SunsetClaus
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 8 filings
Turnover
≈ €590,000
Estimated: probably between €360,000 and €1.1m
EBIT margin
Not included in this filing
Net result
-€135,445▼ 1.1%
2024 · -€134,003
Working capital
-€177,080▼ 44.2%
2024 · -€122,802
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€99,969
▼ 3.6%
2025
20182025
Net result
-€135,445
▼ 1.1%
2025
20182025
Equity
€4.4m
▼ 3.0%
2025
20182025
Total assets
€7.8m
▼ 4.0%
2025
20182025
Debt
€3.4m
▼ 5.2%
2025
20182025
Working capital
-€177,080
▼ 44.2%
2025
20182025
Staff (FTE)
0
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.1m--€0.1m▲ 3.3%-€0.2m▼ 64.5%-€0.2m▲ 1.4%-€0.2m▲ 13.0%-€0.1m▲ 43.8%-€0.1m▲ 11.4%-€0.1m▼ 3.6%
Net result-€0.1m--€0.1m▼ 4.7%-€0.3m▼ 92.8%-€0.3m▼ 6.3%-€0.3m▲ 14.8%-€0.1m▲ 42.9%-€0.1m▲ 9.7%-€0.1m▼ 1.1%
Equity-€0.08m-€1.3m€1.0m▼ 22.6%€0.7m▼ 31.0%€4.8m▲ 605%€4.6m▼ 3.1%€4.5m▼ 2.9%€4.4m▼ 3.0%
Total assets€4.6m-€4.6m▲ 0.3%€6.6m▲ 44.1%€8.8m▲ 32.8%€8.8m▼ 0.4%€8.4m▼ 3.9%€8.1m▼ 3.9%€7.8m▼ 4.0%
Debt€4.7m-€3.3m▼ 28.6%€5.7m▲ 69.5%€8.1m▲ 43.9%€4.0m▼ 50.9%€3.8m▼ 4.8%€3.6m▼ 5.0%€3.4m▼ 5.2%
Working capital-€4.6m--€0.1m▲ 97.1%-€0.1m▲ 27.1%-€0.8m▼ 678%-€0.01m▲ 98.6%-€0.09m▼ 713%-€0.1m▼ 37.1%-€0.2m▼ 44.2%
Staff (FTE)000
The operating result for 2025 is a loss of €99,969, larger than the loss of €96,536 in 2024.
Large changes and their cause
- 2022 Equity +605% on 2021. Capital increase of €4,368,000 (Official Gazette 17-06-2022).
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€7.8m ▼ 3.4%
Current assets
€35,245 ▼ 56.7%
Equity and liabilities €7.8m
Equity
€4.4m ▼ 3.0%
Debt
€3.4m ▼ 5.2%
Debt's share of the balance-sheet total falls from 44.5% to 44.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€194,313▼
2024 · €197,574
Cash flow
€158,837▼
2024 · €160,107
Current ratio
0.17▼
2024 · 0.40
Debt to equity
0.78▼
2024 · 0.80
ROE
-3.1%▼
2024 · -3.0%
ROA
-1.7%▼
2024 · -1.7%
Interest coverage
5.48▲
2024 · 5.24
Debt ≤ 1 year
€212,325▲
2024 · €204,241
Debt > 1 year
€3.2m▼
2024 · €3.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €3.7m | - | - | - | - |
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | €27,500 | - |
| Mortgage mandates | €4.0m | €4.0m | €4.0m | €4.0m | - |
| Carrying value of the mortgaged assets | €4.1m | €8.6m | €8.3m | €8.0m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2.1m | €5.3m | €27,159 | - | €18,741 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €132,280 | €236,775 | €292,092 | €294,110 | €294,282 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €50,544 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €130,717 | €136,610 | €132,280 | €132,280 | €236,775 | €292,092 | €294,110 | €294,282 | ▲ 0.1% |
| Other operating charges640/8 | - | - | - | €48,831 | €52,947 | €37,865 | €37,559 | €37,865 | ▲ 0.8% |
| Gross operating margin9900 | -€11,023 | €45,019 | -€45,063 | -€41,838 | €95,759 | €220,985 | €235,133 | €232,178 | ▼ 1.3% |
| Operating profit (loss)9901 | -€142,120 | -€137,427 | -€226,082 | -€222,948 | -€193,963 | -€108,972 | -€96,536 | -€99,969 | ▼ 3.6% |
| Financial income75/76B | - | - | - | - | - | €332 | €244 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | - | - | - | - | €332 | €244 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €81,988 | €65,770 | €39,751 | €37,711 | €35,476 | ▼ 5.9% |
| Recurring financial charges65 | €6 | €11,368 | €60,772 | €81,988 | €65,770 | €39,751 | €37,711 | €35,476 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | -€142,126 | -€148,795 | -€286,854 | -€304,937 | -€259,733 | -€148,392 | -€134,003 | -€135,445 | ▼ 1.1% |
| Income taxes67/77 | €0 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€142,126 | -€148,795 | -€286,854 | -€304,937 | -€259,733 | -€148,392 | -€134,003 | -€135,445 | ▼ 1.1% |
| Profit (loss) for the period to be appropriated9905 | -€142,126 | -€148,795 | -€286,854 | -€304,937 | -€259,733 | -€148,392 | -€134,003 | -€135,445 | ▼ 1.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.6m | €4.6m | €6.6m | €8.8m | €8.8m | €8.4m | €8.1m | €7.8m | ▼ 4.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €4.5m | €4.6m | €6.3m | €8.2m | €8.6m | €8.3m | €8.0m | €7.8m | ▼ 3.4% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €4.5m | €4.6m | €6.3m | €8.2m | €8.6m | €8.3m | €8.0m | €7.8m | ▼ 3.4% |
| Land and buildings22 | - | - | - | €4.1m | €8.6m | €8.3m | €8.0m | €7.8m | ▼ 3.4% |
| Furniture and vehicles24 | - | - | - | - | €0.009m | €0.02m | €0.01m | €0.009m | ▼ 31.0% |
| Assets under construction and advance payments27 | - | - | - | €4.1m | €0 | - | - | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.06m | €0.02m | €0.4m | €0.6m | €0.2m | €0.1m | €0.08m | €0.04m | ▼ 56.7% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0 | €179 | €0.004m | €0 | €0.05m | €0.002m | €188 | €0.002m | ▲ 923% |
| Trade receivables40 | - | - | - | €0 | €93 | €0.002m | €34 | €0.002m | ▲ 55× |
| Other amounts receivable41 | - | - | - | €0 | €0.05m | €100 | €154 | €55 | ▼ 64.5% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.06m | €0.02m | €0.4m | €0.6m | €0.1m | €0.1m | €0.08m | €0.03m | ▼ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.006m | €0.006m | €0.001m | €0.001m | ▲ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.6m | €4.6m | €6.6m | €8.8m | €8.8m | €8.4m | €8.1m | €7.8m | ▼ 4.0% |
| Equity10/15 | -€0.08m | €1.3m | €1.0m | €0.7m | €4.8m | €4.6m | €4.5m | €4.4m | ▼ 3.0% |
| Contributions10/11 | €0.06m | €1.6m | €1.6m | €1.6m | €5.9m | €5.9m | €5.9m | €5.9m | = |
| Capital10 | - | - | - | €1.6m | €5.9m | €5.9m | €5.9m | €5.9m | = |
| Issued capital100 | - | - | - | €1.6m | €5.9m | €5.9m | €5.9m | €5.9m | = |
| Reserves13 | €0 | - | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€0.1m | -€0.3m | -€0.6m | -€0.9m | -€1.1m | -€1.3m | -€1.4m | -€1.6m | ▼ 9.5% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €4.7m | €3.3m | €5.7m | €8.1m | €4.0m | €3.8m | €3.6m | €3.4m | ▼ 5.2% |
| Amounts payable after more than one year17 | €0 | €3.2m | €5.2m | €6.8m | €3.8m | €3.6m | €3.4m | €3.2m | ▼ 5.8% |
| Financial debts170/4 | - | - | - | €6.8m | €3.8m | €3.6m | €3.4m | €3.2m | ▼ 5.9% |
| Other amounts payable178/9 | - | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 190% |
| Amounts payable within one year42/48 | €4.7m | €0.2m | €0.5m | €1.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 1.1% |
| Trade debts44 | €0 | €0.001m | €0.003m | €0.02m | €0.008m | €0.008m | €0.008m | €0.01m | ▲ 75.6% |
| Suppliers440/4 | - | - | - | €0.02m | €0.008m | €0.008m | €0.008m | €0.01m | ▲ 75.6% |
| Other amounts payable47/48 | - | - | - | €1.2m | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €427 | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 17.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€0.1m | -€0.3m | -€0.3m | -€0.3m | -€0.1m | -€0.1m | -€0.1m | ▼ 1.1% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 0.1% |
| Operating cash flow (approximation) | -€0.01m | -€0.01m | -€0.2m | -€0.2m | -€0.02m | €0.1m | €0.2m | €0.2m | ▼ 0.8% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€1.8m | -€2.1m | -€0.6m | -€0.03m | €0 | -€0.02m | - |
| Change in cash | - | -€0.04m | €0.3m | €0.2m | -€0.4m | -€0.03m | -€0.02m | -€0.05m | ▼ 94.6% |
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, 119 companies had the same profile as SunsetClaus has now. Two years later, 95.8% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a small loss
95.8%
was still going
4.2%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of SunsetClaus 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 119 companies, not a prediction for SunsetClaus. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-06-2026 | 2026-00190733 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00168675 | |
| 31-12-2023 | full format | 07-06-2024 | 2024-00121128 | |
| 31-12-2022 | full format | 21-06-2023 | 2023-00143048 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20111690 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-25900335 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-18000385 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-23100100 |