SYSTEMHOUSE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-12-2025 PDF all 15 filings
Turnover
≈ €31.0m
Estimated: probably between €19.0m and €52.0m
EBIT margin
Not included in this filing
Net result
€3.8m▼ 9.3%
2024 · €4.2m
Working capital
€14.4m▲ 15.6%
2024 · €12.5m
In the rankings
#3 company by staff growth in Mouscron, Wholesale and retail trade sector#6 company by equity in Mouscron, Wholesale and retail trade sector#7 company by total assets in Mouscron, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€5.1m
▼ 8.0%
2025
20192025
Net result
€3.8m
▼ 9.3%
2025
highest quarter of the sector
20192025
Equity
€16.8m
▲ 13.7%
2025
highest quarter of the sector
20192025
Total assets
€30.4m
▲ 11.3%
2025
highest quarter of the sector
20192025
Debt
€13.6m
▲ 8.5%
2025
20192025
Working capital
€14.4m
▲ 15.6%
2025
highest quarter of the sector
20192025
Solvency
55.2%
▲ 1.2pp
2025
middle half of the sector
20192025
Current ratio
2.23
▲ 0.20
2025
middle half of the sector
20192025
Return on assets (ROA)
12.5%
▼ 2.8pp
2025
highest quarter of the sector
20192025
Staff (FTE)
15.3
▲ 13.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3.0m-€2.7m▼ 10.3%€4.5m▲ 66.1%€2.6m▼ 42.5%€4.0m▲ 54.4%€5.5m▲ 36.7%€5.1m▼ 8.0%
Net result€2.3m-€2.1mabove the sector's middle half▼ 11.4%€3.5mabove the sector's middle half▲ 68.4%€1.8mabove the sector's middle half▼ 47.7%€2.6mabove the sector's middle half▲ 42.6%€4.2mabove the sector's middle half▲ 61.1%€3.8mabove the sector's middle half▼ 9.3%
Equity€4.1m-€4.9mabove the sector's middle half▲ 20.6%€7.1mabove the sector's middle half▲ 44.9%€9.0mabove the sector's middle half▲ 26.5%€10.6mabove the sector's middle half▲ 17.4%€14.7mabove the sector's middle half▲ 39.2%€16.8mabove the sector's middle half▲ 13.7%
Total assets€12.6m-€14.3mabove the sector's middle half▲ 13.5%€19.7mabove the sector's middle half▲ 37.7%€27.6mabove the sector's middle half▲ 40.5%€29.4mabove the sector's middle half▲ 6.3%€27.3mabove the sector's middle half▼ 7.1%€30.4mabove the sector's middle half▲ 11.3%
Debt€7.5m-€8.3m▲ 11.5%€11.5m▲ 38.1%€16.6m▲ 44.1%€18.8m▲ 13.1%€12.5m▼ 33.2%€13.6m▲ 8.5%
Working capital€5.1m-€5.7mabove the sector's middle half▲ 10.5%€7.5mabove the sector's middle half▲ 33.5%€9.8mabove the sector's middle half▲ 30.0%€8.8mabove the sector's middle half▼ 10.4%€12.5mabove the sector's middle half▲ 42.1%€14.4mabove the sector's middle half▲ 15.6%
Solvency32.5%-34.5%within the sector's middle half▲ 2.0pp36.3%within the sector's middle half▲ 1.8pp32.7%within the sector's middle half▼ 3.6pp36.1%within the sector's middle half▲ 3.4pp54.0%within the sector's middle half▲ 18.0pp55.2%within the sector's middle half▲ 1.2pp
Current ratio1.71-1.68within the sector's middle half▼ 0.031.68within the sector's middle half=1.62within the sector's middle half▼ 0.051.49within the sector's middle half▼ 0.142.03within the sector's middle half▲ 0.552.23within the sector's middle half▲ 0.20
Return on assets (ROA)18.5%-14.4%above the sector's middle half▼ 4.1pp17.7%above the sector's middle half▲ 3.2pp6.6%within the sector's middle half▼ 11.1pp8.8%within the sector's middle half▲ 2.2pp15.3%above the sector's middle half▲ 6.5pp12.5%above the sector's middle half▼ 2.8pp
Staff (FTE)3.6-5.6within the sector's middle half▲ 55.6%7.4within the sector's middle half▲ 32.1%10.3within the sector's middle half▲ 39.2%12within the sector's middle half▲ 16.5%13.5within the sector's middle half▲ 12.5%15.3within the sector's middle half▲ 13.3%
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 8% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.4m
Fixed assets
€4.2m ▲ 55.5%
Current assets
€26.1m ▲ 6.4%
Equity and liabilities €30.4m
Equity
€16.8m ▲ 13.7%
Debt
€13.6m ▲ 8.5%
Debt's share of the balance-sheet total falls from 46.0% to 44.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5.8m▼
2024 · €6.1m
Cash flow
€4.5m▼
2024 · €4.8m
Quick ratio
1.84▲
2024 · 1.61
Debt to equity
0.81▼
2024 · 0.85
ROE
22.6%▼
2024 · 28.3%
Interest coverage
14.01▲
2024 · 10.53
Debt ≤ 1 year
€11.7m▼
2024 · €12.1m
Debt > 1 year
€1.9m▲
2024 · €463,603
Income taxes
€912,330▲
2024 · €899,911
Staff costs
€1.6m▲
2024 · €1.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 15 | 16 | 20 |
| full-time | 8 | 10 | 12 | 17 |
| part-time | 5 | 5 | 4 | 3 |
| in full-time equivalents | 10.9 | 12.9 | 14.6 | 18.7 |
| Average over the year, in full-time equivalents | 10.3 | 12 | 13.5 | 15.3 |
| On a permanent contract | 13 | 15 | 16 | 19 |
| Joined | 4 | 7 | 5 | 7 |
| Left | 3 | 5 | 4 | 2 |
| Training hours | 93 | - | - | 506 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.6m | €2.8m | €1.0m | €2.7m |
| Pledge on the business | €4.4m | €4.4m | €4.4m | €5.2m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.4m | €741,173 | €801,420 | €2.2m |
| Intangible fixed assets | €51,498 | €86,394 | €49,171 | €49,574 |
| Depreciation and write-downs of the year | €348,847 | €463,980 | €602,195 | €703,020 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €0.3m | €0 | €0.004m | - |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.2m | €1.4m | €1.6m | ▲ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.1m | €0.2m | €0.3m | €0.5m | €0.6m | €0.7m | ▲ 16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.009m | €0.1m | -€0.009m | -€0.05m | ▼ 530% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €1.0m | -€2.0m | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.1m | €0.01m | €0.06m | ▲ 394% |
| Non-recurring operating charges66A | - | - | - | €0.002m | €3.5m | €0 | - | - |
| Gross operating margin9900 | €4.0m | €3.5m | €5.5m | €5.0m | €7.4m | €7.6m | €7.4m | ▼ 2.5% |
| Operating profit (loss)9901 | €3.0m | €2.7m | €4.5m | €2.6m | €4.0m | €5.5m | €5.1m | ▼ 8.0% |
| Financial income75/76B | - | - | - | €0.05m | €0.09m | €0.1m | €0.04m | ▼ 71.6% |
| Recurring financial income75 | €0.5m | €0.3m | €0.1m | €0.05m | €0.09m | €0.1m | €0.04m | ▼ 71.6% |
| Financial charges65/66B | - | - | - | €0.5m | €0.8m | €0.6m | €0.4m | ▼ 29.0% |
| Recurring financial charges65 | €0.4m | €0.4m | €0.5m | €0.5m | €0.8m | €0.6m | €0.4m | ▼ 29.0% |
| Profit (loss) for the period before taxes9903 | €3.2m | €2.6m | €4.2m | €2.1m | €3.4m | €5.1m | €4.7m | ▼ 7.4% |
| Income taxes67/77 | €0.9m | €0.6m | €0.7m | €0.3m | €0.8m | €0.9m | €0.9m | ▲ 1.4% |
| Profit (loss) for the period9904 | €2.3m | €2.1m | €3.5m | €1.8m | €2.6m | €4.2m | €3.8m | ▼ 9.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | €0.7m | €0 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | €0.5m | €0.8m | €1.0m | ▲ 18.5% |
| Profit (loss) for the period to be appropriated9905 | €1.6m | €1.5m | €3.1m | €1.8m | €2.8m | €3.3m | €2.8m | ▼ 16.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €12.6m | €14.3m | €19.7m | €27.6m | €29.4m | €27.3m | €30.4m | ▲ 11.3% |
| Fixed assets21/28 | €0.3m | €0.3m | €1.0m | €2.1m | €2.5m | €2.7m | €4.2m | ▲ 55.5% |
| Intangible fixed assets21 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.4% |
| Tangible fixed assets22/27 | - | €0.08m | €0.8m | €2.0m | €2.3m | €2.6m | €4.1m | ▲ 59.2% |
| Plant, machinery and equipment23 | - | - | - | €1.6m | €1.6m | €1.7m | €1.7m | ▲ 4.8% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.4m | €0.4m | €0.5m | ▲ 30.9% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.1m | - |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | €0.5m | €1.7m | ▲ 234% |
| Current assets29/58 | €12.3m | €14.0m | €18.6m | €25.5m | €26.9m | €24.6m | €26.1m | ▲ 6.4% |
| Stocks and contracts in progress3 | €2.7m | €2.6m | €3.4m | €5.5m | €6.5m | €5.1m | €4.6m | ▼ 9.7% |
| Stocks30/36 | - | - | - | €5.5m | €6.5m | €5.1m | €4.6m | ▼ 9.7% |
| Amounts receivable within one year40/41 | €8.9m | €9.5m | €13.5m | €18.0m | €18.9m | €18.1m | €19.9m | ▲ 10.1% |
| Trade receivables40 | - | - | - | €17.0m | €17.6m | €17.6m | €19.5m | ▲ 10.7% |
| Other amounts receivable41 | - | - | - | €1.0m | €1.3m | €0.5m | €0.4m | ▼ 8.7% |
| Cash at bank and in hand54/58 | €0.8m | €1.9m | €1.8m | €1.9m | €1.4m | €1.3m | €1.6m | ▲ 17.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.003m | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €12.6m | €14.3m | €19.7m | €27.6m | €29.4m | €27.3m | €30.4m | ▲ 11.3% |
| Equity10/15 | €4.1m | €4.9m | €7.1m | €9.0m | €10.6m | €14.7m | €16.8m | ▲ 13.7% |
| Contributions10/11 | €0.2m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €3.8m | €4.7m | €6.9m | €8.7m | €10.3m | €14.5m | €16.5m | ▲ 14.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | - | - | - | - |
| Other1319 | - | - | - | - | €0.02m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €1.8m | €1.6m | €2.4m | €2.4m | ▼ 2.2% |
| Distributable reserves133 | - | - | - | €6.9m | €8.7m | €12.0m | €14.1m | ▲ 17.4% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Investment grants15 | - | - | - | €0.08m | €0.06m | €0.04m | €0.02m | ▼ 56.7% |
| Provisions and deferred taxes16 | €1.0m | €1.0m | €1.0m | €2.0m | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €2.0m | €0 | - | - | - |
| Pensions and similar obligations160 | - | - | - | €2.0m | €0 | - | - | - |
| Amounts payable17/49 | €7.5m | €8.3m | €11.5m | €16.6m | €18.8m | €12.5m | €13.6m | ▲ 8.5% |
| Amounts payable after more than one year17 | - | - | €0.4m | €0.9m | €0.7m | €0.5m | €1.9m | ▲ 311% |
| Financial debts170/4 | - | - | - | €0.9m | €0.7m | €0.5m | €1.9m | ▲ 311% |
| Amounts payable within one year42/48 | €7.2m | €8.3m | €11.1m | €15.7m | €18.1m | €12.1m | €11.7m | ▼ 3.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.5m | €0.6m | €0.7m | ▲ 35.3% |
| Financial debts43 | - | - | - | €1.2m | €2.5m | €0.5m | €0.5m | ▼ 1.6% |
| Credit institutions430/8 | - | - | - | €1.2m | €2.5m | €0.5m | €0.5m | ▼ 1.6% |
| Trade debts44 | €2.1m | €2.4m | €5.6m | €10.8m | €10.7m | €8.2m | €7.3m | ▼ 10.5% |
| Suppliers440/4 | - | - | - | €10.8m | €10.7m | €8.2m | €7.3m | ▼ 10.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.9m | €0.4m | €0.6m | ▲ 26.5% |
| Taxes450/3 | - | - | - | €0.4m | €0.6m | €0.1m | €0.2m | ▲ 68.6% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 6.4% |
| Other amounts payable47/48 | - | - | - | €2.6m | €3.5m | €2.3m | €2.5m | ▲ 7.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.001m | €0.005m | €0.003m | ▼ 29.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.3m | €2.1m | €3.5m | €1.8m | €2.6m | €4.2m | €3.8m | ▼ 9.3% |
| + Depreciation and write-downs630 | €0.3m | €0.1m | €0.2m | €0.3m | €0.5m | €0.6m | €0.7m | ▲ 16.7% |
| Operating cash flow (approximation) | €2.6m | €2.2m | €3.7m | €2.2m | €3.1m | €4.8m | €4.5m | ▼ 6.0% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€1.0m | -€1.4m | -€0.8m | -€0.9m | -€2.2m | ▼ 161% |
| Change in cash | - | €1.1m | -€0.1m | €0.1m | -€0.5m | -€0.1m | €0.2m | - |
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, 17,811 companies had the same profile as SYSTEMHOUSE has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of SYSTEMHOUSE 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 17,811 companies, not a prediction for SYSTEMHOUSE. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 19-12-2025 | 2025-00588083 | |
| 30-06-2024 | full format | 18-12-2024 | 2024-00619383 | |
| 30-06-2023 | full format | 24-01-2024 | 2024-00005659 | |
| 30-06-2022 | full format | 21-02-2023 | 2023-00030255 | |
| 30-06-2021 | full format | 13-01-2022 | 2022-01000351 | |
| 30-06-2020 | full format | 23-03-2021 | 2021-08300393 | |
| 30-06-2019 | full format | 13-01-2020 | 2020-01100478 | |
| 30-06-2018 | full format | 30-11-2018 | 2018-73600248 | |
| 30-06-2017 | full format | 23-01-2018 | 2018-02000553 | |
| 30-06-2016 | full format | 20-06-2017 | 2017-20100158 |