Valéon
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 91 days after the deadline Filed on 30 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00595422.
Annual accounts 2025 filed on 30-10-2026 at the NBB all 6 filings
Turnover
≈ €110,000
Estimated: probably between €51,000 and €260,000
Total assets
€53,241▼ 2.5%
2024 · €54,613
Net result
€4,000▼ 72.3%
2024 · €14,421
Working capital
-€911
2024 · €37,920
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€5,552
▼ 72.2%
2025
20202025
Net result
€4,000
▼ 72.3%
2025
middle half of the sector
20202025
Equity
€2,500
▼ 94.3%
2025
lowest quarter of the sector
20202025
Total assets
€53,241
▼ 2.5%
2025
lowest quarter of the sector
20202025
Debt
€50,741
▲ 368%
2025
20202025
Working capital
-€911
2025
middle half of the sector
20202025
Solvency
4.7%
▼ 75.4pp
2025
lowest quarter of the sector
20202025
Current ratio
0.98
▼ 3.51
2025
middle half of the sector
20202025
Return on assets (ROA)
7.5%
▼ 18.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€18,885-€8,096▼ 57.1%-€4,530€14,697€19,990▲ 36.0%€5,552▼ 72.2%
Net result€14,043within the sector's middle half-€6,084within the sector's middle half▼ 56.7%-€5,361below the sector's middle half€12,077within the sector's middle half€14,421within the sector's middle half▲ 19.4%€4,000within the sector's middle half▼ 72.3%
Equity€16,543within the sector's middle half-€22,628within the sector's middle half▲ 36.8%€17,267within the sector's middle half▼ 23.7%€29,344within the sector's middle half▲ 69.9%€43,765within the sector's middle half▲ 49.1%€2,500below the sector's middle half▼ 94.3%
Total assets€70,571within the sector's middle half-€38,805below the sector's middle half▼ 45.0%€32,927below the sector's middle half▼ 15.1%€39,708below the sector's middle half▲ 20.6%€54,613below the sector's middle half▲ 37.5%€53,241below the sector's middle half▼ 2.5%
Debt€54,028-€16,177▼ 70.1%€15,660▼ 3.2%€10,364▼ 33.8%€10,848▲ 4.7%€50,741▲ 368%
Working capital€18,044within the sector's middle half-€25,637within the sector's middle half▲ 42.1%€20,459within the sector's middle half▼ 20.2%€34,245within the sector's middle half▲ 67.4%€37,920within the sector's middle half▲ 10.7%-€911within the sector's middle half
Solvency23.4%within the sector's middle half-58.3%within the sector's middle half▲ 34.9pp52.4%within the sector's middle half▼ 5.9pp73.9%above the sector's middle half▲ 21.5pp80.1%above the sector's middle half▲ 6.2pp4.7%below the sector's middle half▼ 75.4pp
Current ratio1.37within the sector's middle half-3.67above the sector's middle half▲ 2.303.12within the sector's middle half▼ 0.5511.52above the sector's middle half▲ 8.404.50above the sector's middle half▼ 7.030.98within the sector's middle half▼ 3.51
Return on assets (ROA)19.9%above the sector's middle half-15.7%above the sector's middle half▼ 4.2pp-16.3%below the sector's middle half▼ 32.0pp30.4%above the sector's middle half▲ 46.7pp26.4%above the sector's middle half▼ 4.0pp7.5%within the sector's middle half▼ 18.9pp
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 72% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53,241
Fixed assets
€3,411 ▼ 40.9%
Current assets
€49,829 ▲ 2.2%
Equity and liabilities €53,241
Equity
€2,500 ▼ 94.3%
Debt
€50,741 ▲ 368%
Debt's share of the balance-sheet total rises from 19.9% to 95.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€7,986▼
2024 · €21,623
Cash flow
€6,434▼
2024 · €16,055
Debt to equity
20.30▲
2024 · 0.25
ROE
160.0%▲
2024 · 33.0%
Interest coverage
40.82▼
2024 · over 100
Debt ≤ 1 year
€50,741▲
2024 · €10,848
Income taxes
€1,456▼
2024 · €5,421
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,539 | €490 | €695 | €5,271 | - |
| Depreciation and write-downs of the year | €1,085 | €1,227 | €1,316 | €1,634 | €2,434 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €391 | €1,085 | €1,227 | €1,316 | €1,634 | €2,434 | ▲ 49.0% |
| Other operating charges640/8 | - | €62 | €62 | €112 | €511 | €462 | ▼ 9.7% |
| Gross operating margin9900 | €19,414 | €9,243 | -€3,241 | €16,124 | €22,135 | €8,448 | ▼ 61.8% |
| Operating profit (loss)9901 | €18,885 | €8,096 | -€4,530 | €14,697 | €19,990 | €5,552 | ▼ 72.2% |
| Financial income75/76B | - | €72 | - | €0 | €37 | €100 | ▲ 173% |
| Recurring financial income75 | €17 | €72 | - | €0 | €37 | €100 | ▲ 173% |
| Financial charges65/66B | - | €152 | €831 | €297 | €184 | €196 | ▲ 6.4% |
| Recurring financial charges65 | €293 | €152 | €831 | €297 | €184 | €196 | ▲ 6.4% |
| Profit (loss) for the period before taxes9903 | €18,609 | €8,016 | -€5,361 | €14,399 | €19,842 | €5,456 | ▼ 72.5% |
| Income taxes67/77 | €4,566 | €1,932 | - | €2,322 | €5,421 | €1,456 | ▼ 73.1% |
| Profit (loss) for the period9904 | €14,043 | €6,084 | -€5,361 | €12,077 | €14,421 | €4,000 | ▼ 72.3% |
| Profit (loss) for the period to be appropriated9905 | €14,043 | €6,084 | -€5,361 | €12,077 | €14,421 | €4,000 | ▼ 72.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €70,571 | €38,805 | €32,927 | €39,708 | €54,613 | €53,241 | ▼ 2.5% |
| Formation expenses20 | €1,671 | €1,271 | €871 | €471 | €71 | - | - |
| Fixed assets21/28 | €1,441 | €2,295 | €1,958 | €1,738 | €5,775 | €3,411 | ▼ 40.9% |
| Tangible fixed assets22/27 | €1,441 | €2,295 | €1,958 | €1,738 | €5,775 | €3,411 | ▼ 40.9% |
| Land and buildings22 | - | €882 | €679 | €476 | €273 | €70 | ▼ 74.5% |
| Plant, machinery and equipment23 | - | €1,413 | €1,280 | €1,262 | €1,400 | €716 | ▼ 48.8% |
| Furniture and vehicles24 | - | - | - | - | €4,102 | €2,625 | ▼ 36.0% |
| Current assets29/58 | €67,459 | €35,239 | €30,098 | €37,500 | €48,768 | €49,829 | ▲ 2.2% |
| Amounts receivable within one year40/41 | €15,735 | €8,905 | €11,412 | €12,606 | €20,397 | €23,576 | ▲ 15.6% |
| Trade receivables40 | - | €8,480 | €11,202 | €11,925 | €19,283 | €7,198 | ▼ 62.7% |
| Other amounts receivable41 | - | €426 | €210 | €681 | €1,114 | €16,378 | ▲ 15× |
| Cash at bank and in hand54/58 | €51,724 | €26,334 | €18,686 | €24,894 | €28,370 | €26,253 | ▼ 7.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €70,571 | €38,805 | €32,927 | €39,708 | €54,613 | €53,241 | ▼ 2.5% |
| Equity10/15 | €16,543 | €22,628 | €17,267 | €29,344 | €43,765 | €2,500 | ▼ 94.3% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €14,043 | €20,128 | €14,767 | €26,844 | €41,265 | - | - |
| Distributable reserves133 | - | €20,128 | €14,767 | €26,844 | €41,265 | - | - |
| Amounts payable17/49 | €54,028 | €16,177 | €15,660 | €10,364 | €10,848 | €50,741 | ▲ 368% |
| Amounts payable after more than one year17 | €4,242 | €6,575 | €6,022 | €7,110 | - | - | - |
| Other amounts payable178/9 | - | €6,575 | €6,022 | €7,110 | - | - | - |
| Amounts payable within one year42/48 | €49,416 | €9,602 | €9,639 | €3,255 | €10,848 | €50,741 | ▲ 368% |
| Trade debts44 | €44,850 | €3,104 | €7,707 | €939 | - | €2,332 | - |
| Suppliers440/4 | - | €3,104 | €7,707 | €939 | - | €2,332 | - |
| Taxes, remuneration and social security45 | - | €6,498 | €1,932 | €2,315 | €7,736 | €5,568 | ▼ 28.0% |
| Taxes450/3 | - | €6,498 | €1,932 | €2,315 | €7,736 | €5,568 | ▼ 28.0% |
| Other amounts payable47/48 | - | - | - | - | €3,112 | €42,841 | ▲ 14× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,043 | €6,084 | -€5,361 | €12,077 | €14,421 | €4,000 | ▼ 72.3% |
| + Depreciation and write-downs630 | €391 | €1,085 | €1,227 | €1,316 | €1,634 | €2,434 | ▲ 49.0% |
| Operating cash flow (approximation) | €14,435 | €7,170 | -€4,134 | €13,393 | €16,055 | €6,434 | ▼ 59.9% |
| Investment in fixed assets (approximation) | - | -€1,939 | -€890 | -€1,095 | -€5,671 | -€71 | ▲ 98.8% |
| Change in cash | - | -€25,391 | -€7,648 | €6,209 | €3,476 | -€2,117 | - |
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, 2,153 companies had the same profile as Valéon has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of Valéon itself is higher: 4.7% within 12 months. It rests on far more data about Valéon than the profile alone.
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 2,153 companies, not a prediction for Valéon. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-10-2026 | 2026-00595422 | |
| 31-12-2024 | micro format | 28-05-2026 | 2026-00123406 | |
| 31-12-2023 | micro format | 19-09-2024 | 2024-00465098 | |
| 31-12-2022 | micro format | 19-09-2023 | 2023-00448352 | |
| 31-12-2021 | micro format | 08-12-2022 | 2022-20533914 | |
| 31-12-2020 | micro format | 17-03-2022 | 2022-07800148 |