SEDCO
ActiveSummary
SEDCO has been active since 1976 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €927,262 and a net result of €132,898. Equity is growing by ~3.7% per year across the filed fiscal years. Its solvency ranks better than 16% of 5046 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability35▲+9
Solvency39▲+1
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity ample (current ratio 1.68 against 2.21 in 2024; short-term debt: 17.8% and cash: 4% of total assets), but 85.7% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
14.3%
Return on assets
2.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 5046 sector peers (2025).
NBB · sector comparisonPosition among 5046 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
9 d early
2023
on the day
2022
25 d early
2021
24 d early
2020
17 d late
2019
55 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average on the deadline day; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€132,898▲ 508%
2024 · €21,871
Working capital
€785,461▼ 60.0%
2024 · €2.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€457,678▲ 105%€485,499▲ 6.1%€79,933▼ 83.5%€93,742▲ 17.3%€284,547▲ 204%
Net result€401,200above the sector's middle half▲ 70.6%€452,200above the sector's middle half▲ 12.7%€82,640within the sector's middle half▼ 81.7%€21,871within the sector's middle half▼ 73.5%€132,898within the sector's middle half▲ 508%
Equity€3.2mabove the sector's middle half▲ 9.9%€3.5mabove the sector's middle half▲ 7.8%€3.4mabove the sector's middle half▼ 2.8%€794,364within the sector's middle half▼ 76.4%€927,262within the sector's middle half▲ 16.7%
Total assets€6.1mabove the sector's middle half▲ 2.8%€6.3mabove the sector's middle half▲ 4.0%€5.9mabove the sector's middle half▼ 7.1%€6.3mabove the sector's middle half▲ 7.0%€6.5mwithin the sector's middle half▲ 3.3%
Debt€2.6m▼ 4.7%€2.6m▼ 0.3%€2.5m▼ 3.5%€5.5m▲ 121%€5.5m▲ 1.4%
Working capital€2.4mabove the sector's middle half▲ 10.7%€2.5mabove the sector's middle half▲ 5.8%€2.1mabove the sector's middle half▼ 15.6%€2.0mabove the sector's middle half▼ 6.7%€785,461within the sector's middle half▼ 60.0%
Solvency53.2%within the sector's middle half▲ 3.5pp55.1%within the sector's middle half▲ 1.9pp57.6%within the sector's middle half▲ 2.5pp12.7%below the sector's middle half▼ 45.0pp14.3%below the sector's middle half▲ 1.6pp
Current ratio3.47above the sector's middle half▲ 0.403.20above the sector's middle half▼ 0.273.03within the sector's middle half▼ 0.172.21within the sector's middle half▼ 0.821.68within the sector's middle half▼ 0.52
Return on assets (ROA)6.6%within the sector's middle half▲ 2.6pp7.2%within the sector's middle half▲ 0.6pp1.4%within the sector's middle half▼ 5.8pp0.3%within the sector's middle half▼ 1.1pp2.1%within the sector's middle half▲ 1.7pp
Staff (FTE)15.1above the sector's middle half▼ 5.0%16.8above the sector's middle half▲ 11.3%16.8above the sector's middle half=12.8above the sector's middle half▼ 23.8%10.8within the sector's middle half▼ 15.6%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +508% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 204% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.5m
Fixed assets
€4.5m ▲ 69.9%
Current assets
€1.9m ▼ 46.1%
Equity and liabilities €6.5m
Equity
€927,262 ▲ 16.7%
Debt
€5.5m ▲ 1.4%
Debt's share of the balance-sheet total falls from 87.3% to 85.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€324,006▲
2024 · €169,969
Cash flow
€172,357▲
2024 · €98,098
Debt to equity
5.98▼
2024 · 6.88
ROE
14.3%▲
2024 · 2.8%
Interest coverage
1.58▲
2024 · 0.86
Debt ≤ 1 year
€1.2m▼
2024 · €1.6m
Debt > 1 year
€4.4m▲
2024 · €3.8m
Income taxes
€51,960▲
2024 · €16,882
Staff costs
€657,552▼
2024 · €838,062
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,678 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,678 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €6,197 | €418 | €16,431 | €24,287 | €644,567 | ▲ 2,554% |
| Remuneration, social security and pensions62 | €846,987 | €951,901 | €999,338 | €838,062 | €657,552 | ▼ 21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €74,419 | €70,059 | €74,262 | €76,227 | €39,459 | ▼ 48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €60,000 | €0 | €67,671 | €24,409 | -€193,078 | ▼ 891% |
| Other operating charges640/8 | €54,512 | €52,581 | €58,220 | €57,571 | €52,379 | ▼ 9.0% |
| Non-recurring operating charges66A | €0 | €573 | €0 | €1,843 | €38,940 | ▲ 2,013% |
| Gross operating margin9900 | €1.5m | €1.6m | €1.3m | €1.1m | €879,800 | ▼ 19.4% |
| Operating profit (loss)9901 | €457,678 | €485,499 | €79,933 | €93,742 | €284,547 | ▲ 204% |
| Financial income75/76B | €114,642 | €123,536 | €94,898 | €141,760 | €104,997 | ▼ 25.9% |
| Recurring financial income75 | €114,642 | €123,536 | €94,898 | €141,760 | €104,997 | ▼ 25.9% |
| Non-recurring financial income76B | €0 | - | - | - | - | - |
| Financial charges65/66B | €62,152 | €59,632 | €83,519 | €196,750 | €204,685 | ▲ 4.0% |
| Recurring financial charges65 | €62,152 | €59,632 | €83,519 | €196,750 | €204,685 | ▲ 4.0% |
| Profit (loss) for the period before taxes9903 | €510,168 | €549,403 | €91,312 | €38,753 | €184,858 | ▲ 377% |
| Transfer from deferred taxes780 | - | - | €259,386 | €0 | - | - |
| Income taxes67/77 | €108,968 | €97,203 | €268,058 | €16,882 | €51,960 | ▲ 208% |
| Profit (loss) for the period9904 | €401,200 | €452,200 | €82,640 | €21,871 | €132,898 | ▲ 508% |
| Transfer from tax-exempt reserves789 | - | - | €635,049 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €401,200 | €452,200 | €717,689 | €21,871 | €132,898 | ▲ 508% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.1m | €6.3m | €5.9m | €6.3m | €6.5m | ▲ 3.3% |
| Fixed assets21/28 | €2.7m | €2.7m | €2.7m | €2.7m | €4.5m | ▲ 69.9% |
| Tangible fixed assets22/27 | €2.7m | €2.7m | €2.7m | €2.7m | €2.6m | ▼ 4.1% |
| Land and buildings22 | €2.6m | €2.6m | €2.5m | €2.5m | €2.5m | ▼ 1.3% |
| Plant, machinery and equipment23 | €6,641 | €17,391 | €32,086 | €28,637 | - | - |
| Furniture and vehicles24 | €117,771 | €73,098 | €105,529 | €100,874 | €5,476 | ▼ 94.6% |
| Assets under construction and advance payments27 | - | - | €27,668 | €24,751 | €72,924 | ▲ 195% |
| Financial fixed assets28 | €138 | €138 | €0 | - | €2.0m | - |
| Current assets29/58 | €3.3m | €3.6m | €3.1m | €3.6m | €1.9m | ▼ 46.1% |
| Amounts receivable after more than one year29 | - | - | - | €530,990 | - | - |
| Other amounts receivable291 | - | - | - | €530,990 | - | - |
| Stocks and contracts in progress3 | €1.6m | €1.9m | €1.4m | €1.4m | - | - |
| Stocks30/36 | €1.6m | €1.9m | €1.4m | €1.4m | - | - |
| Amounts receivable within one year40/41 | €1.1m | €1.2m | €1.2m | €822,284 | €1.7m | ▲ 101% |
| Trade receivables40 | €981,366 | €974,162 | €1.0m | €800,075 | €1.6m | ▲ 95.9% |
| Other amounts receivable41 | €135,512 | €181,173 | €175,823 | €22,209 | €85,249 | ▲ 284% |
| Cash at bank and in hand54/58 | €519,500 | €525,925 | €415,947 | €791,011 | €260,763 | ▼ 67.0% |
| Deferred charges and accrued income490/1 | €46,612 | €60,682 | €91,314 | €37,757 | €22,539 | ▼ 40.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.1m | €6.3m | €5.9m | €6.3m | €6.5m | ▲ 3.3% |
| Equity10/15 | €3.2m | €3.5m | €3.4m | €794,364 | €927,262 | ▲ 16.7% |
| Contributions10/11 | €587,000 | €587,000 | €587,000 | €587,000 | €587,000 | = |
| Capital10 | €587,000 | €587,000 | €587,000 | €587,000 | €587,000 | = |
| Issued capital100 | €587,000 | €587,000 | €587,000 | €587,000 | €587,000 | = |
| Reserves13 | €2.6m | €2.9m | €2.8m | €207,364 | €340,262 | ▲ 64.1% |
| Non-distributable reserves130/1 | €58,700 | €58,700 | €58,700 | €58,700 | €58,700 | = |
| Legal reserve130 | €58,700 | €58,700 | €58,700 | €58,700 | €58,700 | = |
| Tax-exempt reserves132 | €692,511 | €692,511 | €57,461 | €57,461 | €57,461 | = |
| Distributable reserves133 | €1.9m | €2.1m | €2.7m | €91,202 | €224,101 | ▲ 146% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €259,386 | €259,386 | €0 | - | - | - |
| Deferred taxes168 | €259,386 | €259,386 | €0 | - | - | - |
| Amounts payable17/49 | €2.6m | €2.6m | €2.5m | €5.5m | €5.5m | ▲ 1.4% |
| Amounts payable after more than one year17 | €1.5m | €1.4m | €1.3m | €3.8m | €4.4m | ▲ 15.6% |
| Financial debts170/4 | €1.5m | €1.4m | €1.3m | €3.8m | €4.4m | ▲ 15.6% |
| Amounts payable within one year42/48 | €955,155 | €1.1m | €1.0m | €1.6m | €1.2m | ▼ 29.3% |
| Current portion of amounts payable after more than one year42 | €293,882 | €287,945 | €164,598 | €303,725 | €229,842 | ▼ 24.3% |
| Financial debts43 | - | - | - | - | €10,109 | - |
| Credit institutions430/8 | - | - | - | - | €10,109 | - |
| Trade debts44 | €329,276 | €454,849 | €250,771 | €418,754 | €599,313 | ▲ 43.1% |
| Suppliers440/4 | €329,276 | €454,849 | €250,771 | €418,754 | €599,313 | ▲ 43.1% |
| Taxes, remuneration and social security45 | €220,997 | €192,080 | €442,148 | €406,344 | €311,554 | ▼ 23.3% |
| Taxes450/3 | €127,629 | €88,394 | €301,314 | €293,376 | €305,824 | ▲ 4.2% |
| Remuneration and social security454/9 | €93,368 | €103,686 | €140,833 | €112,968 | €5,730 | ▼ 94.9% |
| Other amounts payable47/48 | €111,000 | €200,000 | €180,000 | €500,000 | - | - |
| Accrued charges and deferred income492/3 | €97,615 | €69,745 | €151,856 | €52,374 | €15,206 | ▼ 71.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €401,200 | €452,200 | €82,640 | €21,871 | €132,898 | ▲ 508% |
| + Depreciation and write-downs630 | €74,419 | €70,059 | €74,262 | €76,227 | €39,459 | ▼ 48.2% |
| Operating cash flow (approximation) | €475,619 | €522,259 | €156,902 | €98,098 | €172,357 | ▲ 75.7% |
| Investment in fixed assets (approximation) | - | €2,478 | -€114,883 | -€34,051 | -€1.9m | ▼ 5,494% |
| Change in cash | - | €6,425 | -€109,978 | €375,064 | -€530,247 | ▼ 241% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €21,871 ▼73.5%
Net result drops to €21,871, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 17 days late
2020
24-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 55 days late
2019
31-12
Financial
Highest result since 2018net €772,698 ▲597%
Operating result €1.0m, net result €772,698, both a record.
31-12
Financial
Liquidity doublescurrent ratio 5.07
Current ratio from 2.33 to 5.07; short-term debt falls from €1.5m to €755,044.
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
12 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1980
Ground area
1.2 ha
Building footprint
5,291 m²
Volume, LiDAR
24,964 m³
Parcel 44074C0502/00D002, Flanders · tallest building 16.1 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
SEDCO // EURO CARO
since 19802.017.159.045
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44074C0502/00D002 | Flanders | 1.2 ha | 1 · 5,291 m² | 16.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
UNITED TILES BELGIUM
18 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- UNITED TILES BELGIUM
- MARMOCER
- SEDCO
Highest known parent: UNITED TILES BELGIUM. The sources do not say who stands above it.
Owners 1
- MARMOCERparentSourceaccounts MARMOCER 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 3,493 EUR awarded · 3,494 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 2,819 EUR | 2,872 EUR |
| 2023 | 1 | 495 EUR | 443 EUR |
| 2022 | 1 | 179 EUR | 179 EUR |
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Of 1,805 companies in sector 46831 we hold annual accounts for 1,399. 1,014 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-02-1976
Fiscal year end31-12
Activities, NACEBEL 2025
46831Wholesale of construction materials, general range
47521Retail sale of hardware, building materials, paint and glass (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0415804455
Also
9925:BE0415804455
Registered
08-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.