SIRIUS PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 14 filings
Turnover
€342,034
EBIT margin
19.3%
Net result
€37,695▲ 1.9%
2024 · €36,980
Working capital
€156,597▲ 151%
2024 · €62,466
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€342,034
2025
20182025
Operating result
€65,978
▲ 10.6%
2025
20182025
Net result
€37,695
▲ 1.9%
2025
middle half of the sector
20182025
EBIT margin
19.3%
2025
20182025
Equity
€1.1m
▲ 3.6%
2025
middle half of the sector
20182025
Total assets
€2.7m
▼ 5.0%
2025
middle half of the sector
20182025
Debt
€1.5m
▼ 10.1%
2025
20182025
Working capital
€156,597
▲ 151%
2025
middle half of the sector
20182025
Solvency
40.2%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.63
▲ 0.37
2025
middle half of the sector
20182025
Return on assets (ROA)
1.4%
▲ 0.1pp
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
Turnover€0.3m
Operating result€0.01m-€0.06m▲ 338%€0.09m▲ 52.4%€0.06m▼ 28.7%€0.05m▼ 21.5%€0.07m▲ 47.5%€0.06m▼ 18.1%€0.07m▲ 10.6%
Net result€0.004m-€0.03m▲ 640%€0.04mwithin the sector's middle half▲ 24.7%€0.03mwithin the sector's middle half▼ 22.2%€0.02mwithin the sector's middle half▼ 27.6%€0.04mwithin the sector's middle half▲ 93.6%€0.04mwithin the sector's middle half▼ 10.2%€0.04mwithin the sector's middle half▲ 1.9%
EBIT margin19.3%
Equity€0.8m-€0.8m▲ 3.9%€0.9mwithin the sector's middle half▲ 16.9%€1.0mwithin the sector's middle half▲ 3.1%€1.0mwithin the sector's middle half▲ 2.2%€1.0mwithin the sector's middle half▲ 4.2%€1.1mwithin the sector's middle half▲ 3.6%€1.1mwithin the sector's middle half▲ 3.6%
Total assets€3.1m-€3.0m▼ 2.8%€3.5mwithin the sector's middle half▲ 15.0%€3.3mwithin the sector's middle half▼ 6.2%€3.2mwithin the sector's middle half▼ 3.8%€3.0mwithin the sector's middle half▼ 4.5%€2.9mwithin the sector's middle half▼ 4.6%€2.7mwithin the sector's middle half▼ 5.0%
Debt€2.0m-€1.9m▼ 4.9%€2.4m▲ 21.6%€2.1m▼ 9.9%€2.0m▼ 6.3%€1.8m▼ 8.6%€1.7m▼ 8.9%€1.5m▼ 10.1%
Working capital€0.1m-€0.1m▼ 4.0%€0.2mwithin the sector's middle half▲ 33.0%€0.09mwithin the sector's middle half▼ 43.9%€0.1mwithin the sector's middle half▲ 58.4%€0.2mwithin the sector's middle half▲ 14.1%€0.06mwithin the sector's middle half▼ 62.3%€0.2mwithin the sector's middle half▲ 151%
Solvency24.5%-26.2%▲ 1.7pp26.6%within the sector's middle half▲ 0.4pp29.3%within the sector's middle half▲ 2.7pp31.1%within the sector's middle half▲ 1.8pp34.0%within the sector's middle half▲ 2.8pp36.9%within the sector's middle half▲ 2.9pp40.2%within the sector's middle half▲ 3.3pp
Current ratio1.21-1.20▼ 0.011.32within the sector's middle half▲ 0.121.48within the sector's middle half▲ 0.171.62within the sector's middle half▲ 0.141.69within the sector's middle half▲ 0.071.26within the sector's middle half▼ 0.431.63within the sector's middle half▲ 0.37
Return on assets (ROA)0.1%-1.0%▲ 0.9pp1.1%within the sector's middle half▲ 0.1pp0.9%within the sector's middle half▼ 0.2pp0.7%within the sector's middle half▼ 0.2pp1.4%within the sector's middle half▲ 0.7pp1.3%within the sector's middle half▼ 0.1pp1.4%within the sector's middle half▲ 0.1pp
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 11% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€2.3m ▼ 9.6%
Current assets
€405,856 ▲ 35.0%
Equity and liabilities €2.7m
Equity
€1.1m ▲ 3.6%
Provisions
€148,746 ▼ 8.3%
Debt
€1.5m ▼ 10.1%
Debt's share of the balance-sheet total falls from 57.5% to 54.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€314,602▲
2024 · €306,718
Cash flow
€286,319▲
2024 · €284,023
Debt to equity
1.35▼
2024 · 1.56
ROE
3.4%▼
2024 · 3.5%
Interest coverage
20.96▲
2024 · 17.61
Debt ≤ 1 year
€249,259▲
2024 · €238,242
Debt > 1 year
€956,124▼
2024 · €1.1m
Income taxes
€26,834▲
2024 · €18,785
Customer credit
55 days
Supplier credit
52 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.8m | - | - | - | - |
| Mortgages, amount registered | €1.9m | €1.9m | €1.9m | €1.9m | €25,000 |
| Mortgage mandates | - | - | - | - | €1.7m |
| Carrying value of the mortgaged assets | €3.0m | €2.8m | €2.6m | €2.6m | €2.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €372,327 | - | €54,812 | €212,256 | - |
| Depreciation and write-downs of the year | €190,311 | €221,917 | €224,689 | €247,043 | €248,623 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | - | €342,034 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €22,652 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €106,791 | €117,646 | €130,459 | €190,311 | €221,917 | €224,689 | €247,043 | €248,623 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €22,369 | €22,787 | €23,678 | €24,463 | €25,127 | ▲ 2.7% |
| Gross operating margin9900 | €141,022 | €196,743 | €241,101 | €275,603 | €294,102 | €321,209 | €331,180 | €339,728 | ▲ 2.6% |
| Operating profit (loss)9901 | €13,223 | €57,942 | €88,288 | €62,924 | €49,398 | €72,842 | €59,675 | €65,978 | ▲ 10.6% |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | €57 | - |
| Recurring financial income75 | €7,217 | €382 | €93 | €0 | €0 | - | - | €57 | - |
| Financial charges65/66B | - | - | - | €23,419 | €21,052 | €18,896 | €17,415 | €15,011 | ▼ 13.8% |
| Recurring financial charges65 | €17,462 | €16,307 | €15,503 | €23,419 | €21,052 | €18,896 | €17,415 | €15,011 | ▼ 13.8% |
| Profit (loss) for the period before taxes9903 | €2,978 | €42,017 | €72,878 | €39,505 | €28,346 | €53,946 | €42,260 | €51,024 | ▲ 20.7% |
| Transfer from deferred taxes780 | - | - | - | €13,506 | €13,506 | €13,506 | €13,506 | €13,506 | = |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €17,249 | €29,596 | €34,635 | €23,642 | €20,592 | €26,294 | €18,785 | €26,834 | ▲ 42.8% |
| Profit (loss) for the period9904 | €4,091 | €30,280 | €37,749 | €29,369 | €21,260 | €41,158 | €36,980 | €37,695 | ▲ 1.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €40,517 | €40,517 | €40,517 | €40,517 | €40,517 | = |
| Profit (loss) for the period to be appropriated9905 | €39,751 | €64,963 | €100,608 | €69,885 | €61,776 | €81,674 | €77,497 | €78,212 | ▲ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €3.0m | €3.5m | €3.3m | €3.2m | €3.0m | €2.9m | €2.7m | ▼ 5.0% |
| Fixed assets21/28 | €2.4m | €2.3m | €2.8m | €3.0m | €2.8m | €2.6m | €2.6m | €2.3m | ▼ 9.6% |
| Tangible fixed assets22/27 | €2.4m | €2.3m | €2.8m | €3.0m | €2.8m | €2.6m | €2.6m | €2.3m | ▼ 9.6% |
| Land and buildings22 | - | - | - | €2.8m | €2.6m | €2.4m | €2.2m | €2.0m | ▼ 9.1% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 12.5% |
| Current assets29/58 | €0.7m | €0.7m | €0.7m | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 35.0% |
| Amounts receivable within one year40/41 | €0.02m | €0.4m | €0.05m | €0.006m | €0.004m | €0.3m | €0.06m | €0.05m | ▼ 16.0% |
| Trade receivables40 | - | - | - | €0 | - | €0.3m | €0.05m | €0.05m | = |
| Other amounts receivable41 | - | - | - | €0.006m | €0.004m | €0.008m | €0.01m | - | - |
| Cash at bank and in hand54/58 | €0.7m | €0.3m | €0.6m | €0.3m | €0.4m | €0.07m | €0.2m | €0.4m | ▲ 48.1% |
| Deferred charges and accrued income490/1 | - | - | - | €113 | €116 | €0.003m | €0 | €131 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €3.0m | €3.5m | €3.3m | €3.2m | €3.0m | €2.9m | €2.7m | ▼ 5.0% |
| Equity10/15 | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | ▲ 3.6% |
| Contributions10/11 | €0.07m | €0.07m | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.7m | €0.7m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €0.9m | ▼ 4.1% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 8.1% |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0.08m | - |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 8.3% |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 8.3% |
| Amounts payable17/49 | €2.0m | €1.9m | €2.4m | €2.1m | €2.0m | €1.8m | €1.7m | €1.5m | ▼ 10.1% |
| Amounts payable after more than one year17 | €1.4m | €1.3m | €1.6m | €1.7m | €1.5m | €1.3m | €1.1m | €1.0m | ▼ 15.7% |
| Financial debts170/4 | - | - | - | €1.7m | €1.5m | €1.3m | €1.1m | €1.0m | ▼ 15.7% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.5m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.5% |
| Trade debts44 | €0.4m | €0.5m | €0.3m | €0.001m | €0.001m | €0.003m | €0.002m | €0.003m | ▲ 85.7% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.003m | €0.002m | €0.003m | ▲ 85.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 7.4% |
| Taxes450/3 | - | - | - | €0.01m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 7.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.004m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,091 | €30,280 | €37,749 | €29,369 | €21,260 | €41,158 | €36,980 | €37,695 | ▲ 1.9% |
| + Depreciation and write-downs630 | €106,791 | €117,646 | €130,459 | €190,311 | €221,917 | €224,689 | €247,043 | €248,623 | ▲ 0.6% |
| Operating cash flow (approximation) | €110,882 | €147,926 | €168,208 | €219,679 | €243,176 | €265,847 | €284,023 | €286,319 | ▲ 0.8% |
| Investment in fixed assets (approximation) | - | -€18,500 | -€651,931 | -€372,327 | €0 | -€54,812 | -€212,256 | €0 | - |
| Change in cash | - | -€416,173 | €331,452 | -€353,794 | €99,076 | -€300,608 | €165,916 | €114,937 | ▼ 30.7% |
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 SIRIUS PROJECTS has now. Two years later, 95.9% 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
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of SIRIUS PROJECTS 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 6,049 companies, not a prediction for SIRIUS PROJECTS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00200123 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00311867 | |
| 31-12-2023 | abbreviated format | 07-10-2024 | 2024-00507608 | |
| 31-12-2022 | abbreviated format | 04-10-2023 | 2023-00473109 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20128424 | |
| 31-12-2020 | abbreviated format | 09-09-2021 | 2021-66800499 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-65000559 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-38000423 | |
| 31-12-2017 | abbreviated format | 27-06-2018 | 2018-22900573 | |
| 31-12-2016 | abbreviated format | 20-12-2017 | 2017-72200452 |