SOVALBAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-10-2026 at the NBB all 36 filings
Turnover
≈ €450,000
Estimated: probably between €160,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€12,479▲ 248%
2024 · €3,589
Working capital
€1.1m▲ 152%
2024 · €424,117
In the rankings
#7 company by total assets in Anthisnes#8 company by equity in Anthisnes#10 oldest company in Anthisnes
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,330
▲ 104%
2025
20182025
Net result
€12,479
▲ 248%
2025
middle half of the sector
20182025
Equity
€1.0m
▲ 1.2%
2025
middle half of the sector
20182025
Total assets
€2.0m
▲ 87.5%
2025
middle half of the sector
20182025
Debt
€38,187
▼ 21.8%
2025
20182025
Working capital
€1.1m
▲ 152%
2025
middle half of the sector
20182025
Solvency
51.5%
▼ 43.9pp
2025
middle half of the sector
20182025
Current ratio
67.26
▲ 41.01
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.6%
▲ 0.3pp
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-€160-€0.03m€0.01m▼ 61.4%€0.04m▲ 231%€0.03m▼ 33.3%€0.006m▼ 80.9%€0.009m▲ 50.7%€0.02m▲ 104%
Net result-€0.005m-€0.2m€0.009mwithin the sector's middle half▼ 95.6%€0.03mwithin the sector's middle half▲ 248%€0.02mwithin the sector's middle half▼ 24.6%€0.006mwithin the sector's middle half▼ 75.6%€0.004mwithin the sector's middle half▼ 39.8%€0.01mwithin the sector's middle half▲ 248%
Equity€0.8m-€1.0m▲ 26.6%€1.0mwithin the sector's middle half▲ 0.9%€1.0mwithin the sector's middle half▲ 3.2%€1.0mwithin the sector's middle half▼ 3.7%€1.0mwithin the sector's middle half▲ 0.6%€1.0mwithin the sector's middle half▲ 0.4%€1.0mwithin the sector's middle half▲ 1.2%
Total assets€0.8m-€1.0m▲ 22.9%€1.4mwithin the sector's middle half▲ 40.5%€1.0mwithin the sector's middle half▼ 25.8%€1.1mwithin the sector's middle half▲ 2.5%€1.0mwithin the sector's middle half▼ 5.6%€1.1mwithin the sector's middle half▲ 5.1%€2.0mwithin the sector's middle half▲ 87.5%
Debt€0.03m-€0.002m▼ 90.8%€0.4m▲ 167×€0.003m▼ 99.3%€0.07m▲ 23×€0.001m▼ 98.0%€0.05m▲ 37×€0.04m▼ 21.8%
Working capital€0.02m-€0.8m▲ 37×€0.7mwithin the sector's middle half▼ 12.8%€0.5mwithin the sector's middle half▼ 26.8%€0.5mwithin the sector's middle half▼ 6.2%€0.5mwithin the sector's middle half▲ 1.2%€0.4mwithin the sector's middle half▼ 16.6%€1.1mwithin the sector's middle half▲ 152%
Solvency96.8%-99.8%▲ 2.9pp71.7%above the sector's middle half▼ 28.1pp99.7%above the sector's middle half▲ 28.0pp93.7%above the sector's middle half▼ 6.0pp99.9%above the sector's middle half▲ 6.2pp95.4%above the sector's middle half▼ 4.5pp51.5%within the sector's middle half▼ 43.9pp
Current ratio1.96-2.83above the sector's middle half8.44above the sector's middle half26.24above the sector's middle half67.26above the sector's middle half▲ 41.01
Return on assets (ROA)-0.6%-21.0%▲ 21.5pp0.7%within the sector's middle half▼ 20.3pp3.1%within the sector's middle half▲ 2.4pp2.3%within the sector's middle half▼ 0.8pp0.6%within the sector's middle half▼ 1.7pp0.3%within the sector's middle half▼ 0.3pp0.6%within the sector's middle half▲ 0.3pp
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 104% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€905,280 ▲ 45.9%
Current assets
€1.1m ▲ 146%
Equity and liabilities €2.0m
Equity
€1.0m ▲ 1.2%
Provisions
€926,400
Debt
€38,187 ▼ 21.8%
Debt's share of the balance-sheet total falls from 4.6% to 1.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,701▲
2024 · €38,859
Cash flow
€61,850▲
2024 · €33,947
Debt to equity
0.04▼
2024 · 0.05
ROE
1.2%▲
2024 · 0.4%
Interest coverage
36.59▲
2024 · 18.80
Debt ≤ 1 year
€16,121▼
2024 · €16,801
Debt > 1 year
€22,066▼
2024 · €32,016
Income taxes
€3,031▲
2024 · €2,846
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 | €234,668 | €11,801 | €19,010 | €150,310 | €301,766 |
| Intangible fixed assets | - | - | - | - | €32,500 |
| Depreciation and write-downs of the year | €6,602 | €17,327 | €19,058 | €30,358 | €49,371 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,210 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,643 | €10,350 | €10,348 | €6,602 | €17,327 | €19,058 | €30,358 | €49,371 | ▲ 62.6% |
| Other operating charges640/8 | - | - | - | €17,968 | €18,536 | €19,265 | €20,746 | €11,663 | ▼ 43.8% |
| Gross operating margin9900 | €14,529 | €62,012 | €41,397 | €68,886 | €65,434 | €43,963 | €59,605 | €78,364 | ▲ 31.5% |
| Operating profit (loss)9901 | -€160 | €34,705 | €13,398 | €44,316 | €29,571 | €5,640 | €8,501 | €17,330 | ▲ 104% |
| Financial income75/76B | - | - | - | €215 | €5,288 | €2,706 | €1 | €3 | ▲ 200% |
| Recurring financial income75 | €2,740 | €189,071 | €130 | €215 | €5,288 | €2,706 | €1 | €3 | ▲ 200% |
| Financial charges65/66B | - | - | - | €639 | €360 | €309 | €2,067 | €1,823 | ▼ 11.8% |
| Recurring financial charges65 | €713 | €1,484 | €901 | €639 | €360 | €309 | €2,067 | €1,823 | ▼ 11.8% |
| Profit (loss) for the period before taxes9903 | €1,867 | €222,292 | €12,627 | €43,892 | €34,499 | €8,037 | €6,435 | €15,510 | ▲ 141% |
| Income taxes67/77 | €6,541 | €12,130 | €3,318 | €11,456 | €10,053 | €2,075 | €2,846 | €3,031 | ▲ 6.5% |
| Profit (loss) for the period9904 | -€4,674 | €210,162 | €9,309 | €32,436 | €24,446 | €5,962 | €3,589 | €12,479 | ▲ 248% |
| Profit (loss) for the period to be appropriated9905 | -€4,674 | €210,162 | €9,309 | €32,436 | €24,446 | €5,962 | €3,589 | €12,479 | ▲ 248% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €1.0m | €1.4m | €1.0m | €1.1m | €1.0m | €1.1m | €2.0m | ▲ 87.5% |
| Fixed assets21/28 | €0.8m | €0.2m | €0.3m | €0.5m | €0.5m | €0.5m | €0.6m | €0.9m | ▲ 45.9% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.03m | - |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.1m | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | ▲ 51.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.3m | €0.4m | €0.4m | €0.7m | ▲ 66.3% |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €0.001m | €0.001m | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.01m | €0.08m | €0.06m | ▼ 26.2% |
| Financial fixed assets28 | €0.7m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.05m | €0.8m | €1.1m | €0.5m | €0.6m | €0.5m | €0.4m | €1.1m | ▲ 146% |
| Amounts receivable within one year40/41 | €0.04m | €0.004m | €0.009m | €0.009m | €0.003m | €0.009m | €0.008m | €0.009m | ▲ 17.3% |
| Trade receivables40 | - | - | - | €375 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.009m | €0.003m | €0.009m | €0.008m | €0.009m | ▲ 17.3% |
| Current investments50/53 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Cash at bank and in hand54/58 | €0.006m | €0.8m | €0.7m | €0.1m | €0.2m | €0.09m | €0.02m | €0.7m | ▲ 27× |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.008m | €0.008m | €0.004m | ▼ 49.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €1.0m | €1.4m | €1.0m | €1.1m | €1.0m | €1.1m | €2.0m | ▲ 87.5% |
| Equity10/15 | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.2% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | - | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | - | €0.3m | €0.3m | = |
| Reserves13 | €0.2m | €0.2m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | - | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.02m | - | - | - |
| Own shares acquired1312 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.3m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.3% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.9m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.9m | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €0.9m | - |
| Amounts payable17/49 | €0.03m | €0.002m | €0.4m | €0.003m | €0.07m | €0.001m | €0.05m | €0.04m | ▼ 21.8% |
| Amounts payable after more than one year17 | €0.002m | - | - | - | - | - | €0.03m | €0.02m | ▼ 31.1% |
| Financial debts170/4 | - | - | - | - | - | - | €0.03m | €0.02m | ▼ 31.1% |
| Amounts payable within one year42/48 | €0.02m | €0.002m | €0.4m | €0.003m | €0.07m | €0.001m | €0.02m | €0.02m | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.01m | €0.01m | ▲ 4.1% |
| Trade debts44 | €0.001m | €87 | €0.001m | €0.003m | €0.008m | €0.001m | €0.004m | €295 | ▼ 93.3% |
| Suppliers440/4 | - | - | - | €0.003m | €0.008m | €0.001m | €0.004m | €295 | ▼ 93.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.009m | - | €0.003m | €0.006m | ▲ 106% |
| Taxes450/3 | - | - | - | - | €0.009m | - | €0.003m | €0.006m | ▲ 106% |
| Other amounts payable47/48 | - | - | - | - | €0.05m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,674 | €210,162 | €9,309 | €32,436 | €24,446 | €5,962 | €3,589 | €12,479 | ▲ 248% |
| + Depreciation and write-downs630 | €9,643 | €10,350 | €10,348 | €6,602 | €17,327 | €19,058 | €30,358 | €49,371 | ▲ 62.6% |
| Operating cash flow (approximation) | €4,969 | €220,512 | €19,657 | €39,038 | €41,773 | €25,020 | €33,947 | €61,850 | ▲ 82.2% |
| Investment in fixed assets (approximation) | - | €598,330 | -€127,360 | -€234,668 | -€11,801 | -€19,010 | -€150,310 | -€334,266 | ▼ 122% |
| Change in cash | - | €831,854 | -€121,554 | -€606,415 | €40,439 | -€57,527 | -€67,789 | €646,245 | - |
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, 14,766 companies had the same profile as SOVALBAT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SOVALBAT 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 14,766 companies, not a prediction for SOVALBAT. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-10-2026 | 2026-00568393 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00349057 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00166864 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00184460 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20157301 | |
| 31-12-2020 | full format | 17-06-2021 | 2021-21200114 | |
| 31-12-2019 | full format | 18-09-2020 | 2020-54100420 | |
| 31-12-2018 | full format | 13-06-2019 | 2019-18300277 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-27100110 | |
| 31-12-2016 | full format | 26-06-2017 | 2017-21600377 |