ACTIVE

SERVIM

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Financial year 2025 · closed on 31/12/2025

Net result

235,9 k €

-34.2% YoY

Gross margin

34,1 k €

+65.4% YoY

Equity

11,5 M €

+2.1% YoY

What does SERVIM do?

SERVIM is a Public limited company incorporated in 1988. Its main activity is: Management consultancy activities. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0434.335.019

Incorporation

24/05/1988

Legal form

Public limited company

Registered office

Allée André Delvaux 6
1410 Waterloo · WallonieSee on map

Contributed capital

10 265 629,01 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	34,1 k €	+65.4%	20,6 k €	-94.5%	377,2 k €	+953%	35,8 k €	-38.7%	58,4 k €	+0.1%	58,4 k €	-17.6%	70,9 k €	+28.9%	55 k €	-23.0%	71,4 k €	+27.9%	55,9 k €	-1.1%	56,5 k €	-14.9%	66,3 k €	+95.4%	34 k €	-26.6%	46,2 k €	+30.0%	35,6 k €	-7.2%	38,3 k €	-31.8%	56,2 k €	+163%	21,4 k €	-3.7%	22,2 k €	+109%	10,6 k €
EBITDA	27,8 k €	+68.6%	16,5 k €	-95.5%	367,8 k €	+1276%	26,7 k €	-40.0%	44,5 k €	-8.7%	48,7 k €	-28.2%	67,9 k €	+27.2%	53,4 k €	-17.2%	64,4 k €	+18.3%	54,5 k €	+1.7%	53,5 k €	-9.5%	59,2 k €	+138%	24,8 k €	-43.7%	44,1 k €	+30.2%	33,8 k €	-6.6%	36,2 k €	-29.3%	51,2 k €	+173%	18,7 k €	-0.2%	18,8 k €	+298%	4,7 k €
Operating result	16 k €	+231%	4,8 k €	-98.6%	356,2 k €	+6734%	5,2 k €	-77.0%	22,7 k €	-28.3%	31,6 k €	-29.3%	44,7 k €	+49.5%	29,9 k €	+109%	-314,7 k €	-1745%	19,1 k €	-45.9%	35,4 k €	-15.1%	41,7 k €	+246%	12 k €	-68.8%	38,5 k €	+39.1%	27,7 k €	+37.0%	20,2 k €	-42.6%	35,2 k €	+1199%	2,7 k €	+16.5%	2,3 k €	+120%	-11,4 k €
Net result	235,9 k €	-34.2%	358,5 k €	-45.5%	657,3 k €	+81.7%	361,8 k €	-40.2%	604,5 k €	+103%	297,5 k €	+10.1%	270,1 k €	+10.0%	245,5 k €	+320%	-111,3 k €	-175%	148,9 k €	+78.7%	83,3 k €	+161%	-137,3 k €	+93.0%	-1,9 M €	-5110%	38,9 k €	+37.8%	28,2 k €	+193%	-30,4 k €	+28.8%	-42,7 k €	+93.7%	-677,7 k €	-200%	679,3 k €	+892%	68,5 k €
Balance sheet
Equity	11,5 M €	+2.1%	11,2 M €	+3.3%	10,9 M €	+6.4%	10,2 M €	+3.7%	9,8 M €	+6.5%	9,2 M €	+34.5%	6,9 M €	+4.1%	6,6 M €	+3.9%	6,4 M €	-1.7%	6,5 M €	+2.4%	6,3 M €	+652%	840,4 k €	-14.0%	977,6 k €	-66.6%	2,9 M €	+1.3%	2,9 M €	+1.0%	2,9 M €	-1.1%	2,9 M €	-1.5%	2,9 M €	-18.8%	3,6 M €	+23.2%	2,9 M €
Total assets	13,4 M €	+3.7%	12,9 M €	+2.7%	12,6 M €	+4.5%	12,1 M €	+2.2%	11,8 M €	+4.6%	11,3 M €	+23.4%	9,2 M €	-0.3%	9,2 M €	+1.8%	9 M €	-0.5%	9,1 M €	-2.8%	9,3 M €	+275%	2,5 M €	+36.6%	1,8 M €	-52.0%	3,8 M €	-0.3%	3,8 M €	+0.2%	3,8 M €	+0.3%	3,8 M €	+0.7%	3,8 M €	-11.1%	4,2 M €	+18.6%	3,6 M €
Cash	933,2 k €	+361%	202,3 k €	-57.9%	480,3 k €	-15.3%	566,7 k €	-23.7%	742,6 k €	+306%	183 k €	+24.0%	147,5 k €	-63.9%	408,9 k €	-5.0%	430,2 k €	+215%	136,4 k €	-84.1%	859,6 k €	+2431%	34 k €	-47.4%	64,5 k €	-29.4%	91,5 k €	-28.9%	128,6 k €	+11.3%	115,6 k €	+18.0%	98 k €	+106%	47,6 k €	-92.7%	655,1 k €	+321%	155,5 k €
Debts	1,9 M €	+14.7%	1,6 M €	-0.8%	1,7 M €	-11.0%	1,9 M €	-5.4%	2 M €	-3.8%	2 M €	-10.5%	2,3 M €	-11.4%	2,6 M €	-3.2%	2,7 M €	+5.3%	2,5 M €	-13.9%	2,9 M €	+84.4%	1,6 M €	+89.7%	839,3 k €	-2.4%	860 k €	-5.6%	910,7 k €	+3.5%	879,8 k €	+8.5%	810,9 k €	+8.2%	749,1 k €	+36.2%	549,9 k €	-4.5%	576 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 9 ended

Active mandates

Bernard DELWART

Director · since 22 mai 1997

Active

Ended mandates

BERNARD DELWART

Director · since 20 mai 2015 · until 20 mai 2021

Ended

BERNARD DELWART

Managing director · since 20 mai 2015 · until 20 mai 2021

Ended

JEAN-MARIE DELWART

Director · since 20 mai 2015 · until 20 mai 2021

Ended

JEAN-MARIE DELWART

Managing director · since 20 mai 2015 · until 20 mai 2021

Ended

At this address

Other companies at this address

Company	CBE no.
Floriphar● Active	0464.947.130

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/08/2026	07/07/2025	31/07/2024	28/06/2023	10/06/2022	29/07/2021
General meeting	20/05/2026	21/05/2025	15/05/2024	17/05/2023	18/05/2022	19/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/05/2026	27/08/2026	French	PDF
Abridged model	31/12/2024	21/05/2025	07/07/2025	French	PDF
Abridged model	31/12/2023	15/05/2024	31/07/2024	French	PDF
Abridged model	31/12/2022	17/05/2023	28/06/2023	French	PDF
Abridged model	31/12/2021	18/05/2022	10/06/2022	French	PDF
Abridged model	31/12/2020	19/05/2021	29/07/2021	French	PDF
Abridged model	31/12/2019	22/06/2020	30/10/2020	French	PDF
Abridged model	31/12/2018	15/05/2019	28/08/2019	French	PDF
Abridged model	31/12/2017	16/05/2018	31/08/2018	French	PDF
Abridged model	31/12/2016	18/06/2017	29/08/2017	French	PDF
Abridged model	31/12/2015	19/05/2016	28/08/2016	French	PDF
Abridged model	31/12/2014	21/05/2015	27/08/2015	French	PDF
Abridged model	31/12/2013	21/05/2014	26/08/2014	French	PDF
Abridged model	31/12/2012	16/05/2013	28/08/2013	French	PDF
Abridged model	31/12/2011	18/05/2012	28/08/2012	French	PDF
Abridged model	31/12/2010	19/05/2011	24/08/2011	French	PDF
Abridged model	31/12/2009	20/06/2010	22/08/2010	French	PDF
Abridged model	31/12/2008	21/05/2009	13/08/2009	French	PDF
Abridged model	31/12/2007	15/05/2008	04/08/2008	French	PDF
Abridged model	31/12/2006	17/05/2007	21/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 9 ended

Active mandates

Bernard DELWART

Director · since 22 mai 1997

Active

Ended mandates

BERNARD DELWART

Director · since 20 mai 2015 · until 20 mai 2021

Ended

BERNARD DELWART

Managing director · since 20 mai 2015 · until 20 mai 2021

Ended

JEAN-MARIE DELWART

Director · since 20 mai 2015 · until 20 mai 2021

Ended

JEAN-MARIE DELWART

Managing director · since 20 mai 2015 · until 20 mai 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/01/2021
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office06/03/2017
SIEGE SOCIAL
PDF
Mandates07/04/2016
DEMISSIONS, NOMINATIONS
PDF
Capital / shares23/03/2015
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates13/07/2009
DEMISSIONS, NOMINATIONS
PDF
Capital / shares22/05/2006
CAPITAL, ACTIONS
PDF
Mandates13/06/2003
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025235,9 k €↓
2024
Annual accounts 2024358,5 k €↓
2023
Annual accounts 2023657,3 k €↑
2022
Annual accounts 2022361,8 k €↓
2021
Annual accounts 2021604,5 k €↑
2020
Annual accounts 2020297,5 k €↑
2019
Annual accounts 2019270,1 k €↑
2018
Annual accounts 2018245,5 k €↑
2017
Annual accounts 2017-111,3 k €↓
2016
Annual accounts 2016148,9 k €↑
2015
Annual accounts 201583,3 k €↑
2014
Annual accounts 2014-137,3 k €↑
2013
Annual accounts 2013-1,9 M €↓
2012
Annual accounts 201238,9 k €↑
2011
Annual accounts 201128,2 k €↑
2010
Annual accounts 2010-30,4 k €↑
2009
Annual accounts 2009-42,7 k €↑
2008
Annual accounts 2008-677,7 k €↓
2007
Annual accounts 2007679,3 k €↑
2006
Annual accounts 200668,5 k €
24/05/1988
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

SERVIM

Overview

What does SERVIM do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline