SERAB
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-01-2026 PDF all 21 filings
Every figure per financial year
The operating result for 2025 is 78% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
- 2023 Net result -73% on 2022. Part of EUROMONTA NV received in a demerger, effective 26-05-2023. Part of IMMOMONTA NV received in a demerger, effective 26-05-2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 31-08-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €123,102 | €28,758 | - | - |
| Mortgages, amount registered | €2.0m | €2.0m | - | - |
| Carrying value of the mortgaged assets | €3.1m | €3.0m | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-08-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €76,388 | €19,092 | €986,362 | €4.1m |
| Financial fixed assets | - | - | €99,978 | - |
| Depreciation and write-downs of the year | €255,506 | €238,743 | €277,117 | €455,489 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1.3m | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 64.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | -€0.02m | -€0.07m | -€0.06m | ▲ 19.8% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.02m | €0.03m | €0.04m | ▲ 31.0% |
| Gross operating margin9900 | €0.8m | €2.5m | €0.8m | €1.9m | €0.7m | €0.6m | €0.5m | ▼ 9.5% |
| Operating profit (loss)9901 | €0.4m | €2.2m | €0.5m | €1.6m | €0.5m | €0.3m | €0.07m | ▼ 78.1% |
| Financial income75/76B | - | - | - | €480 | €0.03m | €0.3m | €1.0m | ▲ 281% |
| Recurring financial income75 | €3.3m | €0.001m | €0.001m | €480 | €0.03m | €0.3m | €1.0m | ▲ 281% |
| Financial charges65/66B | - | - | - | €0.1m | €0.05m | €0.08m | €0.1m | ▲ 34.0% |
| Recurring financial charges65 | €0.1m | €0.08m | €0.07m | €0.06m | €0.05m | €0.08m | €0.1m | ▲ 31.1% |
| Non-recurring financial charges66B | - | - | - | €0.06m | €0 | - | €0.002m | - |
| Profit (loss) for the period before taxes9903 | €3.6m | €2.2m | €0.4m | €1.5m | €0.4m | €0.5m | €1.0m | ▲ 90.6% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €0.005m | €0.006m | €0.02m | ▲ 141% |
| Transfer to deferred taxes680 | - | - | - | €0.3m | €0 | - | - | - |
| Income taxes67/77 | €0.01m | €0.2m | €0.1m | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 17.2% |
| Profit (loss) for the period9904 | €3.6m | €1.5m | €0.3m | €1.1m | €0.3m | €0.4m | €0.9m | ▲ 143% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.02m | €0.04m | ▲ 152% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.9m | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €3.6m | €0.1m | €0.3m | €0.2m | €0.3m | €0.4m | €0.9m | ▲ 143% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €14.3m | €16.0m | €14.7m | €14.7m | €14.9m | €16.2m | €19.3m | ▲ 19.5% |
| Fixed assets21/28 | €10.9m | €8.7m | €8.5m | €8.2m | €8.0m | €7.4m | €11.0m | ▲ 49.4% |
| Tangible fixed assets22/27 | €7.2m | €6.5m | €6.4m | €6.1m | €5.8m | €6.3m | €9.9m | ▲ 58.6% |
| Land and buildings22 | - | - | - | €5.4m | €5.2m | €5.6m | €9.3m | ▲ 65.4% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.03m | €0.02m | €0.01m | ▼ 28.6% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 2.4% |
| Financial fixed assets28 | €3.7m | €2.2m | €2.2m | €2.2m | €2.2m | €1.1m | €1.1m | ▼ 2.5% |
| Current assets29/58 | €3.4m | €7.3m | €6.2m | €6.5m | €6.9m | €8.8m | €8.3m | ▼ 5.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €2.6m | €4.5m | €2.1m | €2.0m | €0.02m | €1.3m | €1.4m | ▲ 11.9% |
| Trade receivables40 | - | - | - | €0.05m | €0.02m | €0.1m | €0.3m | ▲ 116% |
| Other amounts receivable41 | - | - | - | €2.0m | €0.003m | €1.1m | €1.1m | ▼ 1.4% |
| Current investments50/53 | - | - | - | - | - | €0.03m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.7m | €2.8m | €4.1m | €4.4m | €6.8m | €7.5m | €6.9m | ▼ 8.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 72.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €14.3m | €16.0m | €14.7m | €14.7m | €14.9m | €16.2m | €19.3m | ▲ 19.5% |
| Equity10/15 | €9.2m | €10.6m | €10.5m | €11.6m | €11.0m | €11.7m | €12.0m | ▲ 2.5% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €1.5m | €0.6m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.5m | €0.6m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.5m | €0.6m | €1.1m | €1.1m | = |
| Revaluation surpluses12 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €7.3m | €8.8m | €8.7m | €9.8m | €10.1m | €10.4m | €10.6m | ▲ 2.8% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.06m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.06m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 2.2% |
| Distributable reserves133 | - | - | - | €7.6m | €8.0m | €8.2m | €8.6m | ▲ 4.0% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0.2m | €0.7m | €0.5m | €0.9m | €0.8m | €0.7m | €0.7m | ▼ 10.0% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.1m | €0.06m | €0 | ▼ 100% |
| Major repairs and maintenance162 | - | - | - | €0.2m | €0.1m | €0.06m | €0 | ▼ 100% |
| Deferred taxes168 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 2.3% |
| Amounts payable17/49 | €4.9m | €4.7m | €3.7m | €2.3m | €3.1m | €3.7m | €6.7m | ▲ 78.4% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.1m | €0.01m | €0 | - | €2.2m | - |
| Financial debts170/4 | - | - | - | €0.01m | €0 | - | €2.2m | - |
| Amounts payable within one year42/48 | €4.5m | €4.4m | €3.5m | €2.2m | €3.0m | €3.7m | €4.4m | ▲ 18.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.03m | €0 | €0.2m | - |
| Trade debts44 | €0.05m | €0.02m | €0.06m | €0.06m | €0.05m | €0.03m | €0.08m | ▲ 150% |
| Suppliers440/4 | - | - | - | €0.06m | €0.05m | €0.03m | €0.08m | ▲ 150% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.06m | €0.01m | ▼ 76.5% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.06m | €0.01m | ▼ 80.1% |
| Remuneration and social security454/9 | - | - | - | - | €0.003m | €0 | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €2.0m | €2.9m | €3.6m | €4.1m | ▲ 13.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.05m | €0.06m | €0.09m | ▲ 50.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.6m | €1.5m | €0.3m | €1.1m | €0.3m | €0.4m | €0.9m | ▲ 143% |
| + Depreciation and write-downs630 | €0.4m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 64.4% |
| Operating cash flow (approximation) | €4.0m | €1.7m | €0.5m | €1.4m | €0.5m | €0.6m | €1.3m | ▲ 108% |
| Investment in fixed assets (approximation) | - | €1.9m | -€0.07m | €0.06m | -€0.02m | €0.4m | -€4.1m | - |
| Change in cash | - | €2.1m | €1.3m | €0.3m | €2.4m | €0.7m | -€0.6m | - |
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, 1,887 companies had the same profile as SERAB has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of SERAB 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 1,887 companies, not a prediction for SERAB. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 30-01-2026 | 2026-00020373 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00018949 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00012292 | |
| 31-08-2022 | abbreviated format | 03-03-2023 | 2023-00034839 | |
| 31-08-2021 | abbreviated format | 14-03-2022 | 2022-07500323 | |
| 31-08-2020 | abbreviated format | 25-03-2021 | 2021-08300599 | |
| 31-08-2019 | abbreviated format | 06-03-2020 | 2020-06300243 | |
| 31-08-2018 | abbreviated format | 28-03-2019 | 2019-08100349 | |
| 31-08-2017 | abbreviated format | 01-03-2018 | 2018-06200202 | |
| 31-08-2016 | abbreviated format | 01-03-2017 | 2017-05800299 |