SynEnergy
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 4 days after the deadline Filed on 4 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00031981.
Annual accounts 2025 filed on 04-02-2026 PDF all 17 filings
Turnover
€0
EBIT margin
Not included in this filing
Net result
€1.0m▲ 66.1%
2024 · €612,514
Working capital
€7.4m▲ 10.5%
2024 · €6.7m
In the rankings
#6 company by equity in Herve, Wholesale and retail trade sector#8 company by total assets in Herve, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€1.3m
▲ 58.1%
2025
20192025
Net result
€1.0m
▲ 66.1%
2025
highest quarter of the sector
20192025
Equity
€7.4m
▲ 10.0%
2025
highest quarter of the sector
20192025
Total assets
€10.3m
▲ 6.7%
2025
middle half of the sector
20192025
Debt
€2.9m
▼ 0.7%
2025
20192025
Working capital
€7.4m
▲ 10.5%
2025
highest quarter of the sector
20192025
Solvency
71.7%
▲ 2.1pp
2025
highest quarter of the sector
20192025
Current ratio
3.53
▲ 0.26
2025
highest quarter of the sector
20192025
Return on assets (ROA)
9.8%
▲ 3.5pp
2025
highest quarter of the sector
20192025
Staff (FTE)
0
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0
Operating result€0.9m-€0.7m▼ 20.2%€1.9m▲ 167%€2.4m▲ 24.6%€1.9m▼ 21.9%€0.8m▼ 55.1%€1.3m▲ 58.1%
Net result€0.6m-€0.5mabove the sector's middle half▼ 18.5%€1.3mabove the sector's middle half▲ 171%€1.7mabove the sector's middle half▲ 26.3%€1.3mabove the sector's middle half▼ 19.7%€0.6mabove the sector's middle half▼ 54.2%€1.0mabove the sector's middle half▲ 66.1%
Equity€3.7m-€4.2mabove the sector's middle half▲ 13.2%€5.0mabove the sector's middle half▲ 19.6%€6.3mabove the sector's middle half▲ 25.0%€7.4mabove the sector's middle half▲ 18.1%€6.7mabove the sector's middle half▼ 8.8%€7.4mabove the sector's middle half▲ 10.0%
Total assets€5.7m-€6.1mwithin the sector's middle half▲ 5.4%€8.7mwithin the sector's middle half▲ 44.1%€9.8mwithin the sector's middle half▲ 12.1%€10.8mwithin the sector's middle half▲ 10.0%€9.7mwithin the sector's middle half▼ 10.0%€10.3mwithin the sector's middle half▲ 6.7%
Debt€2.0m-€1.9m▼ 8.6%€3.7m▲ 99.0%€3.5m▼ 5.3%€3.4m▼ 4.3%€2.9m▼ 12.5%€2.9m▼ 0.7%
Working capital€3.3m-€3.8mabove the sector's middle half▲ 14.8%€4.7mabove the sector's middle half▲ 21.3%€5.9mabove the sector's middle half▲ 27.2%€7.0mabove the sector's middle half▲ 18.0%€6.7mabove the sector's middle half▼ 4.7%€7.4mabove the sector's middle half▲ 10.5%
Solvency64.4%-69.2%above the sector's middle half▲ 4.7pp57.4%within the sector's middle half▼ 11.7pp64.1%above the sector's middle half▲ 6.6pp68.7%above the sector's middle half▲ 4.7pp69.6%above the sector's middle half▲ 0.9pp71.7%above the sector's middle half▲ 2.1pp
Current ratio2.64-3.06above the sector's middle half▲ 0.422.26within the sector's middle half▼ 0.812.69above the sector's middle half▲ 0.433.08above the sector's middle half▲ 0.393.27above the sector's middle half▲ 0.193.53above the sector's middle half▲ 0.26
Return on assets (ROA)10.4%-8.1%within the sector's middle half▼ 2.4pp15.2%above the sector's middle half▲ 7.1pp17.1%above the sector's middle half▲ 1.9pp12.4%above the sector's middle half▼ 4.6pp6.3%within the sector's middle half▼ 6.1pp9.8%above the sector's middle half▲ 3.5pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
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 58% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.3m
Fixed assets
€37,188 ▼ 44.5%
Current assets
€10.3m ▲ 7.1%
Equity and liabilities €10.3m
Equity
€7.4m ▲ 10.0%
Debt
€2.9m ▼ 0.7%
Debt's share of the balance-sheet total falls from 30.4% to 28.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.4m▲
2024 · €873,738
Cash flow
€1.0m▲
2024 · €638,118
Quick ratio
3.28▲
2024 · 3.00
Debt to equity
0.39▼
2024 · 0.44
ROE
13.7%▲
2024 · 9.1%
Interest coverage
76.18▲
2024 · 41.69
Debt ≤ 1 year
€2.9m▼
2024 · €2.9m
Income taxes
€455,204▲
2024 · €279,673
Staff costs
€465▼
2024 · €2,250
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,506 | €91,218 | €6,041 | €12,349 |
| Depreciation and write-downs of the year | €22,912 | €26,535 | €25,604 | €15,195 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.002m | €0.002m | €0.002m | €465 | ▼ 79.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 40.7% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.003m | €0.007m | €0.003m | ▼ 53.3% |
| Gross operating margin9900 | €1.0m | €0.7m | €2.0m | €2.4m | €1.9m | €0.9m | €1.4m | ▲ 54.0% |
| Operating profit (loss)9901 | €0.9m | €0.7m | €1.9m | €2.4m | €1.9m | €0.8m | €1.3m | ▲ 58.1% |
| Financial income75/76B | - | - | - | €0.04m | €0.09m | €0.07m | €0.1m | ▲ 130% |
| Recurring financial income75 | €0.03m | €0.01m | €0.02m | €0.04m | €0.09m | €0.07m | €0.1m | ▲ 130% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 15.1% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 15.1% |
| Profit (loss) for the period before taxes9903 | €0.9m | €0.7m | €1.9m | €2.4m | €2.0m | €0.9m | €1.5m | ▲ 65.0% |
| Income taxes67/77 | €0.3m | €0.2m | €0.6m | €0.8m | €0.6m | €0.3m | €0.5m | ▲ 62.8% |
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.3m | €1.7m | €1.3m | €0.6m | €1.0m | ▲ 66.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.3m | €1.3m | €1.7m | €1.3m | €0.6m | €0.8m | ▲ 31.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.7m | €6.1m | €8.7m | €9.8m | €10.8m | €9.7m | €10.3m | ▲ 6.7% |
| Formation expenses20 | €0 | €0 | €0 | €0 | - | - | - | - |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.07m | €0.04m | ▼ 44.5% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.07m | €0.04m | ▼ 44.5% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.04m | €0.03m | €0.01m | ▼ 64.6% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.05m | €0.04m | €0.03m | ▼ 29.4% |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - |
| Current assets29/58 | €5.4m | €5.7m | €8.4m | €9.4m | €10.4m | €9.6m | €10.3m | ▲ 7.1% |
| Stocks and contracts in progress3 | €0.7m | €0.7m | €0.9m | €0.5m | €0.8m | €0.8m | €0.7m | ▼ 9.4% |
| Stocks30/36 | - | - | - | €0.5m | €0.8m | €0.8m | €0.7m | ▼ 9.4% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.7m | €0.5m | €1.1m | €0.4m | €0.5m | ▲ 4.3% |
| Trade receivables40 | - | - | - | €0.3m | €0.9m | €0.1m | €0.3m | ▲ 91.1% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 38.6% |
| Current investments50/53 | €1.5m | €1.7m | €1.8m | €2.4m | €3.1m | €2.9m | €3.1m | ▲ 6.2% |
| Cash at bank and in hand54/58 | €2.7m | €2.8m | €4.9m | €6.1m | €5.3m | €5.4m | €6.0m | ▲ 11.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.005m | €0.07m | €0.01m | ▼ 85.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.7m | €6.1m | €8.7m | €9.8m | €10.8m | €9.7m | €10.3m | ▲ 6.7% |
| Equity10/15 | €3.7m | €4.2m | €5.0m | €6.3m | €7.4m | €6.7m | €7.4m | ▲ 10.0% |
| Contributions10/11 | €0.7m | €0 | - | €0.7m | €0.7m | €0.02m | €0.02m | = |
| Reserves13 | €2.7m | €3.2m | €4.0m | €5.3m | €6.4m | €6.5m | €7.1m | ▲ 10.4% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.07m | €0.07m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.2m | €0 | €0.2m | - |
| Distributable reserves133 | - | - | - | €4.8m | €6.1m | €6.5m | €6.9m | ▲ 7.2% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable17/49 | €2.0m | €1.9m | €3.7m | €3.5m | €3.4m | €2.9m | €2.9m | ▼ 0.7% |
| Amounts payable within one year42/48 | €2.0m | €1.9m | €3.7m | €3.5m | €3.4m | €2.9m | €2.9m | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.04m | €0 | ▼ 100% |
| Trade debts44 | €1.1m | €1.2m | €2.1m | €2.1m | €1.8m | €1.3m | €1.6m | ▲ 19.7% |
| Suppliers440/4 | - | - | - | €2.1m | €1.8m | €1.3m | €1.6m | ▲ 19.7% |
| Advances received on contracts in progress46 | - | - | - | €0.7m | €1.0m | €1.0m | €0.7m | ▼ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0 | €0.3m | - |
| Taxes450/3 | - | - | - | €0.3m | €0.3m | €0 | €0.3m | - |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.2m | €0.5m | €0.3m | ▼ 36.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.3m | €1.7m | €1.3m | €0.6m | €1.0m | ▲ 66.1% |
| + Depreciation and write-downs630 | €0.03m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 40.7% |
| Operating cash flow (approximation) | €0.6m | €0.5m | €1.3m | €1.7m | €1.4m | €0.6m | €1.0m | ▲ 61.8% |
| Investment in fixed assets (approximation) | - | -€0.008m | -€0.02m | -€0.009m | -€0.09m | €0.3m | €0.01m | ▼ 95.1% |
| Change in cash | - | €0.1m | €2.0m | €1.2m | -€0.8m | €0.06m | €0.6m | ▲ 912% |
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, 546 companies had the same profile as SynEnergy has now. Two years later, 95.2% were still going and 0.4% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.2%
was still going
4.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SynEnergy 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 546 companies, not a prediction for SynEnergy. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 04-02-2026 | 2026-00031981 | |
| 30-06-2024 | full format | 31-01-2025 | 2025-00017956 | |
| 30-06-2023 | full format | 30-01-2024 | 2024-00011055 | |
| 30-06-2022 | full format | 30-01-2023 | 2023-00008008 | |
| 30-06-2021 | full format | 26-01-2022 | 2022-02100174 | |
| 30-06-2020 | full format | 29-01-2021 | 2021-04000362 | |
| 30-06-2019 | full format | 28-01-2020 | 2020-03200343 | |
| 30-06-2018 | full format | 30-01-2019 | 2019-03000514 | |
| 30-06-2017 | full format | 31-01-2018 | 2018-03400427 | |
| 30-06-2016 | full format | 26-01-2017 | 2017-02300519 |