SOLER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 64 days after the deadline Filed on 3 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00546818.
Annual accounts 2025 filed on 03-10-2026 at the NBB all 16 filings
Turnover
≈ €130,000
Estimated: probably between €100,000 and €180,000
Total assets
€121,592▼ 17.3%
2024 · €146,993
Net result
-€19,754
2024 · €16,988
Working capital
-€25,644
2024 · €3,189
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€14,680
2025
20182025
Net result
-€19,754
2025
lowest quarter of the sector
20182025
Equity
€61,098
▼ 24.4%
2025
middle half of the sector
20182025
Total assets
€121,592
▼ 17.3%
2025
middle half of the sector
20182025
Debt
€60,494
▼ 8.5%
2025
20182025
Working capital
-€25,644
2025
lowest quarter of the sector
20182025
Solvency
50.2%
▼ 4.8pp
2025
middle half of the sector
20182025
Current ratio
0.52
▼ 0.55
2025
middle half of the sector
20182025
Return on assets (ROA)
-16.2%
▼ 27.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.8
▲ 80.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,461-€10,301▼ 23.5%€38,665▲ 275%€21,827▼ 43.5%-€19,556€21,111€31,096▲ 47.3%-€14,680
Net result€5,307--€1,533€22,760above the sector's middle half€14,140within the sector's middle half▼ 37.9%-€25,703below the sector's middle half€9,731within the sector's middle half€16,988above the sector's middle half▲ 74.6%-€19,754below the sector's middle half
Equity€44,469-€42,936▼ 3.4%€65,696above the sector's middle half▲ 53.0%€79,837above the sector's middle half▲ 21.5%€54,134within the sector's middle half▼ 32.2%€63,865above the sector's middle half▲ 18.0%€80,853above the sector's middle half▲ 26.6%€61,098within the sector's middle half▼ 24.4%
Total assets€186,801-€565,323▲ 203%€250,574above the sector's middle half▼ 55.7%€191,393within the sector's middle half▼ 23.6%€158,752within the sector's middle half▼ 17.1%€138,472within the sector's middle half▼ 12.8%€146,993within the sector's middle half▲ 6.2%€121,592within the sector's middle half▼ 17.3%
Debt€142,332-€522,387▲ 267%€184,878▼ 64.6%€111,556▼ 39.7%€104,618▼ 6.2%€74,608▼ 28.7%€66,141▼ 11.3%€60,494▼ 8.5%
Working capital€2,705--€2,471€21,193within the sector's middle half€24,960within the sector's middle half▲ 17.8%-€8,076within the sector's middle half-€5,249within the sector's middle half▲ 35.0%€3,189within the sector's middle half-€25,644below the sector's middle half
Solvency23.8%-7.6%▼ 16.2pp26.2%within the sector's middle half▲ 18.6pp41.7%within the sector's middle half▲ 15.5pp34.1%within the sector's middle half▼ 7.6pp46.1%within the sector's middle half▲ 12.0pp55.0%within the sector's middle half▲ 8.9pp50.2%within the sector's middle half▼ 4.8pp
Current ratio1.05-0.99▼ 0.061.18within the sector's middle half▲ 0.191.46within the sector's middle half▲ 0.280.86within the sector's middle half▼ 0.600.87within the sector's middle half▲ 0.011.07within the sector's middle half▲ 0.200.52within the sector's middle half▼ 0.55
Return on assets (ROA)2.8%--0.3%▼ 3.1pp9.1%within the sector's middle half▲ 9.4pp7.4%within the sector's middle half▼ 1.7pp-16.2%below the sector's middle half▼ 23.6pp7.0%within the sector's middle half▲ 23.2pp11.6%within the sector's middle half▲ 4.5pp-16.2%below the sector's middle half▼ 27.8pp
Staff (FTE)22within the sector's middle half=1.8▼ 10.0%2.4▲ 33.3%2▼ 16.7%1▼ 50.0%1.8▲ 80.0%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 €14,680, after a profit of €31,096 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 €121,592
Fixed assets
€93,613 ▼ 4.3%
Current assets
€27,979 ▼ 43.1%
Equity and liabilities €121,592
Equity
€61,098 ▼ 24.4%
Debt
€60,494 ▼ 8.5%
Debt's share of the balance-sheet total rises from 45.0% to 49.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€10,489▼
2024 · €35,287
Cash flow
-€15,564▼
2024 · €21,179
Debt to equity
0.99▲
2024 · 0.82
ROE
-32.3%▼
2024 · 21.0%
Interest coverage
-2.07▼
2024 · 5.44
Debt ≤ 1 year
€53,623▲
2024 · €46,001
Debt > 1 year
€6,870▼
2024 · €20,140
Staff costs
€48,864▲
2024 · €39,627
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 1 | 1 | 1 |
| part-time | - | 2 | 1 | 1 | 1 |
| in full-time equivalents | - | 1.6 | 0.8 | 0.7 | 0.8 |
| Average over the year, in full-time equivalents | 1.8 | 1.8 | 1.5 | 0.8 | 1.4 |
| On a permanent contract | - | 1 | 1 | 1 | 1 |
| Joined | 1 | 1 | 2 | - | 2 |
| Left | 1 | 1 | 3 | - | 2 |
| Training hours | - | - | - | - | 377 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,274 | - | - | - | - |
| Depreciation and write-downs of the year | €6,864 | €5,108 | €5,109 | €4,191 | €4,191 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €75,559 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €48,004 | €67,336 | €60,936 | €39,627 | €48,864 | ▲ 23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,027 | €13,346 | €7,340 | €6,864 | €5,108 | €5,109 | €4,191 | €4,191 | = |
| Other operating charges640/8 | - | - | - | €3,439 | €5,204 | €6,065 | €3,215 | €4,342 | ▲ 35.0% |
| Gross operating margin9900 | €94,106 | €100,192 | €94,999 | €80,134 | €58,091 | €93,221 | €78,129 | €42,717 | ▼ 45.3% |
| Operating profit (loss)9901 | €13,461 | €10,301 | €38,665 | €21,827 | -€19,556 | €21,111 | €31,096 | -€14,680 | - |
| Financial income75/76B | - | - | - | €6 | €1 | - | - | - | - |
| Recurring financial income75 | - | €2 | €2 | €6 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,072 | €5,880 | €7,107 | €6,484 | €5,074 | ▼ 21.7% |
| Recurring financial charges65 | €5,740 | €9,335 | €9,884 | €6,072 | €5,880 | €7,107 | €6,484 | €5,074 | ▼ 21.7% |
| Profit (loss) for the period before taxes9903 | €7,721 | €968 | €28,783 | €15,761 | -€25,435 | €14,004 | €24,612 | -€19,754 | - |
| Income taxes67/77 | €2,414 | €2,501 | €6,023 | €1,621 | €268 | €4,273 | €7,624 | - | - |
| Profit (loss) for the period9904 | €5,307 | -€1,533 | €22,760 | €14,140 | -€25,703 | €9,731 | €16,988 | -€19,754 | - |
| Profit (loss) for the period to be appropriated9905 | €5,307 | -€1,533 | €22,760 | €14,140 | -€25,703 | €9,731 | €16,988 | -€19,754 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €186,801 | €565,323 | €250,574 | €191,393 | €158,752 | €138,472 | €146,993 | €121,592 | ▼ 17.3% |
| Fixed assets21/28 | €130,899 | €122,141 | €114,801 | €112,211 | €107,103 | €101,994 | €97,804 | €93,613 | ▼ 4.3% |
| Tangible fixed assets22/27 | €130,849 | €122,091 | €114,751 | €112,161 | €107,053 | €101,944 | €97,754 | €93,563 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €106,254 | €102,277 | €98,300 | €94,323 | €90,346 | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | €1,835 | €918 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €4,072 | €3,858 | €3,644 | €3,430 | €3,217 | ▼ 6.2% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €55,902 | €443,182 | €135,773 | €79,182 | €51,649 | €36,478 | €49,190 | €27,979 | ▼ 43.1% |
| Stocks and contracts in progress3 | €2,130 | €369,727 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €347 | €15,710 | €1,952 | €4,741 | €2,931 | €7,287 | €2,078 | €652 | ▼ 68.6% |
| Trade receivables40 | - | - | - | €3,000 | €2,930 | €1,722 | €2,078 | €652 | ▼ 68.6% |
| Other amounts receivable41 | - | - | - | €1,741 | €1 | €5,565 | - | - | - |
| Cash at bank and in hand54/58 | €52,317 | €52,184 | €132,527 | €73,123 | €45,645 | €29,191 | €46,049 | €26,232 | ▼ 43.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,318 | €3,072 | - | €1,063 | €1,095 | ▲ 3.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €186,801 | €565,323 | €250,574 | €191,393 | €158,752 | €138,472 | €146,993 | €121,592 | ▼ 17.3% |
| Equity10/15 | €44,469 | €42,936 | €65,696 | €79,837 | €54,134 | €63,865 | €80,853 | €61,098 | ▼ 24.4% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €1,205 | €1,205 | €1,205 | €1,913 | €1,913 | €1,913 | €1,913 | €1,913 | = |
| Non-distributable reserves130/1 | - | - | - | €1,913 | €1,913 | €1,913 | €1,913 | €1,913 | = |
| Reserves not available under the articles1311 | - | - | - | €1,913 | €1,913 | €1,913 | €1,913 | €1,913 | = |
| Profit (loss) carried forward14 | €23,264 | €21,731 | €44,491 | €57,924 | €32,221 | €41,952 | €58,940 | €39,186 | ▼ 33.5% |
| Amounts payable17/49 | €142,332 | €522,387 | €184,878 | €111,556 | €104,618 | €74,608 | €66,141 | €60,494 | ▼ 8.5% |
| Amounts payable after more than one year17 | €88,523 | €76,425 | €70,172 | €57,245 | €44,893 | €32,805 | €20,140 | €6,870 | ▼ 65.9% |
| Financial debts170/4 | - | - | - | €57,245 | €44,893 | €32,805 | €20,140 | €6,870 | ▼ 65.9% |
| Amounts payable within one year42/48 | €53,197 | €445,653 | €114,580 | €54,222 | €59,726 | €41,727 | €46,001 | €53,623 | ▲ 16.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,927 | €12,353 | €12,088 | €12,665 | €13,269 | ▲ 4.8% |
| Trade debts44 | €4,931 | €33,535 | €8,461 | €10,513 | €3,903 | €9,219 | €4,983 | €6,911 | ▲ 38.7% |
| Suppliers440/4 | - | - | - | €10,513 | €3,903 | €9,219 | €4,983 | €6,911 | ▲ 38.7% |
| Taxes, remuneration and social security45 | - | - | - | €17,773 | €30,457 | €6,765 | €14,824 | €11,053 | ▼ 25.4% |
| Taxes450/3 | - | - | - | €10,464 | €19,998 | €4,676 | €11,683 | €8,429 | ▼ 27.9% |
| Remuneration and social security454/9 | - | - | - | €7,309 | €10,459 | €2,089 | €3,141 | €2,624 | ▼ 16.5% |
| Other amounts payable47/48 | - | - | - | €13,009 | €13,012 | €13,655 | €13,530 | €22,391 | ▲ 65.5% |
| Accrued charges and deferred income492/3 | - | - | - | €89 | - | €76 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,307 | -€1,533 | €22,760 | €14,140 | -€25,703 | €9,731 | €16,988 | -€19,754 | - |
| + Depreciation and write-downs630 | €13,027 | €13,346 | €7,340 | €6,864 | €5,108 | €5,109 | €4,191 | €4,191 | = |
| Operating cash flow (approximation) | €18,334 | €11,813 | €30,100 | €21,004 | -€20,595 | €14,839 | €21,179 | -€15,564 | - |
| Investment in fixed assets (approximation) | - | -€4,588 | €0 | -€4,274 | -€0 | €0 | €0 | €0 | - |
| Change in cash | - | -€133 | €80,343 | -€59,404 | -€27,478 | -€16,454 | €16,858 | -€19,817 | - |
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, 4,805 companies had the same profile as SOLER has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SOLER itself: 1.0% 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 4,805 companies, not a prediction for SOLER. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-10-2026 | 2026-00546818 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00542294 | |
| 31-12-2023 | micro format | 04-02-2025 | 2025-00030302 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00274408 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20419170 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-53500131 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-66400250 | |
| 31-12-2018 | micro format | 06-11-2019 | 2019-73200159 | |
| 31-12-2017 | micro format | 17-09-2018 | 2018-63100401 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59200071 |