SERVIMED
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 26 filings
Turnover
≈ €300,000
Estimated: probably between €130,000 and €780,000
EBIT margin
Not included in this filing
Net result
€27,451▲ 105%
2024 · €13,367
Working capital
€199,543▲ 16.5%
2024 · €171,255
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€34,827
▲ 91.1%
2025
20182025
Net result
€27,451
▲ 105%
2025
middle half of the sector
20182025
Equity
€222,695
▲ 5.9%
2025
middle half of the sector
20182025
Total assets
€255,690
▼ 4.4%
2025
lowest quarter of the sector
20182025
Debt
€32,996
▼ 42.3%
2025
20182025
Working capital
€199,543
▲ 16.5%
2025
middle half of the sector
20182025
Solvency
87.1%
▲ 8.5pp
2025
highest quarter of the sector
20182025
Current ratio
7.19
▲ 3.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.7%
▲ 5.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9-€10,978▲ 1,292×€30,653▲ 179%€30,718▲ 0.2%€69,034▲ 125%€16,841▼ 75.6%€18,224▲ 8.2%€34,827▲ 91.1%
Net result-€1,749-€7,440€19,302within the sector's middle half▲ 159%€1,394below the sector's middle half▼ 92.8%€49,721within the sector's middle half▲ 36×€11,738within the sector's middle half▼ 76.4%€13,367within the sector's middle half▲ 13.9%€27,451within the sector's middle half▲ 105%
Equity€183,282-€166,722▼ 9.0%€186,025within the sector's middle half▲ 11.6%€187,418below the sector's middle half▲ 0.7%€237,139below the sector's middle half▲ 26.5%€228,877below the sector's middle half▼ 3.5%€210,244below the sector's middle half▼ 8.1%€222,695within the sector's middle half▲ 5.9%
Total assets€233,234-€239,298▲ 2.6%€241,083below the sector's middle half▲ 0.7%€262,867below the sector's middle half▲ 9.0%€290,111below the sector's middle half▲ 10.4%€294,188below the sector's middle half▲ 1.4%€267,419below the sector's middle half▼ 9.1%€255,690below the sector's middle half▼ 4.4%
Debt€49,952-€72,575▲ 45.3%€55,058▼ 24.1%€75,449▲ 37.0%€52,972▼ 29.8%€65,311▲ 23.3%€57,174▼ 12.5%€32,996▼ 42.3%
Working capital€166,657-€153,665▼ 7.8%€174,929within the sector's middle half▲ 13.8%€119,693within the sector's middle half▼ 31.6%€176,139within the sector's middle half▲ 47.2%€170,116within the sector's middle half▼ 3.4%€171,255within the sector's middle half▲ 0.7%€199,543within the sector's middle half▲ 16.5%
Solvency78.6%-69.7%▼ 8.9pp77.2%above the sector's middle half▲ 7.5pp71.3%above the sector's middle half▼ 5.9pp81.7%above the sector's middle half▲ 10.4pp77.8%above the sector's middle half▼ 3.9pp78.6%above the sector's middle half▲ 0.8pp87.1%above the sector's middle half▲ 8.5pp
Current ratio4.34-3.12▼ 1.224.18above the sector's middle half▲ 1.063.19above the sector's middle half▼ 0.995.08above the sector's middle half▲ 1.893.64above the sector's middle half▼ 1.444.15above the sector's middle half▲ 0.517.19above the sector's middle half▲ 3.05
Return on assets (ROA)-0.8%-3.1%▲ 3.9pp8.0%within the sector's middle half▲ 4.9pp0.5%below the sector's middle half▼ 7.5pp17.1%above the sector's middle half▲ 16.6pp4.0%within the sector's middle half▼ 13.1pp5.0%within the sector's middle half▲ 1.0pp10.7%above the sector's middle half▲ 5.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 91% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €255,690
Fixed assets
€23,932 ▼ 42.7%
Current assets
€231,758 ▲ 2.7%
Equity and liabilities €255,690
Equity
€222,695 ▲ 5.9%
Debt
€32,996 ▼ 42.3%
Debt's share of the balance-sheet total falls from 21.4% to 12.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€57,150▲
2024 · €40,440
Cash flow
€49,773▲
2024 · €35,583
Debt to equity
0.15▼
2024 · 0.27
ROE
12.3%▲
2024 · 6.4%
Interest coverage
99.88▲
2024 · 62.82
Debt ≤ 1 year
€32,215▼
2024 · €54,415
Income taxes
€8,054▲
2024 · €6,113
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €81,836 | €1,058 | €9,723 | €4,831 | €3,907 |
| Depreciation and write-downs of the year | €4,411 | €18,812 | €20,485 | €22,216 | €22,322 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,450 | €5,251 | €3,190 | €4,411 | €18,812 | €20,485 | €22,216 | €22,322 | ▲ 0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,818 | - |
| Other operating charges640/8 | - | - | - | €2,971 | €389 | €807 | €976 | €1,307 | ▲ 33.9% |
| Gross operating margin9900 | €8,223 | €16,688 | €34,446 | €38,099 | €88,235 | €38,134 | €41,416 | €60,275 | ▲ 45.5% |
| Operating profit (loss)9901 | €9 | €10,978 | €30,653 | €30,718 | €69,034 | €16,841 | €18,224 | €34,827 | ▲ 91.1% |
| Financial income75/76B | - | - | - | €0 | €10 | €261 | €1,899 | €1,249 | ▼ 34.2% |
| Recurring financial income75 | €32 | - | €0 | €0 | €10 | €261 | €1,899 | €1,249 | ▼ 34.2% |
| Financial charges65/66B | - | - | - | €340 | €2,473 | €372 | €644 | €572 | ▼ 11.1% |
| Recurring financial charges65 | €309 | €335 | €4,464 | €340 | €2,473 | €372 | €644 | €572 | ▼ 11.1% |
| Profit (loss) for the period before taxes9903 | -€269 | €10,644 | €26,189 | €30,377 | €66,570 | €16,730 | €19,480 | €35,505 | ▲ 82.3% |
| Income taxes67/77 | €1,481 | €3,204 | €6,886 | €28,984 | €16,849 | €4,993 | €6,113 | €8,054 | ▲ 31.8% |
| Profit (loss) for the period9904 | -€1,749 | €7,440 | €19,302 | €1,394 | €49,721 | €11,738 | €13,367 | €27,451 | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | -€1,749 | €7,440 | €19,302 | €1,394 | €49,721 | €11,738 | €13,367 | €27,451 | ▲ 105% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €233,234 | €239,298 | €241,083 | €262,867 | €290,111 | €294,188 | €267,419 | €255,690 | ▼ 4.4% |
| Fixed assets21/28 | €16,626 | €13,057 | €11,096 | €88,521 | €70,767 | €59,668 | €41,749 | €23,932 | ▼ 42.7% |
| Tangible fixed assets22/27 | €16,576 | €13,007 | €11,046 | €88,471 | €70,717 | €59,618 | €41,699 | €23,882 | ▼ 42.7% |
| Furniture and vehicles24 | - | - | - | €80,694 | €64,379 | €54,719 | €38,240 | €20,560 | ▼ 46.2% |
| Other tangible fixed assets26 | - | - | - | €7,778 | €6,338 | €4,899 | €3,459 | €3,322 | ▼ 4.0% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €216,609 | €226,241 | €229,987 | €174,346 | €219,344 | €234,520 | €225,670 | €231,758 | ▲ 2.7% |
| Amounts receivable within one year40/41 | €81,576 | €46,380 | €32,952 | €47,284 | €27,748 | €23,358 | €51,721 | €33,742 | ▼ 34.8% |
| Trade receivables40 | - | - | - | €27,312 | €23,048 | €23,209 | €16,840 | €21,730 | ▲ 29.0% |
| Other amounts receivable41 | - | - | - | €19,972 | €4,700 | €149 | €34,881 | €12,013 | ▼ 65.6% |
| Cash at bank and in hand54/58 | €133,333 | €176,372 | €195,298 | €124,492 | €189,399 | €208,974 | €171,442 | €195,093 | ▲ 13.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,570 | €2,197 | €2,188 | €2,507 | €2,923 | ▲ 16.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €233,234 | €239,298 | €241,083 | €262,867 | €290,111 | €294,188 | €267,419 | €255,690 | ▼ 4.4% |
| Equity10/15 | €183,282 | €166,722 | €186,025 | €187,418 | €237,139 | €228,877 | €210,244 | €222,695 | ▲ 5.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €55,048 | €55,048 | €55,048 | €55,048 | €55,048 | €55,048 | €55,048 | €55,048 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €18,188 | €18,188 | €18,188 | €18,188 | €18,188 | = |
| Distributable reserves133 | - | - | - | €35,000 | €35,000 | €36,860 | €36,860 | €36,860 | = |
| Profit (loss) carried forward14 | €109,635 | €93,075 | €112,377 | €113,771 | €163,492 | €155,230 | €136,597 | €149,047 | ▲ 9.1% |
| Amounts payable17/49 | €49,952 | €72,575 | €55,058 | €75,449 | €52,972 | €65,311 | €57,174 | €32,996 | ▼ 42.3% |
| Amounts payable after more than one year17 | - | - | - | €19,257 | €9,466 | - | - | - | - |
| Financial debts170/4 | - | - | - | €19,257 | €9,466 | - | - | - | - |
| Amounts payable within one year42/48 | €49,952 | €72,575 | €55,058 | €54,653 | €43,206 | €64,404 | €54,415 | €32,215 | ▼ 40.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,921 | €9,814 | €9,273 | - | - | - |
| Trade debts44 | €1,210 | €0 | €471 | €3,228 | €1,280 | €4,606 | €6,087 | €3,567 | ▼ 41.4% |
| Suppliers440/4 | - | - | - | €3,228 | €1,280 | €4,606 | €6,087 | €3,567 | ▼ 41.4% |
| Taxes, remuneration and social security45 | - | - | - | €5,213 | €12,879 | €15,429 | €10,697 | €16,682 | ▲ 55.9% |
| Taxes450/3 | - | - | - | €1,677 | €10,138 | €12,587 | €7,762 | €13,738 | ▲ 77.0% |
| Remuneration and social security454/9 | - | - | - | €3,536 | €2,740 | €2,842 | €2,936 | €2,943 | ▲ 0.3% |
| Other amounts payable47/48 | - | - | - | €36,291 | €19,233 | €35,095 | €37,631 | €11,967 | ▼ 68.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,539 | €300 | €907 | €2,760 | €780 | ▼ 71.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,749 | €7,440 | €19,302 | €1,394 | €49,721 | €11,738 | €13,367 | €27,451 | ▲ 105% |
| + Depreciation and write-downs630 | €6,450 | €5,251 | €3,190 | €4,411 | €18,812 | €20,485 | €22,216 | €22,322 | ▲ 0.5% |
| Operating cash flow (approximation) | €4,701 | €12,691 | €22,492 | €5,804 | €68,533 | €32,223 | €35,583 | €49,773 | ▲ 39.9% |
| Investment in fixed assets (approximation) | - | -€1,682 | -€1,229 | -€81,836 | -€1,058 | -€9,386 | -€4,297 | -€4,505 | ▼ 4.9% |
| Change in cash | - | €43,039 | €18,925 | -€70,805 | €64,907 | €19,575 | -€37,532 | €23,651 | - |
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, 31,368 companies had the same profile as SERVIMED has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SERVIMED 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 31,368 companies, not a prediction for SERVIMED. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00300685 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00305189 | |
| 31-12-2023 | full format | 19-07-2024 | 2024-00269345 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00210738 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20210147 | |
| 31-12-2020 | full format | 25-11-2021 | 2021-78200212 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-72900534 | |
| 31-12-2018 | micro format | 30-11-2020 | 2020-72900532 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-35100320 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-35700245 |