SELAB
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00444625.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 13 filings
Turnover
≈ €70,000
Estimated: probably between €23,000 and €140,000
Total assets
€77,294▼ 12.9%
2024 · €88,710
Net result
-€10,459
2024 · €1,847
Working capital
-€12,247▼ 23.3%
2024 · -€9,933
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,693
2025
20182025
Net result
-€10,459
2025
lowest quarter of the sector
20182025
Equity
€6,892
▼ 60.3%
2025
middle half of the sector
20182025
Total assets
€77,294
▼ 12.9%
2025
middle half of the sector
20182025
Debt
€70,402
▼ 1.3%
2025
20182025
Working capital
-€12,247
▼ 23.3%
2025
lowest quarter of the sector
20182025
Solvency
8.9%
▼ 10.6pp
2025
middle half of the sector
20182025
Current ratio
0.83
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-13.5%
▼ 15.6pp
2025
lowest 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€4,503-€5,514▲ 22.5%€2,552▼ 53.7%€4,069▲ 59.4%€5,577▲ 37.0%€1,258▼ 77.4%€5,392▲ 328%-€8,693
Net result€1,671-€1,803▲ 7.9%€1,539within the sector's middle half▼ 14.7%€798within the sector's middle half▼ 48.1%€2,136within the sector's middle half▲ 167%-€164within the sector's middle half€1,847within the sector's middle half-€10,459below the sector's middle half
Equity€9,392-€11,195▲ 19.2%€12,734within the sector's middle half▲ 13.7%€13,532within the sector's middle half▲ 6.3%€15,668within the sector's middle half▲ 15.8%€15,504within the sector's middle half▼ 1.0%€17,350within the sector's middle half▲ 11.9%€6,892within the sector's middle half▼ 60.3%
Total assets€37,363-€33,890▼ 9.3%€32,898below the sector's middle half▼ 2.9%€23,579below the sector's middle half▼ 28.3%€26,077below the sector's middle half▲ 10.6%€61,049within the sector's middle half▲ 134%€88,710within the sector's middle half▲ 45.3%€77,294within the sector's middle half▼ 12.9%
Debt€27,971-€22,695▼ 18.9%€20,164▼ 11.2%€10,047▼ 50.2%€10,409▲ 3.6%€45,545▲ 338%€71,360▲ 56.7%€70,402▼ 1.3%
Working capital€1,105-€2,387▲ 116%€6,967within the sector's middle half▲ 192%€10,810within the sector's middle half▲ 55.2%€13,490within the sector's middle half▲ 24.8%-€19,924below the sector's middle half-€9,933within the sector's middle half▲ 50.1%-€12,247below the sector's middle half▼ 23.3%
Solvency25.1%-33.0%▲ 7.9pp38.7%within the sector's middle half▲ 5.7pp57.4%within the sector's middle half▲ 18.7pp60.1%within the sector's middle half▲ 2.7pp25.4%within the sector's middle half▼ 34.7pp19.6%within the sector's middle half▼ 5.8pp8.9%within the sector's middle half▼ 10.6pp
Current ratio1.07-1.13▲ 0.071.39within the sector's middle half▲ 0.262.08within the sector's middle half▲ 0.682.30within the sector's middle half▲ 0.220.56below the sector's middle half▼ 1.730.86within the sector's middle half▲ 0.300.83below the sector's middle half▼ 0.03
Return on assets (ROA)4.5%-5.3%▲ 0.8pp4.7%within the sector's middle half▼ 0.6pp3.4%within the sector's middle half▼ 1.3pp8.2%within the sector's middle half▲ 4.8pp-0.3%within the sector's middle half▼ 8.5pp2.1%within the sector's middle half▲ 2.3pp-13.5%below the sector's middle half▼ 15.6pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 loss of €8,693, after a profit of €5,392 in 2024. It is the lowest result since 2021.
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 €77,294
Fixed assets
€19,138 ▼ 29.9%
Current assets
€58,156 ▼ 5.3%
Equity and liabilities €77,294
Equity
€6,892 ▼ 60.3%
Debt
€70,402 ▼ 1.3%
Debt's share of the balance-sheet total rises from 80.4% to 91.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€549▼
2024 · €13,537
Cash flow
-€2,314▼
2024 · €9,991
Quick ratio
0.80▲
2024 · 0.62
Debt to equity
10.22▲
2024 · 4.11
ROE
-151.8%▼
2024 · 10.6%
Interest coverage
-0.42▼
2024 · 10.82
Debt ≤ 1 year
€70,402▼
2024 · €71,360
Income taxes
€749▼
2024 · €2,295
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 | - | - | €38,000 | - | - |
| Depreciation and write-downs of the year | €5,545 | €545 | €4,751 | €8,145 | €8,145 |
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 | €5,916 | €5,916 | €5,545 | €5,545 | €545 | €4,751 | €8,145 | €8,145 | = |
| Other operating charges640/8 | - | - | - | €6,882 | €6,561 | €1,448 | €5,890 | €6,536 | ▲ 11.0% |
| Gross operating margin9900 | €17,029 | €17,518 | €10,668 | €16,496 | €12,682 | €7,457 | €19,427 | €5,987 | ▼ 69.2% |
| Operating profit (loss)9901 | €4,503 | €5,514 | €2,552 | €4,069 | €5,577 | €1,258 | €5,392 | -€8,693 | - |
| Financial income75/76B | - | - | - | €1 | €0 | - | €0 | €293 | ▲ 697× |
| Recurring financial income75 | - | - | €0 | €1 | €0 | - | €0 | €293 | ▲ 697× |
| Financial charges65/66B | - | - | - | €2,358 | €1,473 | €861 | €1,252 | €1,309 | ▲ 4.6% |
| Recurring financial charges65 | €1,117 | €1,683 | €632 | €2,358 | €1,473 | €861 | €1,252 | €1,309 | ▲ 4.6% |
| Profit (loss) for the period before taxes9903 | €3,386 | €3,832 | €1,920 | €1,712 | €4,104 | €398 | €4,141 | -€9,710 | - |
| Income taxes67/77 | €1,715 | €2,029 | €382 | €914 | €1,968 | €562 | €2,295 | €749 | ▼ 67.4% |
| Profit (loss) for the period9904 | €1,671 | €1,803 | €1,539 | €798 | €2,136 | -€164 | €1,847 | -€10,459 | - |
| Profit (loss) for the period to be appropriated9905 | €1,671 | €1,803 | €1,539 | €798 | €2,136 | -€164 | €1,847 | -€10,459 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €37,363 | €33,890 | €32,898 | €23,579 | €26,077 | €61,049 | €88,710 | €77,294 | ▼ 12.9% |
| Fixed assets21/28 | €19,728 | €13,812 | €8,267 | €2,723 | €2,178 | €35,427 | €27,283 | €19,138 | ▼ 29.9% |
| Tangible fixed assets22/27 | €19,728 | €13,812 | €8,267 | €2,723 | €2,178 | €35,427 | €27,283 | €19,138 | ▼ 29.9% |
| Furniture and vehicles24 | - | - | - | - | - | €33,794 | €26,194 | €18,594 | ▼ 29.0% |
| Other tangible fixed assets26 | - | - | - | €2,723 | €2,178 | €1,634 | €1,089 | €545 | ▼ 50.0% |
| Current assets29/58 | €17,635 | €20,078 | €24,631 | €20,856 | €23,899 | €25,621 | €61,427 | €58,156 | ▼ 5.3% |
| Stocks and contracts in progress3 | €1,058 | €11,178 | €18,814 | €11,829 | €7,329 | €15,312 | €17,002 | €1,767 | ▼ 89.6% |
| Stocks30/36 | - | - | - | €11,829 | €7,329 | €15,312 | €17,002 | €1,767 | ▼ 89.6% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €272 | €34,770 | €46,958 | ▲ 35.1% |
| Trade receivables40 | - | - | - | - | - | - | €34,770 | €34,711 | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | - | - | €272 | - | €12,247 | - |
| Cash at bank and in hand54/58 | €16,578 | €8,900 | €5,817 | €8,114 | €16,571 | €9,806 | €9,424 | €9,199 | ▼ 2.4% |
| Deferred charges and accrued income490/1 | - | - | - | €913 | - | €231 | €231 | €231 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €37,363 | €33,890 | €32,898 | €23,579 | €26,077 | €61,049 | €88,710 | €77,294 | ▼ 12.9% |
| Equity10/15 | €9,392 | €11,195 | €12,734 | €13,532 | €15,668 | €15,504 | €17,350 | €6,892 | ▼ 60.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €4,995 | €6,534 | €7,332 | €9,468 | €9,304 | €11,150 | €11,150 | = |
| 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 | = |
| Distributable reserves133 | - | - | - | €5,472 | €7,608 | €7,444 | €9,290 | €9,290 | = |
| Profit (loss) carried forward14 | €1,332 | - | - | - | - | - | - | -€10,459 | - |
| Amounts payable17/49 | €27,971 | €22,695 | €20,164 | €10,047 | €10,409 | €45,545 | €71,360 | €70,402 | ▼ 1.3% |
| Amounts payable after more than one year17 | €11,441 | €5,004 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €16,530 | €17,691 | €17,664 | €10,047 | €10,409 | €45,545 | €71,360 | €70,402 | ▼ 1.3% |
| Trade debts44 | €623 | €1,835 | €7,663 | €1,283 | €510 | €19,514 | €13,557 | €13,798 | ▲ 1.8% |
| Suppliers440/4 | - | - | - | €1,283 | €510 | €19,514 | €13,557 | €13,798 | ▲ 1.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €42,000 | €42,000 | = |
| Taxes, remuneration and social security45 | - | - | - | €8,764 | €9,899 | €2,530 | €6,435 | €14,604 | ▲ 127% |
| Taxes450/3 | - | - | - | €8,764 | €9,899 | €2,530 | €5,465 | €14,604 | ▲ 167% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €970 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €23,501 | €9,368 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,671 | €1,803 | €1,539 | €798 | €2,136 | -€164 | €1,847 | -€10,459 | - |
| + Depreciation and write-downs630 | €5,916 | €5,916 | €5,545 | €5,545 | €545 | €4,751 | €8,145 | €8,145 | = |
| Operating cash flow (approximation) | €7,587 | €7,719 | €7,083 | €6,343 | €2,680 | €4,587 | €9,991 | -€2,314 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€38,000 | €0 | €0 | - |
| Change in cash | - | -€7,677 | -€3,083 | €2,297 | €8,456 | -€6,765 | -€382 | -€225 | ▲ 41.2% |
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, 642 companies had the same profile as SELAB has now. Two years later, 89.7% were still going and 3.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
89.7%
was still going
5.5%
stopped otherwise
3.6%
went bankrupt
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SELAB itself: 1.5% 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 642 companies, not a prediction for SELAB. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00444625 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00451650 | |
| 31-12-2023 | micro format | 06-12-2024 | 2024-00611670 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00154856 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20064450 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20000009 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-17900227 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31800330 | |
| 31-12-2017 | micro format | 12-06-2018 | 2018-17600188 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43700322 |