SEFICOOL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 30 days after the deadline Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00498137.
Annual accounts 2025 filed on 30-08-2026 at the NBB all 15 filings
Turnover
≈ €810,000
Estimated: probably between €620,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€160,716▲ 71.2%
2024 · €93,868
Working capital
€499,835▲ 45.5%
2024 · €343,513
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€225,663
▲ 73.0%
2025
20182025
Net result
€160,716
▲ 71.2%
2025
highest quarter of the sector
20182025
Equity
€603,753
▲ 36.3%
2025
highest quarter of the sector
20182025
Total assets
€808,566
▲ 35.6%
2025
highest quarter of the sector
20182025
Debt
€204,813
▲ 33.8%
2025
20182025
Working capital
€499,835
▲ 45.5%
2025
highest quarter of the sector
20182025
Solvency
74.7%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.77
▼ 1.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.9%
▲ 4.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.6
▼ 33.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,476-€94,170▲ 139%€89,457▼ 5.0%€89,945▲ 0.5%-€9,058€48,697€130,420▲ 168%€225,663▲ 73.0%
Net result€25,357-€70,569▲ 178%€63,732above the sector's middle half▼ 9.7%€62,399above the sector's middle half▼ 2.1%-€13,183below the sector's middle half€31,296above the sector's middle half€93,868above the sector's middle half▲ 200%€160,716above the sector's middle half▲ 71.2%
Equity€134,357-€204,925▲ 52.5%€268,657above the sector's middle half▲ 31.1%€331,056above the sector's middle half▲ 23.2%€317,873within the sector's middle half▼ 4.0%€349,169above the sector's middle half▲ 9.8%€443,037above the sector's middle half▲ 26.9%€603,753above the sector's middle half▲ 36.3%
Total assets€161,513-€244,682▲ 51.5%€415,636above the sector's middle half▲ 69.9%€598,113above the sector's middle half▲ 43.9%€551,251within the sector's middle half▼ 7.8%€546,182above the sector's middle half▼ 0.9%€596,136above the sector's middle half▲ 9.1%€808,566above the sector's middle half▲ 35.6%
Debt€27,157-€39,757▲ 46.4%€146,978▲ 270%€267,057▲ 81.7%€233,378▼ 12.6%€197,013▼ 15.6%€153,099▼ 22.3%€204,813▲ 33.8%
Working capital€121,376-€198,228▲ 63.3%€160,121above the sector's middle half▼ 19.2%€247,613above the sector's middle half▲ 54.6%€236,321within the sector's middle half▼ 4.6%€267,562above the sector's middle half▲ 13.2%€343,513above the sector's middle half▲ 28.4%€499,835above the sector's middle half▲ 45.5%
Solvency83.2%-83.8%▲ 0.6pp64.6%within the sector's middle half▼ 19.1pp55.4%within the sector's middle half▼ 9.3pp57.7%within the sector's middle half▲ 2.3pp63.9%within the sector's middle half▲ 6.3pp74.3%above the sector's middle half▲ 10.4pp74.7%above the sector's middle half▲ 0.4pp
Current ratio5.47-5.99▲ 0.522.09within the sector's middle half▼ 3.902.83within the sector's middle half▲ 0.743.03above the sector's middle half▲ 0.203.82above the sector's middle half▲ 0.796.27above the sector's middle half▲ 2.454.77above the sector's middle half▼ 1.50
Return on assets (ROA)15.7%-28.8%▲ 13.1pp15.3%within the sector's middle half▼ 13.5pp10.4%within the sector's middle half▼ 4.9pp-2.4%below the sector's middle half▼ 12.8pp5.7%within the sector's middle half▲ 8.1pp15.7%within the sector's middle half▲ 10.0pp19.9%above the sector's middle half▲ 4.1pp
Staff (FTE)2.1-2▼ 4.8%22.1below the sector's middle half▲ 5.0%2▼ 4.8%2.4▲ 20.0%1.6▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 73% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €808,566
Fixed assets
€176,233 ▼ 6.0%
Current assets
€632,333 ▲ 54.7%
Equity and liabilities €808,566
Equity
€603,753 ▲ 36.3%
Debt
€204,813 ▲ 33.8%
Debt's share of the balance-sheet total falls from 25.7% to 25.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€268,292▲
2024 · €156,817
Cash flow
€203,345▲
2024 · €120,265
Quick ratio
4.22▼
2024 · 5.26
Debt to equity
0.34▼
2024 · 0.35
ROE
26.6%▲
2024 · 21.2%
Interest coverage
over 100▲
2024 · 79.17
Debt ≤ 1 year
€132,498▲
2024 · €65,165
Debt > 1 year
€72,272▼
2024 · €87,233
Income taxes
€62,732▲
2024 · €34,588
Staff costs
€52,158▼
2024 · €66,413
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 0 | 2 | - |
| full-time | 2 | 2 | - | 2 | - |
| part-time | - | - | 0 | - | - |
| in full-time equivalents | 2 | 2 | - | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2.1 | 2 | 2.4 | 1.6 |
| On a permanent contract | 1 | 2 | 3 | 1 | 1 |
| Joined | - | 1 | 1 | 1 | 2 |
| Left | - | 1 | 0 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €127,853 | €2,826 | €5,683 | €30,179 | €31,404 |
| Depreciation and write-downs of the year | €10,791 | €19,647 | €20,236 | €26,398 | €42,629 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €204 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €47,079 | €54,787 | €81,847 | €66,413 | €52,158 | ▼ 21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,247 | €2,243 | €3,120 | €10,791 | €19,647 | €20,236 | €26,398 | €42,629 | ▲ 61.5% |
| Other operating charges640/8 | - | - | - | €3,860 | €1,562 | €1,392 | €5,089 | €5,285 | ▲ 3.9% |
| Gross operating margin9900 | €86,824 | €141,647 | €134,211 | €151,675 | €66,937 | €152,172 | €228,320 | €325,736 | ▲ 42.7% |
| Operating profit (loss)9901 | €39,476 | €94,170 | €89,457 | €89,945 | -€9,058 | €48,697 | €130,420 | €225,663 | ▲ 73.0% |
| Financial income75/76B | - | - | - | €452 | €47 | €2 | €17 | €1 | ▼ 92.1% |
| Recurring financial income75 | €0 | - | €96 | €452 | €47 | €2 | €17 | €1 | ▼ 92.1% |
| Financial charges65/66B | - | - | - | €4,926 | €2,657 | €2,260 | €1,981 | €2,216 | ▲ 11.9% |
| Recurring financial charges65 | €531 | €322 | €304 | €4,926 | €2,657 | €2,260 | €1,981 | €2,216 | ▲ 11.9% |
| Profit (loss) for the period before taxes9903 | €38,946 | €93,847 | €89,248 | €85,471 | -€11,667 | €46,440 | €128,456 | €223,448 | ▲ 73.9% |
| Income taxes67/77 | €13,589 | €23,279 | €25,516 | €23,073 | €1,515 | €15,144 | €34,588 | €62,732 | ▲ 81.4% |
| Profit (loss) for the period9904 | €25,357 | €70,569 | €63,732 | €62,399 | -€13,183 | €31,296 | €93,868 | €160,716 | ▲ 71.2% |
| Profit (loss) for the period to be appropriated9905 | €25,357 | €70,569 | €63,732 | €62,399 | -€13,183 | €31,296 | €93,868 | €160,716 | ▲ 71.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €161,513 | €244,682 | €415,636 | €598,113 | €551,251 | €546,182 | €596,136 | €808,566 | ▲ 35.6% |
| Fixed assets21/28 | €12,980 | €6,697 | €108,537 | €215,051 | €198,230 | €183,677 | €187,458 | €176,233 | ▼ 6.0% |
| Tangible fixed assets22/27 | €12,980 | €6,697 | €108,537 | €215,051 | €198,230 | €183,677 | €187,458 | €176,233 | ▼ 6.0% |
| Land and buildings22 | - | - | - | €188,999 | €176,133 | €163,268 | €150,403 | €137,537 | ▼ 8.6% |
| Furniture and vehicles24 | - | - | - | €7,628 | €5,720 | €6,079 | €24,773 | €26,436 | ▲ 6.7% |
| Other tangible fixed assets26 | - | - | - | €18,424 | €16,377 | €14,330 | €12,283 | €12,259 | ▼ 0.2% |
| Current assets29/58 | €148,533 | €237,985 | €307,099 | €383,062 | €353,021 | €362,505 | €408,678 | €632,333 | ▲ 54.7% |
| Stocks and contracts in progress3 | €11,002 | €6,926 | €10,559 | €42,349 | €49,995 | €56,839 | €65,898 | €73,449 | ▲ 11.5% |
| Stocks30/36 | - | - | - | €42,349 | €49,995 | €56,839 | €65,898 | €73,449 | ▲ 11.5% |
| Amounts receivable within one year40/41 | €91,290 | €134,475 | €249,770 | €185,628 | €211,245 | €103,394 | €244,974 | €502,409 | ▲ 105% |
| Trade receivables40 | - | - | - | €90,885 | €74,936 | €48,745 | €211,260 | €467,679 | ▲ 121% |
| Other amounts receivable41 | - | - | - | €94,744 | €136,308 | €54,649 | €33,714 | €34,730 | ▲ 3.0% |
| Current investments50/53 | - | - | - | €1,500 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Cash at bank and in hand54/58 | €37,569 | €96,584 | €37,406 | €143,353 | €77,219 | €184,530 | €94,805 | €31,705 | ▼ 66.6% |
| Deferred charges and accrued income490/1 | - | - | - | €10,232 | €11,562 | €14,743 | - | €21,771 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €161,513 | €244,682 | €415,636 | €598,113 | €551,251 | €546,182 | €596,136 | €808,566 | ▲ 35.6% |
| Equity10/15 | €134,357 | €204,925 | €268,657 | €331,056 | €317,873 | €349,169 | €443,037 | €603,753 | ▲ 36.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €126,297 | €196,865 | €260,597 | €322,996 | €309,813 | €341,109 | €434,977 | €595,693 | ▲ 36.9% |
| Amounts payable17/49 | €27,157 | €39,757 | €146,978 | €267,057 | €233,378 | €197,013 | €153,099 | €204,813 | ▲ 33.8% |
| Amounts payable after more than one year17 | - | - | - | €131,038 | €116,614 | €102,013 | €87,233 | €72,272 | ▼ 17.2% |
| Financial debts170/4 | - | - | - | €131,038 | €116,614 | €102,013 | €87,233 | €72,272 | ▼ 17.2% |
| Amounts payable within one year42/48 | €27,157 | €39,757 | €146,978 | €135,449 | €116,700 | €94,943 | €65,165 | €132,498 | ▲ 103% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,628 | €26,554 | €14,601 | €14,780 | €14,961 | ▲ 1.2% |
| Trade debts44 | €20,442 | €26,942 | €63,647 | €83,423 | €58,011 | €59,014 | €30,985 | €75,120 | ▲ 142% |
| Suppliers440/4 | - | - | - | €83,423 | €58,011 | €59,014 | €30,985 | €75,120 | ▲ 142% |
| Taxes, remuneration and social security45 | - | - | - | €29,398 | €32,135 | €21,300 | €17,823 | €40,719 | ▲ 128% |
| Taxes450/3 | - | - | - | €21,890 | €22,141 | €18,055 | €16,770 | €35,124 | ▲ 109% |
| Remuneration and social security454/9 | - | - | - | €7,508 | €9,994 | €3,245 | €1,053 | €5,595 | ▲ 431% |
| Other amounts payable47/48 | - | - | - | - | - | €28 | €1,577 | €1,699 | ▲ 7.7% |
| Accrued charges and deferred income492/3 | - | - | - | €569 | €64 | €57 | €701 | €43 | ▼ 93.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,357 | €70,569 | €63,732 | €62,399 | -€13,183 | €31,296 | €93,868 | €160,716 | ▲ 71.2% |
| + Depreciation and write-downs630 | €4,247 | €2,243 | €3,120 | €10,791 | €19,647 | €20,236 | €26,398 | €42,629 | ▲ 61.5% |
| Operating cash flow (approximation) | €29,604 | €72,812 | €66,852 | €73,189 | €6,464 | €51,531 | €120,265 | €203,345 | ▲ 69.1% |
| Investment in fixed assets (approximation) | - | €4,040 | -€104,959 | -€117,305 | -€2,826 | -€5,683 | -€30,179 | -€31,404 | ▼ 4.1% |
| Change in cash | - | €59,014 | -€59,177 | €105,946 | -€66,134 | €107,311 | -€89,725 | -€63,101 | ▲ 29.7% |
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, 34,693 companies had the same profile as SEFICOOL has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SEFICOOL 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 34,693 companies, not a prediction for SEFICOOL. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-08-2026 | 2026-00498137 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00452400 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00391058 | |
| 31-12-2022 | full format | 26-08-2023 | 2023-00356708 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20410586 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64900056 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-67800333 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-58400343 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-50400462 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-52600536 |