SECMAER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-05-2026 PDF all 18 filings
Turnover
≈ €100,000
Estimated: probably between €73,000 and €160,000
Total assets
€1.1m▲ 0.7%
2024 · €1.1m
Net result
-€10,651▲ 89.7%
2024 · -€103,414
Working capital
€18,012▼ 42.4%
2024 · €31,252
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€12,517
▲ 83.8%
2025
20182025
Net result
-€10,651
▲ 89.7%
2025
lowest quarter of the sector
20182025
Equity
€419,485
▼ 2.5%
2025
middle half of the sector
20182025
Total assets
€1.1m
▲ 0.7%
2025
middle half of the sector
20182025
Debt
€680,177
▲ 2.8%
2025
20182025
Working capital
€18,012
▼ 42.4%
2025
middle half of the sector
20182025
Solvency
38.1%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
1.09
▼ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.0%
▲ 8.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m-€0.004m€1.0m▲ 268×-€0.01m-€0.06m▼ 346%-€0.06m▲ 10.7%-€0.08m▼ 33.8%-€0.01m▲ 83.8%
Net result-€0.03m--€0.001m▲ 96.7%€0.7mabove the sector's middle half-€0.02mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 214%-€0.07mbelow the sector's middle half▲ 1.5%-€0.1mbelow the sector's middle half▼ 45.7%-€0.01mbelow the sector's middle half▲ 89.7%
Equity-€0.05m--€0.05m▼ 1.8%€0.7mabove the sector's middle half€0.7mabove the sector's middle half▼ 3.3%€0.6mwithin the sector's middle half▼ 10.7%€0.5mabove the sector's middle half▼ 11.7%€0.4mabove the sector's middle half▼ 19.4%€0.4mwithin the sector's middle half▼ 2.5%
Total assets€0.2m-€0.2m▲ 3.7%€1.0mabove the sector's middle half▲ 415%€1.5mabove the sector's middle half▲ 44.0%€1.4mwithin the sector's middle half▼ 5.3%€1.3mabove the sector's middle half▼ 9.5%€1.1mabove the sector's middle half▼ 12.8%€1.1mwithin the sector's middle half▲ 0.7%
Debt€0.2m-€0.2m▲ 3.4%€0.3m▲ 28.9%€0.8m▲ 149%€0.8m▼ 0.7%€0.7m▼ 7.7%€0.7m▼ 7.9%€0.7m▲ 2.8%
Working capital€0.02m-€0.01m▼ 34.9%€0.8mabove the sector's middle half▲ 74×€0.3mabove the sector's middle half▼ 61.5%€0.2mwithin the sector's middle half▼ 27.6%€0.2mabove the sector's middle half▼ 28.9%€0.03mwithin the sector's middle half▼ 81.0%€0.02mwithin the sector's middle half▼ 42.4%
Solvency-24.4%--23.9%▲ 0.5pp69.0%within the sector's middle half▲ 92.9pp46.3%within the sector's middle half▼ 22.7pp43.7%within the sector's middle half▼ 2.6pp42.6%within the sector's middle half▼ 1.1pp39.4%within the sector's middle half▼ 3.2pp38.1%within the sector's middle half▼ 1.2pp
Current ratio1.14-1.08▼ 0.057.20above the sector's middle half▲ 6.123.15within the sector's middle half▼ 4.052.18within the sector's middle half▼ 0.971.89within the sector's middle half▼ 0.291.17within the sector's middle half▼ 0.721.09within the sector's middle half▼ 0.08
Return on assets (ROA)-13.2%--0.4%▲ 12.7pp73.6%above the sector's middle half▲ 74.0pp-1.6%below the sector's middle half▼ 75.2pp-5.2%below the sector's middle half▼ 3.6pp-5.7%below the sector's middle half▼ 0.5pp-9.5%below the sector's middle half▼ 3.8pp-1.0%below the sector's middle half▲ 8.5pp
Staff (FTE)0.5-0.8▲ 60.0%1.4within the sector's middle half▲ 75.0%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 loss of €12,517, smaller than the loss of €77,049 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 €1.1m
Fixed assets
€882,874 ▲ 1.0%
Current assets
€216,788 ▼ 0.3%
Equity and liabilities €1.1m
Equity
€419,485 ▼ 2.5%
Debt
€680,177 ▲ 2.8%
Debt's share of the balance-sheet total rises from 60.6% to 61.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€39,072▲
2024 · -€49,669
Cash flow
€40,938▲
2024 · -€76,035
Quick ratio
0.77▼
2024 · 0.78
Debt to equity
1.62▲
2024 · 1.54
ROE
-2.5%▲
2024 · -24.0%
Interest coverage
-21.04▼
2024 · -1.54
Debt ≤ 1 year
€198,775▲
2024 · €186,186
Debt > 1 year
€481,401▲
2024 · €475,673
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €214,500 | €214,500 | €214,500 |
| Carrying value of the mortgaged assets | - | - | €836,790 | €806,135 | €775,480 |
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 | €970,086 | €12,575 | €6,500 | - | €57,606 |
| Intangible fixed assets | - | - | - | - | €2,300 |
| Financial fixed assets | - | - | €70 | - | - |
| Depreciation and write-downs of the year | €25,733 | €48,889 | €50,437 | €27,379 | €51,589 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €290 awarded · €290 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.006m | -€158 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.006m | €0.03m | €0.05m | €0.05m | €0.03m | €0.05m | ▲ 88.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.09m | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.005m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 6.8% |
| Gross operating margin9900 | €0.01m | €0.04m | €1.1m | €0.1m | -€0.005m | €0.005m | -€0.04m | €0.05m | - |
| Operating profit (loss)9901 | -€0.01m | €0.004m | €1.0m | -€0.01m | -€0.06m | -€0.06m | -€0.08m | -€0.01m | ▲ 83.8% |
| Financial income75/76B | - | - | - | €0.001m | €0.004m | €6 | €0.006m | €9 | ▼ 99.8% |
| Recurring financial income75 | €208 | €0.001m | €27 | €0.001m | €0.004m | €6 | €0.006m | €9 | ▼ 99.8% |
| Financial charges65/66B | - | - | - | €0.009m | €0.01m | €0.01m | €0.03m | -€0.002m | - |
| Recurring financial charges65 | €0.005m | €0.005m | €0.008m | €0.009m | €0.01m | €0.01m | €0.03m | -€0.002m | - |
| Profit (loss) for the period before taxes9903 | -€0.03m | -€0.001m | €1.0m | -€0.02m | -€0.07m | -€0.07m | -€0.1m | -€0.01m | ▲ 89.7% |
| Income taxes67/77 | - | €159 | €0.2m | €288 | -€159 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€0.03m | -€0.001m | €0.7m | -€0.02m | -€0.07m | -€0.07m | -€0.1m | -€0.01m | ▲ 89.7% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.03m | -€0.001m | €0.5m | -€0.02m | -€0.07m | -€0.07m | -€0.1m | -€0.01m | ▲ 89.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.2m | €1.0m | €1.5m | €1.4m | €1.3m | €1.1m | €1.1m | ▲ 0.7% |
| Fixed assets21/28 | €0.05m | €0.05m | €0.05m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | ▲ 1.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.002m | - |
| Tangible fixed assets22/27 | €0.05m | €0.05m | €0.05m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | ▲ 0.7% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €0.8m | €0.9m | ▲ 2.0% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.008m | €0.02m | €0.02m | ▼ 24.4% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.01m | €0.005m | - | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.002m | €0.001m | €0.001m | €70 | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €1.0m | €0.5m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 0.3% |
| Stocks and contracts in progress3 | €0.05m | €0.05m | €0.2m | €0.1m | €0.2m | €0.2m | €0.07m | €0.06m | ▼ 11.2% |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | €0.2m | €0.07m | €0.06m | ▼ 11.2% |
| Amounts receivable within one year40/41 | €0.02m | €0.05m | €0.1m | €0.1m | €0.09m | €0.07m | €0.09m | €0.06m | ▼ 35.5% |
| Trade receivables40 | - | - | - | €0.03m | €0.005m | €0.02m | €0.03m | €0.04m | ▲ 5.1% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.09m | €0.06m | €0.05m | €0.02m | ▼ 61.6% |
| Cash at bank and in hand54/58 | €0.07m | €0.05m | €0.6m | €0.2m | €0.2m | €0.1m | €0.06m | €0.09m | ▲ 69.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.002m | €0.001m | €0.001m | ▼ 19.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €1.0m | €1.5m | €1.4m | €1.3m | €1.1m | €1.1m | ▲ 0.7% |
| Equity10/15 | -€0.05m | -€0.05m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | ▼ 2.5% |
| Contributions10/11 | €0.07m | €0.07m | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.1m | €0.3m | €0.3m | €0.2m | €0.2m | €0.07m | €0.06m | ▼ 15.9% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.3m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▲ 2.8% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 1.2% |
| Financial debts170/4 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 1.2% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.001m | €0.001m | = |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 1.3% |
| Trade debts44 | €0.05m | €0.02m | €0.02m | €0.006m | €0.08m | €0.07m | €0.07m | €0.08m | ▲ 24.9% |
| Suppliers440/4 | - | - | - | €0.006m | €0.08m | €0.07m | €0.07m | €0.08m | ▲ 24.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0 | €0.002m | €0.002m | €0.004m | ▲ 69.6% |
| Taxes450/3 | - | - | - | €0.03m | €0 | €0.002m | €0.002m | €0.004m | ▲ 69.6% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.06m | €0.05m | €0.06m | €0.05m | ▼ 10.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.004m | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,000 | -€831 | €746,616 | -€22,949 | -€72,060 | -€70,979 | -€103,414 | -€10,651 | ▲ 89.7% |
| + Depreciation and write-downs630 | €10,314 | €14,296 | €5,799 | €25,733 | €48,889 | €50,437 | €27,379 | €51,589 | ▲ 88.4% |
| Operating cash flow (approximation) | -€14,686 | €13,465 | €752,416 | €2,784 | -€23,172 | -€20,542 | -€76,035 | €40,938 | - |
| Investment in fixed assets (approximation) | - | -€19,496 | -€2,204 | -€968,949 | -€12,575 | €2,961 | €70 | -€59,906 | - |
| Change in cash | - | -€24,704 | €589,882 | -€397,167 | -€79,468 | -€51,731 | -€54,870 | €39,079 | - |
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, 2,686 companies had the same profile as SECMAER has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SECMAER 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 2,686 companies, not a prediction for SECMAER. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-05-2026 | 2026-00125510 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00297461 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00502394 | |
| 31-12-2022 | abbreviated format | 06-10-2023 | 2023-00479157 | |
| 31-12-2021 | micro format | 17-10-2022 | 2022-20467624 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-38100295 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59800201 | |
| 31-12-2018 | micro format | 14-08-2019 | 2019-46700116 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45500547 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46900207 |