SERULA
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 14-08-2026 at the NBB all 8 filings
Turnover
€8,000
EBIT margin
-55.3%
Net result
-€8,011▲ 51.8%
2025 · -€16,633
Working capital
€216,890▼ 3.6%
2025 · €224,901
Multi-year overview
2018 to 2026, 8 financial yearsTurnover
no figure
2026
20182026
Operating result
-€7,901
▲ 33.9%
2026
20182026
Net result
-€8,011
▲ 51.8%
2026
20182026
EBIT margin
no figure
2026
20182026
Equity
€216,890
▼ 3.6%
2026
20182026
Total assets
€244,959
▼ 3.0%
2026
20182026
Debt
€28,070
▲ 1.7%
2026
20182026
Working capital
€216,890
▼ 3.6%
2026
20182026
Solvency
88.5%
▼ 0.5pp
2026
20182026
Current ratio
8.73
▼ 0.42
2026
20182026
Return on assets (ROA)
-3.3%
▲ 3.3pp
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202120222023202420252026
Turnover€0.008m
Operating result€0.05m-€0.3m▲ 407%€0.04m--€0.004m-€0.04m▼ 850%-€0.02m▲ 42.8%-€0.01m▲ 50.2%-€0.008m▲ 33.9%
Net result-€423-€0.2m€0.004mwithin the sector's middle half--€0.01mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 283%-€0.03mbelow the sector's middle half▲ 36.9%-€0.02mbelow the sector's middle half▲ 42.1%-€0.008m▲ 51.8%
EBIT margin-55.3%
Equity€0.1m-€0.3m▲ 116%€0.3mwithin the sector's middle half-€0.3mwithin the sector's middle half▼ 3.6%€0.3mwithin the sector's middle half▼ 14.4%€0.2mwithin the sector's middle half▼ 10.6%€0.2mwithin the sector's middle half▼ 6.9%€0.2m▼ 3.6%
Total assets€1.4m-€1.1m▼ 17.1%€0.6mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 41.0%€0.3mwithin the sector's middle half▼ 10.0%€0.3mwithin the sector's middle half▼ 11.7%€0.3mwithin the sector's middle half▼ 8.7%€0.2m▼ 3.0%
Debt€1.2m-€0.8m▼ 33.7%€0.3m-€0.03m▼ 87.7%€0.04m▲ 33.3%€0.03m▼ 18.6%€0.03m▼ 21.0%€0.03m▲ 1.7%
Working capital€0.1m-€0.3m▲ 116%€0.3mwithin the sector's middle half-€0.3mwithin the sector's middle half▼ 4.3%€0.2mabove the sector's middle half▼ 16.6%€0.2mabove the sector's middle half▼ 12.5%€0.2mabove the sector's middle half▲ 12.1%€0.2m▼ 3.6%
Solvency11.0%-28.8%▲ 17.8pp55.6%within the sector's middle half-90.7%above the sector's middle half▲ 35.2pp86.3%above the sector's middle half▼ 4.4pp87.4%above the sector's middle half▲ 1.1pp89.1%above the sector's middle half▲ 1.7pp88.5%▼ 0.5pp
Current ratio1.12-1.40▲ 0.282.10within the sector's middle half-9.54above the sector's middle half▲ 7.446.35above the sector's middle half▼ 3.196.75above the sector's middle half▲ 0.409.15above the sector's middle half▲ 2.408.73▼ 0.42
Return on assets (ROA)0.0%-15.5%▲ 15.5pp0.7%within the sector's middle half--3.4%below the sector's middle half▼ 4.1pp-14.5%below the sector's middle half▼ 11.1pp-10.4%below the sector's middle half▲ 4.2pp-6.6%below the sector's middle half▲ 3.8pp-3.3%▲ 3.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €7,901, smaller than the loss of €11,959 in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Equity and liabilities €244,959
Equity
€216,890 ▼ 3.6%
Debt
€28,070 ▲ 1.7%
Debt's share of the balance-sheet total rises from 10.9% to 11.5%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.13▲
2025 · 0.12
ROE
-3.7%▲
2025 · -7.4%
Debt ≤ 1 year
€28,070▲
2025 · €27,599
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €8,000 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €10,036 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,586 | €655 | €821 | €1,496 | €465 | ▼ 68.9% |
| Gross operating margin9900 | €54,920 | €274,946 | €42,637 | -€1,837 | -€41,368 | -€23,204 | -€10,463 | -€7,436 | ▲ 28.9% |
| Operating profit (loss)9901 | €54,150 | €274,503 | €41,707 | -€4,424 | -€42,023 | -€24,025 | -€11,959 | -€7,901 | ▲ 33.9% |
| Financial income75/76B | - | - | - | €5 | €5 | €4 | - | €22 | - |
| Recurring financial income75 | €16 | €5,706 | €171 | €5 | €5 | €4 | - | €22 | - |
| Financial charges65/66B | - | - | - | €7,486 | €3,527 | €4,711 | €4,674 | €132 | ▼ 97.2% |
| Recurring financial charges65 | €54,590 | €33,087 | €35,626 | €7,486 | €3,527 | €4,711 | €4,674 | €132 | ▼ 97.2% |
| Profit (loss) for the period before taxes9903 | -€423 | €247,122 | €6,252 | -€11,905 | -€45,545 | -€28,732 | -€16,633 | -€8,011 | ▲ 51.8% |
| Income taxes67/77 | - | €73,100 | €2,135 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€423 | €174,022 | €4,117 | -€11,905 | -€45,545 | -€28,732 | -€16,633 | -€8,011 | ▲ 51.8% |
| Profit (loss) for the period to be appropriated9905 | -€423 | €174,022 | €4,117 | -€11,905 | -€45,545 | -€28,732 | -€16,633 | -€8,011 | ▲ 51.8% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.1m | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 3.0% |
| Fixed assets21/28 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | - | - | - |
| Tangible fixed assets22/27 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | - | - | - |
| Land and buildings22 | - | - | - | €0.04m | €0.04m | €0.04m | - | - | - |
| Current assets29/58 | €1.4m | €1.1m | €0.5m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 3.0% |
| Stocks and contracts in progress3 | €0.08m | €0.07m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.06m | €0.7m | €0.05m | €0.05m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 5.4% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Other amounts receivable41 | - | - | - | €0.006m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.5% |
| Cash at bank and in hand54/58 | €1.2m | €0.4m | €0.5m | €0.3m | €0.04m | €0.003m | €0.02m | €0.001m | ▼ 93.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.1m | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 3.0% |
| Equity10/15 | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 3.6% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€423 | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.07m | €0.07m | ▼ 10.7% |
| Amounts payable17/49 | €1.2m | €0.8m | €0.3m | €0.03m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 1.7% |
| Amounts payable within one year42/48 | €1.2m | €0.8m | €0.3m | €0.03m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 1.7% |
| Trade debts44 | €0.2m | €0.2m | €0.06m | €0.03m | €0.04m | €0.02m | €0.02m | €0.02m | ▲ 3.1% |
| Suppliers440/4 | - | - | - | €0.03m | €0.04m | €0.02m | €0.02m | €0.02m | ▲ 3.1% |
| Other amounts payable47/48 | - | - | - | - | - | €0.01m | €0.009m | €0.009m | ▼ 1.0% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€423 | €174,022 | €4,117 | -€11,905 | -€45,545 | -€28,732 | -€16,633 | -€8,011 | ▲ 51.8% |
| Operating cash flow (approximation) | -€423 | €174,022 | €4,117 | -€11,905 | -€45,545 | -€28,732 | -€16,633 | -€8,011 | ▲ 51.8% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | - | - | - |
| Change in cash | - | -€854,596 | - | -€232,831 | -€221,445 | -€36,926 | €18,538 | -€20,073 | - |
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, 3,440 companies had the same profile as SERULA has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SERULA itself is lower: 0.2% within 12 months. It rests on far more data about SERULA than the profile alone.
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 3,440 companies, not a prediction for SERULA. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | abbreviated format | 14-08-2026 | 2026-00397703 | |
| 30-06-2025 | micro format | 18-12-2025 | 2025-00584343 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00011507 | |
| 30-06-2023 | micro format | 21-01-2024 | 2024-00003895 | |
| 30-06-2022 | abbreviated format | 28-11-2022 | 2022-20526257 | |
| 30-06-2021 | abbreviated format | 16-12-2021 | 2021-80300372 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-47000267 | |
| 31-12-2018 | abbreviated format | 24-08-2019 | 2019-49800235 |