assets750€42.5mUSD 51.4m
Income from current assets751€10.7mUSD 6.1m
Other financial income752/9€0.02mUSD 1.9m
Financial charges65/66B€4.1m-
Recurring financial charges65€4.1mUSD 1.7m
Debt charges650€1.4mUSD 1.0m
Other financial charges652/9€2.7mUSD 0.6m
Profit (loss) for the period before taxes9903€52.4mUSD 58.1m
Income taxes67/77€1.7mUSD 1.2m
Taxes670/3€1.7mUSD 1.2m
Profit (loss) for the period9904€50.7mUSD 56.9m
Profit (loss) for the period to be appropriated9905€50.7mUSD 56.9m
Appropriation of the result
Profit (loss) to be appropriated9906€153.9m-
Profit (loss) brought forward from the previous period14P€103.1m-
Profit to be distributed694/7€33.2mUSD 52.9m
Return on contributions (dividend)694€33.2mUSD 52.9m
Social balance sheet
Average headcount (FTE)908715.620.5▲

The notes to these accounts (58 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line201820192020202120222025Change
Operating income70/76A€267.6m€160.7m€150.3m€222.0m€295.6m--
Turnover70€266.0m€159.5m€149.2m€220.8m€293.7mUSD 326.2m-
Other operating income74€1.6m€1.2m€1.1m€1.2m€1.7mUSD 1.4m-
Non-recurring operating income76A----€0.3m--
Operating charges60/66A€265.0m€159.8m€149.0m€219.4m€292.4mUSD 327.1m-
Goods for resale, raw materials and consumables60€255.1m€150.7m€139.7m€207.3m€277.7mUSD 308.3m-
Change in stocks: decrease (increase)609-€0.4m€0.6m€0.1m-€0.2m-€0.2mUSD 0.2m-
Services and other goods61€8.0m€7.6m€7.1m€9.6m€12.3mUSD 14.9m-
Remuneration, social security and pensions62€1.6m€1.3m€1.8m€2.2m€2.2mUSD 3.8m-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.2m€0.2m€0.2m€0.2mUSD 0.1m-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.08m-€0.1m----
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.01m-€0.03m-----
Other operating charges640/8€0.002m€0.006m€0.002m€0.02m€0.02mUSD 0.02m-
Non-recurring operating charges66A---€0.06m€0.005m--
Operating profit (loss)9901€2.6m€0.9m€1.3m€2.6m€3.2mUSD 0.4m-
Recurring financial income75€5.2m€6.8m€6.4m€5.5m€53.3mUSD 59.4m-
Income from financial fixed assets750----€42.5mUSD 51.4m-
Income from current assets751€5.0m€6.8m€5.9m€4.6m€10.7mUSD 6.1m-
Other financial income752/9€0.2m€0.004m€0.5m€0.9m€0.02mUSD 1.9m-
Non-recurring financial income76B€15.3m€28.4m-€28.4m---
Financial charges65/66B€2.7m€5.3m€5.1m€1.0m€4.1m--
Recurring financial charges65€2.7m€5.2m€5.0m€1.0m€4.1mUSD 1.7m-
Debt charges650€3.4m€4.7m€4.3m€2.8m€1.4mUSD 1.0m-
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€1.3m-€2.0m€0.09m-€2.4m---
Other financial charges652/9€0.6m€2.5m€0.6m€0.6m€2.7mUSD 0.6m-
Non-recurring financial charges66B€0.006m€0.08m€0.09m€324---
Profit (loss) for the period before taxes9903€20.3m€30.8m€2.5m€35.6m€52.4mUSD 58.1m-
Income taxes67/77€1.1m€0.02m€0.3m€0.8m€1.7mUSD 1.2m-
Taxes670/3€1.1m€0.02m€0.3m€0.8m€1.7mUSD 1.2m-
Profit (loss) for the period9904€19.3m€30.8m€2.2m€34.7m€50.7mUSD 56.9m-
Profit (loss) for the period to be appropriated9905€19.3m€30.8m€2.2m€34.7m€50.7mUSD 56.9m-
Line201820192020202120222025Change
Assets
Total assets20/58€439.7m€473.4m€464.1m€399.0m€433.6mUSD 427.0m-
Fixed assets21/28€333.6m€357.1m€387.5m€279.1m€302.7mUSD 286.0m-
Intangible fixed assets21€0.4m€0.5m€0.5m€0.3m€0.2mUSD 0.07m-
Tangible fixed assets22/27€0.5m€0.5m€0.4m€0.3m€0.2mUSD 0.4m-
Furniture and vehicles24€0.5m€0.4m€0.4m€0.3m€0.2mUSD 0.4m-
Other tangible fixed assets26€0.008m€0.006m€0.005m€0.002m€0.001mUSD 0.07m-
Financial fixed assets28€332.6m€356.2m€386.7m€278.4m€302.2mUSD 285.5m-
Affiliated companies280/1€332.6m€356.2m€386.7m€278.4m€302.2mUSD 285.5m-
Participating interests280€112.5m€106.0m€106.0m€99.4m€99.4mUSD 194.1m-
Amounts receivable281€220.1m€250.2m€280.7m€179.0m€202.8mUSD 91.4m-
Other financial fixed assets284/8€0.02m€0.02m€0.02m€0.02m€0.02mUSD 0.03m-
Shares284€0.02m€0.02m€0.02m€0.02m€0.02mUSD 0.02m-
Amounts receivable and cash guarantees285/8-----USD 0.01m-
Current assets29/58€106.1m€116.2m€76.6m€119.9m€130.9mUSD 141.0m-
Amounts receivable after more than one year29€3.9m€1.8m€0.009m----
Other amounts receivable291€3.9m€1.8m€0.009m----
Stocks and contracts in progress3€1.1m€0.5m€0.4m€0.6m€0.8mUSD 1.1m-
Stocks30/36€1.1m€0.5m€0.4m€0.6m€0.8mUSD 1.1m-
Goods purchased for resale34€1.1m€0.5m€0.4m€0.6m€0.8mUSD 1.1m-
Amounts receivable within one year40/41€91.3m€102.2m€64.1m€98.2m€86.0mUSD 67.2m-
Trade receivables40€32.2m€32.5m€27.4m€30.3m€38.9mUSD 33.7m-
Other amounts receivable41€59.0m€69.8m€36.8m€67.9m€47.1mUSD 33.5m-
Current investments50/53€8.0m€9.4m€8.5m€10.8m€36.9mUSD 66.5m-
Own shares50€8.0m€9.4m€8.5m€10.8m€10.2mUSD 8.5m-
Other investments51/53---€0.04m€26.7mUSD 58.0m-
Cash at bank and in hand54/58€1.8m€2.2m€3.2m€9.9m€6.4mUSD 6.1m-
Deferred charges and accrued income490/1€0.07m€0.06m€0.4m€0.3m€0.8mUSD 0.2m-
Equity and liabilities
Total equity and liabilities10/49€439.7m€473.4m€464.1m€399.0m€433.6mUSD 427.0m-
Equity10/15€231.9m€262.7m€260.5m€271.6m€289.1mUSD 266.1m-
Contributions10/11€44.7m€44.7m€152.7m€152.7m€152.7mUSD 44.7m-
Capital10€44.7m€44.7m€44.7m€44.7m€44.7mUSD 44.7m-
Issued capital100€44.7m€44.7m€44.7m€44.7m€44.7mUSD 44.7m-
Contributions outside capital11€108.0m€108.0m€108.0m€108.0m€108.0mUSD 108.0m-
Share premium1100/10--€108.0m€108.0m€108.0mUSD 108.0m-
Reserves13€13.7m€14.4m€15.3m€15.8m€15.8mUSD 15.8m-
Non-distributable reserves130/1--€13.5m€15.8m€15.2mUSD 13.5m-
Legal reserve130€4.5m€4.5m€4.5m€4.5m€4.5mUSD 4.5m-
Reserves not available under the articles1311€0.6m€0.6m-----
Own shares acquired1312--€8.5m€10.8m€10.2mUSD 8.5m-
Other1319--€0.6m€0.6m€0.6mUSD 0.6m-
Distributable reserves133€0.7m-€1.8m-€0.6mUSD 2.3m-
Profit (loss) carried forward14€65.4m€95.6m€92.4m€103.1m€120.6mUSD 97.6m-
Provisions and deferred taxes16€0.03m------
Provisions for liabilities and charges160/5€0.03m------
Pensions and similar obligations160€0.03m------
Amounts payable17/49€207.8m€210.7m€203.6m€127.3m€144.5m--
Amounts payable after more than one year17€30.0m€63.0m€54.0m€36.0m€18.0m--
Financial debts170/4€30.0m€63.0m€54.0m€36.0m€18.0m--
Credit institutions173€30.0m€63.0m€54.0m€36.0m€18.0m--
Amounts payable within one year42/48€176.6m€147.2m€149.6m€91.3m€126.5mUSD 160.8m-
Current portion of amounts payable after more than one year42€10.0m€18.0m€18.0m€18.0m€18.0m--
Financial debts43€111.0m€91.2m€86.1m€12.5m€5.3mUSD 2.9m-
Credit institutions430/8€88.6m€69.2m€61.6m----
Other loans439€22.5m€22.0m€24.5m€12.5m€5.3mUSD 2.9m-
Trade debts44€46.3m€37.0m€39.0m€33.7m€65.2mUSD 96.8m-
Suppliers440/4€46.3m€37.0m€39.0m€33.7m€65.2mUSD 96.8m-
Advances received on contracts in progress46€0.2m€0.1m€0.2m€0.1m€0.2mUSD 4.2m-
Taxes, remuneration and social security45€0.9m€0.2m€0.7m€2.6m€3.9mUSD 3.7m-
Taxes450/3-€0.008m--€0.3mUSD 0.7m-
Remuneration and social security454/9€0.9m€0.2m€0.7m€2.6m€3.6mUSD 3.0m-
Other amounts payable47/48€8.2m€0.6m€5.6m€24.4m€33.8mUSD 53.3m-
Accrued charges and deferred income492/3€1.2m€0.5m€0.03m--USD 0.1m-
Line201820192020202120222025Change
Profit (loss) for the period9904€19.3m€30.8m€2.2m€34.7m€50.7mUSD 56.9m-
+ Depreciation and write-downs630€0.2m€0.2m€0.2m€0.2m€0.2mUSD 0.1m-
Operating cash flow (approximation)€19.4m€31.0m€2.4m€35.0m€50.9mUSD 57.0m-
Investment in fixed assets (approximation)--€23.7m-€30.6m€108.2m-€23.8m--
Change in cash-€0.4m€1.0m€6.7m-€3.5m--

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Latest 10 of 75 filings with the National Bank
Financial year Type Filed Reference
31-12-2025 full format 10-07-2026 2026-00286441
31-12-2025 consolidated 09-07-2026 2026-00280844
31-12-2024 full format 08-07-2025 2025-00277913
31-12-2024 consolidated 08-07-2025 2025-00260415
31-12-2023 full format 11-10-2024 2024-00507316
31-12-2023 consolidated 19-06-2024 2024-00143394
31-12-2022 consolidated 13-07-2023 2023-00245647
31-12-2022 full format 12-07-2023 2023-00237515
31-12-2021 consolidated 19-07-2022 2022-20226677
31-12-2021 full format 04-07-2022 2022-20189708

Show all 75 filings

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