SUREDA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-06-2026 PDF all 49 filings
Turnover
€27,409▲ 22.8%
2024 · €22,321
EBIT margin
76.2%▲ 1.0pp
2024 · 75.2%
Net result
€21,600▲ 24.2%
2024 · €17,386
Working capital
€102,947▲ 25.8%
2024 · €81,859
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€27,409
▲ 22.8%
2025
20182025
Operating result
€20,891
▲ 24.5%
2025
20182025
Net result
€21,600
▲ 24.2%
2025
middle half of the sector
20182025
EBIT margin
76.2%
▲ 1.0pp
2025
20182025
Equity
€103,706
▲ 26.3%
2025
middle half of the sector
20182025
Total assets
€103,887
▲ 26.5%
2025
lowest quarter of the sector
20182025
Debt
€180
▲ 15×
2025
20182025
Working capital
€102,947
▲ 25.8%
2025
middle half of the sector
20182025
Solvency
99.8%
▼ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
20.8%
▼ 0.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€25,919-€22,462▼ 13.3%€21,726▼ 3.3%€21,324▼ 1.9%€18,772▼ 12.0%€14,557▼ 22.5%€22,321▲ 53.3%€27,409▲ 22.8%
Operating result€1,257--€901€11,570€15,929▲ 37.7%€13,377▼ 16.0%€8,731▼ 34.7%€16,780▲ 92.2%€20,891▲ 24.5%
Net result€1,184--€938€11,529within the sector's middle half€15,881within the sector's middle half▲ 37.8%€13,328within the sector's middle half▼ 16.1%€8,700within the sector's middle half▼ 34.7%€17,386within the sector's middle half▲ 99.8%€21,600within the sector's middle half▲ 24.2%
EBIT margin4.8%--4.0%▼ 8.9pp53.3%▲ 57.3pp74.7%▲ 21.4pp71.3%▼ 3.4pp60.0%▼ 11.3pp75.2%▲ 15.2pp76.2%▲ 1.0pp
Equity€16,221-€15,283▼ 5.8%€26,811below the sector's middle half▲ 75.4%€42,693below the sector's middle half▲ 59.2%€56,020below the sector's middle half▲ 31.2%€64,721below the sector's middle half▲ 15.5%€82,107below the sector's middle half▲ 26.9%€103,706within the sector's middle half▲ 26.3%
Total assets€41,422-€43,092▲ 4.0%€35,896below the sector's middle half▼ 16.7%€42,705below the sector's middle half▲ 19.0%€56,130below the sector's middle half▲ 31.4%€64,836below the sector's middle half▲ 15.5%€82,119below the sector's middle half▲ 26.7%€103,887below the sector's middle half▲ 26.5%
Debt€25,201-€27,809▲ 10.3%€9,085▼ 67.3%€12▼ 99.9%€110▲ 802%€115▲ 4.8%€12▼ 89.4%€180▲ 15×
Working capital€15,645-€14,424▼ 7.8%€26,287below the sector's middle half▲ 82.2%€42,573below the sector's middle half▲ 62.0%€56,020below the sector's middle half▲ 31.6%€64,225within the sector's middle half▲ 14.6%€81,859within the sector's middle half▲ 27.5%€102,947within the sector's middle half▲ 25.8%
Solvency39.2%-35.5%▼ 3.7pp74.7%above the sector's middle half▲ 39.2pp100.0%above the sector's middle half▲ 25.3pp99.8%above the sector's middle half▼ 0.2pp99.8%above the sector's middle half=100.0%above the sector's middle half▲ 0.2pp99.8%above the sector's middle half▼ 0.2pp
Current ratio1.62-1.52▼ 0.103.89above the sector's middle half▲ 2.37
Return on assets (ROA)2.9%--2.2%▼ 5.0pp32.1%above the sector's middle half▲ 34.3pp37.2%above the sector's middle half▲ 5.1pp23.7%above the sector's middle half▼ 13.4pp13.4%above the sector's middle half▼ 10.3pp21.2%above the sector's middle half▲ 7.8pp20.8%above the sector's middle half▼ 0.4pp
Staff (FTE)0.5-0.5=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 24% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103,887
Fixed assets
€759 ▲ 207%
Current assets
€103,127 ▲ 26.0%
Equity and liabilities €103,887
Equity
€103,706 ▲ 26.3%
Debt
€180 ▲ 15×
Debt's share of the balance-sheet total rises from 0.0% to 0.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€21,518▲
2024 · €17,028
Cash flow
€22,227▲
2024 · €17,634
Debt to equity
0.00▲
2024 · 0.00
ROE
20.8%▼
2024 · 21.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€180▲
2024 · €12
Customer credit
350 days▲
2024 · 345 days
Supplier credit
11 days▲
2024 · 1 day
A ratio outside any meaningful range has been withheld (balance sheet total €103,887, equity €103,706).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €743 | - | €1,139 |
| Depreciation and write-downs of the year | €405 | €120 | €248 | €248 | €627 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €25,919 | €22,462 | €21,726 | €21,324 | €18,772 | €14,557 | €22,321 | €27,409 | ▲ 22.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €4,714 | €5,174 | €5,470 | €5,175 | €5,771 | ▲ 11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €288 | €573 | €693 | €405 | €120 | €248 | €248 | €627 | ▲ 153% |
| Other operating charges640/8 | - | - | - | €276 | €102 | €109 | €118 | €120 | ▲ 1.7% |
| Gross operating margin9900 | €19,560 | €16,195 | €16,288 | €16,610 | €13,599 | €9,087 | €17,146 | €21,638 | ▲ 26.2% |
| Operating profit (loss)9901 | €1,257 | -€901 | €11,570 | €15,929 | €13,377 | €8,731 | €16,780 | €20,891 | ▲ 24.5% |
| Financial income75/76B | - | - | - | - | - | €22 | €702 | €852 | ▲ 21.3% |
| Recurring financial income75 | - | - | - | - | - | €22 | €702 | €852 | ▲ 21.3% |
| Financial charges65/66B | - | - | - | €47 | €49 | €52 | €96 | €143 | ▲ 48.8% |
| Recurring financial charges65 | €72 | €38 | €42 | €47 | €49 | €52 | €96 | €143 | ▲ 48.8% |
| Profit (loss) for the period before taxes9903 | €1,184 | -€938 | €11,529 | €15,881 | €13,328 | €8,700 | €17,386 | €21,600 | ▲ 24.2% |
| Profit (loss) for the period9904 | €1,184 | -€938 | €11,529 | €15,881 | €13,328 | €8,700 | €17,386 | €21,600 | ▲ 24.2% |
| Profit (loss) for the period to be appropriated9905 | €1,184 | -€938 | €11,529 | €15,881 | €13,328 | €8,700 | €17,386 | €21,600 | ▲ 24.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41,422 | €43,092 | €35,896 | €42,705 | €56,130 | €64,836 | €82,119 | €103,887 | ▲ 26.5% |
| Fixed assets21/28 | €576 | €859 | €525 | €120 | - | €495 | €248 | €759 | ▲ 207% |
| Tangible fixed assets22/27 | €576 | €859 | €525 | €120 | - | €495 | €248 | €759 | ▲ 207% |
| Furniture and vehicles24 | - | - | - | €120 | - | €495 | €248 | €759 | ▲ 207% |
| Current assets29/58 | €40,847 | €42,233 | €35,372 | €42,585 | €56,130 | €64,341 | €81,871 | €103,127 | ▲ 26.0% |
| Amounts receivable after more than one year29 | - | - | - | €136 | €136 | €136 | €136 | €136 | = |
| Other amounts receivable291 | - | - | - | €136 | €136 | €136 | €136 | €136 | = |
| Amounts receivable within one year40/41 | €16,170 | €16,393 | €15,016 | €17,023 | €17,490 | €18,695 | €21,744 | €31,636 | ▲ 45.5% |
| Trade receivables40 | - | - | - | €16,607 | €17,089 | €17,905 | €21,108 | €26,315 | ▲ 24.7% |
| Other amounts receivable41 | - | - | - | €415 | €401 | €790 | €636 | €5,321 | ▲ 736% |
| Cash at bank and in hand54/58 | €24,540 | €25,703 | €20,219 | €25,426 | €38,504 | €45,509 | €59,991 | €71,355 | ▲ 18.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41,422 | €43,092 | €35,896 | €42,705 | €56,130 | €64,836 | €82,119 | €103,887 | ▲ 26.5% |
| Equity10/15 | €16,221 | €15,283 | €26,811 | €42,693 | €56,020 | €64,721 | €82,107 | €103,706 | ▲ 26.3% |
| Contributions10/11 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Capital10 | - | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Issued capital100 | - | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Reserves13 | €61,299 | €61,299 | €61,299 | €61,299 | €61,299 | €61,299 | €61,299 | €61,299 | = |
| Non-distributable reserves130/1 | - | - | - | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Legal reserve130 | - | - | - | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Tax-exempt reserves132 | - | - | - | €14,199 | €14,199 | €14,199 | €14,199 | €14,199 | = |
| Distributable reserves133 | - | - | - | €44,621 | €44,621 | €44,621 | €44,621 | €44,621 | = |
| Profit (loss) carried forward14 | -€69,867 | -€70,806 | -€59,277 | -€43,396 | -€30,068 | -€21,368 | -€3,982 | €17,618 | - |
| Amounts payable17/49 | €25,201 | €27,809 | €9,085 | €12 | €110 | €115 | €12 | €180 | ▲ 15× |
| Amounts payable within one year42/48 | €25,201 | €27,809 | €9,085 | €12 | €110 | €115 | €12 | €180 | ▲ 15× |
| Financial debts43 | - | - | - | €0 | €0 | €0 | €0 | €0 | = |
| Credit institutions430/8 | - | - | - | €0 | €0 | €0 | €0 | €0 | = |
| Trade debts44 | €1 | €142 | €85 | €12 | €110 | €115 | €12 | €180 | ▲ 15× |
| Suppliers440/4 | - | - | - | €12 | €110 | €115 | €12 | €180 | ▲ 15× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,184 | -€938 | €11,529 | €15,881 | €13,328 | €8,700 | €17,386 | €21,600 | ▲ 24.2% |
| + Depreciation and write-downs630 | €288 | €573 | €693 | €405 | €120 | €248 | €248 | €627 | ▲ 153% |
| Operating cash flow (approximation) | €1,472 | -€365 | €12,222 | €16,286 | €13,447 | €8,948 | €17,634 | €22,227 | ▲ 26.0% |
| Investment in fixed assets (approximation) | - | -€856 | -€359 | €0 | - | - | €0 | -€1,139 | - |
| Change in cash | - | €1,163 | -€5,484 | €5,207 | €13,077 | €7,005 | €14,482 | €11,364 | ▼ 21.5% |
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, 31,368 companies had the same profile as SUREDA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUREDA 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 31,368 companies, not a prediction for SUREDA. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-06-2026 | 2026-00175264 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00180501 | |
| 31-12-2023 | abbreviated format | 28-05-2024 | 2024-00097772 | |
| 31-12-2022 | abbreviated format | 22-06-2023 | 2023-00148618 | |
| 31-12-2021 | abbreviated format | 14-06-2022 | 2022-20061964 | |
| 31-12-2020 | abbreviated format | 16-06-2021 | 2021-20400418 | |
| 31-12-2019 | abbreviated format | 27-05-2020 | 2020-13200208 | |
| 31-12-2018 | abbreviated format | 28-05-2019 | 2019-14700028 | |
| 31-12-2017 | abbreviated format | 29-05-2018 | 2018-14600098 | |
| 31-12-2016 | abbreviated format | 15-06-2017 | 2017-18100376 |