ASERVAIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-05-2026 PDF all 12 filings
Turnover
€397,881▲ 2.0%
2024 · €390,069
EBIT margin
14.3%▲ 22.4pp
2024 · -8.0%
Net result
€42,255
2024 · -€34,800
Working capital
€119,390▲ 57.6%
2024 · €75,772
In the rankings
#8 company by equity in Jemeppe-sur-Sambre, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€397,881
▲ 2.0%
2025
20182025
Operating result
€57,049
2025
20182025
Net result
€42,255
2025
highest quarter of the sector
20182025
EBIT margin
14.3%
▲ 22.4pp
2025
20182025
Equity
€200,711
▲ 26.7%
2025
highest quarter of the sector
20182025
Total assets
€336,012
▲ 2.3%
2025
highest quarter of the sector
20182025
Debt
€135,301
▼ 20.4%
2025
20182025
Working capital
€119,390
▲ 57.6%
2025
highest quarter of the sector
20182025
Solvency
59.7%
▲ 11.5pp
2025
middle half of the sector
20182025
Current ratio
2.69
▲ 0.72
2025
middle half of the sector
20182025
Return on assets (ROA)
12.6%
▲ 23.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 50.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€371,824-€376,979▲ 1.4%€332,796▼ 11.7%€420,212▲ 26.3%€491,876▲ 17.1%€562,792▲ 14.4%€390,069▼ 30.7%€397,881▲ 2.0%
Operating result€6,248-€15,074▲ 141%€12,592▼ 16.5%-€352€49,652€74,950▲ 51.0%-€31,351€57,049
Net result€4,181-€15,885▲ 280%€10,238within the sector's middle half▼ 35.5%-€913below the sector's middle half€34,236within the sector's middle half€47,661above the sector's middle half▲ 39.2%-€34,800below the sector's middle half€42,255above the sector's middle half
EBIT margin1.7%-4.0%▲ 2.3pp3.8%▼ 0.2pp-0.1%▼ 3.9pp10.1%▲ 10.2pp13.3%▲ 3.2pp-8.0%▼ 21.4pp14.3%▲ 22.4pp
Equity€86,149-€102,034▲ 18.4%€112,272above the sector's middle half▲ 10.0%€111,359within the sector's middle half▼ 0.8%€145,595above the sector's middle half▲ 30.7%€193,256above the sector's middle half▲ 32.7%€158,456above the sector's middle half▼ 18.0%€200,711above the sector's middle half▲ 26.7%
Total assets€288,494-€302,763▲ 4.9%€284,320within the sector's middle half▼ 6.1%€292,416within the sector's middle half▲ 2.8%€307,406within the sector's middle half▲ 5.1%€389,081above the sector's middle half▲ 26.6%€328,418above the sector's middle half▼ 15.6%€336,012above the sector's middle half▲ 2.3%
Debt€202,345-€200,729▼ 0.8%€172,048▼ 14.3%€181,057▲ 5.2%€161,811▼ 10.6%€195,825▲ 21.0%€169,962▼ 13.2%€135,301▼ 20.4%
Working capital€41,568-€51,557▲ 24.0%€72,320within the sector's middle half▲ 40.3%€46,720within the sector's middle half▼ 35.4%€73,838within the sector's middle half▲ 58.0%€99,838above the sector's middle half▲ 35.2%€75,772within the sector's middle half▼ 24.1%€119,390above the sector's middle half▲ 57.6%
Solvency29.9%-33.7%▲ 3.8pp39.5%within the sector's middle half▲ 5.8pp38.1%within the sector's middle half▼ 1.4pp47.4%within the sector's middle half▲ 9.3pp49.7%within the sector's middle half▲ 2.3pp48.2%within the sector's middle half▼ 1.4pp59.7%within the sector's middle half▲ 11.5pp
Current ratio1.67-1.67=2.23within the sector's middle half▲ 0.561.57within the sector's middle half▼ 0.662.10within the sector's middle half▲ 0.532.12within the sector's middle half▲ 0.021.97within the sector's middle half▼ 0.152.69within the sector's middle half▲ 0.72
Return on assets (ROA)1.4%-5.2%▲ 3.8pp3.6%within the sector's middle half▼ 1.6pp-0.3%below the sector's middle half▼ 3.9pp11.1%within the sector's middle half▲ 11.4pp12.2%within the sector's middle half▲ 1.1pp-10.6%below the sector's middle half▼ 22.8pp12.6%within the sector's middle half▲ 23.2pp
Staff (FTE)1.3-1.5▲ 15.4%1.3within the sector's middle half▼ 13.3%2.3▲ 76.9%3.4▲ 47.8%2.9▼ 14.7%2▼ 31.0%1▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 a profit of €57,049, after a loss of €31,351 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €336,012
Fixed assets
€145,995 ▼ 16.4%
Current assets
€190,017 ▲ 23.6%
Equity and liabilities €336,012
Equity
€200,711 ▲ 26.7%
Debt
€135,301 ▼ 20.4%
Debt's share of the balance-sheet total falls from 51.8% to 40.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89,818▲
2024 · €3,270
Cash flow
€75,024▲
2024 · -€179
Debt to equity
0.67▼
2024 · 1.07
ROE
21.1%▲
2024 · -22.0%
Interest coverage
35.39▲
2024 · 0.88
Debt ≤ 1 year
€70,627▼
2024 · €77,995
Debt > 1 year
€64,674▼
2024 · €86,024
Income taxes
€13,005▲
2024 · €900
Customer credit
93 days▲
2024 · 72 days
Supplier credit
10 days▼
2024 · 13 days
Staff costs
€58,949▼
2024 · €112,482
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 2 | 2 | - |
| full-time | 3 | 4 | 2 | 2 | - |
| in full-time equivalents | 3 | 4 | 2 | 2 | - |
| Average over the year, in full-time equivalents | 2.3 | 3.4 | 2.9 | 2 | 1 |
| On a permanent contract | 2 | 2 | 2 | 2 | - |
| Joined | 1 | 1 | 0 | - | 0 |
| Left | 0 | 0 | 2 | - | 2 |
| Training hours | - | - | 912 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27,369 | €19,234 | €63,222 | €16,040 | €9,647 |
| Depreciation and write-downs of the year | €17,149 | €13,704 | €29,572 | €34,621 | €32,769 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €371,824 | €376,979 | €332,796 | €420,212 | €491,876 | €562,792 | €390,069 | €397,881 | ▲ 2.0% |
| Non-recurring operating income76A | - | - | - | - | - | €12,397 | - | €7,692 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €345,414 | €323,858 | €350,227 | €270,499 | €259,730 | ▼ 4.0% |
| Remuneration, social security and pensions62 | - | - | - | €62,994 | €110,035 | €122,463 | €112,482 | €58,949 | ▼ 47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,494 | €23,900 | €22,525 | €17,149 | €13,704 | €29,572 | €34,621 | €32,769 | ▼ 5.3% |
| Other operating charges640/8 | - | - | - | €2,195 | €2,214 | €6,208 | €7,653 | €2,699 | ▼ 64.7% |
| Non-recurring operating charges66A | - | - | - | - | €142 | €235 | €3,555 | €2,092 | ▼ 41.2% |
| Gross operating margin9900 | €82,144 | €86,331 | €70,672 | €81,986 | €175,747 | €233,428 | €126,960 | €153,558 | ▲ 20.9% |
| Operating profit (loss)9901 | €6,248 | €15,074 | €12,592 | -€352 | €49,652 | €74,950 | -€31,351 | €57,049 | - |
| Financial income75/76B | - | - | - | €2,933 | €1,891 | €1,448 | €1,155 | €749 | ▼ 35.2% |
| Recurring financial income75 | €1,591 | €991 | €1,907 | €2,933 | €1,891 | €1,448 | €1,155 | €749 | ▼ 35.2% |
| Financial charges65/66B | - | - | - | €3,061 | €2,785 | €5,168 | €3,704 | €2,538 | ▼ 31.5% |
| Recurring financial charges65 | €3,411 | €3,272 | €2,993 | €3,061 | €2,785 | €5,168 | €3,704 | €2,538 | ▼ 31.5% |
| Profit (loss) for the period before taxes9903 | €4,428 | €16,447 | €11,506 | -€480 | €48,758 | €71,230 | -€33,900 | €55,260 | - |
| Income taxes67/77 | €247 | €562 | €1,268 | €433 | €14,522 | €23,569 | €900 | €13,005 | ▲ 14× |
| Profit (loss) for the period9904 | €4,181 | €15,885 | €10,238 | -€913 | €34,236 | €47,661 | -€34,800 | €42,255 | - |
| Profit (loss) for the period to be appropriated9905 | €4,181 | €15,885 | €10,238 | -€913 | €34,236 | €47,661 | -€34,800 | €42,255 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €288,494 | €302,763 | €284,320 | €292,416 | €307,406 | €389,081 | €328,418 | €336,012 | ▲ 2.3% |
| Fixed assets21/28 | €184,992 | €174,683 | €153,271 | €163,491 | €166,438 | €200,092 | €174,651 | €145,995 | ▼ 16.4% |
| Intangible fixed assets21 | €16,085 | €8,945 | €1,805 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €168,907 | €165,738 | €151,466 | €163,491 | €166,438 | €200,092 | €174,651 | €145,995 | ▼ 16.4% |
| Land and buildings22 | - | - | - | €122,000 | €118,400 | €114,800 | €111,200 | €107,600 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | €13,777 | €12,955 | €11,960 | €12,709 | €9,368 | ▼ 26.3% |
| Furniture and vehicles24 | - | - | - | €8,344 | €7,169 | €49,359 | €30,711 | €10,568 | ▼ 65.6% |
| Other tangible fixed assets26 | - | - | - | €19,370 | €27,914 | €23,973 | €20,031 | €18,459 | ▼ 7.8% |
| Current assets29/58 | €103,502 | €128,080 | €131,049 | €128,925 | €140,968 | €188,989 | €153,767 | €190,017 | ▲ 23.6% |
| Amounts receivable within one year40/41 | €77,957 | €83,474 | €88,939 | €74,698 | €82,083 | €128,678 | €80,013 | €105,271 | ▲ 31.6% |
| Trade receivables40 | - | - | - | €59,783 | €77,418 | €123,080 | €77,096 | €100,987 | ▲ 31.0% |
| Other amounts receivable41 | - | - | - | €14,915 | €4,665 | €5,598 | €2,917 | €4,284 | ▲ 46.9% |
| Cash at bank and in hand54/58 | €25,545 | €44,606 | €42,110 | €54,227 | €58,885 | €60,311 | €73,754 | €84,746 | ▲ 14.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €288,494 | €302,763 | €284,320 | €292,416 | €307,406 | €389,081 | €328,418 | €336,012 | ▲ 2.3% |
| Equity10/15 | €86,149 | €102,034 | €112,272 | €111,359 | €145,595 | €193,256 | €158,456 | €200,711 | ▲ 26.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €35,860 | €83,360 | €83,360 | €125,360 | ▲ 50.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €34,000 | €83,360 | €83,360 | €125,360 | ▲ 50.4% |
| Profit (loss) carried forward14 | €65,689 | €81,574 | €91,812 | €90,899 | €91,135 | €91,296 | €56,496 | €56,751 | ▲ 0.5% |
| Amounts payable17/49 | €202,345 | €200,729 | €172,048 | €181,057 | €161,811 | €195,825 | €169,962 | €135,301 | ▼ 20.4% |
| Amounts payable after more than one year17 | €137,411 | €121,206 | €110,145 | €98,852 | €89,484 | €106,674 | €86,024 | €64,674 | ▼ 24.8% |
| Financial debts170/4 | - | - | - | €98,852 | €89,484 | €106,674 | €86,024 | €64,674 | ▼ 24.8% |
| Amounts payable within one year42/48 | €61,934 | €76,523 | €58,729 | €82,205 | €67,130 | €89,151 | €77,995 | €70,627 | ▼ 9.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,293 | €9,368 | €19,976 | €20,650 | €21,335 | ▲ 3.3% |
| Trade debts44 | €35,312 | €49,925 | €27,122 | €60,807 | €32,471 | €31,326 | €9,473 | €7,361 | ▼ 22.3% |
| Suppliers440/4 | - | - | - | €60,807 | €32,471 | €31,326 | €9,473 | €7,361 | ▼ 22.3% |
| Advances received on contracts in progress46 | - | - | - | - | €310 | €2,040 | - | €872 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,223 | €18,810 | €24,766 | €31,184 | €17,671 | ▼ 43.3% |
| Taxes450/3 | - | - | - | €1,702 | €14,956 | €23,572 | €24,472 | €13,994 | ▼ 42.8% |
| Remuneration and social security454/9 | - | - | - | €1,521 | €3,854 | €1,194 | €6,712 | €3,677 | ▼ 45.2% |
| Other amounts payable47/48 | - | - | - | €6,882 | €6,171 | €11,043 | €16,688 | €23,388 | ▲ 40.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €5,197 | - | €5,943 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,181 | €15,885 | €10,238 | -€913 | €34,236 | €47,661 | -€34,800 | €42,255 | - |
| + Depreciation and write-downs630 | €28,494 | €23,900 | €22,525 | €17,149 | €13,704 | €29,572 | €34,621 | €32,769 | ▼ 5.3% |
| Operating cash flow (approximation) | €32,675 | €39,785 | €32,763 | €16,236 | €47,940 | €77,233 | -€179 | €75,024 | - |
| Investment in fixed assets (approximation) | - | -€13,591 | -€1,113 | -€27,369 | -€16,651 | -€63,226 | -€9,180 | -€4,113 | ▲ 55.2% |
| Change in cash | - | €19,061 | -€2,496 | €12,117 | €4,658 | €1,426 | €13,443 | €10,992 | ▼ 18.2% |
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, 34,693 companies had the same profile as ASERVAIS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ASERVAIS 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.
| 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 34,693 companies, not a prediction for ASERVAIS. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-05-2026 | 2026-00119961 | |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00107022 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00349525 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00337461 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20280010 | |
| 31-12-2020 | micro format | 06-08-2021 | 2021-47200026 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-47100601 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52300304 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49900530 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-48200570 |