SEGETRA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 19 days after the deadline Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00407460.
Annual accounts 2025 filed on 19-08-2026 at the NBB all 26 filings
Turnover
≈ €27,000
Estimated: probably between €16,000 and €60,000
Total assets
€30,876▲ 25.9%
2024 · €24,526
Net result
€4,027
2024 · -€892
Working capital
€27,287▼ 1.9%
2021 · €27,808
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,339
2025
20182025
Net result
€4,027
2025
middle half of the sector
20182025
Equity
€28,553
▲ 16.4%
2025
lowest quarter of the sector
20182025
Total assets
€30,876
▲ 25.9%
2025
lowest quarter of the sector
20182025
Debt
€2,323
2025
20182025
Working capital
€27,287
2025
middle half of the sector
20182025
Solvency
92.5%
▼ 7.5pp
2025
highest quarter of the sector
20182025
Current ratio
12.75
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.0%
▲ 16.7pp
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€8,862--€2,620-€1,120▲ 57.2%-€8,919▼ 696%-€2,628▲ 70.5%-€1,104▲ 58.0%-€739▲ 33.1%€4,339
Net result€4,998--€2,680-€2,396within the sector's middle half▲ 10.6%-€9,106below the sector's middle half▼ 280%-€2,847within the sector's middle half▲ 68.7%-€1,328within the sector's middle half▲ 53.3%-€892within the sector's middle half▲ 32.8%€4,027within the sector's middle half
Equity€43,775-€41,095▼ 6.1%€38,699within the sector's middle half▼ 5.8%€29,593within the sector's middle half▼ 23.5%€26,747within the sector's middle half▼ 9.6%€25,418within the sector's middle half▼ 5.0%€24,526within the sector's middle half▼ 3.5%€28,553below the sector's middle half▲ 16.4%
Total assets€53,142-€44,573▼ 16.1%€38,830below the sector's middle half▼ 12.9%€31,048below the sector's middle half▼ 20.0%€26,747below the sector's middle half▼ 13.9%€25,418below the sector's middle half▼ 5.0%€24,526below the sector's middle half▼ 3.5%€30,876below the sector's middle half▲ 25.9%
Debt€9,367-€3,478▼ 62.9%€131▼ 96.2%€1,455▲ 11×€2,323
Working capital€37,640-€37,134▼ 1.3%€35,947within the sector's middle half▼ 3.2%€27,808within the sector's middle half▼ 22.6%€27,287within the sector's middle half
Solvency82.4%-92.2%▲ 9.8pp99.7%above the sector's middle half▲ 7.5pp95.3%above the sector's middle half▼ 4.4pp100.0%above the sector's middle half▲ 4.7pp100.0%above the sector's middle half=100.0%above the sector's middle half=92.5%above the sector's middle half▼ 7.5pp
Current ratio5.02-11.68▲ 6.6620.11above the sector's middle half12.75above the sector's middle half
Return on assets (ROA)9.4%--6.0%▼ 15.4pp-6.2%below the sector's middle half▼ 0.2pp-29.3%below the sector's middle half▼ 23.2pp-10.6%below the sector's middle half▲ 18.7pp-5.2%below the sector's middle half▲ 5.4pp-3.6%within the sector's middle half▲ 1.6pp13.0%above the sector's middle half▲ 16.7pp
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 a profit of €4,339, after a loss of €739 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €30,876
Fixed assets
€1,266 ▲ 22×
Current assets
€29,610 ▲ 21.0%
Equity and liabilities €30,876
Equity
€28,553
Debt
€2,323
Debt's share of the balance-sheet total is 7.5%.
Key figures and ratios
EBITDA
€4,424▲
2024 · -€387
Cash flow
€4,112▲
2024 · -€541
Debt to equity
0.08
ROE
14.1%▲
2024 · -3.6%
Interest coverage
14.18▲
2024 · -2.53
Debt ≤ 1 year
€2,323
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 | - | - | - | - | €1,293 |
| Depreciation and write-downs of the year | €967 | €711 | €640 | €352 | €85 |
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 | €1,499 | €1,374 | €1,209 | €967 | €711 | €640 | €352 | €85 | ▼ 75.9% |
| Gross operating margin9900 | €10,819 | -€982 | €255 | -€7,952 | -€1,917 | -€464 | -€387 | €4,424 | - |
| Operating profit (loss)9901 | €8,862 | -€2,620 | -€1,120 | -€8,919 | -€2,628 | -€1,104 | -€739 | €4,339 | - |
| Recurring financial income75 | - | - | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €187 | €219 | €224 | €153 | €312 | ▲ 104% |
| Recurring financial charges65 | €432 | €61 | €189 | €187 | €219 | €224 | €153 | €312 | ▲ 104% |
| Profit (loss) for the period before taxes9903 | €8,430 | -€2,680 | -€1,309 | -€9,106 | -€2,847 | -€1,328 | -€892 | €4,027 | - |
| Income taxes67/77 | €3,432 | - | €1,087 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €4,998 | -€2,680 | -€2,396 | -€9,106 | -€2,847 | -€1,328 | -€892 | €4,027 | - |
| Profit (loss) for the period to be appropriated9905 | €4,998 | -€2,680 | -€2,396 | -€9,106 | -€2,847 | -€1,328 | -€892 | €4,027 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €53,142 | €44,573 | €38,830 | €31,048 | €26,747 | €25,418 | €24,526 | €30,876 | ▲ 25.9% |
| Fixed assets21/28 | €6,135 | €3,961 | €2,752 | €1,785 | €1,049 | €410 | €58 | €1,266 | ▲ 22× |
| Tangible fixed assets22/27 | €5,310 | €3,936 | €2,727 | €1,760 | €1,049 | €410 | €58 | €1,266 | ▲ 22× |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €1,266 | - |
| Other tangible fixed assets26 | - | - | - | €1,760 | €1,049 | €410 | €58 | - | - |
| Financial fixed assets28 | €825 | €25 | €25 | €25 | - | - | - | - | - |
| Current assets29/58 | €47,006 | €40,611 | €36,077 | €29,263 | €25,697 | €25,009 | €24,468 | €29,610 | ▲ 21.0% |
| Amounts receivable within one year40/41 | €1,011 | €5,485 | €620 | €22,635 | €22,368 | €22,368 | €22,368 | €19,175 | ▼ 14.3% |
| Trade receivables40 | - | - | - | - | - | - | - | €2,541 | - |
| Other amounts receivable41 | - | - | - | €22,635 | €22,368 | €22,368 | €22,368 | €16,634 | ▼ 25.6% |
| Cash at bank and in hand54/58 | €45,995 | €35,127 | €35,457 | €6,628 | €3,329 | €2,641 | €2,100 | €10,435 | ▲ 397% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €53,142 | €44,573 | €38,830 | €31,048 | €26,747 | €25,418 | €24,526 | €30,876 | ▲ 25.9% |
| Equity10/15 | €43,775 | €41,095 | €38,699 | €29,593 | €26,747 | €25,418 | €24,526 | €28,553 | ▲ 16.4% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €12,400 | ▼ 33.3% |
| Uncalled capital101 | - | - | - | €6,192 | €6,192 | €6,192 | €6,192 | - | - |
| 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 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €29,515 | €26,835 | €24,439 | €15,333 | €12,487 | €11,158 | €10,266 | €14,293 | ▲ 39.2% |
| Amounts payable17/49 | €9,367 | €3,478 | €131 | €1,455 | - | - | - | €2,323 | - |
| Amounts payable within one year42/48 | €9,367 | €3,478 | €131 | €1,455 | - | - | - | €2,323 | - |
| Trade debts44 | €144 | €87 | €129 | - | - | - | - | €508 | - |
| Suppliers440/4 | - | - | - | - | - | - | - | €508 | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €1,814 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €1,814 | - |
| Other amounts payable47/48 | - | - | - | €1,455 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,998 | -€2,680 | -€2,396 | -€9,106 | -€2,847 | -€1,328 | -€892 | €4,027 | - |
| + Depreciation and write-downs630 | €1,499 | €1,374 | €1,209 | €967 | €711 | €640 | €352 | €85 | ▼ 75.9% |
| Operating cash flow (approximation) | €6,497 | -€1,306 | -€1,187 | -€8,139 | -€2,136 | -€688 | -€541 | €4,112 | - |
| Investment in fixed assets (approximation) | - | €800 | -€0 | €0 | €25 | €0 | €0 | -€1,293 | - |
| Change in cash | - | -€10,869 | €330 | -€28,829 | -€3,299 | -€688 | -€541 | €8,335 | - |
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, 31,368 companies had the same profile as SEGETRA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SEGETRA 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 31,368 companies, not a prediction for SEGETRA. 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 | abbreviated format | 19-08-2026 | 2026-00407460 | |
| 31-12-2024 | micro format | 12-07-2025 | 2025-00261899 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00378806 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00346357 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20373625 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30500194 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26900172 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-36600291 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-28200456 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-26900488 |