SERMADO
ActiveSummary
SERMADO has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.1m and a net result of -€121,281. Equity has been shrinking by about 4.6% per year since 2019. Its solvency ranks better than 68% of 183 sector peers (NACE 68, financial year 2026). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-02-1992 Normal situation
- Activity
- Renting and operating of own or leased residential real estate, excluding social housing NACE 68201and 1 other
- Establishment unit
- 2.066.599.747 8700 Tielt, since 29-04-1994
- Financial year end
- 31 March
- Peppol
- Reachable since 24-11-2023
Board and ownership
Board
- Bart SerryManaging director
- Sandra SerryManaging director
- Marc SerryManaging director
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
Annual accounts to 31-03-2026
- Gross margin
- €158,562
- ▼ 39.5%
- Turnover
- ≈ €230,000
- estimated
- Loss
- €121,281
- ▲ 24×
- Equity
- €2.1m
- ▼ 5.4%
- Total assets
- €3.5m
- ▼ 4.7%
Net result -2,340%: other schema
Score breakdownraises riskLiquidity: current ratio 0.42, cash €15,794, halvedlowers riskSize: total assets €3.5mFigures for financial year 2026 (filed on 08-10-2026)Founded in 1992Show the evidence
Checked score
Score 2026
94
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 54% of small companies in real estate (NACE 68)
Financial strength · tick: 2025
Strong
Solvency
85-1
equity 60.1% of total assets
Liquidity
51+1
short-term debt 7.0% · cash 0.4%
Profitability
51-18
return on assets -3.4%
Bankruptcy probability within 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.2%▲ +0.1 percentage points vs 09-2025highest value
11-2025: < 0.1%▼ -0.2 percentage points vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026lowest value
04-2026: < 0.1%● unchanged vs 03-2026lowest value
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: 0.1%▲ +0.1 percentage points vs 08-2026
10-2026: < 0.1%▼ -0.1 percentage points vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.42 (0.35 in 2025), below 1. Short-term debt is 7% and cash 0.4% of total assets. 39.9% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 75% of them on solvency, 61% on liquidity, 51% on profitability and 28% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-03-2026.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2025 and 2026); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2026Net result per financial year
1920212223242526
2019 to 2026 · latest year -€121,281
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 07-10-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
24 days early
2025
14 days early
2024
7 days early
2023
41 days early
2022
5 days early
2021
9 days late
2020
95 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 25 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 17 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-03-2027 year end31-10-2027 deadline
Financials
Financials · financial year 2026, full format
Annual accounts 2026 filed on 07-10-2026 at the NBB all 32 filings
Turnover
≈ €230,000
Estimated: probably between €180,000 and €310,000
EBIT margin
Not included in this filing
Net result
-€121,281▼ 2,340%
2025 · -€4,970
Working capital
-€144,398▲ 54.4%
2025 · -€316,502
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€95,447
2026
20192026
Net result
-€121,281
▼ 2,340%
2026
20192026
Equity
€2.1m
▼ 5.4%
2026
20192026
Total assets
€3.5m
▼ 4.7%
2026
20192026
Debt
€1.4m
▼ 3.5%
2026
20192026
Working capital
-€144,398
▲ 54.4%
2026
20192026
Solvency
60.1%
▼ 0.5pp
2026
20192026
Current ratio
0.42
▲ 0.07
2026
20192026
Return on assets (ROA)
-3.4%
▼ 3.3pp
2026
20192026
Staff (FTE)
0
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.08m-€0.1m▲ 69.5%-€0.1m-€0.02m▲ 74.8%-€0.1m▼ 332%-€0.1m▼ 24.7%€0.02m-€0.1m
Net result€0.03m--€0.02m€0.04mabove the sector's middle half-€0.03mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 369%-€0.1mbelow the sector's middle half▼ 16.4%-€0.005mwithin the sector's middle half▲ 96.5%-€0.1m▼ 2,340%
Equity€3.0m-€2.9m▼ 0.7%€3.0mabove the sector's middle half▲ 1.2%€2.6mabove the sector's middle half▼ 11.2%€2.5mabove the sector's middle half▼ 4.6%€2.4mabove the sector's middle half▼ 5.7%€2.2mabove the sector's middle half▼ 5.5%€2.1m▼ 5.4%
Total assets€3.6m-€4.0m▲ 11.2%€3.9mabove the sector's middle half▼ 2.9%€3.7mabove the sector's middle half▼ 4.5%€3.7mabove the sector's middle half▲ 1.7%€3.8mabove the sector's middle half▲ 1.8%€3.7mabove the sector's middle half▼ 2.5%€3.5m▼ 4.7%
Debt€0.6m-€1.0m▲ 64.2%€0.8m▼ 17.3%€1.0m▲ 20.1%€1.2m▲ 19.0%€1.4m▲ 18.0%€1.4m▲ 2.6%€1.4m▼ 3.5%
Working capital€1.2m-€0.4m▼ 67.0%-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 46.9%-€0.09mbelow the sector's middle half▲ 58.9%-€0.4mbelow the sector's middle half▼ 330%-€0.3mbelow the sector's middle half▲ 16.0%-€0.1m▲ 54.4%
Solvency83.0%-74.2%▼ 8.9pp77.3%above the sector's middle half▲ 3.1pp71.8%above the sector's middle half▼ 5.5pp67.3%above the sector's middle half▼ 4.5pp62.4%within the sector's middle half▼ 4.9pp60.6%within the sector's middle half▼ 1.9pp60.1%▼ 0.5pp
Current ratio9.87-1.63▼ 8.240.70within the sector's middle half▼ 0.930.65within the sector's middle half▼ 0.060.79within the sector's middle half▲ 0.140.12below the sector's middle half▼ 0.670.35below the sector's middle half▲ 0.230.42▲ 0.07
Return on assets (ROA)0.9%--0.5%▼ 1.3pp1.0%within the sector's middle half▲ 1.4pp-0.7%within the sector's middle half▼ 1.7pp-3.3%below the sector's middle half▼ 2.6pp-3.7%below the sector's middle half▼ 0.5pp-0.1%within the sector's middle half▲ 3.6pp-3.4%▼ 3.3pp
Staff (FTE)0within the sector's middle half0
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €95,447, after a profit of €18,084 in 2025.
Large changes and their cause
- 2026 Net result -2,340% on 2025. The accounts now follow the full format, last year the abbreviated format.
- 2025 Net result +97% on 2024. The accounts now follow the abbreviated format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €3.5m
Fixed assets
€3.4m ▼ 3.1%
Current assets
€104,662 ▼ 38.3%
Equity and liabilities €3.5m
Equity
€2.1m ▼ 5.4%
Provisions
€39,547 ▼ 6.6%
Debt
€1.4m ▼ 3.5%
Debt's share of the balance-sheet total rises from 38.3% to 38.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€125,784▼
2025 · €229,520
Cash flow
€99,950▼
2025 · €206,466
Debt to equity
0.65▲
2025 · 0.63
ROE
-5.7%▼
2025 · -0.2%
Interest coverage
4.40▼
2025 · 7.89
Debt ≤ 1 year
€249,060▼
2025 · €486,206
Debt > 1 year
€1.1m▲
2025 · €931,210
Income taxes
€563▲
2025 · €540
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €1.0m |
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 |
| Mortgage mandates | €1.3m | €1.5m | €1.5m | €1.5m | €1.5m |
| Carrying value of the mortgaged assets | €1.4m | €1.7m | €2.0m | €1.8m | €1.8m |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €226,793 | €505,239 | €670,680 | €121,575 | €112,730 |
| Depreciation and write-downs of the year | €209,233 | €263,344 | €319,993 | €211,436 | €221,231 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €71,987 | €22,530 | €5,620 | €80,960 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €159,533 | €188,319 | €277,088 | €209,233 | €263,344 | €319,993 | €211,436 | €221,231 | ▲ 4.6% |
| Other operating charges640/8 | - | - | - | €28,586 | €27,592 | €35,528 | €32,707 | €32,778 | ▲ 0.2% |
| Gross operating margin9900 | €257,958 | €343,737 | €211,551 | €213,713 | €186,733 | €225,559 | €262,227 | €158,562 | ▼ 39.5% |
| Operating profit (loss)9901 | €79,880 | €135,409 | -€95,752 | -€24,106 | -€104,204 | -€129,962 | €18,084 | -€95,447 | - |
| Financial income75/76B | - | - | - | €25,187 | €1,460 | €11,434 | €3,781 | €518 | ▼ 86.3% |
| Recurring financial income75 | €7,446 | €46,968 | €93,793 | €25,187 | €1,460 | €11,434 | €3,781 | €518 | ▼ 86.3% |
| Financial charges65/66B | - | - | - | €23,444 | €17,434 | €25,490 | €29,108 | €28,601 | ▼ 1.7% |
| Recurring financial charges65 | €37,576 | €166,304 | -€62,662 | €23,444 | €17,434 | €25,490 | €29,108 | €28,601 | ▼ 1.7% |
| Profit (loss) for the period before taxes9903 | €49,751 | €16,074 | €60,704 | -€22,363 | -€120,177 | -€144,018 | -€7,242 | -€123,530 | ▼ 1,606% |
| Transfer from deferred taxes780 | - | - | - | €2,812 | €2,812 | €2,812 | €2,812 | €2,812 | = |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €18,668 | €4,216 | €479 | €6,629 | €5,337 | €1,661 | €540 | €563 | ▲ 4.3% |
| Profit (loss) for the period9904 | €31,082 | -€18,565 | €37,041 | -€26,181 | -€122,703 | -€142,867 | -€4,970 | -€121,281 | ▼ 2,340% |
| Transfer from tax-exempt reserves789 | - | - | - | €87,499 | €9,999 | €9,999 | €9,999 | €9,999 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €31,082 | -€140,254 | -€30,946 | €61,318 | -€112,704 | -€132,868 | €5,029 | -€111,281 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €4.0m | €3.9m | €3.7m | €3.7m | €3.8m | €3.7m | €3.5m | ▼ 4.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2.3m | €3.0m | €3.5m | €3.3m | €3.4m | €3.8m | €3.5m | €3.4m | ▼ 3.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.3m | €3.0m | €3.5m | €3.3m | €3.4m | €3.8m | €3.5m | €3.4m | ▼ 3.1% |
| Land and buildings22 | - | - | - | €3.3m | €3.4m | €3.8m | €3.5m | €3.4m | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €258 | €0 | €0.006m | - |
| Furniture and vehicles24 | - | - | - | €0 | €439 | €0 | - | - | - |
| Financial fixed assets28 | €0.03m | €0.03m | €0 | - | - | - | - | - | - |
| Current assets29/58 | €1.3m | €1.0m | €0.3m | €0.4m | €0.3m | €0.05m | €0.2m | €0.1m | ▼ 38.3% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.06m | €0.05m | €0.02m | €0.001m | €0.01m | €0.003m | €0.08m | €0.06m | ▼ 25.4% |
| Trade receivables40 | - | - | - | €0 | - | - | €0.003m | €0.06m | ▲ 18× |
| Other amounts receivable41 | - | - | - | €0.001m | €0.01m | €0.003m | €0.08m | €0.004m | ▼ 95.2% |
| Current investments50/53 | €1.0m | €0.9m | €0.2m | €0.1m | €0.1m | €0.03m | €0.03m | €0.03m | ▲ 1.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.07m | €0.08m | €0.3m | €0.2m | €0.01m | €0.06m | €0.02m | ▼ 74.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.003m | €0.003m | €0.003m | €0.004m | ▲ 33.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €4.0m | €3.9m | €3.7m | €3.7m | €3.8m | €3.7m | €3.5m | ▼ 4.7% |
| Equity10/15 | €3.0m | €2.9m | €3.0m | €2.6m | €2.5m | €2.4m | €2.2m | €2.1m | ▼ 5.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €2.9m | €2.9m | €2.9m | €2.6m | €2.5m | €2.3m | €2.2m | €2.1m | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 6.7% |
| Distributable reserves133 | - | - | - | €2.4m | €2.3m | €2.2m | €2.0m | €1.9m | ▼ 5.5% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | - | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | €0.03m | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 6.6% |
| Deferred taxes168 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 6.6% |
| Amounts payable17/49 | €0.6m | €1.0m | €0.8m | €1.0m | €1.2m | €1.4m | €1.4m | €1.4m | ▼ 3.5% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.3m | €0.4m | €0.7m | €1.0m | €0.9m | €1.1m | ▲ 20.5% |
| Financial debts170/4 | - | - | - | €0.4m | €0.7m | €1.0m | €0.9m | €1.1m | ▲ 20.5% |
| Amounts payable within one year42/48 | €0.1m | €0.6m | €0.5m | €0.6m | €0.4m | €0.4m | €0.5m | €0.2m | ▼ 48.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 4.6% |
| Trade debts44 | €0.006m | €0.009m | €0.005m | €0.01m | €0.08m | €0.04m | €0.005m | €0.06m | ▲ 12× |
| Suppliers440/4 | - | - | - | €0.01m | €0.08m | €0.04m | €0.005m | €0.06m | ▲ 12× |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.001m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0 | - | €0.006m | €0.005m | ▼ 13.5% |
| Taxes450/3 | - | - | - | €0.006m | €0 | - | €0.005m | €0.005m | = |
| Remuneration and social security454/9 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.3m | €0.2m | €0.4m | €0.06m | ▼ 82.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.02m | €0.006m | €0.006m | €0.002m | ▼ 60.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,082 | -€18,565 | €37,041 | -€26,181 | -€122,703 | -€142,867 | -€4,970 | -€121,281 | ▼ 2,340% |
| + Depreciation and write-downs630 | €159,533 | €188,319 | €277,088 | €209,233 | €263,344 | €319,993 | €211,436 | €221,231 | ▲ 4.6% |
| Operating cash flow (approximation) | €190,615 | €169,754 | €314,129 | €183,052 | €140,641 | €177,125 | €206,466 | €99,950 | ▼ 51.6% |
| Investment in fixed assets (approximation) | - | -€891,909 | -€799,319 | €11,261 | -€391,268 | -€662,800 | €2,794 | -€112,730 | - |
| Change in cash | - | -€178,686 | €6,858 | €194,715 | -€75,942 | -€185,837 | €49,584 | -€46,234 | - |
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, 8,617 companies had the same profile as SERMADO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERMADO 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 8,617 companies, not a prediction for SERMADO. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 07-10-2026 | 2026-00550244 | |
| 31-03-2025 | abbreviated format | 17-10-2025 | 2025-00546731 | |
| 31-03-2024 | micro format | 24-10-2024 | 2024-00513862 | |
| 31-03-2023 | micro format | 20-09-2023 | 2023-00449590 | |
| 31-03-2022 | micro format | 26-10-2022 | 2022-20476284 | |
| 31-03-2021 | micro format | 09-11-2021 | 2021-76900334 | |
| 31-03-2020 | micro format | 28-07-2020 | 2020-35100381 | |
| 31-03-2019 | micro format | 05-11-2019 | 2019-73000470 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-71000008 | |
| 31-03-2017 | micro format | 21-11-2017 | 2017-70000085 |
Board & ownership
Directors
Directors
3 directors, 3 in day-to-day management, last change in 2024
Board 3
Bart Serry
Current
Director · current term since 19-12-2023 · term until the 2028 general meeting · listed in the 2026 annual accounts, filed on 07-10-2026
Sandra Serry
Current
Director · current term since 19-12-2023 · term until the 2028 general meeting · listed in the 2026 annual accounts, filed on 07-10-2026
Marc Serry
Current
Sole director · current term since 25-01-2024 · listed in the 2026 annual accounts, filed on 07-10-2026
Day-to-day management 3
Marc Serry
Current
Managing director · in office according to the deed of 02-10-2023 · term until the 2028 general meeting
Bart Serry
Current
Managing director · appointed by deed of 29-01-2024 · term without a fixed end
Sandra Serry
Current
Managing director · appointed by deed of 29-01-2024 · term without a fixed end
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Two directors jointly
deed of 29-01-2024Owners and capital
Capital transactions
Capital over time
- 29-01-2024 Capital stated in the deed · €62,000 · 120 shares
Mandate history
4 people, 3 in office
- Board
- Day-to-day management
- mandate already running before its first mention
- end not dated
| Name | Functions and periods |
|---|---|
| Bart Serry |
|
| Marc Serry |
|
| Sandra Serry |
|
| Marleen De Roo |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 3 directors
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Helft overdrager helft koper, elke overdracht onder levenden”
Audit, dissolution and liquidation
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Alle verrichtingen vermeld in wet, algemene vergadering bij gewone meerderheid”
Articles of association, deed of 29-01-2024 (in Dutch)
Network & group
Holdings through the years
2012 to 2020| Name | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Leonardo Fix | 20% | 25% | |||||||
Source: list of holdings in its own accounts
Companies at the same address
2 other companiesConnections & network
3 current directorsThe network starts from the directors of SERMADO. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Deeds, filings and financial milestones
Deadline for the 2027 accounts:
2026
07-10
full format · 24 days before the deadline
2025
17-10
abbreviated format · 14 days before the deadline
2024
24-10
micro format · 7 days before the deadline
31-03
Financial
Weakest financial yearnet -€142,867
The net result drops to -€142,867, the lowest from 2019 to 2026. It recovers the following year.
29-01
Gazette deed
Appointments: Marc Serry, Sandra Serry and Bart Serry6 points ▸
Gazette deed
Appointments: Marc Serry, Sandra Serry and Bart Serry
6 points ▸
- Capital, €62,000, 120 shares
- Director appointment, Marc Serry (sole director)
- Director appointment, Sandra Serry (managing director)
- Director appointment, Bart Serry (managing director)
- Registered office clause, Wakkensesteenweg 30
- Power of attorney, Elke Vandekerckhove
- The deed holds 5 more points.
2023
02-10
Gazette deed
Reappointments: Marc Serry, Marleen De Roo and 2 others7 points ▸
Gazette deed
Reappointments: Marc Serry, Marleen De Roo and 2 others
7 points ▸
- General meeting, 22-08-2023
- Director reappointment, Marc Serry
- Director reappointment, Marleen De Roo
- Director reappointment, Bart Serry
- Director reappointment, Sandra Serry
- Board meeting, 22-08-2023
- Director reappointment, Marc Serry (managing director)
20-09
micro format · 41 days before the deadline
2022
26-10
micro format · 5 days before the deadline
2021
09-11
micro format · 9 days late
31-03
Financial
Back to profitnet €37,041
The net result is €37,041, after one loss-making year.
2020
28-07
micro format · 95 days before the deadline
2019
05-11
micro format · 5 days late
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
SERMADO in Dutch
Enterprise number
0446.587.307
Legal form
Public limited company
Status
Active, normal situation
Founded
07-02-1992
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 29-01-2024 (in Dutch)Registered office and establishments
Registered office
Wakkensesteenweg 30, 8700 Tielt, Belgium
Establishment unit
SERMADO, Wakkensesteenweg 30, 8700 Tielt since 29-04-1994 · unit number 2.066.599.747
Activities
NACEBEL 202568201
Renting and operating of own or leased residential real estate, excluding social housing main activity
68203
Renting and operating of own or leased non-residential real estate, excluding land
Codes under NACEBEL 2008
68201
Real estate activities main activity
68203
Real estate rental
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 29-01-2024 (in Dutch)
“A)het verlenen van diensten en adviezen aan derden; B)het waarnemen van bestuurders- of leidinggevende opdrachten in andere vennootschappen…”
17 activities
- A)het verlenen van diensten en adviezen aan derden;
- B)het waarnemen van bestuurders- of leidinggevende opdrachten in andere vennootschappen of organisaties.
- C)het zetelen in of bijdragen aan doelstellingen van adviescommissies,organisatiecomités en tijdelijke of ad hoc verenigingen,stichtingen of organisaties.
- A)het aanleggen,het oordeelkundig uitbouwen en beheren van een onroerend vermogen;alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten zoals de huurfinanciering van onroerende goederen aan derden,het aankopen,verkopen,ruilen,bouwen,verbouwen,onderhouden,verhuren,huren,verkavelen,prospecteren en uitbaten van onroerende goederen;de aan- en verkoop,huur en verhuur van roerende goederen,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de roerende en onroerende goederen te bevorderen,alsmede zich borg te stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze roerende en onroerende goederen;
- B)het aanleggen,het oordeelkundig uitbouwen en beheren van een roerend patrimonium,alle verrichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,zoals het verwerven door inschrijving of aankoop en het beheren van aandelen,obligaties,kasbons of andere roerende waarden,van welke vorm ook,van Belgische of buitenlandse,bestaande of nog op te richten rechtspersonen en ondernemingen.
- A)het verwerven van participaties in eender welke vorm in alle bestaande of op te richten rechtspersonen en vennootschappen,het stimuleren,de planning,de coördinatie van de ontwikkeling en investering in rechtspersonen en ondernemingen waarin zij al of niet een participatie aanhoudt;
- B)het toestaan van leningen en kredietopeningen aan rechtspersonen en ondernemingen of particulieren,onder om het even welke vorm;in dit kader kan zij zich ook borg stellen of haar aval verlenen,in de meest ruime zin,alle handels- en financiële operaties verrichten behalve die wettelijk voorbehouden zijn aan depositobanken,houders van deposito's op korte termijn,spaarkassen,hypotheekmaatschappijen en kapitalisatieondernemingen;
- C)het verlenen van adviezen van financiële,technische,commerciële of administratieve aard;in de ruimste zin,met uitzondering van adviezen inzake beleggingen en geldplaatsingen;bijstand en diensten verlenen,rechtstreeks of onrechtstreeks op het vlak van administratieve en financiën,verkoop,productie en algemeen bestuur;
- D)het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies;
- E)het ontwikkelen,kopen,verkopen,in licentie nemen of geven van octrooien,knowhow en aanverwante immateriële duurzame activa;
- F)het verlenen computerservices;
- G)de aan- en verkoop,in- en uitvoer,commissiehandel en vertegenwoordiging van om het even welke goederen,in ’t kort tussenpersoon in de handel;
- H)het onderzoek,de ontwikkeling,de vervaardiging of commercialisering van nieuwe producten,nieuwe vormen van technologie en hun toepassingen;
- I)het oprichten van woningen,alle handelingen met betrekking tot het bouwen,verbouwen aanpassen en oprichten van gebouwde onroerende goederen
- J)het verlenen van consultancy,bedrijf en persoonlijke managementbegeleiding en -vorming,communicatietechnieken,timemanagement enz.organisatie van seminaries met betrekking tot het management,persoonlijke vorming en studietechnieken,organisatie van informatie sessies
- K)het verlenen van publiciteits- en promotiediensten,verspreiding van reclamemateriaal,arbeidsbemiddeling,en advisering inzake personeel en personeelszaken.Opstellen van statistieken,houden van veilingen en openbare verkopingen,handelsinformatie en marktbewerking,het verrichten van marktonderzoek en analyse ervan,opiniepeiling,bedrijfsorganisatorische en bedrijfseconomische advisering,verhuur van kantoormachines,kopiëren van documenten.
- L)het optreden als tussenpersoon bij onderhandelingen door gehele of gedeeltelijke overname van aandelen,in de meest ruime betekenis,het deelnemen aan emissieverrichtingen van aandelen en vastrentende effecten en vastrentende waarden door intekening,waarborgplaatsing,verhandeling of anderszins,alsmede het verwezenlijken van om het even welke verrichtingen inzake portefeuille-kapitaalbestuur,dit alles in acht genomen de vorm van de vennootschap.
Invoicing and payment
VAT number
BE 0446.587.307
Financial year and general meeting
Accounts at the NBBFinancial year end
31-03
Environmental permits
4 applications in Flanders since 2018 · 3 granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies
Een grond gebruiken, aanleggen of inrichten; Slopen of verwijderen van een complex
Een grond gebruiken, aanleggen of inrichten; Slopen of verwijderen van een complex
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the address
Ground area
1,658 m²
Building footprint
181 m²
Building volume
804 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 37303G0686/00D000 | Flanders | 1,658 m² | 1 · 180 m² | 8.1 m · 1 |