SERRIEUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 13 filings
Equity
-€13,627
2024 · €14,850
Total assets
€77,368▼ 24.2%
2024 · €102,072
Net result
-€28,477▲ 49.6%
2024 · -€56,469
Working capital
-€42,062▼ 251%
2024 · -€11,990
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€27,679
▲ 50.6%
2025
20182025
Net result
-€28,477
▲ 49.6%
2025
lowest quarter of the sector
20182025
Equity
-€13,627
2025
lowest quarter of the sector
20182025
Total assets
€77,368
▼ 24.2%
2025
middle half of the sector
20182025
Debt
€90,994
▲ 4.3%
2025
20182025
Working capital
-€42,062
▼ 251%
2025
lowest quarter of the sector
20182025
Solvency
-17.6%
▼ 32.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.34
▼ 0.34
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-36.8%
▲ 18.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€15,085--€39,987▼ 165%-€3,129▲ 92.2%-€17,594▼ 462%€62,245-€26,318-€55,981▼ 113%-€27,679▲ 50.6%
Net result-€20,894--€44,136▼ 111%-€7,975below the sector's middle half▲ 81.9%-€22,378below the sector's middle half▼ 181%€61,165above the sector's middle half-€26,210below the sector's middle half-€56,469below the sector's middle half▼ 115%-€28,477below the sector's middle half▲ 49.6%
Equity€10,854-€66,717▲ 515%€58,742within the sector's middle half▼ 12.0%€36,364within the sector's middle half▼ 38.1%€97,530within the sector's middle half▲ 168%€71,320within the sector's middle half▼ 26.9%€14,850within the sector's middle half▼ 79.2%-€13,627below the sector's middle half
Total assets€317,408-€410,927▲ 29.5%€387,918above the sector's middle half▼ 5.6%€391,502above the sector's middle half▲ 0.9%€276,930within the sector's middle half▼ 29.3%€82,030within the sector's middle half▼ 70.4%€102,072within the sector's middle half▲ 24.4%€77,368within the sector's middle half▼ 24.2%
Debt€306,554-€344,210▲ 12.3%€329,176▼ 4.4%€355,138▲ 7.9%€179,400▼ 49.5%€10,711▼ 94.0%€87,222▲ 714%€90,994▲ 4.3%
Working capital-€8,547-€18,356€31,328within the sector's middle half▲ 70.7%€23,203within the sector's middle half▼ 25.9%€150,304above the sector's middle half▲ 548%€33,316within the sector's middle half▼ 77.8%-€11,990below the sector's middle half-€42,062below the sector's middle half▼ 251%
Solvency3.4%-16.2%▲ 12.8pp15.1%within the sector's middle half▼ 1.1pp9.3%within the sector's middle half▼ 5.9pp35.2%within the sector's middle half▲ 25.9pp86.9%above the sector's middle half▲ 51.7pp14.5%within the sector's middle half▼ 72.4pp-17.6%below the sector's middle half▼ 32.2pp
Current ratio0.81-1.50▲ 0.682.18within the sector's middle half▲ 0.681.43within the sector's middle half▼ 0.742.81above the sector's middle half▲ 1.384.84above the sector's middle half▲ 2.020.69below the sector's middle half▼ 4.150.34below the sector's middle half▼ 0.34
Return on assets (ROA)-6.6%--10.7%▼ 4.2pp-2.1%below the sector's middle half▲ 8.7pp-5.7%below the sector's middle half▼ 3.7pp22.1%above the sector's middle half▲ 27.8pp-32.0%below the sector's middle half▼ 54.0pp-55.3%below the sector's middle half▼ 23.4pp-36.8%below the sector's middle half▲ 18.5pp
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 a loss of €27,679, smaller than the loss of €55,981 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €77,368
Fixed assets
€55,478 ▼ 27.0%
Current assets
€21,890 ▼ 16.1%
Equity and liabilities
Equity-€13,627
Debt€90,994
Equity is negative. Debt (€90,994) exceeds the balance-sheet total (€77,368).
Key figures and ratios
EBITDA
-€7,176▲
2024 · -€46,326
Cash flow
-€7,974▲
2024 · -€46,815
Interest coverage
-5.66▲
2024 · -83.04
Debt ≤ 1 year
€63,952▲
2024 · €38,081
Debt > 1 year
€27,042▼
2024 · €48,999
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,342 | - | €6,509 | €50,729 | - |
| Depreciation and write-downs of the year | €26,938 | €3,770 | €10,185 | €9,655 | €20,503 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,394 awarded · €1,394 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €300 | €300 |
| 2022 | 1 | €1,094 | €1,094 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,074 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €299 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,034 | €32,235 | €26,206 | €26,938 | €3,770 | €10,185 | €9,655 | €20,503 | ▲ 112% |
| Other operating charges640/8 | - | - | - | €2,568 | €64,395 | €3,560 | €2,837 | €871 | ▼ 69.3% |
| Non-recurring operating charges66A | - | - | - | - | €1,420 | - | - | - | - |
| Gross operating margin9900 | €13,572 | -€6,738 | €23,887 | €11,912 | €131,830 | -€12,573 | -€43,190 | -€6,305 | ▲ 85.4% |
| Operating profit (loss)9901 | -€15,085 | -€39,987 | -€3,129 | -€17,594 | €62,245 | -€26,318 | -€55,981 | -€27,679 | ▲ 50.6% |
| Financial income75/76B | - | - | - | €240 | €4 | €244 | €69 | €469 | ▲ 579% |
| Recurring financial income75 | €19 | €503 | €49 | €240 | €4 | €244 | €69 | €469 | ▲ 579% |
| Financial charges65/66B | - | - | - | €4,902 | €1,083 | €103 | €558 | €1,268 | ▲ 127% |
| Recurring financial charges65 | €5,828 | €4,652 | €4,896 | €4,902 | €1,083 | €103 | €558 | €1,268 | ▲ 127% |
| Profit (loss) for the period before taxes9903 | -€20,894 | -€44,136 | -€7,975 | -€22,256 | €61,165 | -€26,177 | -€56,469 | -€28,477 | ▲ 49.6% |
| Income taxes67/77 | - | - | - | €122 | - | €33 | - | - | - |
| Profit (loss) for the period9904 | -€20,894 | -€44,136 | -€7,975 | -€22,378 | €61,165 | -€26,210 | -€56,469 | -€28,477 | ▲ 49.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,140 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€20,894 | -€44,136 | -€7,975 | -€21,238 | €61,165 | -€26,210 | -€56,469 | -€28,477 | ▲ 49.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €317,408 | €410,927 | €387,918 | €391,502 | €276,930 | €82,030 | €102,072 | €77,368 | ▼ 24.2% |
| Fixed assets21/28 | €280,172 | €355,593 | €329,959 | €314,683 | €43,706 | €40,030 | €75,981 | €55,478 | ▼ 27.0% |
| Intangible fixed assets21 | - | €2,840 | €2,130 | €1,420 | - | - | - | - | - |
| Tangible fixed assets22/27 | €280,172 | €352,753 | €327,829 | €313,263 | €43,706 | €40,030 | €75,981 | €55,478 | ▼ 27.0% |
| Land and buildings22 | - | - | - | €252,435 | €4,513 | €4,062 | €3,656 | €3,269 | ▼ 10.6% |
| Plant, machinery and equipment23 | - | - | - | €36,214 | €7,237 | €10,624 | €3,887 | €2,273 | ▼ 41.5% |
| Furniture and vehicles24 | - | - | - | €24,613 | €31,956 | €25,344 | €68,438 | €49,936 | ▼ 27.0% |
| Current assets29/58 | €37,236 | €55,334 | €57,959 | €76,819 | €233,224 | €42,000 | €26,091 | €21,890 | ▼ 16.1% |
| Stocks and contracts in progress3 | - | €13,627 | €11,770 | €3,107 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €3,107 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €17,350 | €18,259 | €10,763 | €3,693 | €971 | €25,734 | €13,610 | €5,279 | ▼ 61.2% |
| Trade receivables40 | - | - | - | €1,193 | €971 | €25,734 | €12,525 | €4,200 | ▼ 66.5% |
| Other amounts receivable41 | - | - | - | €2,500 | - | - | €1,085 | €1,079 | ▼ 0.6% |
| Cash at bank and in hand54/58 | €19,886 | €23,188 | €34,712 | €69,746 | €230,745 | €14,688 | €12,481 | €14,960 | ▲ 19.9% |
| Deferred charges and accrued income490/1 | - | - | - | €273 | €1,508 | €1,578 | - | €1,650 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €317,408 | €410,927 | €387,918 | €391,502 | €276,930 | €82,030 | €102,072 | €77,368 | ▼ 24.2% |
| Equity10/15 | €10,854 | €66,717 | €58,742 | €36,364 | €97,530 | €71,320 | €14,850 | -€13,627 | - |
| Contributions10/11 | €18,600 | €118,600 | - | €118,600 | €118,600 | €118,600 | €118,600 | €118,600 | = |
| Reserves13 | €24,900 | €24,900 | €24,900 | €23,759 | €23,759 | €23,759 | €23,759 | €11,400 | ▼ 52.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €21,899 | €23,759 | €23,759 | €23,759 | €11,400 | ▼ 52.0% |
| Profit (loss) carried forward14 | -€32,646 | -€76,782 | -€84,758 | -€105,995 | -€44,830 | -€71,040 | -€127,509 | -€143,627 | ▼ 12.6% |
| Amounts payable17/49 | €306,554 | €344,210 | €329,176 | €355,138 | €179,400 | €10,711 | €87,222 | €90,994 | ▲ 4.3% |
| Amounts payable after more than one year17 | €259,771 | €307,232 | €295,785 | €301,344 | €96,450 | - | €48,999 | €27,042 | ▼ 44.8% |
| Financial debts170/4 | - | - | - | €204,894 | - | - | €48,999 | €27,042 | ▼ 44.8% |
| Other amounts payable178/9 | - | - | - | €96,450 | €96,450 | - | - | - | - |
| Amounts payable within one year42/48 | €45,783 | €36,978 | €26,631 | €53,616 | €82,920 | €8,684 | €38,081 | €63,952 | ▲ 67.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,789 | - | - | - | €11,147 | - |
| Trade debts44 | €30,639 | €13,678 | €286 | €3,904 | - | €1,281 | €672 | €1,066 | ▲ 58.5% |
| Suppliers440/4 | - | - | - | €3,904 | - | €1,281 | €672 | €1,066 | ▲ 58.5% |
| Taxes, remuneration and social security45 | - | - | - | €2,547 | €39,275 | €4,738 | €102 | €8,700 | ▲ 85× |
| Taxes450/3 | - | - | - | €2,547 | €39,275 | €4,738 | €102 | €100 | ▼ 2.1% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €8,600 | - |
| Other amounts payable47/48 | - | - | - | €45,376 | €43,645 | €2,665 | €37,307 | €43,039 | ▲ 15.4% |
| Accrued charges and deferred income492/3 | - | - | - | €178 | €30 | €2,027 | €141 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,894 | -€44,136 | -€7,975 | -€22,378 | €61,165 | -€26,210 | -€56,469 | -€28,477 | ▲ 49.6% |
| + Depreciation and write-downs630 | €27,034 | €32,235 | €26,206 | €26,938 | €3,770 | €10,185 | €9,655 | €20,503 | ▲ 112% |
| Operating cash flow (approximation) | €6,140 | -€11,902 | €18,231 | €4,560 | €64,936 | -€16,025 | -€46,815 | -€7,974 | ▲ 83.0% |
| Investment in fixed assets (approximation) | - | -€107,656 | -€572 | -€11,662 | €267,206 | -€6,509 | -€45,605 | €0 | - |
| Change in cash | - | €3,302 | €11,524 | €35,034 | €160,999 | -€216,057 | -€2,207 | €2,480 | - |
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, 6,907 companies had the same profile as SERRIEUS has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERRIEUS itself: 1.5% 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 6,907 companies, not a prediction for SERRIEUS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00340868 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00328254 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00301966 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00294530 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20245307 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600381 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-46900556 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59900353 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-55200418 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-45700354 |