SUFESO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-03-2026 PDF all 38 filings
Turnover
€13,075▲ 11.2%
2020 · €11,755
EBIT margin
-46.1%▲ 20.9pp
2020 · -67.0%
Net result
-€903▲ 66.5%
2024 · -€2,699
Working capital
€38,942▲ 35.6%
2022 · €28,715
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€3,593
▲ 2.9%
2025
20192025
Net result
-€903
▲ 66.5%
2025
20192025
EBIT margin
no figure
2025
20192025
Equity
€125,403
▼ 0.7%
2025
20192025
Total assets
€132,195
▼ 2.5%
2025
20192025
Debt
€88
▲ 3.1%
2025
20192025
Working capital
no figure
2025
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€12,360-€11,755▼ 4.9%€13,075▲ 11.2%
Operating result-€7,701--€7,881▼ 2.3%-€6,034▲ 23.4%-€3,779▲ 37.4%-€3,874▼ 2.5%-€3,702▲ 4.4%-€3,593▲ 2.9%
Net result-€5,617--€8,737▼ 55.5%-€2,386▲ 72.7%-€1,644▲ 31.1%-€1,413▲ 14.1%-€2,699▼ 91.1%-€903▲ 66.5%
EBIT margin-62.3%--67.0%▼ 4.7pp-46.1%▲ 20.9pp
Equity€135,359-€126,622▼ 6.5%€124,237▼ 1.9%€130,418▲ 5.0%€129,006▼ 1.1%€126,306▼ 2.1%€125,403▼ 0.7%
Total assets€166,756-€155,481▼ 6.8%€149,062▼ 4.1%€145,238▼ 2.6%€141,064▼ 2.9%€135,519▼ 3.9%€132,195▼ 2.5%
Debt€1,296-€1,769▲ 36.5%€280▼ 84.2%€280=€64▼ 77.3%€85▲ 33.8%€88▲ 3.1%
Working capital€6,562-€9,642▲ 46.9%€19,540▲ 103%€28,715▲ 47.0%€38,942▲ 35.6%
Staff (FTE)0
The operating result for 2025 is a loss of €3,593, smaller than the loss of €3,702 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €132,195
Fixed assets
€73,880 ▼ 16.0%
Current assets
€58,315 ▲ 22.7%
Equity and liabilities €132,195
Equity
€125,403 ▼ 0.7%
Provisions
€6,704 ▼ 26.5%
Debt
€88 ▲ 3.1%
Debt's share of the balance-sheet total stays at 0.1%.
Key figures and ratios
EBITDA
€10,528▲
2024 · €10,419
Cash flow
€13,218▲
2024 · €11,421
Debt to equity
0.00▲
2024 · 0.00
ROE
-0.7%▲
2024 · -2.1%
ROA
-0.7%▲
2024 · -2.0%
Interest coverage
over 100
2024 · over 100
Income taxes
€133▼
2024 · €2,066
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €12,360 | €11,755 | €13,075 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,828 | €14,828 | €14,828 | €12,999 | €14,121 | €14,121 | €14,121 | = |
| Other operating charges640/8 | - | - | - | €1,435 | €1,538 | €1,483 | €1,281 | ▼ 13.6% |
| Gross operating margin9900 | €7,657 | €8,215 | €9,983 | €10,656 | €11,785 | €11,902 | €11,809 | ▼ 0.8% |
| Operating profit (loss)9901 | -€7,701 | -€7,881 | -€6,034 | -€3,779 | -€3,874 | -€3,702 | -€3,593 | ▲ 2.9% |
| Financial income75/76B | - | - | - | €0 | €0 | €247 | €445 | ▲ 80.2% |
| Recurring financial income75 | - | - | - | €0 | €0 | €247 | €445 | ▲ 80.2% |
| Financial charges65/66B | - | - | - | €45 | €83 | €45 | €45 | = |
| Recurring financial charges65 | €53 | €41 | €45 | €45 | €83 | €45 | €45 | = |
| Profit (loss) for the period before taxes9903 | -€7,754 | -€11,748 | -€4,931 | -€3,824 | -€3,957 | -€3,500 | -€3,193 | ▲ 8.8% |
| Transfer from deferred taxes780 | - | - | - | €2,180 | €2,545 | €2,867 | €2,423 | ▼ 15.5% |
| Income taxes67/77 | €874 | - | - | - | - | €2,066 | €133 | ▼ 93.5% |
| Profit (loss) for the period9904 | -€5,617 | -€8,737 | -€2,386 | -€1,644 | -€1,413 | -€2,699 | -€903 | ▲ 66.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,541 | €7,634 | €6,826 | €7,270 | ▲ 6.5% |
| Profit (loss) for the period to be appropriated9905 | €1,551 | -€1,569 | €5,248 | €4,898 | €6,222 | €4,126 | €6,367 | ▲ 54.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €166,756 | €155,481 | €149,062 | €145,238 | €141,064 | €135,519 | €132,195 | ▼ 2.5% |
| Fixed assets21/28 | €158,898 | €144,070 | €129,242 | €116,242 | €102,122 | €88,001 | €73,880 | ▼ 16.0% |
| Tangible fixed assets22/27 | €158,898 | €144,070 | €129,242 | €116,242 | €102,122 | €88,001 | €73,880 | ▼ 16.0% |
| Land and buildings22 | - | - | - | €116,242 | €102,122 | €88,001 | €73,880 | ▼ 16.0% |
| Current assets29/58 | €7,858 | €11,411 | €19,820 | €28,995 | €38,942 | €47,518 | €58,315 | ▲ 22.7% |
| Amounts receivable within one year40/41 | €2,380 | €867 | €867 | €867 | €549 | €549 | €549 | = |
| Trade receivables40 | - | - | - | - | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €867 | €549 | €549 | €549 | = |
| Cash at bank and in hand54/58 | €5,478 | €10,544 | €18,953 | €28,128 | €38,393 | €46,969 | €57,766 | ▲ 23.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €166,756 | €155,481 | €149,062 | €145,238 | €141,064 | €135,519 | €132,195 | ▼ 2.5% |
| Equity10/15 | €135,359 | €126,622 | €124,237 | €130,418 | €129,006 | €126,306 | €125,403 | ▼ 0.7% |
| Contributions10/11 | €185,000 | €185,000 | €185,000 | €185,000 | €185,000 | €185,000 | €185,000 | = |
| Capital10 | - | - | - | €185,000 | €185,000 | €185,000 | €185,000 | = |
| Issued capital100 | - | - | - | €185,000 | €185,000 | €185,000 | €185,000 | = |
| Reserves13 | €75,022 | €67,854 | €60,220 | €61,504 | €53,870 | €47,044 | €39,775 | ▼ 15.5% |
| Non-distributable reserves130/1 | - | - | - | €2,543 | €2,543 | €2,543 | €2,543 | = |
| Legal reserve130 | - | - | - | €2,543 | €2,543 | €2,543 | €2,543 | = |
| Tax-exempt reserves132 | - | - | - | €43,619 | €35,985 | €29,159 | €21,889 | ▼ 24.9% |
| Distributable reserves133 | - | - | - | €15,343 | €15,343 | €15,343 | €15,343 | = |
| Profit (loss) carried forward14 | -€124,663 | -€126,232 | -€120,984 | -€116,086 | -€109,865 | -€105,738 | -€99,372 | ▲ 6.0% |
| Provisions and deferred taxes16 | €30,101 | €27,090 | €24,545 | €14,540 | €11,995 | €9,128 | €6,704 | ▼ 26.5% |
| Deferred taxes168 | - | - | - | €14,540 | €11,995 | €9,128 | €6,704 | ▼ 26.5% |
| Amounts payable17/49 | €1,296 | €1,769 | €280 | €280 | €64 | €85 | €88 | ▲ 3.1% |
| Amounts payable within one year42/48 | €1,296 | €1,769 | €280 | €280 | €0 | - | - | - |
| Trade debts44 | €1,296 | €1,769 | €280 | €280 | €0 | - | - | - |
| Suppliers440/4 | - | - | - | €280 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €64 | €85 | €88 | ▲ 3.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,617 | -€8,737 | -€2,386 | -€1,644 | -€1,413 | -€2,699 | -€903 | ▲ 66.5% |
| + Depreciation and write-downs630 | €14,828 | €14,828 | €14,828 | €12,999 | €14,121 | €14,121 | €14,121 | = |
| Operating cash flow (approximation) | €9,211 | €6,091 | €12,442 | €11,356 | €12,708 | €11,421 | €13,218 | ▲ 15.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €5,066 | €8,409 | €9,175 | €10,266 | €8,576 | €10,797 | ▲ 25.9% |
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, 12,322 companies had the same profile as SUFESO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUFESO 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 12,322 companies, not a prediction for SUFESO. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 27-03-2026 | 2026-00066815 | |
| 30-09-2024 | abbreviated format | 21-03-2025 | 2025-00054210 | |
| 30-09-2023 | abbreviated format | 22-03-2024 | 2024-00049968 | |
| 30-09-2022 | abbreviated format | 13-04-2023 | 2023-00059599 | |
| 30-09-2021 | micro format | 29-03-2022 | 2022-09200045 | |
| 30-09-2020 | micro format | 21-06-2021 | 2021-21800192 | |
| 30-09-2019 | micro format | 17-07-2020 | 2020-31400544 | |
| 30-09-2018 | micro format | 14-05-2019 | 2019-13500569 | |
| 30-09-2017 | abbreviated format | 16-07-2018 | 2018-33800337 | |
| 30-09-2016 | abbreviated format | 04-05-2017 | 2017-11300052 |