Summary
S.E.A. has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.6m and a net result of €143,354, of which €219,825 non-recurring income. Equity is growing by about 7.3% per year across the filed financial years. Its solvency ranks better than 95% of 6,139 sector peers (NACE 46, financial year 2025). The company has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€223,381▼ 24.7%
2024 · €296,751
EBIT margin
81.1%▲ 46.6pp
2024 · 34.6%
Net result
€143,354▲ 79.8%
2024 · €79,723
Working capital
€694,119▲ 27.1%
2024 · €546,248
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 77% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€0.2m
2025
Operating result€0.2m
2025
Net result€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.6m
2025
Equity€1.6m
2025
Debt€0.07m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.7m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin81.1%
2025
Return on assets (ROA)8.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency95.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio11.48
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)2.8
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.03m-€0.01m▼ 71.8%€0.02m▲ 69.6%€0.2m▲ 15×€1.3m▲ 417%€0.3m▼ 76.8%€0.2m▼ 24.7%
Operating result€0.2m-€0.2m▲ 38.5%€0.2m▼ 37.0%€0.02m▼ 88.1%€0.02m▲ 14.0%€0.1m▲ 405%€0.2m▲ 76.8%
Net result€0.2m-€0.2mwithin the sector's middle half▲ 4.2%€0.1mwithin the sector's middle half▼ 31.4%€0.03mwithin the sector's middle half▼ 77.9%€0.02mwithin the sector's middle half▼ 22.7%€0.08mwithin the sector's middle half▲ 303%€0.1mwithin the sector's middle half▲ 79.8%
EBIT margin495.8%-2432.0%▲ 1936.2pp903.2%▼ 1528.9pp7.2%▼ 896.0pp1.6%▼ 5.6pp34.6%▲ 33.0pp81.1%▲ 46.6pp
Equity€0.9m-€1.1mwithin the sector's middle half▲ 17.8%€1.2mwithin the sector's middle half▲ 10.4%€1.9mwithin the sector's middle half▲ 55.0%€1.4mwithin the sector's middle half▼ 28.3%€1.4mwithin the sector's middle half▲ 5.8%€1.6mwithin the sector's middle half▲ 8.7%
Total assets€1.0m-€1.2mwithin the sector's middle half▲ 24.7%€1.2mwithin the sector's middle half▲ 3.7%€2.7mwithin the sector's middle half▲ 122%€2.0mwithin the sector's middle half▼ 28.5%€1.5mwithin the sector's middle half▼ 23.6%€1.6mwithin the sector's middle half▲ 9.4%
Debt€0.01m-€0.08m▲ 603%€0.008m▼ 90.2%€0.8m▲ 108×€0.6m▼ 29.1%€0.05m▼ 91.0%€0.07m▲ 27.7%
Working capital€0.5m-€0.8mwithin the sector's middle half▲ 68.3%€0.9mwithin the sector's middle half▲ 17.5%€0.9mwithin the sector's middle half▼ 0.6%€0.4mwithin the sector's middle half▼ 57.1%€0.5mwithin the sector's middle half▲ 35.6%€0.7mwithin the sector's middle half▲ 27.1%
Solvency98.8%-93.3%above the sector's middle half▼ 5.5pp99.4%above the sector's middle half▲ 6.0pp69.3%above the sector's middle half▼ 30.0pp69.6%above the sector's middle half▲ 0.2pp96.4%above the sector's middle half▲ 26.8pp95.8%above the sector's middle half▼ 0.6pp
Current ratio45.74-11.21above the sector's middle half▼ 34.532.12within the sector's middle half1.68within the sector's middle half▼ 0.4411.30above the sector's middle half▲ 9.6311.48above the sector's middle half▲ 0.18
Return on assets (ROA)16.9%-14.1%above the sector's middle half▼ 2.8pp9.3%within the sector's middle half▼ 4.8pp0.9%within the sector's middle half▼ 8.4pp1.0%within the sector's middle half▲ 0.1pp5.3%within the sector's middle half▲ 4.3pp8.7%within the sector's middle half▲ 3.4pp
Staff (FTE)0-0below the sector's middle half0below the sector's middle half1.9below the sector's middle half2.6below the sector's middle half▲ 36.8%2.9below the sector's middle half▲ 11.5%2.8below the sector's middle half▼ 3.4%
above
within
below
the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€880,000 ▼ 2.2%
Current assets
€760,370 ▲ 26.9%
Equity and liabilities €1.6m
Equity
€1.6m ▲ 8.7%
Debt
€68,664 ▲ 27.7%
Debt's share of the balance-sheet total rises from 3.6% to 4.2%. Equity and debt are higher.
Key figures and ratios
ROE
9.1%▲
2024 · 5.5%
Debt ≤ 1 year
€66,252▲
2024 · €53,027
Income taxes
€49,266▲
2024 · €28,764
Staff costs
€244,687▲
2024 · €162,439
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.2m | €1.3m | €0.4m | €0.4m | ▲ 17.8% |
| Turnover70 | €0.03m | €0.01m | €0.02m | €0.2m | €1.3m | €0.3m | €0.2m | ▼ 24.7% |
| Other operating income74 | - | - | - | €169 | €0.002m | €0.002m | €0.005m | ▲ 120% |
| Non-recurring operating income76A | - | - | - | - | - | €0.08m | €0.2m | ▲ 170% |
| Operating charges60/66A | - | - | - | €0.2m | €1.3m | €0.3m | €0.3m | ▼ 4.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.2m | €1.0m | €0.06m | - | - |
| Purchases600/8 | - | - | - | €1.0m | €0.2m | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.9m | €0.8m | €0.06m | - | - |
| Services and other goods61 | - | - | - | €0.05m | €0.09m | €0.05m | €0.02m | ▼ 55.1% |
| Remuneration, social security and pensions62 | - | - | - | €0.009m | €0.1m | €0.2m | €0.2m | ▲ 50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.007m | €0.004m | €0.003m | €0.003m | €163 | - | - |
| Other operating charges640/8 | - | - | - | €0.005m | €0.006m | €0.006m | €0.002m | ▼ 72.3% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.2m | €0.02m | €0.02m | €0.1m | €0.2m | ▲ 76.8% |
| Financial income75/76B | - | - | - | €0.02m | €0.008m | €0.007m | €0.01m | ▲ 82.5% |
| Recurring financial income75 | €0 | €0.008m | €0.005m | €0.02m | €0.008m | €0.007m | €0.01m | ▲ 82.5% |
| Income from current assets751 | - | - | - | €0.006m | €0.004m | €0.006m | €0.01m | ▲ 107% |
| Other financial income752/9 | - | - | - | €0.01m | €0.003m | €0.001m | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €383 | €399 | €0.001m | €0.001m | ▼ 0.3% |
| Recurring financial charges65 | €0.001m | €417 | €278 | €383 | €399 | €0.001m | €0.001m | ▼ 0.3% |
| Debt charges650 | €0 | €0 | €0 | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €383 | €399 | €0.001m | €0.001m | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.2m | €0.03m | €0.03m | €0.1m | €0.2m | ▲ 77.5% |
| Income taxes67/77 | €0.01m | €0.08m | €0.04m | €0.009m | €0.008m | €0.03m | €0.05m | ▲ 71.3% |
| Taxes670/3 | - | - | - | €0.009m | €0.008m | €0.03m | €0.05m | ▲ 71.3% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.1m | €0.03m | €0.02m | €0.08m | €0.1m | ▲ 79.8% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.1m | €0.03m | €0.02m | €0.08m | €0.1m | ▲ 79.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.2m | €1.2m | €2.7m | €2.0m | €1.5m | €1.6m | ▲ 9.4% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €0.5m | €0.3m | €0.3m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 2.2% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.3m | €0.1m | €0.09m | €0.09m | €0.08m | €0.02m | - | - |
| Land and buildings22 | - | - | - | €0.09m | €0.08m | €0.02m | - | - |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Affiliated companies280/1 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Participating interests280 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Current assets29/58 | €0.5m | €0.9m | €1.0m | €1.8m | €1.0m | €0.6m | €0.8m | ▲ 26.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.2m | €0.4m | €0.7m | ▲ 59.1% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.2m | €0.4m | €0.7m | ▲ 59.1% |
| Stocks and contracts in progress3 | - | - | - | €0.9m | €0.06m | - | - | - |
| Stocks30/36 | - | - | - | €0.9m | €0.06m | - | - | - |
| Goods purchased for resale34 | - | - | - | €0.9m | €0.06m | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.001m | €0.004m | €0.5m | €0.1m | €0.1m | €0.07m | ▼ 32.0% |
| Trade receivables40 | - | - | - | €0.3m | €0.1m | €0.1m | €0.07m | ▼ 38.2% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.02m | - | €0.007m | - |
| Cash at bank and in hand54/58 | €0.07m | €0.9m | €0.3m | €0.2m | €0.6m | €0.07m | €0.01m | ▼ 81.0% |
| Deferred charges and accrued income490/1 | - | - | - | €84 | €0.001m | €0.001m | €0.001m | ▲ 14.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.2m | €1.2m | €2.7m | €2.0m | €1.5m | €1.6m | ▲ 9.4% |
| Equity10/15 | €0.9m | €1.1m | €1.2m | €1.9m | €1.4m | €1.4m | €1.6m | ▲ 8.7% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €1.3m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.3m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.9m | ▲ 17.2% |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.7m | €0.9m | ▲ 17.2% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €0.01m | €0.08m | €0.008m | €0.8m | €0.6m | €0.05m | €0.07m | ▲ 27.7% |
| Amounts payable within one year42/48 | €0.01m | €0.08m | €0.007m | €0.8m | €0.6m | €0.05m | €0.07m | ▲ 24.9% |
| Trade debts44 | €0.001m | €0.001m | €0.007m | €0.8m | €0.01m | €0.005m | €0.006m | ▲ 26.3% |
| Suppliers440/4 | - | - | - | €0.8m | €0.01m | €0.005m | €0.006m | ▲ 26.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.05m | €0.06m | ▲ 24.8% |
| Taxes450/3 | - | - | - | €0.001m | €0.007m | €0.01m | €0.01m | ▼ 17.7% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.04m | €0.05m | ▲ 38.8% |
| Other amounts payable47/48 | - | - | - | - | €0.6m | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 225% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €161,405 | €168,248 | €115,494 | €25,576 | €19,764 | €79,723 | €143,354 | ▲ 79.8% |
| + Depreciation and write-downs630 | €12,853 | €6,943 | €3,574 | €2,622 | €2,622 | €163 | - | - |
| Operating cash flow (approximation) | €174,258 | €175,191 | €119,068 | €28,198 | €22,386 | €79,886 | €143,354 | ▲ 79.4% |
| Investment in fixed assets (approximation) | - | €150,946 | €22,000 | -€684,475 | €0 | €63,538 | €20,175 | ▼ 68.2% |
| Change in cash | - | €809,221 | -€554,219 | -€158,341 | €426,272 | -€528,050 | -€54,219 | ▲ 89.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | full format | 17-10-2025 | 2025-00546884 |
| 31-03-2024 | full format | 17-10-2024 | 2024-00509928 |
| 31-03-2023 | full format | 27-09-2023 | 2023-00462031 |
| 31-03-2022 | full format | 14-10-2022 | 2022-20465873 |
| 31-03-2021 | full format | 21-09-2021 | 2021-67800303 |
| 31-03-2020 | full format | 21-09-2020 | 2020-54700342 |
| 31-03-2019 | full format | 30-10-2019 | 2019-72700119 |
| 31-03-2018 | abbreviated format | 04-10-2018 | 2018-68200256 |
| 31-03-2017 | abbreviated format | 30-10-2017 | 2017-68000470 |
| 31-03-2016 | abbreviated format | 24-10-2016 | 2016-66300228 |
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Of the 143 active companies whose main activity is wholesale trade (NACE 46647), figures are known for 91. 62 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €348 awarded · €348 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €237 | €237 |
| 2022 | 1 | €111 | €111 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.