SUMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 34 filings
Turnover
≈ €91,000
Estimated: probably between €53,000 and €120,000
Total assets
€449,670▼ 29.5%
2024 · €637,886
Net result
€731
2024 · -€21,686
Working capital
-€312,039▼ 472%
2024 · -€54,525
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,724
2025
20182025
Net result
€731
2025
lowest quarter of the sector
20182025
Equity
€132,875
▼ 67.2%
2025
middle half of the sector
20182025
Total assets
€449,670
▼ 29.5%
2025
highest quarter of the sector
20182025
Debt
€316,796
▲ 36.1%
2025
20182025
Working capital
-€312,039
▼ 472%
2025
lowest quarter of the sector
20182025
Solvency
29.5%
▼ 33.9pp
2025
middle half of the sector
20182025
Current ratio
0.02
▼ 0.75
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.2%
▲ 3.6pp
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
Operating result€71,622-€88,318▲ 23.3%€116,729▲ 32.2%€207,855▲ 78.1%€152,651▼ 26.6%€37,709▼ 75.3%-€14,326€12,724
Net result€40,205-€61,953▲ 54.1%€73,906above the sector's middle half▲ 19.3%€139,723above the sector's middle half▲ 89.1%€100,760above the sector's middle half▼ 27.9%€17,802within the sector's middle half▼ 82.3%-€21,686below the sector's middle half€731below the sector's middle half
Equity€252,586-€314,539▲ 24.5%€258,445above the sector's middle half▼ 17.8%€378,168above the sector's middle half▲ 46.3%€478,928above the sector's middle half▲ 26.6%€496,730above the sector's middle half▲ 3.7%€405,044above the sector's middle half▼ 18.5%€132,875within the sector's middle half▼ 67.2%
Total assets€761,663-€826,741▲ 8.5%€711,369above the sector's middle half▼ 14.0%€570,850above the sector's middle half▼ 19.8%€653,046above the sector's middle half▲ 14.4%€691,840above the sector's middle half▲ 5.9%€637,886above the sector's middle half▼ 7.8%€449,670above the sector's middle half▼ 29.5%
Debt€509,076-€512,201▲ 0.6%€452,924▼ 11.6%€192,682▼ 57.5%€174,118▼ 9.6%€195,110▲ 12.1%€232,842▲ 19.3%€316,796▲ 36.1%
Working capital-€316,051--€228,734▲ 27.6%-€265,365below the sector's middle half▼ 16.0%-€126,702below the sector's middle half▲ 52.3%-€6,808below the sector's middle half▲ 94.6%€24,982within the sector's middle half-€54,525below the sector's middle half-€312,039below the sector's middle half▼ 472%
Solvency33.2%-38.0%▲ 4.9pp36.3%within the sector's middle half▼ 1.7pp66.2%within the sector's middle half▲ 29.9pp73.3%within the sector's middle half▲ 7.1pp71.8%within the sector's middle half▼ 1.5pp63.5%within the sector's middle half▼ 8.3pp29.5%within the sector's middle half▼ 33.9pp
Current ratio0.38-0.55▲ 0.170.41below the sector's middle half▼ 0.140.34below the sector's middle half▼ 0.070.96below the sector's middle half▲ 0.621.13within the sector's middle half▲ 0.170.77below the sector's middle half▼ 0.360.02below the sector's middle half▼ 0.75
Return on assets (ROA)5.3%-7.5%▲ 2.2pp10.4%within the sector's middle half▲ 2.9pp24.5%within the sector's middle half▲ 14.1pp15.4%within the sector's middle half▼ 9.0pp2.6%within the sector's middle half▼ 12.9pp-3.4%below the sector's middle half▼ 6.0pp0.2%below the sector's middle half▲ 3.6pp
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 profit of €12,724, after a loss of €14,326 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €449,670
Fixed assets
€444,914 ▼ 3.2%
Current assets
€4,756 ▼ 97.3%
Equity and liabilities €449,670
Equity
€132,875 ▼ 67.2%
Debt
€316,796 ▲ 36.1%
Debt's share of the balance-sheet total rises from 36.5% to 70.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27,379▲
2024 · €1,525
Cash flow
€15,386▲
2024 · -€5,835
Debt to equity
2.38▲
2024 · 0.57
ROE
0.5%▲
2024 · -5.4%
Interest coverage
2.28▲
2024 · 0.13
Debt ≤ 1 year
€316,796▲
2024 · €232,842
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €250,000 | - | - |
| Carrying value of the mortgaged assets | - | €461,193 | - | - |
| Pledge on other assets, amount secured | - | - | €250,000 | - |
| Carrying value of the other pledged assets | - | - | €398,564 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,750 | €1,477 | €3,672 | - |
| Depreciation and write-downs of the year | €22,884 | €15,465 | €15,851 | €14,655 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,037 | €27,833 | €27,538 | €22,706 | €22,884 | €15,465 | €15,851 | €14,655 | ▼ 7.5% |
| Other operating charges640/8 | - | - | - | - | €3,639 | €7,090 | €4,464 | €4,064 | ▼ 9.0% |
| Gross operating margin9900 | €105,856 | €121,152 | €149,092 | €235,074 | €179,174 | €60,264 | €5,989 | €31,443 | ▲ 425% |
| Operating profit (loss)9901 | €71,622 | €88,318 | €116,729 | €207,855 | €152,651 | €37,709 | -€14,326 | €12,724 | - |
| Financial income75/76B | - | - | - | - | €1,735 | €3,602 | €4,448 | €0 | ▼ 100.0% |
| Recurring financial income75 | €2,243 | €7,906 | €414 | €3,002 | €1,735 | €3,602 | €4,448 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | - | €5,770 | €12,074 | €11,767 | €11,993 | ▲ 1.9% |
| Recurring financial charges65 | €8,295 | €9,199 | €11,107 | €11,020 | €5,770 | €12,074 | €11,767 | €11,993 | ▲ 1.9% |
| Profit (loss) for the period before taxes9903 | €65,571 | €87,024 | €106,036 | €199,837 | €148,616 | €29,237 | -€21,645 | €731 | - |
| Income taxes67/77 | €25,366 | €25,071 | €32,130 | €60,115 | €47,856 | €11,435 | €41 | - | - |
| Profit (loss) for the period9904 | €40,205 | €61,953 | €73,906 | €139,723 | €100,760 | €17,802 | -€21,686 | €731 | - |
| Profit (loss) for the period to be appropriated9905 | €40,205 | €61,953 | €73,906 | €139,723 | €100,760 | €17,802 | -€21,686 | €731 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €761,663 | €826,741 | €711,369 | €570,850 | €653,046 | €691,840 | €637,886 | €449,670 | ▼ 29.5% |
| Fixed assets21/28 | €568,637 | €544,731 | €525,726 | €504,870 | €485,736 | €471,748 | €459,569 | €444,914 | ▼ 3.2% |
| Tangible fixed assets22/27 | €568,637 | €544,731 | €525,726 | €504,870 | €485,736 | €471,748 | €459,569 | €444,914 | ▼ 3.2% |
| Land and buildings22 | - | - | - | - | €473,696 | €461,193 | €452,136 | €439,384 | ▼ 2.8% |
| Furniture and vehicles24 | - | - | - | - | €12,040 | €10,555 | €7,433 | €5,530 | ▼ 25.6% |
| Current assets29/58 | €193,025 | €282,009 | €185,643 | €65,980 | €167,309 | €220,092 | €178,316 | €4,756 | ▼ 97.3% |
| Amounts receivable within one year40/41 | €154,821 | €237,385 | €169,651 | €50,095 | €147,713 | €137,008 | €175,594 | €2,809 | ▼ 98.4% |
| Trade receivables40 | - | - | - | - | €39,716 | €58,630 | €73,735 | €1,559 | ▼ 97.9% |
| Other amounts receivable41 | - | - | - | - | €107,997 | €78,378 | €101,859 | €1,250 | ▼ 98.8% |
| Cash at bank and in hand54/58 | €38,204 | €40,297 | €11,861 | €7,844 | €8,071 | €74,578 | €472 | €1,443 | ▲ 206% |
| Deferred charges and accrued income490/1 | - | - | - | - | €11,525 | €8,506 | €2,251 | €505 | ▼ 77.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €761,663 | €826,741 | €711,369 | €570,850 | €653,046 | €691,840 | €637,886 | €449,670 | ▼ 29.5% |
| Equity10/15 | €252,586 | €314,539 | €258,445 | €378,168 | €478,928 | €496,730 | €405,044 | €132,875 | ▼ 67.2% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €27,500 | €27,500 | €27,500 | = |
| Capital10 | - | - | - | - | €25,000 | - | - | - | - |
| Issued capital100 | - | - | - | - | €25,000 | - | - | - | - |
| Reserves13 | €92,569 | €152,569 | €211,469 | €350,469 | €450,469 | €467,969 | €397,969 | €122,871 | ▼ 69.1% |
| Non-distributable reserves130/1 | - | - | - | - | €2,500 | - | - | - | - |
| Legal reserve130 | - | - | - | - | €2,500 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €5,069 | €5,069 | €5,069 | €5,069 | = |
| Distributable reserves133 | - | - | - | - | €442,900 | €462,900 | €392,900 | €117,802 | ▼ 70.0% |
| Profit (loss) carried forward14 | €135,017 | €136,970 | €21,976 | €2,698 | €3,458 | €1,261 | -€20,425 | -€17,497 | ▲ 14.3% |
| Amounts payable17/49 | €509,076 | €512,201 | €452,924 | €192,682 | €174,118 | €195,110 | €232,842 | €316,796 | ▲ 36.1% |
| Amounts payable within one year42/48 | €509,076 | €510,743 | €451,008 | €192,682 | €174,118 | €195,110 | €232,842 | €316,796 | ▲ 36.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €160,000 | €190,000 | €231,000 | €5,000 | ▼ 97.8% |
| Trade debts44 | €3,089 | €451 | €1,117 | €433 | €1,378 | €1,154 | €1,759 | €131 | ▼ 92.5% |
| Suppliers440/4 | - | - | - | - | €1,378 | €1,154 | €1,759 | €131 | ▼ 92.5% |
| Taxes, remuneration and social security45 | - | - | - | - | €12,740 | €3,956 | €83 | €6,052 | ▲ 73× |
| Taxes450/3 | - | - | - | - | €12,740 | €3,956 | €83 | €6,052 | ▲ 73× |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €305,612 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,205 | €61,953 | €73,906 | €139,723 | €100,760 | €17,802 | -€21,686 | €731 | - |
| + Depreciation and write-downs630 | €30,037 | €27,833 | €27,538 | €22,706 | €22,884 | €15,465 | €15,851 | €14,655 | ▼ 7.5% |
| Operating cash flow (approximation) | €70,242 | €89,786 | €101,444 | €162,429 | €123,644 | €33,267 | -€5,835 | €15,386 | - |
| Investment in fixed assets (approximation) | - | -€3,927 | -€8,533 | -€1,850 | -€3,750 | -€1,477 | -€3,672 | €0 | - |
| Change in cash | - | €2,093 | -€28,436 | -€4,017 | €227 | €66,506 | -€74,106 | €971 | - |
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, 3,984 companies had the same profile as SUMAR has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of SUMAR 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 3,984 companies, not a prediction for SUMAR. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | micro format | 30-07-2026 | 2026-00356323 | |
| 30-12-2024 | micro format | 25-07-2025 | 2025-00312050 | |
| 30-12-2023 | micro format | 31-07-2024 | 2024-00308220 | |
| 30-12-2022 | micro format | 31-07-2023 | 2023-00293293 | |
| 30-12-2021 | micro format | 22-01-2022 | 2022-01700266 | |
| 30-12-2020 | micro format | 13-03-2021 | 2021-07500541 | |
| 30-12-2019 | micro format | 22-07-2020 | 2020-32800415 | |
| 30-12-2018 | micro format | 28-06-2019 | 2019-24800118 | |
| 30-12-2017 | micro format | 21-06-2018 | 2018-20800583 | |
| 30-12-2016 | abbreviated format | 27-06-2017 | 2017-22500294 |