SYLSOF
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 30 filings
Turnover
≈ €130,000
Estimated: probably between €54,000 and €330,000
EBIT margin
Not included in this filing
Net result
€9,889▼ 9.9%
2024 · €10,971
Working capital
€79,199▲ 20.9%
2024 · €65,507
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,085
▲ 2.8%
2025
20182025
Net result
€9,889
▼ 9.9%
2025
20182025
Equity
€94,211
▲ 11.7%
2025
20182025
Total assets
€103,811
▲ 11.7%
2025
20182025
Debt
€9,600
▲ 11.5%
2025
20182025
Working capital
€79,199
▲ 20.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€146--€2,181▼ 1,390%€6,945€9,502▲ 36.8%€9,313▼ 2.0%€6,456▼ 30.7%€14,673▲ 127%€15,085▲ 2.8%
Net result-€189--€2,234▼ 1,081%€6,902€9,457▲ 37.0%€6,518▼ 31.1%€5,062▼ 22.3%€10,971▲ 117%€9,889▼ 9.9%
Equity€47,643-€45,410▼ 4.7%€52,311▲ 15.2%€61,769▲ 18.1%€68,287▲ 10.6%€73,350▲ 7.4%€84,321▲ 15.0%€94,211▲ 11.7%
Total assets€49,941-€48,216▼ 3.5%€54,077▲ 12.2%€62,488▲ 15.6%€72,083▲ 15.4%€79,254▲ 9.9%€92,929▲ 17.3%€103,811▲ 11.7%
Debt€2,298-€2,807▲ 22.2%€1,766▼ 37.1%€719▼ 59.3%€3,796▲ 428%€5,904▲ 55.5%€8,608▲ 45.8%€9,600▲ 11.5%
Working capital€2,840-€4,334▲ 52.6%€16,211▲ 274%€30,645▲ 89.0%€41,870▲ 36.6%€50,735▲ 21.2%€65,507▲ 29.1%€79,199▲ 20.9%
The operating result for 2025 is 3% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103,811
Fixed assets
€15,012 ▼ 20.2%
Current assets
€88,799 ▲ 19.8%
Equity and liabilities €103,811
Equity
€94,211 ▲ 11.7%
Debt
€9,600 ▲ 11.5%
Debt's share of the balance-sheet total stays at 9.2%.
Key figures and ratios
EBITDA
€18,887▲
2024 · €18,475
Cash flow
€13,691▼
2024 · €14,773
Current ratio
9.25▲
2024 · 8.61
Debt to equity
0.10▼
2024 · 0.10
ROE
10.5%▼
2024 · 13.0%
ROA
9.5%▼
2024 · 11.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€9,600▲
2024 · €8,608
Income taxes
€5,151▲
2024 · €3,650
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,976 | €4,976 | €4,976 | €4,976 | €4,708 | €3,802 | €3,802 | €3,802 | = |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.4% |
| Gross operating margin9900 | €7,021 | €5,025 | €12,268 | €14,826 | €14,369 | €10,642 | €18,862 | €19,287 | ▲ 2.3% |
| Operating profit (loss)9901 | -€146 | -€2,181 | €6,945 | €9,502 | €9,313 | €6,456 | €14,673 | €15,085 | ▲ 2.8% |
| Financial charges65/66B | - | - | - | €45 | €45 | €45 | €52 | €45 | ▼ 13.5% |
| Recurring financial charges65 | €43 | €53 | €43 | €45 | €45 | €45 | €52 | €45 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | -€189 | -€2,234 | €6,902 | €9,457 | €9,268 | €6,411 | €14,621 | €15,040 | ▲ 2.9% |
| Income taxes67/77 | - | - | - | - | €2,750 | €1,349 | €3,650 | €5,151 | ▲ 41.1% |
| Profit (loss) for the period9904 | -€189 | -€2,234 | €6,902 | €9,457 | €6,518 | €5,062 | €10,971 | €9,889 | ▼ 9.9% |
| Profit (loss) for the period to be appropriated9905 | -€189 | -€2,234 | €6,902 | €9,457 | €6,518 | €5,062 | €10,971 | €9,889 | ▼ 9.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,941 | €48,216 | €54,077 | €62,488 | €72,083 | €79,254 | €92,929 | €103,811 | ▲ 11.7% |
| Fixed assets21/28 | €46,052 | €41,076 | €36,100 | €31,124 | €26,417 | €22,615 | €18,814 | €15,012 | ▼ 20.2% |
| Tangible fixed assets22/27 | €46,052 | €41,076 | €36,100 | €31,124 | €26,417 | €22,615 | €18,814 | €15,012 | ▼ 20.2% |
| Land and buildings22 | - | - | - | €30,219 | €26,417 | €22,615 | €18,814 | €15,012 | ▼ 20.2% |
| Other tangible fixed assets26 | - | - | - | €905 | - | - | - | - | - |
| Current assets29/58 | €3,889 | €7,140 | €17,977 | €31,364 | €45,666 | €56,639 | €74,115 | €88,799 | ▲ 19.8% |
| Amounts receivable within one year40/41 | - | - | €4,599 | €9,599 | €37,045 | €46,960 | €50,960 | €85,860 | ▲ 68.5% |
| Other amounts receivable41 | - | - | - | €9,599 | €37,045 | €46,960 | €50,960 | €85,860 | ▲ 68.5% |
| Cash at bank and in hand54/58 | €3,889 | €7,140 | €13,378 | €21,765 | €8,621 | €9,679 | €23,155 | €2,939 | ▼ 87.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,941 | €48,216 | €54,077 | €62,488 | €72,083 | €79,254 | €92,929 | €103,811 | ▲ 11.7% |
| Equity10/15 | €47,643 | €45,410 | €52,311 | €61,769 | €68,287 | €73,350 | €84,321 | €94,211 | ▲ 11.7% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,974 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,974 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,974 | €61,973 | €61,973 | = |
| Uncalled capital101 | - | - | - | €0 | - | - | - | - | - |
| Reserves13 | - | - | - | - | - | €6,197 | €6,197 | €6,197 | = |
| Non-distributable reserves130/1 | - | - | - | - | - | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | - | - | - | - | - | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | -€14,330 | -€16,564 | -€9,662 | -€204 | €6,314 | €5,179 | €16,151 | €26,041 | ▲ 61.2% |
| Amounts payable17/49 | €2,298 | €2,807 | €1,766 | €719 | €3,796 | €5,904 | €8,608 | €9,600 | ▲ 11.5% |
| Amounts payable within one year42/48 | €1,049 | €2,807 | €1,766 | €719 | €3,796 | €5,904 | €8,608 | €9,600 | ▲ 11.5% |
| Trade debts44 | €1,049 | €2,807 | €668 | €719 | €38 | €711 | €2,267 | €2,704 | ▲ 19.3% |
| Suppliers440/4 | - | - | - | €719 | €38 | €711 | €2,267 | €2,704 | ▲ 19.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €2,750 | €4,098 | €5,275 | €6,075 | ▲ 15.2% |
| Taxes450/3 | - | - | - | - | €2,750 | €4,098 | €5,275 | €6,075 | ▲ 15.2% |
| Other amounts payable47/48 | - | - | - | - | €1,008 | €1,095 | €1,066 | €821 | ▼ 23.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€189 | -€2,234 | €6,902 | €9,457 | €6,518 | €5,062 | €10,971 | €9,889 | ▼ 9.9% |
| + Depreciation and write-downs630 | €4,976 | €4,976 | €4,976 | €4,976 | €4,708 | €3,802 | €3,802 | €3,802 | = |
| Operating cash flow (approximation) | €4,787 | €2,742 | €11,878 | €14,433 | €11,226 | €8,864 | €14,773 | €13,691 | ▼ 7.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1 | €0 | -€1 | €0 | - |
| Change in cash | - | €3,251 | €6,238 | €8,387 | -€13,144 | €1,058 | €13,476 | -€20,216 | - |
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 SYLSOF 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 SYLSOF itself: 0.2% 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 SYLSOF. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00335134 | |
| 31-12-2024 | full format | 31-08-2025 | 2025-00455355 | |
| 31-12-2023 | full format | 22-07-2024 | 2024-00268592 | |
| 31-12-2022 | full format | 24-08-2023 | 2023-00348765 | |
| 31-12-2021 | full format | 27-08-2022 | 2022-20328538 | |
| 31-12-2020 | full format | 18-08-2021 | 2021-51400465 | |
| 31-12-2019 | micro format | 16-11-2020 | 2020-70800063 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-38800052 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47400241 | |
| 31-12-2016 | micro format | 17-08-2017 | 2017-44600497 |