SUBSTANTIA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 8 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€194,903
EBIT margin
14.0%
Net result
-€66,363
2024 · €440,263
Working capital
-€502,351▲ 9.5%
2024 · -€555,310
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€8,356
▼ 69.5%
2025
20182025
Net result
-€66,363
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€155,747
▼ 74.2%
2025
lowest quarter of the sector
20182025
Total assets
€1.8m
▲ 6.5%
2025
middle half of the sector
20182025
Debt
€1.9m
▲ 10.0%
2025
20182025
Working capital
-€502,351
▲ 9.5%
2025
lowest quarter of the sector
20182025
Solvency
-8.9%
▼ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.66
▲ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.8%
▼ 30.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.2m
Operating result-€0.4m--€0.3m▲ 28.4%-€0.2m▲ 27.1%€0.03m-€0.03m€0.09m€0.03m▼ 68.9%€0.008m▼ 69.5%
Net result-€0.4m--€0.4m▲ 18.0%-€0.3mbelow the sector's middle half▲ 16.2%-€0.06mbelow the sector's middle half▲ 78.1%-€0.1mbelow the sector's middle half▼ 51.8%-€0.04mbelow the sector's middle half▲ 58.2%€0.4mabove the sector's middle half-€0.07mbelow the sector's middle half
EBIT margin14.0%
Equity€0.3m--€0.03m-€0.3mbelow the sector's middle half▼ 939%-€0.4mbelow the sector's middle half▼ 19.8%-€0.5mbelow the sector's middle half▼ 25.0%-€0.5mbelow the sector's middle half▼ 8.4%-€0.09mbelow the sector's middle half▲ 83.1%-€0.2mbelow the sector's middle half▼ 74.2%
Total assets€0.7m-€1.7m▲ 133%€1.6mwithin the sector's middle half▼ 9.0%€1.7mwithin the sector's middle half▲ 7.8%€1.7mwithin the sector's middle half▲ 1.1%€1.4mwithin the sector's middle half▼ 16.3%€1.7mwithin the sector's middle half▲ 15.6%€1.8mwithin the sector's middle half▲ 6.5%
Debt€0.4m-€1.8m▲ 318%€1.9m▲ 8.0%€2.1m▲ 9.8%€2.2m▲ 5.6%€2.0m▼ 10.8%€1.7m▼ 11.1%€1.9m▲ 10.0%
Working capital-€0.04m--€0.6m▼ 1,176%-€0.8mbelow the sector's middle half▼ 45.6%-€0.7mbelow the sector's middle half▲ 7.7%-€1.1mbelow the sector's middle half▼ 42.9%-€1.1mbelow the sector's middle half▼ 5.8%-€0.6mbelow the sector's middle half▲ 50.6%-€0.5mbelow the sector's middle half▲ 9.5%
Solvency43.3%--1.8%▼ 45.1pp-20.8%below the sector's middle half▼ 19.0pp-23.1%below the sector's middle half▼ 2.3pp-28.6%below the sector's middle half▼ 5.5pp-37.1%below the sector's middle half▼ 8.4pp-5.4%below the sector's middle half▲ 31.7pp-8.9%below the sector's middle half▼ 3.4pp
Current ratio0.90-0.67▼ 0.220.55within the sector's middle half▼ 0.120.60within the sector's middle half▲ 0.050.51within the sector's middle half▼ 0.080.38below the sector's middle half▼ 0.130.62within the sector's middle half▲ 0.240.66within the sector's middle half▲ 0.04
Return on assets (ROA)-58.0%--20.5%▲ 37.5pp-18.8%below the sector's middle half▲ 1.6pp-3.8%below the sector's middle half▲ 15.0pp-5.7%below the sector's middle half▼ 1.9pp-2.9%below the sector's middle half▲ 2.9pp26.7%above the sector's middle half▲ 29.5pp-3.8%below the sector's middle half▼ 30.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 69% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€788,870 ▲ 6.8%
Current assets
€969,229 ▲ 6.3%
Equity and liabilities
Equity-€155,747
Debt€1.9m
Equity is negative. Debt (€1.9m) exceeds the balance-sheet total (€1.8m).
Key figures and ratios
Quick ratio
0.64▲
2024 · 0.62
Debt ≤ 1 year
€1.5m▲
2024 · €1.5m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €150,000 | €1,357 | €50,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,323 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €194,903 | - | - | - | - | - |
| Turnover70 | - | - | - | €194,903 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €167,636 | - | - | - | - | - |
| Services and other goods61 | - | - | - | €167,445 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €192 | €990 | €1,069 | €3,740 | €1,185 | ▼ 68.3% |
| Gross operating margin9900 | - | - | - | - | -€25,974 | €89,036 | €31,130 | €9,541 | ▼ 69.4% |
| Operating profit (loss)9901 | -€427,260 | -€306,128 | -€223,312 | €27,266 | -€26,963 | €87,967 | €27,390 | €8,356 | ▼ 69.5% |
| Financial income75/76B | - | - | - | €55,727 | €64,409 | €15,229 | €563,400 | €86,587 | ▼ 84.6% |
| Recurring financial income75 | €1,767 | €45,932 | €66,900 | €55,727 | €64,409 | €15,229 | €563,400 | €86,587 | ▼ 84.6% |
| Income from current assets751 | - | - | - | €55,727 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €147,488 | €135,350 | €144,080 | €150,527 | €161,307 | ▲ 7.2% |
| Recurring financial charges65 | €3,762 | €91,959 | €138,542 | €147,488 | €135,350 | €144,080 | €150,527 | €161,307 | ▲ 7.2% |
| Debt charges650 | €3,701 | €91,959 | €138,318 | €147,289 | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €199 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€429,255 | -€352,155 | -€294,954 | -€64,495 | -€97,905 | -€40,884 | €440,263 | -€66,363 | - |
| Profit (loss) for the period9904 | -€429,255 | -€352,155 | -€294,954 | -€64,495 | -€97,905 | -€40,884 | €440,263 | -€66,363 | - |
| Profit (loss) for the period to be appropriated9905 | -€429,255 | -€352,155 | -€294,954 | -€64,495 | -€97,905 | -€40,884 | €440,263 | -€66,363 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €1.7m | €1.6m | €1.7m | €1.7m | €1.4m | €1.7m | €1.8m | ▲ 6.5% |
| Fixed assets21/28 | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 6.8% |
| Financial fixed assets28 | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 6.8% |
| Affiliated companies280/1 | - | - | - | €0.6m | - | - | - | - | - |
| Participating interests280 | - | - | - | €0.6m | - | - | - | - | - |
| Current assets29/58 | €0.4m | €1.1m | €1.0m | €1.1m | €1.1m | €0.7m | €0.9m | €1.0m | ▲ 6.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Stocks and contracts in progress3 | - | - | - | €0.2m | - | - | - | €0.03m | - |
| Stocks30/36 | - | - | - | €0.2m | - | - | - | €0.03m | - |
| Property held for sale35 | - | - | - | €0.2m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.9m | €0.6m | €0.05m | €0.2m | €0.5m | €0.7m | €0.7m | ▼ 3.7% |
| Trade receivables40 | - | - | - | €0.006m | €0.2m | €0.2m | €0.006m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.06m | €0.3m | €0.7m | €0.7m | ▼ 3.0% |
| Cash at bank and in hand54/58 | €0.001m | €0.2m | €0.3m | €0.06m | €0.01m | €0.03m | €0.005m | €0.01m | ▲ 193% |
| Deferred charges and accrued income490/1 | - | - | - | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 28.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €1.7m | €1.6m | €1.7m | €1.7m | €1.4m | €1.7m | €1.8m | ▲ 6.5% |
| Equity10/15 | €0.3m | -€0.03m | -€0.3m | -€0.4m | -€0.5m | -€0.5m | -€0.09m | -€0.2m | ▼ 74.2% |
| Contributions10/11 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Capital10 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Issued capital100 | - | - | - | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Uncalled capital101 | - | - | - | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Profit (loss) carried forward14 | -€0.4m | -€0.8m | -€1.1m | -€1.1m | -€1.2m | -€1.3m | -€0.8m | -€0.9m | ▼ 7.9% |
| Amounts payable17/49 | €0.4m | €1.8m | €1.9m | €2.1m | €2.2m | €2.0m | €1.7m | €1.9m | ▲ 10.0% |
| Amounts payable within one year42/48 | €0.4m | €1.7m | €1.8m | €1.8m | €2.2m | €1.8m | €1.5m | €1.5m | ▲ 0.3% |
| Financial debts43 | - | - | - | €1.8m | €2.1m | €1.8m | €1.5m | €1.3m | ▼ 13.5% |
| Other loans439 | - | - | - | €1.8m | €2.1m | €1.8m | €1.5m | €1.3m | ▼ 13.5% |
| Trade debts44 | €0.07m | €0.03m | €0.01m | €0.07m | €0.05m | €0.006m | €0.001m | €0.002m | ▲ 78.8% |
| Suppliers440/4 | - | - | - | €0.07m | €0.05m | €0.006m | €0.001m | €0.002m | ▲ 78.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.003m | €420 | €420 | = |
| Taxes450/3 | - | - | - | - | - | €0.003m | €420 | €420 | = |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.2m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.01m | €0.1m | €0.3m | €0.4m | ▲ 62.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€429,255 | -€352,155 | -€294,954 | -€64,495 | -€97,905 | -€40,884 | €440,263 | -€66,363 | - |
| Operating cash flow (approximation) | -€429,255 | -€352,155 | -€294,954 | -€64,495 | -€97,905 | -€40,884 | €440,263 | -€66,363 | - |
| Investment in fixed assets (approximation) | - | -€219,700 | €0 | €0 | €0 | -€150,000 | -€1,357 | -€50,000 | ▼ 3,584% |
| Change in cash | - | €150,597 | €161,665 | -€248,690 | -€54,370 | €16,035 | -€21,186 | €9,335 | - |
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, 1,167 companies had the same profile as SUBSTANTIA has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SUBSTANTIA itself is lower: 0.4% within 12 months. It rests on far more data about SUBSTANTIA 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 1,167 companies, not a prediction for SUBSTANTIA. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00354892 | |
| 31-12-2024 | abbreviated format | 22-07-2025 | 2025-00292553 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00217774 | |
| 31-12-2022 | abbreviated format | 11-07-2023 | 2023-00223133 | |
| 31-12-2021 | full format | 27-07-2022 | 2022-20249096 | |
| 31-12-2020 | full format | 15-07-2021 | 2021-35700417 | |
| 31-12-2019 | full format | 30-07-2020 | 2020-37000285 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-26600576 |