SUNAO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-02-2026 PDF all 9 filings
Turnover
≈ €510,000
Estimated: probably between €390,000 and €840,000
Total assets
€1.6m▲ 9.7%
2024 · €1.4m
Net result
€2,592▼ 96.5%
2024 · €74,817
Working capital
€3,200▼ 98.9%
2024 · €301,534
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€35,285
▼ 69.9%
2025
20192025
Net result
€2,592
▼ 96.5%
2025
middle half of the sector
20192025
Equity
€328,413
▼ 29.3%
2025
middle half of the sector
20192025
Total assets
€1.6m
▲ 9.7%
2025
middle half of the sector
20192025
Debt
€1.2m
▲ 28.7%
2025
20192025
Working capital
€3,200
▼ 98.9%
2025
middle half of the sector
20192025
Solvency
21.2%
▼ 11.7pp
2025
middle half of the sector
20192025
Current ratio
1.01
▼ 1.42
2025
middle half of the sector
20192025
Return on assets (ROA)
0.2%
▼ 5.1pp
2025
middle half of the sector
20192025
Staff (FTE)
3.8
▲ 8.6%
2025
highest 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€0.2m-€0.1m▼ 44.9%€0.07m▼ 49.8%€0.1m▲ 61.0%€0.1m▲ 16.8%€0.1m▼ 7.1%€0.04m▼ 69.9%
Net result€0.1m-€0.08mwithin the sector's middle half▼ 46.7%€0.03mwithin the sector's middle half▼ 58.7%€0.06mwithin the sector's middle half▲ 98.7%€0.08mwithin the sector's middle half▲ 18.3%€0.07mwithin the sector's middle half▼ 1.4%€0.003mwithin the sector's middle half▼ 96.5%
Equity€0.3m-€0.2mwithin the sector's middle half▼ 8.2%€0.2mwithin the sector's middle half▲ 2.0%€0.3mwithin the sector's middle half▲ 25.7%€0.4mwithin the sector's middle half▲ 24.2%€0.5mwithin the sector's middle half▲ 19.2%€0.3mwithin the sector's middle half▼ 29.3%
Total assets€1.5m-€1.4mwithin the sector's middle half▼ 0.2%€1.4mwithin the sector's middle half▼ 4.6%€1.4mwithin the sector's middle half▲ 1.7%€1.4mwithin the sector's middle half▼ 1.9%€1.4mwithin the sector's middle half▲ 2.6%€1.6mwithin the sector's middle half▲ 9.7%
Debt€1.2m-€1.2m▲ 1.6%€1.1m▼ 5.9%€1.1m▼ 3.5%€1.0m▼ 9.4%€1.0m▼ 4.0%€1.2m▲ 28.7%
Working capital€0.2m-€0.2mwithin the sector's middle half▲ 0.8%€0.2mwithin the sector's middle half▼ 1.7%€0.2mwithin the sector's middle half▲ 16.3%€0.3mwithin the sector's middle half▲ 22.9%€0.3mwithin the sector's middle half▲ 9.3%€0.003mwithin the sector's middle half▼ 98.9%
Solvency18.4%-16.9%within the sector's middle half▼ 1.5pp18.1%within the sector's middle half▲ 1.2pp22.3%within the sector's middle half▲ 4.2pp28.2%within the sector's middle half▲ 5.9pp32.8%within the sector's middle half▲ 4.6pp21.2%within the sector's middle half▼ 11.7pp
Current ratio1.98-1.79within the sector's middle half▼ 0.191.81within the sector's middle half▲ 0.022.06within the sector's middle half▲ 0.252.53within the sector's middle half▲ 0.472.43within the sector's middle half▼ 0.101.01within the sector's middle half▼ 1.42
Return on assets (ROA)10.1%-5.4%above the sector's middle half▼ 4.7pp2.3%within the sector's middle half▼ 3.1pp4.6%within the sector's middle half▲ 2.2pp5.5%above the sector's middle half▲ 0.9pp5.3%above the sector's middle half▼ 0.2pp0.2%within the sector's middle half▼ 5.1pp
Staff (FTE)3.3-5.3above the sector's middle half▲ 60.6%4.5above the sector's middle half▼ 15.1%5.4above the sector's middle half▲ 20.0%3.7above the sector's middle half▼ 31.5%3.5above the sector's middle half▼ 5.4%3.8above the sector's middle half▲ 8.6%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 70% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.6m
Fixed assets
€1.3m ▲ 43.1%
Current assets
€260,453 ▼ 49.2%
Equity and liabilities €1.6m
Equity
€328,413 ▼ 29.3%
Debt
€1.2m ▲ 28.7%
Debt's share of the balance-sheet total rises from 67.2% to 78.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€138,908▼
2024 · €181,312
Cash flow
€106,215▼
2024 · €139,005
Quick ratio
0.59▼
2024 · 1.94
Debt to equity
3.73▲
2024 · 2.05
ROE
0.8%▼
2024 · 16.1%
Interest coverage
4.76▼
2024 · 7.91
Debt ≤ 1 year
€257,253▲
2024 · €211,212
Debt > 1 year
€961,513▲
2024 · €739,302
Income taxes
€3,703▼
2024 · €20,793
Staff costs
€143,522▲
2024 · €124,382
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 6 | 6 | 7 |
| full-time | 2 | 0 | 1 | 1 |
| part-time | 8 | 6 | 5 | 6 |
| in full-time equivalents | 5.6 | 2.8 | 3.5 | 4.3 |
| Average over the year, in full-time equivalents | 5.4 | 3.7 | 3.5 | 3.8 |
| On a permanent contract | 5 | 2 | 3 | 4 |
| Joined | 81 | 61 | 157 | 192 |
| Left | 77 | 65 | 157 | 191 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €959,040 | €880,955 | €812,621 | €1.1m |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €227,500 |
| Mortgage mandates | - | - | - | €1.0m |
| Carrying value of the mortgaged assets | €905,920 | €866,420 | €828,700 | €1.2m |
| Pledge on the business | - | - | - | €50,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €79,127 | €13,542 | €43,115 | €788,853 |
| Depreciation and write-downs of the year | €59,482 | €60,861 | €64,188 | €103,623 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,050 awarded · €1,050 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €176,589 | €129,295 | €124,382 | €143,522 | ▲ 15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,062 | €60,424 | €56,554 | €59,482 | €60,861 | €64,188 | €103,623 | ▲ 61.4% |
| Other operating charges640/8 | - | - | - | €5,711 | €1,675 | €9,937 | €3,161 | ▼ 68.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €17 | - |
| Gross operating margin9900 | €430,768 | €343,483 | €262,371 | €349,706 | €317,856 | €315,631 | €285,607 | ▼ 9.5% |
| Operating profit (loss)9901 | €242,353 | €133,613 | €67,047 | €107,924 | €126,025 | €117,123 | €35,285 | ▼ 69.9% |
| Financial income75/76B | - | - | - | €576 | €2,143 | €1,412 | €223 | ▼ 84.2% |
| Recurring financial income75 | €1,844 | €1,189 | €565 | €576 | €2,143 | €1,412 | €223 | ▼ 84.2% |
| Financial charges65/66B | - | - | - | €24,229 | €23,058 | €22,926 | €29,213 | ▲ 27.4% |
| Recurring financial charges65 | €27,253 | €26,099 | €25,298 | €24,229 | €23,058 | €22,926 | €29,213 | ▲ 27.4% |
| Profit (loss) for the period before taxes9903 | €216,944 | €108,703 | €42,315 | €84,271 | €105,110 | €95,610 | €6,295 | ▼ 93.4% |
| Income taxes67/77 | €70,271 | €30,571 | €10,061 | €20,175 | €29,258 | €20,793 | €3,703 | ▼ 82.2% |
| Profit (loss) for the period9904 | €146,672 | €78,132 | €32,253 | €64,096 | €75,852 | €74,817 | €2,592 | ▼ 96.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €41 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €146,672 | €78,132 | €32,253 | €64,137 | €75,852 | €74,817 | €2,592 | ▼ 96.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.6m | ▲ 9.7% |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €1.3m | ▲ 43.1% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €1.3m | ▲ 43.1% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €1.3m | ▲ 46.2% |
| Plant, machinery and equipment23 | - | - | - | - | €0.01m | €0.009m | €0.009m | ▼ 0.6% |
| Furniture and vehicles24 | - | - | - | €194 | €0 | €0.03m | €0.02m | ▼ 37.0% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.3m | ▼ 49.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.03m | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | €0.03m | €0 | - | - |
| Stocks and contracts in progress3 | €0.09m | €0.09m | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 5.3% |
| Stocks30/36 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 5.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.02m | ▼ 91.7% |
| Trade receivables40 | - | - | - | €66 | €0.002m | €0.002m | €0.02m | ▲ 13× |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €53 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 8.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.006m | €0.01m | €0.01m | ▼ 4.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.6m | ▲ 9.7% |
| Equity10/15 | €0.3m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.3m | ▼ 29.3% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 50.0% |
| Reserves13 | €0.2m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 27.6% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 27.6% |
| Profit (loss) carried forward14 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | -€0.3m | - |
| Amounts payable17/49 | €1.2m | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | €1.2m | ▲ 28.7% |
| Amounts payable after more than one year17 | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €1.0m | ▲ 30.1% |
| Financial debts170/4 | - | - | - | €0.9m | €0.8m | €0.7m | €1.0m | ▲ 30.1% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 21.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.07m | €0.07m | €0.1m | ▲ 60.1% |
| Financial debts43 | - | - | - | €0.02m | €0.01m | €0.02m | €0.009m | ▼ 58.7% |
| Credit institutions430/8 | - | - | - | €0.02m | €0.01m | €0.02m | €0.009m | ▼ 58.7% |
| Trade debts44 | €0.07m | €0.03m | €0.04m | €0.04m | €0.06m | €0.06m | €0.06m | ▲ 5.4% |
| Suppliers440/4 | - | - | - | €0.04m | €0.06m | €0.06m | €0.06m | ▲ 5.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.002m | €0.002m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.05m | €0.03m | ▼ 32.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.04m | €0.02m | ▼ 44.5% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.008m | €0.01m | €0.01m | ▲ 3.0% |
| Other amounts payable47/48 | - | - | - | €0.03m | €403 | €0.007m | €0.04m | ▲ 377% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €487 | €322 | €0.005m | ▲ 16× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €146,672 | €78,132 | €32,253 | €64,096 | €75,852 | €74,817 | €2,592 | ▼ 96.5% |
| + Depreciation and write-downs630 | €60,062 | €60,424 | €56,554 | €59,482 | €60,861 | €64,188 | €103,623 | ▲ 61.4% |
| Operating cash flow (approximation) | €206,735 | €138,556 | €88,808 | €123,578 | €136,713 | €139,005 | €106,215 | ▼ 23.6% |
| Investment in fixed assets (approximation) | - | -€5,146 | -€3,796 | -€79,127 | -€13,542 | -€43,115 | -€492,915 | ▼ 1,043% |
| Change in cash | - | €151,285 | -€14,500 | -€63,754 | -€48,631 | €17,576 | -€11,220 | - |
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, 4,508 companies had the same profile as SUNAO has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of SUNAO itself: 0.3% 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 4,508 companies, not a prediction for SUNAO. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | abbreviated format | 24-02-2026 | 2026-00042666 | |
| 31-07-2024 | abbreviated format | 14-02-2025 | 2025-00035015 | |
| 31-07-2023 | abbreviated format | 27-02-2024 | 2024-00037519 | |
| 31-07-2022 | abbreviated format | 02-03-2023 | 2023-00035299 | |
| 31-07-2021 | abbreviated format | 24-01-2022 | 2022-01400485 | |
| 31-07-2020 | abbreviated format | 02-02-2021 | 2021-03900296 | |
| 31-07-2019 | abbreviated format | 28-01-2020 | 2020-02300157 | |
| 31-07-2018 | abbreviated format | 24-01-2019 | 2019-02000543 | |
| 31-07-2017 | abbreviated format | 02-02-2018 | 2018-04100573 |