SUDE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 29 filings
Equity
€272,004▼ 26.0%
2024 · €367,601
Total assets
€715,780▼ 5.9%
2024 · €760,491
Net result
-€95,597
2024 · €55,525
Working capital
€4,191
2024 · -€4,569
In the rankings
#2 oldest company in Bouillon, Professional and technical services sector#5 company by total assets in Bouillon, Professional and technical services sector#5 company by equity in Bouillon, Professional and technical services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€83,303
2025
20192025
Net result
-€95,597
2025
lowest quarter of the sector
20192025
Equity
€272,004
▼ 26.0%
2025
highest quarter of the sector
20192025
Total assets
€715,780
▼ 5.9%
2025
highest quarter of the sector
20192025
Debt
€443,776
▲ 13.0%
2025
20192025
Working capital
€4,191
2025
middle half of the sector
20192025
Solvency
38.0%
▼ 10.3pp
2025
middle half of the sector
20192025
Current ratio
1.09
▲ 0.15
2025
middle half of the sector
20192025
Return on assets (ROA)
-13.4%
▼ 20.7pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m--€0.05m€0.02m€0.01m▼ 50.4%€0.04m▲ 240%€0.09m▲ 128%-€0.08m
Net result€0.02m--€0.08mbelow the sector's middle half€0.005mwithin the sector's middle half€0.002mbelow the sector's middle half▼ 59.1%€0.03mwithin the sector's middle half▲ 15×€0.06mwithin the sector's middle half▲ 77.6%-€0.1mbelow the sector's middle half
Equity€0.4m-€0.3mabove the sector's middle half▼ 23.4%€0.3mabove the sector's middle half▲ 1.9%€0.3mabove the sector's middle half▲ 0.8%€0.3mabove the sector's middle half▲ 11.1%€0.4mabove the sector's middle half▲ 17.5%€0.3mabove the sector's middle half▼ 26.0%
Total assets€1.5m-€1.3mabove the sector's middle half▼ 10.6%€0.8mabove the sector's middle half▼ 37.8%€0.7mabove the sector's middle half▼ 19.6%€0.7mabove the sector's middle half▲ 3.6%€0.8mabove the sector's middle half▲ 11.1%€0.7mabove the sector's middle half▼ 5.9%
Debt€1.1m-€1.0m▼ 6.5%€0.5m▼ 48.2%€0.4m▼ 30.1%€0.4m▼ 2.0%€0.4m▲ 5.7%€0.4m▲ 13.0%
Working capital-€0.1m--€0.3mbelow the sector's middle half▼ 144%€0.07mwithin the sector's middle half€0.003mwithin the sector's middle half▼ 95.6%€0.04mwithin the sector's middle half▲ 12×-€0.005mbelow the sector's middle half€0.004mwithin the sector's middle half
Solvency24.2%-20.7%below the sector's middle half▼ 3.5pp34.0%within the sector's middle half▲ 13.2pp42.6%within the sector's middle half▲ 8.6pp45.7%within the sector's middle half▲ 3.1pp48.3%within the sector's middle half▲ 2.6pp38.0%within the sector's middle half▼ 10.3pp
Current ratio0.67-0.11below the sector's middle half▼ 0.571.76within the sector's middle half▲ 1.651.06within the sector's middle half▼ 0.701.63within the sector's middle half▲ 0.580.94below the sector's middle half▼ 0.691.09within the sector's middle half▲ 0.15
Return on assets (ROA)1.1%--6.3%below the sector's middle half▼ 7.5pp0.6%below the sector's middle half▲ 7.0pp0.3%below the sector's middle half▼ 0.3pp4.6%within the sector's middle half▲ 4.3pp7.3%within the sector's middle half▲ 2.7pp-13.4%below the sector's middle half▼ 20.7pp
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 €83,303, after a profit of €92,411 in 2024. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €715,780
Fixed assets
€666,379 ▼ 3.5%
Current assets
€49,400 ▼ 29.4%
Equity and liabilities €715,780
Equity
€272,004 ▼ 26.0%
Debt
€443,776 ▲ 13.0%
Debt's share of the balance-sheet total rises from 51.7% to 62.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€59,126▼
2024 · €134,612
Cash flow
-€71,421▼
2024 · €97,726
Debt to equity
1.63▲
2024 · 1.07
ROE
-35.1%▼
2024 · 15.1%
Interest coverage
-4.60▼
2024 · 8.87
Debt ≤ 1 year
€45,210▼
2024 · €74,503
Debt > 1 year
€397,141▲
2024 · €317,754
Income taxes
€174▼
2024 · €22,564
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €1,476 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €80,000 | €80,000 |
| Mortgage mandates | €700,000 | €700,000 | €700,000 | €700,000 | €700,000 |
| Carrying value of the mortgaged assets | - | - | - | €568,205 | €545,257 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €4,261 | €135,351 | - |
| Financial fixed assets | - | - | - | €120 | - |
| Depreciation and write-downs of the year | €56,790 | €53,518 | €17,238 | €42,201 | €24,177 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €107,780 | €52,356 | €57,706 | €180,289 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,923 | €84,082 | €56,790 | €53,518 | €17,238 | €42,201 | €24,177 | ▼ 42.7% |
| Other operating charges640/8 | - | - | €11,682 | €5,571 | €5,105 | €5,979 | €3,213 | ▼ 46.3% |
| Gross operating margin9900 | €83,939 | €49,789 | €92,589 | €71,044 | €62,956 | €140,591 | -€55,913 | - |
| Operating profit (loss)9901 | €27,649 | -€51,943 | €24,117 | €11,954 | €40,613 | €92,411 | -€83,303 | - |
| Financial income75/76B | - | - | €520 | €915 | €520 | €847 | €722 | ▼ 14.7% |
| Recurring financial income75 | €15,510 | €4,436 | €520 | €915 | €520 | €847 | €722 | ▼ 14.7% |
| Financial charges65/66B | - | - | €19,409 | €9,960 | €9,687 | €15,169 | €12,843 | ▼ 15.3% |
| Recurring financial charges65 | €18,616 | €33,506 | €19,409 | €9,960 | €9,687 | €15,169 | €12,843 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | €24,544 | -€81,014 | €5,228 | €2,909 | €31,446 | €78,089 | -€95,424 | - |
| Income taxes67/77 | €7,631 | €2,771 | €106 | €812 | €174 | €22,564 | €174 | ▼ 99.2% |
| Profit (loss) for the period9904 | €16,912 | -€83,785 | €5,122 | €2,097 | €31,272 | €55,525 | -€95,597 | - |
| Profit (loss) for the period to be appropriated9905 | €16,912 | -€83,785 | €5,122 | €2,097 | €31,272 | €55,525 | -€95,597 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.3m | €0.8m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 5.9% |
| Fixed assets21/28 | €1.3m | €1.3m | €0.7m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 3.5% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 4.2% |
| Land and buildings22 | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 4.0% |
| Furniture and vehicles24 | - | - | €437 | - | €0.001m | €443 | €85 | ▼ 80.7% |
| Other tangible fixed assets26 | - | - | €0.004m | €0.003m | €0.002m | €0.001m | €218 | ▼ 80.0% |
| Financial fixed assets28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.2m | €0.03m | €0.2m | €0.06m | €0.1m | €0.07m | €0.05m | ▼ 29.4% |
| Amounts receivable within one year40/41 | €0.2m | €0.02m | €0.03m | €0.04m | €0.06m | €0.06m | €0.006m | ▼ 90.4% |
| Trade receivables40 | - | - | €0.03m | €0.04m | €0.06m | €0.05m | €0.004m | ▼ 92.2% |
| Other amounts receivable41 | - | - | €0.001m | - | €24 | €0.02m | €0.002m | ▼ 84.9% |
| Cash at bank and in hand54/58 | €0.001m | €0.005m | €0.1m | €0.02m | €0.04m | €0.005m | €0.04m | ▲ 686% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.002m | ▲ 39.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.3m | €0.8m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 5.9% |
| Equity10/15 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 26.0% |
| Contributions10/11 | €0.07m | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 32.6% |
| Non-distributable reserves130/1 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Reserves not available under the articles1311 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 35.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €1.1m | €1.0m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 13.0% |
| Amounts payable after more than one year17 | €0.8m | €0.8m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 25.0% |
| Financial debts170/4 | - | - | €0.3m | €0.1m | €0.09m | €0.1m | €0.1m | ▼ 10.6% |
| Other amounts payable178/9 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 55.9% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.1m | €0.06m | €0.06m | €0.07m | €0.05m | ▼ 39.3% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 6.3% |
| Trade debts44 | €0.003m | €0.05m | €0.01m | €0.005m | €0.008m | €0.007m | €0.004m | ▼ 49.3% |
| Suppliers440/4 | - | - | €0.01m | €0.005m | €0.008m | €0.007m | €0.004m | ▼ 49.3% |
| Taxes, remuneration and social security45 | - | - | €0.007m | €0.01m | €0.01m | €0.01m | €186 | ▼ 98.6% |
| Taxes450/3 | - | - | €0.007m | €0.009m | €0.01m | €0.01m | €186 | ▼ 98.6% |
| Remuneration and social security454/9 | - | - | - | €351 | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.05m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 34.2% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 126% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,912 | -€83,785 | €5,122 | €2,097 | €31,272 | €55,525 | -€95,597 | - |
| + Depreciation and write-downs630 | €47,923 | €84,082 | €56,790 | €53,518 | €17,238 | €42,201 | €24,177 | ▼ 42.7% |
| Operating cash flow (approximation) | €64,835 | €297 | €61,912 | €55,615 | €48,510 | €97,726 | -€71,421 | - |
| Investment in fixed assets (approximation) | - | -€110,263 | €582,277 | €0 | -€4,261 | -€145,471 | €0 | - |
| Change in cash | - | €4,541 | €135,724 | -€125,278 | €21,868 | -€32,168 | €36,134 | - |
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, 929 companies had the same profile as SUDE has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of SUDE 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 929 companies, not a prediction for SUDE. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00101561 | |
| 30-09-2024 | micro format | 30-06-2025 | 2025-00233998 | |
| 30-09-2023 | micro format | 30-06-2024 | 2024-00184608 | |
| 30-09-2022 | micro format | 31-05-2023 | 2023-00101744 | |
| 30-09-2021 | micro format | 20-05-2022 | 2022-20032416 | |
| 30-09-2020 | micro format | 31-05-2021 | 2021-16500081 | |
| 30-09-2019 | micro format | 10-06-2020 | 2020-15600270 | |
| 30-09-2018 | micro format | 31-05-2019 | 2019-14800089 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-57200327 | |
| 31-12-2015 | abbreviated format | 12-10-2016 | 2016-65300425 |