SUMRESEARCH
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 31 filings
Turnover
≈ €510,000
Estimated: probably between €340,000 and €670,000
EBIT margin
Not included in this filing
Net result
€249▼ 74.2%
2024 · €964
Working capital
€2,333▲ 10.5%
2024 · €2,111
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€47,047
▲ 179%
2025
20182025
Net result
€249
▼ 74.2%
2025
middle half of the sector
20182025
Equity
€2,333
▲ 12.0%
2025
lowest quarter of the sector
20182025
Total assets
€357,978
▲ 43.7%
2025
lowest quarter of the sector
20182025
Debt
€355,646
▲ 44.0%
2025
20182025
Working capital
€2,333
▲ 10.5%
2025
middle half of the sector
20182025
Solvency
0.7%
▼ 0.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.01
=
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
▼ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
3
▼ 16.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€32,563--€3,932€24,987€1,701▼ 93.2%€3,318▲ 95.1%€5,118▲ 54.2%€16,890▲ 230%€47,047▲ 179%
Net result€12,827--€15,290€20,483within the sector's middle half-€1,010below the sector's middle half€963within the sector's middle half€861within the sector's middle half▼ 10.5%€964within the sector's middle half▲ 11.9%€249within the sector's middle half▼ 74.2%
Equity-€4,888--€20,178▼ 313%€305below the sector's middle half-€704below the sector's middle half€258below the sector's middle half€1,120below the sector's middle half▲ 333%€2,084below the sector's middle half▲ 86.1%€2,333below the sector's middle half▲ 12.0%
Total assets€379,287-€204,088▼ 46.2%€214,814within the sector's middle half▲ 5.3%€250,960within the sector's middle half▲ 16.8%€324,899within the sector's middle half▲ 29.5%€287,383within the sector's middle half▼ 11.5%€249,083within the sector's middle half▼ 13.3%€357,978below the sector's middle half▲ 43.7%
Debt€384,175-€224,266▼ 41.6%€214,508▼ 4.4%€251,665▲ 17.3%€324,641▲ 29.0%€286,264▼ 11.8%€247,000▼ 13.7%€355,646▲ 44.0%
Working capital-€5,492--€20,281▼ 269%€305within the sector's middle half-€704below the sector's middle half€258within the sector's middle half€1,120within the sector's middle half▲ 333%€2,111within the sector's middle half▲ 88.6%€2,333within the sector's middle half▲ 10.5%
Solvency-1.3%--9.9%▼ 8.6pp0.1%below the sector's middle half▲ 10.0pp-0.3%below the sector's middle half▼ 0.4pp0.1%below the sector's middle half▲ 0.4pp0.4%below the sector's middle half▲ 0.3pp0.8%below the sector's middle half▲ 0.4pp0.7%below the sector's middle half▼ 0.2pp
Current ratio0.99-0.91▼ 0.081.00within the sector's middle half▲ 0.091.00below the sector's middle half=1.00within the sector's middle half=1.00within the sector's middle half=1.01within the sector's middle half=1.01within the sector's middle half=
Return on assets (ROA)3.4%--7.5%▼ 10.9pp9.5%within the sector's middle half▲ 17.0pp-0.4%below the sector's middle half▼ 9.9pp0.3%within the sector's middle half▲ 0.7pp0.3%within the sector's middle half=0.4%within the sector's middle half▲ 0.1pp0.1%within the sector's middle half▼ 0.3pp
Staff (FTE)2.6-2.6=3within the sector's middle half▲ 15.4%3.6▲ 20.0%3.6within the sector's middle half=3.6within the sector's middle half=3.6within the sector's middle half=3within the sector's middle half▼ 16.7%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 179% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €357,978
Equity
€2,333 ▲ 12.0%
Debt
€355,646 ▲ 44.0%
Debt's share of the balance-sheet total rises from 99.2% to 99.3%. Equity and debt are higher.
Key figures and ratios
ROE
10.7%▼
2024 · 46.3%
Debt ≤ 1 year
€355,646▲
2024 · €246,972
Staff costs
€184,392▼
2024 · €192,668
A ratio outside any meaningful range has been withheld (balance sheet total €357,978, equity €2,333).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 3 | 3 |
| full-time | 3 | 3 | 3 | 3 | 3 |
| part-time | 1 | 1 | 1 | 0 | 0 |
| in full-time equivalents | 3.6 | 3.6 | 3.6 | 3 | 3 |
| Average over the year, in full-time equivalents | 3.6 | 3.6 | 3.6 | 3.6 | 3 |
| On a permanent contract | 4 | 4 | 4 | 3 | 3 |
| Joined | - | - | - | 0 | 0 |
| Left | - | - | - | 1 | 0 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €109,205 | €126,950 | €124,130 | €233,557 |
| Overdue social security (RSZ) debts | - | €116,701 | €16,051 | €31,114 | €55,385 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | €135,000 | €135,000 | €135,000 | €135,000 |
| Carrying value of the other pledged assets | - | €135,000 | €135,000 | €135,000 | €135,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,963 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €259,314 | €263,476 | €270,677 | €192,668 | €184,392 | ▼ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €501 | €501 | €78 | €0 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | -€187,208 | - |
| Other operating charges640/8 | - | - | - | €2,906 | €3,608 | €384 | €772 | €206,673 | ▲ 268× |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | €241,255 | €483,607 | €297,041 | €263,921 | €270,403 | €276,179 | €210,331 | €250,903 | ▲ 19.3% |
| Operating profit (loss)9901 | €32,563 | -€3,932 | €24,987 | €1,701 | €3,318 | €5,118 | €16,890 | €47,047 | ▲ 179% |
| Financial income75/76B | - | - | - | €335 | €372 | €336 | €0 | €61 | - |
| Recurring financial income75 | - | €889 | €0 | €335 | €372 | €336 | €0 | €61 | - |
| Financial charges65/66B | - | - | - | €3,046 | €2,727 | €4,592 | €15,926 | €46,859 | ▲ 194% |
| Recurring financial charges65 | €19,737 | €12,247 | €4,504 | €3,046 | €2,727 | €4,592 | €15,926 | €46,859 | ▲ 194% |
| Profit (loss) for the period before taxes9903 | €12,827 | -€15,290 | €20,483 | -€1,010 | €963 | €861 | €964 | €249 | ▼ 74.2% |
| Profit (loss) for the period9904 | €12,827 | -€15,290 | €20,483 | -€1,010 | €963 | €861 | €964 | €249 | ▼ 74.2% |
| Profit (loss) for the period to be appropriated9905 | €12,827 | -€15,290 | €20,483 | -€1,010 | €963 | €861 | €964 | €249 | ▼ 74.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €379,287 | €204,088 | €214,814 | €250,960 | €324,899 | €287,383 | €249,083 | €357,978 | ▲ 43.7% |
| Fixed assets21/28 | €604 | €103 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €604 | €103 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €378,683 | €203,986 | €214,814 | €250,960 | €324,899 | €287,383 | €249,083 | €357,978 | ▲ 43.7% |
| Stocks and contracts in progress3 | - | €80,215 | €150,315 | €0 | €43,000 | €43,000 | €0 | - | - |
| Contracts in progress37 | - | - | - | €0 | €43,000 | €43,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €367,340 | €102,619 | €63,501 | €227,055 | €280,862 | €243,749 | €248,497 | €357,398 | ▲ 43.8% |
| Trade receivables40 | - | - | - | €57,334 | €56,089 | €237,307 | €248,497 | €118,904 | ▼ 52.2% |
| Other amounts receivable41 | - | - | - | €169,721 | €224,773 | €6,442 | €0 | €238,494 | - |
| Cash at bank and in hand54/58 | €11,343 | €21,153 | €998 | €23,905 | €271 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €766 | €635 | €586 | €580 | ▼ 1.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €379,287 | €204,088 | €214,814 | €250,960 | €324,899 | €287,383 | €249,083 | €357,978 | ▲ 43.7% |
| Equity10/15 | -€4,888 | -€20,178 | €305 | -€704 | €258 | €1,120 | €2,084 | €2,333 | ▲ 12.0% |
| Contributions10/11 | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | = |
| Capital10 | - | - | - | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | = |
| Issued capital100 | - | - | - | €409,024 | €409,024 | €409,024 | €409,024 | €409,024 | = |
| Reserves13 | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | = |
| Non-distributable reserves130/1 | - | - | - | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | = |
| Legal reserve130 | - | - | - | €5,330 | €5,330 | €5,330 | €5,330 | €5,330 | = |
| Profit (loss) carried forward14 | -€419,242 | -€434,532 | -€414,049 | -€415,059 | -€414,096 | -€413,235 | -€412,271 | -€412,022 | ▲ 0.1% |
| Amounts payable17/49 | €384,175 | €224,266 | €214,508 | €251,665 | €324,641 | €286,264 | €247,000 | €355,646 | ▲ 44.0% |
| Amounts payable within one year42/48 | €384,175 | €224,266 | €214,508 | €251,665 | €324,641 | €286,264 | €246,972 | €355,646 | ▲ 44.0% |
| Trade debts44 | €74,061 | €44,595 | €25,393 | €51,578 | €54,130 | €24,099 | €4,648 | €30,574 | ▲ 558% |
| Suppliers440/4 | - | - | - | €51,578 | €54,130 | €24,099 | €4,648 | €30,574 | ▲ 558% |
| Taxes, remuneration and social security45 | - | - | - | €200,086 | €270,511 | €201,355 | €193,684 | €325,072 | ▲ 67.8% |
| Taxes450/3 | - | - | - | €69,091 | €109,205 | €126,950 | €129,498 | €233,557 | ▲ 80.4% |
| Remuneration and social security454/9 | - | - | - | €130,996 | €161,306 | €74,405 | €64,185 | €91,515 | ▲ 42.6% |
| Other amounts payable47/48 | - | - | - | €0 | - | €60,810 | €48,640 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €28 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,827 | -€15,290 | €20,483 | -€1,010 | €963 | €861 | €964 | €249 | ▼ 74.2% |
| + Depreciation and write-downs630 | €501 | €501 | €78 | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | €13,328 | -€14,789 | €20,561 | -€1,010 | €963 | €861 | €964 | €249 | ▼ 74.2% |
| Investment in fixed assets (approximation) | - | €0 | €25 | - | - | - | - | - | - |
| Change in cash | - | €9,810 | -€20,155 | €22,908 | -€23,634 | -€271 | - | - | - |
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, 1,083 companies had the same profile as SUMRESEARCH has now. Two years later, 96.8% were still going and 0.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
96.8%
was still going
2.2%
stopped otherwise
0.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUMRESEARCH 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 1,083 companies, not a prediction for SUMRESEARCH. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00202705 | |
| 31-12-2024 | abbreviated format | 12-06-2025 | 2025-00133494 | |
| 31-12-2023 | abbreviated format | 27-05-2024 | 2024-00098091 | |
| 31-12-2022 | abbreviated format | 30-11-2023 | 2023-00523613 | |
| 31-12-2021 | micro format | 04-11-2022 | 2022-20484689 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-31600243 | |
| 31-12-2019 | abbreviated format | 08-10-2020 | 2020-60900361 | |
| 31-12-2018 | abbreviated format | 19-11-2019 | 2019-74000117 | |
| 31-12-2017 | abbreviated format | 08-11-2018 | 2018-71800050 | |
| 31-12-2016 | abbreviated format | 11-09-2017 | 2017-60800462 |