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Solvus

Active
Public limited companyfounded 1996active for 30 yearsFrankrijklei 101, 2000 Antwerpen, BelgiumKBO/BCE: BE 0457.455.463

Financials · financial year 2025, full format

Annual accounts 2025 filed on 16-06-2026 at the NBB all 30 filings

Turnover
€329.7m▲ 1.4%
2024 · €325.1m
EBIT margin
0.3%▼ 0.1pp
2024 · 0.3%
Net result
€411,724▼ 9.2%
2024 · €453,411
Working capital
€2.7m▲ 25.4%
2024 · €2.2m
Multi-year overview
2018 to 2025, 8 financial years
Turnover
€329.7m
▲ 1.4% 2025
20182025
Operating result
€964,106
▼ 14.6% 2025
20182025
Net result
€411,724
▼ 9.2% 2025
middle half of the sector
20182025
EBIT margin
0.3%
▼ 0.1pp 2025
20182025
Equity
€2.2m
▲ 23.0% 2025
middle half of the sector
20182025
Total assets
€56.7m
▲ 3.3% 2025
highest quarter of the sector
20182025
Debt
€54.5m
▲ 2.6% 2025
20182025
Working capital
€2.7m
▲ 25.4% 2025
highest quarter of the sector
20182025
Solvency
3.9%
▲ 0.6pp 2025
lowest quarter of the sector
20182025
Current ratio
1.05
▲ 0.01 2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▼ 0.1pp 2025
middle half of the sector
20182025
Staff (FTE)
176.7
▼ 10.8% 2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€76.8m-€113.6m▲ 47.9%€119.0m▲ 4.7%€174.6m▲ 46.7%€225.5m▲ 29.2%€260.8m▲ 15.7%€325.1m▲ 24.6%€329.7m▲ 1.4%
Operating result-€0.3m--€0.6m▼ 73.9%€0.3m-€0.05m€0.6m€1.1m▲ 84.3%€1.1m▲ 2.0%€1.0m▼ 14.6%
Net result-€0.4m--€0.7m▼ 75.5%€0.1mwithin the sector's middle half-€0.7mbelow the sector's middle half€0.3mwithin the sector's middle half€0.7mabove the sector's middle half▲ 101%€0.5mwithin the sector's middle half▼ 30.3%€0.4mwithin the sector's middle half▼ 9.2%
EBIT margin-0.4%--0.5%▼ 0.1pp0.3%▲ 0.8pp0.0%▼ 0.3pp0.3%▲ 0.3pp0.4%▲ 0.2pp0.3%▼ 0.1pp0.3%▼ 0.1pp
Equity€1.1m-€0.4m▼ 63.8%€0.5mwithin the sector's middle half▲ 28.5%€0.4mwithin the sector's middle half▼ 30.8%€0.7mwithin the sector's middle half▲ 88.8%€1.3mwithin the sector's middle half▲ 94.7%€1.8mwithin the sector's middle half▲ 33.9%€2.2mwithin the sector's middle half▲ 23.0%
Total assets€19.7m-€19.5m▼ 0.9%€20.0mabove the sector's middle half▲ 2.6%€32.4mabove the sector's middle half▲ 62.1%€46.9mabove the sector's middle half▲ 44.6%€43.7mabove the sector's middle half▼ 6.9%€54.9mabove the sector's middle half▲ 25.7%€56.7mabove the sector's middle half▲ 3.3%
Debt€18.6m-€19.1m▲ 2.7%€19.5m▲ 2.1%€32.1m▲ 64.8%€46.2m▲ 44.0%€42.3m▼ 8.4%€53.1m▲ 25.5%€54.5m▲ 2.6%
Working capital€0.9m-€0.3m▼ 64.2%€0.7mwithin the sector's middle half▲ 108%€1.0mwithin the sector's middle half▲ 44.2%€1.4mwithin the sector's middle half▲ 45.1%€1.8mwithin the sector's middle half▲ 24.5%€2.2mabove the sector's middle half▲ 23.5%€2.7mabove the sector's middle half▲ 25.4%
Solvency5.7%-2.1%▼ 3.6pp2.6%below the sector's middle half▲ 0.5pp1.1%below the sector's middle half▼ 1.5pp1.5%below the sector's middle half▲ 0.3pp3.1%below the sector's middle half▲ 1.6pp3.3%below the sector's middle half▲ 0.2pp3.9%below the sector's middle half▲ 0.6pp
Current ratio1.05-1.02▼ 0.031.04below the sector's middle half▲ 0.021.03below the sector's middle half=1.03below the sector's middle half=1.04within the sector's middle half▲ 0.011.04within the sector's middle half=1.05within the sector's middle half▲ 0.01
Return on assets (ROA)-2.1%--3.7%▼ 1.6pp0.6%within the sector's middle half▲ 4.3pp-2.0%below the sector's middle half▼ 2.6pp0.7%within the sector's middle half▲ 2.7pp1.5%within the sector's middle half▲ 0.8pp0.8%within the sector's middle half▼ 0.7pp0.7%within the sector's middle half▼ 0.1pp
Staff (FTE)229.2-198.3▼ 13.5%183.8within the sector's middle half▼ 7.3%207.2within the sector's middle half▲ 12.7%241.9above the sector's middle half▲ 16.7%206.6within the sector's middle half▼ 14.6%198.1within the sector's middle half▼ 4.1%176.7within the sector's middle half▼ 10.8%
above within below The sector band is the middle half of the companies in Employment activities (NACE 78). 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 15% lower than in 2024.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56.7m
Fixed assets €58,492 ▼ 44.9%
Current assets €56.6m ▲ 3.4%
Equity and liabilities €56.7m
Equity €2.2m ▲ 23.0%
Debt €54.5m ▲ 2.6%
Debt's share of the balance-sheet total falls from 96.7% to 96.1%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€1.0m▼
2024 · €1.2m
Cash flow
€472,378▼
2024 · €518,328
Debt to equity
24.76▼
2024 · 29.68
ROE
18.7%▼
2024 · 25.3%
Interest coverage
6.63▼
2024 · 8.99
Debt ≤ 1 year
€53.9m▲
2024 · €52.6m
Income taxes
€490,277▼
2024 · €605,139
Customer credit
54 days▼
2024 · 60 days
Staff costs
€12.1m▼
2024 · €12.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date251236217196183
full-time222197187165149
part-time2939303134
in full-time equivalents243.9227.5209.3189.1175
Average over the year, in full-time equivalents207.2241.9206.6198.1176.7
On a permanent contract251236217196183
Joined140117889787
Left91132107118100
Agency workers, average number11.923.7304.75.1
Training hours1,2953,2327,10118,2128,961

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
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

fees
Item20212022202320242025
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 AwardedPaid
2025 1 €2,130€2,130
2024 1 €4,707€4,707
2023 1 €4,090€4,090
Schemes
3 entries · €10,927 · €10,927 paid · Departement Werk en Sociale Economie

Public contracts

34 awards · 2019 to 2026
Raamovereenkomst voor het uitvoeren van selectieprocedures voor topfuncties en searchopdrachten voor top- en middenkaderfuncties bij de Vlaamse overheid: 2025015-1 selectieprocedures
buyer: Vlaamse OverheidBusiness servicesawarded 01-10-2026€28,6294 tendersTED 697501-2026
Diensten van een Managed Service Provider (MSP) voor het inhuren van externe profielen voor NMBS (inclusief haar filialen zoals YPTO), zowel IT als non IT: WS2481939807 - 1
buyer: NMBSIT servicesawarded 23-09-2026€05 tendersTED 703235-2026
Raamovereenkomst voor het uitvoeren van diensten inzake 'Outplacement- en loopbaanbegeleiding': PLSTK-2026/3-OP
buyer: Poolstok (Vlaams Selectiecentrum voor het Overheidspersoneel cvba)Business servicesawarded 23-06-2026€06 tendersTED 440825-2026
Uitvoeren van (onderdelen van) selectieprocedures binnen de Vlaamse overheid: 2024006 - 1
buyer: Vlaamse OverheidBusiness servicesawarded 12-08-2025€29,4764 tendersTED 534108-2025
R.O.K. SELECTIE & ASSESSMENT: Selecteren van kandidaat/medewerkers
buyer: BELGOPROCESS NVBusiness servicesawarded 28-07-2025€238,8007 tendersTED 503549-2025
Show 29 more contracts
R.O.K. SELECTIE & ASSESSMENT: Assessment van kandidaat/medewerkers
buyer: BELGOPROCESS NVBusiness servicesawarded 28-07-2025€42,0009 tendersTED 503549-2025
aanduiden van een Managed Service Provider (MSP) voor bouwkundige en bouwtechnische opdrachten en exploitatienoden.
buyer: GemeenschapsonderwijsBusiness servicesawarded 28-07-2025€22.1m2 tendersTED 521870-2025
Meerjarige raamovereenkomst 2025 - 2029 voor de aanstelling van een Managed Service Provider (MSP): OC/2024/060/FS - 1
buyer: Opdrachtencentrale vzwBusiness servicesawarded 18-07-2025€2,2572 tendersTED 117233-2026
Talentgesprekken: 2024_20215_Talentgesprekken - LIM-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€154,8803 tendersTED 500618-2025
Talentgesprekken: 2024_20215_Talentgesprekken - VLB-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€202,4004 tendersTED 500618-2025
Talentgesprekken: 2024_20215_Talentgesprekken - OVL-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€303,6004 tendersTED 500618-2025
Talentgesprekken: 2024_20215_Talentgesprekken - ANT-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€278,3004 tendersTED 500618-2025
Talentgesprekken: 2024_20215_Talentgesprekken - MECTURN-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€303,6004 tendersTED 500618-2025
Talentgesprekken: 2024_20215_Talentgesprekken - WVL-ZORG
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicesawarded 10-04-2025€283,3604 tendersTED 500618-2025
MARCHÉ PUBLIC DE SERVICES AYANT POUR OBJET DIVERSES MISSIONS DE TESTS DE PERSONNALITÉ, DE TESTS PSYCHOTECHNIQUES, D’ASSESSMENTS ET DE BILAN DE COMPÉTENCES: BF/DRH/24/001 - 1
buyer: Institut bruxellois francophone pour la Formation professionnelleBusiness servicesawarded 20-12-2024€2909 tendersTED 130451-2025
Accompagnement de l’Université de Namur dans l’évaluation, le reclassement professionnel, le recrutement d’intérimaires et le coaching: 2024 UN 006 - 1
buyer: Université de NamurBusiness servicesawarded 13-12-2024€64,7355 tendersTED 791167-2024
Accompagnement de l’Université de Namur dans l’évaluation, le reclassement professionnel, le recrutement d’intérimaires et le coaching: 2024 UN 006 - 2
buyer: Université de NamurBusiness servicesawarded 13-12-2024€87,1205 tendersTED 791167-2024
Managed service provider (MSP): 2024/OO/82-1 - 1
buyer: De Vlaamse Radio en TelevisieomroepBusiness servicesawarded 29-10-2024€145,4004 tendersTED 762980-2024
Raamovereenkomst voor werving en selectie leidinggevende, uitvoerende en inhoudelijke functies: TB/202407 - 1
buyer: Team BedrijfstrajectenBusiness servicesawarded 19-09-2024€59,3336 tendersTED 769872-2024
Raamovereenkomst fieldcoaching VDAB-medewerkers: 2024/768/INK/GEN/BP - 1
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapBusiness servicesawarded 05-08-2024€250,0004 tendersTED 478183-2024
Raamovereenkomst fieldcoaching VDAB-medewerkers: 2024/768/INK/GEN/BP - 2
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapBusiness servicesawarded 05-08-2024€250,0004 tendersTED 478183-2024
Mise en œuvre du reclassement professionnel pour les travailleurs du secteur de la SCP 329.02: Fonds4s-2023-Outplacementv2 - 1
buyer: Fonds Social du Secteur Socioculturel et Sportif des communautés francophone et germanophone (Fonds 4S)Business servicesawarded 28-03-2024€5410 tendersTED 329140-2024
Raamovereenkomst 'selectie van personeel 2024-2027' (PLSTK-2023/1)
buyer: Poolstok (Vlaams Selectiecentrum voor het Overheidspersoneel cvba)Business servicesawarded 01-01-2024€011 tendersTED 54452-2024
Gunningsbeslissing: Werken met vouchers in bemiddelingsopdrachten.: Gunningsbeslissing: 2022_50169 - 1
buyer: Vlaamse Dienst voor Arbeidsbemiddeling en Beroepsopleiding - Extern Verzelfstandigd AgentschapHealth and social work servicespublished 22-11-202324 tendersTED 709932-2023
Raamovereenkomst voor selectietesten, -materialen en -ondersteuning: Uitvoeren van assessments
buyer: AntwerpenBusiness servicesawarded 28-09-2023€423,50011 tendersTED 657885-2023
Raamovereenkomst voor selectietesten, -materialen en -ondersteuning: Ondersteunen van juryleden
buyer: AntwerpenBusiness servicesawarded 28-09-2023€100,4309 tendersTED 657885-2023
Marché de services de gestion des ressources (Managed Services Provider et Vendor Management System)
buyer: RESA Innovation et Technologie SA en son nom et pour compte de RESA SA IntercommunaleBusiness servicesawarded 08-11-2022€554,4002 tendersTED 446132-2025
Organisation d'assessments donnant accès à la formation de cadre supérieur (OFF4) pour le personnel des services de secours pour le compte du SPF Intérieur: Organisation d’assessments donnant accès à la formation de cadre supérieur (OFF4) pour le personnel des services de secours pour le compte du SPF Intérieur
buyer: Direction Générale de la Sécurité CivileEducation and training servicesawarded 19-07-2021€185,6254 tendersTED 402462-2021
Support temporaire: Compétences dans le domaine «Product Development»
buyer: Loterie nationale SA de droit publicBusiness servicesawarded 17-12-2020€8.1m2 tendersTED 642372-2020
Support temporaire: Compétences dans le domaine «Retail»
buyer: Loterie nationale SA de droit publicBusiness servicesawarded 17-12-2020€8.1m4 tendersTED 642372-2020
Support temporaire: Compétences dans le domaine «Finance»
buyer: Loterie nationale SA de droit publicBusiness servicesawarded 17-12-2020€8.1m10 tendersTED 642372-2020
Support temporaire: Compétences dans le domaine «public procurement & contractmanagement»
buyer: Loterie nationale SA de droit publicBusiness servicesawarded 17-12-2020€8.1m8 tendersTED 642372-2020
Support temporaire: Compétences dans le domaine «HR»
buyer: Loterie nationale SA de droit publicBusiness servicesawarded 17-12-2020€8.1m8 tendersTED 642372-2020
Selectie van personeel 2019-2023: Generiek inzetbare experten inzake selectie van personeel
buyer: Poolstok (Vlaams Selectiecentrum voor het Overheidspersoneel cvba)Business servicesawarded 01-03-2019€4.0m7 tendersTED 124959-2019

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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 63 lines
Balance sheet Code20242025
Assets
Total assets20/58€54.9m€56.7m▲
Fixed assets21/28€0.1m€0.06m▼
Intangible fixed assets21€0.01m€0.006m▼
Tangible fixed assets22/27€0.09m€0.05m▼
Furniture and vehicles24€0.004m€0.003m▼
Other tangible fixed assets26€0.08m€0.04m▼
Financial fixed assets28€0.007m€0.007m=
Other financial fixed assets284/8€0.007m€0.007m=
Amounts receivable and cash guarantees285/8€0.007m€0.007m=
Current assets29/58€54.8m€56.6m▲
Amounts receivable within one year40/41€53.3m€55.6m▲
Trade receivables40€53.3m€48.9m▼
Other amounts receivable41-€6.7m
Cash at bank and in hand54/58€0.002m€0.001m▼
Deferred charges and accrued income490/1€1.5m€1.0m▼
Equity and liabilities
Total equity and liabilities10/49€54.9m€56.7m▲
Equity10/15€1.8m€2.2m▲
Contributions10/11€0.7m€0.7m=
Capital10€0.7m€0.7m=
Issued capital100€0.7m€0.7m=
Reserves13€0.07m€0.07m=
Non-distributable reserves130/1€0.07m€0.07m=
Legal reserve130€0.07m€0.07m=
Profit (loss) carried forward14€1.1m€1.5m▲
Amounts payable17/49€53.1m€54.5m▲
Amounts payable within one year42/48€52.6m€53.9m▲
Trade debts44€48.7m€51.4m▲
Suppliers440/4€48.7m€51.4m▲
Taxes, remuneration and social security45€2.6m€2.5m▼
Taxes450/3€0.7m€0.7m▼
Remuneration and social security454/9€1.9m€1.9m=
Other amounts payable47/48€1.3m-
Accrued charges and deferred income492/3€0.5m€0.6m▲
Income statement Code20242025
Operating income70/76A€327.4m€331.2m▲
Turnover70€325.1m€329.7m▲
Other operating income74€2.3m€1.5m▼
Non-recurring operating income76A€0.005m-
Operating charges60/66A€326.3m€330.2m▲
Services and other goods61€313.6m€317.9m▲
Remuneration, social security and pensions62€12.5m€12.1m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.06m€0.06m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.005m-€0.002m▲
Other operating charges640/8€0.1m€0.1m▼
Operating profit (loss)9901€1.1m€1.0m▼
Financial income75/76B€0.08m€0.1m▲
Recurring financial income75€0.08m€0.1m▲
Income from current assets751€0.08m€0.1m▲
Other financial income752/9€309€0▼
Financial charges65/66B€0.1m€0.2m▲
Recurring financial charges65€0.1m€0.2m▲
Debt charges650€0.1m€0.2m▲
Other financial charges652/9€0.02m€0.02m▲
Profit (loss) for the period before taxes9903€1.1m€0.9m▼
Income taxes67/77€0.6m€0.5m▼
Taxes670/3€0.6m€0.5m▼
Tax adjustments and reversals of tax provisions77-€0.05m
Profit (loss) for the period9904€0.5m€0.4m▼
Profit (loss) for the period to be appropriated9905€0.5m€0.4m▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.1m€1.5m▲
Profit (loss) brought forward from the previous period14P€0.6m€1.1m▲
Transfer to equity691/2€0.02m-
To the legal reserve6920€0.02m-
Social balance sheet
Average headcount (FTE)9087198.1176.7▼

The notes to these accounts have 41 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.

Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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.

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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
99.0% was still going
0.0% stopped otherwise
0.5% went bankrupt

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 PDF
31-12-2024 full format 17-06-2025 2025-00149933 PDF
31-12-2023 full format 20-06-2024 2024-00150751 PDF
31-12-2022 full format 13-06-2023 2023-00126179 PDF
31-12-2021 full format 20-06-2022 2022-20083479 PDF
31-12-2020 full format 25-06-2021 2021-25200459 PDF
31-12-2019 full format 25-06-2020 2020-21700011 PDF
31-12-2018 full format 24-06-2019 2019-22400441 PDF
31-12-2017 full format 04-07-2018 2018-30600089 PDF
31-12-2016 full format 18-08-2017 2017-45800256 PDF

Show all 30 filings

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