MENUISERIE SIEBERT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 22 filings
Turnover
≈ €330,000
Estimated: probably between €230,000 and €570,000
Total assets
€222,823▲ 20.8%
2024 · €184,445
Net result
€10,936
2024 · -€1,297
Working capital
€88,462▼ 1.0%
2024 · €89,367
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,598
2025
20182025
Net result
€10,936
2025
middle half of the sector
20182025
Equity
€152,513
▼ 5.6%
2025
highest quarter of the sector
20182025
Total assets
€222,823
▲ 20.8%
2025
middle half of the sector
20182025
Debt
€70,310
▲ 207%
2025
20182025
Working capital
€88,462
▼ 1.0%
2025
middle half of the sector
20182025
Solvency
68.4%
▼ 19.2pp
2025
middle half of the sector
20182025
Current ratio
3.02
▼ 1.89
2025
middle half of the sector
20182025
Return on assets (ROA)
4.9%
▲ 5.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1.2
▲ 20.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€14,883-€5,108€52,616▲ 930%€14,617▼ 72.2%€11,112▼ 24.0%€771▼ 93.1%-€3,655€9,598
Net result-€16,555-€4,786€50,329above the sector's middle half▲ 951%€13,413within the sector's middle half▼ 73.3%€10,881within the sector's middle half▼ 18.9%€3,155within the sector's middle half▼ 71.0%-€1,297below the sector's middle half€10,936within the sector's middle half
Equity€80,311-€85,097▲ 6.0%€135,426above the sector's middle half▲ 59.1%€148,839above the sector's middle half▲ 9.9%€159,719above the sector's middle half▲ 7.3%€162,875above the sector's middle half▲ 2.0%€161,578above the sector's middle half▼ 0.8%€152,513above the sector's middle half▼ 5.6%
Total assets€195,436-€164,579▼ 15.8%€235,232within the sector's middle half▲ 42.9%€236,066within the sector's middle half▲ 0.4%€218,906within the sector's middle half▼ 7.3%€192,979within the sector's middle half▼ 11.8%€184,445within the sector's middle half▼ 4.4%€222,823within the sector's middle half▲ 20.8%
Debt€115,125-€79,481▼ 31.0%€99,806▲ 25.6%€87,227▼ 12.6%€59,187▼ 32.1%€30,105▼ 49.1%€22,868▼ 24.0%€70,310▲ 207%
Working capital€17,268-€21,275▲ 23.2%€69,032within the sector's middle half▲ 224%€60,235within the sector's middle half▼ 12.7%€67,185within the sector's middle half▲ 11.5%€77,879within the sector's middle half▲ 15.9%€89,367within the sector's middle half▲ 14.7%€88,462within the sector's middle half▼ 1.0%
Solvency41.1%-51.7%▲ 10.6pp57.6%within the sector's middle half▲ 5.9pp63.0%within the sector's middle half▲ 5.5pp73.0%above the sector's middle half▲ 9.9pp84.4%above the sector's middle half▲ 11.4pp87.6%above the sector's middle half▲ 3.2pp68.4%within the sector's middle half▼ 19.2pp
Current ratio1.31-1.62▲ 0.312.63within the sector's middle half▲ 1.012.18within the sector's middle half▼ 0.462.51within the sector's middle half▲ 0.334.07above the sector's middle half▲ 1.564.91above the sector's middle half▲ 0.843.02within the sector's middle half▼ 1.89
Return on assets (ROA)-8.5%-2.9%▲ 11.4pp21.4%above the sector's middle half▲ 18.5pp5.7%within the sector's middle half▼ 15.7pp5.0%within the sector's middle half▼ 0.7pp1.6%within the sector's middle half▼ 3.3pp-0.7%below the sector's middle half▼ 2.3pp4.9%within the sector's middle half▲ 5.6pp
Staff (FTE)1-1=1.6within the sector's middle half▲ 60.0%1.1▼ 31.3%1▼ 9.1%1=1=1.2▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €9,598, after a loss of €3,655 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €222,823
Fixed assets
€90,591 ▲ 25.5%
Current assets
€132,232 ▲ 17.8%
Equity and liabilities €222,823
Equity
€152,513 ▼ 5.6%
Debt
€70,310 ▲ 207%
Debt's share of the balance-sheet total rises from 12.4% to 31.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32,793▲
2024 · €13,839
Cash flow
€34,131▲
2024 · €16,196
Quick ratio
2.98▼
2024 · 4.80
Debt to equity
0.46▲
2024 · 0.14
ROE
7.2%▲
2024 · -0.8%
Interest coverage
18.05▲
2024 · 14.09
Debt ≤ 1 year
€43,770▲
2024 · €22,868
Debt > 1 year
€26,540▲
2024 · €0
Income taxes
€2,093▲
2024 · €28
Staff costs
€52,315▲
2024 · €44,996
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.1 | 1 | 1 | 1 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 0 | - | - | - | 1 |
| Left | 1 | - | - | - | 1 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €179,549 | €179,549 | €179,549 | €179,549 |
| Carrying value of the mortgaged assets | - | €76,972 | €66,570 | €66,570 | €45,765 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,909 | - | - | - | €41,574 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €16,170 | €17,493 | €17,493 | €17,493 | €23,195 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,100 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €39,594 | €38,263 | €41,762 | €44,996 | €52,315 | ▲ 16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,877 | €11,369 | €12,269 | €16,170 | €17,493 | €17,493 | €17,493 | €23,195 | ▲ 32.6% |
| Other operating charges640/8 | - | - | - | €4,583 | €4,149 | €5,177 | €4,836 | €4,760 | ▼ 1.6% |
| Gross operating margin9900 | €46,891 | €57,730 | €98,106 | €74,963 | €71,017 | €65,204 | €63,671 | €89,868 | ▲ 41.1% |
| Operating profit (loss)9901 | -€14,883 | €5,108 | €52,616 | €14,617 | €11,112 | €771 | -€3,655 | €9,598 | - |
| Financial income75/76B | - | - | - | €3,577 | €2,524 | €4,630 | €3,368 | €5,246 | ▲ 55.8% |
| Recurring financial income75 | €2,966 | €3,679 | €3,351 | €3,577 | €2,524 | €4,630 | €3,368 | €5,246 | ▲ 55.8% |
| Financial charges65/66B | - | - | - | €3,214 | €2,374 | €1,548 | €982 | €1,816 | ▲ 84.9% |
| Recurring financial charges65 | €4,411 | €3,662 | €3,336 | €3,214 | €2,374 | €1,548 | €982 | €1,816 | ▲ 84.9% |
| Profit (loss) for the period before taxes9903 | -€16,327 | €5,125 | €52,630 | €14,980 | €11,262 | €3,852 | -€1,269 | €13,028 | - |
| Income taxes67/77 | €228 | €339 | €2,302 | €1,567 | €382 | €697 | €28 | €2,093 | ▲ 76× |
| Profit (loss) for the period9904 | -€16,555 | €4,786 | €50,329 | €13,413 | €10,881 | €3,155 | -€1,297 | €10,936 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,555 | €4,786 | €50,329 | €13,413 | €10,881 | €3,155 | -€1,297 | €10,936 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €195,436 | €164,579 | €235,232 | €236,066 | €218,906 | €192,979 | €184,445 | €222,823 | ▲ 20.8% |
| Fixed assets21/28 | €123,030 | €109,221 | €123,952 | €124,691 | €107,198 | €89,705 | €72,211 | €90,591 | ▲ 25.5% |
| Tangible fixed assets22/27 | €122,955 | €109,146 | €123,877 | €124,616 | €107,123 | €89,630 | €72,136 | €90,516 | ▲ 25.5% |
| Land and buildings22 | - | - | - | €87,375 | €76,972 | €66,570 | €56,167 | €45,765 | ▼ 18.5% |
| Plant, machinery and equipment23 | - | - | - | €16,541 | €14,851 | €13,160 | €11,469 | €9,778 | ▼ 14.7% |
| Furniture and vehicles24 | - | - | - | €20,700 | €15,300 | €9,900 | €4,500 | €34,973 | ▲ 677% |
| Financial fixed assets28 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €72,406 | €55,358 | €111,279 | €111,374 | €111,709 | €103,275 | €112,234 | €132,232 | ▲ 17.8% |
| Stocks and contracts in progress3 | €10,826 | €2,143 | €4,275 | €7,027 | €747 | €13,019 | €2,512 | €1,981 | ▼ 21.2% |
| Stocks30/36 | - | - | - | €7,027 | €747 | €13,019 | €2,512 | €1,981 | ▼ 21.2% |
| Amounts receivable within one year40/41 | €43,457 | €36,887 | €39,271 | €47,623 | €34,341 | €41,570 | €49,736 | €39,900 | ▼ 19.8% |
| Trade receivables40 | - | - | - | €42,431 | €31,474 | €31,587 | €37,940 | €33,598 | ▼ 11.4% |
| Other amounts receivable41 | - | - | - | €5,191 | €2,867 | €9,983 | €11,796 | €6,303 | ▼ 46.6% |
| Current investments50/53 | - | - | - | - | €49,516 | €38,702 | €43,766 | €69,333 | ▲ 58.4% |
| Cash at bank and in hand54/58 | €18,122 | €16,327 | €67,733 | €56,725 | €27,106 | €9,983 | €16,219 | €21,018 | ▲ 29.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €195,436 | €164,579 | €235,232 | €236,066 | €218,906 | €192,979 | €184,445 | €222,823 | ▲ 20.8% |
| Equity10/15 | €80,311 | €85,097 | €135,426 | €148,839 | €159,719 | €162,875 | €161,578 | €152,513 | ▼ 5.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €59,822 | €59,822 | €79,822 | €91,822 | €91,822 | €94,822 | €94,822 | €84,822 | ▼ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €57,962 | €57,962 | €57,962 | €57,962 | €57,962 | = |
| Distributable reserves133 | - | - | - | €32,000 | €32,000 | €36,860 | €36,860 | €26,860 | ▼ 27.1% |
| Profit (loss) carried forward14 | €1,889 | €6,675 | €37,004 | €38,416 | €49,297 | €49,453 | €48,156 | €49,091 | ▲ 1.9% |
| Amounts payable17/49 | €115,125 | €79,481 | €99,806 | €87,227 | €59,187 | €30,105 | €22,868 | €70,310 | ▲ 207% |
| Amounts payable after more than one year17 | €59,987 | €45,399 | €57,559 | €36,087 | €14,664 | €4,709 | €0 | €26,540 | - |
| Financial debts170/4 | - | - | - | €36,087 | €14,664 | €4,709 | €0 | €26,540 | - |
| Amounts payable within one year42/48 | €55,138 | €34,083 | €42,247 | €51,140 | €44,524 | €25,395 | €22,868 | €43,770 | ▲ 91.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,015 | €21,424 | €9,954 | €4,709 | €7,604 | ▲ 61.5% |
| Trade debts44 | €26,909 | €11,225 | €15,092 | €20,090 | €17,256 | €3,648 | €7,782 | €5,050 | ▼ 35.1% |
| Suppliers440/4 | - | - | - | €20,090 | €17,256 | €3,648 | €7,782 | €5,050 | ▼ 35.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,765 | €2,574 | €2,087 | €671 | €1,429 | ▲ 113% |
| Taxes450/3 | - | - | - | €4,732 | €2,574 | €747 | €671 | €1,278 | ▲ 90.4% |
| Remuneration and social security454/9 | - | - | - | €2,032 | €0 | €1,341 | €0 | €151 | - |
| Other amounts payable47/48 | - | - | - | €3,270 | €3,270 | €9,706 | €9,706 | €29,687 | ▲ 206% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,555 | €4,786 | €50,329 | €13,413 | €10,881 | €3,155 | -€1,297 | €10,936 | - |
| + Depreciation and write-downs630 | €16,877 | €11,369 | €12,269 | €16,170 | €17,493 | €17,493 | €17,493 | €23,195 | ▲ 32.6% |
| Operating cash flow (approximation) | €322 | €16,155 | €62,598 | €29,582 | €28,374 | €20,649 | €16,196 | €34,131 | ▲ 111% |
| Investment in fixed assets (approximation) | - | €2,440 | -€27,000 | -€16,909 | €0 | €0 | €0 | -€41,574 | - |
| Change in cash | - | -€1,795 | €51,405 | -€11,007 | -€29,620 | -€17,123 | €6,236 | €4,799 | ▼ 23.1% |
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, 17,041 companies had the same profile as MENUISERIE SIEBERT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MENUISERIE SIEBERT 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 17,041 companies, not a prediction for MENUISERIE SIEBERT. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00247226 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00274670 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00232782 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00422240 | |
| 31-12-2021 | micro format | 31-10-2022 | 2022-20485166 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70700150 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64800179 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-67800185 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59200414 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-54800456 |