SIVERMO
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 07-09-2026 at the NBB all 7 filings
Turnover
≈ €80,000
Estimated: probably between €61,000 and €110,000
Total assets
€165,119▼ 5.2%
2025 · €174,246
Net result
€6,054
2025 · -€41,281
Working capital
€42,022▲ 55.0%
2025 · €27,117
Multi-year overview
2020 to 2026, 7 financial yearsOperating result
€7,107
2026
20202026
Net result
€6,054
2026
20202026
Equity
€70,278
▲ 9.4%
2026
20202026
Total assets
€165,119
▼ 5.2%
2026
20202026
Debt
€94,841
▼ 13.8%
2026
20202026
Working capital
€42,022
▲ 55.0%
2026
20202026
Solvency
42.6%
▲ 5.7pp
2026
20202026
Current ratio
3.12
▲ 1.04
2026
20202026
Return on assets (ROA)
3.7%
▲ 27.4pp
2026
20202026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2020202120222023202420252026
Operating result€50,309-€51,713▲ 2.8%€10,672▼ 79.4%€17,133▲ 60.5%€18,908▲ 10.4%-€39,776€7,107
Net result€35,888-€41,478within the sector's middle half▲ 15.6%€5,030below the sector's middle half▼ 87.9%€10,301below the sector's middle half▲ 105%€12,808below the sector's middle half▲ 24.3%-€41,281below the sector's middle half€6,054
Equity€35,888-€77,366within the sector's middle half▲ 116%€82,395within the sector's middle half▲ 6.5%€92,697within the sector's middle half▲ 12.5%€105,504within the sector's middle half▲ 13.8%€64,224within the sector's middle half▼ 39.1%€70,278▲ 9.4%
Total assets€93,416-€287,103within the sector's middle half▲ 207%€258,854within the sector's middle half▼ 9.8%€253,242within the sector's middle half▼ 2.2%€243,880within the sector's middle half▼ 3.7%€174,246within the sector's middle half▼ 28.6%€165,119▼ 5.2%
Debt€57,528-€209,737▲ 265%€176,458▼ 15.9%€160,545▼ 9.0%€138,376▼ 13.8%€110,023▼ 20.5%€94,841▼ 13.8%
Working capital€13,985-€20,387below the sector's middle half▲ 45.8%€24,550within the sector's middle half▲ 20.4%€30,616within the sector's middle half▲ 24.7%€48,213within the sector's middle half▲ 57.5%€27,117within the sector's middle half▼ 43.8%€42,022▲ 55.0%
Solvency38.4%-26.9%below the sector's middle half▼ 11.5pp31.8%below the sector's middle half▲ 4.9pp36.6%within the sector's middle half▲ 4.8pp43.3%within the sector's middle half▲ 6.7pp36.9%within the sector's middle half▼ 6.4pp42.6%▲ 5.7pp
Current ratio1.24-1.49within the sector's middle half▲ 0.251.74within the sector's middle half▲ 0.251.73within the sector's middle half▼ 0.012.04within the sector's middle half▲ 0.322.08within the sector's middle half▲ 0.043.12▲ 1.04
Return on assets (ROA)38.4%-14.4%within the sector's middle half▼ 24.0pp1.9%below the sector's middle half▼ 12.5pp4.1%below the sector's middle half▲ 2.1pp5.3%below the sector's middle half▲ 1.2pp-23.7%below the sector's middle half▼ 28.9pp3.7%▲ 27.4pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 2026 is a profit of €7,107, after a loss of €39,776 in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €165,119
Fixed assets
€103,320 ▼ 15.4%
Current assets
€61,799 ▲ 18.5%
Equity and liabilities €165,119
Equity
€70,278 ▲ 9.4%
Debt
€94,841 ▼ 13.8%
Debt's share of the balance-sheet total falls from 63.1% to 57.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,876▲
2025 · -€12,379
Cash flow
€24,823▲
2025 · -€13,884
Debt to equity
1.35▼
2025 · 1.71
ROE
8.6%▲
2025 · -64.3%
Interest coverage
24.58▲
2025 · -8.23
Debt ≤ 1 year
€19,777▼
2025 · €25,040
Debt > 1 year
€75,064▼
2025 · €84,983
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,723 | €13,406 | - | - | - |
| Depreciation and write-downs of the year | €30,986 | €32,047 | €30,977 | €27,397 | €18,769 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €80 awarded · €80 paidAnnual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,942 | €14,485 | €30,986 | €32,047 | €30,977 | €27,397 | €18,769 | ▼ 31.5% |
| Other operating charges640/8 | - | - | €1,726 | €1,425 | €614 | €973 | €597 | ▼ 38.7% |
| Non-recurring operating charges66A | - | - | - | €2,030 | - | - | - | - |
| Gross operating margin9900 | €55,909 | €67,218 | €43,384 | €52,635 | €50,499 | -€11,406 | €26,473 | - |
| Operating profit (loss)9901 | €50,309 | €51,713 | €10,672 | €17,133 | €18,908 | -€39,776 | €7,107 | - |
| Recurring financial income75 | - | €1 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €2,750 | €2,341 | €2,273 | €1,504 | €1,053 | ▼ 30.0% |
| Recurring financial charges65 | €522 | €1,475 | €2,750 | €2,341 | €2,273 | €1,504 | €1,053 | ▼ 30.0% |
| Profit (loss) for the period before taxes9903 | €49,786 | €50,240 | €7,922 | €14,792 | €16,635 | -€41,281 | €6,054 | - |
| Income taxes67/77 | €13,898 | €8,762 | €2,893 | €4,491 | €3,827 | - | - | - |
| Profit (loss) for the period9904 | €35,888 | €41,478 | €5,030 | €10,301 | €12,808 | -€41,281 | €6,054 | - |
| Profit (loss) for the period to be appropriated9905 | €35,888 | €41,478 | €5,030 | €10,301 | €12,808 | -€41,281 | €6,054 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €93,416 | €287,103 | €258,854 | €253,242 | €243,880 | €174,246 | €165,119 | ▼ 5.2% |
| Formation expenses20 | €142 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €22,174 | €225,397 | €201,134 | €180,463 | €149,486 | €122,089 | €103,320 | ▼ 15.4% |
| Tangible fixed assets22/27 | €22,174 | €225,397 | €201,134 | €180,463 | €149,486 | €122,089 | €103,320 | ▼ 15.4% |
| Plant, machinery and equipment23 | - | - | €17,387 | €11,716 | €5,333 | €2,531 | €1,064 | ▼ 57.9% |
| Furniture and vehicles24 | - | - | €183,747 | €168,747 | €144,153 | €119,558 | €102,256 | ▼ 14.5% |
| Current assets29/58 | €71,100 | €61,706 | €57,720 | €72,779 | €94,394 | €52,157 | €61,799 | ▲ 18.5% |
| Amounts receivable after more than one year29 | - | - | - | €14,950 | €14,950 | - | - | - |
| Other amounts receivable291 | - | - | - | €14,950 | €14,950 | - | - | - |
| Amounts receivable within one year40/41 | €25,713 | €20,557 | €38,223 | €19,115 | €40,333 | €49,205 | €50,160 | ▲ 1.9% |
| Trade receivables40 | - | - | €36,115 | €18,634 | €9,160 | €13,405 | €14,360 | ▲ 7.1% |
| Other amounts receivable41 | - | - | €2,107 | €481 | €31,173 | €35,800 | €35,800 | = |
| Cash at bank and in hand54/58 | €45,388 | €41,149 | €16,050 | €38,713 | €39,111 | €2,953 | €11,639 | ▲ 294% |
| Deferred charges and accrued income490/1 | - | - | €3,448 | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €93,416 | €287,103 | €258,854 | €253,242 | €243,880 | €174,246 | €165,119 | ▼ 5.2% |
| Equity10/15 | €35,888 | €77,366 | €82,395 | €92,697 | €105,504 | €64,224 | €70,278 | ▲ 9.4% |
| Reserves13 | €35,800 | €77,200 | €82,200 | €92,400 | €92,400 | €92,400 | €92,400 | = |
| Distributable reserves133 | - | - | €82,200 | €92,400 | €92,400 | €92,400 | €92,400 | = |
| Profit (loss) carried forward14 | €88 | €166 | €195 | €297 | €13,104 | -€28,176 | -€22,122 | ▲ 21.5% |
| Amounts payable17/49 | €57,528 | €209,737 | €176,458 | €160,545 | €138,376 | €110,023 | €94,841 | ▼ 13.8% |
| Amounts payable after more than one year17 | - | €168,418 | €143,289 | €118,382 | €92,195 | €84,983 | €75,064 | ▼ 11.7% |
| Financial debts170/4 | - | - | €143,289 | €118,382 | €92,195 | €84,983 | €75,064 | ▼ 11.7% |
| Amounts payable within one year42/48 | €57,116 | €41,319 | €33,169 | €42,163 | €46,181 | €25,040 | €19,777 | ▼ 21.0% |
| Current portion of amounts payable after more than one year42 | - | - | €25,129 | €25,407 | €25,688 | €19,212 | €9,919 | ▼ 48.4% |
| Trade debts44 | €3,593 | €9,842 | €441 | €1,866 | €1,551 | €315 | €408 | ▲ 29.6% |
| Suppliers440/4 | - | - | €441 | €1,866 | €1,551 | €315 | €408 | ▲ 29.6% |
| Taxes, remuneration and social security45 | - | - | €7,329 | €14,169 | €16,342 | €2,600 | €5,725 | ▲ 120% |
| Taxes450/3 | - | - | €7,329 | €14,169 | €16,342 | €2,600 | €5,725 | ▲ 120% |
| Other amounts payable47/48 | - | - | €271 | €721 | €2,600 | €2,913 | €3,725 | ▲ 27.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,888 | €41,478 | €5,030 | €10,301 | €12,808 | -€41,281 | €6,054 | - |
| + Depreciation and write-downs630 | €4,942 | €14,485 | €30,986 | €32,047 | €30,977 | €27,397 | €18,769 | ▼ 31.5% |
| Operating cash flow (approximation) | €40,830 | €55,962 | €36,016 | €42,348 | €43,785 | -€13,884 | €24,823 | - |
| Investment in fixed assets (approximation) | - | -€217,708 | -€6,723 | -€11,376 | €0 | €0 | €0 | - |
| Change in cash | - | -€4,239 | -€25,099 | €22,664 | €398 | -€36,159 | €8,687 | - |
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, 5,047 companies had the same profile as SIVERMO has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SIVERMO itself is lower: 0.1% within 12 months. It rests on far more data about SIVERMO 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 5,047 companies, not a prediction for SIVERMO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 07-09-2026 | 2026-00505980 | |
| 31-03-2025 | micro format | 08-09-2025 | 2025-00486486 | |
| 31-03-2024 | micro format | 09-09-2024 | 2024-00456966 | |
| 31-03-2023 | micro format | 14-09-2023 | 2023-00446101 | |
| 31-03-2022 | micro format | 29-09-2022 | 2022-20440247 | |
| 31-03-2021 | micro format | 06-09-2021 | 2021-66200552 | |
| 31-03-2020 | micro format | 07-09-2020 | 2020-51400021 |