SERNAT
ActiveSERNAT has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €289k and a net result of €4k. Equity is growing by ~5% per year across the filed fiscal years. Its solvency ranks better than 76% of 13090 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
74
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70▲+22
Solvency86▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21k at 30 days acceptable
Liquidity ample (current ratio 1.61 against 1.69 in 2024; short-term debt: 22% and cash: 23.8% of total assets), and 38.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Sector 56
higher
← 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
61.1%
Return on assets
0.9%
Age of the figures
9 mo
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
57 d late
2023
7 d early
2022
4 d early
2021
54 d early
2020
15 d early
2019
32 d late
← before the deadline
after the deadline →
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
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€289k▲ 1.5%
2024 · €285k
2018: €227k
2019: €217k
2020: €161k
2021: €162k
2022: €241k
2023: €291k
2024: €285k
2018 → 2025
Total assets
€473k▼ 3.5%
2024 · €490k
2018: €624k
2019: €589k
2020: €475k
2021: €517k
2022: €581k
2023: €629k
2024: €490k
2018 → 2025
Net result
€4k
2024 · €-7k
2018: €26k
2019: €-9k
2020: €-56k
2021: €703
2022: €79k
2023: €50k
2024: €-7k
2018 → 2025
Working capital
€63k▼ 5.4%
2024 · €67k
2018: €85k
2019: €71k
2020: €19k
2021: €-6k
2022: €61k
2023: €76k
2024: €67k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€162k-€241k▲ 48.8%€291k▲ 20.8%€285k▼ 2.3%€289k▲ 1.5%
Operating result€6k-€92k▲ 1,565%€77k▼ 16.2%€4k▼ 94.3%€16k▲ 255%
Net result€703-€79k▲ 11,142%€50k▼ 36.6%€-7k€4k
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 255% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €473k
Fixed assets
€305k▼ 6.3%
Current assets
€167k▲ 2.1%
Equity and liabilities €473k
Equity
€289k▲ 1.5%
Debt
€184k▼ 10.4%
The debt ratio falls from 41.9% to 38.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49k▲
2024 · €37k
Cash flow
€37k▲
2024 · €26k
Solvency
61.1%▲
2024 · 58.1%
Current ratio
1.61▼
2024 · 1.69
Quick ratio
1.24▼
2024 · 1.31
Debt / equity
0.64▼
2024 · 0.72
ROE
1.5%▲
2024 · -2.3%
ROA
0.9%▲
2024 · -1.4%
Interest coverage
6.55▲
2024 · 3.73
Debt
€184k▼
2024 · €205k
Debt ≤ 1 year
€104k▲
2024 · €97k
Debt > 1 year
€79k▼
2024 · €103k
Income taxes
€4k▲
2024 · €1k
Staff costs
€283k▲
2024 · €272k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€490k€473k▼
Fixed assets21/28€326k€305k▼
Tangible fixed assets22/27€325k€305k▼
Land and buildings22€260k€246k▼
Plant, machinery and equipment23€49k€42k▼
Furniture and vehicles24€2k€5k▲
Other tangible fixed assets26€15k€12k▼
Financial fixed assets28€250€250=
Current assets29/58€164k€167k▲
Stocks and contracts in progress3€37k€38k▲
Stocks30/36€37k€38k▲
Amounts receivable within one year40/41€14k€9k▼
Trade receivables40€4k€3k▼
Other amounts receivable41€10k€6k▼
Cash at bank and in hand54/58€111k€113k▲
Deferred charges and accrued income490/1€3k€8k▲
Equity and liabilities
Total equity and liabilities10/49€490k€473k▼
Equity10/15€285k€289k▲
Contributions10/11€19k€19k=
Reserves13€273k€273k=
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€273k€273k=
Profit (loss) carried forward14€-7k€-2k▲
Amounts payable17/49€205k€184k▼
Amounts payable after more than one year17€103k€79k▼
Financial debts170/4€103k€79k▼
Amounts payable within one year42/48€97k€104k▲
Current portion of amounts payable after more than one year42€23k€24k▲
Trade debts44€39k€32k▼
Suppliers440/4€39k€32k▼
Advances received on contracts in progress46€2k€2k=
Taxes, remuneration and social security45€30k€43k▲
Taxes450/3€14k€8k▼
Remuneration and social security454/9€16k€35k▲
Other amounts payable47/48€3k€3k▼
Accrued charges and deferred income492/3€5k€236▼
Income statement
Code20242025
Non-recurring operating income76A€20k€0▼
Remuneration, social security and pensions62€272k€283k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32k€33k▲
Other operating charges640/8€7k€6k▼
Non-recurring operating charges66A€0-
Gross operating margin9900€316k€339k▲
Operating profit (loss)9901€4k€16k▲
Financial income75/76B€38€492▲
Recurring financial income75€38€492▲
Financial charges65/66B€10k€7k▼
Recurring financial charges65€10k€7k▼
Profit (loss) for the period before taxes9903€-5k€9k▲
Income taxes67/77€1k€4k▲
Profit (loss) for the period9904€-7k€4k▲
Profit (loss) for the period to be appropriated9905€-7k€4k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-7k€-2k▲
Profit (loss) brought forward from the previous period14P-€-7k
Transfer to equity691/2€0-
To other reserves6921€0-
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €79k ▲11142%
Operating result €92k, net result €79k, both a record.
31-12
Financial
Equity above €200kEq €241k ▲48.8%
2 profitable years in a row build equity to €241k.
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €703
Net result €703 after 2 loss-making years.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €-56k
Net result drops to €-56k, the lowest in the series; recovery starts the following year.
01-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 32 days late
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 26 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Knokke-Heist · 1 establishment unit since 1994
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Graaf Jansdijk 2708300 Knokke-HeistGround area
230 m²
Building footprint
186 m²
Volume, LiDAR
980 m³
Parcel 31333H0596/00P004, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
LE BOUDIN SAUVAGE
since 19942.069.427.593
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31333H0596/00P004 | Flanders | 230 m² | 1 · 186 m² | 9.9 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Hinderpremie bij openbare werken
Recognitions · licences · registrations
Food safety, FASFC
1 siteKnokke-Heist2.069.427.593
Similar companies · same sector, comparable size
Hayashi
BE 0457.050.637
Antwerpen · Eq €289k
DE FRIGO
BE 0680.627.026
Aalst · Eq €289k
HONG JING WOK
BE 0897.517.442
Brakel · Eq €289k
TURAN
BE 0696.999.735
Hasselt · Eq €289k
I.E.S.-DISTRIBUTION
BE 0428.072.777
Lasne · Eq €289k
Of 20,499 companies in sector 56111 we hold annual accounts for 11,455. 7,758 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-09-1994
Fiscal year end31-12
Activities, NACEBEL
55301
56101Full-service restaurants
56111Full-service restaurants
Sources
Crossroads Bank for EnterprisesNational Bank · 31 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.