SOTHO SYSTEMS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-01-2026 PDF all 30 filings
Turnover
≈ €360,000
Estimated: probably between €260,000 and €540,000
Total assets
€908,195▲ 12.1%
2024 · €809,898
Net result
€114,882▼ 13.6%
2024 · €132,914
Working capital
€277,693▲ 98.6%
2024 · €139,796
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€175,191
▲ 4.7%
2025
20192025
Net result
€114,882
▼ 13.6%
2025
highest quarter of the sector
20192025
Equity
€737,600
▲ 18.4%
2025
highest quarter of the sector
20192025
Total assets
€908,195
▲ 12.1%
2025
highest quarter of the sector
20192025
Debt
€170,594
▼ 8.9%
2025
20192025
Working capital
€277,693
▲ 98.6%
2025
highest quarter of the sector
20192025
Solvency
81.2%
▲ 4.3pp
2025
highest quarter of the sector
20192025
Current ratio
2.63
▲ 0.88
2025
middle half of the sector
20192025
Return on assets (ROA)
12.6%
▼ 3.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€49,299-€71,441▲ 44.9%€87,289▲ 22.2%€67,477▼ 22.7%€106,192▲ 57.4%€167,385▲ 57.6%€175,191▲ 4.7%
Net result€12,905-€38,570above the sector's middle half▲ 199%€54,670above the sector's middle half▲ 41.7%€37,422within the sector's middle half▼ 31.5%€68,654above the sector's middle half▲ 83.5%€132,914above the sector's middle half▲ 93.6%€114,882above the sector's middle half▼ 13.6%
Equity€328,975-€335,525above the sector's middle half▲ 2.0%€388,595above the sector's middle half▲ 15.8%€424,417above the sector's middle half▲ 9.2%€491,471above the sector's middle half▲ 15.8%€622,719above the sector's middle half▲ 26.7%€737,600above the sector's middle half▲ 18.4%
Total assets€872,937-€597,750above the sector's middle half▼ 31.5%€635,873above the sector's middle half▲ 6.4%€659,498above the sector's middle half▲ 3.7%€693,330above the sector's middle half▲ 5.1%€809,898above the sector's middle half▲ 16.8%€908,195above the sector's middle half▲ 12.1%
Debt€543,962-€262,225▼ 51.8%€247,278▼ 5.7%€235,081▼ 4.9%€201,860▼ 14.1%€187,179▼ 7.3%€170,594▼ 8.9%
Working capital-€319,939--€62,006below the sector's middle half▲ 80.6%-€43,943below the sector's middle half▲ 29.1%-€35,115below the sector's middle half▲ 20.1%€3,294within the sector's middle half€139,796above the sector's middle half▲ 42×€277,693above the sector's middle half▲ 98.6%
Solvency37.7%-56.1%within the sector's middle half▲ 18.4pp61.1%within the sector's middle half▲ 5.0pp64.4%within the sector's middle half▲ 3.2pp70.9%within the sector's middle half▲ 6.5pp76.9%above the sector's middle half▲ 6.0pp81.2%above the sector's middle half▲ 4.3pp
Current ratio0.21-0.59below the sector's middle half▲ 0.380.74below the sector's middle half▲ 0.140.81below the sector's middle half▲ 0.071.02within the sector's middle half▲ 0.211.75within the sector's middle half▲ 0.732.63within the sector's middle half▲ 0.88
Return on assets (ROA)1.5%-6.5%within the sector's middle half▲ 5.0pp8.6%within the sector's middle half▲ 2.1pp5.7%within the sector's middle half▼ 2.9pp9.9%within the sector's middle half▲ 4.2pp16.4%within the sector's middle half▲ 6.5pp12.6%within the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 5% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro 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 €908,195
Fixed assets
€459,907 ▼ 4.8%
Current assets
€448,287 ▲ 37.3%
Equity and liabilities €908,195
Equity
€737,600 ▲ 18.4%
Debt
€170,594 ▼ 8.9%
Debt's share of the balance-sheet total falls from 23.1% to 18.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€203,864▲
2024 · €196,496
Cash flow
€143,554▼
2024 · €162,025
Debt to equity
0.23▼
2024 · 0.30
ROE
15.6%▼
2024 · 21.3%
Interest coverage
17.01▲
2024 · 15.96
Debt ≤ 1 year
€170,594▼
2024 · €186,792
Income taxes
€51,307▲
2024 · €51,130
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €22,598 | €37,201 | - | €5,270 |
| Depreciation and write-downs of the year | €24,555 | €34,660 | €29,111 | €28,673 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,236 | €17,991 | €20,875 | €24,555 | €34,660 | €29,111 | €28,673 | ▼ 1.5% |
| Other operating charges640/8 | - | - | - | €5,817 | €6,309 | €6,331 | €5,728 | ▼ 9.5% |
| Gross operating margin9900 | €88,883 | €96,099 | €114,276 | €97,850 | €147,161 | €202,827 | €209,592 | ▲ 3.3% |
| Operating profit (loss)9901 | €49,299 | €71,441 | €87,289 | €67,477 | €106,192 | €167,385 | €175,191 | ▲ 4.7% |
| Financial income75/76B | - | - | - | €1,495 | €572 | €28,975 | €2,984 | ▼ 89.7% |
| Recurring financial income75 | €68 | €146 | €500 | €1,495 | €572 | €28,975 | €2,984 | ▼ 89.7% |
| Financial charges65/66B | - | - | - | €11,385 | €7,688 | €12,315 | €11,986 | ▼ 2.7% |
| Recurring financial charges65 | €28,342 | €14,663 | €9,509 | €11,385 | €7,688 | €12,315 | €11,986 | ▼ 2.7% |
| Profit (loss) for the period before taxes9903 | €21,024 | €56,924 | €78,279 | €57,588 | €99,076 | €184,044 | €166,188 | ▼ 9.7% |
| Income taxes67/77 | €8,119 | €18,354 | €23,609 | €20,165 | €30,422 | €51,130 | €51,307 | ▲ 0.3% |
| Profit (loss) for the period9904 | €12,905 | €38,570 | €54,670 | €37,422 | €68,654 | €132,914 | €114,882 | ▼ 13.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,806 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €12,905 | €38,570 | €54,670 | €42,229 | €68,654 | €132,914 | €114,882 | ▼ 13.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €872,937 | €597,750 | €635,873 | €659,498 | €693,330 | €809,898 | €908,195 | ▲ 12.1% |
| Fixed assets21/28 | €788,914 | €507,613 | €512,538 | €509,880 | €512,421 | €483,310 | €459,907 | ▼ 4.8% |
| Tangible fixed assets22/27 | €788,214 | €506,913 | €511,838 | €509,880 | €512,421 | €483,310 | €459,907 | ▼ 4.8% |
| Land and buildings22 | - | - | - | €500,002 | €506,151 | €478,692 | €456,942 | ▼ 4.5% |
| Furniture and vehicles24 | - | - | - | €9,878 | €6,270 | €4,618 | €2,965 | ▼ 35.8% |
| Financial fixed assets28 | €700 | €700 | €700 | €0 | - | - | - | - |
| Current assets29/58 | €84,024 | €90,137 | €123,335 | €149,618 | €180,910 | €326,588 | €448,287 | ▲ 37.3% |
| Amounts receivable within one year40/41 | €28,764 | €15,233 | €26,158 | €34,198 | €21,084 | €25,594 | €29,289 | ▲ 14.4% |
| Trade receivables40 | - | - | - | €20,860 | €21,084 | €23,784 | €23,701 | ▼ 0.3% |
| Other amounts receivable41 | - | - | - | €13,338 | €0 | €1,810 | €5,588 | ▲ 209% |
| Current investments50/53 | - | €25,096 | €37,978 | €54,690 | €99,406 | €60,000 | €371,507 | ▲ 519% |
| Cash at bank and in hand54/58 | €37,537 | €35,665 | €45,095 | €46,551 | €56,662 | €238,123 | €45,490 | ▼ 80.9% |
| Deferred charges and accrued income490/1 | - | - | - | €14,179 | €3,757 | €2,871 | €2,001 | ▼ 30.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €872,937 | €597,750 | €635,873 | €659,498 | €693,330 | €809,898 | €908,195 | ▲ 12.1% |
| Equity10/15 | €328,975 | €335,525 | €388,595 | €424,417 | €491,471 | €622,719 | €737,600 | ▲ 18.4% |
| Contributions10/11 | €260,840 | - | - | €230,420 | €230,420 | €230,420 | €230,420 | = |
| Reserves13 | €68,135 | €105,105 | €158,175 | €193,997 | €261,051 | €392,299 | €507,180 | ▲ 29.3% |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €193,997 | €261,051 | €392,299 | €507,180 | ▲ 29.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €543,962 | €262,225 | €247,278 | €235,081 | €201,860 | €187,179 | €170,594 | ▼ 8.9% |
| Amounts payable after more than one year17 | €140,000 | €110,000 | €80,000 | €50,000 | €20,000 | €0 | - | - |
| Financial debts170/4 | - | - | - | €50,000 | €20,000 | €0 | - | - |
| Amounts payable within one year42/48 | €403,962 | €152,143 | €167,278 | €184,734 | €177,616 | €186,792 | €170,594 | ▼ 8.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €30,000 | €27,500 | €20,000 | €0 | ▼ 100% |
| Trade debts44 | €2,911 | €4,119 | €3,203 | €4,273 | €1,093 | €2,462 | €1,308 | ▼ 46.9% |
| Suppliers440/4 | - | - | - | €4,273 | €1,093 | €2,462 | €1,308 | ▼ 46.9% |
| Taxes, remuneration and social security45 | - | - | - | €11,507 | €5,979 | €5,951 | €7,960 | ▲ 33.8% |
| Taxes450/3 | - | - | - | €11,507 | €5,979 | €5,951 | €7,960 | ▲ 33.8% |
| Other amounts payable47/48 | - | - | - | €138,954 | €143,044 | €158,379 | €161,326 | ▲ 1.9% |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €4,244 | €387 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,905 | €38,570 | €54,670 | €37,422 | €68,654 | €132,914 | €114,882 | ▼ 13.6% |
| + Depreciation and write-downs630 | €33,236 | €17,991 | €20,875 | €24,555 | €34,660 | €29,111 | €28,673 | ▼ 1.5% |
| Operating cash flow (approximation) | €46,141 | €56,561 | €75,545 | €61,977 | €103,314 | €162,025 | €143,554 | ▼ 11.4% |
| Investment in fixed assets (approximation) | - | €263,309 | -€25,800 | -€21,898 | -€37,201 | €0 | -€5,270 | - |
| Change in cash | - | -€1,872 | €9,430 | €1,456 | €10,111 | €181,460 | -€192,633 | - |
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, 20,136 companies had the same profile as SOTHO SYSTEMS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of SOTHO SYSTEMS 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.
| 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 20,136 companies, not a prediction for SOTHO SYSTEMS. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 19-01-2026 | 2026-00011595 | |
| 30-09-2024 | micro format | 23-01-2025 | 2025-00009369 | |
| 30-09-2023 | micro format | 04-01-2024 | 2024-00000593 | |
| 30-09-2022 | micro format | 09-02-2023 | 2023-00026869 | |
| 30-09-2021 | micro format | 06-01-2022 | 2022-00600220 | |
| 30-09-2020 | micro format | 16-12-2020 | 2020-76000485 | |
| 30-09-2019 | micro format | 13-12-2019 | 2019-76200346 | |
| 30-09-2018 | micro format | 14-12-2018 | 2018-74600512 | |
| 30-09-2017 | micro format | 26-02-2018 | 2018-05800308 | |
| 30-09-2016 | abbreviated format | 27-02-2017 | 2017-05400581 |