SEDS Esco
ActiveSummary
The computed 12-month bankruptcy probability of SEDS Esco is 2.6% (moderate). The 2025 annual accounts show equity of €297k and a net result of €-305k. Equity is growing by ~79.6% per year across the filed fiscal years. Its solvency ranks better than 13% of 7838 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability5▲+4
Solvency36▲+16
Growth52▼-6
Track record94
Bankruptcy probability, 12 months
2.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days only on tighter terms
Liquidity short (current ratio 0.21 against 0.54 in 2024; short-term debt: 85.2% and cash: 3.3% of total assets), and 89.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 7838 sector peers (2025).
NBB · sector comparisonPosition among 7838 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
31 d late
2024
21 d early
2023
21 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€297k
2024 · €-58k
2023: €115k
2024: €-58k▼ -150% vs 2023lowest in 3 years
2025: €297k▲ +613% vs 2024highest in 3 years
2023 → 2025
Total assets
€2.77M▲ 135%
2024 · €1.18M
2023: €573klowest in 3 years
2024: €1.18M▲ +106% vs 2023
2025: €2.77M▲ +135% vs 2024highest in 3 years
2023 → 2025
Net result
€-305k▼ 77.1%
2024 · €-172k
2023: €-185k
2024: €-172k▲ +7.1% vs 2023highest in 3 years
2025: €-305k▼ -77.1% vs 2024lowest in 3 years
2023 → 2025
Working capital
€-1.86M▼ 376%
2024 · €-391k
2023: €260khighest in 3 years
2024: €-391k▼ -250% vs 2023
2025: €-1.86M▼ -376% vs 2024lowest in 3 years
2023 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€115k-€-58k€297k
2023: €115k
2024: €-58k▼ -150% vs 2023lowest in 3 years
2025: €297k▲ +613% vs 2024highest in 3 years
Operating result€-185k-€-181k▲ 2.0%€-299k▼ 65.2%
2023: €-185k
2024: €-181k▲ +2.0% vs 2023highest in 3 years
2025: €-299k▼ -65.2% vs 2024lowest in 3 years
Net result€-185k-€-172k▲ 7.1%€-305k▼ 77.1%
2023: €-185k
2024: €-172k▲ +7.1% vs 2023highest in 3 years
2025: €-305k▼ -77.1% vs 2024lowest in 3 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €299k in 2025 against €181k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.77M
Fixed assets
€2.27M ▲ 210%
Current assets
€503k ▲ 11.7%
Equity and liabilities €2.77M
Equity
€297k
Debt
€2.48M
Debt finances 89.3% of the balance-sheet total.
Key figures and ratios
EBITDA
€-278k▼
2024 · €-166k
Cash flow
€-284k▼
2024 · €-158k
Current ratio
0.21▼
2024 · 0.54
Quick ratio
0.18▼
2024 · 0.51
Debt to equity
8.34▲
2024 · -21.43
ROE
-102.8%
ROA
-11.0%▲
2024 · -14.6%
Interest coverage
-18.83▲
2024 · -371.00
Debt ≤ 1 year
€2.36M▲
2024 · €841k
Debt > 1 year
€90k
Income taxes
€-41▼
2024 · €100
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.18M€2.77M▲
Fixed assets21/28€731k€2.27M▲
Intangible fixed assets21€19k€8k▼
Tangible fixed assets22/27€713k€2.26M▲
Land and buildings22-€257k
Assets under construction and advance payments27€713k€2.01M▲
Current assets29/58€450k€503k▲
Amounts receivable after more than one year29€100k€10k▼
Trade receivables290-€10k
Other amounts receivable291€100k-
Stocks and contracts in progress3€23k€87k▲
Contracts in progress37€23k€87k▲
Amounts receivable within one year40/41€225k€251k▲
Trade receivables40€212k€251k▲
Other amounts receivable41€12k-
Cash at bank and in hand54/58€19k€91k▲
Deferred charges and accrued income490/1€83k€63k▼
Equity and liabilities
Total equity and liabilities10/49€1.18M€2.77M▲
Equity10/15€-58k€297k▲
Contributions10/11€300k€960k▲
Profit (loss) carried forward14€-358k€-663k▼
Amounts payable17/49€1.24M€2.48M▲
Amounts payable after more than one year17-€90k
Financial debts170/4-€90k
Amounts payable within one year42/48€841k€2.36M▲
Trade debts44€840k€1.51M▲
Suppliers440/4€840k€1.51M▲
Advances received on contracts in progress46-€848k
Taxes, remuneration and social security45€100€6k▲
Taxes450/3€100€6k▲
Accrued charges and deferred income492/3€398k€23k▼
Income statement
Code20242025
Remuneration, social security and pensions62€16k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€15k€22k▲
Other operating charges640/8€505€520▲
Gross operating margin9900€-150k€-277k▼
Operating profit (loss)9901€-181k€-299k▼
Financial income75/76B€9k€9k▼
Recurring financial income75€9k€9k▼
Financial charges65/66B€449€15k▲
Recurring financial charges65€449€15k▲
Profit (loss) for the period before taxes9903€-172k€-305k▼
Income taxes67/77€100€-41▼
Profit (loss) for the period9904€-172k€-305k▼
Profit (loss) for the period to be appropriated9905€-172k€-305k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-358k€-663k▼
Profit (loss) brought forward from the previous period14P€-185k€-358k▼
Social balance
Average headcount (FTE)90870.3-
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €16k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12k | €15k | €22k | ▲ 45.3% |
| Other operating charges640/8 | €493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €-172k | €-150k | €-277k | ▼ 85.3% |
| Operating profit (loss)9901 | €-185k | €-181k | €-299k | ▼ 65.2% |
| Financial income75/76B | - | €9k | €9k | ▼ 6.3% |
| Recurring financial income75 | - | €9k | €9k | ▼ 6.3% |
| Financial charges65/66B | €592 | €449 | €15k | ▲ 3,190% |
| Recurring financial charges65 | €592 | €449 | €15k | ▲ 3,190% |
| Profit (loss) for the period before taxes9903 | €-185k | €-172k | €-305k | ▼ 77.3% |
| Income taxes67/77 | - | €100 | €-41 | ▼ 141% |
| Profit (loss) for the period9904 | €-185k | €-172k | €-305k | ▼ 77.1% |
| Profit (loss) for the period to be appropriated9905 | €-185k | €-172k | €-305k | ▼ 77.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €573k | €1.18M | €2.77M | ▲ 135% |
| Fixed assets21/28 | €189k | €731k | €2.27M | ▲ 210% |
| Intangible fixed assets21 | €33k | €19k | €8k | ▼ 59.7% |
| Tangible fixed assets22/27 | €155k | €713k | €2.26M | ▲ 217% |
| Land and buildings22 | - | - | €257k | - |
| Assets under construction and advance payments27 | €155k | €713k | €2.01M | ▲ 181% |
| Current assets29/58 | €384k | €450k | €503k | ▲ 11.7% |
| Amounts receivable after more than one year29 | - | €100k | €10k | ▼ 90.4% |
| Trade receivables290 | - | - | €10k | - |
| Other amounts receivable291 | - | €100k | - | - |
| Stocks and contracts in progress3 | €10k | €23k | €87k | ▲ 272% |
| Contracts in progress37 | €10k | €23k | €87k | ▲ 272% |
| Amounts receivable within one year40/41 | €286k | €225k | €251k | ▲ 11.7% |
| Trade receivables40 | €286k | €212k | €251k | ▲ 18.3% |
| Other amounts receivable41 | - | €12k | - | - |
| Cash at bank and in hand54/58 | €15k | €19k | €91k | ▲ 382% |
| Deferred charges and accrued income490/1 | €73k | €83k | €63k | ▼ 23.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €573k | €1.18M | €2.77M | ▲ 135% |
| Equity10/15 | €115k | €-58k | €297k | ▲ 613% |
| Contributions10/11 | €300k | €300k | €960k | ▲ 220% |
| Profit (loss) carried forward14 | €-185k | €-358k | €-663k | ▼ 85.3% |
| Amounts payable17/49 | €458k | €1.24M | €2.48M | ▲ 99.8% |
| Amounts payable after more than one year17 | - | - | €90k | - |
| Financial debts170/4 | - | - | €90k | - |
| Amounts payable within one year42/48 | €124k | €841k | €2.36M | ▲ 181% |
| Trade debts44 | €75k | €840k | €1.51M | ▲ 79.6% |
| Suppliers440/4 | €75k | €840k | €1.51M | ▲ 79.6% |
| Advances received on contracts in progress46 | - | - | €848k | - |
| Taxes, remuneration and social security45 | €49k | €100 | €6k | ▲ 5,640% |
| Taxes450/3 | €49k | €100 | €6k | ▲ 5,640% |
| Accrued charges and deferred income492/3 | €334k | €398k | €23k | ▼ 94.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €-185k | €-172k | €-305k | ▼ 77.1% |
| + Depreciation and write-downs630 | €12k | €15k | €22k | ▲ 45.3% |
| Operating cash flow (approximation) | €-173k | €-158k | €-284k | ▼ 80.1% |
| Investment in fixed assets (approximation) | - | €-557k | €-1.56M | ▼ 180% |
| Change in cash | - | €4k | €72k | ▲ 1,954% |
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
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €-305k
Net result drops to €-305k, the lowest in the series.
31-12
Financial
Equity above €200kEq €297k
Equity rises from €-58k to €297k.
14-11
State Gazette act
Appointment: Moore Audit BV (statutory auditor)Capital increase3 facts ▸
State Gazette act
Appointment: Moore Audit BV (statutory auditor)
Capital increase3 facts ▸
- General meeting, 04-11-2025
- Capital increase, €460.000
- Auditor appointment, Moore Audit BV
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
29-01
State Gazette act
Resignations: B & R, KOMART BEHEER and O3 SHIFT IMMOPermanent representatives: VAN CAMFORT Filip Maria Leo Jozef, MARTENS Koen Emiel Stefaan and VERSMISSEN Nadine Jeannine Jozef Germaine · Statutes amendment · Director discharge10 facts ▸
State Gazette act
Resignations: B & R, KOMART BEHEER and O3 SHIFT IMMO
Permanent representatives: VAN CAMFORT Filip Maria Leo Jozef, MARTENS Koen Emiel Stefaan and VERSMISSEN Nadine Jeannine Jozef Germaine · Statutes amendment · Director discharge10 facts ▸
- General meeting, 23 januari 2025
- Statutes amendment
- Director resignation, B & R (director)
- Permanent representative, VAN CAMFORT Filip Maria Leo Jozef
- Director resignation, KOMART BEHEER (director)
- Permanent representative, MARTENS Koen Emiel Stefaan
- Director resignation, O3 SHIFT IMMO (director)
- Director discharge, O3 SHIFT IMMO
- Permanent representative, VERSMISSEN Nadine Jeannine Jozef Germaine
- Power of attorney, Moore Finance & Tax BV
2024
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
13-11
State Gazette act
Resignation: HAMDAM BV (niet statutair bestuurder b)Appointment: Komart Beheer BV (niet statutair bestuurder b) · Permanent representatives: Daems Sam, Martens Koen and Van Camfort Filip · Director discharge8 facts ▸
State Gazette act
Resignation: HAMDAM BV (niet statutair bestuurder b)
Appointment: Komart Beheer BV (niet statutair bestuurder b) · Permanent representatives: Daems Sam, Martens Koen and Van Camfort Filip · Director discharge8 facts ▸
- General meeting, 19/10/2023
- Director resignation, HAMDAM BV (niet statutair bestuurder b)
- Director discharge, HAMDAM BV (niet statutair bestuurder b)
- Director appointment, Komart Beheer BV (niet statutair bestuurder b)
- Mandate compensation, Komart Beheer BV
- Permanent representative, Daems Sam
- Permanent representative, Martens Koen
- Permanent representative, Van Camfort Filip
02-02
State Gazette act
Resignation: B & R NV (non-statutory director and chair)Appointment: B & R NV (non-statutory director) · Director discharge · Mandate compensation5 facts ▸
State Gazette act
Resignation: B & R NV (non-statutory director and chair)
Appointment: B & R NV (non-statutory director) · Director discharge · Mandate compensation5 facts ▸
- General meeting, 30-12-2022
- Director resignation, B & R NV (non-statutory director and chair)
- Director discharge, B & R NV
- Director appointment, B & R NV (non-statutory director)
- Mandate compensation, B & R NV
2022
13-12
State Gazette act
IncorporationAppointments: DIPAR V, IMMO THYS and 2 others · Permanent representatives: THYS Dirk Guy Alfons, VERSMISSEN Nadine and 2 others · Founder14 facts ▸
State Gazette act
Incorporation
Appointments: DIPAR V, IMMO THYS and 2 others · Permanent representatives: THYS Dirk Guy Alfons, VERSMISSEN Nadine and 2 others · Founder14 facts ▸
- Incorporation, 9 december 2022
- Founder, DIPAR V
- Founder, B & R
- Founding capital, €300.000
- Bank account, BE94 0019 4235 8514
- Director appointment, DIPAR V (class A director)
- Permanent representative, THYS Dirk Guy Alfons
- Director appointment, IMMO THYS (class A director)
- Permanent representative, VERSMISSEN Nadine
- Director appointment, B & R (class B director)
- Permanent representative, BRUYNINCKX Eddy Maria Jozef
- Director appointment, HAMDAM (class B director)
- +2 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
5 of 5 acts read
Directors · office · real estate
Directors
1 director, no change since 2025
Dipar V
CurrentClass A director · since 09-12-2022 · Private limited company · perm. rep.: THYS Dirk Guy Alfons
29-01-2025
O3 SHIFT IMMO: Resigned as Director
18-12-2024
B & R: Resigned as Director
18-12-2024
Komart Beheer: Resigned as Director
19-10-2023
Komart Beheer: Appointed as Niet statutair bestuurder b
19-10-2023
Hamdam: Resigned as Niet statutair bestuurder b
Location & real-estate footprint
Registered office, Westerlo · 1 establishment unit since 2022
Ground area
2.4 ha
Building footprint
1,680 m²
Volume, LiDAR
37,410 m³
Parcel 13028B0138/00V000, Flanders · tallest building 30.0 m, ±8 floors. Linked by address, not a title deed.
52
companies at this address
See who is registered here
1 establishment unit
SEDS Esco
since 20222.341.147.359
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13028B0138/00V000 | Flanders | 2.4 ha | 1 · 1,680 m² | 30.0 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Moore AuditCurrent Auditor | 04-11-2025 → present |
Articles of association
Purpose
De vennootschap heeft tot voorwerp: - het ontwerpen, bouwen , plaatsen en onderhouden van componenten geschikt voor het opwarmen van sanitair water naar warm tapwater en het voor…
Full purpose
De vennootschap heeft tot voorwerp: - het ontwerpen, bouwen , plaatsen en onderhouden van componenten geschikt voor het opwarmen van sanitair water naar warm tapwater en het voor verwarmen en eventueel koelen van wooneenheden... [full text omitted for brevity, see act] ... - het uitbaten, participeren, onderhouden, vervangen, verkopen/aankopen in/van esco’s in binnen-en/of buitenland; ...
Structure & network
Connections & network
11 connected companiesThis company
Company
Director
Shareholding
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Capital and shareholders
Shareholders according to the acts
At incorporation
act of 13-12-2022 ↗
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 14-11-2025 Capital increase of 460,000 EUR · in kind
- 13-12-2022 Incorporation · 300,000 EUR · 500 shares
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 228,609 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 228,609 EUR | 0 EUR |
Schemes
Procedure groene warmte, restwarmte en energie-efficiënte stadsverwarming
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Of 9,528 companies in sector 43222 we hold annual accounts for 5,663. 4,547 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
Founded09-12-2022
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43211General electrical installation work
43221Plumbing work
46836Wholesale trade
74140Other specialised design activities
74999Other professional, scientific and technical activities
Scores and ratios are computed by Checked and are not a credit decision.