SERGES
ActiveSummary
SERGES has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €194,758 and a net result of €41,874. Equity is growing by ~11.4% per year across the filed fiscal years. Its solvency ranks better than 51% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+6
Solvency58▲+3
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity short (current ratio 0.25 against 0.06 in 2024; short-term debt: 38.4% and cash: 1.4% of total assets), and 66.9% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
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
33.1%
Return on assets
7.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-08-2026, 11 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
7 d early
2023
13 d late
2022
31 d late
2021
31 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 20 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed 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, abbreviated schema
In the rankings
#5 oldest company in Marche-en-Famenne, Real estate sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€41,874▲ 313%
2024 · €10,139
Working capital
-€168,970▲ 28.1%
2024 · -€235,155
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€26,873▲ 42.6%€26,303▼ 2.1%€22,583▼ 14.1%€18,769▼ 16.9%€1,861▼ 90.1%
Net result€13,733within the sector's middle half▲ 110%€13,602within the sector's middle half▼ 1.0%€13,708within the sector's middle half▲ 0.8%€10,139within the sector's middle half▼ 26.0%€41,874within the sector's middle half▲ 313%
Equity€115,435within the sector's middle half▲ 13.5%€129,038within the sector's middle half▲ 11.8%€142,746within the sector's middle half▲ 10.6%€152,885within the sector's middle half▲ 7.1%€194,758within the sector's middle half▲ 27.4%
Total assets€541,128below the sector's middle half▼ 3.4%€529,409below the sector's middle half▼ 2.2%€516,597within the sector's middle half▼ 2.4%€511,229within the sector's middle half▼ 1.0%€587,687within the sector's middle half▲ 15.0%
Debt€386,042▼ 7.4%€362,622▼ 6.1%€338,003▼ 6.8%€324,397▼ 4.0%€360,882▲ 11.2%
Working capital-€228,184▲ 2.1%-€231,271▼ 1.4%-€231,990▼ 0.3%-€235,155▼ 1.4%-€168,970▲ 28.1%
Solvency21.3%within the sector's middle half▲ 3.2pp24.4%within the sector's middle half▲ 3.0pp27.6%within the sector's middle half▲ 3.3pp29.9%within the sector's middle half▲ 2.3pp33.1%within the sector's middle half▲ 3.2pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 90% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €587,687
Fixed assets
€531,034 ▲ 6.9%
Current assets
€56,653 ▲ 286%
Equity and liabilities €587,687
Equity
€194,758 ▲ 27.4%
Provisions
€32,046 ▼ 5.6%
Debt
€360,882 ▲ 11.2%
Debt's share of the balance-sheet total falls from 63.5% to 61.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€30,113▼
2024 · €42,200
Cash flow
€70,126▲
2024 · €33,570
Current ratio
0.25▲
2024 · 0.06
Debt to equity
1.85▼
2024 · 2.12
ROE
21.5%▲
2024 · 6.6%
ROA
7.1%▲
2024 · 2.0%
Interest coverage
5.92▼
2024 · 7.03
Debt ≤ 1 year
€225,622▼
2024 · €249,836
Debt > 1 year
€131,050▲
2024 · €69,610
Income taxes
€1,241▼
2024 · €4,530
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,082 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €34,639 | €24,926 | ▼ 28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,706 | €18,835 | €21,893 | €23,431 | €28,252 | ▲ 20.6% |
| Other operating charges640/8 | €1,270 | €1,352 | €6,820 | €6,257 | €7,278 | ▲ 16.3% |
| Gross operating margin9900 | €47,849 | €46,490 | €51,296 | €48,457 | €37,392 | ▼ 22.8% |
| Operating profit (loss)9901 | €26,873 | €26,303 | €22,583 | €18,769 | €1,861 | ▼ 90.1% |
| Financial income75/76B | - | - | €237 | - | €44,436 | - |
| Recurring financial income75 | - | - | €237 | - | €44,436 | - |
| Non-recurring financial income76B | - | - | - | - | €44,436 | - |
| Financial charges65/66B | €4,351 | €3,992 | €4,883 | €6,002 | €5,083 | ▼ 15.3% |
| Recurring financial charges65 | €4,351 | €3,992 | €4,883 | €6,002 | €5,083 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | €22,522 | €22,311 | €17,936 | €12,767 | €41,214 | ▲ 223% |
| Transfer from deferred taxes780 | €1,901 | €1,901 | €1,901 | €1,901 | €1,901 | = |
| Income taxes67/77 | €10,690 | €10,610 | €6,129 | €4,530 | €1,241 | ▼ 72.6% |
| Profit (loss) for the period9904 | €13,733 | €13,602 | €13,708 | €10,139 | €41,874 | ▲ 313% |
| Transfer from tax-exempt reserves789 | €3,692 | €3,692 | €3,692 | €3,692 | €3,692 | = |
| Profit (loss) for the period to be appropriated9905 | €17,425 | €17,294 | €17,400 | €13,831 | €45,566 | ▲ 229% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €541,128 | €529,409 | €516,597 | €511,229 | €587,687 | ▲ 15.0% |
| Fixed assets21/28 | €511,532 | €506,679 | €500,817 | €496,547 | €531,034 | ▲ 6.9% |
| Tangible fixed assets22/27 | €362,796 | €357,943 | €352,080 | €347,811 | €422,862 | ▲ 21.6% |
| Land and buildings22 | €362,390 | €357,671 | €351,005 | €345,999 | €408,457 | ▲ 18.1% |
| Furniture and vehicles24 | €406 | €272 | €1,076 | €1,812 | €14,405 | ▲ 695% |
| Financial fixed assets28 | €148,736 | €148,736 | €148,736 | €148,736 | €108,172 | ▼ 27.3% |
| Current assets29/58 | €29,596 | €22,730 | €15,781 | €14,682 | €56,653 | ▲ 286% |
| Amounts receivable within one year40/41 | €6,308 | €1,401 | €8,584 | €7,184 | €47,142 | ▲ 556% |
| Trade receivables40 | €5,717 | - | €6,313 | €6,313 | - | - |
| Other amounts receivable41 | €591 | €1,401 | €2,271 | €872 | €47,142 | ▲ 5,308% |
| Cash at bank and in hand54/58 | €14,899 | €14,958 | €3,225 | €5,421 | €8,294 | ▲ 53.0% |
| Deferred charges and accrued income490/1 | €8,388 | €6,371 | €3,972 | €2,077 | €1,217 | ▼ 41.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €541,128 | €529,409 | €516,597 | €511,229 | €587,687 | ▲ 15.0% |
| Equity10/15 | €115,435 | €129,038 | €142,746 | €152,885 | €194,758 | ▲ 27.4% |
| Contributions10/11 | €61,725 | €61,725 | €61,725 | €61,725 | €61,725 | = |
| Capital10 | €61,725 | €61,725 | €61,725 | €61,725 | €61,725 | = |
| Issued capital100 | €61,725 | €61,725 | €61,725 | €61,725 | €61,725 | = |
| Revaluation surpluses12 | €44,385 | €44,385 | €44,385 | €44,385 | €44,385 | = |
| Reserves13 | €77,869 | €74,177 | €70,485 | €66,793 | €69,274 | ▲ 3.7% |
| Non-distributable reserves130/1 | - | - | - | - | €6,173 | - |
| Legal reserve130 | - | - | - | - | €6,173 | - |
| Tax-exempt reserves132 | €77,003 | €73,311 | €69,619 | €65,927 | €62,235 | ▼ 5.6% |
| Distributable reserves133 | €866 | €866 | €866 | €866 | €866 | = |
| Profit (loss) carried forward14 | -€68,544 | -€51,250 | -€33,850 | -€20,019 | €19,375 | ▲ 197% |
| Provisions and deferred taxes16 | €39,650 | €37,749 | €35,848 | €33,947 | €32,046 | ▼ 5.6% |
| Deferred taxes168 | €39,650 | €37,749 | €35,848 | €33,947 | €32,046 | ▼ 5.6% |
| Amounts payable17/49 | €386,042 | €362,622 | €338,003 | €324,397 | €360,882 | ▲ 11.2% |
| Amounts payable after more than one year17 | €125,162 | €106,072 | €86,690 | €69,610 | €131,050 | ▲ 88.3% |
| Financial debts170/4 | €124,112 | €105,022 | €85,640 | €68,560 | €130,000 | ▲ 89.6% |
| Other amounts payable178/9 | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | = |
| Amounts payable within one year42/48 | €257,779 | €254,000 | €247,770 | €249,836 | €225,622 | ▼ 9.7% |
| Current portion of amounts payable after more than one year42 | €18,802 | €19,090 | €19,382 | €17,079 | €8,564 | ▼ 49.9% |
| Trade debts44 | €3,786 | €2,197 | €5,975 | €16,223 | €3,387 | ▼ 79.1% |
| Suppliers440/4 | €3,786 | €2,197 | €5,975 | €16,223 | €3,387 | ▼ 79.1% |
| Taxes, remuneration and social security45 | €703 | €1,175 | €736 | €1,806 | €5,439 | ▲ 201% |
| Taxes450/3 | €703 | €1,175 | €736 | €1,806 | €5,439 | ▲ 201% |
| Other amounts payable47/48 | €234,488 | €231,538 | €221,678 | €214,728 | €208,233 | ▼ 3.0% |
| Accrued charges and deferred income492/3 | €3,101 | €2,550 | €3,544 | €4,950 | €4,210 | ▼ 15.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,733 | €13,602 | €13,708 | €10,139 | €41,874 | ▲ 313% |
| + Depreciation and write-downs630 | €19,706 | €18,835 | €21,893 | €23,431 | €28,252 | ▲ 20.6% |
| Operating cash flow (approximation) | €33,438 | €32,438 | €35,601 | €33,570 | €70,126 | ▲ 109% |
| Investment in fixed assets (approximation) | - | -€13,983 | -€16,031 | -€19,161 | -€62,739 | ▼ 227% |
| Change in cash | - | €59 | -€11,733 | €2,196 | €2,873 | ▲ 30.9% |
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
11-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 11 days late
2025
31-12
Financial
Highest result since 2018net €41,874 ▲313%
Net result €41,874, the highest in the series.
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €150,000Eq €152,885 ▲7.1%
7 profitable years in a row build equity to €152,885.
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 13 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €6,537 ▼40.7%
Net result drops to €6,537, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €100,000Eq €101,703 ▲6.9%
3 profitable years in a row build equity to €101,703.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Marche-en-Famenne · 1 establishment unit since 1989
Ground area
762 m²
Building footprint
163 m²
Parcel 83053C0188/00D000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Waha, Place de l'Eglise 6, 6900 Marche-en-Famenne
since 19892.045.434.149
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 83053C0188/00D000 ProtectedSite or landscape |
Wallonia | 762 m² | 1 · 163 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
- Equity €203,675Result €25,03645%
According to the 2025 annual accounts of SERGES 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.
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. 4,768 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
Founded11-09-1989
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0438287174
Also
9925:BE0438287174
Registered
25-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.