SEMS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-04-2026 PDF all 32 filings
Turnover
≈ €1.6m
Estimated: probably between €1.2m and €3.0m
Total assets
€2.5m▲ 8.5%
2024 · €2.3m
Net result
€196,869▲ 31×
2024 · €6,307
Working capital
€44,830
2024 · -€157,110
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€255,402
▲ 18×
2025
20182025
Net result
€196,869
▲ 31×
2025
highest quarter of the sector
20182025
Equity
€286,081
▲ 221%
2025
middle half of the sector
20182025
Total assets
€2.5m
▲ 8.5%
2025
highest quarter of the sector
20182025
Debt
€2.2m
▼ 0.1%
2025
20182025
Working capital
€44,830
2025
middle half of the sector
20182025
Solvency
11.6%
▲ 7.7pp
2025
lowest quarter of the sector
20182025
Current ratio
1.02
▲ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
8.0%
▲ 7.7pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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€0.1m-€0.7m▲ 459%€0.3m▼ 55.2%€0.2m▼ 39.9%€0.2m▲ 15.3%€0.4m▲ 65.3%€0.01m▼ 96.2%€0.3m▲ 18×
Net result€0.09m-€0.5m▲ 454%€0.2mabove the sector's middle half▼ 50.2%€0.1mwithin the sector's middle half▼ 45.0%€0.2mwithin the sector's middle half▲ 17.5%€0.3mabove the sector's middle half▲ 74.4%€0.006mwithin the sector's middle half▼ 97.7%€0.2mabove the sector's middle half▲ 31×
Equity€0.1m-€0.2m▲ 46.1%€0.1mwithin the sector's middle half▼ 12.1%€0.1mbelow the sector's middle half▼ 33.0%€0.07mbelow the sector's middle half▼ 25.6%€0.08mbelow the sector's middle half▲ 14.4%€0.09mbelow the sector's middle half▲ 7.6%€0.3mwithin the sector's middle half▲ 221%
Total assets€3.0m-€2.9m▼ 3.6%€2.0mwithin the sector's middle half▼ 30.0%€1.9mwithin the sector's middle half▼ 8.2%€3.1mabove the sector's middle half▲ 68.9%€2.8mabove the sector's middle half▼ 10.6%€2.3mwithin the sector's middle half▼ 19.0%€2.5mabove the sector's middle half▲ 8.5%
Debt€2.9m-€2.7m▼ 5.6%€1.9m▼ 31.1%€1.8m▼ 6.2%€3.1m▲ 74.2%€2.7m▼ 11.1%€2.2m▼ 19.8%€2.2m▼ 0.1%
Working capital-€0.4m-€0.1m-€0.08mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 62.8%-€0.2mbelow the sector's middle half▼ 25.0%-€0.2mbelow the sector's middle half▲ 7.1%-€0.2mbelow the sector's middle half▲ 1.9%€0.04mwithin the sector's middle half
Solvency3.8%-5.7%▲ 1.9pp7.2%below the sector's middle half▲ 1.5pp5.2%below the sector's middle half▼ 1.9pp2.3%below the sector's middle half▼ 2.9pp2.9%below the sector's middle half▲ 0.6pp3.9%below the sector's middle half▲ 1.0pp11.6%below the sector's middle half▲ 7.7pp
Current ratio0.86-1.04▲ 0.180.95below the sector's middle half▼ 0.090.92below the sector's middle half▼ 0.030.94below the sector's middle half▲ 0.020.94below the sector's middle half=0.93below the sector's middle half▼ 0.011.02below the sector's middle half▲ 0.09
Return on assets (ROA)2.9%-16.7%▲ 13.8pp11.8%above the sector's middle half▼ 4.8pp7.1%within the sector's middle half▼ 4.7pp4.9%within the sector's middle half▼ 2.2pp9.6%within the sector's middle half▲ 4.7pp0.3%within the sector's middle half▼ 9.3pp8.0%within the sector's middle half▲ 7.7pp
Staff (FTE)0below the sector's middle half
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 over 18 times that of 2024. It is a recovery after the fall in 2024.
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 €2.5m
Fixed assets
€241,251 ▼ 2.1%
Current assets
€2.2m ▲ 9.8%
Equity and liabilities €2.5m
Equity
€286,081 ▲ 221%
Debt
€2.2m ▼ 0.1%
Debt's share of the balance-sheet total falls from 96.1% to 88.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€260,472▲
2024 · €18,993
Cash flow
€201,940▲
2024 · €11,208
Debt to equity
7.65▼
2024 · 24.55
ROE
68.8%▲
2024 · 7.1%
Interest coverage
over 100▲
2024 · 6.39
Debt ≤ 1 year
€2.2m▼
2024 · €2.2m
Income taxes
€67,935▲
2024 · €4,814
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 | €4,624 | - | €4,015 | €8,290 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,015 | €5,855 | €5,842 | €4,901 | €5,071 |
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 | €26,889 | €9,031 | €6,481 | €8,015 | €5,855 | €5,842 | €4,901 | €5,071 | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €1,013 | €10,908 | €1,335 | €1,124 | €6,772 | ▲ 503% |
| Gross operating margin9900 | €168,795 | €732,234 | €329,864 | €202,578 | €239,915 | €376,146 | €20,117 | €267,245 | ▲ 13× |
| Operating profit (loss)9901 | €128,696 | €719,413 | €322,281 | €193,551 | €223,152 | €368,969 | €14,092 | €255,402 | ▲ 18× |
| Financial income75/76B | - | - | - | €13 | €32 | €117 | €2 | €11,340 | ▲ 4,648× |
| Recurring financial income75 | €178 | €22 | €247 | €13 | €32 | €117 | €2 | €80 | ▲ 33× |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €11,260 | - |
| Financial charges65/66B | - | - | - | €6,695 | €3,372 | €2,072 | €2,973 | €1,938 | ▼ 34.8% |
| Recurring financial charges65 | €6,700 | €4,458 | €1,607 | €6,695 | €3,372 | €2,072 | €2,973 | €1,938 | ▼ 34.8% |
| Profit (loss) for the period before taxes9903 | €122,174 | €714,977 | €320,921 | €186,869 | €219,812 | €367,014 | €11,121 | €264,804 | ▲ 24× |
| Income taxes67/77 | €35,737 | €232,754 | €81,005 | €54,840 | €64,713 | €96,575 | €4,814 | €67,935 | ▲ 14× |
| Profit (loss) for the period9904 | €86,999 | €482,223 | €239,916 | €132,029 | €155,099 | €270,439 | €6,307 | €196,869 | ▲ 31× |
| Transfer from tax-exempt reserves789 | - | - | - | €37,500 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €88,080 | €482,223 | €239,916 | €169,529 | €155,099 | €270,439 | €6,307 | €196,869 | ▲ 31× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.0m | €2.9m | €2.0m | €1.9m | €3.1m | €2.8m | €2.3m | €2.5m | ▲ 8.5% |
| Fixed assets21/28 | €0.5m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.1% |
| Tangible fixed assets22/27 | €0.5m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.1% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.008m | €0.006m | €0.009m | €0.004m | ▼ 55.7% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €2.5m | €2.6m | €1.8m | €1.6m | €2.9m | €2.6m | €2.0m | €2.2m | ▲ 9.8% |
| Amounts receivable within one year40/41 | €2.5m | €2.6m | €1.7m | €1.3m | €2.0m | €2.4m | €1.6m | €2.2m | ▲ 41.5% |
| Trade receivables40 | - | - | - | €0.9m | €1.4m | €1.8m | €1.1m | €1.8m | ▲ 63.3% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 9.8% |
| Cash at bank and in hand54/58 | €0.006m | €0.01m | €0.01m | €0.02m | €0.6m | €0.1m | €0.3m | €0.03m | ▼ 89.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.3m | €0.07m | €0.2m | €403 | ▼ 99.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.0m | €2.9m | €2.0m | €1.9m | €3.1m | €2.8m | €2.3m | €2.5m | ▲ 8.5% |
| Equity10/15 | €0.1m | €0.2m | €0.1m | €0.1m | €0.07m | €0.08m | €0.09m | €0.3m | ▲ 221% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.007m | €0.06m | €0.04m | €0.03m | €0.004m | €0.01m | €0.02m | €0.2m | ▲ 937% |
| Amounts payable17/49 | €2.9m | €2.7m | €1.9m | €1.8m | €3.1m | €2.7m | €2.2m | €2.2m | ▼ 0.1% |
| Amounts payable within one year42/48 | €2.9m | €2.5m | €1.9m | €1.7m | €3.1m | €2.7m | €2.2m | €2.2m | ▼ 0.1% |
| Financial debts43 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.08m | ▼ 0.6% |
| Credit institutions430/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.08m | ▼ 0.6% |
| Trade debts44 | €2.3m | €1.9m | €1.3m | €1.3m | €2.8m | €2.4m | €2.1m | €2.1m | ▼ 0.1% |
| Suppliers440/4 | - | - | - | €1.3m | €2.8m | €2.4m | €2.1m | €2.1m | ▼ 0.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €373 | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.3m | €0.02m | €0.02m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,999 | €482,223 | €239,916 | €132,029 | €155,099 | €270,439 | €6,307 | €196,869 | ▲ 31× |
| + Depreciation and write-downs630 | €26,889 | €9,031 | €6,481 | €8,015 | €5,855 | €5,842 | €4,901 | €5,071 | ▲ 3.5% |
| Operating cash flow (approximation) | €113,888 | €491,254 | €246,396 | €140,044 | €160,954 | €276,281 | €11,208 | €201,940 | ▲ 18× |
| Investment in fixed assets (approximation) | - | €275,798 | -€5,288 | -€4,624 | €0 | -€4,015 | -€8,213 | €0 | - |
| Change in cash | - | €6,393 | -€1,287 | €11,203 | €606,797 | -€511,405 | €182,172 | -€267,308 | - |
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, 2,613 companies had the same profile as SEMS has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SEMS itself: 0.1% 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 2,613 companies, not a prediction for SEMS. 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 | 16-04-2026 | 2026-00081885 | |
| 31-12-2024 | abbreviated format | 13-07-2025 | 2025-00282047 | |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00297313 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00275057 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20246168 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-41100101 | |
| 31-12-2019 | abbreviated format | 14-07-2020 | 2020-29700415 | |
| 31-12-2018 | abbreviated format | 23-07-2019 | 2019-36900583 | |
| 31-12-2017 | abbreviated format | 23-07-2018 | 2018-37700374 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59300014 |