SEFA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 26 filings
Turnover
≈ €47,000
Estimated: probably between €29,000 and €80,000
Total assets
€10,490▲ 8.0%
2024 · €9,717
Net result
€300▼ 53.6%
2024 · €647
Working capital
€4,053▲ 35.8%
2024 · €2,984
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€457
▼ 51.3%
2025
20182025
Net result
€300
▼ 53.6%
2025
middle half of the sector
20182025
Equity
€7,177
▲ 4.4%
2025
middle half of the sector
20182025
Total assets
€10,490
▲ 8.0%
2025
lowest quarter of the sector
20182025
Debt
€3,313
▲ 16.6%
2025
20182025
Working capital
€4,053
▲ 35.8%
2025
middle half of the sector
20182025
Solvency
68.4%
▼ 2.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.22
▲ 0.17
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.9%
▼ 3.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€796-€12,001▲ 15×-€784€2,522-€3,153-€5,188▼ 64.5%€939€457▼ 51.3%
Net result€255-€10,391▲ 41×-€1,349within the sector's middle half€2,133within the sector's middle half-€3,641within the sector's middle half-€5,781within the sector's middle half▼ 58.8%€647within the sector's middle half€300within the sector's middle half▼ 53.6%
Equity€4,478-€14,868▲ 232%€13,519within the sector's middle half▼ 9.1%€15,652within the sector's middle half▲ 15.8%€12,011within the sector's middle half▼ 23.3%€6,230within the sector's middle half▼ 48.1%€6,877within the sector's middle half▲ 10.4%€7,177within the sector's middle half▲ 4.4%
Total assets€9,921-€17,507▲ 76.5%€14,273below the sector's middle half▼ 18.5%€15,792below the sector's middle half▲ 10.6%€17,168below the sector's middle half▲ 8.7%€7,512below the sector's middle half▼ 56.2%€9,717below the sector's middle half▲ 29.4%€10,490below the sector's middle half▲ 8.0%
Debt€5,444-€2,639▼ 51.5%€753▼ 71.5%€140▼ 81.4%€5,157▲ 37×€1,282▼ 75.1%€2,840▲ 122%€3,313▲ 16.6%
Working capital€408-€10,196▲ 25×€9,845within the sector's middle half▼ 3.4%€12,696within the sector's middle half▲ 29.0%€6,453within the sector's middle half▼ 49.2%€1,568within the sector's middle half▼ 75.7%€2,984within the sector's middle half▲ 90.3%€4,053within the sector's middle half▲ 35.8%
Solvency45.1%-84.9%▲ 39.8pp94.7%above the sector's middle half▲ 9.8pp99.1%above the sector's middle half▲ 4.4pp70.0%above the sector's middle half▼ 29.2pp82.9%above the sector's middle half▲ 13.0pp70.8%above the sector's middle half▼ 12.2pp68.4%above the sector's middle half▼ 2.4pp
Current ratio1.11-4.86▲ 3.7514.07above the sector's middle half▲ 9.2191.70above the sector's middle half▲ 77.632.25above the sector's middle half▼ 89.452.22above the sector's middle half▼ 0.032.05within the sector's middle half▼ 0.172.22above the sector's middle half▲ 0.17
Return on assets (ROA)2.6%-59.4%▲ 56.8pp-9.5%within the sector's middle half▼ 68.8pp13.5%within the sector's middle half▲ 23.0pp-21.2%below the sector's middle half▼ 34.7pp-77.0%below the sector's middle half▼ 55.8pp6.7%within the sector's middle half▲ 83.6pp2.9%within the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 51% lower than 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 €10,490
Fixed assets
€3,124 ▼ 19.8%
Current assets
€7,366 ▲ 26.5%
Equity and liabilities €10,490
Equity
€7,177 ▲ 4.4%
Debt
€3,313 ▲ 16.6%
Debt's share of the balance-sheet total rises from 29.2% to 31.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1,226▼
2024 · €1,708
Cash flow
€1,069▼
2024 · €1,416
Quick ratio
1.32▲
2024 · 1.22
Debt to equity
0.46▲
2024 · 0.41
ROE
4.2%▼
2024 · 9.4%
Interest coverage
7.60▲
2024 · 5.84
Debt ≤ 1 year
€3,313▲
2024 · €2,840
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 | - | €3,845 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €718 | €1,243 | €897 | €769 | €769 |
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 | €2,415 | €1,465 | €998 | €718 | €1,243 | €897 | €769 | €769 | = |
| Other operating charges640/8 | - | - | - | €900 | €1,269 | €1,343 | €2,588 | €2,993 | ▲ 15.7% |
| Gross operating margin9900 | €3,559 | €14,999 | €388 | €4,140 | -€641 | -€2,947 | €4,296 | €4,219 | ▼ 1.8% |
| Operating profit (loss)9901 | €796 | €12,001 | -€784 | €2,522 | -€3,153 | -€5,188 | €939 | €457 | ▼ 51.3% |
| Financial income75/76B | - | - | - | - | - | €10 | €0 | €4 | - |
| Recurring financial income75 | €1 | - | - | - | - | €10 | €0 | €4 | - |
| Financial charges65/66B | - | - | - | €389 | €488 | €604 | €293 | €161 | ▼ 44.8% |
| Recurring financial charges65 | €541 | €521 | €512 | €389 | €488 | €604 | €293 | €161 | ▼ 44.8% |
| Profit (loss) for the period before taxes9903 | €255 | €11,480 | -€1,296 | €2,133 | -€3,641 | -€5,781 | €647 | €300 | ▼ 53.6% |
| Income taxes67/77 | - | €1,090 | €53 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €255 | €10,391 | -€1,349 | €2,133 | -€3,641 | -€5,781 | €647 | €300 | ▼ 53.6% |
| Profit (loss) for the period to be appropriated9905 | €255 | €10,391 | -€1,349 | €2,133 | -€3,641 | -€5,781 | €647 | €300 | ▼ 53.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9,921 | €17,507 | €14,273 | €15,792 | €17,168 | €7,512 | €9,717 | €10,490 | ▲ 8.0% |
| Fixed assets21/28 | €5,888 | €4,673 | €3,675 | €2,957 | €5,559 | €4,662 | €3,893 | €3,124 | ▼ 19.8% |
| Tangible fixed assets22/27 | €4,027 | €2,562 | €1,564 | €846 | €3,448 | €2,551 | €1,782 | €1,013 | ▼ 43.1% |
| Plant, machinery and equipment23 | - | - | - | - | €3,320 | €2,551 | €1,782 | €1,013 | ▼ 43.1% |
| Other tangible fixed assets26 | - | - | - | €846 | €128 | €0 | - | - | - |
| Financial fixed assets28 | €1,860 | €2,110 | €2,110 | €2,110 | €2,110 | €2,110 | €2,110 | €2,110 | = |
| Current assets29/58 | €4,034 | €12,834 | €10,598 | €12,836 | €11,610 | €2,850 | €5,824 | €7,366 | ▲ 26.5% |
| Stocks and contracts in progress3 | €2,000 | €3,750 | €1,750 | €750 | €750 | €1,750 | €2,350 | €3,000 | ▲ 27.7% |
| Stocks30/36 | - | - | - | €750 | €750 | €1,750 | €2,350 | €3,000 | ▲ 27.7% |
| Amounts receivable within one year40/41 | €80 | €6,816 | €3,524 | €1,271 | €2,543 | €8 | €581 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | - | €1,079 | €0 | €581 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €1,271 | €1,464 | €8 | €0 | - | - |
| Current investments50/53 | €6 | €6 | €6 | €6 | €6 | €6 | €6 | €6 | = |
| Cash at bank and in hand54/58 | €1,281 | €1,555 | €4,739 | €10,142 | €7,616 | €313 | €1,990 | €3,397 | ▲ 70.7% |
| Deferred charges and accrued income490/1 | - | - | - | €666 | €694 | €774 | €897 | €963 | ▲ 7.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9,921 | €17,507 | €14,273 | €15,792 | €17,168 | €7,512 | €9,717 | €10,490 | ▲ 8.0% |
| Equity10/15 | €4,478 | €14,868 | €13,519 | €15,652 | €12,011 | €6,230 | €6,877 | €7,177 | ▲ 4.4% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €95 | €95 | €95 | €95 | €95 | €95 | €95 | €95 | = |
| Non-distributable reserves130/1 | - | - | - | €95 | €95 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €95 | €95 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €95 | €95 | €95 | = |
| Profit (loss) carried forward14 | -€1,815 | €8,576 | €7,227 | €9,360 | €5,719 | -€62 | €584 | €884 | ▲ 51.4% |
| Amounts payable17/49 | €5,444 | €2,639 | €753 | €140 | €5,157 | €1,282 | €2,840 | €3,313 | ▲ 16.6% |
| Amounts payable after more than one year17 | €1,818 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €3,626 | €2,639 | €753 | €140 | €5,157 | €1,282 | €2,840 | €3,313 | ▲ 16.6% |
| Trade debts44 | - | €51 | €753 | €134 | €892 | €314 | €480 | €182 | ▼ 62.1% |
| Suppliers440/4 | - | - | - | €134 | €892 | €314 | €480 | €182 | ▼ 62.1% |
| Taxes, remuneration and social security45 | - | - | - | €6 | €4,265 | €458 | €495 | €760 | ▲ 53.5% |
| Taxes450/3 | - | - | - | €6 | €465 | €458 | €495 | €760 | ▲ 53.5% |
| Remuneration and social security454/9 | - | - | - | - | €3,800 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €510 | €1,866 | €2,372 | ▲ 27.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €255 | €10,391 | -€1,349 | €2,133 | -€3,641 | -€5,781 | €647 | €300 | ▼ 53.6% |
| + Depreciation and write-downs630 | €2,415 | €1,465 | €998 | €718 | €1,243 | €897 | €769 | €769 | = |
| Operating cash flow (approximation) | €2,670 | €11,856 | -€351 | €2,851 | -€2,398 | -€4,884 | €1,416 | €1,069 | ▼ 24.5% |
| Investment in fixed assets (approximation) | - | -€250 | €0 | €0 | -€3,845 | €0 | €0 | €0 | - |
| Change in cash | - | €274 | €3,185 | €5,403 | -€2,526 | -€7,303 | €1,677 | €1,407 | ▼ 16.1% |
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, 17,041 companies had the same profile as SEFA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SEFA itself: 0.2% 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 17,041 companies, not a prediction for SEFA. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00306270 | |
| 31-12-2024 | micro format | 18-04-2025 | 2025-00076017 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00146826 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00225445 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20065381 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-27400090 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-18600487 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-21700355 | |
| 31-12-2017 | micro format | 19-06-2018 | 2018-20200220 | |
| 31-12-2016 | micro format | 14-06-2017 | 2017-18000522 |