SAPHAM

Active

Non-profit associationfounded 199332 yrs activeDapperheidsplein 15, 1070 Anderlecht, BelgiumKBO/BCE: BE 0451.682.775

SAPHAM has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €4k and a net result of €-21k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 514 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is < 0.1% (very low).

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Checked score

Score 2024

27 / 100

Weak▼ -49 vs 2023

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability0▼-100

Solvency15▼-3

Growth32▼-46

Stability100

Bankruptcy probability, 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity tight (current ratio 1.18 against 1.2 in 2023), and 99.6% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 88

Relative position

BE, all sectors

reference

Sector 88

lower

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2024

Solvency, return and age of the figures

Solvency

0.4%

Return on assets

-2.5%

Age of the figures

20 mo

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 514 sector peers (2024).

NBB · sector comparison

Position among 514 sector peers

Solvency

better than 8%

← weakest strongest →

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-02-2026, 208 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

208 d late

2023

70 d late

2022

31 d late

2021

179 d late

2020

139 d late

2019

80 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€-21k

2023 · €13k

2018: €3k 2019: €24k 2020: €11k 2021: €63k 2022: €-90k 2023: €13k

2018 → 2024

Working capital

€125k▼ 12.6%

2023 · €143k

2018: €32k 2019: €57k 2020: €45k 2021: €108k 2022: €130k 2023: €143k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€39k-€102k▲ 159%€12k▼ 88.6%€25k▲ 111%€4k▼ 85.0%

Operating result€5k-€23k▲ 329%€-122k€13k€-21k

Net result€11k-€63k▲ 466%€-90k€13k€-21k

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €21k after €13k in 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €852k

98.1%

Fixed assets €16k▲ 1.8%

Current assets €835k▼ 2.0%

Equity and liabilities €852k

15.8%

83.8%

Equity €4k▼ 85.0%

Provisions €134k=

Debt €713k▲ 0.6%

The debt ratio rises from 81.7% to 83.8%: debt grows while equity shrinks.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-12k▼

2023 · €20k

Cash flow

€-12k▼

2023 · €20k

Solvency

0.4%▼

2023 · 2.8%

Current ratio

1.18▼

2023 · 1.20

Quick ratio

1.18▼

2023 · 1.20

Debt / equity

194.17▲

2023 · 28.90

ROE

-568.1%▼

2023 · 52.6%

ROA

-2.5%▼

2023 · 1.5%

Interest coverage

-54.12▼

2023 · 94.89

Debt

€713k▲

2023 · €709k

Debt ≤ 1 year

€710k▲

2023 · €709k

Staff costs

€1.11M▲

2023 · €1.08M

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

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€869k€852k▼

Fixed assets21/28€16k€16k▲

Tangible fixed assets22/27€16k€16k▲

Furniture and vehicles24€16k€16k▲

Current assets29/58€852k€835k▼

Amounts receivable within one year40/41€187k€133k▼

Trade receivables40€34k€133k▲

Other amounts receivable41€153k€675▼

Cash at bank and in hand54/58€346k€382k▲

Deferred charges and accrued income490/1€320k€320k▲

Equity and liabilities

Total equity and liabilities10/49€869k€852k▼

Equity10/15€25k€4k▼

Profit (loss) carried forward14€25k€4k▼

Provisions and deferred taxes16€134k€134k=

Provisions for liabilities and charges160/5€134k€134k=

Other liabilities and charges164/5€134k€134k=

Amounts payable17/49€709k€713k▲

Amounts payable within one year42/48€709k€710k▲

Trade debts44€48k€13k▼

Suppliers440/4€48k€13k▼

Taxes, remuneration and social security45€231k€178k▼

Taxes450/3€54k€1k▼

Remuneration and social security454/9€177k€176k▼

Accrued charges and deferred income492/3-€3k

Income statement Code20232024

Non-recurring operating income76A€4k€3k▼

Remuneration, social security and pensions62€1.08M€1.11M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€9k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-2k-

Other operating charges640/8€602€138k▲

Non-recurring operating charges66A€1k€28▼

Gross operating margin9900€1.10M€1.24M▲

Operating profit (loss)9901€13k€-21k▼

Financial income75/76B€374€273▼

Recurring financial income75€374€273▼

Financial charges65/66B€211€229▲

Recurring financial charges65€211€229▲

Profit (loss) for the period before taxes9903€13k€-21k▼

Profit (loss) for the period9904€13k€-21k▼

Profit (loss) for the period to be appropriated9905€13k€-21k▼

Appropriation of the result

Profit (loss) to be appropriated9906€25k€4k▼

Profit (loss) brought forward from the previous period14P€12k€25k▲

Social balance

Average headcount (FTE)9087-20.2

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 14Financial 4Filings 10

2026

24-02

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 208 days late

2024

09-10

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 70 days late

2023

31-12

Financial Back to profitnet €13k

Net result €13k after one loss-making year.

31-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 31 days late

26-01

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 179 days late

2022

31-12

Financial Weakest financial yearnet €-90k ▼244%

Net result drops to €-90k, the lowest in the series; recovery starts the following year.

2021

31-12

Financial Highest result since 2018net €63k ▲466%

Net result €63k, the highest in the series.

31-12

Financial Equity above €100kEq €102k ▲159%

4 profitable years in a row build equity to €102k.

17-12

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 139 days late

2020

19-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 80 days late

22-04

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 266 days late

22-04

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 631 days late

22-04

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 996 days late

2016

24-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 24 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

0 of 9 acts read

About the unread acts

We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

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