SUNRAY
ActiveSummary
SUNRAY has been active since 2002 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €76,526 and a net result of €2,899. Equity has been growing by about 4.4% per year since 2019. Its solvency ranks better than 80% of 17,145 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 08-07-2002 Normal situation
- Activity
- Development of residential building projects NACE 68121and 2 others
- Establishment unit
- 2.115.330.369 8940 Wervik, since 03-09-2002
- Financial year end
- 30 September
- Peppol
- Reachable since 12-11-2024
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €19,719
- ▼ 33.3%
- Turnover
- ≈ €82,000
- estimated
- Profit
- €2,899
- ▼ 73.1%
- Equity
- €76,526
- ▲ 3.9%
- Total assets
- €108,810
- ▼ 7.8%
Score breakdownlowers riskLiquidity: current ratio 4.65, cash €54,495Equity €76,526 (70.3% of total assets)Size: total assets €108,810Sector: Real estate activities (NACE 68)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 78% of them on solvency, 95% on liquidity, 64% on profitability and 57% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 25 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 12-02-2026 PDF all 22 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 65% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €65,191 | - | €722 |
| Financial fixed assets | - | - | €85 | - | - |
| Depreciation and write-downs of the year | €4,266 | €4,383 | €9,159 | €13,113 | €13,279 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9,132 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,634 | €13,634 | €4,266 | €4,383 | €9,159 | €13,113 | €13,279 | ▲ 1.3% |
| Other operating charges640/8 | - | - | €4,331 | €2,814 | €1,737 | €732 | €891 | ▲ 21.7% |
| Gross operating margin9900 | €17,404 | €34,730 | €18,964 | €24,938 | €44,629 | €29,556 | €19,719 | ▼ 33.3% |
| Operating profit (loss)9901 | -€2,201 | €15,845 | €10,368 | €17,741 | €33,733 | €15,711 | €5,549 | ▼ 64.7% |
| Financial income75/76B | - | - | €20 | €1 | €0 | €1,015 | €16 | ▼ 98.5% |
| Recurring financial income75 | €0 | €1 | €20 | €1 | €0 | €1,015 | €16 | ▼ 98.5% |
| Financial charges65/66B | - | - | €3,835 | €4,181 | €3,243 | €1,651 | €1,370 | ▼ 17.0% |
| Recurring financial charges65 | €4,622 | €4,456 | €3,835 | €4,181 | €3,243 | €1,651 | €1,370 | ▼ 17.0% |
| Profit (loss) for the period before taxes9903 | -€6,823 | €11,389 | €6,553 | €13,561 | €30,490 | €15,075 | €4,195 | ▼ 72.2% |
| Income taxes67/77 | €118 | €1,823 | €1,653 | €4,253 | €8,746 | €4,302 | €1,296 | ▼ 69.9% |
| Profit (loss) for the period9904 | -€6,941 | €9,567 | €4,900 | €9,308 | €21,744 | €10,774 | €2,899 | ▼ 73.1% |
| Profit (loss) for the period to be appropriated9905 | -€6,941 | €9,567 | €4,900 | €9,308 | €21,744 | €10,774 | €2,899 | ▼ 73.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €776,298 | €264,549 | €264,881 | €230,205 | €159,789 | €117,977 | €108,810 | ▼ 7.8% |
| Fixed assets21/28 | €25,448 | €11,814 | €7,549 | €2,165 | €58,281 | €45,168 | €32,612 | ▼ 27.8% |
| Tangible fixed assets22/27 | €25,448 | €11,814 | €7,549 | €2,165 | €58,196 | €45,083 | €32,527 | ▼ 27.9% |
| Land and buildings22 | - | - | - | €2,165 | €150 | €75 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | €4,367 | €0 | - | - | €557 | - |
| Furniture and vehicles24 | - | - | €0 | - | €58,046 | €45,008 | €31,970 | ▼ 29.0% |
| Other tangible fixed assets26 | - | - | €3,182 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | €85 | €85 | €85 | = |
| Current assets29/58 | €750,849 | €252,735 | €257,332 | €228,039 | €101,507 | €72,809 | €76,198 | ▲ 4.7% |
| Stocks and contracts in progress3 | €200,509 | €200,509 | €200,509 | €166,100 | €61,172 | €0 | - | - |
| Stocks30/36 | - | - | €200,509 | €166,100 | €61,172 | €0 | - | - |
| Amounts receivable within one year40/41 | €541,000 | €18,150 | €18,997 | €18,709 | €20,806 | €21,133 | €20,799 | ▼ 1.6% |
| Trade receivables40 | - | - | €18,150 | €18,150 | €19,390 | €18,853 | €19,095 | ▲ 1.3% |
| Other amounts receivable41 | - | - | €847 | €559 | €1,416 | €2,279 | €1,704 | ▼ 25.2% |
| Cash at bank and in hand54/58 | €9,340 | €34,076 | €37,826 | €42,835 | €18,855 | €50,840 | €54,495 | ▲ 7.2% |
| Deferred charges and accrued income490/1 | - | - | - | €396 | €674 | €837 | €904 | ▲ 8.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €776,298 | €264,549 | €264,881 | €230,205 | €159,789 | €117,977 | €108,810 | ▼ 7.8% |
| Equity10/15 | €57,612 | €67,178 | €72,078 | €81,386 | €103,130 | €73,628 | €76,526 | ▲ 3.9% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €42,136 | €48,578 | €53,478 | €62,786 | €84,530 | €55,028 | €57,926 | ▲ 5.3% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | €51,618 | €60,926 | €82,670 | €55,028 | €57,926 | ▲ 5.3% |
| Profit (loss) carried forward14 | -€3,124 | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €718,686 | €197,371 | €192,802 | €148,819 | €56,659 | €44,350 | €32,284 | ▼ 27.2% |
| Amounts payable after more than one year17 | - | - | - | €140,000 | €35,830 | €25,999 | €15,848 | ▼ 39.0% |
| Financial debts170/4 | - | - | - | €140,000 | €35,830 | €25,999 | €15,848 | ▼ 39.0% |
| Amounts payable within one year42/48 | €718,686 | €197,371 | €192,802 | €8,781 | €20,803 | €18,326 | €16,393 | ▼ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | €0 | - | €9,522 | €9,831 | €10,151 | ▲ 3.3% |
| Financial debts43 | - | - | €175,000 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | €175,000 | €0 | - | - | - | - |
| Trade debts44 | €530,311 | €14,918 | €13,725 | €4,410 | €4,336 | €4,396 | €5,358 | ▲ 21.9% |
| Suppliers440/4 | - | - | €13,725 | €4,410 | €4,336 | €4,396 | €5,358 | ▲ 21.9% |
| Taxes, remuneration and social security45 | - | - | €3,024 | €4,371 | €6,946 | €4,099 | €881 | ▼ 78.5% |
| Taxes450/3 | - | - | €3,024 | €2,171 | €4,746 | €1,899 | €881 | ▼ 53.6% |
| Remuneration and social security454/9 | - | - | - | €2,200 | €2,200 | €2,200 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €1,054 | €0 | - | - | €4 | - |
| Accrued charges and deferred income492/3 | - | - | - | €38 | €25 | €25 | €42 | ▲ 68.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,941 | €9,567 | €4,900 | €9,308 | €21,744 | €10,774 | €2,899 | ▼ 73.1% |
| + Depreciation and write-downs630 | €12,634 | €13,634 | €4,266 | €4,383 | €9,159 | €13,113 | €13,279 | ▲ 1.3% |
| Operating cash flow (approximation) | €5,693 | €23,201 | €9,166 | €13,691 | €30,904 | €23,887 | €16,177 | ▼ 32.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €1,000 | -€65,276 | €0 | -€722 | - |
| Change in cash | - | €24,735 | €3,750 | €5,009 | -€23,980 | €31,985 | €3,655 | ▼ 88.6% |
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, 17,041 companies had the same profile as SUNRAY has now. Two years later, 0.5% had gone bankrupt and 94.3% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUNRAY 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 17,041 companies, not a prediction for SUNRAY. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 12-02-2026 | 2026-00038499 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00085856 | |
| 30-09-2023 | micro format | 23-04-2024 | 2024-00067962 | |
| 30-09-2022 | micro format | 22-03-2023 | 2023-00046044 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20014837 | |
| 30-09-2020 | micro format | 19-02-2021 | 2021-05800201 | |
| 30-09-2019 | micro format | 20-05-2020 | 2020-12600443 | |
| 30-09-2018 | micro format | 01-03-2019 | 2019-06200150 | |
| 30-09-2017 | micro format | 25-04-2018 | 2018-10600028 | |
| 30-09-2016 | abbreviated format | 27-04-2017 | 2017-10600320 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 22-11-2023 Converted to unavailable equity · €20,460
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Op datum van neerlegging van het uittreksel van de oprichtingsakte op de griffie van de ondernemingsrechtbank, 1”
Articles of association, deed of 22-11-2023 (in Dutch)
Network & group
SUNRAY shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of SUNRAY. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
22-11
Gazette deed
Registered office moved from Wervik to MenenLegal-form conversion · Capital conversion · Reserve release10 points ▸
- General meeting, 03-11-2023
- Legal-form conversion, “besloten vennootschap” (deed in Dutch)
- Other provision, “behoud rechtsvorm, deze rechtsvorm te behouden” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “statutair onbeschikbare eigen vermogensrekening, opheffing” (deed in Dutch)
- Registered-office move, 8930 Menen,Koekuitstraat 38
- Director in office, Dominique Carette (director (not named in the articles))
- Amendment of the articles
- Kind of shares, 186, “als vergoeding voor de inbrengen” (deed in Dutch)
- Power of attorney
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- 8940 Wervik until the act of 22-11-2023
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
7 activities
- De uitbating van een of meerdere zonnecentra;
- De uitbating van één of meerdere inrichtingen waarbij zonnebanken ter beschikking gesteld worden;
- De uitbating van automaten in de meest ruime zin;
- De aan-en verkoop,de vertegenwoordiging,de commissiehandel en de consignatie van alle artikelen van warenhuizen,namelijk: Voedingswaren,zuivelproducten,kruideniers-en koloniale waren,koffie,charcuterie,vleeswaren,wijnen,dranken,confiserie,patisserie,biscuiterie,verse,gedroogde en geconserveerde groenten en fruit,vis en visproducten;
- Textiel,witgoed,stoffen,zijde,gordijnen,meubilering en plastiekstoffen,kinderkledij,mode-artikelen,mercerie,dames-en herenondergoed,dames-en herenconfectie,breigoederen,kousen,sokken,schoenen en pantoffels,regenmantels;
- Fantasie en diverse artikelen: juwelen,parfumerie,toiletartikelen,lederwaren,rookartikelen,kaders,boeken,papierwaren,schoolbenodigdheden en speelgoed,huishoudartikelen,reisartikelen,strandartikelen en werktuigen,bricoleermateriaal,sportartikelen,goud-en zilversmederijartikelen,hoveniersmateriaal,glas-en gleiswerk,borstels en vaatwerk,onderhoudsartikelen en apparaten,elektriciteitsartikelen en apparaten,fonoplaten en cd’s,foto-apparaten en film-apparaten,films,radio-apparaten,auto-en fietsbenodigdheden,alsmede meubels,in het kort,de kleinhandel met meer dan één afdeling.
- Het beheer,het verwerven,de instandhouding en valorisatie van een roerend en onroerend vermogen,de huurfinanciering van onroerende goederen aan derden,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de onroerende goederen te bevorderen,zoals het onderhoud,de ontwikkeling,de verfraaiing en de verhuring van deze goederen,alsmede zich borgstellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze onroerende goederen.
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0477.923.156
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34027F0257/00B000 | Flanders | 607 m² | 1 · 113 m² | 7.8 m · 2 |
| 33029C0341/00K000 | Flanders | 116 m² | 1 · 76 m² | 10.7 m · 3 |