Seffer & Partner
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-01-2026 PDF all 3 filings
Turnover
€3.2m▼ 0.6%
2024 · €3.2m
EBIT margin
7.3%▲ 2.3pp
2024 · 5.0%
Net result
€169,409▲ 49.3%
2024 · €113,506
Working capital
€374,143▲ 76.3%
2024 · €212,234
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
€3.2m
▼ 0.6%
2025
20232025
Operating result
€236,399
▲ 45.1%
2025
20232025
Net result
€169,409
▲ 49.3%
2025
middle half of the sector
20232025
EBIT margin
7.3%
▲ 2.3pp
2025
20232025
Equity
€401,444
▲ 67.6%
2025
lowest quarter of the sector
20232025
Total assets
€551,361
▲ 31.1%
2025
lowest quarter of the sector
20232025
Debt
€149,917
▼ 17.1%
2025
20232025
Working capital
€374,143
▲ 76.3%
2025
middle half of the sector
20232025
Solvency
72.8%
▲ 15.8pp
2025
highest quarter of the sector
20232025
Current ratio
4.26
▲ 1.42
2025
highest quarter of the sector
20232025
Return on assets (ROA)
30.7%
▲ 3.7pp
2025
highest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€3.2m€3.2m▼ 0.6%
Operating result€0.2m-€0.2m▼ 18.7%€0.2m▲ 45.1%
Net result€0.1mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 17.9%€0.2mwithin the sector's middle half▲ 49.3%
EBIT margin5.0%7.3%▲ 2.3pp
Equity€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 78.0%€0.4mbelow the sector's middle half▲ 67.6%
Total assets€0.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 3.0%€0.6mbelow the sector's middle half▲ 31.1%
Debt€0.3m-€0.2m▼ 39.5%€0.1m▼ 17.1%
Working capital€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 97.8%€0.4mwithin the sector's middle half▲ 76.3%
Solvency31.0%within the sector's middle half-57.0%within the sector's middle half▲ 25.9pp72.8%above the sector's middle half▲ 15.8pp
Current ratio1.53within the sector's middle half-2.83within the sector's middle half▲ 1.314.26above the sector's middle half▲ 1.42
Return on assets (ROA)31.9%above the sector's middle half-27.0%above the sector's middle half▼ 4.9pp30.7%above the sector's middle half▲ 3.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 45% higher than in 2024 and the highest since 2023. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €551,361
Fixed assets
€62,301 ▼ 32.5%
Current assets
€489,060 ▲ 49.1%
Equity and liabilities €551,361
Equity
€401,444 ▲ 67.6%
Debt
€149,917 ▼ 17.1%
Debt's share of the balance-sheet total falls from 43.0% to 27.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€266,399▲
2024 · €192,920
Cash flow
€199,409▲
2024 · €143,506
Quick ratio
3.94▲
2024 · 2.56
Debt to equity
0.37▼
2024 · 0.76
ROE
42.2%▼
2024 · 47.4%
Interest coverage
96.51▲
2024 · 41.95
Debt ≤ 1 year
€114,917▼
2024 · €115,879
Debt > 1 year
€35,000▼
2024 · €65,000
Income taxes
€71,521▲
2024 · €45,275
Customer credit
25 days▲
2024 · 22 days
Supplier credit
1 day▼
2024 · 4 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Pledge on the business | €150,000 | €150,000 | €150,000 |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Intangible fixed assets | €150,000 | - | - |
| Depreciation and write-downs of the year | €27,699 | €30,000 | €30,000 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | - | €3.2m | €3.2m | ▼ 0.6% |
| Goods, raw materials, services and sundry goods60/61 | - | €3.0m | €2.8m | ▼ 9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | = |
| Gross operating margin9900 | €0.2m | €0.2m | €0.3m | ▲ 38.1% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.2m | ▲ 45.1% |
| Financial income75/76B | €1 | €460 | €0.007m | ▲ 16× |
| Recurring financial income75 | €1 | €460 | €0.007m | ▲ 16× |
| Financial charges65/66B | €0.005m | €0.005m | €0.003m | ▼ 40.0% |
| Recurring financial charges65 | €0.005m | €0.005m | €0.003m | ▼ 40.0% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.2m | ▲ 51.7% |
| Income taxes67/77 | €0.06m | €0.05m | €0.07m | ▲ 58.0% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.2m | ▲ 49.3% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.2m | ▲ 49.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €433,552 | €420,414 | €551,361 | ▲ 31.1% |
| Fixed assets21/28 | €122,301 | €92,301 | €62,301 | ▼ 32.5% |
| Intangible fixed assets21 | €122,301 | €92,301 | €62,301 | ▼ 32.5% |
| Current assets29/58 | €311,251 | €328,113 | €489,060 | ▲ 49.1% |
| Stocks and contracts in progress3 | €32,357 | €31,541 | €36,477 | ▲ 15.6% |
| Stocks30/36 | €32,357 | €31,541 | €36,477 | ▲ 15.6% |
| Amounts receivable within one year40/41 | €193,123 | €195,679 | €223,277 | ▲ 14.1% |
| Trade receivables40 | €188,198 | €193,877 | €222,347 | ▲ 14.7% |
| Other amounts receivable41 | €4,925 | €1,803 | €930 | ▼ 48.4% |
| Current investments50/53 | - | €65,000 | €127,162 | ▲ 95.6% |
| Cash at bank and in hand54/58 | €85,770 | €35,892 | €102,143 | ▲ 185% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €433,552 | €420,414 | €551,361 | ▲ 31.1% |
| Equity10/15 | €134,600 | €239,535 | €401,444 | ▲ 67.6% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €129,600 | €234,535 | €396,444 | ▲ 69.0% |
| Distributable reserves133 | €129,600 | €234,535 | €396,444 | ▲ 69.0% |
| Amounts payable17/49 | €298,952 | €180,879 | €149,917 | ▼ 17.1% |
| Amounts payable after more than one year17 | €95,000 | €65,000 | €35,000 | ▼ 46.2% |
| Financial debts170/4 | €95,000 | €65,000 | €35,000 | ▼ 46.2% |
| Amounts payable within one year42/48 | €203,952 | €115,879 | €114,917 | ▼ 0.8% |
| Current portion of amounts payable after more than one year42 | €30,000 | €30,000 | €30,000 | = |
| Trade debts44 | €108,710 | €32,033 | €7,888 | ▼ 75.4% |
| Suppliers440/4 | €108,710 | €32,033 | €7,888 | ▼ 75.4% |
| Taxes, remuneration and social security45 | €56,671 | €45,275 | €69,529 | ▲ 53.6% |
| Taxes450/3 | €56,671 | €45,275 | €69,529 | ▲ 53.6% |
| Other amounts payable47/48 | €8,571 | €8,571 | €7,500 | ▼ 12.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €138,172 | €113,506 | €169,409 | ▲ 49.3% |
| + Depreciation and write-downs630 | €27,699 | €30,000 | €30,000 | = |
| Operating cash flow (approximation) | €165,870 | €143,506 | €199,409 | ▲ 39.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - |
| Change in cash | - | -€49,878 | €66,250 | - |
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, 3,127 companies had the same profile as Seffer & Partner has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of Seffer & Partner itself: 0.3% 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 3,127 companies, not a prediction for Seffer & Partner. 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.