SESA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 27 filings
Equity
-€194,494▼ 13.6%
2024 · -€171,180
Total assets
€117,684▲ 2.3%
2024 · €114,992
Net result
-€23,313▼ 9.1%
2024 · -€21,369
Working capital
-€306,380▼ 9.2%
2024 · -€280,532
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,622
▼ 16.4%
2025
20182025
Net result
-€23,313
▼ 9.1%
2025
lowest quarter of the sector
20182025
Equity
-€194,494
▼ 13.6%
2025
lowest quarter of the sector
20182025
Total assets
€117,684
▲ 2.3%
2025
middle half of the sector
20182025
Debt
€312,177
▲ 9.1%
2025
20182025
Working capital
-€306,380
▼ 9.2%
2025
lowest quarter of the sector
20182025
Solvency
-165.3%
▼ 16.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.02
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-19.8%
▼ 1.2pp
2025
lowest 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-€10,101-€12,458€7,830▼ 37.1%-€1,625-€7,603▼ 368%-€13,411▼ 76.4%-€5,688▲ 57.6%-€6,622▼ 16.4%
Net result-€22,098--€1,478▲ 93.3%-€8,685below the sector's middle half▼ 488%-€12,856below the sector's middle half▼ 48.0%-€19,528below the sector's middle half▼ 51.9%-€25,646below the sector's middle half▼ 31.3%-€21,369below the sector's middle half▲ 16.7%-€23,313below the sector's middle half▼ 9.1%
Equity-€81,618--€83,096▼ 1.8%-€91,781below the sector's middle half▼ 10.5%-€104,637below the sector's middle half▼ 14.0%-€124,165below the sector's middle half▼ 18.7%-€149,812below the sector's middle half▼ 20.7%-€171,180below the sector's middle half▼ 14.3%-€194,494below the sector's middle half▼ 13.6%
Total assets€139,090-€134,236▼ 3.5%€127,337within the sector's middle half▼ 5.1%€122,988within the sector's middle half▼ 3.4%€120,184within the sector's middle half▼ 2.3%€118,697within the sector's middle half▼ 1.2%€114,992within the sector's middle half▼ 3.1%€117,684within the sector's middle half▲ 2.3%
Debt€220,708-€217,332▼ 1.5%€219,118▲ 0.8%€227,625▲ 3.9%€244,349▲ 7.3%€268,508▲ 9.9%€286,173▲ 6.6%€312,177▲ 9.1%
Working capital-€202,844--€200,668▲ 1.1%-€200,275below the sector's middle half▲ 0.2%-€224,539below the sector's middle half▼ 12.1%-€239,333below the sector's middle half▼ 6.6%-€262,086below the sector's middle half▼ 9.5%-€280,532below the sector's middle half▼ 7.0%-€306,380below the sector's middle half▼ 9.2%
Solvency-58.7%--61.9%▼ 3.2pp-72.1%below the sector's middle half▼ 10.2pp-85.1%below the sector's middle half▼ 13.0pp-103.3%below the sector's middle half▼ 18.2pp-126.2%below the sector's middle half▼ 22.9pp-148.9%below the sector's middle half▼ 22.6pp-165.3%below the sector's middle half▼ 16.4pp
Current ratio0.02-0.01▼ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.02below the sector's middle half▲ 0.010.02below the sector's middle half=0.02below the sector's middle half=0.02below the sector's middle half=
Return on assets (ROA)-15.9%--1.1%▲ 14.8pp-6.8%below the sector's middle half▼ 5.7pp-10.5%below the sector's middle half▼ 3.6pp-16.2%below the sector's middle half▼ 5.8pp-21.6%below the sector's middle half▼ 5.4pp-18.6%below the sector's middle half▲ 3.0pp-19.8%below the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a loss of €6,622, larger than the loss of €5,688 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117,684
Fixed assets
€111,963 ▲ 1.2%
Current assets
€5,721 ▲ 32.9%
Equity and liabilities
Equity-€194,494
Debt€312,177
Equity is negative. Debt (€312,177) exceeds the balance-sheet total (€117,684).
Key figures and ratios
EBITDA
-€2,926▼
2024 · -€2,211
Cash flow
-€19,616▼
2024 · -€17,892
Interest coverage
-0.18▼
2024 · -0.14
Debt ≤ 1 year
€312,101▲
2024 · €284,838
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | €1,800 | - | €4,973 |
| Depreciation and write-downs of the year | €5,582 | €4,313 | €3,282 | €3,477 | €3,697 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €980 awarded · €980 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,874 | €8,113 | - | - | €980 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,739 | €6,107 | €6,024 | €5,582 | €4,313 | €3,282 | €3,477 | €3,697 | ▲ 6.3% |
| Other operating charges640/8 | - | - | - | €1,613 | €1,054 | €1,307 | €1,010 | €1,926 | ▲ 90.6% |
| Gross operating margin9900 | €561 | €20,073 | €14,888 | €5,570 | -€2,236 | -€8,822 | -€1,200 | -€999 | ▲ 16.7% |
| Operating profit (loss)9901 | -€10,101 | €12,458 | €7,830 | -€1,625 | -€7,603 | -€13,411 | -€5,688 | -€6,622 | ▼ 16.4% |
| Financial income75/76B | - | - | - | €0 | €1 | - | - | - | - |
| Recurring financial income75 | €0 | - | €0 | €0 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €11,231 | €11,925 | €12,236 | €15,681 | €16,691 | ▲ 6.4% |
| Recurring financial charges65 | €13,488 | €14,036 | €16,516 | €11,231 | €11,925 | €12,236 | €15,681 | €16,191 | ▲ 3.3% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €500 | - |
| Profit (loss) for the period before taxes9903 | -€22,098 | -€1,478 | -€8,685 | -€12,856 | -€19,528 | -€25,646 | -€21,369 | -€23,313 | ▼ 9.1% |
| Profit (loss) for the period9904 | -€22,098 | -€1,478 | -€8,685 | -€12,856 | -€19,528 | -€25,646 | -€21,369 | -€23,313 | ▼ 9.1% |
| Profit (loss) for the period to be appropriated9905 | -€22,098 | -€1,478 | -€8,685 | -€12,856 | -€19,528 | -€25,646 | -€21,369 | -€23,313 | ▼ 9.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €139,090 | €134,236 | €127,337 | €122,988 | €120,184 | €118,697 | €114,992 | €117,684 | ▲ 2.3% |
| Fixed assets21/28 | €134,735 | €131,566 | €125,541 | €119,959 | €115,646 | €114,164 | €110,687 | €111,963 | ▲ 1.2% |
| Tangible fixed assets22/27 | €134,735 | €131,566 | €125,541 | €119,959 | €115,646 | €114,164 | €110,687 | €111,963 | ▲ 1.2% |
| Land and buildings22 | - | - | - | €117,372 | €114,606 | €111,840 | €109,073 | €106,307 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | €1,121 | €815 | €509 | €204 | - | - |
| Furniture and vehicles24 | - | - | - | €1,466 | €225 | €1,815 | €1,410 | €1,050 | ▼ 25.5% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €4,606 | - |
| Current assets29/58 | €4,355 | €2,670 | €1,796 | €3,029 | €4,538 | €4,533 | €4,305 | €5,721 | ▲ 32.9% |
| Amounts receivable within one year40/41 | €4,028 | €2,157 | €968 | €2,184 | €3,419 | €3,862 | €3,387 | €2,420 | ▼ 28.6% |
| Trade receivables40 | - | - | - | €1,580 | €1,432 | €752 | €556 | - | - |
| Other amounts receivable41 | - | - | - | €603 | €1,987 | €3,110 | €2,831 | €2,420 | ▼ 14.5% |
| Cash at bank and in hand54/58 | €327 | €513 | €477 | €430 | €645 | €160 | €401 | €2,800 | ▲ 599% |
| Deferred charges and accrued income490/1 | - | - | - | €415 | €474 | €511 | €518 | €501 | ▼ 3.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €139,090 | €134,236 | €127,337 | €122,988 | €120,184 | €118,697 | €114,992 | €117,684 | ▲ 2.3% |
| Equity10/15 | -€81,618 | -€83,096 | -€91,781 | -€104,637 | -€124,165 | -€149,812 | -€171,180 | -€194,494 | ▼ 13.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Revaluation surpluses12 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€150,210 | -€151,688 | -€160,373 | -€173,229 | -€192,757 | -€218,404 | -€239,772 | -€263,086 | ▼ 9.7% |
| Amounts payable17/49 | €220,708 | €217,332 | €219,118 | €227,625 | €244,349 | €268,508 | €286,173 | €312,177 | ▲ 9.1% |
| Amounts payable within one year42/48 | €207,199 | €203,338 | €202,070 | €227,568 | €243,871 | €266,618 | €284,838 | €312,101 | ▲ 9.6% |
| Trade debts44 | €13,544 | €1,363 | €12 | €457 | €323 | €3,382 | €2,315 | €115 | ▼ 95.0% |
| Suppliers440/4 | - | - | - | €457 | €323 | €3,382 | €2,315 | €115 | ▼ 95.0% |
| Other amounts payable47/48 | - | - | - | €227,111 | €243,548 | €263,236 | €282,523 | €311,986 | ▲ 10.4% |
| Accrued charges and deferred income492/3 | - | - | - | €57 | €478 | €1,890 | €1,335 | €76 | ▼ 94.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,098 | -€1,478 | -€8,685 | -€12,856 | -€19,528 | -€25,646 | -€21,369 | -€23,313 | ▼ 9.1% |
| + Depreciation and write-downs630 | €9,739 | €6,107 | €6,024 | €5,582 | €4,313 | €3,282 | €3,477 | €3,697 | ▲ 6.3% |
| Operating cash flow (approximation) | -€12,359 | €4,629 | -€2,661 | -€7,274 | -€15,215 | -€22,364 | -€17,892 | -€19,616 | ▼ 9.6% |
| Investment in fixed assets (approximation) | - | -€2,937 | €0 | €0 | €0 | -€1,800 | €0 | -€4,973 | - |
| Change in cash | - | €186 | -€36 | -€47 | €215 | -€485 | €241 | €2,400 | ▲ 897% |
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, 6,619 companies had the same profile as SESA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SESA itself: 1.1% 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 6,619 companies, not a prediction for SESA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00352053 | |
| 31-12-2024 | micro format | 27-07-2025 | 2025-00314317 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00380506 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00361263 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20373537 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-54200038 | |
| 31-12-2019 | abbreviated format | 21-05-2021 | 2021-14800534 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-54500515 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-57300490 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-51800381 |