SONAHE

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Private limited companyfounded 2010active for 16 yearsJ. Bogemansstraat 184, 1780 Wemmel, BelgiumKBO/BCE: BE 0830.355.236

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SONAHEActiveChecked score 91/100

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Financials · financial year 2025, micro format

2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00534863.

Annual accounts 2025 filed on 29-09-2026 at the NBB all 15 filings

Turnover

≈ €220,000

Estimated: probably between €170,000 and €280,000

EBIT margin

Not included in this filing

Net result

€77,098▼ 6.7%

2024 · €82,610

Working capital

€311,245▼ 35.3%

2024 · €480,732

Multi-year overview

2018 to 2025, 8 financial years

Operating result

€94,490

▲ 9.6% 2025

20182025

Net result

€77,098

▼ 6.7% 2025

middle half of the sector

20182025

Equity

€311,580

▼ 35.7% 2025

middle half of the sector

20182025

Total assets

€573,990

▲ 11.8% 2025

middle half of the sector

20182025

Debt

€262,410

▲ 800% 2025

20182025

Working capital

€311,245

▼ 35.3% 2025

highest quarter of the sector

20182025

Solvency

54.3%

▼ 40.0pp 2025

middle half of the sector

20182025

Current ratio

2.19

▼ 15.30 2025

middle half of the sector

20182025

Return on assets (ROA)

13.4%

▼ 2.7pp 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

Operating result€78,877-€71,164▼ 9.8%€22,438▼ 68.5%€42,218▲ 88.2%€58,440▲ 38.4%€143,362▲ 145%€86,246▼ 39.8%€94,490▲ 9.6%

Net result€82,978-€79,379▼ 4.3%€29,779▼ 62.5%€46,989▲ 57.8%€58,248▲ 24.0%€119,388▲ 105%€82,610▼ 30.8%€77,098▼ 6.7%

Equity€413,090-€492,469▲ 19.2%€372,248▼ 24.4%€324,237▼ 12.9%€332,485▲ 2.5%€401,872▲ 20.9%€484,483▲ 20.6%€311,580▼ 35.7%

Total assets€422,876-€519,084▲ 22.8%€534,201▲ 2.9%€432,891▼ 19.0%€397,797▼ 8.1%€474,929▲ 19.4%€513,634▲ 8.1%€573,990▲ 11.8%

Debt€9,786-€26,616▲ 172%€161,953▲ 508%€108,654▼ 32.9%€65,312▼ 39.9%€73,056▲ 11.9%€29,151▼ 60.1%€262,410▲ 800%

Working capital€413,018-€491,845▲ 19.1%€372,176▼ 24.3%€324,165▼ 12.9%€329,091▲ 1.5%€393,501▲ 19.6%€480,732▲ 22.2%€311,245▼ 35.3%

Solvency97.7%-94.9%▼ 2.8pp69.7%▼ 25.2pp74.9%▲ 5.2pp83.6%▲ 8.7pp84.6%▲ 1.0pp94.3%▲ 9.7pp54.3%▼ 40.0pp

Current ratio43.21-19.48▼ 23.733.30▼ 16.183.98▲ 0.696.04▲ 2.066.39▲ 0.3517.49▲ 11.102.19▼ 15.30

Return on assets (ROA)19.6%-15.3%▼ 4.3pp5.6%▼ 9.7pp10.9%▲ 5.3pp14.6%▲ 3.8pp25.1%▲ 10.5pp16.1%▼ 9.1pp13.4%▼ 2.7pp

above within below The sector band is the middle half of the companies in Human health activities (NACE 86). 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 10% higher than in 2024. It is a recovery after the fall in 2024.

The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €573,990

99.9%

Fixed assets €336 ▼ 91.1%

Current assets €573,655 ▲ 12.5%

Equity and liabilities €573,990

54.3%

45.7%

Equity €311,580 ▼ 35.7%

Debt €262,410 ▲ 800%

Debt's share of the balance-sheet total rises from 5.7% to 45.7%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€97,904▲

2024 · €90,867

Cash flow

€80,513▼

2024 · €87,231

Debt to equity

0.84▲

2024 · 0.06

ROE

24.7%▲

2024 · 17.1%

Interest coverage

17.66▲

2024 · 14.26

Debt ≤ 1 year

€262,410▲

2024 · €29,151

Income taxes

€37,697▲

2024 · €24,607

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	-	€4,527	€9,633	-	-
Depreciation and write-downs of the year	-	€1,204	€4,656	€4,621	€3,415

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 45 lines

Balance sheet Code20242025

Assets

Total assets20/58€513,634€573,990▲

Fixed assets21/28€3,750€336▼

Tangible fixed assets22/27€3,679€264▼

Furniture and vehicles24€3,679€264▼

Financial fixed assets28€72€72=

Current assets29/58€509,883€573,655▲

Amounts receivable within one year40/41€356,772€398,193▲

Other amounts receivable41€356,772€398,193▲

Current investments50/53€25,853€32,715▲

Cash at bank and in hand54/58€76,353€107,815▲

Deferred charges and accrued income490/1€50,906€34,931▼

Equity and liabilities

Total equity and liabilities10/49€513,634€573,990▲

Equity10/15€484,483€311,580▼

Contributions10/11€14,260€14,260=

Reserves13€469,200€295,200▼

Distributable reserves133€469,200€295,200▼

Profit (loss) carried forward14€1,023€2,120▲

Amounts payable17/49€29,151€262,410▲

Amounts payable within one year42/48€29,151€262,410▲

Current portion of amounts payable after more than one year42€10,163€10,120▼

Trade debts44€8,420€4,690▼

Suppliers440/4€8,420€4,690▼

Taxes, remuneration and social security45€10,569€82,600▲

Taxes450/3€10,569€82,600▲

Other amounts payable47/48-€165,000

Income statement Code20242025

Non-recurring operating income76A-€863

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,621€3,415▼

Other operating charges640/8€611€691▲

Gross operating margin9900€91,479€98,596▲

Operating profit (loss)9901€86,246€94,490▲

Financial income75/76B€27,344€25,848▼

Recurring financial income75€27,344€25,848▼

Financial charges65/66B€6,373€5,543▼

Recurring financial charges65€6,373€5,543▼

Profit (loss) for the period before taxes9903€107,218€114,795▲

Income taxes67/77€24,607€37,697▲

Profit (loss) for the period9904€82,610€77,098▼

Profit (loss) for the period to be appropriated9905€82,610€77,098▼

Appropriation of the result

Profit (loss) to be appropriated9906€84,023€78,120▼

Profit (loss) brought forward from the previous period14P€1,412€1,023▼

Transfer from equity791/2-€250,000

Transfer to equity691/2€83,000€76,000▼

To other reserves6921€83,000€76,000▼

Profit to be distributed694/7-€250,000

Return on contributions (dividend)694-€250,000

The notes to these accounts have 5 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 29-09-2026.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Non-recurring operating income76A	-	-	-	€144	€2,296	-	-	€863	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	-	€551	€551	-	€1,204	€4,656	€4,621	€3,415	▼ 26.1%
Other operating charges640/8	-	-	-	€1,341	€1,010	€1,077	€611	€691	▲ 13.1%
Gross operating margin9900	€81,210	€72,678	€23,907	€43,559	€60,654	€149,095	€91,479	€98,596	▲ 7.8%
Operating profit (loss)9901	€78,877	€71,164	€22,438	€42,218	€58,440	€143,362	€86,246	€94,490	▲ 9.6%
Financial income75/76B	-	-	-	€19,936	€19,700	€17,022	€27,344	€25,848	▼ 5.5%
Recurring financial income75	€27,797	€34,793	€17,624	€19,936	€19,700	€17,022	€27,344	€25,848	▼ 5.5%
Financial charges65/66B	-	-	-	€322	€1,831	€427	€6,373	€5,543	▼ 13.0%
Recurring financial charges65	€687	€968	€1,321	€322	€734	€427	€6,373	€5,543	▼ 13.0%
Non-recurring financial charges66B	-	-	-	-	€1,097	-	-	-	-
Profit (loss) for the period before taxes9903	€105,986	€104,989	€38,741	€61,832	€76,309	€159,956	€107,218	€114,795	▲ 7.1%
Income taxes67/77	€23,008	€25,610	€8,962	€14,843	€18,061	€40,569	€24,607	€37,697	▲ 53.2%
Profit (loss) for the period9904	€82,978	€79,379	€29,779	€46,989	€58,248	€119,388	€82,610	€77,098	▼ 6.7%
Profit (loss) for the period to be appropriated9905	€82,978	€79,379	€29,779	€46,989	€58,248	€119,388	€82,610	€77,098	▼ 6.7%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€422,876	€519,084	€534,201	€432,891	€397,797	€474,929	€513,634	€573,990	▲ 11.8%
Fixed assets21/28	€72	€623	€72	€72	€3,394	€8,372	€3,750	€336	▼ 91.1%
Tangible fixed assets22/27	-	€551	-	-	€3,322	€8,300	€3,679	€264	▼ 92.8%
Furniture and vehicles24	-	-	-	-	€3,322	€8,300	€3,679	€264	▼ 92.8%
Financial fixed assets28	€72	€72	€72	€72	€72	€72	€72	€72	=
Current assets29/58	€422,804	€518,461	€534,129	€432,820	€394,403	€466,557	€509,883	€573,655	▲ 12.5%
Amounts receivable after more than one year29	-	-	-	€288,944	€282,692	-	-	-	-
Other amounts receivable291	-	-	-	€288,944	€282,692	-	-	-	-
Amounts receivable within one year40/41	€287,226	€374,146	€54,450	€43,284	€54,252	€322,179	€356,772	€398,193	▲ 11.6%
Trade receivables40	-	-	-	€24	-	€6,362	-	-	-
Other amounts receivable41	-	-	-	€43,260	€54,252	€315,817	€356,772	€398,193	▲ 11.6%
Current investments50/53	-	-	-	€3,644	€8,548	€16,259	€25,853	€32,715	▲ 26.5%
Cash at bank and in hand54/58	€75,275	€82,416	€111,277	€72,783	€37,272	€47,099	€76,353	€107,815	▲ 41.2%
Deferred charges and accrued income490/1	-	-	-	€24,164	€11,639	€81,019	€50,906	€34,931	▼ 31.4%
Equity and liabilities
Total equity and liabilities10/49	€422,876	€519,084	€534,201	€432,891	€397,797	€474,929	€513,634	€573,990	▲ 11.8%
Equity10/15	€413,090	€492,469	€372,248	€324,237	€332,485	€401,872	€484,483	€311,580	▼ 35.7%
Contributions10/11	€12,400	€12,400	€12,400	€12,400	€12,400	€14,260	€14,260	€14,260	=
Capital10	-	-	-	€12,400	€12,400	-	-	-	-
Issued capital100	-	-	-	€18,600	€18,600	-	-	-	-
Uncalled capital101	-	-	-	€6,200	€6,200	-	-	-	-
Reserves13	€399,860	€478,860	€358,860	€310,860	€319,060	€386,200	€469,200	€295,200	▼ 37.1%
Non-distributable reserves130/1	-	-	-	€1,860	€1,860	-	-	-	-
Legal reserve130	-	-	-	€1,860	€1,860	-	-	-	-
Distributable reserves133	-	-	-	€309,000	€317,200	€386,200	€469,200	€295,200	▼ 37.1%
Profit (loss) carried forward14	€830	€1,209	€988	€977	€1,025	€1,412	€1,023	€2,120	▲ 107%
Amounts payable17/49	€9,786	€26,616	€161,953	€108,654	€65,312	€73,056	€29,151	€262,410	▲ 800%
Amounts payable within one year42/48	€9,786	€26,616	€161,953	€108,654	€65,312	€73,056	€29,151	€262,410	▲ 800%
Current portion of amounts payable after more than one year42	-	-	-	€10,036	€9,903	€9,486	€10,163	€10,120	▼ 0.4%
Trade debts44	€1,382	€1,979	€1,914	€3,618	€5,409	€3,002	€8,420	€4,690	▼ 44.3%
Suppliers440/4	-	-	-	€3,618	€5,409	€3,002	€8,420	€4,690	▼ 44.3%
Taxes, remuneration and social security45	-	-	-	€28,500	€15,000	€25,569	€10,569	€82,600	▲ 682%
Taxes450/3	-	-	-	€28,500	€15,000	€25,569	€10,569	€82,600	▲ 682%
Other amounts payable47/48	-	-	-	€66,500	€35,000	€35,000	-	€165,000	-

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€82,978	€79,379	€29,779	€46,989	€58,248	€119,388	€82,610	€77,098	▼ 6.7%
+ Depreciation and write-downs630	-	€551	€551	-	€1,204	€4,656	€4,621	€3,415	▼ 26.1%
Operating cash flow (approximation)	€82,978	€79,930	€30,331	€46,989	€59,452	€124,043	€87,231	€80,513	▼ 7.7%
Investment in fixed assets (approximation)	-	-€1,103	€0	€0	-€4,527	-€9,633	€0	€0	-
Change in cash	-	€7,141	€28,861	-€38,494	-€35,511	€9,827	€29,253	€31,463	▲ 7.6%

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, 17,811 companies had the same profile as SONAHE has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.

Small
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

96.5% was still going

3.1% stopped otherwise

0.3% went bankrupt

That fits the bankruptcy probability of SONAHE itself: < 0.1% 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 17,811 companies, not a prediction for SONAHE. 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 15 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	29-09-2026	2026-00534863	PDF
31-12-2024	micro format	14-10-2025	2025-00545187	PDF
31-12-2023	micro format	09-12-2024	2024-00612025	PDF
31-12-2022	micro format	12-09-2023	2023-00448843	PDF
31-12-2021	full format	28-09-2022	2022-20452089	PDF
31-12-2020	full format	22-07-2021	2021-40900253	PDF
31-12-2019	full format	24-07-2020	2020-34000556	PDF
31-12-2018	full format	26-08-2019	2019-52300260	PDF
31-12-2017	full format	22-08-2018	2018-49800097	PDF
31-12-2016	full format	25-10-2017	2017-67800080	PDF

Show all 15 filings

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