SUTOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 38 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €250,000
Total assets
€2.1m▲ 1.1%
2024 · €2.1m
Net result
€28,582▼ 4.7%
2024 · €29,985
Working capital
-€597,938▲ 25.8%
2024 · -€806,098
In the rankings
#2 company by total assets in Tielt-Winge, Real estate sector#2 oldest company in Tielt-Winge, Real estate sector#5 company by equity in Tielt-Winge, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,492
▼ 54.8%
2025
20182025
Net result
€28,582
▼ 4.7%
2025
middle half of the sector
20182025
Equity
€770,653
▲ 3.9%
2025
highest quarter of the sector
20182025
Total assets
€2.1m
▲ 1.1%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▼ 0.5%
2025
20182025
Working capital
-€597,938
▲ 25.8%
2025
lowest quarter of the sector
20182025
Solvency
37.1%
▲ 1.0pp
2025
middle half of the sector
20182025
Current ratio
0.50
▲ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
1.4%
▼ 0.1pp
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-€0.08m-€0.005m-€0.06m-€0.07m▼ 3.1%-€0.04m▲ 44.3%€0.02m€0.08m▲ 320%€0.04m▼ 54.8%
Net result-€0.09m--€0.1m▼ 52.1%-€0.06mbelow the sector's middle half▲ 58.2%-€0.07mbelow the sector's middle half▼ 25.2%-€0.04mbelow the sector's middle half▲ 38.1%-€0.03mbelow the sector's middle half▲ 27.2%€0.03mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 4.7%
Equity€1.1m-€0.9m▼ 12.9%€0.9mabove the sector's middle half▼ 6.2%€0.8mabove the sector's middle half▼ 8.2%€0.7mabove the sector's middle half▼ 5.6%€0.7mabove the sector's middle half▼ 4.3%€0.7mabove the sector's middle half▲ 4.2%€0.8mabove the sector's middle half▲ 3.9%
Total assets€1.1m-€0.9m▼ 13.1%€1.6mabove the sector's middle half▲ 71.9%€1.8mabove the sector's middle half▲ 16.9%€2.0mabove the sector's middle half▲ 8.1%€2.0mabove the sector's middle half▲ 0.7%€2.1mabove the sector's middle half▲ 2.6%€2.1mabove the sector's middle half▲ 1.1%
Debt€0.004m-€0.001m▼ 68.2%€0.7m▲ 627×€1.1m▲ 46.9%€1.2m▲ 18.3%€1.3m▲ 3.6%€1.3m▲ 1.7%€1.3m▼ 0.5%
Working capital€0.08m-€0.3m▲ 363%-€0.3mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 108%-€1.0mbelow the sector's middle half▼ 44.8%-€1.0mbelow the sector's middle half▲ 4.9%-€0.8mbelow the sector's middle half▲ 16.8%-€0.6mbelow the sector's middle half▲ 25.8%
Solvency99.7%-99.9%▲ 0.2pp54.5%within the sector's middle half▼ 45.4pp42.8%within the sector's middle half▼ 11.7pp37.4%within the sector's middle half▼ 5.4pp35.6%within the sector's middle half▼ 1.8pp36.1%within the sector's middle half▲ 0.6pp37.1%within the sector's middle half▲ 1.0pp
Current ratio21.93-0.53within the sector's middle half0.33below the sector's middle half▼ 0.200.18below the sector's middle half▼ 0.150.18below the sector's middle half=0.33below the sector's middle half▲ 0.150.50within the sector's middle half▲ 0.17
Return on assets (ROA)-8.4%--14.8%▼ 6.3pp-3.6%below the sector's middle half▲ 11.2pp-3.8%below the sector's middle half▼ 0.3pp-2.2%below the sector's middle half▲ 1.6pp-1.6%within the sector's middle half▲ 0.6pp1.5%within the sector's middle half▲ 3.1pp1.4%within the sector's middle half▼ 0.1pp
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 55% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €2.1m
Fixed assets
€1.5m ▼ 10.8%
Current assets
€599,461 ▲ 50.2%
Equity and liabilities €2.1m
Equity
€770,653 ▲ 3.9%
Debt
€1.3m ▼ 0.5%
Debt's share of the balance-sheet total falls from 63.9% to 62.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€118,286▼
2024 · €162,524
Cash flow
€110,376▼
2024 · €111,763
Debt to equity
1.69▼
2024 · 1.77
ROE
3.7%▼
2024 · 4.0%
Interest coverage
2.60▼
2024 · 2.86
Debt ≤ 1 year
€1.2m▼
2024 · €1.2m
Debt > 1 year
€100,000=
2024 · €100,000
Income taxes
€0▼
2024 · €1,194
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €341,701 | €106,373 | €2,380 | - |
| Financial fixed assets | €1,093 | - | - | - |
| Depreciation and write-downs of the year | €71,420 | €84,669 | €81,779 | €81,794 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €7,000 | €0 | €22,053 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,001 | €42,828 | €43,167 | €58,480 | €71,420 | €84,669 | €81,779 | €81,794 | = |
| Other operating charges640/8 | - | - | - | - | €7,104 | €6,323 | €6,461 | €6,661 | ▲ 3.1% |
| Gross operating margin9900 | -€1,559 | €67,537 | €8,051 | -€1,684 | €41,610 | €110,197 | €168,986 | €124,947 | ▼ 26.1% |
| Operating profit (loss)9901 | -€82,071 | €5,495 | -€64,257 | -€66,245 | -€36,914 | €19,205 | €80,746 | €36,492 | ▼ 54.8% |
| Financial income75/76B | - | - | - | - | €6,918 | €4,430 | €7,210 | €37,637 | ▲ 422% |
| Recurring financial income75 | €2,460 | €1,473 | €9,189 | €8,835 | €6,918 | €4,430 | €7,210 | €8,857 | ▲ 22.8% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €28,780 | - |
| Financial charges65/66B | - | - | - | - | €12,881 | €54,311 | €56,777 | €45,546 | ▼ 19.8% |
| Recurring financial charges65 | €2,769 | €125,114 | €356 | €13,110 | €12,881 | €54,311 | €56,777 | €45,546 | ▼ 19.8% |
| Profit (loss) for the period before taxes9903 | -€87,380 | -€134,473 | -€55,423 | -€70,520 | -€42,877 | -€30,675 | €31,179 | €28,582 | ▼ 8.3% |
| Income taxes67/77 | €1,529 | €721 | €1,035 | €161 | €892 | €1,197 | €1,194 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€88,909 | -€135,194 | -€56,457 | -€70,680 | -€43,769 | -€31,872 | €29,985 | €28,582 | ▼ 4.7% |
| Profit (loss) for the period to be appropriated9905 | -€88,909 | -€135,194 | -€56,457 | -€70,680 | -€43,769 | -€31,872 | €29,985 | €28,582 | ▼ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €0.9m | €1.6m | €1.8m | €2.0m | €2.0m | €2.1m | €2.1m | ▲ 1.1% |
| Fixed assets21/28 | €1.0m | €0.6m | €1.2m | €1.5m | €1.8m | €1.8m | €1.7m | €1.5m | ▼ 10.8% |
| Intangible fixed assets21 | €0.003m | €0.005m | €0.002m | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.8m | €0.4m | €1.0m | €1.3m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 5.3% |
| Land and buildings22 | - | - | - | - | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 4.5% |
| Furniture and vehicles24 | - | - | - | - | €0.06m | €0.05m | €0.03m | €0.02m | ▼ 39.5% |
| Financial fixed assets28 | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.001m | ▼ 98.8% |
| Current assets29/58 | €0.08m | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | €0.4m | €0.6m | ▲ 50.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 37.0% |
| Other amounts receivable291 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 37.0% |
| Amounts receivable within one year40/41 | €0.07m | €0.007m | €0.02m | €0.005m | €0.05m | €0.04m | €0.06m | €0.06m | ▼ 7.3% |
| Trade receivables40 | - | - | - | - | €0.04m | €0.03m | €0.06m | €0.05m | ▼ 7.9% |
| Other amounts receivable41 | - | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Cash at bank and in hand54/58 | €0.007m | €0.01m | €0.01m | €0.004m | €0.01m | €0.01m | €0.09m | €0.2m | ▲ 128% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.004m | €0.005m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €0.9m | €1.6m | €1.8m | €2.0m | €2.0m | €2.1m | €2.1m | ▲ 1.1% |
| Equity10/15 | €1.1m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 3.9% |
| Contributions10/11 | €2.3m | €2.3m | - | - | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | - | €0.04m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0.04m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €0.5m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | -€1.8m | -€1.9m | -€2.0m | -€2.0m | -€2.1m | -€2.1m | -€2.1m | -€2.1m | ▲ 1.4% |
| Amounts payable17/49 | €0.004m | €0.001m | €0.7m | €1.1m | €1.2m | €1.3m | €1.3m | €1.3m | ▼ 0.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Financial debts170/4 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.004m | €0.001m | €0.7m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 0.6% |
| Financial debts43 | - | - | - | - | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Credit institutions430/8 | - | - | - | - | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Trade debts44 | - | €420 | €0 | €0.04m | €0.06m | €0.004m | €0.02m | €0.01m | ▼ 35.0% |
| Suppliers440/4 | - | - | - | - | €0.06m | €0.004m | €0.02m | €0.01m | ▼ 35.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.01m | €0.008m | €0.01m | €0.01m | ▼ 10.4% |
| Taxes450/3 | - | - | - | - | €0.009m | €0.007m | €0.01m | €0.01m | ▼ 0.1% |
| Remuneration and social security454/9 | - | - | - | - | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.003m | €0.007m | €0.008m | ▲ 21.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€88,909 | -€135,194 | -€56,457 | -€70,680 | -€43,769 | -€31,872 | €29,985 | €28,582 | ▼ 4.7% |
| + Depreciation and write-downs630 | €43,001 | €42,828 | €43,167 | €58,480 | €71,420 | €84,669 | €81,779 | €81,794 | = |
| Operating cash flow (approximation) | -€45,908 | -€92,367 | -€13,290 | -€12,200 | €27,651 | €52,797 | €111,763 | €110,376 | ▼ 1.2% |
| Investment in fixed assets (approximation) | - | €365,165 | -€672,935 | -€353,047 | -€342,794 | -€106,373 | €47,620 | €96,340 | ▲ 102% |
| Change in cash | - | €4,248 | -€715 | -€6,393 | €6,953 | €2,185 | €81,558 | €121,064 | ▲ 48.4% |
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, 14,766 companies had the same profile as SUTOR has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUTOR 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 14,766 companies, not a prediction for SUTOR. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00243253 | |
| 31-12-2024 | micro format | 17-02-2025 | 2025-00035086 | |
| 31-12-2023 | micro format | 29-02-2024 | 2024-00036514 | |
| 31-12-2022 | micro format | 07-03-2023 | 2023-00036333 | |
| 31-12-2021 | micro format | 25-02-2022 | 2022-06400125 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19800257 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17100527 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17600143 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17200231 | |
| 31-12-2016 | abbreviated format | 22-08-2017 | 2017-45600238 |