Solvus
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 30 filings
Every figure per financial year
The operating result for 2025 is 15% lower than in 2024.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 251 | 236 | 217 | 196 | 183 |
| full-time | 222 | 197 | 187 | 165 | 149 |
| part-time | 29 | 39 | 30 | 31 | 34 |
| in full-time equivalents | 243.9 | 227.5 | 209.3 | 189.1 | 175 |
| Average over the year, in full-time equivalents | 207.2 | 241.9 | 206.6 | 198.1 | 176.7 |
| On a permanent contract | 251 | 236 | 217 | 196 | 183 |
| Joined | 140 | 117 | 88 | 97 | 87 |
| Left | 91 | 132 | 107 | 118 | 100 |
| Agency workers, average number | 11.9 | 23.7 | 30 | 4.7 | 5.1 |
| Training hours | 1,295 | 3,232 | 7,101 | 18,212 | 8,961 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €266,374 | - | €3,939 | €716 | €12,928 |
| Intangible fixed assets | - | €20,990 | - | - | - |
| Depreciation and write-downs of the year | €82,983 | €71,785 | €67,308 | €64,918 | €60,654 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €8,579 | €9,720 | €10,746 | €11,107 | €11,596 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €10,927 awarded · €10,927 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,130 | €2,130 |
| 2024 | 1 | €4,707 | €4,707 |
| 2023 | 1 | €4,090 | €4,090 |
Public contracts
Show 29 more contracts
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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €176.5m | €227.9m | €263.3m | €327.4m | €331.2m | ▲ 1.1% |
| Turnover70 | €76.8m | €113.6m | €119.0m | €174.6m | €225.5m | €260.8m | €325.1m | €329.7m | ▲ 1.4% |
| Other operating income74 | - | - | - | €1.9m | €2.4m | €2.4m | €2.3m | €1.5m | ▼ 37.5% |
| Non-recurring operating income76A | - | - | - | €0.02m | - | €0.02m | €0.005m | - | - |
| Operating charges60/66A | - | - | - | €176.5m | €227.3m | €262.2m | €326.3m | €330.2m | ▲ 1.2% |
| Services and other goods61 | - | - | - | €165.3m | €214.4m | €249.9m | €313.6m | €317.9m | ▲ 1.4% |
| Remuneration, social security and pensions62 | - | - | - | €10.6m | €12.7m | €12.1m | €12.5m | €12.1m | ▼ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.08m | €0.08m | €0.07m | €0.07m | €0.06m | €0.06m | ▼ 6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.007m | - | - | -€0.005m | -€0.002m | ▲ 64.7% |
| Other operating charges640/8 | - | - | - | €0.07m | €0.09m | €0.08m | €0.1m | €0.1m | ▼ 5.7% |
| Non-recurring operating charges66A | - | - | - | €0.5m | €0.02m | €0.005m | - | - | - |
| Operating profit (loss)9901 | -€0.3m | -€0.6m | €0.3m | -€0.05m | €0.6m | €1.1m | €1.1m | €1.0m | ▼ 14.6% |
| Financial income75/76B | - | - | - | €0.004m | €0.009m | €0.05m | €0.08m | €0.1m | ▲ 40.1% |
| Recurring financial income75 | €0 | €0.002m | €1 | €0.004m | €0.009m | €0.05m | €0.08m | €0.1m | ▲ 40.1% |
| Income from current assets751 | - | - | - | - | €0.009m | €0.04m | €0.08m | €0.1m | ▲ 40.7% |
| Other financial income752/9 | - | - | - | €0.004m | €3 | €0.002m | €309 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €0.3m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 15.6% |
| Recurring financial charges65 | €0.07m | €0.06m | €0.07m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 15.6% |
| Debt charges650 | €0.07m | €0.06m | €0.06m | €0.07m | €0.08m | €0.08m | €0.1m | €0.2m | ▲ 16.3% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | ▲ 9.1% |
| Non-recurring financial charges66B | - | - | - | €0.2m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.4m | -€0.7m | €0.2m | -€0.3m | €0.5m | €1.1m | €1.1m | €0.9m | ▼ 14.8% |
| Income taxes67/77 | -€0.002m | €0.06m | €0.1m | €0.3m | €0.2m | €0.4m | €0.6m | €0.5m | ▼ 19.0% |
| Taxes670/3 | - | - | - | €0.3m | €0.2m | €0.4m | €0.6m | €0.5m | ▼ 11.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.007m | €0.01m | - | €0.05m | - |
| Profit (loss) for the period9904 | -€0.4m | -€0.7m | €0.1m | -€0.7m | €0.3m | €0.7m | €0.5m | €0.4m | ▼ 9.2% |
| Profit (loss) for the period to be appropriated9905 | -€0.4m | -€0.7m | €0.1m | -€0.7m | €0.3m | €0.7m | €0.5m | €0.4m | ▼ 9.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.7m | €19.5m | €20.0m | €32.4m | €46.9m | €43.7m | €54.9m | €56.7m | ▲ 3.3% |
| Fixed assets21/28 | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.06m | ▼ 44.9% |
| Intangible fixed assets21 | €0.03m | €0.007m | - | - | €0.02m | €0.01m | €0.01m | €0.006m | ▼ 39.6% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.09m | €0.3m | €0.2m | €0.1m | €0.09m | €0.05m | ▼ 49.1% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €303 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.01m | €0.004m | €0.003m | ▼ 22.2% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.1m | €0.08m | €0.04m | ▼ 50.4% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.002m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Other financial fixed assets284/8 | - | - | - | €0.002m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.002m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Current assets29/58 | €19.2m | €19.1m | €19.7m | €32.2m | €46.7m | €43.5m | €54.8m | €56.6m | ▲ 3.4% |
| Amounts receivable within one year40/41 | €18.7m | €18.8m | €19.5m | €31.4m | €45.7m | €41.8m | €53.3m | €55.6m | ▲ 4.4% |
| Trade receivables40 | - | - | - | €31.3m | €37.1m | €41.8m | €53.3m | €48.9m | ▼ 8.2% |
| Other amounts receivable41 | - | - | - | €0.06m | €8.7m | €0.005m | - | €6.7m | - |
| Cash at bank and in hand54/58 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 60.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.8m | €0.9m | €1.7m | €1.5m | €1.0m | ▼ 32.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.7m | €19.5m | €20.0m | €32.4m | €46.9m | €43.7m | €54.9m | €56.7m | ▲ 3.3% |
| Equity10/15 | €1.1m | €0.4m | €0.5m | €0.4m | €0.7m | €1.3m | €1.8m | €2.2m | ▲ 23.0% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.05m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.05m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €1.0m | €0.2m | €0.3m | -€0.3m | €0.007m | €0.6m | €1.1m | €1.5m | ▲ 38.8% |
| Provisions and deferred taxes16 | - | €0.04m | €0.02m | - | €0.02m | €0.005m | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.02m | €0.005m | - | - | - |
| Environmental obligations163 | - | - | - | - | €0.02m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.005m | - | - | - |
| Amounts payable17/49 | €18.6m | €19.1m | €19.5m | €32.1m | €46.2m | €42.3m | €53.1m | €54.5m | ▲ 2.6% |
| Amounts payable within one year42/48 | €18.3m | €18.8m | €19.0m | €31.2m | €45.2m | €41.7m | €52.6m | €53.9m | ▲ 2.5% |
| Trade debts44 | €16.9m | €17.7m | €17.5m | €27.7m | €42.6m | €29.4m | €48.7m | €51.4m | ▲ 5.4% |
| Suppliers440/4 | - | - | - | €27.7m | €42.6m | €29.4m | €48.7m | €51.4m | ▲ 5.4% |
| Taxes, remuneration and social security45 | - | - | - | €2.3m | €2.6m | €2.5m | €2.6m | €2.5m | ▼ 0.5% |
| Taxes450/3 | - | - | - | €0.6m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 2.1% |
| Remuneration and social security454/9 | - | - | - | €1.7m | €1.8m | €1.8m | €1.9m | €1.9m | = |
| Other amounts payable47/48 | - | - | - | €1.2m | - | €9.8m | €1.3m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.9m | €1.0m | €0.6m | €0.5m | €0.6m | ▲ 19.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€410,292 | -€719,914 | €116,550 | -€661,910 | €322,760 | €650,132 | €453,411 | €411,724 | ▼ 9.2% |
| + Depreciation and write-downs630 | €96,181 | €97,410 | €82,107 | €82,983 | €71,785 | €67,308 | €64,918 | €60,654 | ▼ 6.6% |
| Operating cash flow (approximation) | -€314,111 | -€622,504 | €198,657 | -€578,927 | €394,545 | €717,441 | €518,328 | €472,378 | ▼ 8.9% |
| Investment in fixed assets (approximation) | - | €18,947 | €19,176 | -€68,774 | -€25,316 | -€3,939 | -€716 | -€12,928 | ▼ 1,706% |
| Change in cash | - | - | -€41 | €497 | -€201 | €805 | -€101 | -€1,136 | ▼ 1,021% |
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, 208 companies had the same profile as Solvus has now. Two years later, 99.0% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Solvus itself: 0.5% 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 208 companies, not a prediction for Solvus. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00185365 | |
| 31-12-2024 | full format | 17-06-2025 | 2025-00149933 | |
| 31-12-2023 | full format | 20-06-2024 | 2024-00150751 | |
| 31-12-2022 | full format | 13-06-2023 | 2023-00126179 | |
| 31-12-2021 | full format | 20-06-2022 | 2022-20083479 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-25200459 | |
| 31-12-2019 | full format | 25-06-2020 | 2020-21700011 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-22400441 | |
| 31-12-2017 | full format | 04-07-2018 | 2018-30600089 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-45800256 |