AVEVE
ActiveFinancials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 05-06-2026 PDF all 77 filings
Turnover
€779.3m▲ 0.4%
2024 · €776.4m
EBIT margin
-0.2%▲ 0.9pp
2024 · -1.2%
Net result
-€4.2m▼ 215%
2024 · -€1.3m
Working capital
-€45.3m▼ 30.0%
2024 · -€34.8m
In the rankings
#1 oldest company in Flemish Brabant, Wholesale and retail trade sector#2 employer in Leuven, Wholesale and retail trade sector#2 company by total assets in Leuven, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€779.3m
▲ 0.4%
2025
20182025
Operating result
-€1.9m
▲ 79.5%
2025
20182025
Net result
-€4.2m
▼ 215%
2025
lowest quarter of the sector
20182025
EBIT margin
-0.2%
▲ 0.9pp
2025
20182025
Equity
€43.0m
▲ 701%
2025
highest quarter of the sector
20182025
Total assets
€259.6m
▼ 1.9%
2025
highest quarter of the sector
20182025
Debt
€212.7m
▼ 16.8%
2025
20182025
Working capital
-€45.3m
▼ 30.0%
2025
lowest quarter of the sector
20182025
Solvency
16.6%
▲ 14.5pp
2025
middle half of the sector
20182025
Current ratio
0.76
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.6%
▼ 1.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
474
▲ 16×
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€629.8m-€676.3m▲ 7.4%€697.9m▲ 3.2%€734.1m▲ 5.2%€863.7m▲ 17.7%€790.6m▼ 8.5%€776.4m▼ 1.8%€779.3m▲ 0.4%
Operating result€6.6m--€0.7m€8.4m€9.7m▲ 15.4%-€3.0m-€28.9m▼ 858%-€9.2m▲ 68.1%-€1.9m▲ 79.5%
Net result€7.9m-€5.6m▼ 29.6%€15.9mabove the sector's middle half▲ 185%€44.5mabove the sector's middle half▲ 179%-€5.1mbelow the sector's middle half-€33.6mbelow the sector's middle half▼ 566%-€1.3mbelow the sector's middle half▲ 96.0%-€4.2mbelow the sector's middle half▼ 215%
EBIT margin1.1%--0.1%▼ 1.2pp1.2%▲ 1.3pp1.3%▲ 0.1pp-0.3%▼ 1.7pp-3.6%▼ 3.3pp-1.2%▲ 2.5pp-0.2%▲ 0.9pp
Equity€247.9m-€240.4m▼ 3.0%€241.7mabove the sector's middle half▲ 0.5%€280.3mabove the sector's middle half▲ 15.9%€40.3mabove the sector's middle half▼ 85.6%€6.7mabove the sector's middle half▼ 83.4%€5.4mabove the sector's middle half▼ 19.9%€43.0mabove the sector's middle half▲ 701%
Total assets€540.1m-€516.3m▼ 4.4%€605.8mabove the sector's middle half▲ 17.4%€703.5mabove the sector's middle half▲ 16.1%€490.0mabove the sector's middle half▼ 30.4%€476.4mabove the sector's middle half▼ 2.8%€264.7mabove the sector's middle half▼ 44.4%€259.6mabove the sector's middle half▼ 1.9%
Debt€280.8m-€268.2m▼ 4.5%€358.0m▲ 33.5%€418.6m▲ 16.9%€445.6m▲ 6.4%€465.8m▲ 4.5%€255.7m▼ 45.1%€212.7m▼ 16.8%
Working capital€28.0m-€5.9m▼ 78.9%-€41.1mbelow the sector's middle half€52.7mabove the sector's middle half€70.6mabove the sector's middle half▲ 34.0%€18.7mabove the sector's middle half▼ 73.4%-€34.8mbelow the sector's middle half-€45.3mbelow the sector's middle half▼ 30.0%
Solvency45.9%-46.6%▲ 0.7pp39.9%within the sector's middle half▼ 6.7pp39.8%within the sector's middle half▼ 0.1pp8.2%below the sector's middle half▼ 31.6pp1.4%below the sector's middle half▼ 6.8pp2.0%below the sector's middle half▲ 0.6pp16.6%within the sector's middle half▲ 14.5pp
Current ratio1.14-1.03▼ 0.110.84below the sector's middle half▼ 0.191.22within the sector's middle half▲ 0.381.26within the sector's middle half▲ 0.041.06within the sector's middle half▼ 0.200.81below the sector's middle half▼ 0.250.76below the sector's middle half▼ 0.05
Return on assets (ROA)1.5%-1.1%▼ 0.4pp2.6%within the sector's middle half▲ 1.6pp6.3%within the sector's middle half▲ 3.7pp-1.0%below the sector's middle half▼ 7.4pp-7.1%below the sector's middle half▼ 6.0pp-0.5%below the sector's middle half▲ 6.6pp-1.6%below the sector's middle half▼ 1.1pp
Staff (FTE)784.6-793.9▲ 1.2%29.4above the sector's middle half474above the sector's middle half▲ 16×
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €1.9m, smaller than the loss of €9.2m in 2024.
Large changes and their cause
- 2025 Net result -215%, Equity +701% on 2024. Part of ARVESTA BELGIUM BV received in a demerger, effective 01-01-2025. Partial demerger to Arvesta Belgium, effective 01-01-2025.
- 2025 Staff (FTE) +1,512% on 2024. Part of ARVESTA BELGIUM BV received in a demerger, effective 01-01-2025. Merger absorbing ET GROEP, Official Gazette 24-01-2024, in the previous financial year. That operation now counts for a full year for the first time.
- 2024 Net result +96% on 2023. Merger absorbing ET GROEP, Official Gazette 24-01-2024. Merger absorbing EUROTUIN DEINZE, Official Gazette 24-01-2024.
- 2022 Equity -86% on 2021. Demerger with Arvesta, effective 01-01-2022.
- 2021 Net result +179% on 2020. Merger absorbing SCORIETHOM, effective 30-11-2021. Partial demerger to SANAC LOGISTICS, effective 30-07-2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €259.6m
Fixed assets
€113.1m ▼ 2.1%
Current assets
€146.5m ▼ 1.7%
Equity and liabilities €259.6m
Equity
€43.0m ▲ 701%
Provisions
€3.9m ▲ 6.9%
Debt
€212.7m ▼ 16.8%
Debt's share of the balance-sheet total falls from 96.6% to 81.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18.0m▲
2024 · €11.1m
Cash flow
€15.7m▼
2024 · €19.0m
Quick ratio
0.37▼
2024 · 0.42
Debt to equity
4.95▼
2024 · 47.62
ROE
-9.7%▲
2024 · -24.8%
Interest coverage
5.58▲
2024 · 1.21
Debt ≤ 1 year
€191.8m▲
2024 · €183.9m
Debt > 1 year
€20.0m▼
2024 · €70.7m
Income taxes
€15,244▲
2024 · €4,081
Customer credit
29 days▼
2024 · 31 days
Supplier credit
50 days▲
2024 · 44 days
Staff costs
€29.5m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 30 | 486 |
| full-time | 22 | 384 |
| part-time | 8 | 102 |
| in full-time equivalents | 28.7 | 461.8 |
| Average over the year, in full-time equivalents | 29.4 | 474 |
| On a permanent contract | 30 | 482 |
| Joined | 39 | 533 |
| Left | 9 | 77 |
| Agency workers, average number | 75 | 69.4 |
| Training hours | 179 | 4,688 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37.6m | €10.4m | €14.1m | €13.9m | €11.0m |
| Intangible fixed assets | €24.1m | €2.1m | €3.4m | €5.5m | €5.5m |
| Financial fixed assets | €5.3m | - | €11.4m | €15,825 | €2.1m |
| Depreciation and write-downs of the year | €23.3m | €24.8m | €23.4m | €20.3m | €19.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €122,420 | €159,115 | €155,647 | €176,473 | €181,762 |
| Other work by the auditor | €20,400 | - | - | €9,000 | - |
| Work by persons linked to the auditor | €36,920 | €14,000 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
AVEVE heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2020 | 2021 |
|---|---|---|
| Turnover | €1.47bn | €1.64bn |
| Operating result | €40.6m | €38.8m |
| Result for the year | €20.8m | €18.9m |
| Equity | €389.5m | €408.4m |
| Total assets | €799.2m | €934.6m |
Source: 2020 to 2021 consolidated accounts
Subsidies and aid
Flemish government
2024 · 1 entry · €320 awarded · €320 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €768.7m | €878.8m | €801.9m | €785.9m | €793.1m | ▲ 0.9% |
| Turnover70 | €629.8m | €676.3m | €697.9m | €734.1m | €863.7m | €790.6m | €776.4m | €779.3m | ▲ 0.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€3.4m | -€3.9m | -€7.6m | -€7.1m | -€6.6m | ▲ 6.9% |
| Own construction capitalised72 | - | - | - | €0.2m | - | - | - | €0.1m | - |
| Other operating income74 | - | - | - | €23.6m | €15.2m | €15.4m | €15.7m | €17.3m | ▲ 10.1% |
| Non-recurring operating income76A | - | - | - | €14.2m | €3.8m | €3.5m | €0.9m | €3.0m | ▲ 224% |
| Operating charges60/66A | - | - | - | €759.0m | €881.8m | €830.7m | €795.1m | €795.0m | = |
| Goods for resale, raw materials and consumables60 | - | - | - | €593.7m | €721.6m | €644.7m | €624.6m | €627.0m | ▲ 0.4% |
| Purchases600/8 | - | - | - | €611.6m | €734.2m | €636.2m | €628.1m | €636.4m | ▲ 1.3% |
| Change in stocks: decrease (increase)609 | - | - | - | -€17.9m | -€12.6m | €8.5m | -€3.5m | -€9.4m | ▼ 168% |
| Services and other goods61 | - | - | - | €139.7m | €127.6m | €144.5m | €146.0m | €115.5m | ▼ 20.9% |
| Remuneration, social security and pensions62 | - | - | - | - | - | €0 | €1.3m | €29.5m | ▲ 23× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17.9m | €19.2m | €18.9m | €23.3m | €24.8m | €23.4m | €20.3m | €19.9m | ▼ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.3m | €0.6m | €1.1m | -€1.7m | -€1.0m | ▲ 42.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€1.3m | -€0.3m | €0.04m | -€0.2m | €0.3m | - |
| Other operating charges640/8 | - | - | - | €2.4m | €2.6m | €2.5m | €3.0m | €3.1m | ▲ 3.8% |
| Non-recurring operating charges66A | - | - | - | €1.5m | €4.9m | €14.4m | €1.8m | €0.6m | ▼ 66.3% |
| Operating profit (loss)9901 | €6.6m | -€0.7m | €8.4m | €9.7m | -€3.0m | -€28.9m | -€9.2m | -€1.9m | ▲ 79.5% |
| Financial income75/76B | - | - | - | €39.8m | €1.9m | €3.9m | €17.1m | €1.1m | ▼ 93.7% |
| Recurring financial income75 | €3.8m | €3.7m | €8.2m | €39.8m | €1.9m | €3.9m | €17.1m | €0.8m | ▼ 95.0% |
| Income from financial fixed assets750 | - | - | - | €38.8m | €0.1m | €0.2m | €0.2m | €0.03m | ▼ 81.5% |
| Income from current assets751 | - | - | - | €0.5m | €1.3m | €3.3m | €3.6m | €0.3m | ▼ 91.4% |
| Other financial income752/9 | - | - | - | €0.5m | €0.5m | €0.5m | €13.3m | €0.5m | ▼ 96.2% |
| Non-recurring financial income76B | - | - | - | €0.002m | - | - | - | €0.2m | - |
| Financial charges65/66B | - | - | - | €3.8m | €3.6m | €8.9m | €9.3m | €3.5m | ▼ 62.3% |
| Recurring financial charges65 | €1.6m | €2.8m | €2.6m | €2.7m | €3.6m | €8.9m | €9.3m | €3.5m | ▼ 62.4% |
| Debt charges650 | €2.0m | €2.6m | €2.5m | €2.6m | €3.3m | €8.7m | €9.2m | €3.2m | ▼ 65.0% |
| Other financial charges652/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 164% |
| Non-recurring financial charges66B | - | - | - | €1.1m | - | €0.03m | €0.01m | €0.01m | ▲ 19.4% |
| Profit (loss) for the period before taxes9903 | €8.7m | €4.4m | €15.8m | €45.7m | -€4.7m | -€33.8m | -€1.5m | -€4.3m | ▼ 192% |
| Transfer from deferred taxes780 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 6.4% |
| Income taxes67/77 | €0.3m | -€1.0m | €0.1m | €1.5m | €0.6m | €0 | €0.004m | €0.02m | ▲ 274% |
| Taxes670/3 | - | - | - | €1.5m | €0.6m | €0 | €0.004m | €0.02m | ▲ 274% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.001m | - | - | - | - |
| Profit (loss) for the period9904 | €7.9m | €5.6m | €15.9m | €44.5m | -€5.1m | -€33.6m | -€1.3m | -€4.2m | ▼ 215% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.5m | €0.04m | €0.04m | €0.03m | €0.02m | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | €6.7m | €5.9m | €16.5m | €45.0m | -€5.0m | -€33.6m | -€1.3m | -€4.2m | ▼ 220% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €540.1m | €516.3m | €605.8m | €703.5m | €490.0m | €476.4m | €264.7m | €259.6m | ▼ 1.9% |
| Formation expenses20 | €0.003m | €0.003m | €0.002m | €0.002m | €0.001m | €0.001m | €374 | €0 | ▼ 100% |
| Fixed assets21/28 | €312.2m | €323.4m | €390.1m | €406.4m | €148.1m | €135.9m | €115.6m | €113.1m | ▼ 2.1% |
| Intangible fixed assets21 | €20.7m | €27.6m | €57.2m | €68.7m | €50.2m | €27.6m | €22.6m | €19.8m | ▼ 12.4% |
| Tangible fixed assets22/27 | €104.4m | €106.0m | €84.2m | €93.6m | €90.8m | €92.5m | €92.6m | €90.9m | ▼ 1.9% |
| Land and buildings22 | - | - | - | €70.6m | €67.7m | €70.2m | €71.1m | €67.7m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €14.5m | €13.9m | €14.5m | €14.7m | €15.5m | ▲ 5.1% |
| Furniture and vehicles24 | - | - | - | €2.3m | €3.3m | €3.0m | €2.7m | €2.6m | ▼ 4.4% |
| Other tangible fixed assets26 | - | - | - | €4.1m | €2.7m | €2.0m | €1.8m | €1.4m | ▼ 23.4% |
| Assets under construction and advance payments27 | - | - | - | €2.1m | €3.1m | €2.7m | €2.3m | €3.7m | ▲ 61.9% |
| Financial fixed assets28 | €187.1m | €189.7m | €248.7m | €244.1m | €7.1m | €15.8m | €0.4m | €2.4m | ▲ 573% |
| Affiliated companies280/1 | - | - | - | €239.5m | €6.6m | €15.3m | - | €2.0m | - |
| Participating interests280 | - | - | - | €236.2m | - | €11.4m | - | €2.0m | - |
| Amounts receivable281 | - | - | - | €3.3m | €6.6m | €3.9m | - | - | - |
| Companies linked by participating interests282/3 | - | - | - | €4.1m | - | - | - | - | - |
| Participating interests282 | - | - | - | €4.1m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 14.4% |
| Shares284 | - | - | - | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 11.0% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 18.6% |
| Current assets29/58 | €227.8m | €192.9m | €215.7m | €297.1m | €341.9m | €340.5m | €149.1m | €146.5m | ▼ 1.7% |
| Amounts receivable after more than one year29 | - | - | - | €1.9m | €1.2m | €0.9m | €0.8m | €0.7m | ▼ 3.1% |
| Trade receivables290 | - | - | - | €0.007m | €0.007m | €0.007m | - | - | - |
| Other amounts receivable291 | - | - | - | €1.9m | €1.2m | €0.9m | €0.8m | €0.7m | ▼ 3.1% |
| Stocks and contracts in progress3 | €70.7m | €73.2m | €70.2m | €84.5m | €91.5m | €75.9m | €72.7m | €75.7m | ▲ 4.2% |
| Stocks30/36 | - | - | - | €84.5m | €91.5m | €75.9m | €72.7m | €75.7m | ▲ 4.2% |
| Raw materials and consumables30/31 | - | - | - | €24.6m | €25.7m | €21.1m | €21.3m | €19.8m | ▼ 6.8% |
| Work in progress32 | - | - | - | €1.9m | €1.6m | €2.0m | €1.8m | €1.3m | ▼ 27.9% |
| Finished goods33 | - | - | - | €5.9m | €6.8m | €5.0m | €3.6m | €2.9m | ▼ 18.9% |
| Goods purchased for resale34 | - | - | - | €52.1m | €57.4m | €47.8m | €46.1m | €51.7m | ▲ 12.3% |
| Amounts receivable within one year40/41 | €137.4m | €110.5m | €124.2m | €136.9m | €169.2m | €194.3m | €72.4m | €66.8m | ▼ 7.8% |
| Trade receivables40 | - | - | - | €86.3m | €85.4m | €63.3m | €65.6m | €61.1m | ▼ 6.8% |
| Other amounts receivable41 | - | - | - | €50.7m | €83.8m | €130.9m | €6.9m | €5.7m | ▼ 16.6% |
| Current investments50/53 | €0.01m | €0.1m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Other investments51/53 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Cash at bank and in hand54/58 | €14.8m | €4.4m | €17.4m | €73.3m | €79.0m | €68.6m | €2.0m | €1.9m | ▼ 3.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €1.0m | €0.9m | €1.2m | €1.3m | ▲ 6.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €540.1m | €516.3m | €605.8m | €703.5m | €490.0m | €476.4m | €264.7m | €259.6m | ▼ 1.9% |
| Equity10/15 | €247.9m | €240.4m | €241.7m | €280.3m | €40.3m | €6.7m | €5.4m | €43.0m | ▲ 701% |
| Contributions10/11 | €111.8m | €111.8m | - | €111.8m | €20.9m | €20.9m | €20.9m | €42.1m | ▲ 101% |
| Revaluation surpluses12 | - | - | - | €0.06m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €136.1m | €128.6m | €129.9m | €168.4m | €19.4m | €0.8m | €0.8m | €0.9m | ▲ 9.4% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Other1319 | - | - | - | €0.3m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | €10.3m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 3.4% |
| Distributable reserves133 | - | - | - | €157.8m | €18.5m | €0 | - | €0.1m | - |
| Profit (loss) carried forward14 | - | - | - | - | - | -€15.1m | -€16.4m | €0 | - |
| Provisions and deferred taxes16 | €11.3m | €7.6m | €6.1m | €4.6m | €4.1m | €3.9m | €3.6m | €3.9m | ▲ 6.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €3.3m | €3.0m | €3.0m | €2.9m | €3.3m | ▲ 13.6% |
| Major repairs and maintenance162 | - | - | - | €0.3m | €0.04m | €0 | - | - | - |
| Environmental obligations163 | - | - | - | - | - | - | €0.5m | €0.5m | ▲ 4.1% |
| Other liabilities and charges164/5 | - | - | - | €3.0m | €3.0m | €3.0m | €2.4m | €2.8m | ▲ 15.6% |
| Deferred taxes168 | - | - | - | €1.3m | €1.1m | €0.9m | €0.7m | €0.6m | ▼ 20.2% |
| Amounts payable17/49 | €280.8m | €268.2m | €358.0m | €418.6m | €445.6m | €465.8m | €255.7m | €212.7m | ▼ 16.8% |
| Amounts payable after more than one year17 | €80.5m | €80.4m | €100.3m | €173.3m | €172.4m | €141.5m | €70.7m | €20.0m | ▼ 71.7% |
| Financial debts170/4 | - | - | - | €173.3m | €172.4m | €141.5m | €70.7m | €20.0m | ▼ 71.7% |
| Credit institutions173 | - | - | - | €173.3m | €172.4m | €141.5m | €70.7m | €20.0m | ▼ 71.7% |
| Amounts payable within one year42/48 | €199.8m | €187.0m | €256.8m | €244.4m | €271.3m | €321.8m | €183.9m | €191.8m | ▲ 4.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.7m | ▼ 22.7% |
| Financial debts43 | - | - | - | €142.7m | €139.6m | €192.7m | €99.4m | €89.3m | ▼ 10.2% |
| Credit institutions430/8 | - | - | - | €2.0m | €2.0m | €0 | - | €0.09m | - |
| Other loans439 | - | - | - | €140.7m | €137.6m | €192.7m | €99.4m | €89.2m | ▼ 10.3% |
| Trade debts44 | €67.4m | €71.6m | €109.7m | €90.4m | €126.1m | €121.2m | €75.8m | €85.4m | ▲ 12.7% |
| Suppliers440/4 | - | - | - | €90.4m | €126.1m | €121.2m | €75.8m | €85.4m | ▲ 12.7% |
| Advances received on contracts in progress46 | - | - | - | €4.4m | €4.6m | €4.3m | €4.6m | €5.0m | ▲ 8.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | - | €2.6m | €2.9m | €11.1m | ▲ 276% |
| Taxes450/3 | - | - | - | €0.06m | - | €2.6m | €2.7m | €4.3m | ▲ 59.3% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €0.2m | €6.8m | ▲ 29× |
| Other amounts payable47/48 | - | - | - | €6.1m | €0.09m | €0.08m | €0.2m | €0.2m | ▼ 4.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.9m | €1.8m | €2.5m | €1.1m | €1.0m | ▼ 11.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7.9m | €5.6m | €15.9m | €44.5m | -€5.1m | -€33.6m | -€1.3m | -€4.2m | ▼ 215% |
| + Depreciation and write-downs630 | €17.9m | €19.2m | €18.9m | €23.3m | €24.8m | €23.4m | €20.3m | €19.9m | ▼ 2.2% |
| Operating cash flow (approximation) | €25.9m | €24.8m | €34.8m | €67.8m | €19.7m | -€10.2m | €19.0m | €15.7m | ▼ 17.5% |
| Investment in fixed assets (approximation) | - | -€30.3m | -€85.7m | -€39.6m | €233.6m | -€11.2m | -€0.03m | -€17.4m | ▼ 62,197% |
| Change in cash | - | -€10.4m | €13.1m | €55.9m | €5.7m | -€10.4m | -€66.6m | -€0.06m | ▲ 99.9% |
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, 137 companies had the same profile as AVEVE has now. Two years later, 95.6% were still going and 2.2% had gone bankrupt.
- Large
- solvency 10 to 30%
- a small loss
- without age
95.6%
was still going
2.2%
stopped otherwise
2.2%
went bankrupt
That fits the bankruptcy probability of AVEVE itself: 1.0% 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 137 companies, not a prediction for AVEVE. 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 77 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-06-2026 | 2026-00148371 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00177236 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00179494 | |
| 31-12-2022 | full format | 21-06-2023 | 2023-00152748 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20133665 | |
| 31-12-2021 | consolidated | 24-06-2022 | 2022-20096048 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-25500522 | |
| 31-12-2020 | consolidated | 28-06-2021 | 2021-25500506 | |
| 31-12-2019 | full format | 29-06-2020 | 2020-23700438 | |
| 31-12-2019 | consolidated | 29-06-2020 | 2020-23000215 |