SER MULTICONSTRUCT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 04-07-2026 at the NBB all 17 filings
Turnover
€308,544
EBIT margin
1.9%
Net result
€13,720
2024 · -€7,612
Working capital
€33,558▼ 13.3%
2024 · €38,688
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€20,452
2025
20182025
Net result
€13,720
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€64,272
▲ 27.1%
2025
lowest quarter of the sector
20182025
Total assets
€136,727
▲ 40.6%
2025
lowest quarter of the sector
20182025
Debt
€72,455
▲ 55.2%
2025
20182025
Working capital
€33,558
▼ 13.3%
2025
middle half of the sector
20182025
Solvency
47.0%
▼ 5.0pp
2025
middle half of the sector
20182025
Current ratio
1.64
▼ 39.83
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▲ 17.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€308,544
Operating result€11,244-€5,919▼ 47.4%€5,031▼ 15.0%-€1,364€23,157€14,336▼ 38.1%-€1,528€20,452
Net result€7,665-€1,964▼ 74.4%€522below the sector's middle half▼ 73.4%-€4,087below the sector's middle half€14,250within the sector's middle half€2,750within the sector's middle half▼ 80.7%-€7,612below the sector's middle half€13,720within the sector's middle half
EBIT margin1.9%
Equity€42,765-€44,729▲ 4.6%€45,251within the sector's middle half▲ 1.2%€41,164within the sector's middle half▼ 9.0%€55,414within the sector's middle half▲ 34.6%€58,164within the sector's middle half▲ 5.0%€50,552within the sector's middle half▼ 13.1%€64,272below the sector's middle half▲ 27.1%
Total assets€85,652-€68,858▼ 19.6%€74,950within the sector's middle half▲ 8.8%€53,832below the sector's middle half▼ 28.2%€71,858within the sector's middle half▲ 33.5%€121,899within the sector's middle half▲ 69.6%€97,244within the sector's middle half▼ 20.2%€136,727below the sector's middle half▲ 40.6%
Debt€42,887-€24,129▼ 43.7%€29,699▲ 23.1%€12,668▼ 57.3%€16,444▲ 29.8%€63,735▲ 288%€46,692▼ 26.7%€72,455▲ 55.2%
Working capital€40,123-€41,942▲ 4.5%€43,651within the sector's middle half▲ 4.1%€37,397within the sector's middle half▼ 14.3%€53,830within the sector's middle half▲ 43.9%€39,099within the sector's middle half▼ 27.4%€38,688within the sector's middle half▼ 1.1%€33,558within the sector's middle half▼ 13.3%
Solvency49.9%-65.0%▲ 15.0pp60.4%within the sector's middle half▼ 4.6pp76.5%above the sector's middle half▲ 16.1pp77.1%above the sector's middle half▲ 0.6pp47.7%within the sector's middle half▼ 29.4pp52.0%within the sector's middle half▲ 4.3pp47.0%within the sector's middle half▼ 5.0pp
Current ratio1.94-2.74▲ 0.802.47within the sector's middle half▼ 0.273.95above the sector's middle half▲ 1.484.27above the sector's middle half▲ 0.323.17within the sector's middle half▼ 1.1041.47above the sector's middle half▲ 38.301.64within the sector's middle half▼ 39.83
Return on assets (ROA)8.9%-2.9%▼ 6.1pp0.7%within the sector's middle half▼ 2.2pp-7.6%below the sector's middle half▼ 8.3pp19.8%above the sector's middle half▲ 27.4pp2.3%within the sector's middle half▼ 17.6pp-7.8%below the sector's middle half▼ 10.1pp10.0%within the sector's middle half▲ 17.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a profit of €20,452, after a loss of €1,528 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136,727
Fixed assets
€50,400 ▼ 12.5%
Current assets
€86,327 ▲ 118%
Equity and liabilities €136,727
Equity
€64,272 ▲ 27.1%
Debt
€72,455 ▲ 55.2%
Debt's share of the balance-sheet total rises from 48.0% to 53.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,652▲
2024 · €5,672
Cash flow
€20,920▲
2024 · -€412
Debt to equity
1.13▲
2024 · 0.92
ROE
21.3%▲
2024 · -15.1%
Interest coverage
10.23▲
2024 · 0.93
Debt ≤ 1 year
€52,769▲
2024 · €956
Debt > 1 year
€19,686▼
2024 · €45,736
Income taxes
€4,030
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 | €4,750 | - | €72,000 | - | - |
| Depreciation and write-downs of the year | €2,583 | €1,583 | €8,784 | €7,200 | €7,200 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €308,544 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €3 | €604 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €7,104 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,604 | €2,854 | €1,187 | €2,583 | €1,583 | €8,784 | €7,200 | €7,200 | = |
| Other operating charges640/8 | - | - | - | €876 | €162 | €2,459 | €446 | €1,631 | ▲ 266% |
| Gross operating margin9900 | €22,824 | €11,156 | €7,425 | €2,095 | €32,006 | €25,579 | €6,118 | €29,283 | ▲ 379% |
| Operating profit (loss)9901 | €11,244 | €5,919 | €5,031 | -€1,364 | €23,157 | €14,336 | -€1,528 | €20,452 | - |
| Financial income75/76B | - | - | - | €3 | €5 | €5 | €2 | €2 | ▲ 12.0% |
| Recurring financial income75 | €20 | €22 | €1 | €3 | €5 | €5 | €2 | €2 | ▲ 12.0% |
| Financial charges65/66B | - | - | - | €2,718 | €1,607 | €8,728 | €6,086 | €2,704 | ▼ 55.6% |
| Recurring financial charges65 | €2,432 | €1,679 | €3,036 | €2,718 | €1,607 | €8,728 | €6,086 | €2,704 | ▼ 55.6% |
| Profit (loss) for the period before taxes9903 | €8,832 | €4,262 | €1,996 | -€4,079 | €21,555 | €5,613 | -€7,612 | €17,750 | - |
| Income taxes67/77 | €1,167 | €2,298 | €1,474 | €8 | €7,305 | €2,863 | - | €4,030 | - |
| Profit (loss) for the period9904 | €7,665 | €1,964 | €522 | -€4,087 | €14,250 | €2,750 | -€7,612 | €13,720 | - |
| Profit (loss) for the period to be appropriated9905 | €7,665 | €1,964 | €522 | -€4,087 | €14,250 | €2,750 | -€7,612 | €13,720 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €85,652 | €68,858 | €74,950 | €53,832 | €71,858 | €121,899 | €97,244 | €136,727 | ▲ 40.6% |
| Fixed assets21/28 | €2,642 | €2,787 | €1,600 | €3,767 | €1,584 | €64,800 | €57,600 | €50,400 | ▼ 12.5% |
| Tangible fixed assets22/27 | €2,042 | €2,187 | €1,000 | €3,167 | €1,584 | €64,800 | €57,600 | €50,400 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | €3,167 | €1,584 | €64,800 | €57,600 | €50,400 | ▼ 12.5% |
| Financial fixed assets28 | €600 | €600 | €600 | €600 | - | - | - | - | - |
| Current assets29/58 | €83,010 | €66,071 | €73,350 | €50,065 | €70,274 | €57,099 | €39,644 | €86,327 | ▲ 118% |
| Amounts receivable within one year40/41 | €62,044 | €58,346 | €65,791 | €28,435 | €47,030 | €44,497 | €23,674 | €58,189 | ▲ 146% |
| Trade receivables40 | - | - | - | - | €31,404 | €25,079 | €4,447 | €55,911 | ▲ 13× |
| Other amounts receivable41 | - | - | - | €28,435 | €15,626 | €19,418 | €19,227 | €2,277 | ▼ 88.2% |
| Cash at bank and in hand54/58 | €20,966 | €7,725 | €7,559 | €21,630 | €23,244 | €12,602 | €15,970 | €28,139 | ▲ 76.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €85,652 | €68,858 | €74,950 | €53,832 | €71,858 | €121,899 | €97,244 | €136,727 | ▲ 40.6% |
| Equity10/15 | €42,765 | €44,729 | €45,251 | €41,164 | €55,414 | €58,164 | €50,552 | €64,272 | ▲ 27.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | - | - | - | - | €18,600 | - |
| Issued capital100 | - | - | - | - | - | - | - | €18,600 | - |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €1,860 | €24,360 | €24,360 | €24,360 | €33,860 | €33,860 | €33,860 | €43,860 | ▲ 29.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €22,500 | €32,000 | €32,000 | €32,000 | €42,000 | ▲ 31.3% |
| Profit (loss) carried forward14 | €22,305 | €1,769 | €2,291 | -€1,796 | €2,954 | €5,704 | -€1,908 | €1,812 | - |
| Amounts payable17/49 | €42,887 | €24,129 | €29,699 | €12,668 | €16,444 | €63,735 | €46,692 | €72,455 | ▲ 55.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | €45,735 | €45,736 | €19,686 | ▼ 57.0% |
| Financial debts170/4 | - | - | - | - | - | €45,735 | €45,736 | €19,686 | ▼ 57.0% |
| Amounts payable within one year42/48 | €42,887 | €24,129 | €29,699 | €12,668 | €16,444 | €18,000 | €956 | €52,769 | ▲ 55× |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €12,302 | - | €13,272 | - |
| Trade debts44 | €25,775 | €21,831 | €17,713 | €11,621 | €9,139 | €2,835 | €956 | €35,467 | ▲ 37× |
| Suppliers440/4 | - | - | - | €11,621 | €9,139 | €2,835 | €956 | €35,467 | ▲ 37× |
| Taxes, remuneration and social security45 | - | - | - | €1,047 | €7,305 | €2,863 | - | €4,030 | - |
| Taxes450/3 | - | - | - | €1,047 | €7,305 | €2,863 | - | €4,030 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,665 | €1,964 | €522 | -€4,087 | €14,250 | €2,750 | -€7,612 | €13,720 | - |
| + Depreciation and write-downs630 | €4,604 | €2,854 | €1,187 | €2,583 | €1,583 | €8,784 | €7,200 | €7,200 | = |
| Operating cash flow (approximation) | €12,269 | €4,818 | €1,709 | -€1,504 | €15,833 | €11,534 | -€412 | €20,920 | - |
| Investment in fixed assets (approximation) | - | -€2,999 | €0 | -€4,750 | €600 | -€72,000 | €0 | €0 | - |
| Change in cash | - | -€13,241 | -€166 | €14,071 | €1,614 | -€10,642 | €3,368 | €12,169 | ▲ 261% |
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, 34,693 companies had the same profile as SER MULTICONSTRUCT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SER MULTICONSTRUCT 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 34,693 companies, not a prediction for SER MULTICONSTRUCT. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-07-2026 | 2026-00265749 | |
| 31-12-2024 | micro format | 20-08-2025 | 2025-00385162 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00329470 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00289807 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20235747 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38300355 | |
| 31-12-2019 | micro format | 17-08-2020 | 2020-41700206 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-43100232 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43000454 | |
| 31-12-2016 | micro format | 08-08-2017 | 2017-41700272 |