SEGERS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 32 filings
Turnover
≈ €3.1m
Estimated: probably between €2.1m and €5.1m
Total assets
€3.2m▲ 20.5%
2024 · €2.6m
Net result
€38,673▼ 6.0%
2024 · €41,154
Working capital
€236,120▼ 45.5%
2024 · €433,562
In the rankings
#3 oldest company in Ravels, Administrative and support services sector#5 company by total assets in Ravels, Administrative and support services sector#5 company by equity in Ravels, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€80,846
▼ 6.7%
2025
20182025
Net result
€38,673
▼ 6.0%
2025
middle half of the sector
20182025
Equity
€1.2m
▼ 0.1%
2025
highest quarter of the sector
20182025
Total assets
€3.2m
▲ 20.5%
2025
highest quarter of the sector
20182025
Debt
€2.0m
▲ 38.3%
2025
20182025
Working capital
€236,120
▼ 45.5%
2025
middle half of the sector
20182025
Solvency
37.5%
▼ 7.7pp
2025
middle half of the sector
20182025
Current ratio
1.26
▼ 0.50
2025
middle half of the sector
20182025
Return on assets (ROA)
1.2%
▼ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
16.9
▲ 0.6%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 64.7%€0.2m▼ 6.3%€0.2m▼ 7.0%€0.09m▼ 44.5%€0.3m▲ 188%€0.09m▼ 66.8%€0.08m▼ 6.7%
Net result€0.08m-€0.2m▲ 107%€0.1mabove the sector's middle half▼ 38.2%€0.1mabove the sector's middle half▲ 20.9%€0.07mwithin the sector's middle half▼ 39.2%€0.2mabove the sector's middle half▲ 136%€0.04mwithin the sector's middle half▼ 76.2%€0.04mwithin the sector's middle half▼ 6.0%
Equity€0.8m-€1.0m▲ 20.0%€1.0mabove the sector's middle half▲ 1.5%€1.1mabove the sector's middle half▲ 12.3%€1.0mabove the sector's middle half▼ 7.8%€1.2mabove the sector's middle half▲ 17.0%€1.2mabove the sector's middle half▼ 0.7%€1.2mabove the sector's middle half▼ 0.1%
Total assets€1.9m-€3.2m▲ 69.7%€3.0mabove the sector's middle half▼ 7.9%€3.2mabove the sector's middle half▲ 7.1%€3.0mabove the sector's middle half▼ 3.8%€3.0mabove the sector's middle half▼ 0.4%€2.6mabove the sector's middle half▼ 13.5%€3.2mabove the sector's middle half▲ 20.5%
Debt€1.1m-€2.2m▲ 107%€2.0m▼ 12.0%€2.1m▲ 4.5%€2.0m▼ 1.6%€1.8m▼ 10.2%€1.4m▼ 21.8%€2.0m▲ 38.3%
Working capital€0.4m-€0.6m▲ 36.6%€0.6mabove the sector's middle half▲ 6.9%€0.7mabove the sector's middle half▲ 15.0%€0.7mabove the sector's middle half▼ 6.6%€0.3mwithin the sector's middle half▼ 49.7%€0.4mabove the sector's middle half▲ 29.4%€0.2mwithin the sector's middle half▼ 45.5%
Solvency42.9%-30.3%▼ 12.6pp33.4%within the sector's middle half▲ 3.1pp35.1%within the sector's middle half▲ 1.6pp33.6%within the sector's middle half▼ 1.5pp39.4%within the sector's middle half▲ 5.9pp45.3%within the sector's middle half▲ 5.8pp37.5%within the sector's middle half▼ 7.7pp
Current ratio1.65-1.79▲ 0.141.92within the sector's middle half▲ 0.132.10within the sector's middle half▲ 0.181.99within the sector's middle half▼ 0.111.38within the sector's middle half▼ 0.611.76within the sector's middle half▲ 0.381.26within the sector's middle half▼ 0.50
Return on assets (ROA)4.2%-5.1%▲ 0.9pp3.4%within the sector's middle half▼ 1.7pp3.8%within the sector's middle half▲ 0.4pp2.4%within the sector's middle half▼ 1.4pp5.7%within the sector's middle half▲ 3.3pp1.6%within the sector's middle half▼ 4.1pp1.2%within the sector's middle half▼ 0.3pp
Staff (FTE)12.9-13.5▲ 4.7%10.9within the sector's middle half▼ 19.3%12.4within the sector's middle half▲ 13.8%13.9above the sector's middle half▲ 12.1%15.6above the sector's middle half▲ 12.2%16.8above the sector's middle half▲ 7.7%16.9above the sector's middle half▲ 0.6%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 7% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €3.2m
Fixed assets
€2.0m ▲ 24.9%
Current assets
€1.1m ▲ 13.3%
Equity and liabilities €3.2m
Equity
€1.2m ▼ 0.1%
Provisions
€10,393 ▼ 33.3%
Debt
€2.0m ▲ 38.3%
Debt's share of the balance-sheet total rises from 54.1% to 62.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€519,054▲
2024 · €425,719
Cash flow
€476,881▲
2024 · €380,207
Quick ratio
1.20▼
2024 · 1.68
Debt to equity
1.66▲
2024 · 1.20
ROE
3.3%▼
2024 · 3.5%
Interest coverage
12.92▼
2024 · 17.32
Debt ≤ 1 year
€897,135▲
2024 · €566,899
Debt > 1 year
€1.1m▲
2024 · €835,690
Income taxes
€7,306▼
2024 · €26,363
Staff costs
€1.2m▲
2024 · €1.2m
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 | 17 | 19 | 18 | 19 | 20 |
| full-time | 10 | 13 | 16 | 14 | 15 |
| part-time | 7 | 6 | 2 | 5 | 5 |
| in full-time equivalents | 13.1 | 15.3 | 17 | 17.1 | 18.1 |
| Average over the year, in full-time equivalents | 12.4 | 13.9 | 15.6 | 16.8 | 16.9 |
| On a permanent contract | 14 | 18 | 18 | 19 | 20 |
| Joined | 75 | 30 | 24 | 43 | 51 |
| Left | 71 | 28 | 25 | 42 | 50 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €447,747 | €270,825 | €489,200 | €136,855 | €841,758 |
| Intangible fixed assets | - | - | €12,255 | - | - |
| Depreciation and write-downs of the year | €309,127 | €346,812 | €329,979 | €339,053 | €438,208 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €16,589 awarded · €16,473 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €910 | €910 |
| 2024 | 1 | €875 | €1,578 |
| 2023 | 2 | €5,672 | €4,853 |
| 2022 | 2 | €9,132 | €9,132 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.01m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €0.9m | €1.2m | €1.2m | ▲ 5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| Other operating charges640/8 | - | - | - | €0.05m | €0.06m | €0.06m | €0.1m | €0.02m | ▼ 78.8% |
| Non-recurring operating charges66A | - | - | - | - | €0.02m | €0 | €80 | €0 | ▼ 100% |
| Gross operating margin9900 | €1.2m | €1.4m | €1.2m | €1.2m | €1.3m | €1.6m | €1.7m | €1.8m | ▲ 4.1% |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.2m | €0.2m | €0.09m | €0.3m | €0.09m | €0.08m | ▼ 6.7% |
| Financial income75/76B | - | - | - | €110 | €0.01m | €0.001m | €239 | €104 | ▼ 56.3% |
| Recurring financial income75 | €271 | €287 | €0 | €110 | €0.01m | €0.001m | €239 | €104 | ▼ 56.3% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.04m | ▲ 63.4% |
| Recurring financial charges65 | €0.01m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.04m | ▲ 63.4% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.2m | €0.1m | €0.1m | €0.07m | €0.2m | €0.06m | €0.04m | ▼ 34.6% |
| Transfer from deferred taxes780 | - | - | - | - | - | €0.005m | €0.005m | €0.005m | = |
| Transfer to deferred taxes680 | - | - | - | - | - | €0.03m | €0 | - | - |
| Income taxes67/77 | €0.02m | €0.001m | €0.01m | €0.01m | €0 | €0.04m | €0.03m | €0.007m | ▼ 72.3% |
| Profit (loss) for the period9904 | €0.08m | €0.2m | €0.1m | €0.1m | €0.07m | €0.2m | €0.04m | €0.04m | ▼ 6.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | €0.02m | €0.02m | €0.02m | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.08m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.2m | €0.1m | €0.1m | €0.07m | €0.1m | €0.06m | €0.05m | ▼ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.9m | €3.2m | €3.0m | €3.2m | €3.0m | €3.0m | €2.6m | €3.2m | ▲ 20.5% |
| Fixed assets21/28 | €0.8m | €1.9m | €1.7m | €1.8m | €1.7m | €1.8m | €1.6m | €2.0m | ▲ 24.9% |
| Intangible fixed assets21 | - | - | - | - | - | €0.01m | €0.007m | €0.003m | ▼ 56.5% |
| Tangible fixed assets22/27 | €0.8m | €1.9m | €1.7m | €1.8m | €1.7m | €1.8m | €1.6m | €2.0m | ▲ 25.3% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.05m | €0.03m | €0.02m | €0.03m | ▲ 109% |
| Furniture and vehicles24 | - | - | - | €0.6m | €0.7m | €0.8m | €0.7m | €0.9m | ▲ 30.9% |
| Leasing and similar rights25 | - | - | - | €1.1m | €1.0m | €0.9m | €0.9m | €1.0m | ▲ 19.2% |
| Current assets29/58 | €1.1m | €1.3m | €1.3m | €1.4m | €1.3m | €1.2m | €1.0m | €1.1m | ▲ 13.3% |
| Stocks and contracts in progress3 | €0.02m | €0.03m | €0.06m | €0.05m | €0.06m | €0.06m | €0.05m | €0.06m | ▲ 16.2% |
| Stocks30/36 | - | - | - | €0.05m | €0.06m | €0.06m | €0.05m | €0.06m | ▲ 16.2% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.6m | €0.6m | €0.7m | €0.9m | €0.5m | €0.8m | ▲ 40.2% |
| Trade receivables40 | - | - | - | €0.6m | €0.7m | €0.8m | €0.5m | €0.7m | ▲ 39.0% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.02m | €0.04m | €0.02m | €0.03m | ▲ 72.3% |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.2m | €0.4m | €0.3m | ▼ 25.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.06m | €0.02m | €0.02m | ▲ 14.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.9m | €3.2m | €3.0m | €3.2m | €3.0m | €3.0m | €2.6m | €3.2m | ▲ 20.5% |
| Equity10/15 | €0.8m | €1.0m | €1.0m | €1.1m | €1.0m | €1.2m | €1.2m | €1.2m | ▼ 0.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.8m | €1.0m | €1.0m | €1.1m | €1.0m | €1.2m | €1.2m | €1.2m | ▼ 0.1% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.1m | €0.09m | €0.07m | ▼ 17.6% |
| Distributable reserves133 | - | - | - | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 1.3% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.02m | €0.02m | €0.01m | ▼ 33.3% |
| Deferred taxes168 | - | - | - | - | - | €0.02m | €0.02m | €0.01m | ▼ 33.3% |
| Amounts payable17/49 | €1.1m | €2.2m | €2.0m | €2.1m | €2.0m | €1.8m | €1.4m | €2.0m | ▲ 38.3% |
| Amounts payable after more than one year17 | €0.4m | €1.4m | €1.3m | €1.4m | €1.2m | €0.9m | €0.8m | €1.1m | ▲ 27.2% |
| Financial debts170/4 | - | - | - | €1.4m | €1.2m | €0.9m | €0.8m | €1.1m | ▲ 27.2% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.9m | €0.6m | €0.9m | ▲ 58.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 35.4% |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.5m | €0.1m | €0.4m | ▲ 185% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.5m | €0.1m | €0.4m | ▲ 185% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 19.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 5.1% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 23.4% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.004m | €0.005m | €0.05m | €0.04m | ▼ 24.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.1m | €0 | €0.02m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.2m | €0.1m | €0.1m | €0.07m | €0.2m | €0.04m | €0.04m | ▼ 6.0% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| Operating cash flow (approximation) | €0.5m | €0.6m | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | €0.5m | ▲ 25.4% |
| Investment in fixed assets (approximation) | - | -€1.5m | -€0.2m | -€0.4m | -€0.3m | -€0.4m | -€0.1m | -€0.8m | ▼ 515% |
| Change in cash | - | €0.04m | €0.05m | €0.06m | -€0.09m | -€0.3m | €0.1m | -€0.1m | - |
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, 14,766 companies had the same profile as SEGERS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SEGERS itself: 0.4% 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 14,766 companies, not a prediction for SEGERS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00158079 | |
| 31-12-2024 | abbreviated format | 14-08-2025 | 2025-00386104 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00175156 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00178236 | |
| 31-12-2021 | abbreviated format | 20-06-2022 | 2022-20072491 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-23300590 | |
| 31-12-2019 | abbreviated format | 07-07-2020 | 2020-26600059 | |
| 31-12-2018 | abbreviated format | 13-08-2019 | 2019-45600013 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-18500110 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-23600361 |