SEBARIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-03-2026 PDF all 32 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €220,000
Total assets
€2.4m▼ 21.8%
2024 · €3.0m
Net result
-€39,118▲ 76.8%
2024 · -€168,439
Working capital
€385,337▼ 63.5%
2024 · €1.1m
In the rankings
#6 company by total assets in Knokke-Heist, Health and social work sector#6 oldest company in Knokke-Heist, Health and social work sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,296
2025
20192025
Net result
-€39,118
▲ 76.8%
2025
lowest quarter of the sector
20192025
Equity
€1.3m
▼ 3.0%
2025
highest quarter of the sector
20192025
Total assets
€2.4m
▼ 21.8%
2025
highest quarter of the sector
20192025
Debt
€1.1m
▼ 35.9%
2025
20192025
Working capital
€385,337
▼ 63.5%
2025
highest quarter of the sector
20192025
Solvency
53.3%
▲ 10.3pp
2025
middle half of the sector
20192025
Current ratio
14.89
▼ 15.11
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-1.7%
▲ 3.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.1m▼ 70.1%€0.02m▼ 79.0%€0.02m▼ 5.6%€0.05m▲ 134%-€0.2m€0.01m
Net result€0.3m--€0.03mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 40.7%-€0.002mbelow the sector's middle half▲ 91.5%€0.02mwithin the sector's middle half-€0.2mbelow the sector's middle half-€0.04mbelow the sector's middle half▲ 76.8%
Equity€1.5m-€1.4mabove the sector's middle half▼ 2.2%€1.5mabove the sector's middle half▲ 1.2%€1.5mabove the sector's middle half▼ 0.1%€1.5mabove the sector's middle half▲ 1.3%€1.3mabove the sector's middle half▼ 11.5%€1.3mabove the sector's middle half▼ 3.0%
Total assets€2.9m-€2.4mabove the sector's middle half▼ 19.2%€2.4mabove the sector's middle half▲ 0.7%€2.3mabove the sector's middle half▼ 4.5%€2.3mabove the sector's middle half▲ 1.7%€3.0mabove the sector's middle half▲ 31.5%€2.4mabove the sector's middle half▼ 21.8%
Debt€1.3m-€0.8m▼ 40.3%€0.8m▲ 5.0%€0.7m▼ 12.4%€0.7m▲ 3.3%€1.7m▲ 133%€1.1m▼ 35.9%
Working capital€2.7m-€1.9mabove the sector's middle half▼ 29.2%€1.3mabove the sector's middle half▼ 30.1%€1.4mabove the sector's middle half▲ 1.8%€1.4mabove the sector's middle half▲ 3.9%€1.1mabove the sector's middle half▼ 24.7%€0.4mabove the sector's middle half▼ 63.5%
Solvency50.4%-61.0%within the sector's middle half▲ 10.6pp61.3%within the sector's middle half▲ 0.3pp64.1%within the sector's middle half▲ 2.8pp63.8%within the sector's middle half▼ 0.3pp43.0%within the sector's middle half▼ 20.9pp53.3%within the sector's middle half▲ 10.3pp
Current ratio20.04-26.55above the sector's middle half▲ 6.5111.36above the sector's middle half▼ 15.1984.16above the sector's middle half▲ 72.8066.17above the sector's middle half▼ 17.9930.00above the sector's middle half▼ 36.1614.89above the sector's middle half▼ 15.11
Return on assets (ROA)10.3%--1.4%below the sector's middle half▼ 11.7pp-0.8%below the sector's middle half▲ 0.6pp-0.1%below the sector's middle half▲ 0.7pp0.8%below the sector's middle half▲ 0.9pp-5.6%below the sector's middle half▼ 6.4pp-1.7%below the sector's middle half▲ 3.9pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 €10,296, after a loss of €189,877 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €2.4m
Fixed assets
€2.0m ▲ 1.1%
Current assets
€413,084 ▼ 62.2%
Equity and liabilities €2.4m
Equity
€1.3m ▼ 3.0%
Debt
€1.1m ▼ 35.9%
Debt's share of the balance-sheet total falls from 57.0% to 46.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€69,442▲
2024 · €55,913
Cash flow
€20,028▼
2024 · €77,352
Debt to equity
0.88▼
2024 · 1.33
ROE
-3.1%▲
2024 · -12.9%
Interest coverage
0.96▲
2024 · 0.67
Debt ≤ 1 year
€27,747▼
2024 · €36,448
Debt > 1 year
€1.1m▼
2024 · €1.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €548,554 | - | - | €1.3m | €80,301 |
| Depreciation and write-downs of the year | €12,692 | €19,090 | €18,665 | €245,791 | €59,146 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,005 | €513 | €12,692 | €19,090 | €18,665 | €245,791 | €59,146 | ▼ 75.9% |
| Other operating charges640/8 | - | - | €7,349 | €4,409 | €3,605 | €5,980 | €6,069 | ▲ 1.5% |
| Gross operating margin9900 | €356,298 | €130,933 | €42,105 | €44,323 | €71,003 | €61,893 | €75,511 | ▲ 22.0% |
| Operating profit (loss)9901 | €351,151 | €104,932 | €22,064 | €20,824 | €48,733 | -€189,877 | €10,296 | - |
| Financial income75/76B | - | - | €14,633 | €16,316 | €18,482 | €45,277 | €23,108 | ▼ 49.0% |
| Recurring financial income75 | €81,139 | €71,228 | €14,633 | €16,316 | €18,482 | €45,277 | €23,108 | ▼ 49.0% |
| Financial charges65/66B | - | - | €28,334 | €31,004 | €39,047 | €83,086 | €72,522 | ▼ 12.7% |
| Recurring financial charges65 | €34,576 | €168,718 | €28,334 | €31,004 | €39,047 | €83,086 | €72,522 | ▼ 12.7% |
| Profit (loss) for the period before taxes9903 | €397,714 | €7,442 | €8,363 | €6,137 | €28,168 | -€227,687 | -€39,118 | ▲ 82.8% |
| Transfer from deferred taxes780 | - | - | €3,046 | €4,666 | €3,046 | €90,766 | - | - |
| Income taxes67/77 | €98,777 | €40,304 | €30,912 | €12,462 | €13,000 | €31,518 | - | - |
| Profit (loss) for the period9904 | €298,937 | -€32,862 | -€19,503 | -€1,659 | €18,214 | -€168,439 | -€39,118 | ▲ 76.8% |
| Transfer from tax-exempt reserves789 | - | - | €56,696 | €137,999 | €169,337 | €272,298 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €21,050 | €84,200 | - | - |
| Profit (loss) for the period to be appropriated9905 | €174,337 | -€68,462 | €37,193 | €136,340 | €166,501 | €19,659 | -€39,118 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.9m | €2.4m | €2.4m | €2.3m | €2.3m | €3.0m | €2.4m | ▼ 21.8% |
| Fixed assets21/28 | €0.09m | €0.4m | €0.9m | €0.9m | €0.9m | €1.9m | €2.0m | ▲ 1.1% |
| Tangible fixed assets22/27 | €0.09m | €0.4m | €0.9m | €0.9m | €0.9m | €1.9m | €2.0m | ▲ 1.1% |
| Land and buildings22 | - | - | €0.9m | €0.9m | €0.9m | €1.9m | €2.0m | ▲ 1.1% |
| Financial fixed assets28 | €81 | €81 | €81 | €81 | €81 | €81 | €19 | ▼ 76.9% |
| Current assets29/58 | €2.8m | €2.0m | €1.5m | €1.4m | €1.4m | €1.1m | €0.4m | ▼ 62.2% |
| Amounts receivable within one year40/41 | €1.3m | €0.1m | €0.08m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 33.0% |
| Trade receivables40 | - | - | - | - | €0.02m | €0.02m | - | - |
| Other amounts receivable41 | - | - | €0.08m | €0.02m | €0.008m | €0.008m | €0.02m | ▲ 99.3% |
| Current investments50/53 | €1.5m | €1.3m | €1.4m | €1.3m | €1.4m | €1.1m | €0.4m | ▼ 65.3% |
| Cash at bank and in hand54/58 | €0.04m | €0.6m | €0.004m | €0.09m | €0.005m | €0.009m | €0.03m | ▲ 228% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 8.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.9m | €2.4m | €2.4m | €2.3m | €2.3m | €3.0m | €2.4m | ▼ 21.8% |
| Equity10/15 | €1.5m | €1.4m | €1.5m | €1.5m | €1.5m | €1.3m | €1.3m | ▼ 3.0% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €1.3m | €1.2m | €1.2m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 4.5% |
| Non-distributable reserves130/1 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | €0.6m | €0.4m | €0.3m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | ▼ 5.0% |
| Profit (loss) carried forward14 | €0.01m | €0.05m | €0.04m | €0.03m | €0.09m | €0.01m | €0.02m | ▲ 81.1% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | - | - | - |
| Deferred taxes168 | - | - | €0.1m | €0.09m | €0.09m | - | - | - |
| Amounts payable17/49 | €1.3m | €0.8m | €0.8m | €0.7m | €0.7m | €1.7m | €1.1m | ▼ 35.9% |
| Amounts payable after more than one year17 | €1.2m | €0.7m | €0.7m | €0.7m | €0.7m | €1.7m | €1.1m | ▼ 36.2% |
| Financial debts170/4 | - | - | - | - | - | €1.0m | €1.0m | ▲ 0.3% |
| Other amounts payable178/9 | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.06m | ▼ 91.1% |
| Amounts payable within one year42/48 | €0.1m | €0.07m | €0.1m | €0.02m | €0.02m | €0.04m | €0.03m | ▼ 23.9% |
| Trade debts44 | €0.06m | €0.06m | €0.1m | €371 | €0.001m | €0.004m | €0.002m | ▼ 45.9% |
| Suppliers440/4 | - | - | €0.1m | €371 | €0.001m | €0.004m | €0.002m | ▼ 45.9% |
| Taxes, remuneration and social security45 | - | - | €0.009m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 26.7% |
| Taxes450/3 | - | - | €0.009m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 26.7% |
| Other amounts payable47/48 | - | - | €0.002m | €0.003m | €0.007m | €0.004m | €0.004m | ▲ 21.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | -€0.03m | -€0.02m | -€0.002m | €0.02m | -€0.2m | -€0.04m | ▲ 76.8% |
| + Depreciation and write-downs630 | €0.002m | €0.001m | €0.01m | €0.02m | €0.02m | €0.2m | €0.06m | ▼ 75.9% |
| Operating cash flow (approximation) | €0.3m | -€0.03m | -€0.007m | €0.02m | €0.04m | €0.08m | €0.02m | ▼ 74.1% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.5m | €0 | €0 | -€1.3m | -€0.08m | ▲ 93.8% |
| Change in cash | - | €0.5m | -€0.5m | €0.09m | -€0.09m | €0.004m | €0.02m | ▲ 381% |
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, 8,617 companies had the same profile as SEBARIC has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SEBARIC itself: < 0.1% 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 8,617 companies, not a prediction for SEBARIC. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 12-03-2026 | 2026-00055509 | |
| 30-09-2024 | micro format | 13-03-2025 | 2025-00047413 | |
| 30-09-2023 | micro format | 12-03-2024 | 2024-00041905 | |
| 30-09-2022 | micro format | 03-01-2023 | 2023-20551626 | |
| 30-09-2021 | micro format | 19-04-2022 | 2022-20004121 | |
| 30-09-2020 | abbreviated format | 10-03-2021 | 2021-07200572 | |
| 30-09-2019 | abbreviated format | 06-01-2020 | 2020-00300465 | |
| 30-09-2018 | abbreviated format | 15-03-2019 | 2019-07100508 | |
| 30-09-2017 | abbreviated format | 14-03-2018 | 2018-06900152 | |
| 30-09-2016 | abbreviated format | 01-02-2017 | 2017-03700241 |