SERRAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 20 filings
Turnover
≈ €160,000
Estimated: probably between €85,000 and €290,000
Total assets
€318,019▲ 7.6%
2024 · €295,432
Net result
€1,062▼ 91.5%
2024 · €12,493
Working capital
€139,465▼ 8.8%
2024 · €152,957
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,586
▼ 91.5%
2025
20182025
Net result
€1,062
▼ 91.5%
2025
middle half of the sector
20182025
Equity
€160,147
▲ 0.7%
2025
highest quarter of the sector
20182025
Total assets
€318,019
▲ 7.6%
2025
middle half of the sector
20182025
Debt
€157,872
▲ 15.8%
2025
20182025
Working capital
€139,465
▼ 8.8%
2025
highest quarter of the sector
20182025
Solvency
50.4%
▼ 3.5pp
2025
middle half of the sector
20182025
Current ratio
1.97
▼ 0.16
2025
middle half of the sector
20182025
Return on assets (ROA)
0.3%
▼ 3.9pp
2025
middle half of the sector
20182025
Staff (FTE)
0.8
▼ 33.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,756-€1,320▼ 52.1%-€12,048€15,249€33,355▲ 119%€24,297▼ 27.2%€18,643▼ 23.3%€1,586▼ 91.5%
Net result€2,180-€1,378▼ 36.8%-€13,723below the sector's middle half€16,559within the sector's middle half€24,537above the sector's middle half▲ 48.2%€19,977within the sector's middle half▼ 18.6%€12,493within the sector's middle half▼ 37.5%€1,062within the sector's middle half▼ 91.5%
Equity€97,863-€99,241▲ 1.4%€85,518within the sector's middle half▼ 13.8%€102,077within the sector's middle half▲ 19.4%€126,615above the sector's middle half▲ 24.0%€146,592above the sector's middle half▲ 15.8%€159,085above the sector's middle half▲ 8.5%€160,147above the sector's middle half▲ 0.7%
Total assets€445,479-€391,560▼ 12.1%€364,040above the sector's middle half▼ 7.0%€324,865above the sector's middle half▼ 10.8%€284,066within the sector's middle half▼ 12.6%€287,560within the sector's middle half▲ 1.2%€295,432within the sector's middle half▲ 2.7%€318,019within the sector's middle half▲ 7.6%
Debt€347,615-€292,319▼ 15.9%€278,522▼ 4.7%€222,787▼ 20.0%€157,452▼ 29.3%€140,967▼ 10.5%€136,348▼ 3.3%€157,872▲ 15.8%
Working capital€48,622-€40,526▼ 16.7%€57,116within the sector's middle half▲ 40.9%€103,146above the sector's middle half▲ 80.6%€131,955above the sector's middle half▲ 27.9%€170,856above the sector's middle half▲ 29.5%€152,957above the sector's middle half▼ 10.5%€139,465above the sector's middle half▼ 8.8%
Solvency22.0%-25.3%▲ 3.4pp23.5%within the sector's middle half▼ 1.9pp31.4%within the sector's middle half▲ 7.9pp44.6%within the sector's middle half▲ 13.2pp51.0%within the sector's middle half▲ 6.4pp53.8%within the sector's middle half▲ 2.9pp50.4%within the sector's middle half▼ 3.5pp
Current ratio1.20-1.18▼ 0.031.26within the sector's middle half▲ 0.081.60within the sector's middle half▲ 0.352.00within the sector's middle half▲ 0.392.54within the sector's middle half▲ 0.552.13within the sector's middle half▼ 0.411.97within the sector's middle half▼ 0.16
Return on assets (ROA)0.5%-0.4%▼ 0.1pp-3.8%below the sector's middle half▼ 4.1pp5.1%within the sector's middle half▲ 8.9pp8.6%within the sector's middle half▲ 3.5pp6.9%within the sector's middle half▼ 1.7pp4.2%within the sector's middle half▼ 2.7pp0.3%within the sector's middle half▼ 3.9pp
Staff (FTE)0.8-0.8=0.8within the sector's middle half=1.1▲ 37.5%1▼ 9.1%1.4▲ 40.0%1.2▼ 14.3%0.8▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2025 is 91% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €318,019
Fixed assets
€34,982 ▲ 396%
Current assets
€283,037 ▼ 1.9%
Equity and liabilities €318,019
Equity
€160,147 ▲ 0.7%
Debt
€157,872 ▲ 15.8%
Debt's share of the balance-sheet total rises from 46.2% to 49.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€8,760▼
2024 · €19,685
Cash flow
€8,235▼
2024 · €13,534
Quick ratio
0.14▲
2024 · 0.13
Debt to equity
0.99▲
2024 · 0.86
ROE
0.7%▼
2024 · 7.9%
Interest coverage
1.31▼
2024 · 4.47
Debt ≤ 1 year
€143,572▲
2024 · €135,423
Debt > 1 year
€11,467▲
2024 · €0
Income taxes
€1,493▼
2024 · €6,551
Staff costs
€18,035▼
2024 · €32,357
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 | - |
| full-time | - | 0 | 0 | 0 | - |
| part-time | 2 | 1 | 1 | 1 | - |
| in full-time equivalents | 1.6 | 0.8 | 0.8 | 0.8 | - |
| Average over the year, in full-time equivalents | 0.9 | 0.8 | 0.9 | 0.8 | 0.4 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 1 | 0 | 5 | 3 | 11 |
| Left | 1 | 1 | 5 | 3 | 11 |
| Training hours | - | - | 0 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €160,000 | €160,000 | €160,000 | €160,000 | €160,000 |
| Carrying value of the mortgaged assets | €33,751 | €13,589 | €0 | €0 | €0 |
| Pledge on the business | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €519 | €5,008 | €2,070 | €34,694 |
| Financial fixed assets | - | - | - | - | €410 |
| Depreciation and write-downs of the year | €32,804 | €31,179 | €18,484 | €1,042 | €7,173 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €120 awarded · €120 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €120 |
| 2022 | 1 | €120 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €20,754 | €28,351 | €30,646 | €32,357 | €18,035 | ▼ 44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,956 | €38,335 | €38,157 | €32,804 | €31,179 | €18,484 | €1,042 | €7,173 | ▲ 588% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,602 | -€19,432 | -€11,259 | €25,338 | €3,400 | ▼ 86.6% |
| Other operating charges640/8 | - | - | - | €1,619 | €1,868 | €2,398 | €2,445 | €2,833 | ▲ 15.9% |
| Gross operating margin9900 | €89,940 | €67,117 | €39,762 | €72,029 | €75,321 | €64,567 | €79,826 | €33,028 | ▼ 58.6% |
| Operating profit (loss)9901 | €2,756 | €1,320 | -€12,048 | €15,249 | €33,355 | €24,297 | €18,643 | €1,586 | ▼ 91.5% |
| Financial income75/76B | - | - | - | €7,000 | €7,521 | €8,303 | €4,807 | €7,662 | ▲ 59.4% |
| Recurring financial income75 | €10,689 | €8,836 | €7,023 | €7,000 | €7,521 | €8,303 | €4,807 | €7,662 | ▲ 59.4% |
| Financial charges65/66B | - | - | - | €5,490 | €4,986 | €4,197 | €4,407 | €6,693 | ▲ 51.9% |
| Recurring financial charges65 | €11,060 | €7,930 | €8,569 | €5,490 | €4,986 | €4,197 | €4,407 | €6,693 | ▲ 51.9% |
| Profit (loss) for the period before taxes9903 | €2,385 | €2,358 | -€13,594 | €16,759 | €35,891 | €28,402 | €19,044 | €2,555 | ▼ 86.6% |
| Income taxes67/77 | €204 | €980 | €128 | €200 | €11,354 | €8,425 | €6,551 | €1,493 | ▼ 77.2% |
| Profit (loss) for the period9904 | €2,180 | €1,378 | -€13,723 | €16,559 | €24,537 | €19,977 | €12,493 | €1,062 | ▼ 91.5% |
| Profit (loss) for the period to be appropriated9905 | €2,180 | €1,378 | -€13,723 | €16,559 | €24,537 | €19,977 | €12,493 | €1,062 | ▼ 91.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €445,479 | €391,560 | €364,040 | €324,865 | €284,066 | €287,560 | €295,432 | €318,019 | ▲ 7.6% |
| Fixed assets21/28 | €156,502 | €120,485 | €82,963 | €50,159 | €19,499 | €6,023 | €7,052 | €34,982 | ▲ 396% |
| Tangible fixed assets22/27 | €155,792 | €119,774 | €82,253 | €49,449 | €18,789 | €5,313 | €6,341 | €33,861 | ▲ 434% |
| Plant, machinery and equipment23 | - | - | - | €670 | €765 | €318 | €704 | €2,177 | ▲ 209% |
| Furniture and vehicles24 | - | - | - | €37,261 | €15,552 | €4,994 | €5,637 | €31,684 | ▲ 462% |
| Other tangible fixed assets26 | - | - | - | €11,517 | €2,472 | €0 | €0 | - | - |
| Financial fixed assets28 | €711 | €711 | €711 | €711 | €711 | €711 | €711 | €1,121 | ▲ 57.7% |
| Current assets29/58 | €288,976 | €271,075 | €281,077 | €274,706 | €264,567 | €281,536 | €288,381 | €283,037 | ▼ 1.9% |
| Stocks and contracts in progress3 | €278,830 | €260,340 | €269,048 | €254,914 | €247,542 | €264,505 | €270,641 | €262,810 | ▼ 2.9% |
| Stocks30/36 | - | - | - | €254,914 | €247,542 | €264,505 | €270,641 | €262,810 | ▼ 2.9% |
| Amounts receivable within one year40/41 | €2,685 | €4,999 | €6,532 | €8,002 | €10,836 | €10,488 | €10,829 | €13,872 | ▲ 28.1% |
| Trade receivables40 | - | - | - | €8,002 | €10,372 | €10,030 | €10,829 | €12,372 | ▲ 14.2% |
| Other amounts receivable41 | - | - | - | - | €465 | €458 | €0 | €1,500 | - |
| Cash at bank and in hand54/58 | €3,816 | €3,098 | €3,270 | €6,509 | €4,386 | €4,599 | €519 | €1,403 | ▲ 171% |
| Deferred charges and accrued income490/1 | - | - | - | €5,280 | €1,802 | €1,945 | €6,392 | €4,953 | ▼ 22.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €445,479 | €391,560 | €364,040 | €324,865 | €284,066 | €287,560 | €295,432 | €318,019 | ▲ 7.6% |
| Equity10/15 | €97,863 | €99,241 | €85,518 | €102,077 | €126,615 | €146,592 | €159,085 | €160,147 | ▲ 0.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €86,658 | €86,841 | €86,841 | €89,677 | €114,215 | €134,192 | €146,685 | €147,747 | ▲ 0.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €87,817 | €112,355 | €134,192 | €146,685 | €147,747 | ▲ 0.7% |
| Profit (loss) carried forward14 | -€1,195 | - | -€13,723 | - | - | - | - | - | - |
| Amounts payable17/49 | €347,615 | €292,319 | €278,522 | €222,787 | €157,452 | €140,967 | €136,348 | €157,872 | ▲ 15.8% |
| Amounts payable after more than one year17 | €101,663 | €58,657 | €50,954 | €48,308 | €22,263 | €27,738 | €0 | €11,467 | - |
| Financial debts170/4 | - | - | - | €48,308 | €22,263 | €27,738 | €0 | €11,467 | - |
| Amounts payable within one year42/48 | €240,354 | €230,548 | €223,961 | €171,559 | €132,612 | €110,680 | €135,423 | €143,572 | ▲ 6.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €59,794 | €26,045 | €47,372 | €27,738 | €9,476 | ▼ 65.8% |
| Financial debts43 | - | - | - | - | - | - | €17,207 | €23,316 | ▲ 35.5% |
| Credit institutions430/8 | - | - | - | - | - | - | €17,207 | €23,316 | ▲ 35.5% |
| Trade debts44 | €22,914 | €16,967 | €11,262 | €16,353 | €13,059 | €14,614 | €20,028 | €15,141 | ▼ 24.4% |
| Suppliers440/4 | - | - | - | €16,353 | €13,059 | €14,614 | €20,028 | €15,141 | ▼ 24.4% |
| Taxes, remuneration and social security45 | - | - | - | €30,167 | €33,196 | €36,514 | €46,180 | €41,416 | ▼ 10.3% |
| Taxes450/3 | - | - | - | €20,757 | €26,640 | €28,753 | €37,329 | €30,870 | ▼ 17.3% |
| Remuneration and social security454/9 | - | - | - | €9,410 | €6,556 | €7,761 | €8,851 | €10,546 | ▲ 19.2% |
| Other amounts payable47/48 | - | - | - | €65,246 | €60,313 | €12,179 | €24,269 | €54,223 | ▲ 123% |
| Accrued charges and deferred income492/3 | - | - | - | €2,920 | €2,576 | €2,549 | €925 | €2,833 | ▲ 206% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,180 | €1,378 | -€13,723 | €16,559 | €24,537 | €19,977 | €12,493 | €1,062 | ▼ 91.5% |
| + Depreciation and write-downs630 | €38,956 | €38,335 | €38,157 | €32,804 | €31,179 | €18,484 | €1,042 | €7,173 | ▲ 588% |
| Operating cash flow (approximation) | €41,136 | €39,713 | €24,434 | €49,363 | €55,716 | €38,462 | €13,534 | €8,235 | ▼ 39.2% |
| Investment in fixed assets (approximation) | - | -€2,318 | -€636 | €0 | -€519 | -€5,008 | -€2,070 | -€35,104 | ▼ 1,596% |
| Change in cash | - | -€718 | €172 | €3,239 | -€2,123 | €212 | -€4,080 | €884 | - |
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, 17,041 companies had the same profile as SERRAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERRAN itself: 0.3% 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 17,041 companies, not a prediction for SERRAN. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00290393 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00331107 | |
| 31-12-2023 | micro format | 28-07-2024 | 2024-00293400 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00245110 | |
| 31-12-2021 | micro format | 20-05-2022 | 2022-20030799 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51700025 | |
| 31-12-2019 | micro format | 04-08-2020 | 2020-38800312 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-28400335 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31700298 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35100349 |