SERQUAL
ActiveSummary
SERQUAL has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€264,268) and a net result of €95,066. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 7% of 4231 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability59▲+5
Solvency1▲+1
Growth55▼-11
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.78 against 0.69 in 2024; short-term debt: 51.3% and cash: 19.3% of total assets), and equity is negative.
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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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 4231 sector peers (2025).
NBB · sector comparisonPosition among 4231 sector peers
Solvency
better than 7%
← weakest
strongest →
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 11-07-2026, 20 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
20 d early
2024
20 d early
2023
21 d early
2022
25 d early
2021
39 d early
2020
31 d late
2019
59 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 5 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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. Usually files around 11 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€4.6m▼ 3.3%
2024 · €4.7m
EBIT margin
3.2%▲ 0.2pp
2024 · 3.1%
Net result
€95,066▲ 12.2%
2024 · €84,748
Working capital
-€121,936▲ 35.0%
2024 · -€187,570
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Turnover€4.1m€4.7m▲ 14.7%€4.6m▼ 3.3%
Operating result-€95,684-€209,558▼ 119%-€131,768▲ 37.1%€145,747€148,001▲ 1.5%
Net result-€101,305below the sector's middle half-€219,124below the sector's middle half▼ 116%-€185,709below the sector's middle half▲ 15.2%€84,748within the sector's middle half€95,066within the sector's middle half▲ 12.2%
EBIT margin-3.2%3.1%▲ 6.3pp3.2%▲ 0.2pp
Equity-€39,249below the sector's middle half-€258,373below the sector's middle half▼ 558%-€444,082below the sector's middle half▼ 71.9%-€359,334below the sector's middle half▲ 19.1%-€264,268below the sector's middle half▲ 26.5%
Total assets€336,477below the sector's middle half▼ 23.5%€549,555within the sector's middle half▲ 63.3%€1.2mwithin the sector's middle half▲ 125%€1.2mwithin the sector's middle half▼ 6.0%€1.1mwithin the sector's middle half▼ 5.4%
Debt€375,726▼ 0.5%€807,928▲ 115%€1.7m▲ 108%€1.5m▼ 9.4%€1.4m▼ 10.4%
Working capital-€74,852below the sector's middle half-€408,015below the sector's middle half▼ 445%-€252,697below the sector's middle half▲ 38.1%-€187,570below the sector's middle half▲ 25.8%-€121,936below the sector's middle half▲ 35.0%
Solvency-11.7%below the sector's middle half▼ 25.8pp-47.0%below the sector's middle half▼ 35.4pp-35.9%below the sector's middle half▲ 11.1pp-30.9%below the sector's middle half▲ 5.0pp-24.0%below the sector's middle half▲ 6.9pp
Current ratio0.79below the sector's middle half▼ 0.280.49below the sector's middle half▼ 0.300.61below the sector's middle half▲ 0.120.69below the sector's middle half▲ 0.080.78below the sector's middle half▲ 0.10
Return on assets (ROA)-30.1%below the sector's middle half▼ 33.2pp-39.9%below the sector's middle half▼ 9.8pp-15.0%below the sector's middle half▲ 24.8pp7.3%within the sector's middle half▲ 22.3pp8.6%within the sector's middle half▲ 1.4pp
Staff (FTE)14.6above the sector's middle half▲ 31.5%10.1within the sector's middle half▼ 30.8%7.9within the sector's middle half▼ 21.8%9within the sector's middle half▲ 13.9%8.9within the sector's middle half▼ 1.1%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 2% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€656,988 ▼ 12.6%
Current assets
€442,578 ▲ 7.7%
Key figures and ratios
EBITDA
€245,587▲
2024 · €242,068
Cash flow
€192,652▲
2024 · €181,069
Quick ratio
0.41▲
2024 · 0.30
Debt to equity
-5.16▼
2024 · -4.23
Interest coverage
4.63▲
2024 · 3.96
Debt ≤ 1 year
€564,514▼
2024 · €598,500
Debt > 1 year
€799,320▼
2024 · €923,208
Income taxes
€169▲
2024 · €129
Staff costs
€331,305▲
2024 · €258,330
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,632 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.9%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 3,632 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €4.1m | €4.7m | €4.6m | ▼ 3.3% |
| Non-recurring operating income76A | - | €900 | €11,561 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €3.9m | €4.2m | €4.0m | ▼ 5.4% |
| Remuneration, social security and pensions62 | €230,575 | €191,216 | €230,246 | €258,330 | €331,305 | ▲ 28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,932 | €18,782 | €84,773 | €96,321 | €97,586 | ▲ 1.3% |
| Other operating charges640/8 | €7,796 | €1,771 | €8,105 | €3,006 | €4,053 | ▲ 34.8% |
| Non-recurring operating charges66A | €43,144 | €5,711 | €12,476 | - | - | - |
| Gross operating margin9900 | €201,763 | €7,922 | €203,832 | €503,404 | €580,945 | ▲ 15.4% |
| Operating profit (loss)9901 | -€95,684 | -€209,558 | -€131,768 | €145,747 | €148,001 | ▲ 1.5% |
| Financial income75/76B | - | - | - | €269 | €285 | ▲ 5.9% |
| Recurring financial income75 | - | - | - | €269 | €285 | ▲ 5.9% |
| Financial charges65/66B | €5,621 | €9,566 | €53,941 | €61,139 | €53,051 | ▼ 13.2% |
| Recurring financial charges65 | €5,621 | €9,566 | €53,941 | €61,139 | €53,051 | ▼ 13.2% |
| Profit (loss) for the period before taxes9903 | -€101,305 | -€219,124 | -€185,709 | €84,877 | €95,235 | ▲ 12.2% |
| Income taxes67/77 | - | - | - | €129 | €169 | ▲ 31.3% |
| Profit (loss) for the period9904 | -€101,305 | -€219,124 | -€185,709 | €84,748 | €95,066 | ▲ 12.2% |
| Profit (loss) for the period to be appropriated9905 | -€101,305 | -€219,124 | -€185,709 | €84,748 | €95,066 | ▲ 12.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €336,477 | €549,555 | €1.2m | €1.2m | €1.1m | ▼ 5.4% |
| Fixed assets21/28 | €53,371 | €149,642 | €839,081 | €751,445 | €656,988 | ▼ 12.6% |
| Tangible fixed assets22/27 | €50,073 | €146,844 | €836,283 | €748,647 | €654,190 | ▼ 12.6% |
| Land and buildings22 | €13,587 | €18,611 | €143,558 | €132,828 | €122,692 | ▼ 7.6% |
| Plant, machinery and equipment23 | €32,357 | €124,419 | €684,814 | €609,966 | €527,703 | ▼ 13.5% |
| Furniture and vehicles24 | €4,130 | €3,814 | €7,911 | €5,853 | €3,795 | ▼ 35.2% |
| Financial fixed assets28 | €3,298 | €2,798 | €2,798 | €2,798 | €2,798 | = |
| Current assets29/58 | €283,106 | €399,913 | €397,004 | €410,930 | €442,578 | ▲ 7.7% |
| Stocks and contracts in progress3 | €203,378 | €201,538 | €236,546 | €232,998 | €209,983 | ▼ 9.9% |
| Stocks30/36 | €203,378 | €201,538 | €236,546 | €232,998 | €209,983 | ▼ 9.9% |
| Amounts receivable within one year40/41 | €36,232 | €46,518 | €40,359 | €14,877 | €13,922 | ▼ 6.4% |
| Trade receivables40 | €165 | €17,785 | €31,753 | €2,030 | €5,730 | ▲ 182% |
| Other amounts receivable41 | €36,067 | €28,733 | €8,606 | €12,847 | €8,192 | ▼ 36.2% |
| Cash at bank and in hand54/58 | €37,601 | €151,107 | €120,099 | €157,481 | €212,351 | ▲ 34.8% |
| Deferred charges and accrued income490/1 | €5,895 | €750 | - | €5,575 | €6,322 | ▲ 13.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €336,477 | €549,555 | €1.2m | €1.2m | €1.1m | ▼ 5.4% |
| Equity10/15 | -€39,249 | -€258,373 | -€444,082 | -€359,334 | -€264,268 | ▲ 26.5% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€139,249 | -€358,373 | -€544,082 | -€459,334 | -€364,268 | ▲ 20.7% |
| Amounts payable17/49 | €375,726 | €807,928 | €1.7m | €1.5m | €1.4m | ▼ 10.4% |
| Amounts payable after more than one year17 | €637 | - | €1.0m | €923,208 | €799,320 | ▼ 13.4% |
| Financial debts170/4 | €637 | - | €762,963 | €674,074 | €585,185 | ▼ 13.2% |
| Other amounts payable178/9 | - | - | €264,565 | €249,134 | €214,134 | ▼ 14.0% |
| Amounts payable within one year42/48 | €357,958 | €807,928 | €649,701 | €598,500 | €564,514 | ▼ 5.7% |
| Current portion of amounts payable after more than one year42 | €11,957 | €637 | €37,037 | €88,889 | €88,889 | = |
| Financial debts43 | €59,616 | - | - | - | - | - |
| Credit institutions430/8 | €59,616 | - | - | - | - | - |
| Trade debts44 | €254,457 | €441,928 | €574,426 | €442,081 | €395,297 | ▼ 10.6% |
| Suppliers440/4 | €254,457 | €441,928 | €574,426 | €442,081 | €395,297 | ▼ 10.6% |
| Taxes, remuneration and social security45 | €25,989 | €14,000 | €37,985 | €59,185 | €72,117 | ▲ 21.8% |
| Taxes450/3 | €540 | - | - | €4,734 | €7,705 | ▲ 62.8% |
| Remuneration and social security454/9 | €25,449 | €14,000 | €37,985 | €54,451 | €64,412 | ▲ 18.3% |
| Other amounts payable47/48 | €5,939 | €351,363 | €253 | €8,346 | €8,211 | ▼ 1.6% |
| Accrued charges and deferred income492/3 | €17,131 | - | €2,938 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€101,305 | -€219,124 | -€185,709 | €84,748 | €95,066 | ▲ 12.2% |
| + Depreciation and write-downs630 | €15,932 | €18,782 | €84,773 | €96,321 | €97,586 | ▲ 1.3% |
| Operating cash flow (approximation) | -€85,373 | -€200,342 | -€100,936 | €181,069 | €192,652 | ▲ 6.4% |
| Investment in fixed assets (approximation) | - | -€115,053 | -€774,212 | -€8,685 | -€3,129 | ▲ 64.0% |
| Change in cash | - | €113,506 | -€31,008 | €37,382 | €54,870 | ▲ 46.8% |
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
11-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €95,066 ▲12.2%
Operating result €148,001, net result €95,066, both a record.
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €84,748
Net result €84,748 after 3 loss-making years.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€219,124
Net result drops to -€219,124, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 59 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
16-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 16 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 10 acts read
About the unread acts
We know of 10 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
10 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, Sprimont · 1 establishment unit since 2009
Ground area
2,393 m²
Building footprint
207 m²
Volume, LiDAR
2,019 m³
Parcel 62100D1366/00Z000, Wallonia · tallest building 11.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
proxy delhaize
since 20092.178.924.064
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62100D1366/00Z000 | Wallonia | 2,393 m² | 1 · 207 m² | 11.5 m · 3 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
Part of the group
FINANCIERE SAINT PAUL
36 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- FINANCIERE SAINT PAUL
- SERQUAL
Highest known parent: FINANCIERE SAINT PAUL. The sources do not say who stands above it.
Owners 2
-
100%
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSprimont2.178.924.064
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Of 10,509 companies in sector 47110 we hold annual accounts for 5,853. 4,670 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
Founded20-05-2009
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
E-invoicing
Reachable via Peppol
Peppol ID
0208:0811837936
Also
9925:BE0811837936
Registered
31-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.