Sofré
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 25 filings
Turnover
≈ €73,000
Estimated: probably between €42,000 and €100,000
Total assets
€441,955▼ 8.9%
2024 · €484,983
Net result
-€4,370▼ 232%
2024 · -€1,315
Working capital
-€31,753▼ 110%
2024 · -€15,099
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,129
2025
20182025
Net result
-€4,370
▼ 232%
2025
lowest quarter of the sector
20182025
Equity
€191,301
▼ 2.2%
2025
middle half of the sector
20182025
Total assets
€441,955
▼ 8.9%
2025
middle half of the sector
20182025
Debt
€212,767
▼ 14.5%
2025
20182025
Working capital
-€31,753
▼ 110%
2025
lowest quarter of the sector
20182025
Solvency
43.3%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
0.48
▼ 0.30
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.0%
▼ 0.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,071--€709▲ 65.8%€4,941€7,542▲ 52.6%€5,321▼ 29.4%-€1,479€3,519-€1,129
Net result€622-€1,599▲ 157%€7,659within the sector's middle half▲ 379%€81below the sector's middle half▼ 98.9%-€826below the sector's middle half-€5,386below the sector's middle half▼ 552%-€1,315below the sector's middle half▲ 75.6%-€4,370below the sector's middle half▼ 232%
Equity€207,915-€203,216▼ 2.3%€203,117within the sector's middle half=€203,198within the sector's middle half=€202,372within the sector's middle half▼ 0.4%€196,986within the sector's middle half▼ 2.7%€195,671within the sector's middle half▼ 0.7%€191,301within the sector's middle half▼ 2.2%
Total assets€682,961-€641,835▼ 6.0%€619,391above the sector's middle half▼ 3.5%€590,332above the sector's middle half▼ 4.7%€556,947above the sector's middle half▼ 5.7%€517,460above the sector's middle half▼ 7.1%€484,983above the sector's middle half▼ 6.3%€441,955within the sector's middle half▼ 8.9%
Debt€411,622-€381,303▼ 7.4%€362,779▼ 4.9%€337,205▼ 7.0%€307,975▼ 8.7%€276,981▼ 10.1%€248,719▼ 10.2%€212,767▼ 14.5%
Working capital-€16,756--€5,177▲ 69.1%€13,927within the sector's middle half€16,920within the sector's middle half▲ 21.5%€10,070within the sector's middle half▼ 40.5%-€3,508below the sector's middle half-€15,099below the sector's middle half▼ 330%-€31,753below the sector's middle half▼ 110%
Solvency30.4%-31.7%▲ 1.2pp32.8%within the sector's middle half▲ 1.1pp34.4%within the sector's middle half▲ 1.6pp36.3%within the sector's middle half▲ 1.9pp38.1%within the sector's middle half▲ 1.7pp40.3%within the sector's middle half▲ 2.3pp43.3%within the sector's middle half▲ 2.9pp
Current ratio0.72-0.91▲ 0.191.23within the sector's middle half▲ 0.321.25within the sector's middle half▲ 0.031.15within the sector's middle half▼ 0.100.95below the sector's middle half▼ 0.210.77below the sector's middle half▼ 0.170.48below the sector's middle half▼ 0.30
Return on assets (ROA)0.1%-0.2%▲ 0.2pp1.2%within the sector's middle half▲ 1.0pp0.0%below the sector's middle half▼ 1.2pp-0.1%below the sector's middle half▼ 0.2pp-1.0%below the sector's middle half▼ 0.9pp-0.3%below the sector's middle half▲ 0.8pp-1.0%below the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 loss of €1,129, after a profit of €3,519 in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €441,955
Fixed assets
€413,048 ▼ 4.8%
Current assets
€28,907 ▼ 43.4%
Equity and liabilities €441,955
Equity
€191,301 ▼ 2.2%
Provisions
€37,887 ▼ 6.7%
Debt
€212,767 ▼ 14.5%
Debt's share of the balance-sheet total falls from 51.3% to 48.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€19,772▼
2024 · €25,912
Cash flow
€16,531▼
2024 · €21,078
Debt to equity
1.11▼
2024 · 1.27
ROE
-2.3%▼
2024 · -0.7%
Interest coverage
3.91▼
2024 · 4.53
Debt ≤ 1 year
€60,660▼
2024 · €66,134
Debt > 1 year
€152,107▼
2024 · €182,585
Income taxes
€896▼
2024 · €2,018
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | €51,111 | €48,853 | €46,745 | €37,596 | €25,707 | €23,993 | €22,393 | €20,900 | ▼ 6.7% |
| Other operating charges640/8 | - | - | - | €5,464 | €793 | €460 | €882 | €5,243 | ▲ 495% |
| Gross operating margin9900 | €50,243 | €49,453 | €56,741 | €50,602 | €31,820 | €22,974 | €26,794 | €25,015 | ▼ 6.6% |
| Operating profit (loss)9901 | -€2,071 | -€709 | €4,941 | €7,542 | €5,321 | -€1,479 | €3,519 | -€1,129 | - |
| Financial income75/76B | - | - | - | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €7,985 | €6,989 | €6,492 | €5,716 | €5,051 | ▼ 11.6% |
| Recurring financial charges65 | €10,407 | €9,409 | €8,075 | €7,985 | €6,989 | €6,492 | €5,716 | €5,051 | ▼ 11.6% |
| Profit (loss) for the period before taxes9903 | -€12,478 | -€10,117 | -€3,134 | -€443 | -€1,668 | -€7,971 | -€2,197 | -€6,180 | ▼ 181% |
| Transfer from deferred taxes780 | - | - | - | €3,566 | €3,329 | €3,107 | €2,900 | €2,706 | ▼ 6.7% |
| Income taxes67/77 | €192 | €690 | €786 | €3,042 | €2,487 | €522 | €2,018 | €896 | ▼ 55.6% |
| Profit (loss) for the period9904 | €622 | €1,599 | €7,659 | €81 | -€826 | -€5,386 | -€1,315 | -€4,370 | ▼ 232% |
| Transfer from tax-exempt reserves789 | - | - | - | €7,241 | €6,758 | €6,307 | €5,887 | €5,494 | ▼ 6.7% |
| Profit (loss) for the period to be appropriated9905 | €622 | €1,599 | €7,659 | €7,322 | €5,932 | €921 | €4,571 | €1,125 | ▼ 75.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €682,961 | €641,835 | €619,391 | €590,332 | €556,947 | €517,460 | €484,983 | €441,955 | ▼ 8.9% |
| Fixed assets21/28 | €639,236 | €590,383 | €543,638 | €506,041 | €480,335 | €456,342 | €433,948 | €413,048 | ▼ 4.8% |
| Tangible fixed assets22/27 | €638,795 | €589,942 | €543,197 | €505,600 | €479,894 | €455,901 | €433,507 | €412,607 | ▼ 4.8% |
| Land and buildings22 | - | - | - | €505,600 | €479,894 | €455,901 | €433,507 | €412,607 | ▼ 4.8% |
| Financial fixed assets28 | €441 | €441 | €441 | €441 | €441 | €441 | €441 | €441 | = |
| Current assets29/58 | €43,725 | €51,452 | €75,753 | €84,290 | €76,612 | €61,118 | €51,034 | €28,907 | ▼ 43.4% |
| Stocks and contracts in progress3 | €1,020 | €2,060 | €1,780 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €36,932 | €39,722 | €71,495 | €83,154 | €76,609 | €57,961 | €47,945 | €28,777 | ▼ 40.0% |
| Trade receivables40 | - | - | - | €83,154 | €76,609 | €57,961 | €47,945 | €28,743 | ▼ 40.1% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €34 | - |
| Cash at bank and in hand54/58 | €5,773 | €9,670 | €2,478 | €1,136 | €3 | €10 | €139 | €130 | ▼ 6.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €3,147 | €2,950 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €682,961 | €641,835 | €619,391 | €590,332 | €556,947 | €517,460 | €484,983 | €441,955 | ▼ 8.9% |
| Equity10/15 | €207,915 | €203,216 | €203,117 | €203,198 | €202,372 | €196,986 | €195,671 | €191,301 | ▼ 2.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €165,395 | €160,696 | €160,597 | €160,678 | €159,852 | €154,466 | €153,150 | €148,781 | ▼ 2.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €101,369 | €94,611 | €88,303 | €82,416 | €76,922 | ▼ 6.7% |
| Distributable reserves133 | - | - | - | €57,449 | €63,381 | €66,162 | €70,734 | €71,858 | ▲ 1.6% |
| Profit (loss) carried forward14 | €23,920 | €23,920 | €23,920 | €23,920 | €23,920 | €23,920 | €23,920 | €23,920 | = |
| Provisions and deferred taxes16 | €63,423 | €57,315 | €53,494 | €49,928 | €46,599 | €43,493 | €40,593 | €37,887 | ▼ 6.7% |
| Deferred taxes168 | - | - | - | €49,928 | €46,599 | €43,493 | €40,593 | €37,887 | ▼ 6.7% |
| Amounts payable17/49 | €411,622 | €381,303 | €362,779 | €337,205 | €307,975 | €276,981 | €248,719 | €212,767 | ▼ 14.5% |
| Amounts payable after more than one year17 | €351,141 | €324,674 | €297,577 | €269,835 | €241,433 | €212,355 | €182,585 | €152,107 | ▼ 16.7% |
| Financial debts170/4 | - | - | - | €269,835 | €241,433 | €212,355 | €182,585 | €152,107 | ▼ 16.7% |
| Amounts payable within one year42/48 | €60,482 | €56,629 | €61,826 | €67,370 | €66,542 | €64,626 | €66,134 | €60,660 | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,742 | €28,402 | €29,078 | €29,770 | €30,479 | ▲ 2.4% |
| Trade debts44 | €988 | €2,096 | €1,400 | €2,549 | €1,912 | €4,594 | €3,562 | €1,921 | ▼ 46.1% |
| Suppliers440/4 | - | - | - | €2,549 | €1,912 | €4,594 | €3,562 | €1,921 | ▼ 46.1% |
| Advances received on contracts in progress46 | - | - | - | €110 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €10,160 | €9,416 | €4,748 | €7,110 | €5,319 | ▼ 25.2% |
| Taxes450/3 | - | - | - | €8,810 | €8,066 | €3,398 | €5,760 | €3,969 | ▼ 31.1% |
| Remuneration and social security454/9 | - | - | - | €1,350 | €1,350 | €1,350 | €1,350 | €1,350 | = |
| Other amounts payable47/48 | - | - | - | €26,809 | €26,812 | €26,207 | €25,691 | €22,942 | ▼ 10.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €622 | €1,599 | €7,659 | €81 | -€826 | -€5,386 | -€1,315 | -€4,370 | ▼ 232% |
| + Depreciation and write-downs630 | €51,111 | €48,853 | €46,745 | €37,596 | €25,707 | €23,993 | €22,393 | €20,900 | ▼ 6.7% |
| Operating cash flow (approximation) | €51,733 | €50,452 | €54,404 | €37,677 | €24,881 | €18,607 | €21,078 | €16,531 | ▼ 21.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €3,897 | -€7,192 | -€1,342 | -€1,133 | €7 | €129 | -€9 | - |
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, 12,322 companies had the same profile as Sofré has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Sofré 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 12,322 companies, not a prediction for Sofré. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00286816 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00260396 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00232631 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00280019 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20259031 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-26500133 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30600408 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38300353 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36600078 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-28400286 |