SUMARK
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00032721.
Annual accounts 2025 filed on 02-02-2026 PDF all 36 filings
Turnover
≈ €680,000
Estimated: probably between €530,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€147,152▼ 37.4%
2024 · €235,206
Working capital
€427,747▲ 19.6%
2024 · €357,762
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€231,074
▼ 39.1%
2025
20192025
Net result
€147,152
▼ 37.4%
2025
middle half of the sector
20192025
Equity
€2.1m
▲ 5.3%
2025
middle half of the sector
20192025
Total assets
€4.3m
▼ 4.0%
2025
middle half of the sector
20192025
Debt
€1.9m
▼ 12.2%
2025
20192025
Working capital
€427,747
▲ 19.6%
2025
middle half of the sector
20192025
Solvency
49.4%
▲ 4.3pp
2025
middle half of the sector
20192025
Current ratio
2.79
▲ 0.76
2025
middle half of the sector
20192025
Return on assets (ROA)
3.4%
▼ 1.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.1m▼ 38.6%€0.03m▼ 71.8%€0.2m▲ 396%€0.3m▲ 62.1%€0.4m▲ 43.4%€0.2m▼ 39.1%
Net result€0.08m-€0.05mwithin the sector's middle half▼ 28.1%-€0.04mbelow the sector's middle half€0.08mabove the sector's middle half€0.1mabove the sector's middle half▲ 47.2%€0.2mwithin the sector's middle half▲ 109%€0.1mwithin the sector's middle half▼ 37.4%
Equity€1.6m-€1.6mwithin the sector's middle half▲ 3.4%€1.6mabove the sector's middle half▼ 2.5%€1.7mabove the sector's middle half▲ 4.8%€1.8mabove the sector's middle half▲ 6.7%€2.0mwithin the sector's middle half▲ 13.2%€2.1mwithin the sector's middle half▲ 5.3%
Total assets€3.8m-€3.7mwithin the sector's middle half▼ 2.5%€3.9mabove the sector's middle half▲ 6.1%€3.7mabove the sector's middle half▼ 5.4%€4.3mabove the sector's middle half▲ 14.5%€4.5mwithin the sector's middle half▲ 4.7%€4.3mwithin the sector's middle half▼ 4.0%
Debt€1.9m-€1.7m▼ 7.0%€2.0m▲ 16.4%€1.7m▼ 14.4%€2.2m▲ 25.0%€2.2m▼ 0.4%€1.9m▼ 12.2%
Working capital€0.4m-€0.5mabove the sector's middle half▲ 26.2%€0.4mabove the sector's middle half▼ 33.2%€0.8mabove the sector's middle half▲ 106%€0.4mabove the sector's middle half▼ 46.3%€0.4mwithin the sector's middle half▼ 11.5%€0.4mwithin the sector's middle half▲ 19.6%
Solvency41.4%-44.0%within the sector's middle half▲ 2.5pp40.4%within the sector's middle half▼ 3.6pp44.7%within the sector's middle half▲ 4.4pp41.7%within the sector's middle half▼ 3.0pp45.1%within the sector's middle half▲ 3.4pp49.4%within the sector's middle half▲ 4.3pp
Current ratio1.59-1.87within the sector's middle half▲ 0.271.60within the sector's middle half▼ 0.262.46within the sector's middle half▲ 0.852.15within the sector's middle half▼ 0.312.03within the sector's middle half▼ 0.122.79within the sector's middle half▲ 0.76
Return on assets (ROA)2.0%-1.5%within the sector's middle half▼ 0.5pp-1.0%below the sector's middle half▼ 2.5pp2.0%within the sector's middle half▲ 3.1pp2.6%within the sector's middle half▲ 0.6pp5.3%within the sector's middle half▲ 2.6pp3.4%within the sector's middle half▼ 1.8pp
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 39% lower than in 2024.
Large changes and their cause
- 2024 Net result +109% on 2023. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€3.6m ▼ 3.7%
Current assets
€667,033 ▼ 5.5%
Equity and liabilities €4.3m
Equity
€2.1m ▲ 5.3%
Provisions
€278,776 ▼ 7.0%
Debt
€1.9m ▼ 12.2%
Debt's share of the balance-sheet total falls from 48.2% to 44.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€435,655▼
2024 · €557,715
Cash flow
€351,732▼
2024 · €413,726
Debt to equity
0.89▼
2024 · 1.07
ROE
6.9%▼
2024 · 11.7%
Interest coverage
5.03▼
2024 · 5.52
Debt ≤ 1 year
€239,286▼
2024 · €348,032
Debt > 1 year
€1.7m▼
2024 · €1.8m
Income taxes
€52,414▲
2024 · €42,943
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €87,250 | €1.2m | €452,531 | €64,505 |
| Depreciation and write-downs of the year | €110,649 | €107,759 | €178,519 | €204,580 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €120,455 | €9,115 | €47,501 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €131,028 | €128,886 | €120,701 | €110,649 | €107,759 | €178,519 | €204,580 | ▲ 14.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€12,771 | - | -€23,494 | -€11,103 | ▲ 52.7% |
| Other operating charges640/8 | - | - | - | €29,518 | €28,495 | €27,027 | €21,573 | ▼ 20.2% |
| Non-recurring operating charges66A | - | - | - | - | €5,005 | - | - | - |
| Gross operating margin9900 | €351,163 | €285,459 | €166,697 | €290,540 | €405,665 | €561,249 | €446,124 | ▼ 20.5% |
| Operating profit (loss)9901 | €189,753 | €116,547 | €32,877 | €163,143 | €264,406 | €379,196 | €231,074 | ▼ 39.1% |
| Financial income75/76B | - | - | - | - | - | - | €42,115 | - |
| Recurring financial income75 | €3,436 | €67 | €1 | - | - | - | €42,115 | - |
| Financial charges65/66B | - | - | - | €70,281 | €74,520 | €101,046 | €86,665 | ▼ 14.2% |
| Recurring financial charges65 | €98,049 | €46,502 | €77,396 | €70,281 | €74,520 | €101,046 | €86,665 | ▼ 14.2% |
| Profit (loss) for the period before taxes9903 | €95,140 | €70,112 | -€44,518 | €92,862 | €189,886 | €278,150 | €186,524 | ▼ 32.9% |
| Transfer from deferred taxes780 | - | - | - | €4,069 | €4,069 | - | €13,042 | - |
| Transfer to deferred taxes680 | - | - | - | €20,114 | - | - | - | - |
| Income taxes67/77 | €23,200 | €19,948 | €783 | €358 | €81,374 | €42,943 | €52,414 | ▲ 22.1% |
| Profit (loss) for the period9904 | €75,471 | €54,233 | -€41,232 | €76,460 | €112,582 | €235,206 | €147,152 | ▼ 37.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €7,903 | €7,903 | €3,420 | €9,701 | ▲ 184% |
| Transfer to tax-exempt reserves689 | - | - | - | €101,485 | €1,140 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €82,772 | €60,996 | -€34,469 | -€17,123 | €119,344 | €238,626 | €156,853 | ▼ 34.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.8m | €3.7m | €3.9m | €3.7m | €4.3m | €4.5m | €4.3m | ▼ 4.0% |
| Fixed assets21/28 | €2.7m | €2.5m | €3.0m | €2.5m | €3.5m | €3.8m | €3.6m | ▼ 3.7% |
| Tangible fixed assets22/27 | €2.5m | €2.4m | €2.3m | €1.8m | €2.9m | €3.1m | €3.0m | ▼ 4.5% |
| Land and buildings22 | - | - | - | €1.6m | €2.7m | €2.7m | €2.6m | ▼ 1.9% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.1m | €0.1m | ▼ 15.4% |
| Furniture and vehicles24 | - | - | - | €98 | €0.04m | €0.2m | €0.1m | ▼ 17.3% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 33.3% |
| Other tangible fixed assets26 | - | - | - | - | - | €0.06m | €0.05m | ▼ 10.2% |
| Assets under construction and advance payments27 | - | - | - | €0.06m | - | - | - | - |
| Financial fixed assets28 | €0.1m | €0.1m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Current assets29/58 | €1.2m | €1.2m | €1.0m | €1.3m | €0.8m | €0.7m | €0.7m | ▼ 5.5% |
| Amounts receivable within one year40/41 | €1.1m | €0.9m | €0.9m | €1.0m | €0.7m | €0.6m | €0.6m | ▲ 10.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 1.3% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.6m | €0.4m | €0.5m | ▲ 13.1% |
| Cash at bank and in hand54/58 | €0.08m | €0.2m | €0.02m | €0.3m | €0.02m | €0.1m | €0.007m | ▼ 93.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.02m | €0.02m | ▼ 0.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.8m | €3.7m | €3.9m | €3.7m | €4.3m | €4.5m | €4.3m | ▼ 4.0% |
| Equity10/15 | €1.6m | €1.6m | €1.6m | €1.7m | €1.8m | €2.0m | €2.1m | ▲ 5.3% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.9m | ▲ 66.9% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 8.7% |
| Distributable reserves133 | - | - | - | €0.06m | €0.2m | €0.2m | €0.5m | ▲ 206% |
| Profit (loss) carried forward14 | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €1.0m | €0.7m | ▼ 24.3% |
| Provisions and deferred taxes16 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.0% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.6% |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.6% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 9.7% |
| Amounts payable17/49 | €1.9m | €1.7m | €2.0m | €1.7m | €2.2m | €2.2m | €1.9m | ▼ 12.2% |
| Amounts payable after more than one year17 | €1.1m | €1.1m | €1.4m | €1.2m | €1.8m | €1.8m | €1.7m | ▼ 8.6% |
| Financial debts170/4 | - | - | - | €1.2m | €1.8m | €1.8m | €1.7m | ▼ 8.6% |
| Amounts payable within one year42/48 | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 31.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.1% |
| Trade debts44 | €0.05m | €0.06m | €0.004m | €0.02m | €0.02m | €0.03m | €0.03m | ▲ 3.5% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | ▲ 3.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.04m | €0.06m | €0.02m | ▼ 65.9% |
| Taxes450/3 | - | - | - | €0.05m | €0.04m | €0.06m | €0.02m | ▼ 65.9% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.1m | €0.03m | ▼ 69.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.05m | -€0.04m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 37.4% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 14.6% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.08m | €0.2m | €0.2m | €0.4m | €0.4m | ▼ 15.0% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.6m | €0.4m | -€1.2m | -€0.4m | -€0.06m | ▲ 85.1% |
| Change in cash | - | €0.1m | -€0.2m | €0.3m | -€0.3m | €0.08m | -€0.1m | - |
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, 14,766 companies had the same profile as SUMARK has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUMARK itself: 0.2% 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 14,766 companies, not a prediction for SUMARK. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 02-02-2026 | 2026-00032721 | |
| 30-06-2024 | full format | 28-02-2025 | 2025-00042624 | |
| 30-06-2023 | micro format | 26-02-2024 | 2024-00035173 | |
| 30-06-2022 | micro format | 23-02-2023 | 2023-00031221 | |
| 30-06-2021 | micro format | 13-01-2022 | 2022-00900146 | |
| 30-06-2020 | full format | 29-01-2021 | 2021-04000046 | |
| 30-06-2019 | full format | 13-01-2020 | 2020-01000038 | |
| 30-06-2018 | full format | 09-01-2019 | 2019-00800384 | |
| 30-06-2017 | full format | 11-01-2018 | 2018-01100116 | |
| 30-06-2016 | full format | 12-01-2017 | 2017-01000154 |