"SEPARATION" AG
ActiveSummary
"SEPARATION" AG has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €741,478 and a net result of -€40,153. Equity is shrinking by ~8.7% per year across the filed fiscal years. Its solvency ranks better than 95% of 657 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-35
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity ample (current ratio 7.61 against 13.18 in 2024; short-term debt: 6.8% and cash: 24.8% of total assets), and 6.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Warehousing and support activities for transportation (NACE 52)
about 72% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
93.2%
Return on assets
-5%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-06-2026, 59 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
59 d early
2024
111 d early
2023
96 d early
2022
35 d early
2021
44 d early
2020
57 d early
2019
56 d early
← 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 65 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€40,153▼ 582%
2024 · -€5,886
Working capital
€357,721▼ 59.4%
2024 · €882,136
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-€119,727▲ 60.4%-€281,156▼ 135%€221,977-€38,933-€64,872▼ 66.6%
Net result-€121,192▲ 60.7%-€269,962▼ 123%€236,640-€5,886-€40,153▼ 582%
Equity€1.4m▲ 3.0%€1.1m▼ 19.8%€1.3m▲ 20.9%€1.3m▼ 0.7%€741,478▼ 44.5%
Total assets€1.5m▲ 1.1%€1.2m▼ 18.3%€1.4m▲ 16.4%€1.4m▼ 1.5%€795,626▼ 43.5%
Debt€116,581▼ 16.6%€115,212▼ 1.2%€83,525▼ 27.5%€72,436▼ 13.3%€54,148▼ 25.2%
Working capital€742,181▲ 44.6%€540,514▼ 27.2%€811,557▲ 50.1%€882,136▲ 8.7%€357,721▼ 59.4%
Staff (FTE)10.9▲ 2.8%10.7▼ 1.8%7.9▼ 26.2%8.3▲ 5.1%7.5▼ 9.6%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €64,872 in 2025 against €38,933 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €795,626
Fixed assets
€383,757 ▼ 15.3%
Current assets
€411,869 ▼ 56.9%
Equity and liabilities €795,626
Equity
€741,478 ▼ 44.5%
Debt
€54,148 ▼ 25.2%
Debt's share of the balance-sheet total rises from 5.1% to 6.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€5,816▼
2024 · €42,507
Cash flow
€30,535▼
2024 · €75,553
Current ratio
7.61▼
2024 · 13.18
Debt to equity
0.07▲
2024 · 0.05
ROE
-5.4%▼
2024 · -0.4%
ROA
-5.0%▼
2024 · -0.4%
Interest coverage
2.46▼
2024 · 27.98
Debt ≤ 1 year
€54,148▼
2024 · €72,436
Staff costs
€425,724▼
2024 · €446,747
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,440 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
2.1%
went bankrupt
7.4%
stopped otherwise
90%
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 0.9% 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 3,440 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €11,910 | €159 | - | €16,500 | - | - |
| Remuneration, social security and pensions62 | €495,672 | €548,483 | €415,663 | €446,747 | €425,724 | ▼ 4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €112,452 | €109,680 | €103,386 | €81,440 | €70,688 | ▼ 13.2% |
| Other operating charges640/8 | €10,896 | €11,105 | €12,249 | €11,541 | €13,722 | ▲ 18.9% |
| Gross operating margin9900 | €499,293 | €388,111 | €753,274 | €500,795 | €445,262 | ▼ 11.1% |
| Operating profit (loss)9901 | -€119,727 | -€281,156 | €221,977 | -€38,933 | -€64,872 | ▼ 66.6% |
| Financial income75/76B | €10,400 | €12,371 | €15,865 | €34,566 | €27,084 | ▼ 21.6% |
| Recurring financial income75 | €10,400 | €12,371 | €15,865 | €34,566 | €27,084 | ▼ 21.6% |
| Financial charges65/66B | €11,866 | €1,176 | €1,202 | €1,519 | €2,365 | ▲ 55.7% |
| Recurring financial charges65 | €3,110 | €1,176 | €1,202 | €1,519 | €2,365 | ▲ 55.7% |
| Non-recurring financial charges66B | €8,756 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€121,192 | -€269,962 | €236,640 | -€5,886 | -€40,153 | ▼ 582% |
| Profit (loss) for the period9904 | -€121,192 | -€269,962 | €236,640 | -€5,886 | -€40,153 | ▼ 582% |
| Profit (loss) for the period to be appropriated9905 | -€121,192 | -€269,962 | €236,640 | -€5,886 | -€40,153 | ▼ 582% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.2m | €1.4m | €1.4m | €795,626 | ▼ 43.5% |
| Fixed assets21/28 | €643,772 | €571,827 | €533,442 | €453,236 | €383,757 | ▼ 15.3% |
| Intangible fixed assets21 | €24,562 | €17,559 | €12,566 | €7,572 | €4,286 | ▼ 43.4% |
| Tangible fixed assets22/27 | €619,110 | €554,168 | €520,776 | €445,563 | €379,371 | ▼ 14.9% |
| Land and buildings22 | €477,840 | €439,653 | €401,865 | €364,076 | €326,565 | ▼ 10.3% |
| Plant, machinery and equipment23 | €124,773 | €82,846 | €95,337 | €65,049 | €43,610 | ▼ 33.0% |
| Furniture and vehicles24 | €16,496 | €31,668 | €23,575 | €16,438 | €9,196 | ▼ 44.1% |
| Other tangible fixed assets26 | - | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €858,611 | €655,484 | €895,082 | €954,572 | €411,869 | ▼ 56.9% |
| Amounts receivable within one year40/41 | €690,609 | €538,209 | €698,705 | €794,714 | €204,716 | ▼ 74.2% |
| Trade receivables40 | €134,100 | €160,854 | €255,169 | €160,537 | €107,577 | ▼ 33.0% |
| Other amounts receivable41 | €556,508 | €377,356 | €443,536 | €634,177 | €97,139 | ▼ 84.7% |
| Cash at bank and in hand54/58 | €162,810 | €111,678 | €183,517 | €149,484 | €197,503 | ▲ 32.1% |
| Deferred charges and accrued income490/1 | €5,192 | €5,597 | €12,861 | €10,374 | €9,650 | ▼ 7.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.2m | €1.4m | €1.4m | €795,626 | ▼ 43.5% |
| Equity10/15 | €1.4m | €1.1m | €1.3m | €1.3m | €741,478 | ▼ 44.5% |
| Contributions10/11 | €68,000 | €68,000 | €68,000 | €68,000 | €68,000 | = |
| Capital10 | €68,000 | €68,000 | €68,000 | €68,000 | €68,000 | = |
| Issued capital100 | €68,000 | €68,000 | €68,000 | €68,000 | €68,000 | = |
| Reserves13 | €586,243 | €586,243 | €586,243 | €586,243 | €586,243 | = |
| Non-distributable reserves130/1 | €9,203 | €9,203 | €9,203 | €9,203 | €9,203 | = |
| Legal reserve130 | - | - | €9,203 | €9,203 | €9,203 | = |
| Reserves not available under the articles1311 | €9,203 | €9,203 | - | - | - | - |
| Tax-exempt reserves132 | €76,311 | €76,311 | €76,311 | €76,311 | €76,311 | = |
| Distributable reserves133 | €500,729 | €500,729 | €500,729 | €500,729 | €500,729 | = |
| Profit (loss) carried forward14 | €681,561 | €411,600 | €648,239 | €642,353 | €52,200 | ▼ 91.9% |
| Investment grants15 | €49,998 | €46,257 | €42,516 | €38,776 | €35,035 | ▼ 9.6% |
| Amounts payable17/49 | €116,581 | €115,212 | €83,525 | €72,436 | €54,148 | ▼ 25.2% |
| Amounts payable within one year42/48 | €116,431 | €114,970 | €83,525 | €72,436 | €54,148 | ▼ 25.2% |
| Current portion of amounts payable after more than one year42 | €9,742 | - | - | - | - | - |
| Trade debts44 | €23,243 | €31,711 | €29,279 | €28,014 | €15,037 | ▼ 46.3% |
| Suppliers440/4 | €23,243 | €31,711 | €29,279 | €28,014 | €15,037 | ▼ 46.3% |
| Taxes, remuneration and social security45 | €83,446 | €83,259 | €54,246 | €44,422 | €39,111 | ▼ 12.0% |
| Taxes450/3 | €16,587 | €11,920 | €10,064 | €5,688 | €7,187 | ▲ 26.4% |
| Remuneration and social security454/9 | €66,858 | €71,338 | €44,182 | €38,734 | €31,924 | ▼ 17.6% |
| Accrued charges and deferred income492/3 | €150 | €242 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€121,192 | -€269,962 | €236,640 | -€5,886 | -€40,153 | ▼ 582% |
| + Depreciation and write-downs630 | €112,452 | €109,680 | €103,386 | €81,440 | €70,688 | ▼ 13.2% |
| Operating cash flow (approximation) | -€8,740 | -€160,282 | €340,025 | €75,553 | €30,535 | ▼ 59.6% |
| Investment in fixed assets (approximation) | - | -€37,735 | -€65,000 | -€1,234 | -€1,209 | ▲ 2.0% |
| Change in cash | - | -€51,133 | €71,839 | -€34,033 | €48,019 | ▲ 241% |
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
03-09
State Gazette act
Reappointments: Jürgen GREIWING (verwalter) and Matthias Wolfgang GEISS (verwalter)Director discharge5 facts ▸
State Gazette act
Reappointments: Jürgen GREIWING (verwalter) and Matthias Wolfgang GEISS (verwalter)
Director discharge5 facts ▸
- General meeting, 22-05-2026
- Director reappointment, Jürgen GREIWING (verwalter)
- Director reappointment, Matthias Wolfgang GEISS (verwalter)
- Director discharge, Jürgen GREIWING
- Director discharge, Matthias Wolfgang GEISS
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
11-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €236,640
Net result €236,640 after 3 loss-making years.
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
04-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€308,120
Net result drops to -€308,120, the lowest in the series; recovery starts the following year.
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Jürgen GREIWING
CurrentVerwalter · since 22-05-2026
Matthias Wolfgang GEISS
CurrentVerwalter · since 22-05-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
4 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Raeren · 1 establishment unit since 2018
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Gewerbestrasse 164731 Raeren1 establishment unit
SEPARATION A.G.
since 20182.278.751.615
Mandate history
2 people since 2026, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Jürgen GREIWING |
|
| Matthias Wolfgang GEISS |
|
Articles of association
Other statement
One provision in the deed
Structure & network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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Identification & contact
Identification
Legal formPublic limited company
Founded25-06-2018
Fiscal year end31-12
Activities, NACEBEL 2025
52249Warehousing and support activities for transportation
82920Office administrative, office support and other business support activities
26510Manufacture of computer, electronic and optical products
52100Warehousing and storage
71209Other technical testing and analysis
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0699788385
Also
9925:BE0699788385
Registered
06-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.