ACTIVE

SERB

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Financial year 2025 · closed on 31/12/2025

Net result

13,7 M €

-15.7% YoY

Revenue

96,9 M €

+5.3% YoY

Equity

49,5 M €

+28.1% YoY

Workforce

9,7 ETP

-2.0% YoY

What does SERB do?

SERB is a Public limited company incorporated in 2013. Its main activity is: Wholesale of pharmaceutical goods. Its registered office is in Ixelles. It employs on average 9,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0538.813.719

Incorporation

20/09/2013

Legal form

Public limited company

Registered office

Avenue Louise 480
1050 Ixelles · BruxellesSee on map

Contributed capital

33 097 569,00 €

Latest accounts

31/12/2025

Average workforce

9,7 ETP

Activities (NACE)

46460Wholesale of pharmaceutical goods· main 46460Wholesale of pharmaceutical goods 21201Manufacture of pharmaceutical preparations 21201Manufacture of pharmaceutical preparations

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 10 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015
Income statement
Revenue	96,9 M €	+5.3%	92 M €	+0.3%	91,8 M €	+17.0%	78,5 M €	+27.3%	61,6 M €	+78.9%	34,4 M €	+39.6%	24,7 M €	+34.3%	18,4 M €	+31.7%	14 M €	-13.2%	16,1 M €
EBITDA	35 M €	-11.2%	39,4 M €	+206%	12,9 M €	-57.0%	30 M €	+55.1%	19,3 M €	+96.3%	9,8 M €	+23.2%	8 M €	+12.3%	7,1 M €	+51.7%	4,7 M €	-22.6%	6,1 M €
Operating result	24,4 M €	-12.9%	28 M €	+103872%	26,9 k €	-99.8%	17,4 M €	+141%	7,2 M €	+752%	846,8 k €	-50.7%	1,7 M €	-49.8%	3,4 M €	+1642%	196,8 k €	-89.1%	1,8 M €
Net result	13,7 M €	-15.7%	16,3 M €	+364%	-6,2 M €	-185%	7,2 M €	+834%	774,9 k €	+169%	-1,1 M €	-226%	888,3 k €	-99.2%	110,3 M €	+32155%	-344 k €	-149%	704,9 k €
Balance sheet
Equity	49,5 M €	+28.1%	38,7 M €	+22.8%	31,5 M €	-16.4%	37,6 M €	+1.0%	37,3 M €	+57.7%	23,6 M €	-4.5%	24,8 M €	-71.2%	86,1 M €	+1.4%	84,9 M €	-0.4%	85,2 M €
Total assets	159,3 M €	+3.7%	153,6 M €	+15.8%	132,6 M €	-26.2%	179,8 M €	+10.2%	163,1 M €	+93.4%	84,3 M €	+6.5%	79,2 M €	-60.5%	200,3 M €	+87.8%	106,7 M €	-7.7%	115,6 M €
Cash	10,9 M €	-37.9%	17,6 M €	+17.7%	14,9 M €	-64.9%	42,5 M €	+106%	20,6 M €	+21.2%	17 M €	+120%	7,8 M €	+5.4%	7,4 M €	+51.4%	4,9 M €	-42.9%	8,5 M €
Debts	109,2 M €	-4.5%	114,4 M €	+13.8%	100,5 M €	-28.9%	141,5 M €	+13.8%	124,4 M €	+105%	60,6 M €	+11.5%	54,4 M €	-52.4%	114,1 M €	+434%	21,4 M €	-29.6%	30,3 M €
Other
Workforce	9,7 ETP	-2.0%	9,9 ETP	+3.1%	9,6 ETP	+6.7%	9,0 ETP	+2.3%	8,8 ETP	+72.5%	5,1 ETP	+82.1%	2,8 ETP	+33.3%	2,1 ETP	-27.6%	2,9 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 19 ended

Active mandates

Marc BUCHET

Director · since 14 juin 2024 · until 07 juin 2029

Active

Antoine BERNASCONI

Director · since 01 juin 2023 · until 07 juin 2029

Active

Bich PHAM HUY

Director · since 01 juin 2023 · until 07 juin 2029

Active

Ended mandates

Martine SUCKERS

Managing director · since 08 décembre 2022 · until 14 juin 2024

Ended

Martine SUCKERS

Managing director · since 08 décembre 2022 · until 04 juin 2026

Ended

LYNX PHARMA

Managing director · since 01 janvier 2018 · until 01 juin 2023 · 0686.797.810

Represented by Jérémie Urbain

Ended

LYNX PHARMA

Managing director · since 01 janvier 2018 · until 01 juin 2023 · 0686.797.810

Represented by Jérémie URBAIN

Ended

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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	08/06/2026	04/11/2025	13/06/2024	06/06/2023	14/07/2022	12/08/2021
General meeting	04/06/2026	05/06/2025	06/06/2024	01/06/2023	02/06/2022	08/06/2021
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

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/06/2026	08/06/2026	French	PDF
Full model	31/12/2024	05/06/2025	04/11/2025	French	PDF
Full model	31/12/2023	06/06/2024	13/06/2024	French	PDF
Full model	31/12/2022	01/06/2023	06/06/2023	French	PDF
Full model	31/12/2021	02/06/2022	14/07/2022	French	PDF
Full model	31/12/2020	08/06/2021	12/08/2021	French	PDF
Full model	31/12/2019	30/06/2020	28/07/2020	French	PDF
Full model	31/12/2018	11/04/2019	29/08/2019	French	PDF
Full model	31/12/2017	28/02/2018	16/07/2018	French	PDF
Full model	31/12/2016	04/04/2017	27/06/2017	French	PDF
Consolidated accounts	31/12/2016	15/05/2017	28/09/2017	French	PDF
Full model	31/12/2015	20/06/2016	28/07/2016	French	PDF
Consolidated accounts	31/12/2015	20/06/2016	20/07/2016	French	PDF
Full modelCorrection	31/12/2014	25/09/2015	18/03/2016	French	PDF
Full modelCorrection	31/12/2014	25/09/2015	15/01/2016	French	PDF
Full model	31/12/2014	25/09/2015	22/12/2015	French	PDF
Consolidated accounts	31/12/2014	24/10/2015	22/12/2015	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 3 active · 19 ended

Active mandates

Marc BUCHET

Director · since 14 juin 2024 · until 07 juin 2029

Active

Antoine BERNASCONI

Director · since 01 juin 2023 · until 07 juin 2029

Active

Bich PHAM HUY

Director · since 01 juin 2023 · until 07 juin 2029

Active

Ended mandates

Martine SUCKERS

Managing director · since 08 décembre 2022 · until 14 juin 2024

Ended

Martine SUCKERS

Managing director · since 08 décembre 2022 · until 04 juin 2026

Ended

LYNX PHARMA

Managing director · since 01 janvier 2018 · until 01 juin 2023 · 0686.797.810

Represented by Jérémie Urbain

Ended

LYNX PHARMA

Managing director · since 01 janvier 2018 · until 01 juin 2023 · 0686.797.810

Represented by Jérémie URBAIN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares27/08/2026
CAPITAL, ACTIONS
PDF
Mandates09/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates15/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates20/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates05/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates08/07/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates03/08/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates10/03/2020
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 202513,7 M €↓
2024
Annual accounts 202416,3 M €↑
14/06/2024
nominationMarc BUCHET — administrateur
14/06/2024
nominationMarc BUCHET — administrateur délégué
2023
Annual accounts 2023-6,2 M €↓
01/06/2023
nominationAntoine BERNASCONI — administrateur
01/06/2023
nominationBich PHAM HUY — administrateur
2022
Annual accounts 20227,2 M €↑
08/12/2022
nominationMartine SUCKERS — administrateur
08/12/2022
nominationMartine SUCKERS — administrateur délégué
02/06/2022
reconductionPascale TYTGAT — commissaire
2021
Annual accounts 2021774,9 k €↑
2019
Annual accounts 2019-1,1 M €↓
2018
Annual accounts 2018888,3 k €↓
2017
Annual accounts 2017110,3 M €↑
2016
Annual accounts 2016-344 k €↓
2015
Annual accounts 2015704,9 k €
20/09/2013
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

SERB

Overview

What does SERB do?

Trend over 10 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