SYNCO

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Private limited companyfounded 1991active for 34 yearsKorte Steenstraat(Kor) 9, 8500 Kortrijk, BelgiumKBO/BCE: BE 0445.631.955

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SYNCOActiveChecked score 90/100

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Financials · financial year 2026, abbreviated format

Annual accounts 2026 filed on 09-10-2026 at the NBB all 34 filings

Amounts without an identifiable currency are taken as euros.

Turnover

≈ €6.4m

Estimated: probably between €4.9m and €9.3m

Total assets

€11.3m▲ 1.7%

2025 · €11.1m

Net result

€926,138▲ 34.7%

2025 · €687,765

Working capital

€2.8m▲ 5.5%

2025 · €2.7m

Multi-year overview

2019 to 2026, 8 financial years

Operating result

€1.4m

▲ 39.4% 2026

20192026

Net result

€926,138

▲ 34.7% 2026

20192026

Equity

€4.4m

▲ 10.8% 2026

20192026

Total assets

€11.3m

▲ 1.7% 2026

20192026

Debt

€6.9m

▼ 3.4% 2026

20192026

Working capital

€2.8m

▲ 5.5% 2026

20192026

Solvency

38.6%

▲ 3.2pp 2026

20192026

Current ratio

2.40

▲ 0.18 2026

20192026

Return on assets (ROA)

8.2%

▲ 2.0pp 2026

20192026

Staff (FTE)

▼ 5.7% 2026

20192026

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line20192020202120222023202420252026

Operating result€0.2m-€0.3m▲ 35.7%€0.6m▲ 89.0%€1.2m▲ 94.9%€1.5m▲ 24.9%€1.3m▼ 12.4%€1.0m▼ 25.8%€1.4m▲ 39.4%

Net result€0.2m-€0.2m▲ 22.3%€0.5m▲ 149%€1.0m▲ 90.6%€1.2m▲ 19.3%€1.0m▼ 17.0%€0.7m▼ 28.1%€0.9m▲ 34.7%

Equity€1.5m-€1.6m▲ 4.3%€1.7m▲ 10.0%€2.2m▲ 27.1%€2.8m▲ 29.3%€3.7m▲ 32.0%€3.9m▲ 5.0%€4.4m▲ 10.8%

Total assets€6.5m-€6.3m▼ 3.6%€7.1m▲ 13.0%€6.9m▼ 2.7%€8.0m▲ 15.9%€9.4m▲ 17.7%€11.1m▲ 18.1%€11.3m▲ 1.7%

Debt€5.0m-€4.7m▼ 5.9%€5.3m▲ 14.0%€4.7m▼ 12.2%€5.1m▲ 9.6%€5.6m▲ 9.8%€7.2m▲ 26.8%€6.9m▼ 3.4%

Working capital€2.5m-€2.4m▼ 4.8%€2.6m▲ 6.6%€2.5m▼ 2.3%€2.5m▲ 1.2%€3.2m▲ 24.7%€2.7m▼ 15.8%€2.8m▲ 5.5%

Solvency23.2%-25.0%▲ 1.9pp24.4%▼ 0.7pp31.8%▲ 7.4pp35.5%▲ 3.7pp39.8%▲ 4.3pp35.4%▼ 4.4pp38.6%▲ 3.2pp

Current ratio2.43-3.03▲ 0.613.12▲ 0.082.91▼ 0.202.72▼ 0.193.05▲ 0.332.21▼ 0.842.40▲ 0.18

Return on assets (ROA)2.6%-3.3%▲ 0.7pp7.2%▲ 3.9pp14.0%▲ 6.9pp14.5%▲ 0.4pp10.2%▼ 4.3pp6.2%▼ 4.0pp8.2%▲ 2.0pp

Staff (FTE)10.5-12▲ 14.3%11.4▼ 5.0%10.3▼ 9.6%10.1▼ 1.9%10.3▲ 2.0%10.6▲ 2.9%10▼ 5.7%

above within below The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 39% higher than in 2025. It is a recovery after the fall in 2025.

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2026 in colour, 2025 as the grey bar beneath

Assets €11.3m

57.4%

42.6%

Fixed assets €6.5m ▲ 3.5%

Current assets €4.8m ▼ 0.8%

Equity and liabilities €11.3m

38.6%

61.4%

Equity €4.4m ▲ 10.8%

Debt €6.9m ▼ 3.4%

Debt's share of the balance-sheet total falls from 64.6% to 61.4%. Equity is higher and debt is lower.

Key figures and ratios

2026 value · change against 2025

EBITDA

€1.9m▲

2025 · €1.3m

Cash flow

€1.4m▲

2025 · €1.0m

Quick ratio

0.12▼

2025 · 0.17

Debt to equity

1.59▼

2025 · 1.82

ROE

21.3%▲

2025 · 17.5%

Interest coverage

11.41▲

2025 · 10.72

Debt ≤ 1 year

€2.0m▼

2025 · €2.2m

Debt > 1 year

€4.9m▼

2025 · €5.0m

Income taxes

€300,378▲

2025 · €186,903

Staff costs

€581,758▼

2025 · €601,995

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet

Item	31-03-2022	31-03-2023	31-03-2024	31-03-2025	31-03-2026
Employees at the balance-sheet date	10	11	11	11	11
full-time	8	9	9	9	7
part-time	2	2	2	2	4
in full-time equivalents	9.4	10.4	10.4	10.4	10
Average over the year, in full-time equivalents	10.3	10.1	10.3	10.6	10
On a permanent contract	10	11	11	11	11
Joined	6	12	13	-	22
Left	7	11	13	-	22

Source: social balance sheet in the 2022 to 2026 annual accounts

Securities and guarantees

on own assets and for others

Item	31-03-2022	31-03-2023	31-03-2024	31-03-2025	31-03-2026
Debts secured on the company's own assets	€2.9m	€3.0m	€4.0m	€5.2m	€5.3m
Mortgages, amount registered	€275,000	€300,000	€300,000	€300,000	€300,000
Mortgage mandates	€3.5m	€6.1m	€6.1m	€7.2m	€7.2m
Carrying value of the mortgaged assets	€3.0m	€3.9m	€4.6m	€6.2m	€6.4m
Pledge on the business	€795,366	€671,419	€671,419	€671,419	€100,000
Pledge on other assets, amount secured	€500,000	€500,000	€500,000	€500,000	€500,000

Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	31-03-2022	31-03-2023	31-03-2024	31-03-2025	31-03-2026
Tangible fixed assets	€9,990	€1.2m	€960,515	€1.9m	€685,001
Financial fixed assets	-	€12,900	-	-	-
Depreciation and write-downs of the year	€234,740	€360,336	€236,951	€348,583	€463,410

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2026 against 2025 · 58 lines

Balance sheet Code20252026

Assets

Total assets20/58€11.1m€11.3m▲

Fixed assets21/28€6.2m€6.5m▲

Tangible fixed assets22/27€6.2m€6.5m▲

Land and buildings22€6.2m€6.4m▲

Plant, machinery and equipment23€0.05m€0.04m▼

Furniture and vehicles24-€0.002m

Other tangible fixed assets26€0.02m€0.01m▼

Financial fixed assets28€0.02m€0.02m=

Current assets29/58€4.8m€4.8m▼

Stocks and contracts in progress3€4.5m€4.6m▲

Stocks30/36€4.5m€4.6m▲

Amounts receivable within one year40/41€0.1m€0.08m▼

Trade receivables40€0.1m€0.03m▼

Other amounts receivable41€0.03m€0.05m▲

Cash at bank and in hand54/58€0.2m€0.1m▼

Deferred charges and accrued income490/1€0.03m€0.03m▲

Equity and liabilities

Total equity and liabilities10/49€11.1m€11.3m▲

Equity10/15€3.9m€4.4m▲

Contributions10/11€0.1m€0.1m=

Reserves13€3.8m€4.2m▲

Tax-exempt reserves132€0.04m€0.04m=

Distributable reserves133€3.8m€4.2m▲

Amounts payable17/49€7.2m€6.9m▼

Amounts payable after more than one year17€5.0m€4.9m▼

Financial debts170/4€5.0m€4.9m▼

Amounts payable within one year42/48€2.2m€2.0m▼

Current portion of amounts payable after more than one year42€0.5m€0.6m▲

Financial debts43€0.3m€0.1m▼

Credit institutions430/8€0.2m-

Other loans439€0.05m€0.1m▲

Trade debts44€0.7m€0.6m▼

Suppliers440/4€0.7m€0.6m▼

Advances received on contracts in progress46€0.01m€0.03m▲

Taxes, remuneration and social security45€0.2m€0.2m▲

Taxes450/3€0.06m€0.09m▲

Remuneration and social security454/9€0.1m€0.1m▼

Other amounts payable47/48€0.5m€0.5m=

Accrued charges and deferred income492/3€0.02m€0.02m▲

Income statement Code20252026

Remuneration, social security and pensions62€0.6m€0.6m▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.5m▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.05m€0.05m▲

Other operating charges640/8€0.03m€0.03m▲

Gross operating margin9900€2.0m€2.5m▲

Operating profit (loss)9901€1.0m€1.4m▲

Financial income75/76B€0.005m€0.002m▼

Recurring financial income75€0.005m€0.002m▼

Financial charges65/66B€0.1m€0.2m▲

Recurring financial charges65€0.1m€0.2m▲

Profit (loss) for the period before taxes9903€0.9m€1.2m▲

Income taxes67/77€0.2m€0.3m▲

Profit (loss) for the period9904€0.7m€0.9m▲

Profit (loss) for the period to be appropriated9905€0.7m€0.9m▲

Appropriation of the result

Profit (loss) to be appropriated9906€0.7m€0.9m▲

Transfer to equity691/2€0.2m€0.4m▲

To other reserves6921€0.2m€0.4m▲

Profit to be distributed694/7€0.5m€0.5m=

Return on contributions (dividend)694€0.5m€0.5m=

Social balance sheet

Average headcount (FTE)908710.610.0▼

The notes to these accounts have 22 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2026 at the NBB, filed on 09-10-2026.

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Remuneration, social security and pensions62	-	-	-	€0.5m	€0.5m	€0.6m	€0.6m	€0.6m	▼ 3.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€0.2m	€0.3m	€0.3m	€0.2m	€0.4m	€0.2m	€0.3m	€0.5m	▲ 32.9%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	-	-	-€0.007m	-€0.02m	€0.05m	€0.05m	€0.05m	▲ 9.7%
Other operating charges640/8	-	-	-	€0.02m	€0.02m	€0.03m	€0.03m	€0.03m	▲ 1.9%
Gross operating margin9900	€1.0m	€1.1m	€1.3m	€2.0m	€2.4m	€2.2m	€2.0m	€2.5m	▲ 24.3%
Operating profit (loss)9901	€0.2m	€0.3m	€0.6m	€1.2m	€1.5m	€1.3m	€1.0m	€1.4m	▲ 39.4%
Financial income75/76B	-	-	-	€0.006m	€0.005m	€0.004m	€0.005m	€0.002m	▼ 65.3%
Recurring financial income75	€0.008m	€0.007m	€0.003m	€0.006m	€0.005m	€0.004m	€0.005m	€0.002m	▼ 65.3%
Financial charges65/66B	-	-	-	€0.1m	€0.1m	€0.1m	€0.1m	€0.2m	▲ 29.3%
Recurring financial charges65	€0.09m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.2m	▲ 29.3%
Profit (loss) for the period before taxes9903	€0.2m	€0.2m	€0.5m	€1.1m	€1.4m	€1.2m	€0.9m	€1.2m	▲ 40.2%
Income taxes67/77	€0.001m	€0.04m	€0.03m	€0.2m	€0.3m	€0.3m	€0.2m	€0.3m	▲ 60.7%
Profit (loss) for the period9904	€0.2m	€0.2m	€0.5m	€1.0m	€1.2m	€1.0m	€0.7m	€0.9m	▲ 34.7%
Profit (loss) for the period to be appropriated9905	€0.2m	€0.2m	€0.5m	€1.0m	€1.2m	€1.0m	€0.7m	€0.9m	▲ 34.7%

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Assets
Total assets20/58	€6.5m	€6.3m	€7.1m	€6.9m	€8.0m	€9.4m	€11.1m	€11.3m	▲ 1.7%
Formation expenses20	€0	€0	€0	-	-	-	-	-	-
Fixed assets21/28	€2.2m	€2.7m	€3.3m	€3.1m	€4.0m	€4.7m	€6.2m	€6.5m	▲ 3.5%
Intangible fixed assets21	€0.004m	€0.002m	€0	-	-	-	-	-	-
Tangible fixed assets22/27	€2.2m	€2.7m	€3.3m	€3.1m	€4.0m	€4.7m	€6.2m	€6.5m	▲ 3.6%
Land and buildings22	-	-	-	€3.0m	€3.9m	€4.6m	€6.2m	€6.4m	▲ 3.8%
Plant, machinery and equipment23	-	-	-	€0.02m	€0.006m	€0.02m	€0.05m	€0.04m	▼ 15.1%
Furniture and vehicles24	-	-	-	€0.007m	€0.002m	-	-	€0.002m	-
Other tangible fixed assets26	-	-	-	€0.05m	€0.04m	€0.03m	€0.02m	€0.01m	▼ 26.6%
Financial fixed assets28	€0.004m	€0.004m	€0.004m	€0.004m	€0.02m	€0.02m	€0.02m	€0.02m	=
Current assets29/58	€4.3m	€3.6m	€3.8m	€3.8m	€4.0m	€4.7m	€4.8m	€4.8m	▼ 0.8%
Stocks and contracts in progress3	€3.5m	€3.3m	€3.4m	€3.6m	€3.8m	€4.3m	€4.5m	€4.6m	▲ 1.9%
Stocks30/36	-	-	-	€3.6m	€3.8m	€4.3m	€4.5m	€4.6m	▲ 1.9%
Amounts receivable within one year40/41	€0.06m	€0.04m	€0.02m	€0.03m	€0.06m	€0.1m	€0.1m	€0.08m	▼ 46.6%
Trade receivables40	-	-	-	€0.03m	€0.06m	€0.1m	€0.1m	€0.03m	▼ 77.4%
Other amounts receivable41	-	-	-	€0.001m	-	-	€0.03m	€0.05m	▲ 68.2%
Current investments50/53	€0	€0	€0	-	-	-	-	-	-
Cash at bank and in hand54/58	€0.6m	€0.2m	€0.3m	€0.2m	€0.1m	€0.3m	€0.2m	€0.1m	▼ 27.9%
Deferred charges and accrued income490/1	-	-	-	€0.03m	€0.03m	€0.02m	€0.03m	€0.03m	▲ 2.1%
Equity and liabilities
Total equity and liabilities10/49	€6.5m	€6.3m	€7.1m	€6.9m	€8.0m	€9.4m	€11.1m	€11.3m	▲ 1.7%
Equity10/15	€1.5m	€1.6m	€1.7m	€2.2m	€2.8m	€3.7m	€3.9m	€4.4m	▲ 10.8%
Contributions10/11	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	=
Capital10	-	-	-	€0.1m	-	-	-	-	-
Issued capital100	-	-	-	€0.1m	-	-	-	-	-
Reserves13	€1.4m	€1.4m	€1.6m	€2.1m	€2.7m	€3.6m	€3.8m	€4.2m	▲ 11.2%
Non-distributable reserves130/1	-	-	-	€0.01m	-	-	-	-	-
Legal reserve130	-	-	-	€0.01m	-	-	-	-	-
Tax-exempt reserves132	-	-	-	€0.04m	€0.04m	€0.04m	€0.04m	€0.04m	=
Distributable reserves133	-	-	-	€2.0m	€2.7m	€3.6m	€3.8m	€4.2m	▲ 11.3%
Profit (loss) carried forward14	€0	€0	€0	-	-	-	-	-	-
Amounts payable17/49	€5.0m	€4.7m	€5.3m	€4.7m	€5.1m	€5.6m	€7.2m	€6.9m	▼ 3.4%
Amounts payable after more than one year17	€3.2m	€3.5m	€4.1m	€3.4m	€3.6m	€4.1m	€5.0m	€4.9m	▼ 1.2%
Financial debts170/4	-	-	-	€3.4m	€3.6m	€4.1m	€5.0m	€4.9m	▼ 1.2%
Amounts payable within one year42/48	€1.8m	€1.2m	€1.2m	€1.3m	€1.5m	€1.5m	€2.2m	€2.0m	▼ 8.4%
Current portion of amounts payable after more than one year42	-	-	-	€0.3m	€0.3m	€0.4m	€0.5m	€0.6m	▲ 9.8%
Financial debts43	-	-	-	-	-	€0.01m	€0.3m	€0.1m	▼ 49.9%
Credit institutions430/8	-	-	-	-	-	-	€0.2m	-	-
Other loans439	-	-	-	-	-	€0.01m	€0.05m	€0.1m	▲ 148%
Trade debts44	€0.8m	€0.5m	€0.5m	€0.4m	€0.4m	€0.8m	€0.7m	€0.6m	▼ 20.3%
Suppliers440/4	-	-	-	€0.4m	€0.4m	€0.8m	€0.7m	€0.6m	▼ 20.3%
Advances received on contracts in progress46	-	-	-	-	-	-	€0.01m	€0.03m	▲ 163%
Taxes, remuneration and social security45	-	-	-	€0.1m	€0.2m	€0.2m	€0.2m	€0.2m	▲ 13.6%
Taxes450/3	-	-	-	€0.02m	€0.1m	€0.1m	€0.06m	€0.09m	▲ 48.1%
Remuneration and social security454/9	-	-	-	€0.09m	€0.1m	€0.1m	€0.1m	€0.1m	▼ 4.5%
Other amounts payable47/48	-	-	-	€0.5m	€0.5m	€0.05m	€0.5m	€0.5m	=
Accrued charges and deferred income492/3	-	-	-	€0.02m	€0.02m	€0.02m	€0.02m	€0.02m	▲ 7.2%

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Profit (loss) for the period9904	€0.2m	€0.2m	€0.5m	€1.0m	€1.2m	€1.0m	€0.7m	€0.9m	▲ 34.7%
+ Depreciation and write-downs630	€0.2m	€0.3m	€0.3m	€0.2m	€0.4m	€0.2m	€0.3m	€0.5m	▲ 32.9%
Operating cash flow (approximation)	€0.4m	€0.5m	€0.8m	€1.2m	€1.5m	€1.2m	€1.0m	€1.4m	▲ 34.1%
Investment in fixed assets (approximation)	-	-€0.7m	-€0.9m	-€0.01m	-€1.3m	-€1.0m	-€1.9m	-€0.7m	▲ 63.9%
Change in cash	-	-€0.5m	€0.2m	-€0.2m	-€0.04m	€0.2m	-€0.07m	-€0.06m	▲ 22.3%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 20,136 companies had the same profile as SYNCO has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.

Small
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more

95.0% was still going

4.7% stopped otherwise

0.2% went bankrupt

That fits the bankruptcy probability of SYNCO 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for SYNCO. 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 34 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-03-2026	abbreviated format	09-10-2026	2026-00559414	PDF
31-03-2025	abbreviated format	07-10-2025	2025-00536447	PDF
31-03-2024	abbreviated format	29-10-2024	2024-00524751	PDF
31-03-2023	abbreviated format	27-09-2023	2023-00462029	PDF
31-03-2022	abbreviated format	06-09-2022	2022-20423515	PDF
31-03-2021	abbreviated format	21-09-2021	2021-67800308	PDF
31-03-2020	abbreviated format	14-10-2020	2020-61700401	PDF
31-03-2019	abbreviated format	17-09-2019	2019-64900100	PDF
31-03-2018	abbreviated format	17-09-2018	2018-63900141	PDF
31-03-2017	abbreviated format	26-10-2017	2017-68000468	PDF

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