SEPARCO
ActiveSummary
The computed 12-month bankruptcy probability of SEPARCO is 1.9% (moderate). The 2025 annual accounts show equity of €7.9m and a net result of €435. Equity remains stable across the filed fiscal years (±0% per year). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability19=
Solvency75=
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
1.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €400,000 at 30 days acceptable
Liquidity tight (current ratio 1.2 against 1.11 in 2024; short-term debt: 0.1% and cash: 0.2% of total assets), and 50.1% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
49.9%
Return on assets
0%
Age of the figures
9 mo
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 02-07-2026, 29 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
29 d early
2024
29 d early
2023
28 d early
2022
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 4 accounts on average 25 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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, statutory accounts
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€435▼ 88.3%
2024 · €3,737
Working capital
€4,583▲ 63.2%
2024 · €2,809
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
Line2022202320242025
Operating result-€2,328--€7,567▼ 225%-€3,770▲ 50.2%-€7,116▼ 88.8%
Net result€2,624--€141€3,737€435▼ 88.3%
Equity€7.9m-€7.9m=€7.9m=€7.9m=
Total assets€15.9m-€15.9m▼ 0.1%€15.9m▲ 0.1%€15.9m=
Debt€8.0m-€7.9m▼ 0.2%€7.9m▲ 0.1%€7.9m=
Working capital-€4,420--€2,775▲ 37.2%€2,809€4,583▲ 63.2%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €7,116 in 2025 against €3,770 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.9m
Fixed assets
€15.8m =
Current assets
€27,262 ▼ 5.1%
Equity and liabilities €15.9m
Equity
€7.9m =
Debt
€7.9m =
Debt's share of the balance-sheet total stays at 50.1%.
Key figures and ratios
EBITDA
-€5,613▼
2024 · -€1,983
Cash flow
€1,939▼
2024 · €5,524
Current ratio
1.20▲
2024 · 1.11
Debt to equity
1.00=
2024 · 1.00
ROE
0.0%▼
2024 · 0.0%
ROA
0.0%▼
2024 · 0.0%
Interest coverage
-0.01▼
2024 · 0.00
Debt ≤ 1 year
€22,679▼
2024 · €25,920
Debt > 1 year
€7.9m=
2024 · €7.9m
Income taxes
€159▼
2024 · €1,347
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating charges60/66A | €2,328 | €7,567 | €3,770 | €7,116 | ▲ 88.8% |
| Services and other goods61 | - | €4,502 | €109 | €3,681 | ▲ 3,281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,786 | €1,787 | €1,787 | €1,503 | ▼ 15.9% |
| Other operating charges640/8 | €542 | €1,279 | €1,874 | €1,932 | ▲ 3.1% |
| Operating profit (loss)9901 | -€2,328 | -€7,567 | -€3,770 | -€7,116 | ▼ 88.8% |
| Financial income75/76B | €449,162 | €475,200 | €476,502 | €475,200 | ▼ 0.3% |
| Recurring financial income75 | €449,162 | €475,200 | €476,502 | €475,200 | ▼ 0.3% |
| Income from current assets751 | €449,162 | €475,200 | €476,502 | €475,200 | ▼ 0.3% |
| Financial charges65/66B | €443,254 | €467,774 | €467,649 | €467,490 | = |
| Recurring financial charges65 | €443,254 | €467,774 | €467,649 | €467,490 | = |
| Debt charges650 | €443,215 | €467,687 | €467,545 | €467,400 | = |
| Other financial charges652/9 | €40 | €87 | €104 | €90 | ▼ 13.9% |
| Profit (loss) for the period before taxes9903 | €3,579 | -€141 | €5,083 | €594 | ▼ 88.3% |
| Income taxes67/77 | €955 | - | €1,347 | €159 | ▼ 88.2% |
| Taxes670/3 | €955 | - | €1,347 | €159 | ▼ 88.2% |
| Profit (loss) for the period9904 | €2,624 | -€141 | €3,737 | €435 | ▼ 88.3% |
| Profit (loss) for the period to be appropriated9905 | €2,624 | -€141 | €3,737 | €435 | ▼ 88.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €15.9m | €15.9m | €15.9m | €15.9m | = |
| Formation expenses20 | €7,149 | €5,362 | €3,575 | €2,072 | ▼ 42.1% |
| Fixed assets21/28 | €15.8m | €15.8m | €15.8m | €15.8m | = |
| Financial fixed assets28 | €15.8m | €15.8m | €15.8m | €15.8m | = |
| Affiliated companies280/1 | €15.8m | €15.8m | €15.8m | €15.8m | = |
| Participating interests280 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Amounts receivable281 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Current assets29/58 | €29,731 | €16,444 | €28,729 | €27,262 | ▼ 5.1% |
| Cash at bank and in hand54/58 | €29,731 | €16,444 | €28,729 | €27,262 | ▼ 5.1% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €15.9m | €15.9m | €15.9m | €15.9m | = |
| Equity10/15 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Contributions10/11 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Reserves13 | €2,624 | €2,483 | €6,219 | €6,655 | ▲ 7.0% |
| Distributable reserves133 | €2,624 | €2,483 | €6,219 | €6,655 | ▲ 7.0% |
| Amounts payable17/49 | €8.0m | €7.9m | €7.9m | €7.9m | = |
| Amounts payable after more than one year17 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Financial debts170/4 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Other loans174 | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Amounts payable within one year42/48 | €34,152 | €19,219 | €25,920 | €22,679 | ▼ 12.5% |
| Trade debts44 | - | - | €109 | €3,328 | ▲ 2,956% |
| Suppliers440/4 | - | - | €109 | €3,328 | ▲ 2,956% |
| Taxes, remuneration and social security45 | €24,152 | €19,219 | €20,745 | €19,351 | ▼ 6.7% |
| Taxes450/3 | €24,152 | €19,219 | €20,745 | €19,351 | ▼ 6.7% |
| Other amounts payable47/48 | €10,000 | - | €5,066 | - | - |
| Accrued charges and deferred income492/3 | €105 | €104 | €165 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,624 | -€141 | €3,737 | €435 | ▼ 88.3% |
| + Depreciation and write-downs630 | €1,786 | €1,787 | €1,787 | €1,503 | ▼ 15.9% |
| Operating cash flow (approximation) | €4,410 | €1,646 | €5,524 | €1,939 | ▼ 64.9% |
| Investment in fixed assets (approximation) | - | -€1,787 | -€1,787 | -€1,503 | ▲ 15.9% |
| Change in cash | - | -€13,287 | €12,285 | -€1,467 | ▼ 112% |
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
04-08
State Gazette act
Appointment: Finvision Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Gonnissen Bart3 facts ▸
State Gazette act
Appointment: Finvision Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Gonnissen Bart3 facts ▸
- General meeting, 18-03-2026
- Auditor appointment, Finvision Bedrijfsrevisoren BV (statutory auditor)
- Permanent representative, Gonnissen Bart (permanent representative)
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
2024
31-12
Financial
Back to profitnet €3,737
Net result €3,737 after one loss-making year.
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
31-12
Financial
Weakest financial yearnet -€141
Net result drops to -€141, the lowest in the series; recovery starts the following year.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
Finvision Bedrijfsrevisoren
CurrentStatutory auditor · since 18-03-2026 · perm. rep.: Dieter Engelen
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 →
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2021
Ground area
1,363 m²
Parcel 11815A0430/00D000, Flanders. Linked by address, not a title deed.
22
companies at this address
See who is registered here
1 establishment unit
SEPARCO
since 20212.326.842.532
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11815A0430/00D000 | Flanders | 1,363 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Finvision Bedrijfsrevisoren |
|
Structure & network
Heads the group
SEPARCO
15 companies
Group, risk and exposure
Owners and holdings
3 owners · 1 holding · 20 subsidiaries in the treeOwners 3
-
26.12%
-
17.74%
-
16.67%
Holdings 1
-
60%
All subsidiaries, including indirect ones 20
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
SELECT HOLDING 60%19 subsidiaries
SELECT GROUP 100%18 subsidiaries
- 3W SELECT 100%
EN International 100%1 subsidiary
- Select Group Nederland 100%
- NederlandVacature 100%
PEPS 100%1 subsidiary
- PEPS INTERIM 99.38%
- Select Engineering BV 100%
- Select HR - PS Services 100%
- SELECT HUMAN RESOURCES 100%
- Select Medical 100%
- Select-Beopledd 100%
- Xpertize Luxemburg 99.9%
- SELECT PROJECTS 99%
- Select HR Groep Nederland BV 80%
Growing Leaders 51%1 subsidiary
- FLY Consult 100%
HOR HOLDING 51%1 subsidiary
- Home of Recruitment 100%
According to the 2025 annual accounts of SEPARCO and those 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded24-12-2021
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0779340560
Also
9925:BE0779340560
Registered
13-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.