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Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Busy address KBO
26 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
SERBI from Thimister-Clermont, company number BE0449015869, closed financial year 2025 with a result of € 1.8 million after tax. For that financial year SERBI recorded revenue of € 45 million and equity of € 4.6 million. Compared with financial year 2024, the result moved from € 659,572 to € 1.8 million. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 9, 2026.
€ 4.6 million
▲ 22% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.8 million
▲ 176% vs 2024
Profit after tax over the fiscal year.
€ 773,936
▼ 54% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1 million paid out
55 % of the profit went to the shareholders, mostly to GEHLEN MANAGEMENT (80 % of the shares). That is where the money ends up.
People and assets in 2025
82.3
▲ 3.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 5.4 million
▲ 9% vs 2024
€ 65,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1.2 million
▲ 134% vs 2024
Of which on lease € 639,447.
Debts at end 2025
€ 6.3 million
▲ 28% vs 2024
€ 647,374 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 9 million
▲ 14% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 91 days on average.
€ 1.3 million
▲ 55% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 46,418,851 | € 36,199,330 | € 37,055,125 | € 45,007,859 | ▲ 21% |
| Profit after taxes | € 1,146,700 | € 261,199 | € 659,572 | € 1,819,763 | ▲ 176% |
| Equity | € 3,544,396 | € 3,705,595 | € 3,765,167 | € 4,584,930 | ▲ 22% |
| Total debts | € 22,024,021 | € 15,746,752 | € 16,927,066 | € 20,365,840 | ▲ 20% |
| Cash | € 1,790,410 | € 1,123,406 | € 1,669,001 | € 773,936 | ▼ 54% |
| Land & buildings | € 207,271 | € 207,271 | € 207,271 | - | |
| Retained profit | € 3,354,396 | € 3,515,595 | € 3,575,167 | € 4,394,930 | ▲ 23% |
| Dividend | € 182,400 | € 100,000 | € 600,000 | € 1,000,000 | ▲ 67% |
| Bank debt | € 10,496,237 | € 6,589,196 | € 4,898,805 | € 6,267,750 | ▲ 28% |
| Balance sheet total | € 26,221,569 | € 20,131,417 | € 21,514,072 | € 26,080,839 | ▲ 21% |
| Employees (FTE) | 86.9 | 84.9 | 79.2 | 82.3 | ▲ 3.1 |
Key figures of SERBI, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to SERBI?
What happened at SERBI in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- GEHLEN MANAGEMENT SRL stepped down as director. NBB
- Jean-Pierre ALVAREZ ALONSO stepped down as director. NBB
- Maxime CORTEIL stepped down as director. NBB
- PITON & CIE SRL stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.8 million (▲ 176% vs 2024). Source: NBB ↗
- Maxime CORTEIL became a director. NBB
- Alain NORMAND stepped down as director. NBB
- PITON & CIE SRL became a director. NBB
In short
From € 1.1 million profit in 2022 to € 1.8 million profit in 2025.
Paid € 1.6 million in corporate taxes since 2022.
Best year ever: 2025, with € 1.8 million profit.
Paid out € 1.9 million in dividends to the owners in total.
Management
The stake of GEHLEN MANAGEMENT comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
SERBIBehind SERBI is Roger GEHLEN. The shares are held by GEHLEN MANAGEMENT (79.6%). It owns 100% of G-BOIS and 100% of Covebat itself.
Directors
According to the 2025 annual accounts
Roger GEHLEN
Chairman of the board
Also active at: GEHLEN IMMO, COVEBAT, G-Bois, Société Internationale de Travaux Publics, ROGER GEHLEN, ARDENNE RAILS, GEFOR, DEGETRA +23 more
since 2024
since 2025 · until 2028
Administrateur · represented by Roger GEHLEN
Also active at: UNIMMO, GEHLEN IMMO, ETABLISSEMENTS PAULY - ANDRIANNE, COVEBAT, G-Bois, COMBLAIN MOTORS, ROGER GEHLEN, ARDENNE RAILS +27 more
since 2023 · until 2029
Maxime CORTEIL
Administrateur
since 2026 · until 2029
since 2023 · until 2029
Alain NORMAND
Director
since 2023 · until 2025
Shareholders
79.6%
Establishments
Establishment units
Physical locations of this company
Rue du Bosquet 3
4890 Thimister-Clermont
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 26 companies are registered at this address.
All companies at this address →GEHLEN IMMO same network
€ 283,272 gross margin · 2025
COVEBAT same network
€ 531,772 gross margin · 2025
G-Bois same network
€ 1.2 million gross margin · 2025
Espace Industriel des Plénesses
€ 1.3 million gross margin · 2025
IMMO-PARQ same network
€ -1,562 gross margin · 2025
+21 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0449.015.869
- VAT number
- BE 0449.015.869
- Registered office
- Rue du Bosquet 3, 4890 Thimister-Clermont
- Names & denominations
- SERBI
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 18 December 1992
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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