SEPARCO
SEPARCO and the 14 companies it controls according to the LEI register and the annual accounts: the structure, the figures, each company's health and where the risk sits.
Sum of the filed annual accounts of 15 of the 15 Belgian companies (fiscal years 2025-2026). Not a consolidation: receivables, participations and sales between group companies are not eliminated, so they count.
SEPARCO also files consolidated accounts (fiscal year 2025): the real group figures, with intra-group positions eliminated. Checked does not read their figures yet; the document is at the National Bank's Central Balance Sheet Office.
Group risk
How healthy the group's Belgian companies are, and where the risk sits. A weak subsidiary can cost the parent money, and the other way round.
- The parent itself: SEPARCO, fair (51/100).
- 2 companies with negative equity: Select HR - PS Services (-€734,575), 3W SELECT (-€486,026).
- 5 companies with a loss in the latest year: SELECT GROUP (-€1.5m), Select HR - PS Services (-€457,246), PEPS (-€101,149), 3W SELECT (-€76,841), Select-Beopledd (-€6,430).
- 1 company no longer active in the register: Select Medical.
- 28.9% of the added-up total assets sits in one company: SELECT HOLDING.
- 5.1% of the added-up total assets sits at companies with an elevated or high risk.
Group structure
Who consolidates whom according to the LEI register, completed with who holds more than half of the shares according to the annual accounts. Both mean control.
- SEPARCO1 subsidiaryFair · 51€15.9m €7.9m 2025
- SELECT HOLDING1 subsidiaryNo verdict€42.5m €20.9m 2025
- SELECT GROUP10 subsidiariesNo verdict€39.8m €1.8m 2025
- Elevated · 25€160,132 -€486,026 2025
- Fair · 53€9.2m €5.0m 2025
- Growing Leaders1 subsidiaryNo verdict€1.2m €154,890 2025
- Healthy · 67€806,349 €281,386 2025
- Fair · 48€2.0m €659,142 2025
- PEPS1 subsidiaryFair · 50€5.6m €2.9m 2025
- Elevated · 42€6.9m €843,876 2025
- Elevated · 27€285,341 -€734,575 2025
- Fair · 56€8.0m €3.2m 2025
- Elevated€181,027 €181,017 2026
- Fair · 59€13.5m €3.3m 2025
- Fair · 54€827,143 €143,785 2025
High risk Elevated Healthy Fair No verdict Amounts: total assets and equity from the latest accounts.
Events in the group
Bankruptcies, director changes, capital changes and other publications of all Belgian group companies, over the last two years.
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Share transfer
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Dissolution with immediate closure of the liquidation
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4 directors resigning
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2 directors appointed, 1 director resigning, 2 reappointed
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Finvision Bedrijfsrevisoren BV appointed as statutory auditor
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Where do these figures come from?
Completed with the annual accounts: a company of which another Belgian company holds more than half of the shares, by the list of holdings or the shareholder structure in its accounts, stands under that company, with the share. The register of ultimate beneficial owners (UBO) is not public.
The group's make-up comes from the LEI register (GLEIF): which company consolidates which other, directly or ultimately. A company whose link the register does not state is not listed here, even if it does belong to the group.
The amounts are those of the annual accounts each Belgian company filed with the National Bank, added up without consolidation. The verdict per company is that of its dossier on Checked.be. Everything is updated every night.
Updated on 27-09-2026