SERVAES SERVICES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-05-2026 PDF all 24 filings
Turnover
≈ €2.0m
Estimated: probably between €1.7m and €2.5m
Total assets
€709,634▼ 16.3%
2024 · €847,329
Net result
€10,374▲ 27.7%
2024 · €8,126
Working capital
€227,784▲ 6.1%
2024 · €214,731
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€29,091
▼ 11.5%
2025
20182025
Net result
€10,374
▲ 27.7%
2025
middle half of the sector
20182025
Equity
€361,633
▲ 3.0%
2025
middle half of the sector
20182025
Total assets
€709,634
▼ 16.3%
2025
middle half of the sector
20182025
Debt
€348,001
▼ 29.8%
2025
20182025
Working capital
€227,784
▲ 6.1%
2025
middle half of the sector
20182025
Solvency
51.0%
▲ 9.5pp
2025
middle half of the sector
20182025
Current ratio
1.68
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
1.5%
▲ 0.5pp
2025
middle half of the sector
20182025
Staff (FTE)
16.8
▼ 4.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.005m--€0.1m€0.03m€0.01m▼ 63.1%€0.01m▲ 55.2%-€0.02m€0.03m€0.03m▼ 11.5%
Net result-€0.009m--€0.1m▼ 996%€0.01mwithin the sector's middle half€0.004mbelow the sector's middle half▼ 62.2%€0.01mwithin the sector's middle half▲ 155%-€0.03mbelow the sector's middle half€0.008mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 27.7%
Equity€0.4m-€0.3m▼ 22.1%€0.4mwithin the sector's middle half▲ 3.0%€0.4mwithin the sector's middle half▲ 1.1%€0.4mwithin the sector's middle half▲ 2.8%€0.3mwithin the sector's middle half▼ 7.8%€0.4mwithin the sector's middle half▲ 2.4%€0.4mwithin the sector's middle half▲ 3.0%
Total assets€1.2m-€1.0m▼ 11.4%€0.8mwithin the sector's middle half▼ 17.1%€0.8mwithin the sector's middle half▼ 3.0%€0.9mwithin the sector's middle half▲ 8.7%€0.8mwithin the sector's middle half▼ 10.9%€0.8mwithin the sector's middle half▲ 6.2%€0.7mwithin the sector's middle half▼ 16.3%
Debt€0.7m-€0.7m▼ 4.7%€0.5m▼ 27.5%€0.5m▼ 5.9%€0.5m▲ 13.4%€0.5m▼ 13.1%€0.5m▲ 9.1%€0.3m▼ 29.8%
Working capital€0.3m-€0.2m▼ 44.3%€0.2mwithin the sector's middle half▼ 1.7%€0.2mwithin the sector's middle half▼ 13.7%€0.1mwithin the sector's middle half▼ 2.1%€0.2mwithin the sector's middle half▲ 16.6%€0.2mwithin the sector's middle half▲ 23.4%€0.2mwithin the sector's middle half▲ 6.1%
Solvency38.6%-34.0%▼ 4.6pp42.2%within the sector's middle half▲ 8.3pp44.0%within the sector's middle half▲ 1.8pp41.6%within the sector's middle half▼ 2.4pp43.0%within the sector's middle half▲ 1.4pp41.5%within the sector's middle half▼ 1.6pp51.0%within the sector's middle half▲ 9.5pp
Current ratio1.50-1.31▼ 0.191.43within the sector's middle half▲ 0.131.35within the sector's middle half▼ 0.091.30within the sector's middle half▼ 0.051.41within the sector's middle half▲ 0.111.46within the sector's middle half▲ 0.051.68within the sector's middle half▲ 0.22
Return on assets (ROA)-0.8%--9.6%▼ 8.9pp1.2%within the sector's middle half▲ 10.9pp0.5%below the sector's middle half▼ 0.8pp1.1%within the sector's middle half▲ 0.7pp-3.6%below the sector's middle half▼ 4.8pp1.0%within the sector's middle half▲ 4.6pp1.5%within the sector's middle half▲ 0.5pp
Staff (FTE)21.4-22▲ 2.8%19.6above the sector's middle half▼ 10.9%16.3within the sector's middle half▼ 16.8%15.9within the sector's middle half▼ 2.5%14.9within the sector's middle half▼ 6.3%17.5within the sector's middle half▲ 17.4%16.8within the sector's middle half▼ 4.0%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 11% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €709,634
Fixed assets
€146,979 ▼ 11.6%
Current assets
€562,655 ▼ 17.4%
Equity and liabilities €709,634
Equity
€361,633 ▲ 3.0%
Debt
€348,001 ▼ 29.8%
Debt's share of the balance-sheet total falls from 58.5% to 49.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€86,134▼
2024 · €94,522
Cash flow
€67,417▼
2024 · €69,783
Quick ratio
1.59▲
2024 · 1.40
Debt to equity
0.96▼
2024 · 1.41
ROE
2.9%▲
2024 · 2.3%
Interest coverage
19.23▲
2024 · 6.59
Debt ≤ 1 year
€334,871▼
2024 · €466,313
Debt > 1 year
€12,993▼
2024 · €29,757
Income taxes
€14,491▼
2024 · €16,100
Staff costs
€906,358▼
2024 · €957,018
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 | 16 | 16 | 16 | 19 | 17 |
| full-time | 16 | 16 | 16 | 16 | 15 |
| part-time | - | - | - | 3 | 2 |
| in full-time equivalents | 16 | 16 | 16 | 18.4 | 16.6 |
| Average over the year, in full-time equivalents | 16.3 | 15.9 | 14.9 | 17.5 | 16.8 |
| On a permanent contract | 16 | 14 | 14 | 16 | 16 |
| Joined | 1 | 3 | 3 | 3 | 2 |
| Left | 2 | 3 | 3 | 0 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €74,420 | €78,988 | €95,735 | €61,527 | €29,756 |
| Pledge on the business | €173,621 | €173,621 | €173,621 | €173,621 | €173,621 |
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 | €28,944 | €73,066 | €23,684 | €31,965 | €37,737 |
| Depreciation and write-downs of the year | €60,726 | €61,090 | €73,197 | €61,657 | €57,043 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,994 awarded · €2,642 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €812 | €627 |
| 2024 | 1 | €970 | €803 |
| 2023 | 1 | €478 | €478 |
| 2022 | 1 | €734 | €734 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.001m | - | €0.002m | €0.004m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.07m | €0.05m | €0.06m | €0.06m | €0.07m | €0.06m | €0.06m | ▼ 7.5% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 19.7% |
| Gross operating margin9900 | €1.2m | €1.0m | €0.8m | €0.8m | €0.9m | €0.9m | €1.1m | €1.0m | ▼ 6.1% |
| Operating profit (loss)9901 | €0.005m | -€0.1m | €0.03m | €0.01m | €0.01m | -€0.02m | €0.03m | €0.03m | ▼ 11.5% |
| Financial income75/76B | - | - | - | €0.002m | €0.002m | €0.005m | €0.006m | €254 | ▼ 95.6% |
| Recurring financial income75 | €0.007m | €0.008m | €0.002m | €0.002m | €0.002m | €0.005m | €0.006m | €254 | ▼ 95.6% |
| Financial charges65/66B | - | - | - | €0.006m | €0.006m | €0.01m | €0.01m | €0.004m | ▼ 68.8% |
| Recurring financial charges65 | €0.007m | €0.005m | €0.01m | €0.006m | €0.006m | €0.01m | €0.01m | €0.004m | ▼ 68.8% |
| Profit (loss) for the period before taxes9903 | €0.004m | -€0.1m | €0.02m | €0.005m | €0.01m | -€0.03m | €0.02m | €0.02m | ▲ 2.6% |
| Income taxes67/77 | €0.01m | €0.001m | €0.005m | €0.001m | €0.001m | €0.001m | €0.02m | €0.01m | ▼ 10.0% |
| Profit (loss) for the period9904 | -€0.009m | -€0.1m | €0.01m | €0.004m | €0.01m | -€0.03m | €0.008m | €0.01m | ▲ 27.7% |
| Profit (loss) for the period to be appropriated9905 | -€0.007m | -€0.1m | €0.05m | €0.004m | €0.01m | -€0.03m | €0.008m | €0.01m | ▲ 27.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.0m | €0.8m | €0.8m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 16.3% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 11.6% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 12.0% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.1m | €0.08m | €0.06m | €0.03m | ▼ 46.4% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.8% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €1.0m | €0.8m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 17.4% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.03m | €0.05m | €0.05m | €0.05m | €0.03m | €0.03m | = |
| Stocks30/36 | - | - | - | €0.05m | €0.05m | €0.05m | €0.03m | €0.03m | = |
| Amounts receivable within one year40/41 | €0.8m | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | €0.5m | ▲ 8.0% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.4m | €0.4m | €0.5m | ▲ 13.0% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.01m | €0.03m | €0.02m | €0.002m | ▼ 91.4% |
| Current investments50/53 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.03m | ▼ 83.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.04m | ▲ 60.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.0m | €0.8m | €0.8m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 16.3% |
| Equity10/15 | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | ▲ 3.0% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 4.0% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 4.0% |
| Profit (loss) carried forward14 | €0.008m | €0.01m | €0.004m | €0.008m | €0.02m | - | €0.001m | €0.002m | ▲ 29.7% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.3m | ▼ 29.8% |
| Amounts payable after more than one year17 | €0.06m | €0.09m | €0.08m | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 56.3% |
| Financial debts170/4 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 56.3% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.4m | €0.4m | €0.5m | €0.4m | €0.5m | €0.3m | ▼ 28.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.03m | €0.02m | €0.02m | ▼ 22.6% |
| Financial debts43 | - | - | - | €0.04m | €0.04m | €0.04m | €0.01m | - | - |
| Credit institutions430/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.01m | - | - |
| Trade debts44 | €0.5m | €0.4m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.09m | €0.09m | €0.2m | €0.1m | ▼ 27.9% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.04m | €0.02m | ▼ 51.3% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.07m | €0.07m | €0.1m | €0.09m | ▼ 19.6% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.05m | €0.08m | €0.1m | €0.04m | ▼ 66.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €137 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,988 | -€98,530 | €10,532 | €3,979 | €10,153 | -€28,988 | €8,126 | €10,374 | ▲ 27.7% |
| + Depreciation and write-downs630 | €57,733 | €68,211 | €50,929 | €60,726 | €61,090 | €73,197 | €61,657 | €57,043 | ▼ 7.5% |
| Operating cash flow (approximation) | €48,745 | -€30,319 | €61,461 | €64,705 | €71,243 | €44,209 | €69,783 | €67,417 | ▼ 3.4% |
| Investment in fixed assets (approximation) | - | -€138,711 | -€61,400 | -€28,944 | -€73,066 | -€23,684 | -€31,965 | -€37,737 | ▼ 18.1% |
| Change in cash | - | €47,485 | €16,900 | -€16,304 | €13,188 | €5,603 | €73,022 | -€167,076 | - |
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, 14,766 companies had the same profile as SERVAES SERVICES has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERVAES SERVICES itself: 0.5% 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 14,766 companies, not a prediction for SERVAES SERVICES. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-05-2026 | 2026-00126819 | |
| 31-12-2024 | abbreviated format | 11-08-2025 | 2025-00372196 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00269483 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00410551 | |
| 31-12-2021 | abbreviated format | 28-09-2022 | 2022-20441258 | |
| 31-12-2020 | abbreviated format | 08-10-2021 | 2021-71500022 | |
| 31-12-2019 | abbreviated format | 29-09-2020 | 2020-57000148 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-57600413 | |
| 31-12-2017 | abbreviated format | 25-07-2018 | 2018-38500136 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-13800572 |