SEBA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00504919.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 15 filings
Turnover
€1.4m▲ 11.3%
2022 · €1.3m
EBIT margin
3.5%▼ 4.7pp
2022 · 8.2%
Net result
€3,818▼ 77.1%
2023 · €16,688
Working capital
€42,097▲ 46.3%
2023 · €28,772
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
€70,512
2025
20182025
Net result
€3,818
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€271,375
2025
middle half of the sector
20182025
Total assets
€693,449
2025
middle half of the sector
20182025
Debt
€394,325
2025
20182025
Working capital
€42,097
2025
middle half of the sector
20182025
Solvency
39.1%
2025
middle half of the sector
20182025
Current ratio
1.16
2025
middle half of the sector
20182025
Return on assets (ROA)
0.6%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Turnover€1.0m-€1.3m▲ 19.6%€1.2m▼ 0.6%€1.3m€1.4m▲ 11.3%
Operating result€0.03m-€0.02m▼ 24.1%€0.09m▲ 356%€0.07m▼ 17.1%€0.1m▲ 38.5%€0.05m▼ 52.9%€0.07m-
Net result€0.009m--€0.03m€0.05mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 61.5%€0.04mabove the sector's middle half▲ 138%€0.02mwithin the sector's middle half▼ 61.2%€0.004mwithin the sector's middle half-
EBIT margin2.5%-1.6%▼ 0.9pp7.2%▲ 5.6pp8.2%3.5%▼ 4.7pp
Equity€0.2m-€0.1m▼ 16.9%€0.2mwithin the sector's middle half▲ 34.9%€0.2mabove the sector's middle half▲ 9.5%€0.2mabove the sector's middle half▲ 21.6%€0.2mabove the sector's middle half▲ 2.6%€0.3mwithin the sector's middle half-
Total assets€0.6m-€0.5m▼ 6.5%€0.6mwithin the sector's middle half▲ 11.0%€0.7mabove the sector's middle half▲ 8.5%€0.7mabove the sector's middle half▲ 4.9%€0.7mabove the sector's middle half▲ 2.5%€0.7mwithin the sector's middle half-
Debt€0.4m-€0.4m▼ 13.5%€0.4m▲ 4.2%€0.5m▲ 20.7%€0.4m▼ 2.1%€0.5m▲ 2.5%€0.4m-
Working capital€0.02m-€0.03m▲ 43.1%€0.06mwithin the sector's middle half▲ 71.7%€0.02mwithin the sector's middle half▼ 67.0%€0.03mwithin the sector's middle half▲ 66.8%€0.03mwithin the sector's middle half▼ 7.4%€0.04mwithin the sector's middle half-
Solvency27.3%-24.3%▼ 3.0pp29.5%within the sector's middle half▲ 5.2pp29.7%within the sector's middle half▲ 0.3pp34.5%within the sector's middle half▲ 4.7pp34.5%within the sector's middle half=39.1%within the sector's middle half-
Current ratio1.17-1.29▲ 0.121.47within the sector's middle half▲ 0.181.10below the sector's middle half▼ 0.371.14within the sector's middle half▲ 0.041.10below the sector's middle half▼ 0.041.16within the sector's middle half-
Return on assets (ROA)1.5%--4.9%▼ 6.4pp7.8%within the sector's middle half▲ 12.7pp2.8%within the sector's middle half▼ 5.0pp6.3%within the sector's middle half▲ 3.5pp2.4%within the sector's middle half▼ 3.9pp0.6%below the sector's middle half-
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 €70,512, against €48,513 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €693,449
Fixed assets
€388,263 ▲ 2.6%
Current assets
€305,186 ▼ 5.2%
Equity and liabilities €693,449
Equity
€271,375 ▲ 12.3%
Provisions
€27,749
Debt
€394,325 ▼ 14.1%
Debt's share of the balance-sheet total falls from 65.5% to 56.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€136,816▲
2023 · €103,605
Cash flow
€70,122▼
2023 · €71,781
Quick ratio
1.08▲
2023 · 0.98
Debt to equity
1.45▼
2023 · 1.90
ROE
1.4%▼
2023 · 6.9%
Interest coverage
2.30▼
2023 · 13.38
Debt ≤ 1 year
€263,089▼
2023 · €293,267
Debt > 1 year
€131,236▼
2023 · €165,588
Income taxes
€7,133▲
2023 · €2,348
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €89,021 | €45,864 | €1,056 | €104,154 |
| Financial fixed assets | - | €2,000 | - | - |
| Depreciation and write-downs of the year | €52,379 | €64,209 | €55,093 | €66,304 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.0m | €1.3m | €1.2m | - | €1.3m | €1.4m | - | - |
| Non-recurring operating income76A | - | - | - | - | €0.01m | - | €0.03m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €1.2m | €1.3m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.05m | €0.05m | €0.06m | €0.06m | €0.07m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.04m | - | - | €0.03m | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.005m | €0.005m | €0.007m | - |
| Non-recurring operating charges66A | - | - | - | €0.01m | €0.001m | €78 | €0.001m | - |
| Gross operating margin9900 | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | - |
| Operating profit (loss)9901 | €0.03m | €0.02m | €0.09m | €0.07m | €0.1m | €0.05m | €0.07m | - |
| Financial income75/76B | - | - | - | €0.001m | €0.002m | €0.01m | €18 | - |
| Recurring financial income75 | €441 | €0.001m | €0.004m | €0.001m | €0.002m | €0.01m | €18 | - |
| Financial charges65/66B | - | - | - | €0.06m | €0.06m | €0.04m | €0.06m | - |
| Recurring financial charges65 | €0.01m | €0.05m | €0.04m | €0.06m | €0.06m | €0.008m | €0.06m | - |
| Non-recurring financial charges66B | - | - | - | - | - | €0.03m | - | - |
| Profit (loss) for the period before taxes9903 | €0.01m | -€0.03m | €0.06m | €0.02m | €0.05m | €0.02m | €0.01m | - |
| Income taxes67/77 | €0.003m | €0.001m | €0.009m | - | €0.005m | €0.002m | €0.007m | - |
| Profit (loss) for the period9904 | €0.009m | -€0.03m | €0.05m | €0.02m | €0.04m | €0.02m | €0.004m | - |
| Profit (loss) for the period to be appropriated9905 | €0.009m | -€0.03m | €0.05m | €0.02m | €0.04m | €0.02m | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €578,042 | €540,349 | €599,998 | €651,281 | €683,386 | €700,443 | €693,449 | - |
| Fixed assets21/28 | €423,507 | €394,473 | €424,230 | €448,786 | €432,440 | €378,404 | €388,263 | - |
| Tangible fixed assets22/27 | €417,307 | €388,273 | €413,582 | €438,138 | €419,792 | €365,756 | €375,615 | - |
| Land and buildings22 | - | - | - | €314,010 | €288,003 | €273,982 | €245,940 | - |
| Plant, machinery and equipment23 | - | - | - | €3,084 | €3,614 | €2,910 | €2,538 | - |
| Furniture and vehicles24 | - | - | - | €121,044 | €128,176 | €88,864 | €127,137 | - |
| Financial fixed assets28 | €6,200 | €6,200 | €10,648 | €10,648 | €12,648 | €12,648 | €12,648 | - |
| Current assets29/58 | €154,535 | €145,877 | €175,768 | €202,495 | €250,945 | €322,039 | €305,186 | - |
| Stocks and contracts in progress3 | - | €10,581 | - | - | - | €33,303 | €20,303 | - |
| Stocks30/36 | - | - | - | - | - | €33,303 | €20,303 | - |
| Amounts receivable within one year40/41 | €110,105 | €67,040 | €104,385 | €126,623 | €132,124 | €199,483 | €174,615 | - |
| Trade receivables40 | - | - | - | €84,079 | €57,284 | €126,226 | €133,132 | - |
| Other amounts receivable41 | - | - | - | €42,544 | €74,840 | €73,256 | €41,483 | - |
| Cash at bank and in hand54/58 | €38,616 | €67,536 | €70,791 | €72,531 | €113,514 | €85,419 | €105,318 | - |
| Deferred charges and accrued income490/1 | - | - | - | €3,341 | €5,307 | €3,834 | €4,950 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €578,042 | €540,349 | €599,998 | €651,281 | €683,386 | €700,443 | €693,449 | - |
| Equity10/15 | €157,815 | €131,120 | €176,853 | €193,733 | €235,577 | €241,588 | €271,375 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | - |
| Reserves13 | €56,860 | €21,135 | €21,135 | €21,135 | €21,135 | €21,135 | €21,135 | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Distributable reserves133 | - | - | - | €19,275 | €19,275 | €19,275 | €19,275 | - |
| Profit (loss) carried forward14 | €70,732 | €77,165 | €124,078 | €142,139 | €185,164 | €201,852 | €231,640 | - |
| Investment grants15 | - | - | - | €11,859 | €10,678 | - | - | - |
| Provisions and deferred taxes16 | - | €45,570 | €44,119 | - | - | - | €27,749 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €27,749 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €27,749 | - |
| Amounts payable17/49 | €420,227 | €363,660 | €379,026 | €457,548 | €447,809 | €458,855 | €394,325 | - |
| Amounts payable after more than one year17 | €288,680 | €250,651 | €259,731 | €273,684 | €227,942 | €165,588 | €131,236 | - |
| Financial debts170/4 | - | - | - | €273,684 | €227,942 | €165,588 | €131,236 | - |
| Amounts payable within one year42/48 | €131,547 | €112,986 | €119,283 | €183,864 | €219,867 | €293,267 | €263,089 | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €60,769 | €65,717 | €62,353 | €65,443 | - |
| Trade debts44 | €81,784 | €48,913 | €28,301 | €29,882 | €12,694 | €74,017 | €26,446 | - |
| Suppliers440/4 | - | - | - | €29,882 | €12,694 | €74,017 | €26,446 | - |
| Taxes, remuneration and social security45 | - | - | - | €28,100 | €12,318 | €12,244 | €20,641 | - |
| Taxes450/3 | - | - | - | €22,278 | €6,165 | €7,120 | €15,741 | - |
| Remuneration and social security454/9 | - | - | - | €5,822 | €6,153 | €5,123 | €4,900 | - |
| Other amounts payable47/48 | - | - | - | €65,113 | €129,137 | €144,653 | €150,558 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,880 | -€26,435 | €46,914 | €18,061 | €43,025 | €16,688 | €3,818 | - |
| + Depreciation and write-downs630 | €43,239 | €35,017 | €45,596 | €52,379 | €64,209 | €55,093 | €66,304 | - |
| Operating cash flow (approximation) | €52,119 | €8,582 | €92,510 | €70,440 | €107,234 | €71,781 | €70,122 | - |
| Investment in fixed assets (approximation) | - | -€5,983 | -€75,354 | -€76,935 | -€47,864 | -€1,056 | - | - |
| Change in cash | - | €28,920 | €3,255 | €1,740 | €40,983 | -€28,095 | - | - |
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, 6,049 companies had the same profile as SEBA has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of SEBA itself: 0.3% 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 6,049 companies, not a prediction for SEBA. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-09-2026 | 2026-00504919 | |
| 31-12-2023 | micro format | 27-09-2024 | 2024-00483553 | |
| 31-12-2022 | micro format | 26-09-2023 | 2023-00456311 | |
| 31-12-2021 | micro format | 13-10-2022 | 2022-20464597 | |
| 31-12-2020 | full format | 03-11-2021 | 2021-76300243 | |
| 31-12-2019 | full format | 01-10-2020 | 2020-57800073 | |
| 31-12-2018 | micro format | 09-10-2019 | 2019-69600010 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-57300501 | |
| 31-12-2016 | full format | 07-09-2017 | 2017-60300375 | |
| 31-12-2015 | full format | 01-07-2016 | 2016-25900085 |