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SERVICES DEVELOPMENT MANAGEMENT

Active Public limited companyfounded 1994active for 32 yearsIJzerenwaag 12A, 2000 AntwerpKBO/BCE: BE 0452.691.377 subsidiary of CAP#2 company by total assets in the province of Antwerp, Advertising and market research sector
SERVICES DEVELOPMENT MANAGEMENT
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Overview

Lifetime

21 annual accounts with figures on one time axis, 33 filings since 1994
peak €333,385 (2008)
-€89,239▲ €20,557
lowest -€29.4m (2020)
-€2.8m▼ €25.8m
peak €144.7m (2019)
€118.1m▼ 2.3%
€14.7m▼ 34.2%
peak 0.5 FTE (2007)
0 FTE 
Board3 names since 2010
2 directorsChristiane Ivo and 1 other
Owners
  
Documentsfilings and deeds
27-10-20264 days before the deadline
2026financial year
Gross margin from -€109,796 to -€89,239Loss of €2.8m2 directors reappointed 06-11Debts from €22.4m to €14.7mCash from €246,574 to €3.6m

Key points

from the 2026 annual accounts

Sanctions list

Match

Name on a sanctions list. Check in the source whether it is this company.

Result

-€2.8m -€2.8m
€23m2025-€2.8m2026

From profit to loss in 2026, after a profit of €23.0m in 2025.

Liquidity

7.24 was 5.26 in 2025

Short-term debts fell from €22.2m to €14.7m.

Filings

33 annual accounts since 1994
deadline200020102020

Three of the last ten came late. The 2020 accounts came latest: 33 days after the end of the period.

Position in the sector

-€2.8m

Lower net result than 95% of companies in advertising and market research. Sector median €40,649 · 31 companies.

Checked score

94
Excellent
Financially stronger than 53% of all companies
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 27 companies (NACE 73, large).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.3% 01-2025: 0.3%● unchanged vs 12-2024 02-2025: 0.3%● unchanged vs 01-2025 03-2025: 0.3%● unchanged vs 02-2025 04-2025: 0.3%● unchanged vs 03-2025 05-2025: 0.3%● unchanged vs 04-2025 06-2025: 0.3%● unchanged vs 05-2025 07-2025: 0.3%● unchanged vs 06-2025 08-2025: 0.3%● unchanged vs 07-2025 09-2025: 0.3%● unchanged vs 08-2025 10-2025: 0.4%▲ +0.1 percentage points vs 09-2025highest value 11-2025: 0.2%▼ -0.2 percentage points vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.1%▼ -0.1 percentage points vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.1%● unchanged vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026 10-2026: < 0.1%▼ -0.1 percentage points vs 09-2026lowest value 11-2026: < 0.1%● unchanged vs 10-2026lowest value

Financial strength
Average

100=equity 88.9% of total assets
53+6short-term debt 11.1% · cash 2.7%
16-23return on assets -2.1%

Score breakdown

raises risk
Name on a sanctions list
Liquidity: current ratio 7.24, cash €3.6m
Loss of €2.8m (financial year 2026)
lowers risk
Size: total assets €132.9m
Founded in 1994
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 (all companies). It does better than 93% of them on solvency, 75% on liquidity, 14% on profitability and 29% on growth.

The bankruptcy probability was computed on 09-11-2026 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.

The probability rests on the annual accounts with balance sheet date 31-03-2026.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

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).

Comparable companies, two years later

In July 2024, 151 companies had the same profile as SERVICES DEVELOPMENT MANAGEMENT has now. Each dot is one company, two years later.

94.0%
were still trading
4.0%
stopped another way
1.3%
went bankrupt
  • Large
  • 20 years or older
  • solvency 30% or more
  • a small loss

Another 0.7% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of SERVICES DEVELOPMENT MANAGEMENT itself is lower: < 0.1% within 12 months. It rests on far more data about SERVICES DEVELOPMENT MANAGEMENT than the profile alone.

Test of the method

The method was tested on the 497,447 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 151 companies, not a prediction for SERVICES DEVELOPMENT MANAGEMENT. 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.

Credit verdict

Credit of up to €11,100,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 7.24 (5.26 in 2025), above the usual 1.5. Short-term debt is 11.1% and cash 2.7% of total assets. 11.1% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Size: total assets €132.9m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Liquidity: current ratio 7.24, cash €3.6m
NBB · annual accounts
raises risk · Loss of €2.8m (financial year 2026)
NBB · annual accounts
lowers risk · Founded in 1994
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 27-10-2026, 4 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2026
4 days early
2025
2 days early
2024
19 days late
2023
1 day early
2022
6 days early
2021
15 days late
2020
33 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 8 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 29 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-03-2027 year end31-10-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Name match with a sanctions list

1 entry
MURAD EN SONS DIAMONDSalias M.S.D.
OFAC SDN list (United States) · programme SDGT · exact name match (100%)

A matching name does not mean the company is on the list. Check the entry at the source.

Board and ownership

C
CAP
Managing director, Emiel Lathouwers
CI
Christiane Ivo
Director, since 10-05-2010
  • CAP 99.6%equity €69.0m (2025) · 30-09-2025 annual accounts of CAP

Shares in 8 companies, including Las Jacarandas Del Cielo Cinco - Lot #3 and Las Jacarandas Del Mar Tres - Lot #2

Board & ownership

Recent changes

2 directors reappointed Christiane Ivo and CAP (managing director) · Permanent representative: Emiel Lathouwers · Board meeting of 03-11-2026 · Gazette deed
Registered in the Peppol Directory Reachable for e-invoices through 0208:0452691377
Registered-office move · Amendment of the articles Gazette deed
1 director resigning Changes of role: CAP NV and Ivo Christiane · Resignation: Lathouwers Emiel (managing director) · Permanent representative: Lathouwers Emiel · General meeting of 20-10-2020 · Gazette deed
All 50 events

Comparable companies

same main activity, similar in size and age
Company
SERVICES DEVELOPMENT MANAGEMENT Antwerp €132.9m -€89,239 88.9% 0
FIWEP Woluwe-Saint-Lambert €187.2m -€111,161 80.0% -
PARCOFIN Gembloux €213.2m -€63,026 21.2% -
RODAPA BEHEER Brussels €66.5m -€41,410 92.3% -
SYNGULARITY Sint-Gillis (bij-Brussel) €45.9m -€32,676 83.9% -
SAN VITO Woluwe-Saint-Lambert €391.3m -€93,355 9.5% -
SOPURA INTERNATIONAL SERVICES Seneffe €88.7m - 88.7% 0.7

These companies have the same main activity as SERVICES DEVELOPMENT MANAGEMENT: market research and public opinion polling (NACE 73200). They are comparable in size and age: total assets between €46m and €391m, founded between 1988 and 1999.

Official details

Source: KBO
Status
Active since 05-05-1994Normal situation
Activity
Market research and public opinion pollingNACE 73200
Establishment unit
2.067.584.0012000 Antwerp, since 18-07-1994
Financial year end
31 March
Peppol
Reachable since 11-11-2025
Company details

Annual accounts to 31-03-2026

-€89,239▲ 18.7%
€2.8m
€118.1m▼ 2.3%
€132.9m▼ 7.3%
Filing
Filed on 27-10-2026, 4 days before the end of the filing period
Financials

Companies linked to SERVICES DEVELOPMENT MANAGEMENT

Insights on SERVICES DEVELOPMENT MANAGEMENT

SERVICES DEVELOPMENT MANAGEMENT has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €118.1m and a net result of -€2.8m.

Equity has been stable since 2019 (±2.9% per year). Its solvency ranks better than 86% of 31 sector peers (NACE 73, financial year 2026).

The computed 12-month bankruptcy probability is below 0.1% (very low).

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2026

full format, filed on 27-10-2026, 4 days before the deadline
-€89,239
▲ €20,557
-€646,589
▼ €374,730
-€2.8m
▼ €25.8m
€92.0m
▼ 2.8%
88.9%
▲ 4.5 percentage points
7.24
▲ 1.98

Turnover: not included in this filing.

In the rankings #2 company by total assets in the province of Antwerp, Advertising and market research sector#2 company by equity in the province of Antwerp, Advertising and market research sector

Balance sheet

balance sheet total €132.9m on 31-03-2026
What the company ownsHow it is paid for

in €m

in €m

Position in the sector

Compare with sector

88.9%

Higher than 84% of 846 companies in 2025.

7.24

Higher than 81% of 813 companies in 2025.

-2.1%

Higher than 86% of 837 companies in 2025.

SERVICES DEVELOPMENT MANAGEMENT Middle half of the sector 80% of the sector Full accounts in advertising and market research (NACE 73)

Staff

Staff costs divided by the average number of full-time equivalents.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend202620252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 132.9m143.3m122.9m122.3m117.8m118.4m115.7m145.1m129.1m158.0m124.7m128.5m119.7m118.4m118.9m117.4m115.9m113.8m115.6m11.1m9.3m
21/28 26.2m26.5m24.9m21.8m20.4m17.5m15.6m49.2m57.6m57.0m52.1m62.0m56.5m54.7m45.1m42.2m32.1m28.4m10.1m5.6m5.5m
22/27 70,27587,893105,511221,130133,984147,000171,500196,333221,6459596141,89920,99438,07556,00076,38033,44550,72055,14658,823-
24 70,27587,893105,511221,130133,984147,000171,500196,333221,6459596141,89920,99438,07556,00076,38033,44550,72055,14658,823-
28 26.1m26.4m24.8m21.6m20.3m17.4m15.4m49.0m57.4m57.0m52.1m62.0m56.4m54.7m45.0m42.2m32.1m28.3m10.0m5.5m5.5m
280/1 ------15.4m49.0m57.4m57.0m-----------
280 ------15.4m49.0m57.4m57.0m-----------
284/8 ----20.3m17.4m---------------
284 ----20.3m17.4m---------------
29/58 106.7m116.8m98.1m100.5m97.4m100.9m100.1m95.8m71.5m101.0m72.6m66.5m63.3m63.7m73.8m75.2m83.8m85.4m105.5m5.5m3.8m
29 22.9m27.2m23.7m23.2m120,000288,5141.7m4.2m2.5m2.5m2.9m3.5m6.8m3.4m1.4m1.3m1.1m625,000---
290 01.5m----1.7m4.2m2.5m2.5m2.9m3.5m6.8m3.4m1.4m1.3m1.1m625,000---
291 22.9m25.7m23.7m23.2m120,000288,514---------------
3 ----0----------------
40/41 5.9m4.3m1.6m373,32525.1m24.8m22.3m20.0m19.3m20.3m18.6m18.8m18.1m17.3m17.1m13.9m7.8m2.4m980,6381.8m399,541
40 01.2m-0153,754---10,00050,00050,000188375----82,321165,99817,675100,000
41 5.9m3.1m1.6m373,32524.9m24.8m22.3m20.0m19.3m20.2m18.6m18.8m18.1m17.3m17.1m13.9m7.8m2.3m814,6401.8m299,541
50/53 74.3m85.0m72.6m76.0m72.1m75.0m72.0m67.0m48.0m71.7m43.5m34.7m36.7m40.4m53.1m58.2m51.2m52.5m2.2m1.7m921,231
51/53 ----72.1m75.0m72.0m67.0m48.0m71.7m-----------
54/58 3.6m246,57488,785951,42463,964552,0653.6m4.3m1.3m6.2m7.0m9.1m1.1m2.4m1.8m1.6m23.5m29.8m102.1m2.0m2.5m
490/1 14,770128,20078,48617,96564,030307,843325,544308,904385,652330,492466,389437,387519,443301,137314,043332,844297,29728,967192,017--
Balance sheet: equity and liabilities
10/49 132.9m143.3m122.9m122.3m117.8m118.4m115.7m145.1m129.1m158.0m124.7m128.5m119.7m118.4m118.9m117.4m115.9m113.8m115.6m11.1m9.3m
10/15 118.1m120.9m117.9m115.9m115.7m115.6m115.4m144.7m128.8m126.9m122.7m113.3m116.9m114.4m115.1m116.5m115.0m112.9m110.4m6.4m4.9m
10/11 62,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
10 62,00062,00062,00062,00062,000----------------
100 62,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
13 118.1m120.0m115.0m115.0m100.0m100.0m100.0m121.5m121.5m121.5m121.5m112.5m114.0m114.0m115.0m115.0m110.0m110.0m110.0m6.0m4.7m
130/1 6,2006,2006,2006,2006,2006,200---------------
130 6,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,200
133 118.1m120.0m115.0m115.0m100.0m100.0m100.0m121.5m121.5m121.5m121.5m112.5m114.0m114.0m115.0m115.0m110.0m110.0m110.0m6.0m4.7m
14 0817,1412.9m863,56415.7m15.6m15.3m23.2m7.2m5.3m1.2m777,9102.8m315,092-2,4351.4m4.9m2.8m303,793299,488121,502
17/49 14.7m22.4m5.0m6.4m2.1m2.8m296,246309,866355,08431.1m1.9m15.2m2.8m4.0m3.8m929,602958,559858,2095.2m4.7m4.4m
17 0201,060201,060201,060201,060201,060201,060201,060201,060904,7701.8m2.6m2.7m3.8m2.9m------
178/9 0201,060201,060201,060201,060201,060201,060201,060201,060904,7701.8m2.6m2.7m3.8m2.9m------
42/48 14.7m22.2m4.8m6.2m1.9m2.6m94,323106,147154,02430.2m124,20812.6m106,096183,024851,457924,980955,038854,3045.2m4.7m4.4m
43 0475,3812003324,809----------80,00080,00080,00080,000-
430/8 0475,3812003324,809----------80,00080,00080,00080,000-
44 13,745107,13417,61380,75362,56813,2629,32347,54270,7755,7564,7343,08417910,9055,48382,4488,484160,8361.1m2,731-
440/4 13,745107,13417,61380,75362,56813,2629,32347,54270,7755,7564,7343,08417910,9055,48382,4488,484160,8361.1m2,731-
45 ------85,000-3,33363,2908,3019,3015,6073,2114,4918,3676,35316,209373,12552,30354,179
450/3 ------85,000--60,0005,0006,000155-3295,3383,3338,194369,81250,65854,179
454/9 --------3,3333,2903,3013,3015,4523,2114,1623,0293,0208,0153,3131,645-
47/48 14.7m22.1m4.8m6.1m1.8m2.5m-58,60579,91730.1m111,17312.6m100,309168,908841,483834,165860,201597,2593.7m4.6m4.4m
492/3 ----06018632,658---2,9983,2533,2864,4484,6223,5213,905363387-
Income statement
70/76A ----40,48230,93233,33242,81659,6529,896-----------
74 ----40,482----------------
9900 -89,239-109,796-206,762-53,650-------81,15973,41413,935-1.6m-130,093-150,329-434,238272,097333,385179,286282,323
60/66A ----271,925125,367131,757226,550147,937120,646-----------
61 ----84,67965,28577,952138,00882,85693,520-----------
62 ------2,68112,68823,31222,87822,60022,29822,00522,70222,40121,81921,01221,8445,30313,109-
630 17,61817,61817,61825,38424,50024,50024,83325,31225,3121,0931,28519,09519,09520,99420,38020,38017,27617,2763,67614,706-
640/8 94,020144,445187,580167,963162,74635,58226,29150,54216,4573,1553,3281,0103,2283,8423,05954,7032,5232,3791,3388,913235
66A 445,712-----42.1m------512,0233.2m------
9901 -646,589-271,859-411,960-246,997-231,443-94,434-98,424-183,735-88,284-110,751-108,37231,012-30,393-1.6m-175,934-247,230-475,049230,598323,067142,558282,088
75/76B 3.3m23.6m2.4m7.1m2.4m3.2m12.8m22.6m3.1m34.4m11.0m9.0m2.5m1.6m2.8m2.0m3.2m4.6m105.2m1.7m1.6m
75 3.3m23.6m2.4m7.1m2.4m3.2m12.8m22.6m3.1m34.4m11.0m9.0m2.5m1.6m2.8m2.0m3.2m4.6m105.2m1.7m1.6m
750 ----293,7391.8m11.7m21.8m497,355650,029-----------
751 ----1.3m1.3m--10,000------------
752/9 ----775,113158,5311.0m785,4642.6m33.8m-----------
65/66B 5.4m238,906-32,846435,80965,071167,54441.7m6.5m1.1m29,0151.5m29,959-17,581180,931906,103202,847654,7292.4m1.1m294,434283,388
65 4.5m238,906-32,846435,80965,071167,544-432,1216.5m1.1m29,0151.5m29,959-17,581180,931906,103202,847654,7292.4m1.1m294,434283,388
650 ----210463--8,21814,918-----------
651 -------553,5031,84812,925------------
652/9 ----64,861167,081121,3816.5m1.1m14,097-----------
66B 989,854-----42.1m--------------
9903 -2.8m23.1m2.0m6.4m2.1m3.0m-29.0m16.0m1.9m34.3m9.5m9.0m2.5m-682,473-1.4m1.5m2.1m2.5m104.5m1.5m1.6m
67/77 2,20664,65211,055162,202205,077188,066362,8074,09510,442127,47352,96516,649------9,421453,47432,77959,391
670/3 ----206,839188,689363,2304,84710,442129,153-----------
77 ----1,763622423751-1,680-----------
9904 -2.8m23.0m2.0m6.2m1.9m2.8m-29.4m16.0m1.9m34.2m9.4m8.9m2.5m-682,473-1.4m1.5m2.1m2.5m104.0m1.5m1.6m
9905 -2.8m23.0m2.0m6.2m1.9m2.8m-29.4m16.0m1.9m34.2m9.4m8.9m2.5m-682,473-1.4m1.5m2.1m2.5m104.0m1.5m1.6m
Appropriation of the result
9906 -1.9m25.9m2.9m21.9m17.5m18.1m-6.2m23.2m7.2m35.3m10.2m11.8m2.8m-684,908-2,4356.4m4.9m2.8m104.3m1.6m1.6m
14P 817,1412.9m863,56415.7m15.6m----------------
791/2 1.9m-----21.5m----12.5m-1.0m-------
792 ------21.5m--------------
691/2 05.0m015.0m------9.0m11.0m---5.0m--104.0m1.3m1.5m
6921 05.0m015.0m------9.0m11.0m---5.0m--104.0m1.3m1.5m
694/7 020.1m06.0m1.8m2.5m---30.0m-12.5m---------
694 020.1m06.0m1.8m2.5m---30.0m-12.5m---------
Social balance sheet
9087 0------0.30.50.50.50.50.50.50.50.50.50.50.50.5-
Women (FTE)1003 -------0.30.50.5-----------
Hours worked1013 -------5001,0081,0121,0121,0081,0081,0161,0121,0161,0121,012225548-
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 12 older financial years (1994-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2026 at the NBB, filed on 27-10-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-03-2026 full format 27-10-2026 2026-00568938 PDF
31-03-2025 abbreviated format 29-10-2025 2025-00551772 PDF
31-03-2024 abbreviated format 19-11-2024 2024-00602822 PDF
31-03-2023 abbreviated format 30-10-2023 2023-00500537 PDF
31-03-2022 full format 25-10-2022 2022-20483082 PDF
31-03-2021 full format 15-11-2021 2021-77200387 PDF
31-03-2020 full format 03-12-2020 2020-74300033 PDF
31-03-2019 full format 28-10-2019 2019-71600056 PDF
31-03-2018 full format 22-10-2018 2018-69700271 PDF
31-03-2017 full format 30-10-2017 2017-68200209 PDF
31-03-2016 abbreviated format 09-11-2016 2016-67700245 PDF
31-03-2015 abbreviated format 30-09-2015 2015-63800092 PDF
31-03-2014 abbreviated format 03-10-2014 2014-63900139 PDF
31-03-2013 abbreviated format 23-10-2013 2013-63600577 PDF
31-03-2012 abbreviated format 24-10-2012 2012-61500593 PDF
31-03-2011 abbreviated format 04-11-2011 2011-59900264 PDF
31-03-2010 abbreviated format 13-10-2010 2010-57900570 PDF
31-03-2009 abbreviated format 27-10-2009 2009-82800048 PDF
31-03-2008 abbreviated format 04-11-2008 2008-81000112 PDF
31-12-2007 abbreviated format 24-06-2008 2008-28600356 PDF
31-12-2006 abbreviated format 16-07-2007 2007-42300041 PDF
31-12-2005 abbreviated format 31-08-2006 2006-76602543 PDF
31-12-2004 abbreviated format 28-07-2005 2005-59302277 PDF
31-12-2003 abbreviated format 20-07-2004 2004-49500736 PDF
31-12-2002 abbreviated format 24-09-2003 2003-69105076 PDF
31-12-2001 abbreviated format 03-09-2002 2002-53600440 PDF
31-12-2000 abbreviated format 08-11-2001 2001-69102724 PDF
31-12-1999 abbreviated format 30-08-2000 2000-53801601 PDF
31-12-1998 abbreviated format 25-08-1999 1999-42601932 PDF
31-12-1997 abbreviated format 14-10-1998 1998-53200744 PDF
31-12-1996 abbreviated format 23-06-1997 1997-19203529 PDF
31-12-1995 abbreviated format 18-07-1996 1996-35401347 PDF
31-12-1994 abbreviated format 29-06-1995 1995-30901434 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend202620252024202320222021202020192018201720162015201420132012201120102009200820072006
-628,971-254,241-394,342-221,613-206,943-69,934-73,591-158,423-62,972-109,657-107,08850,107-11,298-1.6m-155,554-226,850-457,773247,873326,743157,263-
-2.7m23.1m2.0m6.2m1.9m2.8m-29.3m16.0m1.9m34.2m9.4m9.0m2.5m-661,479-1.4m1.5m2.1m2.5m104.0m1.5m-
1.3m1.6m3.4m2.1m4.8m1.9m8.7m385,8102.4m26.4m4.7m7.8m1.8m9.6m6.0m10.2m3.8m18.3m10.0m73,528-
3.3m157,789-862,640887,461-488,101-3.1m-705,6183.0m-4.9m-773,751-2.1m8.0m-1.3m568,368240,294-21.9m-6.4m-72.3m100.1m-419,438-
92.0m94.6m93.3m94.3m95.5m98.4m100.0m95.7m71.4m70.8m72.4m53.9m63.1m63.5m72.9m74.3m82.9m84.5m100.3m797,385-622,166
88.9%84.4%95.9%94.8%98.2%97.7%99.7%99.8%99.7%80.3%98.4%88.2%97.7%96.6%96.8%99.2%99.2%99.2%95.5%57.4%52.6%
7.245.2620.3816.2451.8539.44---3.35-5.28--86.6581.2987.7899.9520.201.170.86
0.120.190.040.060.020.020.000.000.000.240.020.130.020.040.030.010.010.010.050.740.90
-2.3%19.1%1.7%5.4%1.6%2.4%-25.5%11.0%1.5%26.9%7.7%7.9%2.1%-0.6%-1.2%1.3%1.8%2.2%94.2%23.2%32.0%
-2.1%16.1%1.6%5.1%1.6%2.3%-25.4%11.0%1.5%21.6%7.5%7.0%2.1%-0.6%-1.2%1.3%1.8%2.2%90.0%13.3%16.8%
-0.14-1.0612.01-0.51-987.04-151.14---7.66-7.35-----------
----270 days74 days44 days126 days312 days22 days-----------

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Securities and guarantees

on own assets and for others
Item31-03-202631-03-202531-03-202431-03-202331-03-2022
Pledge on other assets, amount secured€38.4m----
Carrying value of the other pledged assets€54.6m----

Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item31-03-202631-03-202531-03-202431-03-202331-03-2022
Tangible fixed assets---€122,663€11,484
Financial fixed assets€1.3m€1.6m€3.4m€2.0m€4.7m
€17,618€17,618€17,618€25,384€24,500

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Insights on SERVICES DEVELOPMENT MANAGEMENT

The operating result for 2026 is a loss of €646,589, larger than the loss of €271,859 in 2025. It is the lowest result since 2013.

Debt's share of the balance-sheet total falls from 15.6% to 11.1%. Equity and debt are lower.

Large changes and their cause
  • 2023 Net result +230% on 2022. The accounts now follow the abbreviated format, last year the full format.

Board & ownership

Board

2 directors, 1 in day-to-day management, last change in October 2026
Christiane Ivo
Director
since 10-05-2010 6-year term from 2026
earlier managing director, until 20-10-2020
listed in the 2026 annual accounts, filed on 27-10-2026
CAP NV
Director and managing director, permanent representative Emiel Lathouwers
director since 20-10-2020 managing director in office according to the deed of 06-11-2026 6-year term from 2026
listed in the 2026 annual accounts, filed on 27-10-2026
CAP
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“De raad van bestuur en de gedelegeerden tot het dagelijks bestuur, deze laatsten binnen de grenzen van dit bestuur, mogen bijzondere machten…”
deed of 17-01-2024
Permanent representatives 1
Emiel Lathouwers
Permanent representative, for CAP
appointed by deed of 09-12-2020

Office holders in the KBO →

Mandates through the years

3 names, the dashed line is today
Christiane Ivo
Director
CAP
Director, Managing director
Emiel Lathouwers
Managing director
LeadershipBoardEarlierRest of the termmandate already running before its first mention
Mandates as a list
  • Christiane Ivo
    • Director, from 10-05-2010 to date
    • Managing director, until 20-10-2020
  • CAP
    • Director, from 20-10-2020 to date
    • Managing director, until 20-10-2020
    • Managing director, since before 27-10-2026
  • Emiel Lathouwers
    • Managing director, until 20-10-2020
    • Managing director, until 20-10-2020

See the board, name and registered office on a given date →

Control

Parent
CAP
Equity €69.0m
Profit €23.7m in 2025 (profit €282,518 in 2024)
Source: accounts CAP 30-09-2025
99.6%
This company
SERVICES DEVELOPMENT MANAGEMENT
Equity €118.1m
Loss €2.8m in 2026

Capital

Capital
€62,000
Shares
1,250
Contribution per share
€49.60
Equity per share
€94,505 in 2026
Source
deed of 17-01-2024

Owners through the years

as the annual accounts name them
CAP
99.6%
99.6%
Owners as a list

Source: lists of holdings in the owners' accounts

Articles of association

deed of 17-01-2024 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 3 directors
Term of at most 6 years
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“bestuurder die alleen optreedt of, binnen hun bevoegdheidssfeer, door de personen belast met het dagelijks bestuur of door een door de raad…”
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Algemene vergadering bepaalt wijze vereffening overeenkomstig wettelijke bepalingen, na aanzuivering alle schulden,lasten en kosten of…”

Network & group

Holdings

own accounts to 31-03-2026, the bar shows equity in euros
This companySERVICES DEVELOPMENT MANAGEMENT8 holdings, 3 countries accounts to 31-03-2026

Belgium 4 Year Equity Result

Europe 1 Year Equity Result

  • GB TDCM UK23.97% 2025-GBP 59,844 result GBP 57,326 (2025)

North America 3 Year Equity Result

  • CR Las Jacarandas Del Cielo Cinco - Lot #341.4% 2026CRC 525.7m result -CRC 3.5m (2026)
  • CR Las Jacarandas Del Mar Tres - Lot #241.4% 2026CRC 728.8m result -CRC 4.1m (2026)
  • CR Las Jacarandas Del Sol Cuatro - Lot #341.4% 2026CRC 675.1m result -CRC 3.3m (2026)

Source: list of holdings in its own 31-03-2026 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

Part of the group CAP Group, risk and exposure

Parent

CAP
0458.688.056 · 99.6% of the shares · equity €69.0m · profit €23.7m (2025)

At the same address

IJzerenwaag 12A, 2000 Antwerp · 6 other companies
CAP
registered office since 27-08-1996 · founded in 1996
 total assets €73.1m (2025)
0458.688.056
KRABBENDIJKE
registered office since 28-12-1982 · founded in 1982 · group CAP
 total assets €67.8m (2025)
0423.656.507
NIEUWE EIGEN WONING
registered office since 09-10-2018 · founded in 2018 · group CAP
 total assets €10.2m (2025)
0707.952.916
The Roastery
registered office since 01-01-1968 · founded in 1968 · group CAP
 total assets €1.9m (2025)
0404.837.913
ATMOSPHERE
registered office since 20-03-1996 · founded in 1996 · group CAP
 total assets €840,987 (2025)
0457.530.192
ODARE
registered office since 04-07-2024 · founded in 2024
 total assets €54,180 (2025)
1011.191.544

Holdings and subsidiaries

8 holdings

Holdings 8

Share, source and own figures per holding (8)

Source for every holding own accounts 31-03-2026

  • Las Jacarandas Del Cielo Cinco - Lot #3CR
    Equity CRC 525.7mResult -CRC 3.5m
    41.4%
  • Las Jacarandas Del Mar Tres - Lot #2CR
    Equity CRC 728.8mResult -CRC 4.1m
    41.4%
  • Las Jacarandas Del Sol Cuatro - Lot #3CR
    Equity CRC 675.1mResult -CRC 3.3m
    41.4%
  • FREESPACE
    Equity €9.1m Loss of €12,258 in 2025 (loss of €10,954 in 2024) Checked score 68
    25%+ 0% via subsidiaries
  • TDCM UKGB
    Equity -GBP 59,844Result GBP 57,326
    23.97%
  • Family on Tour
    Equity -€63,538 Profit of €38,583 in 2024 (loss of €6,738 in 2023) Checked score 56
    15%+ 0% via subsidiaries
  • DUINENWATER GROUP
    Equity €906,343 Loss of €101,276 in 2025 (loss of €165,785 in 2024) Checked score 94
    10.78%
  • VENDIS CAPITAL
    Equity €6.1m Loss of €13,176 in 2025 (loss of €19,258 in 2024) Checked score 24
    10.02%+ 0% via subsidiaries
Holdings through the years 2006 to 2026
Holdings through the years
Name200620072008200920102011201220132014201520162017201820192020202120222023202420252026
Las Jacarandas Del Cielo Cinco - Lot #3CR 41.4%
Las Jacarandas Del Mar Tres - Lot #2CR 41.4%
Las Jacarandas Del Sol Cuatro - Lot #3CR 41.4%
FREESPACE 25%
TDCM UKGB 23.97%23.32%23.97%
Family on Tour 15%
DUINENWATER GROUP 12.5%10%10.78%
VENDIS CAPITAL 13.5%10.02%
Las Jacarandas Del Ciento (Lot #25)CR 41.4%
Las Jacarandas Del Mar Tres LTDA (Lot #2)CR 41.4%
DGD LP II 11.03%
3NG 22.21%
PQ LICENSING 15%16.01%16.27%15.51%16.35%8.86%9.45%9.75%10.39%
LAS JACARANDAS DE TAMARINDOCR 3%22.4%23.71%
3-102-688456 SRLCR 33.33%
Droia GD LP 17.2%
DROIA INVESTLU 4.15%
Vendis Capital III 1.43%1.63%
DF II LP listed
Toast Holdings, Inc.US listed
DROIA INVEST reg. B182.546LU 4.72%4.15%
PURE ONE HUNDRED PERCENT LIMITADACR 100%
FNG GROUP 17.49%17.18%14.6%13.66%
LION ADVENTURE COOPERATIEF U.A.NL 12.11%17.23%9.99%
ULTRA MOTORS LTDUS 22.2%
Retail Concepts 50%
A.S. ADVENTURE BELGIUM 0.02%

Source: list of holdings in its own accounts

Connections & network

2 current directors
Depth

The network lets you explore the ties of SERVICES DEVELOPMENT MANAGEMENT.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

50 events since 1994

Deadline for the 2027 accounts: 31-10-2027

2026
2 directors reappointedChristiane Ivo and CAP (managing director) · Permanent representative: Emiel Lathouwers · Board meeting of 03-11-20266 points ▸
  • General meeting, 27-10-2026
  • Director reappointment, Christiane Ivo
  • Director reappointment, CAP
  • Permanent representative, Emiel Lathouwers, mentioned twice in the deed
  • Board meeting, 03-11-2026
  • Director reappointment, CAP (managing director)

Open the deed in the Belgian Official Gazette

Annual accounts 2026 filed NBBfull format · 4 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0452691377
Annual accounts 2025 filed PDFabbreviated format · 2 days before the deadline
2024
Annual accounts 2024 filed PDFabbreviated format · 19 days late
Registered-office move · Amendment of the articles1 point ▸
  • Capital, €62,000, 1,250 shares
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

2023
Annual accounts 2023 filed PDFabbreviated format · 1 day before the deadline
2022
Annual accounts 2022 filed PDFfull format · 6 days before the deadline
2021
Annual accounts 2021 filed PDFfull format · 15 days late
Back to profit net €2.8m The net result is €2.8m, after one loss-making year.
2020
1 director resigningChanges of role: CAP NV and Ivo Christiane · Resignation: Lathouwers Emiel (managing director) · Permanent representative: Lathouwers Emiel · General meeting of 20-10-202010 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2020 filed PDFfull format · 33 days late
Weakest financial year net -€29.4m The net result drops to -€29.4m, the lowest from 2006 to 2026. It recovers the following year.
2019
Annual accounts 2019 filed PDFfull format · 3 days before the deadline
2018
Annual accounts 2018 filed PDFfull format · 9 days before the deadline
Liquidity more than 138 times current ratio 464.34 The current ratio rises from 3.35 to 464.34. Short-term debt falls from €30.2m to €154,024.
2017
Annual accounts 2017 filed PDFfull format · 1 day before the deadline
2016
Annual accounts 2016 filed PDFabbreviated format · 9 days late
Liquidity more than 110 times current ratio 584.19 The current ratio rises from 5.28 to 584.19. Short-term debt falls from €12.6m to €124,208.
2015
Annual accounts 2015 filed PDFabbreviated format · 31 days before the deadline
2014
Annual accounts 2014 filed PDFabbreviated format · 28 days before the deadline
Back to profit net €2.5m The net result is €2.5m, after 2 loss-making years.
2013
Annual accounts 2013 filed PDFabbreviated format · 8 days before the deadline
Liquidity quadruples current ratio 348.00 The current ratio rises from 86.65 to 348.00. Short-term debt falls from €851,457 to €183,024.
2012
Annual accounts 2012 filed PDFabbreviated format · 7 days before the deadline
2011
Annual accounts 2011 filed PDFabbreviated format · 4 days late
2010
Annual accounts 2010 filed PDFabbreviated format · 18 days before the deadline
2009
Annual accounts 2009 filed PDFabbreviated format · 4 days before the deadline
Liquidity more than quadruples current ratio 99.95 The current ratio rises from 20.20 to 99.95. Short-term debt falls from €5.2m to €854,304.
2008
Annual accounts 2008 filed PDFabbreviated format · 4 days late
Annual accounts 2007 filed PDFabbreviated format · 37 days before the deadline
Highest result from 2006 to 2026 net €104.0m ▲6,937% The operating result of €323,067 and the net result of €104.0m are both a record.
Liquidity more than 17 times current ratio 20.20 The current ratio rises from 1.17 to 20.20.
Equity above €100m equity €110.4m ▲1,633% With a profit in every financial year since 2006, equity grows to €110.4m.
2007
Equity above €5m equity €6.4m ▲30.2% With a profit in every financial year since 2006, equity grows to €6.4m.
Annual accounts 2006 filed PDFabbreviated format · 15 days before the deadline
2006
Annual accounts 2005 filed PDFabbreviated format
2005
Annual accounts 2004 filed PDFabbreviated format
2004
Annual accounts 2003 filed PDFabbreviated format
2003
Annual accounts 2002 filed PDFabbreviated format
2002
Annual accounts 2001 filed PDFabbreviated format
2001
Annual accounts 2000 filed PDFabbreviated format
2000
Annual accounts 1999 filed PDFabbreviated format
1999
Annual accounts 1998 filed PDFabbreviated format
1998
Annual accounts 1997 filed PDFabbreviated format
1997
Annual accounts 1996 filed PDFabbreviated format
1996
Annual accounts 1995 filed PDFabbreviated format
1995
Annual accounts 1994 filed PDFabbreviated format
1994
First establishment S.D.M., IJzerenwaag 12A, Antwerp
Incorporation published on 08-06-1994

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 5 May 1994, SERVICES DEVELOPMENT MANAGEMENT was incorporated.1 Total assets went from €145.1m in 2019 to €132.9m in 2026.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2019 and 2026

Company details

Identity

Enterprise number
0452.691.377
VAT number
BE 0452.691.377
Peppol ID
0208:0452691377
Other Peppol ID
9925:BE0452691377
LEI code
254900NC592F7QXMNK66 no longer live in the LEI register
Legal form
Public limited company
Status
Active, normal situation
Founded
05-05-1994
Financial year
ends on 31 March
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“bestuurder die alleen optreedt of, binnen hun bevoegdheidssfeer, door de personen belast met het dagelijks bestuur of door een door de raad…”
deed of 17-01-2024 (in Dutch)
Peppol
Reachable since 11-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
SERVICES DEVELOPMENT MANAGEMENT in Dutch
Abbreviation
S.D.M. in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 17-01-2024 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 17-01-2024 (in Dutch)

Activities

NACEBEL 2025
73200 Market research and public opinion polling main activity
Codes under NACEBEL 2008
73200 Advertising, market research and public relations activities main activity
Codes under NACEBEL 2003
74131 main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het verlenen van diensten en adviezen aan personen en bedrijven, in het bijzonder met betrekking tot het bedrijfsbeheer en al wat daarmee…”
10 activities
  1. Het verlenen van diensten en adviezen aan personen en bedrijven, in het bijzonder met betrekking tot het bedrijfsbeheer en al wat daarmee rechtstreeks of onrechtstreeks verband houdt
  2. Het beheer van onroerend vermogen in de ruimst mogelijke zin, zoals, de aan- en verkoop, de huur, verhuring en verkaveling van alle onroerende goederen, het bouwen, verbouwen en verpachten ervan en al wat daarmede rechtstreeks of onrechtstreeks verband houdt
  3. Het beheer van roerend vermogen in de ruimst mogelijke zin
  4. Het optreden als tussenhandelaar en makelaar van goederen
  5. Het leggen van contacten tussen fabrikanten en handelaars in het binnen- en buitenland
  6. De groot- en kleinhandel, de in- en uitvoerhandel in "doe-het-zelf"-artikelen, tuinartikelen, vrijetijdsartikelen en aanverwante goederen
  7. Het voeren van publiciteit en de dienstverlening in de ruimste zin van het woord aan bedrijven, ondernemingen en particulieren inzake aankoopbeleid, verkoopbeleid, publiciteit, administratieve organisatie en juridisch advies
  8. Het vervullen van bestuursmandaten in andere ondernemingen
  9. Het opzetten en aangaan van samenwerkingsovereenkomsten, zoals in het kader van "franchising-overeenkomst" en dit in de sector van "vrijetijdsartikelen" en aanverwante goederen
  10. Activiteiten in verband met research- en marktonderzoek en productontwikkeling en dit voornamelijk met betrekking tot de markt van de vrijetijdsartikelen
deed of 17-01-2024 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
S.D.M. registered office IJzerenwaag 12A, 2000 Antwerp 46496 Wholesale trade 18-07-1994 2.067.584.001

Buildings and parcels at the address

Ground area
375 m²
Buildings
39 m²
Volume, LiDAR
503 m³
Tallest building
16.7 m
Buildings to scale, each on its own parcel
39 m², 16.7 m 39 m², 16.7 m

Location

registered office establishment The establishment unit on the map
7 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
11804D0838/00R000375 m² 1 · 39 m² 16.7 m · 5

Contact

Phone +32 486 03 14 71 establishment in Antwerpen

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