SERB
ActiveSummary
SERB has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €49.54M and a net result of €13.72M. Equity is growing by ~7.4% per year across the filed fiscal years. Its solvency ranks better than 34% of 4886 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-2
Solvency56▲+6
Growth85=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 2.12 against 1.79 in 2024; short-term debt: 29.1% and cash: 6.8% of total assets), but 68.9% 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
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
31.1%
Return on assets
8.6%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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 08-06-2026, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
96 d late
2023
48 d early
2022
55 d early
2021
17 d early
2020
12 d late
2019
3 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Financials · fiscal year 2025, full schema, statutory accounts
Turnover
€96.88M▲ 5.3%
2024 · €92.04M
EBIT margin
25.2%▼ 5.2pp
2024 · 30.4%
Net result
€13.72M▼ 15.7%
2024 · €16.28M
Working capital
€51.78M▲ 27.8%
2024 · €40.51M
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
Turnover€61.62M▲ 16.3%€78.46M▲ 27.3%€91.79M▲ 17.0%€92.04M▲ 0.3%€96.88M▲ 5.3%
Operating result€7.22M▲ 14.6%€17.37M▲ 141%€27k▼ 99.8%€28.02M▲ 103,872%€24.42M▼ 12.9%
Net result€775k▼ 27.4%€7.24M▲ 834%€-6.16M€16.28M€13.72M▼ 15.7%
EBIT margin11.7%▼ 0.2pp22.1%▲ 10.4pp0.0%▼ 22.1pp30.4%▲ 30.4pp25.2%▼ 5.2pp
Equity€37.28M▲ 0.2%€37.64M▲ 1.0%€31.48M▼ 16.4%€38.66M▲ 22.8%€49.54M▲ 28.1%
Total assets€163.06M▲ 4.7%€179.76M▲ 10.2%€132.60M▼ 26.2%€153.57M▲ 15.8%€159.26M▲ 3.7%
Debt€125.78M▲ 6.1%€142.10M▲ 13.0%€101.10M▼ 28.9%€114.90M▲ 13.7%€109.72M▼ 4.5%
Working capital€43.18M▲ 0.9%€56.41M▲ 30.7%€38.17M▼ 32.3%€40.51M▲ 6.1%€51.78M▲ 27.8%
Staff (FTE)8.8▲ 10.0%9▲ 2.3%9.6▲ 6.7%9.9▲ 3.1%9.7▼ 2.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 13% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €158.24M
Fixed assets
€60.04M ▼ 2.3%
Current assets
€98.20M ▲ 6.6%
Equity and liabilities €159.26M
Equity
€49.54M ▲ 28.1%
Debt
€109.72M ▼ 4.5%
Debt's share of the balance-sheet total falls from 74.8% to 68.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35.26M▼
2024 · €38.85M
Cash flow
€24.57M▼
2024 · €27.11M
Current ratio
2.12▲
2024 · 1.79
Quick ratio
1.19▼
2024 · 1.20
Debt to equity
2.21▼
2024 · 2.97
ROE
27.7%▼
2024 · 42.1%
ROA
8.6%▼
2024 · 10.6%
Interest coverage
6.20▲
2024 · 6.03
Debt ≤ 1 year
€46.42M▼
2024 · €51.59M
Debt > 1 year
€62.83M=
2024 · €62.83M
Income taxes
€4.24M▼
2024 · €5.64M
Staff costs
€2.29M▲
2024 · €2.03M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €65.97M | €95.28M | €107.91M | €120.80M | €119.92M | ▼ 0.7% |
| Turnover70 | €61.62M | €78.46M | €91.79M | €92.04M | €96.88M | ▲ 5.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €-5.07M | €1.80M | €-1.35M | €1.21M | €962k | ▼ 20.6% |
| Other operating income74 | €9.42M | €15.02M | €17.46M | €21.74M | €22.08M | ▲ 1.6% |
| Non-recurring operating income76A | - | - | €2k | €5.82M | - | - |
| Operating charges60/66A | €58.76M | €77.91M | €107.88M | €92.78M | €95.51M | ▲ 2.9% |
| Goods for resale, raw materials and consumables60 | €18.00M | €28.00M | €31.83M | €34.29M | €38.64M | ▲ 12.7% |
| Purchases600/8 | €24.55M | €27.05M | €35.88M | €43.90M | €49.43M | ▲ 12.6% |
| Change in stocks: decrease (increase)609 | €-6.56M | €947k | €-4.06M | €-9.61M | €-10.79M | ▼ 12.2% |
| Services and other goods61 | €26.26M | €34.18M | €43.50M | €43.96M | €42.89M | ▼ 2.4% |
| Remuneration, social security and pensions62 | €1.14M | €1.72M | €1.86M | €2.03M | €2.29M | ▲ 12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12.75M | €12.89M | €12.66M | €10.83M | €10.84M | ▲ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-630k | €-310k | €194k | €577k | €-253k | ▼ 144% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €-12k | €18k | - | €-18k | - | - |
| Other operating charges640/8 | €1.24M | €1.41M | €778k | €1.11M | €1.10M | ▼ 1.2% |
| Non-recurring operating charges66A | - | - | €17.06M | - | - | - |
| Operating profit (loss)9901 | €7.22M | €17.37M | €27k | €28.02M | €24.42M | ▼ 12.9% |
| Financial income75/76B | €512k | €421k | €737k | €763k | €580k | ▼ 24.0% |
| Recurring financial income75 | €512k | €421k | €737k | €763k | €580k | ▼ 24.0% |
| Income from current assets751 | €69k | €103k | €126k | €285k | €85k | ▼ 70.4% |
| Other financial income752/9 | €443k | €318k | €612k | €478k | €495k | ▲ 3.7% |
| Financial charges65/66B | €6.70M | €7.75M | €7.05M | €6.86M | €7.03M | ▲ 2.4% |
| Recurring financial charges65 | €6.70M | €7.75M | €7.05M | €6.86M | €7.03M | ▲ 2.4% |
| Debt charges650 | €6.44M | €6.62M | €6.19M | €6.44M | €5.68M | ▼ 11.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €-106k | - | - | - | - | - |
| Other financial charges652/9 | €369k | €1.12M | €863k | €427k | €1.35M | ▲ 216% |
| Profit (loss) for the period before taxes9903 | €1.03M | €10.04M | €-6.29M | €21.92M | €17.96M | ▼ 18.0% |
| Income taxes67/77 | €255k | €2.80M | €-126k | €5.64M | €4.24M | ▼ 24.8% |
| Taxes670/3 | €270k | €2.80M | - | €5.64M | €4.51M | ▼ 19.9% |
| Tax adjustments and reversals of tax provisions77 | €15k | - | €126k | - | €276k | - |
| Profit (loss) for the period9904 | €775k | €7.24M | €-6.16M | €16.28M | €13.72M | ▼ 15.7% |
| Profit (loss) for the period to be appropriated9905 | €775k | €7.24M | €-6.16M | €16.28M | €13.72M | ▼ 15.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €163.06M | €179.76M | €132.60M | €153.57M | €159.26M | ▲ 3.7% |
| Formation expenses20 | - | - | - | - | €1.02M | - |
| Fixed assets21/28 | €94.91M | €82.01M | €56.71M | €61.47M | €60.04M | ▼ 2.3% |
| Intangible fixed assets21 | €94.78M | €81.92M | €54.36M | €51.27M | €40.47M | ▼ 21.1% |
| Tangible fixed assets22/27 | €108k | €72k | €2.33M | €10.18M | €19.55M | ▲ 92.1% |
| Furniture and vehicles24 | €53k | €36k | €46k | €33k | €31k | ▼ 5.9% |
| Other tangible fixed assets26 | €54k | €36k | €18k | €91 | €433k | ▲ 474,243% |
| Assets under construction and advance payments27 | - | - | €2.27M | €10.14M | €19.09M | ▲ 88.2% |
| Financial fixed assets28 | €24k | €24k | €24k | €24k | €20k | ▼ 15.9% |
| Other financial fixed assets284/8 | €24k | €24k | €24k | €24k | €20k | ▼ 15.9% |
| Amounts receivable and cash guarantees285/8 | €24k | €24k | €24k | €24k | €20k | ▼ 15.9% |
| Current assets29/58 | €68.15M | €97.75M | €75.88M | €92.09M | €98.20M | ▲ 6.6% |
| Stocks and contracts in progress3 | €16.39M | €17.59M | €20.11M | €30.36M | €42.86M | ▲ 41.2% |
| Stocks30/36 | €16.39M | €17.59M | €20.11M | €30.36M | €42.86M | ▲ 41.2% |
| Raw materials and consumables30/31 | €4.57M | €6.34M | €7.20M | €12.82M | €17.80M | ▲ 38.9% |
| Work in progress32 | €1.23M | €616k | €259k | €882k | €1.62M | ▲ 83.7% |
| Finished goods33 | €3.09M | €5.34M | €4.83M | €5.34M | €5.48M | ▲ 2.6% |
| Goods purchased for resale34 | €7.49M | €5.29M | €7.83M | €11.32M | €17.46M | ▲ 54.3% |
| Advance payments36 | - | - | - | - | €492k | - |
| Amounts receivable within one year40/41 | €27.78M | €34.89M | €38.30M | €43.86M | €44.29M | ▲ 1.0% |
| Trade receivables40 | €21.07M | €28.55M | €31.17M | €40.01M | €39.72M | ▼ 0.7% |
| Other amounts receivable41 | €6.71M | €6.34M | €7.13M | €3.85M | €4.57M | ▲ 18.6% |
| Current investments50/53 | - | - | €2.50M | - | - | - |
| Other investments51/53 | - | - | €2.50M | - | - | - |
| Cash at bank and in hand54/58 | €20.62M | €42.47M | €14.92M | €17.56M | €10.91M | ▼ 37.9% |
| Deferred charges and accrued income490/1 | €3.37M | €2.79M | €52k | €319k | €151k | ▼ 52.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €163.06M | €179.76M | €132.60M | €153.57M | €159.26M | ▲ 3.7% |
| Equity10/15 | €37.28M | €37.64M | €31.48M | €38.66M | €49.54M | ▲ 28.1% |
| Contributions10/11 | €33.10M | €33.10M | €33.10M | €33.10M | €33.10M | = |
| Capital10 | €33.10M | €33.10M | €33.10M | €33.10M | €33.10M | = |
| Issued capital100 | €33.10M | €33.10M | €33.10M | €33.10M | €33.10M | = |
| Reserves13 | €4.18M | €4.54M | €4.54M | €5.05M | €5.74M | ▲ 13.6% |
| Non-distributable reserves130/1 | €1.26M | €1.62M | €1.62M | €2.13M | €2.81M | ▲ 32.3% |
| Legal reserve130 | €1.26M | €1.62M | €1.62M | €2.13M | €2.81M | ▲ 32.3% |
| Distributable reserves133 | €2.92M | €2.92M | €2.92M | €2.92M | €2.92M | = |
| Profit (loss) carried forward14 | €0 | - | €-6.16M | €515k | €10.71M | ▲ 1,980% |
| Provisions and deferred taxes16 | €0 | €18k | €18k | - | - | - |
| Provisions for liabilities and charges160/5 | €0 | €18k | €18k | - | - | - |
| Other liabilities and charges164/5 | €0 | €18k | €18k | - | - | - |
| Amounts payable17/49 | €125.78M | €142.10M | €101.10M | €114.90M | €109.72M | ▼ 4.5% |
| Amounts payable after more than one year17 | €99.38M | €100.15M | €62.83M | €62.83M | €62.83M | = |
| Financial debts170/4 | €99.38M | €100.15M | €62.83M | €62.83M | €62.83M | = |
| Other loans174 | €99.38M | €100.15M | €62.83M | €62.83M | €62.83M | = |
| Amounts payable within one year42/48 | €24.98M | €41.33M | €37.71M | €51.59M | €46.42M | ▼ 10.0% |
| Trade debts44 | €23.65M | €31.49M | €37.04M | €40.81M | €41.75M | ▲ 2.3% |
| Suppliers440/4 | €23.65M | €31.49M | €37.04M | €40.81M | €41.75M | ▲ 2.3% |
| Advances received on contracts in progress46 | - | - | - | €3k | - | - |
| Taxes, remuneration and social security45 | €644k | €2.97M | €668k | €674k | €817k | ▲ 21.2% |
| Taxes450/3 | €436k | €2.47M | €219k | €188k | €237k | ▲ 26.1% |
| Remuneration and social security454/9 | €208k | €497k | €449k | €486k | €580k | ▲ 19.3% |
| Other amounts payable47/48 | €682k | €6.88M | - | €10.10M | €3.85M | ▼ 61.9% |
| Accrued charges and deferred income492/3 | €1.43M | €622k | €561k | €489k | €472k | ▼ 3.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €775k | €7.24M | €-6.16M | €16.28M | €13.72M | ▼ 15.7% |
| + Depreciation and write-downs630 | €12.75M | €12.89M | €12.66M | €10.83M | €10.84M | ▲ 0.1% |
| Operating cash flow (approximation) | €13.52M | €20.13M | €6.50M | €27.11M | €24.57M | ▼ 9.4% |
| Investment in fixed assets (approximation) | - | €-2 | €12.64M | €-15.59M | €-9.41M | ▲ 39.7% |
| Change in cash | - | €21.85M | €-27.56M | €2.64M | €-6.65M | ▼ 352% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
State Gazette act
Capital & sharesCapital increase · Capital3 facts ▸
State Gazette act
Capital & shares
Capital increase · Capital3 facts ▸
- General meeting, 14-08-2026
- Capital increase, €25.900.000
- Capital, €58.997.569
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
04-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 96 days late
2024
31-12
Financial
Back to profitnet €16.28M
Net result €16.28M after one loss-making year.
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €-6.16M
Net result drops to €-6.16M, the lowest in the series; recovery starts the following year.
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 12 days late
2020
31-12
Financial
Back to profitnet €1.07M
Net result €1.07M after one loss-making year.
31-12
Financial
Equity above €25MEq €37.19M ▲57.3%
Equity rises from €23.64M to €37.19M.
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · consolidated · 59 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 26 acts read
About the unread acts
Of the 26 Belgian State Gazette acts we know for this company, 1 has been read. The other 25 have not been read yet: what they contain is neither established nor disproved here.
1 act of this company is being read now; 1 of 26 has been read already.
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Directors · office · real estate
Directors
26 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2013
Ground area
2,791 m²
Building footprint
1,235 m²
Volume, LiDAR
89,309 m³
Parcel 21822R0227/00V003, Brussels · tallest building 106.8 m, ±30 floors. Linked by address, not a title deed.
268
companies at this address
See who is registered here
1 establishment unit
SERB
since 20132.235.348.469
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0227/00V003 | Brussels | 2,791 m² | 1 · 1,235 m² | 106.8 m · 30 fl. |
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.
Structure & network
Connections & network
No current directors or connected companies found in the register.
Capital and shareholders
Capital over the years
- 27-08-2026 Capital increase of 25,900,000 EUR · to 58,997,569 EUR · 25,900,000 new shares · in kind
Recognitions · licences · registrations
Legal Entity Identifier
549300BB5RQRDYVSNJ72
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Of 1,902 companies in sector 46460 we hold annual accounts for 1,116. 181 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-09-2013
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
Scores and ratios are computed by Checked and are not a credit decision.