SEDEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-07-2026 at the NBB all 37 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €210,000
Total assets
€1.3m▼ 0.3%
2024 · €1.3m
Net result
-€42▲ 99.9%
2024 · -€35,627
Working capital
€252,759▲ 4.4%
2024 · €242,183
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€328
▲ 97.5%
2025
20182025
Net result
-€42
▲ 99.9%
2025
20182025
Equity
€811,210
=
2025
20182025
Total assets
€1.3m
▼ 0.3%
2025
20182025
Debt
€468,980
▼ 0.9%
2025
20182025
Working capital
€252,759
▲ 4.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€295--€0.003m€0.01m-€0.003m-€287▲ 90.5%-€0.005m▼ 1,785%-€0.01m▼ 143%-€328▲ 97.5%
Net result€213--€0.003m€246-€0.02m-€0.01m▲ 33.4%-€0.02m▼ 85.7%-€0.04m▼ 67.8%-€42▲ 99.9%
Equity€0.9m-€0.9m▼ 0.4%€0.9m=€0.9m▼ 1.9%€0.9m▼ 1.3%€0.8m▼ 2.4%€0.8m▼ 4.2%€0.8m=
Total assets€1.4m-€1.4m▼ 1.3%€1.3m▼ 3.1%€1.3m▼ 1.0%€1.3m▼ 0.5%€1.3m▼ 1.0%€1.3m▼ 1.4%€1.3m▼ 0.3%
Debt€0.5m-€0.5m▼ 3.0%€0.4m▼ 8.8%€0.4m▲ 0.8%€0.4m▲ 1.2%€0.5m▲ 1.9%€0.5m▲ 3.7%€0.5m▼ 0.9%
Working capital€0.3m-€0.3m▲ 0.6%€0.3m▲ 9.2%€0.3m▼ 4.0%€0.3m▲ 0.3%€0.3m▼ 6.5%€0.2m▼ 6.9%€0.3m▲ 4.4%
The operating result for 2025 is a loss of €328, smaller than the loss of €13,150 in 2024.
Turnover and EBIT margin are not published. The 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 €1.3m
Fixed assets
€725,245 ▼ 1.4%
Current assets
€554,944 ▲ 1.2%
Equity and liabilities €1.3m
Equity
€811,210 =
Debt
€468,980 ▼ 0.9%
Debt's share of the balance-sheet total falls from 36.8% to 36.6%. Debt is lower.
Key figures and ratios
EBITDA
€19,801▲
2024 · €6,597
Cash flow
€20,088▲
2024 · -€15,880
Current ratio
1.84▲
2024 · 1.79
Quick ratio
0.56▲
2024 · 0.53
Debt to equity
0.58▼
2024 · 0.58
ROE
0.0%▲
2024 · -4.4%
ROA
0.0%▲
2024 · -2.8%
Interest coverage
over 100▲
2024 · 0.29
Debt ≤ 1 year
€302,186▼
2024 · €306,269
Debt > 1 year
€166,794=
2024 · €166,794
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,960 | €15,351 | €2,099 | €9,512 |
| Depreciation and write-downs of the year | €16,645 | €17,186 | €18,428 | €19,747 | €20,130 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,541 | €16,715 | €16,362 | €16,645 | €17,186 | €18,428 | €19,747 | €20,130 | ▲ 1.9% |
| Other operating charges640/8 | - | - | - | €12,959 | €8,394 | €8,836 | €9,300 | €9,664 | ▲ 3.9% |
| Gross operating margin9900 | €23,051 | €20,873 | €31,129 | €26,581 | €25,292 | €21,844 | €15,897 | €29,466 | ▲ 85.4% |
| Operating profit (loss)9901 | €295 | -€3,383 | €11,355 | -€3,023 | -€287 | -€5,420 | -€13,150 | -€328 | ▲ 97.5% |
| Financial income75/76B | - | - | - | - | €0 | €31 | €375 | €334 | ▼ 10.8% |
| Recurring financial income75 | - | - | €205 | - | €0 | €31 | €375 | €334 | ▼ 10.8% |
| Financial charges65/66B | - | - | - | €10,835 | €11,143 | €15,839 | €22,852 | €48 | ▼ 99.8% |
| Recurring financial charges65 | €82 | €91 | €11,098 | €10,835 | €11,143 | €15,839 | €22,852 | €48 | ▼ 99.8% |
| Profit (loss) for the period before taxes9903 | €213 | -€3,474 | €463 | -€13,858 | -€11,430 | -€21,229 | -€35,627 | -€42 | ▲ 99.9% |
| Income taxes67/77 | - | €0 | €216 | €3,300 | - | - | - | - | - |
| Profit (loss) for the period9904 | €213 | -€3,474 | €246 | -€17,158 | -€11,430 | -€21,229 | -€35,627 | -€42 | ▲ 99.9% |
| Profit (loss) for the period to be appropriated9905 | €213 | -€3,474 | €246 | -€17,158 | -€11,430 | -€21,229 | -€35,627 | -€42 | ▲ 99.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 0.3% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 1.4% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 1.4% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 27.2% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.003m | €0.004m | €0.004m | €0.004m | ▲ 10.3% |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 1.2% |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €34 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 0.3% |
| Equity10/15 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | = |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | -€0.02m | -€0.04m | -€0.05m | -€0.07m | -€0.1m | -€0.1m | = |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 0.9% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 1.3% |
| Trade debts44 | €368 | €0.001m | €111 | €111 | €0.001m | €0.001m | €244 | €235 | ▼ 3.6% |
| Suppliers440/4 | - | - | - | €111 | €0.001m | €0.001m | €244 | €235 | ▼ 3.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.003m | €0.005m | €0.007m | - | - |
| Taxes450/3 | - | - | - | €0.003m | €0.003m | €0.005m | €0.007m | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €213 | -€3,474 | €246 | -€17,158 | -€11,430 | -€21,229 | -€35,627 | -€42 | ▲ 99.9% |
| + Depreciation and write-downs630 | €15,541 | €16,715 | €16,362 | €16,645 | €17,186 | €18,428 | €19,747 | €20,130 | ▲ 1.9% |
| Operating cash flow (approximation) | €15,754 | €13,241 | €16,609 | -€513 | €5,756 | -€2,801 | -€15,880 | €20,088 | - |
| Investment in fixed assets (approximation) | - | -€11,739 | -€3,226 | €0 | -€4,960 | -€15,351 | -€2,099 | -€9,512 | ▼ 353% |
| Change in cash | - | -€13,469 | -€28,799 | €2,982 | €6,041 | -€9,835 | -€1,107 | €6,492 | - |
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 SEDEC 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 SEDEC 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 SEDEC. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-07-2026 | 2026-00287782 | |
| 31-12-2024 | micro format | 07-06-2025 | 2025-00129726 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00167085 | |
| 31-12-2022 | micro format | 10-06-2023 | 2023-00120165 | |
| 31-12-2021 | micro format | 21-05-2022 | 2022-20040196 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51600344 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26500207 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40300450 | |
| 31-12-2017 | micro format | 01-08-2018 | 2018-41900424 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-38500504 |