SPUTNIK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-04-2026 PDF all 16 filings
Equity
€173,592▼ 11.5%
2024 · €196,181
Total assets
€202,073▼ 2.6%
2024 · €207,475
Net result
-€22,589
2024 · €21,552
Working capital
€173,592▼ 11.5%
2024 · €196,181
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,082
2025
20182025
Net result
-€22,589
2025
lowest quarter of the sector
20182025
Equity
€173,592
▼ 11.5%
2025
middle half of the sector
20182025
Total assets
€202,073
▼ 2.6%
2025
lowest quarter of the sector
20182025
Debt
€28,481
▲ 152%
2025
20182025
Working capital
€173,592
▼ 11.5%
2025
middle half of the sector
20182025
Solvency
85.9%
▼ 8.7pp
2025
highest quarter of the sector
20182025
Current ratio
7.09
▼ 11.28
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-11.2%
▼ 21.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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€126,205-€141,651▲ 12.2%-€907-€904▲ 0.3%-€17,042▼ 1,785%-€7,399▲ 56.6%€27,407-€1,082
Net result€81,924-€91,718▲ 12.0%€634below the sector's middle half▼ 99.3%€586below the sector's middle half▼ 7.6%-€17,078below the sector's middle half-€7,441below the sector's middle half▲ 56.4%€21,552within the sector's middle half-€22,589below the sector's middle half
Equity€106,210-€197,928▲ 86.4%€198,561within the sector's middle half▲ 0.3%€199,147within the sector's middle half▲ 0.3%€182,069within the sector's middle half▼ 8.6%€174,629within the sector's middle half▼ 4.1%€196,181within the sector's middle half▲ 12.3%€173,592within the sector's middle half▼ 11.5%
Total assets€138,692-€226,810▲ 63.5%€267,879below the sector's middle half▲ 18.1%€243,892within the sector's middle half▼ 9.0%€299,391below the sector's middle half▲ 22.8%€252,929below the sector's middle half▼ 15.5%€207,475below the sector's middle half▼ 18.0%€202,073below the sector's middle half▼ 2.6%
Debt€32,482-€28,882▼ 11.1%€69,318▲ 140%€44,745▼ 35.4%€117,321▲ 162%€78,301▼ 33.3%€11,294▼ 85.6%€28,481▲ 152%
Working capital€106,210-€197,928▲ 86.4%€198,561within the sector's middle half▲ 0.3%€199,147above the sector's middle half▲ 0.3%€182,069within the sector's middle half▼ 8.6%€174,629within the sector's middle half▼ 4.1%€196,181within the sector's middle half▲ 12.3%€173,592within the sector's middle half▼ 11.5%
Solvency76.6%-87.3%▲ 10.7pp74.1%within the sector's middle half▼ 13.1pp81.7%above the sector's middle half▲ 7.5pp60.8%within the sector's middle half▼ 20.8pp69.0%within the sector's middle half▲ 8.2pp94.6%above the sector's middle half▲ 25.5pp85.9%above the sector's middle half▼ 8.7pp
Current ratio4.27-7.85▲ 3.583.86above the sector's middle half▼ 3.995.45above the sector's middle half▲ 1.592.55within the sector's middle half▼ 2.903.23within the sector's middle half▲ 0.6818.37above the sector's middle half▲ 15.147.09above the sector's middle half▼ 11.28
Return on assets (ROA)59.1%-40.4%▼ 18.6pp0.2%within the sector's middle half▼ 40.2pp0.2%below the sector's middle half=-5.7%below the sector's middle half▼ 5.9pp-2.9%below the sector's middle half▲ 2.8pp10.4%within the sector's middle half▲ 13.3pp-11.2%below the sector's middle half▼ 21.6pp
Staff (FTE)3.9-3.8▼ 2.6%2within the sector's middle half▼ 47.4%2.7▲ 35.0%4.7within the sector's middle half▲ 74.1%5above the sector's middle half▲ 6.4%0within the sector's middle half▼ 100%0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €1,082, after a profit of €27,407 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €202,073
Equity
€173,592 ▼ 11.5%
Debt
€28,481 ▲ 152%
Debt's share of the balance-sheet total rises from 5.4% to 14.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.16▲
2024 · 0.06
ROE
-13.0%▼
2024 · 11.0%
Debt ≤ 1 year
€28,481▲
2024 · €11,294
Income taxes
€21,466▲
2024 · €5,813
Staff costs
€532▼
2024 · €105,125
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 5 | 5 |
| full-time | 2 | 4 | 4 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 2.9 | 4.9 | 4.8 |
| Average over the year, in full-time equivalents | 2.7 | 4.7 | 5 |
| On a permanent contract | 3 | 5 | 5 |
| Joined | 2 | - | - |
| Left | 1 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Subsidies and aid
Flemish government
2023 · 1 entry · €1,534 awarded · €1,534 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €117,227 | €208,422 | €290,048 | €105,125 | €532 | ▼ 99.5% |
| Other operating charges640/8 | - | - | - | €717 | €545 | €743 | €492 | €550 | ▲ 11.7% |
| Gross operating margin9900 | €258,675 | €273,680 | €86,868 | €117,040 | €191,925 | €283,393 | €133,024 | €0 | ▼ 100% |
| Operating profit (loss)9901 | €126,205 | €141,651 | -€907 | -€904 | -€17,042 | -€7,399 | €27,407 | -€1,082 | - |
| Financial income75/76B | - | - | - | €3,340 | €0 | - | - | - | - |
| Recurring financial income75 | €3,068 | €3,191 | €3,284 | €3,340 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €56 | €36 | €42 | €42 | €42 | = |
| Recurring financial charges65 | - | €104 | €36 | €56 | €36 | €42 | €42 | €42 | = |
| Profit (loss) for the period before taxes9903 | €129,274 | €144,737 | €2,341 | €2,380 | -€17,078 | -€7,441 | €27,365 | -€1,124 | - |
| Income taxes67/77 | €47,349 | €53,019 | €1,707 | €1,794 | €0 | - | €5,813 | €21,466 | ▲ 269% |
| Profit (loss) for the period9904 | €81,924 | €91,718 | €634 | €586 | -€17,078 | -€7,441 | €21,552 | -€22,589 | - |
| Profit (loss) for the period to be appropriated9905 | €81,924 | €91,718 | €634 | €586 | -€17,078 | -€7,441 | €21,552 | -€22,589 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €138,692 | €226,810 | €267,879 | €243,892 | €299,391 | €252,929 | €207,475 | €202,073 | ▼ 2.6% |
| Current assets29/58 | €138,692 | €226,810 | €267,879 | €243,892 | €299,391 | €252,929 | €207,475 | €202,073 | ▼ 2.6% |
| Amounts receivable after more than one year29 | - | - | - | €199,827 | €199,827 | €199,827 | €199,827 | €199,827 | = |
| Other amounts receivable291 | - | - | - | €199,827 | €199,827 | €199,827 | €199,827 | €199,827 | = |
| Amounts receivable within one year40/41 | €129,090 | €0 | €55,224 | €31,954 | €0 | €34,339 | €0 | - | - |
| Trade receivables40 | - | - | - | €31,954 | €0 | €34,339 | €0 | - | - |
| Cash at bank and in hand54/58 | €9,172 | €32,959 | €15,485 | €11,703 | €99,015 | €17,813 | €7,648 | €2,246 | ▼ 70.6% |
| Deferred charges and accrued income490/1 | - | - | - | €409 | €549 | €950 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €138,692 | €226,810 | €267,879 | €243,892 | €299,391 | €252,929 | €207,475 | €202,073 | ▼ 2.6% |
| Equity10/15 | €106,210 | €197,928 | €198,561 | €199,147 | €182,069 | €174,629 | €196,181 | €173,592 | ▼ 11.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €87,610 | €179,328 | €179,961 | €180,547 | €180,547 | €180,547 | €180,547 | €180,547 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €178,687 | €178,687 | €180,547 | €180,547 | €180,547 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€17,078 | -€24,518 | -€2,966 | -€25,555 | ▼ 762% |
| Amounts payable17/49 | €32,482 | €28,882 | €69,318 | €44,745 | €117,321 | €78,301 | €11,294 | €28,481 | ▲ 152% |
| Amounts payable within one year42/48 | €32,482 | €28,882 | €69,318 | €44,745 | €117,321 | €78,301 | €11,294 | €28,481 | ▲ 152% |
| Trade debts44 | - | €650 | €42,000 | €14,000 | €69,739 | €103 | €5,000 | €5,000 | = |
| Suppliers440/4 | - | - | - | €14,000 | €69,739 | €103 | €5,000 | €5,000 | = |
| Taxes, remuneration and social security45 | - | - | - | €25,519 | €47,328 | €77,746 | €5,813 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €7,921 | €13,349 | €10,409 | €5,813 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €17,599 | €33,979 | €67,338 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €5,226 | €254 | €451 | €481 | €23,481 | ▲ 49× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,924 | €91,718 | €634 | €586 | -€17,078 | -€7,441 | €21,552 | -€22,589 | - |
| Operating cash flow (approximation) | €81,924 | €91,718 | €634 | €586 | -€17,078 | -€7,441 | €21,552 | -€22,589 | - |
| Change in cash | - | €23,787 | -€17,474 | -€3,782 | €87,312 | -€81,201 | -€10,165 | -€5,402 | ▲ 46.9% |
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, 4,805 companies had the same profile as SPUTNIK has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SPUTNIK itself is lower: 0.3% within 12 months. It rests on far more data about SPUTNIK than the profile alone.
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 4,805 companies, not a prediction for SPUTNIK. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-04-2026 | 2026-00085815 | |
| 31-12-2024 | abbreviated format | 07-02-2025 | 2025-00030863 | |
| 31-12-2023 | abbreviated format | 12-08-2024 | 2024-00339417 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00176635 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20065343 | |
| 31-12-2020 | abbreviated format | 22-06-2021 | 2021-26000145 | |
| 31-12-2019 | abbreviated format | 18-06-2020 | 2020-18600578 | |
| 31-12-2018 | abbreviated format | 04-06-2019 | 2019-16200096 | |
| 31-12-2017 | abbreviated format | 13-06-2018 | 2018-18500500 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-23900580 |