AGRAFRESH
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-12-2025 PDF all 23 filings
Turnover
€36.8m▲ 19.6%
2024 · €30.8m
EBIT margin
2.7%▼ 0.5pp
2024 · 3.2%
Net result
€821,746▲ 3.3%
2024 · €795,154
Working capital
€349,054▼ 40.6%
2024 · €587,722
In the rankings
#3 company by total assets in Pittem, Wholesale and retail trade sector#5 employer in Pittem#9 company by equity in Pittem, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€36.8m
▲ 19.6%
2025
20192025
Operating result
€978,999
=
2025
20192025
Net result
€821,746
▲ 3.3%
2025
highest quarter of the sector
20192025
EBIT margin
2.7%
▼ 0.5pp
2025
20192025
Equity
€3.0m
▲ 16.2%
2025
middle half of the sector
20192025
Total assets
€18.8m
▲ 14.2%
2025
highest quarter of the sector
20192025
Debt
€15.8m
▲ 14.1%
2025
20192025
Working capital
€349,054
▼ 40.6%
2025
middle half of the sector
20192025
Solvency
16.0%
▲ 0.3pp
2025
lowest quarter of the sector
20192025
Current ratio
1.03
▼ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
4.4%
▼ 0.5pp
2025
middle half of the sector
20192025
Staff (FTE)
46.5
▲ 16.3%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€34.4m-€23.2m▼ 32.5%€21.7m▼ 6.5%€24.0m▲ 10.6%€27.1m▲ 12.7%€30.8m▲ 13.7%€36.8m▲ 19.6%
Operating result€0.2m-€0.1m▼ 38.1%€0.08m▼ 37.8%-€0.2m€0.5m€1.0m▲ 96.2%€1.0m=
Net result€0.09m-€0.04mwithin the sector's middle half▼ 54.2%€0.02mwithin the sector's middle half▼ 47.7%-€0.3mbelow the sector's middle half€0.4mwithin the sector's middle half€0.8mabove the sector's middle half▲ 92.6%€0.8mabove the sector's middle half▲ 3.3%
EBIT margin0.6%-0.5%=0.4%▼ 0.2pp-1.0%▼ 1.3pp1.8%▲ 2.8pp3.2%▲ 1.3pp2.7%▼ 0.5pp
Equity€2.0m-€2.0mwithin the sector's middle half▲ 2.0%€2.1mwithin the sector's middle half▲ 1.0%€1.8mwithin the sector's middle half▼ 13.2%€2.2mwithin the sector's middle half▲ 23.1%€2.6mwithin the sector's middle half▲ 18.0%€3.0mwithin the sector's middle half▲ 16.2%
Total assets€10.5m-€11.3mabove the sector's middle half▲ 7.3%€10.4mwithin the sector's middle half▼ 7.9%€12.1mwithin the sector's middle half▲ 16.3%€13.7mabove the sector's middle half▲ 13.6%€16.5mabove the sector's middle half▲ 20.3%€18.8mabove the sector's middle half▲ 14.2%
Debt€8.5m-€9.2m▲ 8.5%€8.3m▼ 9.9%€10.3m▲ 23.6%€11.5m▲ 12.0%€13.9m▲ 20.3%€15.8m▲ 14.1%
Working capital€0.7m-€0.02mbelow the sector's middle half▼ 97.8%€0.5mwithin the sector's middle half▲ 30×€0.01mbelow the sector's middle half▼ 97.7%€0.1mwithin the sector's middle half▲ 918%€0.6mwithin the sector's middle half▲ 438%€0.3mwithin the sector's middle half▼ 40.6%
Solvency19.0%-18.1%below the sector's middle half▼ 0.9pp19.8%below the sector's middle half▲ 1.8pp14.8%below the sector's middle half▼ 5.0pp16.0%below the sector's middle half▲ 1.2pp15.7%below the sector's middle half▼ 0.3pp16.0%below the sector's middle half▲ 0.3pp
Current ratio1.11-1.00below the sector's middle half▼ 0.111.08below the sector's middle half▲ 0.081.00below the sector's middle half▼ 0.081.01below the sector's middle half▲ 0.011.05below the sector's middle half▲ 0.041.03below the sector's middle half▼ 0.03
Return on assets (ROA)0.8%-0.4%within the sector's middle half▼ 0.5pp0.2%below the sector's middle half▼ 0.2pp-2.2%below the sector's middle half▼ 2.4pp3.0%within the sector's middle half▲ 5.3pp4.8%within the sector's middle half▲ 1.8pp4.4%within the sector's middle half▼ 0.5pp
Staff (FTE)29.3-32.4above the sector's middle half▲ 10.6%35.9above the sector's middle half▲ 10.8%44.8above the sector's middle half▲ 24.8%41.3above the sector's middle half▼ 7.8%40above the sector's middle half▼ 3.1%46.5above the sector's middle half▲ 16.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 0% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18.8m
Fixed assets
€5.6m ▲ 15.4%
Current assets
€13.3m ▲ 13.7%
Equity and liabilities €18.8m
Equity
€3.0m ▲ 16.2%
Provisions
€17,833 ▼ 64.3%
Debt
€15.8m ▲ 14.1%
Debt's share of the balance-sheet total falls from 84.0% to 83.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.7m▲
2024 · €1.6m
Cash flow
€1.6m▲
2024 · €1.4m
Quick ratio
0.89▼
2024 · 0.93
Debt to equity
5.24▼
2024 · 5.34
ROE
27.2%▼
2024 · 30.6%
Interest coverage
60.94▲
2024 · 47.74
Debt ≤ 1 year
€12.9m▲
2024 · €11.1m
Debt > 1 year
€2.8m▲
2024 · €2.5m
Income taxes
€42,543▼
2024 · €53,300
Customer credit
51 days▼
2024 · 59 days
Supplier credit
196 days▲
2024 · 191 days
Staff costs
€3.2m▲
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 42 | 44 | 36 | 47 |
| full-time | 41 | 42 | 31 | 43 |
| part-time | 1 | 2 | 5 | 4 |
| in full-time equivalents | 41.7 | 43.6 | 35.2 | 46.4 |
| Average over the year, in full-time equivalents | 44.8 | 41.3 | 40 | 46.5 |
| On a permanent contract | 42 | 44 | 36 | 47 |
| Joined | 28 | 12 | 7 | 17 |
| Left | 27 | 10 | 15 | 6 |
| Agency workers, average number | 12.3 | 5.3 | 8.7 | 9.6 |
| Training hours | 1,862 | 1,994 | 1,869 | 2,057 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €2.3m | €2.5m | €3.3m | €3.2m |
| Mortgages, amount registered | €803,000 | €803,000 | €803,000 | €803,000 |
| Carrying value of the mortgaged assets | €362,214 | €362,987 | €441,675 | €485,947 |
| Pledge on the business | €0 | - | - | - |
| Carrying value of the other pledged assets | €3.5m | €4.2m | €4.9m | €5.1m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €892,204 | €735,104 | €660,029 | €1.4m |
| Intangible fixed assets | €131,305 | €146,128 | €102,214 | €130,642 |
| Depreciation and write-downs of the year | €512,155 | €572,609 | €635,666 | €751,471 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is VRC BEDRIJFSREVISOREN.
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Fee for the audit | €13,214 | €14,581 | €14,779 | €15,246 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 12 entries · €381,493 awarded · €69,659 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 6 | €21,303 | €33,033 |
| 2024 | 2 | €29,498 | €6,205 |
| 2023 | 2 | €32,636 | €30,365 |
| 2022 | 2 | €298,056 | €56 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €24.5m | €27.3m | €31.1m | €37.4m | ▲ 20.0% |
| Turnover70 | €34.4m | €23.2m | €21.7m | €24.0m | €27.1m | €30.8m | €36.8m | ▲ 19.6% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.2m | -€0.2m | €0.09m | €0.2m | ▲ 168% |
| Own construction capitalised72 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.4% |
| Other operating income74 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 19.2% |
| Non-recurring operating income76A | - | - | - | €0.07m | €0.06m | €0 | - | - |
| Operating charges60/66A | - | - | - | €24.7m | €26.8m | €30.2m | €36.4m | ▲ 20.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €11.1m | €11.9m | €13.2m | €16.2m | ▲ 22.7% |
| Purchases600/8 | - | - | - | €11.4m | €12.0m | €13.3m | €16.3m | ▲ 22.5% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.2m | -€0.1m | -€0.1m | -€0.1m | ▼ 7.6% |
| Services and other goods61 | - | - | - | €10.6m | €11.8m | €13.6m | €16.2m | ▲ 18.7% |
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.3m | €2.6m | €3.2m | ▲ 22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.4m | €0.6m | €0.5m | €0.5m | €0.6m | €0.6m | €0.8m | ▲ 18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.04m | -€0.003m | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €0.05m | -€0.03m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.06m | €0.02m | €0.02m | ▲ 18.8% |
| Non-recurring operating charges66A | - | - | - | €0.2m | €0.1m | €0.03m | €0.1m | ▲ 258% |
| Operating profit (loss)9901 | €0.2m | €0.1m | €0.08m | -€0.2m | €0.5m | €1.0m | €1.0m | = |
| Financial income75/76B | - | - | - | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 20.1% |
| Recurring financial income75 | €0.04m | €0.02m | €0.02m | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 20.1% |
| Income from current assets751 | - | - | - | €0.005m | €0.007m | €0.01m | €0.01m | ▲ 17.8% |
| Other financial income752/9 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 39.2% |
| Financial charges65/66B | - | - | - | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 14.1% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.07m | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 14.1% |
| Debt charges650 | €0.09m | €0.06m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 16.1% |
| Other financial charges652/9 | - | - | - | €0.04m | €0.09m | €0.1m | €0.1m | ▼ 13.6% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.04m | €0.02m | -€0.3m | €0.4m | €0.8m | €0.9m | ▲ 1.9% |
| Income taxes67/77 | -€0.002m | €0.004m | €0.002m | €0.001m | €0.001m | €0.05m | €0.04m | ▼ 20.2% |
| Taxes670/3 | - | - | - | €0.001m | €0.001m | €0.05m | €0.05m | ▼ 13.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.004m | - |
| Profit (loss) for the period9904 | €0.09m | €0.04m | €0.02m | -€0.3m | €0.4m | €0.8m | €0.8m | ▲ 3.3% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.04m | €0.02m | -€0.3m | €0.4m | €0.8m | €0.8m | ▲ 3.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €10.5m | €11.3m | €10.4m | €12.1m | €13.7m | €16.5m | €18.8m | ▲ 14.2% |
| Fixed assets21/28 | €3.1m | €3.4m | €4.3m | €4.5m | €4.8m | €4.8m | €5.6m | ▲ 15.4% |
| Intangible fixed assets21 | €0.06m | €0.04m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 0.7% |
| Tangible fixed assets22/27 | €3.1m | €3.4m | €4.0m | €4.1m | €4.2m | €4.3m | €5.0m | ▲ 17.2% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 10.0% |
| Plant, machinery and equipment23 | - | - | - | €3.4m | €3.6m | €3.6m | €4.3m | ▲ 18.6% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 18.1% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.02m | €0 | - | - |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.04m | €0.05m | €0.04m | ▼ 25.5% |
| Assets under construction and advance payments27 | - | - | - | €0.1m | €0 | - | - | - |
| Current assets29/58 | €7.4m | €7.8m | €6.1m | €7.6m | €9.0m | €11.7m | €13.3m | ▲ 13.7% |
| Stocks and contracts in progress3 | €0.3m | €0.7m | €0.8m | €1.2m | €1.1m | €1.4m | €1.7m | ▲ 28.4% |
| Stocks30/36 | - | - | - | €1.2m | €1.1m | €1.4m | €1.7m | ▲ 28.4% |
| Raw materials and consumables30/31 | - | - | - | €0.6m | €0.8m | €0.9m | €1.0m | ▲ 16.4% |
| Finished goods33 | - | - | - | €0.5m | €0.4m | €0.5m | €0.7m | ▲ 51.3% |
| Amounts receivable within one year40/41 | €5.1m | €4.4m | €4.7m | €5.9m | €6.7m | €8.5m | €9.0m | ▲ 5.5% |
| Trade receivables40 | - | - | - | €4.4m | €4.3m | €4.9m | €5.2m | ▲ 4.9% |
| Other amounts receivable41 | - | - | - | €1.6m | €2.4m | €3.6m | €3.8m | ▲ 6.2% |
| Cash at bank and in hand54/58 | €0.7m | €1.9m | €0.5m | €0.3m | €1.0m | €1.6m | €2.2m | ▲ 40.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 60.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €10.5m | €11.3m | €10.4m | €12.1m | €13.7m | €16.5m | €18.8m | ▲ 14.2% |
| Equity10/15 | €2.0m | €2.0m | €2.1m | €1.8m | €2.2m | €2.6m | €3.0m | ▲ 16.2% |
| Contributions10/11 | €0.2m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €1.8m | €1.9m | €1.9m | €1.6m | €2.0m | €2.4m | €2.9m | ▲ 17.3% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €1.4m | €1.8m | €2.2m | €2.6m | ▲ 19.0% |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.05m | €0.02m | ▼ 64.3% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €0.05m | €0.02m | ▼ 64.3% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.05m | €0.02m | ▼ 64.3% |
| Amounts payable17/49 | €8.5m | €9.2m | €8.3m | €10.3m | €11.5m | €13.9m | €15.8m | ▲ 14.1% |
| Amounts payable after more than one year17 | €1.9m | €1.1m | €2.6m | €2.5m | €2.6m | €2.5m | €2.8m | ▲ 9.1% |
| Financial debts170/4 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | ▼ 41.9% |
| Leasing and similar obligations172 | - | - | - | €213 | €0 | - | - | - |
| Credit institutions173 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | ▼ 41.9% |
| Other amounts payable178/9 | - | - | - | €2.3m | €2.3m | €2.3m | €2.6m | ▲ 13.8% |
| Amounts payable within one year42/48 | €6.6m | €7.8m | €5.6m | €7.6m | €8.9m | €11.1m | €12.9m | ▲ 16.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 20.3% |
| Financial debts43 | - | - | - | €2.2m | €2.4m | €3.2m | €3.2m | ▼ 1.0% |
| Credit institutions430/8 | - | - | - | €2.2m | €2.4m | €3.2m | €3.2m | ▼ 1.0% |
| Trade debts44 | €3.6m | €4.3m | €3.2m | €4.8m | €5.9m | €6.9m | €8.7m | ▲ 25.6% |
| Suppliers440/4 | - | - | - | €4.8m | €5.9m | €6.9m | €8.7m | ▲ 25.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 33.3% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.08m | €0.04m | ▼ 54.0% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 57.7% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.02m | €0.4m | €0.4m | ▼ 0.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.08m | €0.3m | €0.1m | ▼ 45.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | €0.04m | €0.02m | -€0.3m | €0.4m | €0.8m | €0.8m | ▲ 3.3% |
| + Depreciation and write-downs630 | €1.4m | €0.6m | €0.5m | €0.5m | €0.6m | €0.6m | €0.8m | ▲ 18.2% |
| Operating cash flow (approximation) | €1.5m | €0.6m | €0.5m | €0.2m | €1.0m | €1.4m | €1.6m | ▲ 10.0% |
| Investment in fixed assets (approximation) | - | -€0.9m | -€1.4m | -€0.7m | -€0.9m | -€0.7m | -€1.5m | ▼ 110% |
| Change in cash | - | €1.2m | -€1.3m | -€0.2m | €0.7m | €0.6m | €0.6m | ▲ 12.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as AGRAFRESH has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of AGRAFRESH itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,685 companies, not a prediction for AGRAFRESH. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 19-12-2025 | 2025-00591814 | |
| 30-06-2024 | full format | 21-12-2024 | 2024-00624810 | |
| 30-06-2023 | full format | 21-12-2023 | 2023-00537384 | |
| 30-06-2022 | full format | 21-12-2022 | 2022-20548942 | |
| 30-06-2021 | full format | 21-12-2021 | 2021-81000367 | |
| 30-06-2020 | full format | 05-01-2021 | 2021-00400151 | |
| 30-06-2019 | full format | 27-01-2020 | 2020-02100441 | |
| 31-07-2017 | full format | 22-02-2018 | 2018-05200587 | |
| 31-07-2016 | full format | 09-02-2017 | 2017-04200378 | |
| 31-07-2015 | full format | 03-02-2016 | 2016-03800571 |