SERVALEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 32 filings
Every figure per financial year
The operating result for 2025 is 24% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €123,171 | €5,600 |
| Depreciation and write-downs of the year | €26,682 | €34,016 | €25,110 | €44,268 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €691 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,252 | €27,312 | €27,144 | €26,682 | €34,016 | €25,110 | €44,268 | ▲ 76.3% |
| Other operating charges640/8 | - | - | - | €9,302 | €20,822 | €11,150 | €11,558 | ▲ 3.7% |
| Gross operating margin9900 | €43,783 | €42,393 | €58,413 | €61,712 | €118,633 | €82,572 | €91,087 | ▲ 10.3% |
| Operating profit (loss)9901 | €13,439 | €12,212 | €22,086 | €25,728 | €63,795 | €46,312 | €35,261 | ▼ 23.9% |
| Financial income75/76B | - | - | - | €10,487 | €3,025 | €70,886 | €17,046 | ▼ 76.0% |
| Recurring financial income75 | €14,479 | €5,737 | €6,837 | €10,487 | €3,025 | €70,886 | €16,895 | ▼ 76.2% |
| Non-recurring financial income76B | - | - | - | - | - | - | €151 | - |
| Financial charges65/66B | - | - | - | €12,244 | €17,846 | €20,341 | €22,076 | ▲ 8.5% |
| Recurring financial charges65 | €15,881 | €10,719 | €11,451 | €12,244 | €17,846 | €20,341 | €22,038 | ▲ 8.3% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €38 | - |
| Profit (loss) for the period before taxes9903 | €12,037 | €7,230 | €17,472 | €23,972 | €48,975 | €96,858 | €30,231 | ▼ 68.8% |
| Income taxes67/77 | €3,104 | €3,502 | €7,309 | €7,448 | €18,013 | €16,895 | €10,089 | ▼ 40.3% |
| Profit (loss) for the period9904 | €8,933 | €3,728 | €10,163 | €16,524 | €30,961 | €79,963 | €20,142 | ▼ 74.8% |
| Profit (loss) for the period to be appropriated9905 | €8,933 | €3,728 | €10,163 | €16,524 | €30,961 | €79,963 | €20,142 | ▼ 74.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | ▲ 0.8% |
| Fixed assets21/28 | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 5.9% |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | €340 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0 | €0.1m | €0.09m | ▼ 20.8% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 12.1% |
| Amounts receivable within one year40/41 | €0.004m | - | - | - | €0.003m | €0 | €0.001m | - |
| Trade receivables40 | - | - | - | - | €150 | €0 | - | - |
| Other amounts receivable41 | - | - | - | - | €0.003m | €0 | €0.001m | - |
| Current investments50/53 | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 2.8% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.07m | €0.06m | €0.06m | €0.01m | €0.05m | ▲ 271% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.004m | €0.005m | €0.005m | ▲ 14.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | ▲ 0.8% |
| Equity10/15 | €0.7m | €0.7m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 2.7% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 3.0% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.6m | €0.7m | €0.7m | ▲ 3.0% |
| Profit (loss) carried forward14 | -€0.008m | -€0.008m | -€0.008m | -€0.008m | -€0.008m | -€0.008m | -€0.008m | = |
| Amounts payable17/49 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 3.9% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 3.9% |
| Trade debts44 | €0.004m | €0.002m | €0.004m | €0.006m | €0.001m | €0.002m | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €0.006m | €0.001m | €0.002m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.01m | €0.02m | €0.01m | ▼ 48.9% |
| Taxes450/3 | - | - | - | €0.001m | €0.01m | €0.02m | €0.01m | ▼ 48.9% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 0.8% |
| Accrued charges and deferred income492/3 | - | - | - | €140 | €4 | €0.002m | €0.002m | ▲ 6.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,933 | €3,728 | €10,163 | €16,524 | €30,961 | €79,963 | €20,142 | ▼ 74.8% |
| + Depreciation and write-downs630 | €29,252 | €27,312 | €27,144 | €26,682 | €34,016 | €25,110 | €44,268 | ▲ 76.3% |
| Operating cash flow (approximation) | €38,185 | €31,040 | €37,307 | €43,206 | €64,977 | €105,073 | €64,410 | ▼ 38.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,857 | €0 | -€0 | -€123,170 | -€5,600 | ▲ 95.5% |
| Change in cash | - | €34,759 | -€91,082 | -€6,900 | -€1,971 | -€46,835 | €35,344 | - |
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 SERVALEC 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
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERVALEC itself: 0.1% 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 SERVALEC. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00374252 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00387877 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00322629 | |
| 30-06-2022 | micro format | 26-01-2023 | 2023-00015966 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02900389 | |
| 30-06-2020 | abbreviated format | 10-02-2021 | 2021-05100089 | |
| 30-06-2019 | micro format | 23-01-2020 | 2020-01900028 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01200300 | |
| 30-06-2017 | abbreviated format | 28-12-2017 | 2017-73100566 | |
| 30-06-2016 | abbreviated format | 29-12-2016 | 2016-71800286 |