SOLBOSCH
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 50 filings
Turnover
€462,271▼ 17.7%
2024 · €561,678
EBIT margin
-4.4%▲ 11.0pp
2024 · -15.4%
Net result
-€51,127▲ 56.1%
2024 · -€116,526
Working capital
-€93,629
2024 · €10,934
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€462,271
▼ 17.7%
2025
20182025
Operating result
-€20,425
▲ 76.4%
2025
20182025
Net result
-€51,127
▲ 56.1%
2025
20182025
EBIT margin
-4.4%
▲ 11.0pp
2025
20182025
Equity
€4.0m
▼ 1.3%
2025
20182025
Total assets
€7.8m
▼ 3.0%
2025
20182025
Debt
€3.8m
▼ 4.8%
2025
20182025
Working capital
-€93,629
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.4m-€0.4m▲ 2.5%€0.4m▲ 1.1%€0.4m▲ 2.2%€0.5m▲ 8.1%€0.5m▲ 16.3%€0.6m▲ 3.7%€0.5m▼ 17.7%
Operating result-€0.06m--€0.06m▲ 10.6%-€0.05m▲ 1.3%-€0.08m▼ 49.3%-€0.04m▲ 55.9%-€0.004m▲ 88.8%-€0.09m▼ 2,067%-€0.02m▲ 76.4%
Net result-€0.1m--€0.09m▲ 10.7%-€0.09m▲ 3.0%-€0.1m▼ 28.1%-€0.08m▲ 35.9%-€0.02m▲ 67.6%-€0.1m▼ 380%-€0.05m▲ 56.1%
EBIT margin-15.2%--13.2%▲ 1.9pp-12.9%▲ 0.3pp-18.9%▼ 6.0pp-7.7%▲ 11.2pp-0.7%▲ 7.0pp-15.4%▼ 14.7pp-4.4%▲ 11.0pp
Equity€4.5m-€4.4m▼ 2.1%€4.3m▼ 2.1%€4.2m▼ 2.7%€4.1m▼ 1.8%€4.1m▼ 0.6%€4.0m▼ 2.8%€4.0m▼ 1.3%
Total assets€9.7m-€9.4m▼ 3.3%€9.2m▼ 2.7%€8.8m▼ 3.7%€8.6m▼ 2.9%€8.4m▼ 2.3%€8.0m▼ 4.3%€7.8m▼ 3.0%
Debt€5.2m-€5.0m▼ 4.3%€4.8m▼ 3.3%€4.6m▼ 4.6%€4.4m▼ 4.0%€4.2m▼ 4.0%€4.0m▼ 5.8%€3.8m▼ 4.8%
Working capital€0.07m--€0.02m-€0.04m▼ 99.0%-€0.04m▲ 4.4%-€0.01m▲ 67.7%€0.07m€0.01m▼ 84.6%-€0.09m
The operating result for 2025 is a loss of €20,425, smaller than the loss of €86,649 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€7.5m ▼ 2.1%
Current assets
€240,231 ▼ 25.2%
Equity and liabilities €7.8m
Equity
€4.0m ▼ 1.3%
Debt
€3.8m ▼ 4.8%
Debt's share of the balance-sheet total falls from 49.9% to 49.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€308,915▲
2024 · €237,966
Cash flow
€278,213▲
2024 · €208,089
Current ratio
0.72▼
2024 · 1.04
Debt to equity
0.96▼
2024 · 1.00
ROE
-1.3%▲
2024 · -2.9%
ROA
-0.7%▲
2024 · -1.5%
Interest coverage
10.06▲
2024 · 7.26
Debt ≤ 1 year
€333,859▲
2024 · €310,122
Debt > 1 year
€3.5m▼
2024 · €3.7m
Customer credit
8 days▼
2024 · 11 days
Supplier credit
222 days▲
2024 · 158 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 | €2.8m | - | - | - | - |
| Mortgages, amount registered | €4.4m | - | €4.4m | €4.4m | €4.4m |
| Carrying value of the mortgaged assets | €7.2m | - | €7.2m | €7.2m | €7.5m |
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 | €42,743 | €17,755 | €5,006 | €60,523 | €165,935 |
| Depreciation and write-downs of the year | €325,966 | €326,848 | €322,739 | €324,615 | €329,340 |
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 | €406,899 | €417,152 | €421,534 | €430,813 | €465,767 | €541,616 | €561,678 | €462,271 | ▼ 17.7% |
| Non-recurring operating income76A | - | - | - | - | - | €3,041 | €2,468 | €2,384 | ▼ 3.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €143,097 | €181,487 | €202,592 | €225,440 | €196,421 | ▼ 12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €311,833 | €318,077 | €318,625 | €325,966 | €326,848 | €322,739 | €324,615 | €329,340 | ▲ 1.5% |
| Other operating charges640/8 | - | - | - | €48,417 | €6,053 | €23,325 | €101,795 | €35,343 | ▼ 65.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €12,063 | - |
| Gross operating margin9900 | €261,131 | €276,791 | €277,946 | €293,131 | €297,088 | €342,065 | €339,761 | €356,322 | ▲ 4.9% |
| Operating profit (loss)9901 | -€61,676 | -€55,114 | -€54,418 | -€81,252 | -€35,813 | -€3,999 | -€86,649 | -€20,425 | ▲ 76.4% |
| Financial income75/76B | - | - | - | €1 | - | €1,247 | €415 | €0 | ▼ 99.9% |
| Recurring financial income75 | €3,092 | €3,256 | - | €1 | - | €1,247 | €415 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €38,489 | €36,519 | €36,115 | €32,760 | €30,702 | ▼ 6.3% |
| Recurring financial charges65 | €46,951 | €42,377 | €40,270 | €38,489 | €36,519 | €36,115 | €32,760 | €30,702 | ▼ 6.3% |
| Profit (loss) for the period before taxes9903 | -€105,535 | -€94,236 | -€94,688 | -€119,739 | -€72,332 | -€38,868 | -€118,995 | -€51,127 | ▲ 57.0% |
| Income taxes67/77 | - | - | -€3,238 | -€2,607 | €2,699 | -€14,577 | -€2,468 | - | - |
| Profit (loss) for the period9904 | -€105,535 | -€94,236 | -€91,450 | -€117,133 | -€75,031 | -€24,290 | -€116,526 | -€51,127 | ▲ 56.1% |
| Profit (loss) for the period to be appropriated9905 | -€105,535 | -€94,236 | -€91,450 | -€117,133 | -€75,031 | -€24,290 | -€116,526 | -€51,127 | ▲ 56.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.7m | €9.4m | €9.2m | €8.8m | €8.6m | €8.4m | €8.0m | €7.8m | ▼ 3.0% |
| Fixed assets21/28 | €9.4m | €9.2m | €8.9m | €8.6m | €8.3m | €8.0m | €7.7m | €7.5m | ▼ 2.1% |
| Tangible fixed assets22/27 | €9.4m | €9.2m | €8.9m | €8.6m | €8.3m | €8.0m | €7.7m | €7.5m | ▼ 2.1% |
| Land and buildings22 | - | - | - | €8.3m | €8.1m | €7.8m | €7.5m | €7.5m | ▼ 0.4% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.005m | - | €0.06m | - |
| Current assets29/58 | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | ▼ 25.2% |
| Amounts receivable within one year40/41 | €0.01m | €0.03m | €0.02m | €0.04m | €0.03m | €0.08m | €0.02m | €0.01m | ▼ 49.7% |
| Trade receivables40 | - | - | - | €0.04m | €0.02m | €0.06m | €0.02m | €0.01m | ▼ 42.6% |
| Other amounts receivable41 | - | - | - | €0.003m | €0.003m | €0.02m | €0.002m | €0 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 23.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.005m | €0.01m | €0.01m | €0.009m | ▼ 14.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.7m | €9.4m | €9.2m | €8.8m | €8.6m | €8.4m | €8.0m | €7.8m | ▼ 3.0% |
| Equity10/15 | €4.5m | €4.4m | €4.3m | €4.2m | €4.1m | €4.1m | €4.0m | €4.0m | ▼ 1.3% |
| Contributions10/11 | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Capital10 | - | - | - | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Issued capital100 | - | - | - | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Reserves13 | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.5m | €0.7m | €0.6m | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 21.9% |
| Amounts payable17/49 | €5.2m | €5.0m | €4.8m | €4.6m | €4.4m | €4.2m | €4.0m | €3.8m | ▼ 4.8% |
| Amounts payable after more than one year17 | €4.9m | €4.7m | €4.5m | €4.3m | €4.1m | €3.9m | €3.7m | €3.5m | ▼ 5.8% |
| Financial debts170/4 | - | - | - | €4.3m | €4.1m | €3.9m | €3.7m | €3.5m | ▼ 5.8% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 13.6% |
| Financial debts43 | - | - | - | - | - | - | - | €0.03m | - |
| Other loans439 | - | - | - | - | - | - | - | €0.03m | - |
| Trade debts44 | €0.08m | €0.05m | €0.07m | €0.05m | €0.07m | €0.08m | €0.1m | €0.1m | ▲ 22.3% |
| Suppliers440/4 | - | - | - | €0.05m | €0.07m | €0.08m | €0.1m | €0.1m | ▲ 22.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.06m | - | - | - |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.06m | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €9 | €9 | €15 | €58 | €15 | ▼ 74.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€105,535 | -€94,236 | -€91,450 | -€117,133 | -€75,031 | -€24,290 | -€116,526 | -€51,127 | ▲ 56.1% |
| + Depreciation and write-downs630 | €311,833 | €318,077 | €318,625 | €325,966 | €326,848 | €322,739 | €324,615 | €329,340 | ▲ 1.5% |
| Operating cash flow (approximation) | €206,298 | €223,841 | €227,175 | €208,833 | €251,817 | €298,449 | €208,089 | €278,213 | ▲ 33.7% |
| Investment in fixed assets (approximation) | - | -€110,596 | -€41,630 | €0 | -€17,755 | -€5,006 | -€55,517 | -€168,318 | ▼ 203% |
| Change in cash | - | -€132,284 | €37,340 | -€38,099 | €69,781 | €57,576 | -€32,562 | -€69,431 | ▼ 113% |
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, 830 companies had the same profile as SOLBOSCH has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of SOLBOSCH itself: 0.2% 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 830 companies, not a prediction for SOLBOSCH. 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 50 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00258918 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00176438 | |
| 31-12-2023 | full format | 05-06-2024 | 2024-00128299 | |
| 31-12-2022 | full format | 20-07-2023 | 2023-00258378 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20158234 | |
| 31-12-2020 | full format | 31-05-2021 | 2021-16500406 | |
| 31-12-2019 | full format | 08-06-2020 | 2020-15500146 | |
| 31-12-2018 | full format | 03-06-2019 | 2019-15900124 | |
| 31-12-2017 | full format | 23-05-2018 | 2018-13700494 | |
| 31-12-2016 | full format | 31-05-2017 | 2017-14900519 |