SYSTEME G
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 41 filings
Turnover
≈ €93,000
Estimated: probably between €58,000 and €190,000
EBIT margin
Not included in this filing
Net result
€4,622▼ 57.2%
2024 · €10,787
Working capital
€479,375▲ 5.5%
2024 · €454,448
In the rankings
#4 oldest company in Ath, Real estate sector#7 company by equity in Ath, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,026
▼ 31.0%
2025
20182025
Net result
€4,622
▼ 57.2%
2025
middle half of the sector
20182025
Equity
€919,213
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€925,315
▼ 24.1%
2025
middle half of the sector
20182025
Debt
€6,102
▼ 98.0%
2025
20182025
Working capital
€479,375
▲ 5.5%
2025
highest quarter of the sector
20182025
Solvency
99.3%
▲ 24.3pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
0.5%
▼ 0.4pp
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-€0.03m--€0.04m▼ 36.2%€0.003m-€0.001m€0.3m€0.3m▲ 20.0%€0.02m▼ 94.8%€0.01m▼ 31.0%
Net result-€0.03m--€0.04m▼ 41.2%-€0.03mbelow the sector's middle half▲ 32.6%-€0.02mbelow the sector's middle half▲ 11.6%€0.2mabove the sector's middle half€0.2mabove the sector's middle half▲ 27.4%€0.01mwithin the sector's middle half▼ 95.5%€0.005mwithin the sector's middle half▼ 57.2%
Equity€1.2m-€0.8m▼ 32.4%€0.8mwithin the sector's middle half▼ 3.3%€0.8mabove the sector's middle half▼ 3.0%€1.0mwithin the sector's middle half▲ 24.0%€1.2mwithin the sector's middle half▲ 24.7%€0.9mwithin the sector's middle half▼ 24.0%€0.9mwithin the sector's middle half▲ 0.5%
Total assets€1.3m-€1.0m▼ 25.2%€1.2mwithin the sector's middle half▲ 26.3%€2.2mabove the sector's middle half▲ 75.9%€1.9mwithin the sector's middle half▼ 13.4%€1.3mwithin the sector's middle half▼ 31.5%€1.2mwithin the sector's middle half▼ 6.1%€0.9mwithin the sector's middle half▼ 24.1%
Debt€0.09m-€0.2m▲ 76.4%€0.4m▲ 186%€1.4m▲ 220%€0.9m▼ 34.0%€0.09m▼ 89.8%€0.3m▲ 222%€0.006m▼ 98.0%
Working capital€0.3m-€0.3m▼ 2.6%€0.2mwithin the sector's middle half▼ 7.8%€0.2mabove the sector's middle half▼ 3.4%€0.4mwithin the sector's middle half▲ 92.0%€0.7mwithin the sector's middle half▲ 61.7%€0.5mwithin the sector's middle half▼ 37.2%€0.5mabove the sector's middle half▲ 5.5%
Solvency93.4%-84.4%▼ 9.0pp64.6%above the sector's middle half▼ 19.8pp35.6%within the sector's middle half▼ 29.0pp51.0%within the sector's middle half▲ 15.4pp92.7%above the sector's middle half▲ 41.7pp75.0%above the sector's middle half▼ 17.7pp99.3%above the sector's middle half▲ 24.3pp
Current ratio7.49-2.93▼ 4.561.56within the sector's middle half▼ 1.381.17within the sector's middle half▼ 0.391.48within the sector's middle half▲ 0.328.92above the sector's middle half▲ 7.442.51within the sector's middle half▼ 6.41
Return on assets (ROA)-2.2%--4.2%▼ 2.0pp-2.2%below the sector's middle half▲ 1.9pp-1.1%within the sector's middle half▲ 1.1pp9.9%above the sector's middle half▲ 11.0pp18.3%above the sector's middle half▲ 8.5pp0.9%within the sector's middle half▼ 17.5pp0.5%within the sector's middle half▼ 0.4pp
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 31% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €925,315
Fixed assets
€443,154 ▼ 4.3%
Current assets
€482,161 ▼ 36.2%
Equity and liabilities €925,315
Equity
€919,213 ▲ 0.5%
Debt
€6,102 ▼ 98.0%
Debt's share of the balance-sheet total falls from 25.0% to 0.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32,135▼
2024 · €37,554
Cash flow
€24,730▼
2024 · €30,923
Debt to equity
0.01▼
2024 · 0.33
ROE
0.5%▼
2024 · 1.2%
Interest coverage
20.03▼
2024 · 23.77
Debt ≤ 1 year
€2,786▼
2024 · €301,271
Income taxes
€5,801▼
2024 · €7,893
A ratio outside any meaningful range has been withheld (balance sheet total €925,315, equity €919,213).
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 | €2,169 | - | - | - | - |
| Depreciation and write-downs of the year | €20,469 | €20,298 | €20,298 | €20,136 | €20,108 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,668 | €23,465 | €20,222 | €20,469 | €20,298 | €20,298 | €20,136 | €20,108 | ▼ 0.1% |
| Other operating charges640/8 | - | - | - | €9,257 | €4,500 | €5,572 | €456 | €5,706 | ▲ 13× |
| Gross operating margin9900 | €18,463 | €31,821 | €27,758 | €28,567 | €301,446 | €357,887 | €38,010 | €37,840 | ▼ 0.4% |
| Operating profit (loss)9901 | -€29,478 | -€40,138 | €3,337 | -€1,159 | €276,648 | €332,017 | €17,419 | €12,026 | ▼ 31.0% |
| Financial income75/76B | - | - | - | €598 | €647 | €3,885 | €2,842 | - | - |
| Recurring financial income75 | €3,027 | €1,739 | €874 | €598 | €647 | €3,885 | €2,842 | - | - |
| Financial charges65/66B | - | - | - | €23,859 | €38,852 | €13,111 | €1,580 | €1,604 | ▲ 1.5% |
| Recurring financial charges65 | €2,580 | €2,588 | €31,836 | €23,859 | €38,852 | €13,111 | €1,580 | €1,604 | ▲ 1.5% |
| Profit (loss) for the period before taxes9903 | -€29,032 | -€40,987 | -€27,625 | -€24,419 | €238,443 | €322,791 | €18,681 | €10,422 | ▼ 44.2% |
| Income taxes67/77 | - | - | - | - | €51,465 | €84,589 | €7,893 | €5,801 | ▼ 26.5% |
| Profit (loss) for the period9904 | -€29,032 | -€40,987 | -€27,625 | -€24,419 | €186,978 | €238,202 | €10,787 | €4,622 | ▼ 57.2% |
| Profit (loss) for the period to be appropriated9905 | -€29,032 | -€40,987 | -€27,625 | -€24,419 | €186,978 | €238,202 | €10,787 | €4,622 | ▼ 57.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.0m | €1.2m | €2.2m | €1.9m | €1.3m | €1.2m | €0.9m | ▼ 24.1% |
| Fixed assets21/28 | €1.0m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 4.3% |
| Tangible fixed assets22/27 | €1.0m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 4.3% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 19.8% |
| Furniture and vehicles24 | - | - | - | €407 | €217 | €28 | - | - | - |
| Current assets29/58 | €0.3m | €0.4m | €0.7m | €1.6m | €1.4m | €0.8m | €0.8m | €0.5m | ▼ 36.2% |
| Stocks and contracts in progress3 | - | €0.02m | €0.3m | €1.3m | €1.0m | €0.03m | €0.03m | €0.03m | = |
| Stocks30/36 | - | - | - | €1.3m | €1.0m | €0.03m | €0.03m | €0.03m | = |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.8m | €0.6m | €0.4m | ▼ 25.8% |
| Trade receivables40 | - | - | - | €375 | €0.08m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.8m | €0.6m | €0.4m | ▼ 25.8% |
| Cash at bank and in hand54/58 | €0.003m | €0.1m | €0.03m | €0.009m | €0.02m | €0.03m | €0.1m | €0.007m | ▼ 94.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €0.001m | €0.002m | €0.005m | ▲ 220% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.0m | €1.2m | €2.2m | €1.9m | €1.3m | €1.2m | €0.9m | ▼ 24.1% |
| Equity10/15 | €1.2m | €0.8m | €0.8m | €0.8m | €1.0m | €1.2m | €0.9m | €0.9m | ▲ 0.5% |
| Contributions10/11 | €0.4m | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Revaluation surpluses12 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.1% |
| Reserves13 | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.5m | €0.2m | €0.2m | ▲ 8.8% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | - | - |
| Distributable reserves133 | - | - | - | €0.01m | €0.1m | €0.3m | €0.05m | €0.2m | ▲ 357% |
| Profit (loss) carried forward14 | -€0.006m | -€0.05m | -€0.07m | -€0.1m | - | - | - | - | - |
| Amounts payable17/49 | €0.09m | €0.2m | €0.4m | €1.4m | €0.9m | €0.09m | €0.3m | €0.006m | ▼ 98.0% |
| Amounts payable after more than one year17 | €0.04m | €0.02m | €0.002m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.04m | €0.1m | €0.4m | €1.4m | €0.9m | €0.09m | €0.3m | €0.003m | ▼ 99.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.3m | €0.6m | - | - | - | - |
| Financial debts43 | - | - | - | - | €0.005m | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.005m | - | - | - | - |
| Trade debts44 | €38 | - | €0.2m | €0.07m | €0.2m | €0.09m | €61 | €0.001m | ▲ 13× |
| Suppliers440/4 | - | - | - | €0.07m | €0.2m | €0.09m | €61 | €0.001m | ▲ 13× |
| Taxes, remuneration and social security45 | - | - | - | - | €0.1m | €413 | €16 | €398 | ▲ 25× |
| Taxes450/3 | - | - | - | - | €0.1m | €413 | €16 | €398 | ▲ 25× |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.09m | €0.003m | €0.3m | €0.002m | ▼ 99.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | - | €0.003m | €0.003m | €0.003m | ▲ 6.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,032 | -€40,987 | -€27,625 | -€24,419 | €186,978 | €238,202 | €10,787 | €4,622 | ▼ 57.2% |
| + Depreciation and write-downs630 | €39,668 | €23,465 | €20,222 | €20,469 | €20,298 | €20,298 | €20,136 | €20,108 | ▼ 0.1% |
| Operating cash flow (approximation) | €10,636 | -€17,522 | -€7,403 | -€3,950 | €207,276 | €258,500 | €30,923 | €24,730 | ▼ 20.0% |
| Investment in fixed assets (approximation) | - | €395,743 | €0 | -€2,169 | €10,041 | €14,393 | €0 | €0 | - |
| Change in cash | - | €93,879 | -€69,512 | -€18,618 | €7,718 | €12,375 | €99,905 | -€122,192 | - |
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 SYSTEME G 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 SYSTEME G 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 SYSTEME G. 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 41 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00195115 | |
| 31-12-2024 | full format | 12-06-2025 | 2025-00147797 | |
| 31-12-2023 | full format | 29-06-2024 | 2024-00204859 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00165008 | |
| 31-12-2021 | micro format | 15-06-2022 | 2022-20077886 | |
| 31-12-2020 | full format | 01-07-2021 | 2021-30300262 | |
| 31-12-2019 | full format | 22-06-2020 | 2020-20200558 | |
| 31-12-2018 | full format | 07-06-2019 | 2019-16700424 | |
| 31-12-2017 | full format | 13-07-2018 | 2018-32600242 | |
| 31-12-2016 | full format | 03-07-2017 | 2017-25600504 |