SERSAU
ActiveSummary
SERSAU has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€601,572) and a net result of -€24,465. Equity has been shrinking by about 13% per year since 2018. The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 22-06-1994 Normal situation
- Activity
- “La gestion du patrimoine immobilier constitué par les immeubles qu'elle pourrait acquérir,faire bâtir ou…” (deed in French)From the articles, 3 activitiesNo NACE code in the KBO yet
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Board and ownership
- Maurice MASSONManaging director
- OBJECTIF ACTIONDirector · since 30-12-2025 · permanent representative Maurice MASSON
- Holdings
- Shares in 1 company OBJECTIF ACTION
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.6%
- Gross margin
- €90,909
- ▼ 0.3%
- Turnover
- ≈ €250,000
- estimated
- Loss
- €24,465
- ▼ 28.2%
- Equity
- -€601,572
- ▼ 4.2%
- Total assets
- €1.7m
- ▼ 4.0%
- Negative equity on 31-12-2025
- 2025 accounts filed 29 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€601,572No registered site in the KBOFounded in 1994lowers riskSize: total assets €1.7mShow the evidence
Checked score
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (no NACE code, micro). It does better than 5% of them on solvency, 11% on liquidity, 32% on profitability and 32% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 50 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 29 days after the deadline Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00452454.
Annual accounts 2025 filed on 29-08-2026 at the NBB all 30 filings
Every figure per financial year
The operating result for 2025 is a profit of €1,674, after a loss of €7,964 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €33,826 | €25,263 | €22,487 | - | - |
| Depreciation and write-downs of the year | €88,976 | €85,460 | €86,427 | €86,993 | €76,626 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €86,028 | €108,209 | €90,538 | €88,976 | €85,460 | €86,427 | €86,993 | €76,626 | ▼ 11.9% |
| Other operating charges640/8 | - | - | - | €9,194 | €11,057 | €11,863 | €12,192 | €12,609 | ▲ 3.4% |
| Gross operating margin9900 | €60,733 | -€6,815 | €18,455 | €60,428 | €67,454 | €85,737 | €91,221 | €90,909 | ▼ 0.3% |
| Operating profit (loss)9901 | -€32,588 | -€123,469 | -€80,968 | -€37,741 | -€29,062 | -€12,552 | -€7,964 | €1,674 | - |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €1 | €37 | ▲ 49× |
| Recurring financial income75 | €3 | €1 | €8 | €0 | €0 | €0 | €1 | €37 | ▲ 49× |
| Financial charges65/66B | - | - | - | €31,413 | €24,824 | €25,747 | €25,788 | €25,846 | ▲ 0.2% |
| Recurring financial charges65 | €29,863 | €29,892 | €31,532 | €31,413 | €24,824 | €25,747 | €25,788 | €25,846 | ▲ 0.2% |
| Profit (loss) for the period before taxes9903 | -€62,448 | -€153,360 | -€112,492 | -€69,154 | -€53,886 | -€38,299 | -€33,751 | -€24,136 | ▲ 28.5% |
| Income taxes67/77 | €449 | €417 | €329 | €218 | €252 | €245 | €318 | €329 | ▲ 3.4% |
| Profit (loss) for the period9904 | -€62,897 | -€153,776 | -€112,822 | -€69,372 | -€54,139 | -€38,543 | -€34,070 | -€24,465 | ▲ 28.2% |
| Profit (loss) for the period to be appropriated9905 | -€62,897 | -€153,776 | -€112,822 | -€69,372 | -€54,139 | -€38,543 | -€34,070 | -€24,465 | ▲ 28.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | €1.8m | €1.7m | ▼ 4.0% |
| Fixed assets21/28 | €1.8m | €2.1m | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | ▼ 4.3% |
| Tangible fixed assets22/27 | €1.7m | €2.0m | €2.0m | €1.9m | €1.8m | €1.8m | €1.7m | €1.6m | ▼ 4.5% |
| Land and buildings22 | - | - | - | €1.9m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 4.5% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €137 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 7.5% |
| Financial fixed assets28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.02m | €0.008m | €0.02m | €0.02m | €0.008m | €0.01m | €0.009m | €0.01m | ▲ 50.6% |
| Amounts receivable within one year40/41 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 113% |
| Trade receivables40 | - | - | - | - | - | - | - | €300 | - |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 56.3% |
| Cash at bank and in hand54/58 | €0.02m | €0.005m | €0.01m | €0.01m | €0.005m | €0.007m | €0.005m | €0.009m | ▲ 82.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.002m | €0.003m | €0.004m | €0.004m | ▲ 2.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | €1.8m | €1.7m | ▼ 4.0% |
| Equity10/15 | -€0.1m | -€0.3m | -€0.4m | -€0.4m | -€0.5m | -€0.5m | -€0.6m | -€0.6m | ▼ 4.2% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Revaluation surpluses12 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€0.9m | -€1.0m | -€1.1m | -€1.2m | -€1.3m | -€1.3m | -€1.3m | -€1.4m | ▼ 1.8% |
| Amounts payable17/49 | €1.9m | €2.4m | €2.5m | €2.5m | €2.5m | €2.4m | €2.4m | €2.3m | ▼ 2.0% |
| Amounts payable after more than one year17 | €1.6m | €1.8m | €1.8m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Financial debts170/4 | - | - | - | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Amounts payable within one year42/48 | €0.3m | €0.6m | €0.7m | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 3.9% |
| Trade debts44 | €0.05m | €0.003m | €0.009m | €0.002m | €0.005m | €0.004m | €0.005m | €0.005m | ▲ 3.0% |
| Suppliers440/4 | - | - | - | €0.002m | €0.005m | €0.004m | €0.005m | €0.005m | ▲ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | €284 | €252 | €497 | €318 | €318 | ▼ 0.1% |
| Taxes450/3 | - | - | - | €284 | €252 | €497 | €318 | €318 | ▼ 0.1% |
| Other amounts payable47/48 | - | - | - | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€62,897 | -€153,776 | -€112,822 | -€69,372 | -€54,139 | -€38,543 | -€34,070 | -€24,465 | ▲ 28.2% |
| + Depreciation and write-downs630 | €86,028 | €108,209 | €90,538 | €88,976 | €85,460 | €86,427 | €86,993 | €76,626 | ▼ 11.9% |
| Operating cash flow (approximation) | €23,131 | -€45,567 | -€22,284 | €19,603 | €31,322 | €47,883 | €52,923 | €52,162 | ▼ 1.4% |
| Investment in fixed assets (approximation) | - | -€420,159 | -€34,739 | -€33,826 | -€18,449 | -€22,487 | €0 | €0 | - |
| Change in cash | - | -€14,425 | €5,038 | €1,346 | -€6,794 | €2,274 | -€2,276 | €4,075 | - |
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, 1,242 companies had the same profile as SERSAU has now. Two years later, 92.8% were still going and 1.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a small loss
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERSAU itself: 0.6% 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 1,242 companies, not a prediction for SERSAU. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-08-2026 | 2026-00452454 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00399734 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00385688 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00373046 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20450103 | |
| 31-12-2020 | full format | 29-10-2021 | 2021-75400372 | |
| 31-12-2019 | full format | 30-10-2020 | 2020-66600088 | |
| 31-12-2018 | full format | 23-09-2019 | 2019-65500346 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-53800380 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-50000252 |
Board & ownership
Directors
Board 2
Day-to-day management 1
Permanent representatives 1
Owners and capital
Capital transactions
- 16-01-2024 Capital stated in the deed · €412,000 · 8,250 shares
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Maurice MASSON |
|
| OBJECTIF ACTION |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “6 ans, administrateur unique”
Articles of association, deed of 16-01-2024 (in French)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- OBJECTIF ACTIONsubsidiarySourceown accounts 2025Equity €113,162 Profit of €13,784 in 2025 (profit of €16,709 in 2024) Checked score 2467.28%
Companies at the same address
6 other companies- Ouchene, Samir (sole trader) Establishment · since 2026 0809201120
- ROTILES Establishment · since 2022 0793300543
- ART KEUTGEN FAMILY Registered office · since 2016 1003225864
- Frédéric MAURO Registered office · since 2014 0560988216
- A.C.P. AV LOUISE 449 Registered office · since 2005 0850082165
- Service et Financière Registered office · since 1991 0444492404
Connections & network
2 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Timeline
Acts, filings and financial milestones
17-02
Gazette deed
Resignation: SNC OBJECTIF ACTION (director)Appointment: Maurice MASSON (director)6 points ▸
- General meeting, 30-12-2025
- Director resignation, SNC OBJECTIF ACTION (director)
- Director appointment, Maurice MASSON (director)
- Board meeting, 30-12-2025
- Director resignation, SNC OBJECTIF ACTION (managing director)
- Director appointment, Maurice MASSON (managing director)
16-01
Gazette deed
1 director appointed, 2 directors resigningChange of role: OBJECTIF ACTION, from director to sole director · Resignation: Maurice MASSON (director) · Permanent representative: Maurice MASSON13 points ▸
- General meeting, 28-12-2023
- Other provision, “société anonyme(SA), forme légale” (deed in French)
- Amendment of the articles
- Capital, €412,000
- General meeting, “assurer dépôt au dossier de la société, notaire soussigné” (deed in French)
- Director resignation, Maurice MASSON (director)
- Director resignation, OBJECTIF ACTION (director)
- Director discharge, Maurice MASSON
- Director discharge, OBJECTIF ACTION
- Other provision, 1, “nombre d'administrateurs” (deed in French)
- Director appointment, OBJECTIF ACTION (sole director)
- Permanent representative, Maurice MASSON
- The act holds 1 more point.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
3 activities
- La gestion du patrimoine immobilier constitué par les immeubles qu'elle pourrait acquérir,faire bâtir ou transformer.
- Toutes les opérations généralement quelconques se rapportant directement ou indirectement à son objet de nature à le favoriser
- S'intéresser à toutes entreprises ayant un objet similaire,analogue ou connexe au sien
Invoicing and payment
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21822R0223/00R004 | Brussels | 944 m² | 1 · 362 m² | 46.3 m · 14 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.