Sonron
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 5 filings
Turnover
≈ €280,000
Estimated: probably between €120,000 and €710,000
Total assets
€146,909▲ 109%
2024 · €70,272
Net result
€31,746▲ 139%
2024 · €13,258
Working capital
-€50,488
2024 · €49,850
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€46,135
▲ 146%
2025
20212025
Net result
€31,746
▲ 139%
2025
middle half of the sector
20212025
Equity
€51,596
▲ 3.5%
2025
lowest quarter of the sector
20212025
Total assets
€146,909
▲ 109%
2025
lowest quarter of the sector
20212025
Debt
€95,313
▲ 367%
2025
20212025
Working capital
-€50,488
2025
lowest quarter of the sector
20212025
Solvency
35.1%
▼ 35.8pp
2025
middle half of the sector
20212025
Current ratio
0.47
▼ 2.97
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
21.6%
▲ 2.7pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€14,720--€6,084€26,555€18,740▼ 29.4%€46,135▲ 146%
Net result€11,718within the sector's middle half--€6,144below the sector's middle half€21,018within the sector's middle half€13,258within the sector's middle half▼ 36.9%€31,746within the sector's middle half▲ 139%
Equity€21,718below the sector's middle half-€15,575below the sector's middle half▼ 28.3%€36,592below the sector's middle half▲ 135%€49,850below the sector's middle half▲ 36.2%€51,596below the sector's middle half▲ 3.5%
Total assets€27,608below the sector's middle half-€17,165below the sector's middle half▼ 37.8%€45,604below the sector's middle half▲ 166%€70,272below the sector's middle half▲ 54.1%€146,909below the sector's middle half▲ 109%
Debt€5,889-€1,590▼ 73.0%€9,011▲ 467%€20,422▲ 127%€95,313▲ 367%
Working capital€7,490below the sector's middle half-€9,959below the sector's middle half▲ 33.0%€36,592below the sector's middle half▲ 267%€49,850below the sector's middle half▲ 36.2%-€50,488below the sector's middle half
Solvency78.7%above the sector's middle half-90.7%above the sector's middle half▲ 12.1pp80.2%above the sector's middle half▼ 10.5pp70.9%above the sector's middle half▼ 9.3pp35.1%within the sector's middle half▼ 35.8pp
Current ratio2.27within the sector's middle half-7.26above the sector's middle half▲ 4.995.06above the sector's middle half▼ 2.203.44above the sector's middle half▼ 1.620.47below the sector's middle half▼ 2.97
Return on assets (ROA)42.4%above the sector's middle half--35.8%below the sector's middle half▼ 78.2pp46.1%above the sector's middle half▲ 81.9pp18.9%above the sector's middle half▼ 27.2pp21.6%above the sector's middle half▲ 2.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 146% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €146,909
Fixed assets
€102,084
Current assets
€44,825
Equity and liabilities €146,909
Equity
€51,596 ▲ 3.5%
Debt
€95,313 ▲ 367%
Debt's share of the balance-sheet total rises from 29.1% to 64.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€54,551
Cash flow
€40,162
Debt to equity
1.85▲
2024 · 0.41
ROE
61.5%▲
2024 · 26.6%
Interest coverage
14.92
Debt ≤ 1 year
€95,313▲
2024 · €20,422
Income taxes
€10,750▲
2024 · €5,348
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,226 | - | - | - | €110,500 |
| Depreciation and write-downs of the year | €2,997 | €8,613 | €5,616 | - | €8,416 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,997 | €8,613 | €5,616 | - | €8,416 | - |
| Other operating charges640/8 | €954 | €1,394 | €911 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €18,671 | €3,923 | €33,082 | €19,246 | €55,070 | ▲ 186% |
| Operating profit (loss)9901 | €14,720 | -€6,084 | €26,555 | €18,740 | €46,135 | ▲ 146% |
| Financial income75/76B | - | - | - | - | €17 | - |
| Recurring financial income75 | - | - | - | - | €17 | - |
| Financial charges65/66B | €2 | €60 | €229 | €135 | €3,656 | ▲ 27× |
| Recurring financial charges65 | €2 | €60 | €229 | €135 | €3,656 | ▲ 27× |
| Profit (loss) for the period before taxes9903 | €14,718 | -€6,144 | €26,326 | €18,605 | €42,496 | ▲ 128% |
| Income taxes67/77 | €3,000 | - | €5,308 | €5,348 | €10,750 | ▲ 101% |
| Profit (loss) for the period9904 | €11,718 | -€6,144 | €21,018 | €13,258 | €31,746 | ▲ 139% |
| Profit (loss) for the period to be appropriated9905 | €11,718 | -€6,144 | €21,018 | €13,258 | €31,746 | ▲ 139% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €27,608 | €17,165 | €45,604 | €70,272 | €146,909 | ▲ 109% |
| Fixed assets21/28 | €14,229 | €5,616 | - | - | €102,084 | - |
| Tangible fixed assets22/27 | €14,229 | €5,616 | - | - | €102,084 | - |
| Furniture and vehicles24 | €14,229 | €5,616 | - | - | €102,084 | - |
| Current assets29/58 | €13,379 | €11,549 | €45,604 | €70,272 | €44,825 | ▼ 36.2% |
| Amounts receivable within one year40/41 | - | €6,259 | €9,029 | €2,176 | €10,197 | ▲ 369% |
| Trade receivables40 | - | €1,151 | €5,234 | - | €8,685 | - |
| Other amounts receivable41 | - | €5,109 | €3,795 | €2,176 | €1,512 | ▼ 30.5% |
| Cash at bank and in hand54/58 | €13,379 | €5,289 | €36,574 | €68,097 | €34,627 | ▼ 49.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €27,608 | €17,165 | €45,604 | €70,272 | €146,909 | ▲ 109% |
| Equity10/15 | €21,718 | €15,575 | €36,592 | €49,850 | €51,596 | ▲ 3.5% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €11,718 | €5,575 | €26,592 | €39,850 | €41,596 | ▲ 4.4% |
| Amounts payable17/49 | €5,889 | €1,590 | €9,011 | €20,422 | €95,313 | ▲ 367% |
| Amounts payable within one year42/48 | €5,889 | €1,590 | €9,011 | €20,422 | €95,313 | ▲ 367% |
| Trade debts44 | €1,522 | €761 | €1,650 | €1,145 | €1,528 | ▲ 33.5% |
| Suppliers440/4 | €1,522 | €761 | €1,650 | €1,145 | €1,528 | ▲ 33.5% |
| Taxes, remuneration and social security45 | €3,611 | €19 | €151 | €4,990 | €3,186 | ▼ 36.1% |
| Taxes450/3 | €3,611 | €19 | €151 | €4,990 | €3,186 | ▼ 36.1% |
| Other amounts payable47/48 | €756 | €810 | €7,210 | €14,288 | €90,598 | ▲ 534% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,718 | -€6,144 | €21,018 | €13,258 | €31,746 | ▲ 139% |
| + Depreciation and write-downs630 | €2,997 | €8,613 | €5,616 | - | €8,416 | - |
| Operating cash flow (approximation) | €14,715 | €2,469 | €26,634 | €13,258 | €40,162 | ▲ 203% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - |
| Change in cash | - | -€8,090 | €31,285 | €31,523 | -€33,470 | - |
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, 26,972 companies had the same profile as Sonron has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Sonron itself: 0.6% 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 26,972 companies, not a prediction for Sonron. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00372212 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00311066 | |
| 31-12-2023 | abbreviated format | 21-08-2024 | 2024-00371921 | |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00209159 | |
| 31-12-2021 | abbreviated format | 20-06-2022 | 2022-20074125 |