ACTIVE

SERBI

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Financial year 2025 · closed on 31/12/2025

Net result

1,8 M €

+175.9% YoY

Revenue

45 M €

+21.5% YoY

Equity

4,6 M €

+21.8% YoY

Workforce

82,3 ETP

+3.9% YoY

What does SERBI do?

SERBI is a Public limited company incorporated in 1992. Its registered office is in Thimister-Clermont. It employs on average 82,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0449.015.869

Incorporation

18/12/1992

Legal form

Public limited company

Registered office

Rue du Bosquet 3
4890 Thimister-Clermont · WallonieSee on map

Contributed capital

190 000,00 €

Latest accounts

31/12/2025

Average workforce

82,3 ETP

Joint committees (2)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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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
Revenue	45 M €	+21.5%	37,1 M €	+2.4%	36,2 M €	-22.0%	46,4 M €	+59.4%	29,1 M €	+4.1%	28 M €	-33.0%	41,7 M €	+50.2%	27,8 M €	+22.8%	22,6 M €	+6.6%	21,2 M €	-8.7%	23,3 M €	+13.1%	20,6 M €	+19.5%	17,2 M €	-3.8%	17,9 M €		–		–		–		–		–		–
EBITDA	3,7 M €	+79.7%	2,1 M €	+110%	983,6 k €	-57.4%	2,3 M €	+85.8%	1,2 M €	+145%	507,2 k €	+66.9%	304 k €	-36.4%	477,9 k €	-33.9%	722,8 k €	+121%	327,5 k €	-47.2%	620 k €	-34.6%	947,4 k €	-25.8%	1,3 M €	+50.6%	847,5 k €	+13.5%	747 k €	+178%	269 k €	+81.0%	148,7 k €	-29.8%	211,9 k €	+102%	104,8 k €	-0.7%	105,5 k €
Operating result	2,7 M €	+126%	1,2 M €	+93.6%	627,9 k €	-64.7%	1,8 M €	+67.0%	1,1 M €	+217%	335,9 k €	+42.5%	235,7 k €	-36.2%	369,3 k €	-3.9%	384 k €	+26.3%	304 k €	-20.0%	379,8 k €	+24.4%	305,2 k €	-24.0%	401,7 k €	-7.0%	431,7 k €	+52.9%	282,4 k €	+107%	136,2 k €	+144%	55,8 k €	-51.3%	114,5 k €	+184%	40,3 k €	+9.8%	36,7 k €
Net result	1,8 M €	+176%	659,6 k €	+153%	261,2 k €	-77.2%	1,1 M €	+83.6%	624,7 k €	+355%	137,4 k €	+142%	56,7 k €	-62.2%	149,9 k €	+50.4%	99,7 k €	+10.0%	90,6 k €	+3.3%	87,7 k €	-41.9%	150,9 k €	+37.4%	109,9 k €	-39.3%	181,1 k €	+69.0%	107,2 k €	+258%	30 k €	+1168%	2,4 k €	-89.6%	22,8 k €	-72.7%	83,7 k €	+494%	14,1 k €
Balance sheet
Equity	4,6 M €	+21.8%	3,8 M €	+1.6%	3,7 M €	+4.5%	3,5 M €	+18.7%	3 M €	-7.9%	3,2 M €	+25.1%	2,6 M €	+2.2%	2,5 M €	+6.3%	2,4 M €	+0.4%	2,4 M €	+0.0%	2,4 M €	+70.6%	1,4 M €	+12.2%	1,2 M €	+9.7%	1,1 M €	+19.1%	949,4 k €	+12.7%	842,2 k €	+82.2%	462,2 k €	+0.5%	459,9 k €	+175%	167,1 k €	+35.3%	123,5 k €
Total assets	26,1 M €	+21.2%	21,5 M €	+6.9%	20,1 M €	-23.2%	26,2 M €	-3.8%	27,3 M €	+27.8%	21,3 M €	-20.6%	26,9 M €	+11.1%	24,2 M €	+28.9%	18,8 M €	+25.8%	14,9 M €	-6.1%	15,9 M €	-13.1%	18,3 M €	+31.3%	13,9 M €	+6.8%	13 M €	+17.6%	11,1 M €	+27.9%	8,7 M €	+194%	2,9 M €	-1.6%	3 M €	+80.7%	1,7 M €	+26.5%	1,3 M €
Cash	773,9 k €	-53.6%	1,7 M €	+48.6%	1,1 M €	-37.3%	1,8 M €	+8.9%	1,6 M €	+209%	531,7 k €	+4.3%	509,7 k €	-57.3%	1,2 M €	+83.9%	649,1 k €	+73.2%	374,7 k €	-20.2%	469,7 k €	-49.5%	929,8 k €	+254%	263 k €	-44.6%	474,7 k €	-43.4%	838,2 k €	+49.8%	559,7 k €	+69.8%	329,7 k €	+211%	106 k €	+511%	17,4 k €	-73.4%	65,2 k €
Debts	19,8 M €	+19.6%	16,5 M €	+5.0%	15,7 M €	-28.5%	22 M €	-8.2%	24 M €	+33.4%	18 M €	-25.3%	24,1 M €	+11.4%	21,6 M €	+32.3%	16,3 M €	+30.8%	12,5 M €	-7.1%	13,4 M €	-20.3%	16,9 M €	+33.4%	12,6 M €	+7.0%	11,8 M €	+17.9%	10 M €	+28.5%	7,8 M €	+214%	2,5 M €	-1.9%	2,5 M €	+69.9%	1,5 M €	+29.0%	1,2 M €
Other
Workforce	82,3 ETP	+3.9%	79,2 ETP	-6.7%	84,9 ETP	-2.3%	86,9 ETP	+5.7%	82,2 ETP	+2.4%	80,3 ETP	-9.4%	88,6 ETP	+5.1%	84,3 ETP	-3.0%	86,9 ETP	+10.4%	78,7 ETP	+5.2%	74,8 ETP	+0.9%	74,1 ETP	+6.5%	69,6 ETP	-3.7%	72,3 ETP	-6.6%	77,4 ETP	+79.6%	43,1 ETP	+401%	8,6 ETP	-32.3%	12,7 ETP	+4.1%	12,2 ETP	+4.3%	11,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 21 ended

Active mandates

Maxime CORTEIL

Administrateur · since 27 février 2026 · until 18 mai 2029

Active

PITON & Cie, Réviseur d'Entreprises

Commissaire · since 30 juin 2025 · until 19 mai 2028 · 0884.529.934

Represented by Valérie PITON

Active

Roger GEHLEN

Chairman of the board of directors · since 23 janvier 2024

Active

Alain NORMAND

Director · since 11 décembre 2023 · until 31 décembre 2025

Active

GEHLEN MANAGEMENT

Administrateur · since 11 décembre 2023 · until 11 décembre 2029 · 0899.433.290

Represented by Roger GEHLEN

Active

Jean-Pierre ALVAREZ ALONSO

Administrateur · since 11 décembre 2023 · until 11 décembre 2029

Active

Ended mandates

Alain NORMAND

Director · since 11 décembre 2023 · until 11 décembre 2029

Ended

PITON & Cie, Réviseur d'Entreprises

Commissaire · since 01 juillet 2022 · until 16 mai 2025 · 0884.529.934

Represented by Valérie PITON

Ended

Alain NORMAND

Director · since 18 mai 2018 · until 17 mai 2024

Ended

GEHLEN MANAGEMENT

Mandate · since 18 mai 2018 · until 17 mai 2024 · 0899.433.290

Represented by Roger GEHLEN

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	09/07/2026	09/07/2025	12/07/2024	13/07/2023	30/06/2022	23/06/2021
General meeting	30/06/2026	30/06/2025	30/06/2024	30/06/2023	20/05/2022	21/05/2021
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
Full model	31/12/2025	30/06/2026	09/07/2026	French	PDF
Full model	31/12/2024	30/06/2025	09/07/2025	French	PDF
Full model	31/12/2023	30/06/2024	12/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	13/07/2023	French	PDF
Full model	31/12/2021	20/05/2022	30/06/2022	French	PDF
Full model	31/12/2020	21/05/2021	23/06/2021	French	PDF
Full model	31/12/2019	15/05/2020	01/07/2020	French	PDF
Full model	31/12/2018	17/05/2019	27/06/2019	French	PDF
Full model	31/12/2017	18/05/2018	14/06/2018	French	PDF
Full model	31/12/2016	23/06/2017	23/06/2017	French	PDF
Full model	31/12/2015	20/05/2016	08/06/2016	French	PDF
Full model	31/12/2014	15/05/2015	22/06/2015	French	PDF
Full model	31/12/2013	16/05/2014	26/06/2014	French	PDF
Full model	31/12/2012	17/05/2013	12/06/2013	French	PDF
Abridged model	31/12/2011	18/05/2012	22/05/2012	French	PDF
Abridged model	31/12/2010	20/05/2011	20/06/2011	French	PDF
Abridged model	31/12/2009	21/05/2010	17/06/2010	French	PDF
Abridged model	31/12/2008	15/05/2009	15/05/2009	French	PDF
Abridged model	31/12/2007	16/05/2008	30/05/2008	French	PDF
Abridged model	31/12/2006	06/06/2007	04/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 6 active · 21 ended

Active mandates

Maxime CORTEIL

Administrateur · since 27 février 2026 · until 18 mai 2029

Active

PITON & Cie, Réviseur d'Entreprises

Commissaire · since 30 juin 2025 · until 19 mai 2028 · 0884.529.934

Represented by Valérie PITON

Active

Roger GEHLEN

Chairman of the board of directors · since 23 janvier 2024

Active

Alain NORMAND

Director · since 11 décembre 2023 · until 31 décembre 2025

Active

GEHLEN MANAGEMENT

Administrateur · since 11 décembre 2023 · until 11 décembre 2029 · 0899.433.290

Represented by Roger GEHLEN

Active

Jean-Pierre ALVAREZ ALONSO

Administrateur · since 11 décembre 2023 · until 11 décembre 2029

Active

Ended mandates

Alain NORMAND

Director · since 11 décembre 2023 · until 11 décembre 2029

Ended

PITON & Cie, Réviseur d'Entreprises

Commissaire · since 01 juillet 2022 · until 16 mai 2025 · 0884.529.934

Represented by Valérie PITON

Ended

Alain NORMAND

Director · since 18 mai 2018 · until 17 mai 2024

Ended

GEHLEN MANAGEMENT

Mandate · since 18 mai 2018 · until 17 mai 2024 · 0899.433.290

Represented by Roger GEHLEN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Restructuring09/09/2026
Fusion par absorption (PV AG société absorbante)
PDF
Restructuring09/09/2026
Fusion par absorption (PV AG société absorbante
PDF
Restructuring26/06/2026
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring26/06/2026
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates20/03/2026
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates29/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates21/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates28/12/2023
DENOMINATION - 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 20251,8 M €↑
2024
Annual accounts 2024659,6 k €↑
2023
Annual accounts 2023261,2 k €↓
2022
Annual accounts 20221,1 M €↑
2021
Annual accounts 2021624,7 k €↑
2021
Name changeSERBI
2020
Annual accounts 2020137,4 k €↑
2019
Annual accounts 201956,7 k €↓
2018
Annual accounts 2018149,9 k €↑
2017
Annual accounts 201799,7 k €↑
2016
Annual accounts 201690,6 k €↑
2015
Annual accounts 201587,7 k €↓
2014
Annual accounts 2014150,9 k €↑
2013
Annual accounts 2013109,9 k €↓
2012
Annual accounts 2012181,1 k €↑
2011
Annual accounts 2011107,2 k €↑
2010
Annual accounts 201030 k €↑
2009
Annual accounts 20092,4 k €↓
2008
Annual accounts 200822,8 k €↓
2007
Annual accounts 200783,7 k €↑
2006
Annual accounts 200614,1 k €
2006
Name changeSOCIETE D'ETUDES ET DE REALISATION DE BATIMENTS INDUSTRIELS
18/12/1992
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

SERBI

Overview

What does SERBI 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