Solv
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 6 filings
Turnover
€245,913
EBIT margin
-20.7%
Net result
-€222,026▲ 24.6%
2024 · -€294,526
Working capital
€841,534▲ 284%
2024 · €218,990
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
-€249,088
▲ 13.2%
2025
20212025
Net result
-€222,026
▲ 24.6%
2025
lowest quarter of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€2.4m
▲ 114%
2025
highest quarter of the sector
20212025
Total assets
€2.6m
▲ 89.8%
2025
highest quarter of the sector
20212025
Debt
€189,507
▼ 22.5%
2025
20212025
Working capital
€841,534
▲ 284%
2025
highest quarter of the sector
20212025
Solvency
92.8%
▲ 10.5pp
2025
highest quarter of the sector
20212025
Current ratio
5.56
▲ 3.61
2025
highest quarter of the sector
20212025
Return on assets (ROA)
-8.5%
▲ 12.9pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
0.9
▲ 50.0%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€0.2m
Operating result-€0.007m-€0.02m-€0.05m-€0.3m▼ 465%-€0.2m▲ 13.2%
Net result-€0.02mbelow the sector's middle half--€0.003mbelow the sector's middle half▲ 84.7%-€0.08mbelow the sector's middle half▼ 2,680%-€0.3mbelow the sector's middle half▼ 276%-€0.2mbelow the sector's middle half▲ 24.6%
EBIT margin-20.7%
Equity€0.01mbelow the sector's middle half-€0.009mbelow the sector's middle half▼ 24.2%-€0.07mbelow the sector's middle half€1.1mabove the sector's middle half€2.4mabove the sector's middle half▲ 114%
Total assets€0.5mabove the sector's middle half-€0.5mabove the sector's middle half▲ 5.1%€0.9mabove the sector's middle half▲ 59.0%€1.4mabove the sector's middle half▲ 59.3%€2.6mabove the sector's middle half▲ 89.8%
Debt€0.5m-€0.5m▲ 5.8%€0.9m▲ 74.6%€0.2m▼ 73.9%€0.2m▼ 22.5%
Working capital-€0.07mbelow the sector's middle half-€0.3mabove the sector's middle half€0.4mabove the sector's middle half▲ 39.6%€0.2mabove the sector's middle half▼ 42.1%€0.8mabove the sector's middle half▲ 284%
Solvency2.2%below the sector's middle half-1.6%below the sector's middle half▼ 0.6pp-8.0%below the sector's middle half▼ 9.6pp82.3%above the sector's middle half▲ 90.3pp92.8%above the sector's middle half▲ 10.5pp
Current ratio0.87below the sector's middle half-5.82above the sector's middle half▲ 4.953.92within the sector's middle half▼ 1.901.95within the sector's middle half▼ 1.975.56above the sector's middle half▲ 3.61
Return on assets (ROA)-3.5%below the sector's middle half--0.5%below the sector's middle half▲ 3.0pp-9.0%below the sector's middle half▼ 8.5pp-21.3%below the sector's middle half▼ 12.3pp-8.5%below the sector's middle half▲ 12.9pp
Staff (FTE)11=0.6▼ 40.0%0.9▲ 50.0%
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 loss of €249,088, smaller than the loss of €286,997 in 2024.
Large changes and their cause
- 2025 Equity +114%, Total assets +90% on 2024. Capital increase of €750,012 (Official Gazette 11-12-2025). Capital increase of €766,333 (Official Gazette 11-12-2025).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€1.6m ▲ 71.1%
Current assets
€1.0m ▲ 128%
Equity and liabilities €2.6m
Equity
€2.4m ▲ 114%
Debt
€189,507 ▼ 22.5%
Debt's share of the balance-sheet total falls from 17.7% to 7.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€33,128▲
2024 · -€200,534
Cash flow
-€6,066▲
2024 · -€208,062
Debt to equity
0.08▼
2024 · 0.22
ROE
-9.1%▲
2024 · -25.9%
Interest coverage
-10.90▼
2024 · -4.75
Debt ≤ 1 year
€184,509▼
2024 · €230,349
Income taxes
-€29,649▲
2024 · -€34,595
Staff costs
€25,391▼
2024 · €84,644
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | - |
| full-time | 1 | 1 | - | - |
| part-time | 0 | 0 | - | - |
| in full-time equivalents | 1 | 1 | - | - |
| Average over the year, in full-time equivalents | 1 | 1 | 0.6 | 0.9 |
| On a permanent contract | 1 | 1 | - | - |
| Joined | 1 | - | 5 | 7 |
| Left | 0 | - | 6 | 7 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,859 | - | - | - |
| Intangible fixed assets | €77,194 | €155,725 | €189,001 | €658,650 | €878,490 |
| Depreciation and write-downs of the year | €1,875 | €16,482 | €47,666 | €86,464 | €215,960 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €452,034 awarded · €360,682 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €180,000 |
| 2024 | 1 | €451,352 | €180,000 |
| 2023 | 1 | €682 | €682 |
Public contracts
1 award · 2025
Ondersteuningsopdracht voor uitvoering van de 'Balanced Approach' procedure voor de luchthaven Brussel-Nationaal: OMG_GOP_2025_012 - perceel 1 Procesbegeleiding, bemiddeling en stakeholdersmanagement
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €245,913 | - | - | - |
| Non-recurring operating income76A | - | - | €0 | - | €50,000 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €131,235 | - | - | - |
| Remuneration, social security and pensions62 | - | €62,813 | €68,466 | €84,644 | €25,391 | ▼ 70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,875 | €16,482 | €47,666 | €86,464 | €215,960 | ▲ 150% |
| Other operating charges640/8 | €300 | €21,852 | €50,109 | €50,292 | €1,980 | ▼ 96.1% |
| Gross operating margin9900 | -€4,460 | €117,227 | €115,411 | -€65,598 | -€5,757 | ▲ 91.2% |
| Operating profit (loss)9901 | -€6,635 | €16,080 | -€50,830 | -€286,997 | -€249,088 | ▲ 13.2% |
| Financial income75/76B | - | €44 | €0 | €62 | €452 | ▲ 635% |
| Recurring financial income75 | - | €44 | €0 | €62 | €452 | ▲ 635% |
| Financial charges65/66B | €11,745 | €18,939 | €27,436 | €42,185 | €3,038 | ▼ 92.8% |
| Recurring financial charges65 | €11,745 | €18,939 | €27,436 | €42,185 | €3,038 | ▼ 92.8% |
| Profit (loss) for the period before taxes9903 | -€18,380 | -€2,815 | -€78,266 | -€329,121 | -€251,675 | ▲ 23.5% |
| Income taxes67/77 | - | - | - | -€34,595 | -€29,649 | ▲ 14.3% |
| Profit (loss) for the period9904 | -€18,380 | -€2,815 | -€78,266 | -€294,526 | -€222,026 | ▲ 24.6% |
| Profit (loss) for the period to be appropriated9905 | -€18,380 | -€2,815 | -€78,266 | -€294,526 | -€222,026 | ▲ 24.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.5m | €0.5m | €0.9m | €1.4m | €2.6m | ▲ 89.8% |
| Fixed assets21/28 | €0.08m | €0.2m | €0.4m | €0.9m | €1.6m | ▲ 71.1% |
| Intangible fixed assets21 | €0.08m | €0.2m | €0.4m | €0.9m | €1.6m | ▲ 71.1% |
| Tangible fixed assets22/27 | - | €0.001m | €0.001m | €39 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €0.001m | €0.001m | €39 | €0 | ▼ 100% |
| Current assets29/58 | €0.4m | €0.3m | €0.5m | €0.4m | €1.0m | ▲ 128% |
| Amounts receivable within one year40/41 | €0.05m | €0.04m | €0.2m | €0.3m | €0.3m | ▲ 25.4% |
| Trade receivables40 | €0.05m | €0.03m | €0.2m | €0.2m | €0.2m | ▲ 41.8% |
| Other amounts receivable41 | €122 | €0.008m | €0.01m | €0.1m | €0.09m | ▼ 2.5% |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.3m | €0.2m | €0.6m | ▲ 222% |
| Deferred charges and accrued income490/1 | €66 | €0 | €101 | €0.002m | €0.09m | ▲ 37× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.9m | €1.4m | €2.6m | ▲ 89.8% |
| Equity10/15 | €0.01m | €0.009m | -€0.07m | €1.1m | €2.4m | ▲ 114% |
| Contributions10/11 | €0.03m | €0.03m | €0.03m | €1.5m | €3.0m | ▲ 99.1% |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | -€0.1m | -€0.4m | -€0.6m | ▼ 56.4% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.9m | €0.2m | €0.2m | ▼ 22.5% |
| Amounts payable after more than one year17 | - | €0.5m | €0.8m | €0 | - | - |
| Financial debts170/4 | - | €0.5m | €0.8m | €0 | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.06m | €0.1m | €0.2m | €0.2m | ▼ 19.9% |
| Current portion of amounts payable after more than one year42 | €0.5m | €0 | - | - | - | - |
| Financial debts43 | - | €23 | €0 | €0.002m | €0 | ▼ 100% |
| Credit institutions430/8 | - | €23 | €0 | €0.002m | €0 | ▼ 100% |
| Trade debts44 | €0.04m | €0.03m | €0.07m | €0.2m | €0.2m | ▲ 3.7% |
| Suppliers440/4 | €0.04m | €0.03m | €0.07m | €0.2m | €0.2m | ▲ 3.7% |
| Taxes, remuneration and social security45 | €0.003m | €0.02m | €0.02m | €0.005m | €0 | ▼ 100% |
| Taxes450/3 | €0.003m | €0.007m | €0.005m | €0.005m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | €0.01m | €0.01m | €0 | - | - |
| Other amounts payable47/48 | €0.002m | €0.001m | €0.04m | €0.04m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €0.03m | €0.06m | €0.01m | €0.005m | ▼ 64.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,380 | -€2,815 | -€78,266 | -€294,526 | -€222,026 | ▲ 24.6% |
| + Depreciation and write-downs630 | €1,875 | €16,482 | €47,666 | €86,464 | €215,960 | ▲ 150% |
| Operating cash flow (approximation) | -€16,505 | €13,666 | -€30,600 | -€208,062 | -€6,066 | ▲ 97.1% |
| Investment in fixed assets (approximation) | - | -€157,583 | -€189,001 | -€658,650 | -€878,490 | ▼ 33.4% |
| Change in cash | - | -€107,459 | €28,781 | -€127,351 | €422,649 | - |
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, 3,440 companies had the same profile as Solv has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Solv itself is lower: 0.1% within 12 months. It rests on far more data about Solv 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 3,440 companies, not a prediction for Solv. 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 | 16-06-2026 | 2026-00163849 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00307231 | |
| 31-12-2024 | abbreviated format | 02-06-2025 | 2025-00113473 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00326050 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00404543 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20253849 |