SERZA
ActiveSummary
The computed 12-month bankruptcy probability of SERZA is 2.9% (moderate). For SERZA, at least two filing cycles of the annual accounts are missing. The 2023 annual accounts show equity of €7,364 and a net result of -€1,050. Equity is shrinking by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 70% of 33672 sector peers (fiscal year 2023). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability8▲+8
Solvency88▼-3
Growth32=
Track record100
Bankruptcy probability, 12 months
2.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Solvency, return and age of the figures
Solvency
62.9%
Return on assets
-9%
Age of the figures
33 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline27-09-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 31-05-2024, 61 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
61 d early
2022
101 d late
2021
67 d early
2020
60 d early
2019
74 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 32 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, micro schema
Equity
€7,364▼ 12.5%
2022 · €8,414
Total assets
€11,715▼ 7.8%
2022 · €12,705
Net result
-€1,050▲ 86.0%
2022 · -€7,511
Working capital
€5,714▼ 1.6%
2022 · €5,809
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20192020202120222023
Operating result€4,406-€4-€5,278▼ 131,850%-€7,469▼ 41.5%-€998▲ 86.6%
Net result€4,384-€82-€5,307▼ 6,372%-€7,511▼ 41.5%-€1,050▲ 86.0%
Equity€21,314▲ 25.9%€21,232▼ 0.4%€15,925▼ 25.0%€8,414▼ 47.2%€7,364▼ 12.5%
Total assets€23,220▼ 7.0%€29,172▲ 25.6%€19,345▼ 33.7%€12,705▼ 34.3%€11,715▼ 7.8%
Debt€1,906▼ 76.3%€7,940▲ 317%€3,420▼ 56.9%€4,291▲ 25.5%€4,351▲ 1.4%
Working capital€15,525▲ 49.9%€12,964▼ 16.5%€11,048▼ 14.8%€5,809▼ 47.4%€5,714▼ 1.6%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €998 in 2023 against €7,469 in 2022; the loss shrinks.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €11,715
Fixed assets
€1,650 ▼ 36.7%
Current assets
€10,065 ▼ 0.3%
Equity and liabilities €11,715
Equity
€7,364 ▼ 12.5%
Debt
€4,351 ▲ 1.4%
Debt's share of the balance-sheet total rises from 33.8% to 37.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€43▲
2022 · -€4,792
Cash flow
-€94▲
2022 · -€4,834
Current ratio
2.31▼
2022 · 2.35
Quick ratio
1.31▲
2022 · 0.80
Debt to equity
0.59▲
2022 · 0.51
ROE
-14.3%▲
2022 · -89.3%
ROA
-9.0%▲
2022 · -59.1%
Interest coverage
-0.82▲
2022 · -114.82
Debt ≤ 1 year
€4,351▲
2022 · €4,291
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,335 | €2,824 | €2,986 | €2,677 | €956 | ▼ 64.3% |
| Other operating charges640/8 | - | - | €475 | €496 | €703 | ▲ 41.6% |
| Gross operating margin9900 | €6,308 | €3,443 | -€1,817 | -€4,296 | €660 | ▲ 115% |
| Operating profit (loss)9901 | €4,406 | -€4 | -€5,278 | -€7,469 | -€998 | ▲ 86.6% |
| Recurring financial income75 | €61 | - | - | - | - | - |
| Financial charges65/66B | - | - | €29 | €42 | €52 | ▲ 24.3% |
| Recurring financial charges65 | €83 | €78 | €29 | €42 | €52 | ▲ 24.3% |
| Profit (loss) for the period before taxes9903 | €4,384 | -€82 | -€5,307 | -€7,511 | -€1,050 | ▲ 86.0% |
| Profit (loss) for the period9904 | €4,384 | -€82 | -€5,307 | -€7,511 | -€1,050 | ▲ 86.0% |
| Profit (loss) for the period to be appropriated9905 | €4,384 | -€82 | -€5,307 | -€7,511 | -€1,050 | ▲ 86.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €23,220 | €29,172 | €19,345 | €12,705 | €11,715 | ▼ 7.8% |
| Fixed assets21/28 | €6,139 | €8,268 | €5,282 | €2,606 | €1,650 | ▼ 36.7% |
| Tangible fixed assets22/27 | €4,489 | €6,618 | €3,632 | €956 | €0 | ▼ 100% |
| Land and buildings22 | - | - | €73 | - | - | - |
| Plant, machinery and equipment23 | - | - | €3,559 | €956 | €0 | ▼ 100% |
| Financial fixed assets28 | €1,650 | €1,650 | €1,650 | €1,650 | €1,650 | = |
| Current assets29/58 | €17,081 | €20,904 | €14,063 | €10,099 | €10,065 | ▼ 0.3% |
| Stocks and contracts in progress3 | €9,162 | €2,657 | €5,086 | €6,655 | €4,370 | ▼ 34.3% |
| Stocks30/36 | - | - | €2,536 | €6,655 | €2,060 | ▼ 69.0% |
| Contracts in progress37 | - | - | €2,550 | - | €2,310 | - |
| Amounts receivable within one year40/41 | €6,793 | €10,124 | €4,263 | €798 | €5,444 | ▲ 582% |
| Trade receivables40 | - | - | €2,389 | - | €5,430 | - |
| Other amounts receivable41 | - | - | €1,874 | €798 | €14 | ▼ 98.2% |
| Cash at bank and in hand54/58 | €228 | €876 | €4,135 | €1,790 | €250 | ▼ 86.0% |
| Deferred charges and accrued income490/1 | - | - | €579 | €857 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €23,220 | €29,172 | €19,345 | €12,705 | €11,715 | ▼ 7.8% |
| Equity10/15 | €21,314 | €21,232 | €15,925 | €8,414 | €7,364 | ▼ 12.5% |
| Contributions10/11 | €24,800 | €24,800 | €24,800 | €24,800 | €24,800 | = |
| Capital10 | - | - | €24,800 | €24,800 | €24,800 | = |
| Issued capital100 | - | - | €24,800 | €24,800 | €24,800 | = |
| Reserves13 | €2,480 | €2,480 | €2,480 | €2,480 | €2,480 | = |
| Non-distributable reserves130/1 | - | - | €2,480 | €2,480 | €2,480 | = |
| Legal reserve130 | - | - | €2,480 | €2,480 | €2,480 | = |
| Profit (loss) carried forward14 | -€5,966 | -€6,048 | -€11,355 | -€18,866 | -€19,916 | ▼ 5.6% |
| Amounts payable17/49 | €1,906 | €7,940 | €3,420 | €4,291 | €4,351 | ▲ 1.4% |
| Amounts payable within one year42/48 | €1,556 | €7,940 | €3,015 | €4,291 | €4,351 | ▲ 1.4% |
| Trade debts44 | €786 | €655 | €477 | €322 | €7 | ▼ 97.8% |
| Suppliers440/4 | - | - | €477 | €322 | €7 | ▼ 97.8% |
| Taxes, remuneration and social security45 | - | - | €1,538 | - | €1,581 | - |
| Remuneration and social security454/9 | - | - | €1,538 | - | €1,581 | - |
| Other amounts payable47/48 | - | - | €1,000 | €3,969 | €2,762 | ▼ 30.4% |
| Accrued charges and deferred income492/3 | - | - | €405 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,384 | -€82 | -€5,307 | -€7,511 | -€1,050 | ▲ 86.0% |
| + Depreciation and write-downs630 | €1,335 | €2,824 | €2,986 | €2,677 | €956 | ▼ 64.3% |
| Operating cash flow (approximation) | €5,719 | €2,742 | -€2,321 | -€4,834 | -€94 | ▲ 98.0% |
| Investment in fixed assets (approximation) | - | -€4,953 | €0 | -€0 | €0 | ▲ 100% |
| Change in cash | - | €648 | €3,259 | -€2,345 | -€1,540 | ▲ 34.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
04-09
State Gazette act
Resignation: DOVHAL'OV Serhii (director)Appointment: DOVGALEV Ivan (director) · Power of attorney4 facts ▸
State Gazette act
Resignation: DOVHAL'OV Serhii (director)
Appointment: DOVGALEV Ivan (director) · Power of attorney4 facts ▸
- General meeting, 09-07-2026
- Director resignation, DOVHAL'OV Serhii (director)
- Director appointment, DOVGALEV Ivan (director)
- Power of attorney, MUSUNGAYI Mika
2024
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 101 days late
2022
31-12
Financial
Weakest financial yearnet -€7,511
Net result drops to -€7,511, the lowest in the series; recovery starts the following year.
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €4,384
Net result €4,384 after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 10.98
Current ratio from 2.45 to 10.98; short-term debt falls from €7,140 to €1,556.
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 57 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
2016
23-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 23 days late
2015
27-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 27 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
DOVGALEV Ivan
CurrentDirector · since 09-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
1 of this company's 2 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2006
Ground area
468 m²
Building footprint
278 m²
Volume, LiDAR
2,660 m³
2 parcels, Brussels · tallest building 15.1 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
ACTE BATI
since 20062.156.223.094
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21382C0264/00M011 | Brussels | 301 m² | 1 · 193 m² | 15.1 m · 5 fl. |
| 21304B0150/00G032 | Brussels | 167 m² | 1 · 85 m² | 10.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2025, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| DOVGALEV Ivan |
|
| DOVHAL'OV Serhii |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
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Shareholding
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 3,475 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded13-09-2006
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43310Plastering work
43350Other building finishing work
49420Removal services
E-invoicing
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Register as of 26 September 2026 · Peppol Directory
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