SEMAF
ActiveSummary
SEMAF has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €236,837 and a net result of -€109,266. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 18% of 4188 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▼-61
Solvency32▼-4
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days only on tighter terms
Liquidity short (current ratio 0.98 against 1.08 in 2024; short-term debt: 90.7% and cash: 5.6% of total assets), and 92.8% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7.2%
Return on assets
-3.3%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 4188 sector peers (2025).
NBB · sector comparisonPosition among 4188 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 29-01-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
18 d late
2023
on the day
2022
23 d late
2021
129 d late
2020
51 d late
2019
13 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 33 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#6 employer in Perwez
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€109,266
2024 · €216,809
Working capital
-€53,579
2024 · €220,996
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€534,680▲ 108%€388,392▼ 27.4%€293,173▼ 24.5%€278,418▼ 5.0%-€88,349
Net result€500,436▲ 135%€305,203▼ 39.0%€242,631▼ 20.5%€216,809▼ 10.6%-€109,266
Equity€297,879▲ 1.9%€318,082▲ 6.8%€345,712▲ 8.7%€370,281▲ 7.1%€236,837▼ 36.0%
Total assets€2.9m▲ 27.7%€3.0m▲ 4.5%€3.2m▲ 6.9%€3.3m▲ 0.5%€3.3m▲ 1.8%
Debt€2.6m▲ 31.5%€2.7m▲ 4.3%€2.9m▲ 6.7%€2.9m▼ 0.3%€3.1m▲ 6.6%
Working capital-€104,601▲ 17.0%-€173,659▼ 66.0%€6,132€220,996▲ 3,504%-€53,579
Staff (FTE)30.5▼ 5.9%30.2▼ 1.0%33.5▲ 10.9%34.1▲ 1.8%33.1▼ 2.9%
Why a figure moved sharply
- 2021 Net result +135% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €88,349 after €278,418 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.3m
Fixed assets
€360,713 ▲ 37.8%
Current assets
€2.9m ▼ 1.4%
Equity and liabilities €3.3m
Equity
€236,837 ▼ 36.0%
Debt
€3.1m ▲ 6.6%
Debt's share of the balance-sheet total rises from 88.6% to 92.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,803▼
2024 · €504,813
Cash flow
-€17,114▼
2024 · €443,205
Current ratio
0.98▼
2024 · 1.08
Quick ratio
0.79▼
2024 · 0.88
Debt to equity
12.97▲
2024 · 7.78
ROE
-46.1%▼
2024 · 58.6%
ROA
-3.3%▼
2024 · 6.7%
Interest coverage
0.17▼
2024 · 8.15
Debt ≤ 1 year
€3.0m▲
2024 · €2.8m
Debt > 1 year
€70,297▼
2024 · €112,534
Income taxes
€210▼
2024 · €1,116
Staff costs
€1.2m▲
2024 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,102 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency under 10%
- a small loss
1.5%
went bankrupt
3.5%
stopped otherwise
94%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,102 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €900,805 | €938,482 | €1.0m | €1.1m | €1.2m | ▲ 8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €221,828 | €227,752 | €233,767 | €226,395 | €92,152 | ▼ 59.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €11,220 | - |
| Other operating charges640/8 | €1,300 | €16,650 | €2,994 | €1,802 | €2,271 | ▲ 26.1% |
| Gross operating margin9900 | €1.7m | €1.6m | €1.5m | €1.6m | €1.2m | ▼ 24.9% |
| Operating profit (loss)9901 | €534,680 | €388,392 | €293,173 | €278,418 | -€88,349 | ▼ 132% |
| Financial income75/76B | €535 | €52 | €1,831 | €1,484 | €1,384 | ▼ 6.7% |
| Recurring financial income75 | €535 | €52 | €1,831 | €1,484 | €1,384 | ▼ 6.7% |
| Financial charges65/66B | €28,258 | €71,863 | €46,317 | €61,976 | €22,092 | ▼ 64.4% |
| Recurring financial charges65 | €28,258 | €71,863 | €46,317 | €61,976 | €22,092 | ▼ 64.4% |
| Profit (loss) for the period before taxes9903 | €506,957 | €316,581 | €248,687 | €217,926 | -€109,057 | ▼ 150% |
| Income taxes67/77 | €6,521 | €11,378 | €6,056 | €1,116 | €210 | ▼ 81.2% |
| Profit (loss) for the period9904 | €500,436 | €305,203 | €242,631 | €216,809 | -€109,266 | ▼ 150% |
| Profit (loss) for the period to be appropriated9905 | €500,436 | €305,203 | €242,631 | €216,809 | -€109,266 | ▼ 150% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.9m | €3.0m | €3.2m | €3.3m | €3.3m | ▲ 1.8% |
| Fixed assets21/28 | €731,545 | €618,058 | €493,484 | €261,819 | €360,713 | ▲ 37.8% |
| Tangible fixed assets22/27 | €640,702 | €564,757 | €464,959 | €250,295 | €349,188 | ▲ 39.5% |
| Land and buildings22 | €336,781 | €233,294 | €155,069 | €67,918 | €97,444 | ▲ 43.5% |
| Plant, machinery and equipment23 | €292,454 | €325,929 | €306,593 | €174,551 | €200,205 | ▲ 14.7% |
| Furniture and vehicles24 | €11,467 | €5,534 | €3,297 | €7,826 | €51,539 | ▲ 559% |
| Financial fixed assets28 | €90,843 | €53,301 | €28,525 | €11,524 | €11,524 | = |
| Current assets29/58 | €2.2m | €2.4m | €2.7m | €3.0m | €2.9m | ▼ 1.4% |
| Stocks and contracts in progress3 | €302,866 | €333,160 | €559,269 | €564,644 | €580,134 | ▲ 2.7% |
| Stocks30/36 | €302,866 | €333,160 | €559,269 | €564,644 | €580,134 | ▲ 2.7% |
| Amounts receivable within one year40/41 | €1.5m | €1.5m | €1.7m | €1.8m | €2.1m | ▲ 17.4% |
| Trade receivables40 | €88,974 | €57,676 | €21,348 | €96,742 | €286,406 | ▲ 196% |
| Other amounts receivable41 | €1.4m | €1.4m | €1.7m | €1.7m | €1.8m | ▲ 7.2% |
| Cash at bank and in hand54/58 | €361,839 | €520,050 | €433,128 | €462,100 | €185,735 | ▼ 59.8% |
| Deferred charges and accrued income490/1 | €12,393 | €52,007 | €54,124 | €167,824 | €75,570 | ▼ 55.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.9m | €3.0m | €3.2m | €3.3m | €3.3m | ▲ 1.8% |
| Equity10/15 | €297,879 | €318,082 | €345,712 | €370,281 | €236,837 | ▼ 36.0% |
| Contributions10/11 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Capital10 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Issued capital100 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Reserves13 | €43,679 | €43,679 | €43,679 | €43,679 | €43,679 | = |
| Non-distributable reserves130/1 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Legal reserve130 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Distributable reserves133 | €18,890 | €18,890 | €18,890 | €18,889 | €18,889 | = |
| Profit (loss) carried forward14 | €6,306 | €26,509 | €54,139 | €78,708 | -€54,735 | ▼ 170% |
| Amounts payable17/49 | €2.6m | €2.7m | €2.9m | €2.9m | €3.1m | ▲ 6.6% |
| Amounts payable after more than one year17 | €329,065 | €123,808 | €153,454 | €112,534 | €70,297 | ▼ 37.5% |
| Financial debts170/4 | €329,065 | €123,808 | €153,454 | €112,534 | €70,297 | ▼ 37.5% |
| Amounts payable within one year42/48 | €2.3m | €2.6m | €2.7m | €2.8m | €3.0m | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | €211,061 | €205,257 | €163,447 | €40,920 | €42,238 | ▲ 3.2% |
| Financial debts43 | €25,287 | €20,681 | €21,015 | €20,546 | €20,489 | ▼ 0.3% |
| Credit institutions430/8 | €25,287 | €20,681 | €21,015 | €20,546 | €20,489 | ▼ 0.3% |
| Trade debts44 | €1.3m | €1.5m | €2.2m | €2.2m | €2.5m | ▲ 16.6% |
| Suppliers440/4 | €1.3m | €1.5m | €2.2m | €2.2m | €2.5m | ▲ 16.6% |
| Taxes, remuneration and social security45 | €93,305 | €87,101 | €121,948 | €108,032 | €77,829 | ▼ 28.0% |
| Taxes450/3 | €19,669 | €9,680 | €21,644 | €7,610 | €2,036 | ▼ 73.2% |
| Remuneration and social security454/9 | €73,636 | €77,421 | €100,304 | €100,422 | €75,793 | ▼ 24.5% |
| Other amounts payable47/48 | €681,649 | €790,526 | €225,526 | €431,000 | €333,168 | ▼ 22.7% |
| Accrued charges and deferred income492/3 | - | €2,509 | €450 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €500,436 | €305,203 | €242,631 | €216,809 | -€109,266 | ▼ 150% |
| + Depreciation and write-downs630 | €221,828 | €227,752 | €233,767 | €226,395 | €92,152 | ▼ 59.3% |
| Operating cash flow (approximation) | €722,264 | €532,955 | €476,398 | €443,205 | -€17,114 | ▼ 104% |
| Investment in fixed assets (approximation) | - | -€114,265 | -€109,193 | €5,270 | -€191,046 | ▼ 3,725% |
| Change in cash | - | €158,211 | -€86,922 | €28,972 | -€276,366 | ▼ 1,054% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
Financial
Weakest financial yearnet -€109,266
Net result drops to -€109,266, the lowest in the series.
18-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 18 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
23-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 23 days late
2022
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 129 days late
2021
30-06
Financial
Highest result since 2019net €500,436 ▲135%
Operating result €534,680, net result €500,436, both a record.
23-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 51 days late
2020
13-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 13 days late
2019
28-02
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
19-02
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 19 days late
2016
24-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Perwez · 1 establishment unit since 1998
Ground area
2,607 m²
Building footprint
596 m²
Volume, LiDAR
4,665 m³
2 parcels, Wallonia · tallest building 14.2 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
AD DELHAIZE - AD SHOP
since 19982.085.085.571
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25084C0491/00T000 | Wallonia | 1,421 m² | 1 · 185 m² | - |
| 25101B0591/00B000 | Wallonia | 1,186 m² | 1 · 411 m² | 14.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- ADRIMAX INVEST
- SEMAF
Highest known parent: ADRIMAX INVEST. The sources do not say who stands above it.
Owners 1
- ADRIMAX INVESTparent89.6%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 site · 1 with a smileyPerwez2.085.085.571
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Of 12,956 companies in sector 47120 we hold annual accounts for 2,192. 1,350 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded08-12-1997
Fiscal year end30-06
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
47120Other non-specialised retail sale
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462058510
Registered
29-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.