SOLOR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 19 days after the deadline Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00414344.
Annual accounts 2025 filed on 19-08-2026 at the NBB all 6 filings
Turnover
≈ €1.1m
Estimated: probably between €750,000 and €1.4m
Total assets
€778,190▼ 11.3%
2024 · €877,795
Net result
€47,437
2024 · -€62,651
Working capital
-€106,299▲ 25.5%
2024 · -€142,751
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€51,596
2025
20202025
Net result
€47,437
2025
highest quarter of the sector
20202025
Equity
€63,836
▲ 184%
2025
middle half of the sector
20202025
Total assets
€778,190
▼ 11.3%
2025
highest quarter of the sector
20202025
Debt
€714,354
▼ 16.5%
2025
20202025
Working capital
-€106,299
▲ 25.5%
2025
lowest quarter of the sector
20202025
Solvency
8.2%
▲ 5.6pp
2025
lowest quarter of the sector
20202025
Current ratio
0.61
▲ 0.05
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
6.1%
▲ 13.2pp
2025
middle half of the sector
20202025
Staff (FTE)
6.2
▲ 6.9%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.1m-€0.04m▼ 73.7%€0.06m▲ 61.1%-€0.07m-€0.05m▲ 32.8%€0.05m
Net result€0.1mabove the sector's middle half-€0.02mwithin the sector's middle half▼ 82.3%€0.04mwithin the sector's middle half▲ 84.0%-€0.08mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 20.3%€0.05mabove the sector's middle half
Equity€0.09mwithin the sector's middle half-€0.08mwithin the sector's middle half▼ 11.0%€0.1mwithin the sector's middle half▲ 43.8%€0.09mwithin the sector's middle half▼ 16.4%€0.02mbelow the sector's middle half▼ 75.4%€0.06mwithin the sector's middle half▲ 184%
Total assets€0.3mwithin the sector's middle half-€1.0mabove the sector's middle half▲ 262%€1.0mabove the sector's middle half▼ 8.7%€0.9mabove the sector's middle half▼ 3.5%€0.9mabove the sector's middle half▼ 4.7%€0.8mabove the sector's middle half▼ 11.3%
Debt€0.2m-€1.0m▲ 377%€0.8m▼ 12.8%€0.8m▼ 1.8%€0.9m▲ 3.0%€0.7m▼ 16.5%
Working capital€0.02mwithin the sector's middle half--€0.07mbelow the sector's middle half-€0.05mbelow the sector's middle half▲ 22.2%-€0.1mbelow the sector's middle half▼ 87.2%-€0.1mbelow the sector's middle half▼ 42.2%-€0.1mbelow the sector's middle half▲ 25.5%
Solvency29.5%within the sector's middle half-7.2%below the sector's middle half▼ 22.3pp11.4%below the sector's middle half▲ 4.2pp9.9%below the sector's middle half▼ 1.5pp2.6%below the sector's middle half▼ 7.3pp8.2%below the sector's middle half▲ 5.6pp
Current ratio1.21within the sector's middle half-0.72below the sector's middle half▼ 0.490.77below the sector's middle half▲ 0.050.62below the sector's middle half▼ 0.150.55below the sector's middle half▼ 0.070.61below the sector's middle half▲ 0.05
Return on assets (ROA)38.0%above the sector's middle half-1.9%within the sector's middle half▼ 36.2pp3.7%within the sector's middle half▲ 1.9pp-8.5%below the sector's middle half▼ 12.3pp-7.1%below the sector's middle half▲ 1.4pp6.1%within the sector's middle half▲ 13.2pp
Staff (FTE)4.4above the sector's middle half-6.2▲ 40.9%8.3▲ 33.9%5.8▼ 30.1%5.8=6.2▲ 6.9%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 profit of €51,596, after a loss of €46,549 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 €778,190
Fixed assets
€613,857 ▼ 12.5%
Current assets
€164,333 ▼ 6.7%
Equity and liabilities €778,190
Equity
€63,836 ▲ 184%
Debt
€714,354 ▼ 16.5%
Debt's share of the balance-sheet total falls from 97.4% to 91.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€154,409▲
2024 · €66,426
Cash flow
€150,249▲
2024 · €50,324
Debt to equity
11.19▼
2024 · 38.07
ROE
74.3%▲
2024 · -278.9%
Interest coverage
6.52▲
2024 · 2.66
Debt ≤ 1 year
€270,631▼
2024 · €318,818
Debt > 1 year
€438,782▼
2024 · €528,418
Income taxes
€140▲
2024 · €128
Staff costs
€266,988▲
2024 · €254,413
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 | 7 | 8 | 7 | 6 | 6 |
| full-time | 6 | 6 | 5 | 4 | 5 |
| part-time | 1 | 2 | 2 | 2 | 1 |
| in full-time equivalents | 6.8 | 7.3 | 6.3 | 5.3 | 5.5 |
| Average over the year, in full-time equivalents | 6.2 | 8.3 | 5.8 | 5.8 | 6.2 |
| On a permanent contract | 6 | 7 | 5 | 5 | 4 |
| Joined | 5 | 12 | 10 | 10 | 19 |
| Left | 3 | 11 | 11 | 11 | 19 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 |
| Mortgage mandates | €570,000 | €570,000 | €570,000 | €570,000 | €570,000 |
| Carrying value of the mortgaged assets | €591,434 | €563,694 | €535,953 | €514,391 | €484,750 |
| Pledge on the business | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 |
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 | €878,745 | €35,647 | €88,901 | €61,615 | €14,941 |
| Depreciation and write-downs of the year | €161,188 | €103,250 | €108,857 | €112,975 | €102,812 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €244,467 | €386,634 | €334,921 | €254,413 | €266,988 | ▲ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,620 | €161,188 | €103,250 | €108,857 | €112,975 | €102,812 | ▼ 9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €512 | €2,925 | -€1,050 | - |
| Other operating charges640/8 | - | €7,692 | €7,900 | €10,857 | €10,894 | €14,560 | ▲ 33.7% |
| Non-recurring operating charges66A | - | - | - | €165 | €1,580 | - | - |
| Gross operating margin9900 | €369,996 | €449,666 | €556,307 | €386,029 | €336,238 | €434,907 | ▲ 29.3% |
| Operating profit (loss)9901 | €138,187 | €36,319 | €58,523 | -€69,283 | -€46,549 | €51,596 | - |
| Financial income75/76B | - | €1,646 | €5,785 | €12,593 | €8,974 | €19,676 | ▲ 119% |
| Recurring financial income75 | €6 | €1,646 | €1,771 | €11,013 | €6,389 | €6,138 | ▼ 3.9% |
| Non-recurring financial income76B | - | - | €4,014 | €1,580 | €2,585 | €13,538 | ▲ 424% |
| Financial charges65/66B | - | €18,433 | €28,422 | €21,809 | €24,949 | €23,696 | ▼ 5.0% |
| Recurring financial charges65 | €6,337 | €18,433 | €21,490 | €21,809 | €24,949 | €23,696 | ▼ 5.0% |
| Non-recurring financial charges66B | - | - | €6,932 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €132,436 | €19,532 | €35,887 | -€78,499 | -€62,523 | €47,577 | - |
| Income taxes67/77 | €22,768 | €129 | €180 | €133 | €128 | €140 | ▲ 9.6% |
| Profit (loss) for the period9904 | €109,668 | €19,403 | €35,707 | -€78,632 | -€62,651 | €47,437 | - |
| Profit (loss) for the period to be appropriated9905 | €109,668 | €19,403 | €35,707 | -€78,632 | -€62,651 | €47,437 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.3m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 11.3% |
| Fixed assets21/28 | €0.2m | €0.9m | €0.8m | €0.8m | €0.7m | €0.6m | ▼ 12.5% |
| Intangible fixed assets21 | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 22.2% |
| Tangible fixed assets22/27 | €0.1m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 12.3% |
| Land and buildings22 | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.05m | ▼ 39.9% |
| Furniture and vehicles24 | - | €0.04m | €0.04m | €0.02m | €0.01m | €0.02m | ▲ 14.3% |
| Leasing and similar rights25 | - | €0.06m | €0.04m | €0.07m | €0.07m | €0.05m | ▼ 32.0% |
| Financial fixed assets28 | €0.001m | €434 | €434 | €434 | €434 | €434 | = |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.7% |
| Amounts receivable within one year40/41 | €0.05m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 6.3% |
| Trade receivables40 | - | €0.03m | €0.04m | €0.02m | €0.03m | €0.04m | ▲ 63.9% |
| Other amounts receivable41 | - | €0.04m | €0.04m | €0.1m | €0.1m | €0.07m | ▼ 25.7% |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.08m | €0.04m | €0.03m | €0.02m | ▼ 2.8% |
| Deferred charges and accrued income490/1 | - | €0.008m | €0.01m | €0.007m | €0.03m | €0.02m | ▼ 11.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.3m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 11.3% |
| Equity10/15 | €0.09m | €0.08m | €0.1m | €0.09m | €0.02m | €0.06m | ▲ 184% |
| Contributions10/11 | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.08m | €0.06m | €0.1m | €0.02m | -€0.04m | €0.004m | - |
| Investment grants15 | - | €0.007m | €0.005m | €0.07m | €0.06m | €0.05m | ▼ 10.1% |
| Amounts payable17/49 | €0.2m | €1.0m | €0.8m | €0.8m | €0.9m | €0.7m | ▼ 16.5% |
| Amounts payable after more than one year17 | €0.09m | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 17.0% |
| Financial debts170/4 | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 17.0% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 15.1% |
| Current portion of amounts payable after more than one year42 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.4% |
| Financial debts43 | - | - | - | - | €0.07m | €0.06m | ▼ 6.3% |
| Credit institutions430/8 | - | - | - | - | €0.07m | €0.06m | ▼ 6.3% |
| Trade debts44 | €0.01m | €0.03m | €0.03m | €0.07m | €0.06m | €0.03m | ▼ 41.9% |
| Suppliers440/4 | - | €0.03m | €0.03m | €0.07m | €0.06m | €0.03m | ▼ 41.9% |
| Taxes, remuneration and social security45 | - | €0.06m | €0.09m | €0.07m | €0.07m | €0.06m | ▼ 15.9% |
| Taxes450/3 | - | €0.02m | €0.03m | €0.01m | €0.02m | €0.02m | ▼ 12.2% |
| Remuneration and social security454/9 | - | €0.04m | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 17.2% |
| Other amounts payable47/48 | - | €0.05m | €0.02m | €0.009m | €0.01m | €0.01m | ▲ 17.6% |
| Accrued charges and deferred income492/3 | - | €0.002m | €0.002m | €0.003m | €0.008m | €0.005m | ▼ 39.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €109,668 | €19,403 | €35,707 | -€78,632 | -€62,651 | €47,437 | - |
| + Depreciation and write-downs630 | €33,620 | €161,188 | €103,250 | €108,857 | €112,975 | €102,812 | ▼ 9.0% |
| Operating cash flow (approximation) | €143,287 | €180,591 | €138,957 | €30,225 | €50,324 | €150,249 | ▲ 199% |
| Investment in fixed assets (approximation) | - | -€877,858 | -€12,599 | -€88,901 | -€57,433 | -€14,941 | ▲ 74.0% |
| Change in cash | - | €18,556 | -€19,953 | -€45,871 | -€11,612 | -€708 | ▲ 93.9% |
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, 2,153 companies had the same profile as SOLOR has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of SOLOR itself is lower: 0.1% within 12 months. It rests on far more data about SOLOR 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 2,153 companies, not a prediction for SOLOR. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-08-2026 | 2026-00414344 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00415982 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00442247 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00372506 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20397887 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-49200111 |