SEPHALIN
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473665.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 7 filings
Turnover
≈ €800,000
Estimated: probably between €540,000 and €1.5m
Total assets
€1.6m▼ 1.4%
2024 · €1.6m
Net result
€94,283▲ 208%
2024 · €30,658
Working capital
-€208,565▼ 1.9%
2024 · -€204,730
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€142,119
▲ 142%
2025
20192025
Net result
€94,283
▲ 208%
2025
middle half of the sector
20192025
Equity
€449,274
▲ 26.6%
2025
middle half of the sector
20192025
Total assets
€1.6m
▼ 1.4%
2025
highest quarter of the sector
20192025
Debt
€1.1m
▼ 9.3%
2025
20192025
Working capital
-€208,565
▼ 1.9%
2025
lowest quarter of the sector
20192025
Solvency
28.2%
▲ 6.2pp
2025
middle half of the sector
20192025
Current ratio
0.08
▼ 0.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
5.9%
▲ 4.0pp
2025
middle half of the sector
20192025
Staff (FTE)
0.2
▼ 84.6%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.02m-€0.1m▲ 518%€0.1m▲ 4.2%€0.09m▼ 12.7%€0.06m▼ 26.4%€0.06m▼ 8.7%€0.1m▲ 142%
Net result€0.003m-€0.07mwithin the sector's middle half▲ 24×€0.06mwithin the sector's middle half▼ 14.1%€0.05mwithin the sector's middle half▼ 15.4%€0.1mwithin the sector's middle half▲ 104%€0.03mwithin the sector's middle half▼ 72.1%€0.09mwithin the sector's middle half▲ 208%
Equity€0.02m-€0.1mwithin the sector's middle half▲ 321%€0.2mwithin the sector's middle half▲ 65.5%€0.2mwithin the sector's middle half▲ 33.5%€0.3mwithin the sector's middle half▲ 51.2%€0.4mwithin the sector's middle half▲ 9.5%€0.4mwithin the sector's middle half▲ 26.6%
Total assets€1.8m-€1.7mabove the sector's middle half▼ 5.3%€1.7mabove the sector's middle half▲ 0.4%€1.7mabove the sector's middle half▼ 3.7%€1.6mwithin the sector's middle half▼ 2.8%€1.6mwithin the sector's middle half▼ 1.1%€1.6mabove the sector's middle half▼ 1.4%
Debt€1.8m-€1.6m▼ 9.4%€1.6m▼ 3.4%€1.5m▼ 7.5%€1.3m▼ 10.6%€1.3m▼ 3.7%€1.1m▼ 9.3%
Working capital-€0.005m--€0.01mbelow the sector's middle half▼ 213%-€0.01mbelow the sector's middle half▲ 24.0%-€0.1mbelow the sector's middle half▼ 975%-€0.1mbelow the sector's middle half▲ 5.6%-€0.2mbelow the sector's middle half▼ 86.1%-€0.2mbelow the sector's middle half▼ 1.9%
Solvency1.3%-5.6%below the sector's middle half▲ 4.3pp9.2%below the sector's middle half▲ 3.6pp12.8%below the sector's middle half▲ 3.6pp19.8%within the sector's middle half▲ 7.1pp22.0%within the sector's middle half▲ 2.1pp28.2%within the sector's middle half▲ 6.2pp
Current ratio0.98-0.86below the sector's middle half▼ 0.110.91below the sector's middle half▲ 0.050.34below the sector's middle half▼ 0.580.21below the sector's middle half▼ 0.130.12below the sector's middle half▼ 0.090.08below the sector's middle half▼ 0.04
Return on assets (ROA)0.2%-4.3%within the sector's middle half▲ 4.1pp3.6%within the sector's middle half▼ 0.6pp3.2%within the sector's middle half▼ 0.4pp6.7%within the sector's middle half▲ 3.5pp1.9%within the sector's middle half▼ 4.8pp5.9%within the sector's middle half▲ 4.0pp
Staff (FTE)0.4-0.8below the sector's middle half▲ 100%0.8below the sector's middle half=0.8below the sector's middle half=1.6within the sector's middle half▲ 100%1.3below the sector's middle half▼ 18.8%0.2below the sector's middle half▼ 84.6%
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 142% higher than in 2024 and the highest since 2021. 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 €1.6m
Fixed assets
€1.6m ▼ 0.9%
Current assets
€18,170 ▼ 32.6%
Equity and liabilities €1.6m
Equity
€449,274 ▲ 26.6%
Debt
€1.1m ▼ 9.3%
Debt's share of the balance-sheet total falls from 78.0% to 71.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€156,613▲
2024 · €75,056
Cash flow
€108,777▲
2024 · €47,018
Debt to equity
2.55▼
2024 · 3.56
ROE
21.0%▲
2024 · 8.6%
Interest coverage
10.00▲
2024 · 4.48
Debt ≤ 1 year
€226,735▼
2024 · €231,675
Debt > 1 year
€916,074▼
2024 · €1.0m
Income taxes
€32,171▲
2024 · €11,301
Staff costs
€10,129▼
2024 · €91,456
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 2 | - |
| part-time | 1 | 1 | 2 | 2 | - |
| in full-time equivalents | 0.8 | 0.8 | 1.5 | 1.3 | - |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 0.9 | 1 | 0.2 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 1 | - | 2 | 1 | 0 |
| Left | 1 | - | 1 | 1 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €471,900 | €435,600 | €399,300 | €363,000 | €326,700 |
| Mortgages, amount registered | €27,500 | €27,500 | €544,500 | €544,500 | €544,500 |
| Carrying value of the mortgaged assets | €539,113 | €516,864 | €509,359 | €494,482 | €481,066 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,606 | - | - | - |
| Depreciation and write-downs of the year | €15,065 | €15,675 | €16,360 | €16,360 | €14,494 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €493 awarded · €493 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €73,582 | €80,177 | €85,039 | €91,456 | €10,129 | ▼ 88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,587 | €14,560 | €15,065 | €15,675 | €16,360 | €16,360 | €14,494 | ▼ 11.4% |
| Other operating charges640/8 | - | - | €1,003 | €1,005 | €1,152 | €5,652 | €4,076 | ▼ 27.9% |
| Gross operating margin9900 | €80,390 | €184,023 | €189,734 | €184,254 | €166,867 | €172,165 | €170,817 | ▼ 0.8% |
| Operating profit (loss)9901 | €15,532 | €96,020 | €100,084 | €87,397 | €64,316 | €58,696 | €142,119 | ▲ 142% |
| Financial income75/76B | - | - | €259 | €138 | €75,231 | - | - | - |
| Recurring financial income75 | €85 | €370 | €259 | €138 | €75,231 | - | - | - |
| Financial charges65/66B | - | - | €21,129 | €20,268 | €17,939 | €16,737 | €15,665 | ▼ 6.4% |
| Recurring financial charges65 | €12,549 | €22,338 | €21,129 | €20,268 | €17,939 | €16,737 | €15,665 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | €3,068 | €74,053 | €79,214 | €67,267 | €121,608 | €41,959 | €126,454 | ▲ 201% |
| Income taxes67/77 | - | - | €15,595 | €13,455 | €11,827 | €11,301 | €32,171 | ▲ 185% |
| Profit (loss) for the period9904 | €3,068 | €74,053 | €63,619 | €53,812 | €109,781 | €30,658 | €94,283 | ▲ 208% |
| Profit (loss) for the period to be appropriated9905 | €3,068 | €74,053 | €63,619 | €53,812 | €109,781 | €30,658 | €94,283 | ▲ 208% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 1.4% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | ▼ 0.9% |
| Tangible fixed assets22/27 | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 2.9% |
| Land and buildings22 | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 2.7% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.003m | €0.002m | €0.001m | ▼ 58.5% |
| Financial fixed assets28 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Current assets29/58 | €0.2m | €0.09m | €0.1m | €0.06m | €0.03m | €0.03m | €0.02m | ▼ 32.6% |
| Amounts receivable within one year40/41 | €0.2m | €0.07m | €0.04m | €0.02m | €0.002m | €0.003m | €0.002m | ▼ 31.4% |
| Trade receivables40 | - | - | €0.02m | €0.02m | €197 | €465 | - | - |
| Other amounts receivable41 | - | - | €0.02m | €0.006m | €0.002m | €0.002m | €0.002m | ▼ 16.9% |
| Current investments50/53 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.07m | €0.03m | €0.01m | €0.01m | €0.004m | ▼ 69.0% |
| Deferred charges and accrued income490/1 | - | - | €0.003m | €0.003m | €0.01m | €0.01m | €0.01m | ▲ 1.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 1.4% |
| Equity10/15 | €0.02m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 26.6% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.003m | €0.08m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 28.1% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 28.1% |
| Amounts payable17/49 | €1.8m | €1.6m | €1.6m | €1.5m | €1.3m | €1.3m | €1.1m | ▼ 9.3% |
| Amounts payable after more than one year17 | €1.6m | €1.5m | €1.5m | €1.3m | €1.2m | €1.0m | €0.9m | ▼ 11.0% |
| Financial debts170/4 | - | - | €1.5m | €1.3m | €1.2m | €1.0m | €0.9m | ▼ 11.0% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 2.1% |
| Current portion of amounts payable after more than one year42 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Trade debts44 | €0.002m | €0.006m | €0.002m | €0.006m | €0.005m | €0.006m | €0.002m | ▼ 60.3% |
| Suppliers440/4 | - | - | €0.002m | €0.006m | €0.005m | €0.006m | €0.002m | ▼ 60.3% |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.04m | €0.02m | €0.03m | €0.02m | ▼ 41.9% |
| Taxes450/3 | - | - | €0.03m | €0.03m | €0.01m | €0.02m | €0.02m | ▲ 0.1% |
| Remuneration and social security454/9 | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.002m | ▼ 88.5% |
| Other amounts payable47/48 | - | - | €0.001m | €0.05m | €0.03m | €0.1m | €0.1m | ▲ 9.0% |
| Accrued charges and deferred income492/3 | - | - | €184 | - | €0.001m | €0.001m | €0.002m | ▲ 26.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,068 | €74,053 | €63,619 | €53,812 | €109,781 | €30,658 | €94,283 | ▲ 208% |
| + Depreciation and write-downs630 | €13,587 | €14,560 | €15,065 | €15,675 | €16,360 | €16,360 | €14,494 | ▼ 11.4% |
| Operating cash flow (approximation) | €16,655 | €88,612 | €78,684 | €69,488 | €126,141 | €47,018 | €108,777 | ▲ 131% |
| Investment in fixed assets (approximation) | - | -€23,869 | €0 | -€5,606 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,202 | €45,148 | -€37,279 | -€17,594 | -€337 | -€8,040 | ▼ 2,283% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00473665 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00445474 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00399096 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00398300 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20396189 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800317 | |
| 31-12-2019 | abbreviated format | 03-09-2020 | 2020-50500301 |