Equity
€43.0m from €281.3m in 2015
Equity fell by 85% in 10 years.
AVEVE
Part of the group
MAATSCHAPPIJ VOOR ROEREND BEZIT VAN DE BOERENBOND
44 companies in 5 countries
See the group
Lifetime
19 annual accounts with figures on one time axis, 49 filings since 1977Turnoverpeak €863.7m (2022)
€779.3m▲ 0.4%
Resultlowest -€33.6m (2023)
-€4.2m▼ €2.9m
Equitypeak €281.3m (2015)
€43.0m▲ 701%
Debts
€212.7m▼ 16.8%
Staffpeak 793.9 FTE (2019)
474 FTE▲ 16×
Board54 names since 2004all names
3 directorsDirk Van Thielen and 2 others
Owners3 names in the annual accounts
100%Arvesta and 1 other
Documentsfilings and deeds
05-06-202656 days before the deadline
2025financial year
Loss of €4.2mStaff from 29.4 FTE to 474 FTECapital increase of €40,000,000 to €62,655,915.42 02-12Demerger: ARVESTA BELGIUM BV splits off to AVEVE 06-081 director appointed, 1 resignation, 1 statutory auditor resi… 09-072 directors appointed, 1 resignation, 1 statutory auditor rea… 24-02
Key points
from the 2025 annual accountsLosses
-€44.2m in four years
Every financial year from 2022 to 2025 closed with a loss. 2023 was the heaviest.
Debts
€212.7m 82% of the balance sheet
Financial debts 51%Suppliers 40%Taxes and wages 5%Other 3%
Of this, €191.8m falls due within a year.
Staff
474 FTE from 793.9 in 2019
Between 2019 and 2025, 40% of the full-time equivalents disappeared. Part of ARVESTA BELGIUM BV received in a demerger, effective 01-01-2025.
Restructuring
5
5 restructurings since 2024. Latest: branch taken over from ARVESTA BELGIUM BV.
Position in the sector
-€4.2m
Lower net result than 95% of companies in retail trade. Sector median €39,953 · 5,048 companies.
Net result -215%: branch received
Checked score
55
Fair
Financially stronger than 40% of large companies in retail trade (NACE 47)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.0% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 84 companies (NACE 47, large).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025lowest value
03-2025: 0.3%● unchanged vs 02-2025lowest value
04-2025: 0.3%● unchanged vs 03-2025lowest value
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 1.1%▲ +0.8 percentage points vs 06-2025
08-2025: 1.1%● unchanged vs 07-2025
09-2025: 1.1%● unchanged vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.1%● unchanged vs 10-2025
12-2025: 1.1%● unchanged vs 11-2025
01-2026: 1.1%● unchanged vs 12-2025
02-2026: 1.0%▼ -0.1 percentage points vs 01-2026
03-2026: 1.0%● unchanged vs 02-2026
04-2026: 1.0%● unchanged vs 03-2026
05-2026: 1.0%● unchanged vs 04-2026
06-2026: 1.1%▲ +0.1 percentage points vs 05-2026highest value
07-2026: 1.0%▼ -0.1 percentage points vs 06-2026
08-2026: 1.0%● unchanged vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 1.0%● unchanged vs 09-2026
11-2026: 1.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Equity €43.0m (16.6% of total assets)
Liquidity: current ratio 0.76, cash €1.9m
Sector: Retail trade (NACE 47)
Loss of €4.2m, the second in a row (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, large). It does better than 34% of them on solvency, 22% on liquidity, 37% on profitability and 67% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 137 companies had the same profile as AVEVE has now. Each dot is one company, two years later.
95.6%
were still trading
2.2%
stopped another way
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 497,447 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.
Credit verdict
Credit of up to €2,350,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.76 (0.81 in 2024), below 1. Short-term debt is 73.9% and cash 0.7% of total assets. 83.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €43.0m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-06-2026, 56 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
56 days early
2024
37 days early
2023
35 days early
2022
40 days early
2021
37 days early
2020
33 days early
2019
32 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 39 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
06-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
BI
BV I-Cons
Director, Jurgen Van Eetvelde
EY
Ernst & Young Bedrijfsrevisoren BV
Auditor, Wim Van Gasse
- Arvesta 100%score 90equity €504.0m (2025) · annual accounts 2025
Shares in 4 companies, including Aveve Bree and Aveve Jodoigne
Board & ownershipRecent changes
New establishment in Jodoigne
Aveve Jodoigne, Chaussée de Wavre (Jod.) 161
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0403552464
Capital increase of €40,000,000 to €62,655,915.42
Capital from €22,655,915.42 to €62,655,915.42 · Contribution: BV ARVESTA · BV ARVESTA holds all the shares · General meeting of 27-11-2025 · Gazette deed
Environmental permit granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Genk
Comparable companies
same main activity, similar in size and age| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| AVEVE Leuven | €779.3m | -0.2% | 16.6% | 474 |
| Retail Concepts Antwerp | €283.9m | 7.9% | 29.2% | 775.6 |
| Ranson Harelbeke | €218.0m | 0.6% | 29.1% | 236.1 |
| Lagardère Travel Retail Belgium Steenokkerzeel | €216.9m | 6.3% | 11.6% | 480.8 |
| KRUIDVAT Antwerp | €779.5m | 3.3% | 43.3% | 2,407 |
| HEMA België Uccle | €163.9m | 3.2% | 30.1% | 630 |
| SOCIETE NOUVELLE DE DISTRIBUTION Fleurus | €212.2m | 4.6% | 42.1% | 593.6 |
Grey: the largest companies of the sector (retail trade (NACE 47)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as AVEVE: other non-specialised retail sale (NACE 47120). They are comparable in size and age: total assets between €55m and €199m, founded between 1975 and 2004.
Official details
Source: KBO- Status
- Active since 19-01-1901Normal situation
- Activity
- Other non-specialised retail saleNACE 47120and 12 others
- Joint committees
- 118Food industry
- 119Food trade
- 149.04Metal trade · annual accounts 2025and 1 other
- Establishment units
- 2.003.815.9043012 Leuven, since 01-01-1901
- 2.003.816.1023012 Leuven, since 01-01-1901and 70 others
- Financial year end
- 31 December
- Peppol
- Reachable since 31-12-2025
Annual accounts 2025
- Total assets
- €259.6m▼ 1.9%
- Employeeson 31-12-2025
- 486▲ 16×
- Filing
- Filed on 05-06-2026, 56 days before the end of the filing period
Companies linked to AVEVE
Parent and group
Subsidiaries and holdings
- HORTIPLAN99.99%
Insights on AVEVE
AVEVE has existed since 1901. Turnover grew from €361.4m in 2006 to €779.3m in 2025, while staff fell from 736.2 to 474 full-time equivalents.
Solvency rose in 2025 from 2.0% to 16.6% because of lower debts.
Arvesta holds all the shares. In January 2022, eleven directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about AVEVE
- What is the company number of AVEVE?
- The company number of AVEVE is 0403.552.464. The VAT number is the same number with BE in front: BE 0403.552.464.
- Where is AVEVE based?
- The registered office is at Aarschotsesteenweg 84, 3012 Leuven.Company details
- What does AVEVE do?
- According to the KBO register, the main activity is other non-specialised retail sale (NACE 47120).
- What is the legal form of AVEVE?
- AVEVE is a private limited company (BV).
- When was AVEVE founded?
- AVEVE was founded on 19-01-1901.
- Is AVEVE still active?
- Yes, AVEVE is an active enterprise in the KBO register.
- How many employees does AVEVE have?
- AVEVE had an average of 474 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does AVEVE fall under?
- In its 2025 annual accounts, AVEVE states joint committees 118 (Food industry), 119 (Food trade), 149.04 (Metal trade) and 202 (White-collar workers in food retail).
- What is the turnover of AVEVE?
- The turnover of AVEVE was €779.3m in financial year 2025, according to the filed annual accounts.
- Is AVEVE profitable?
- In financial year 2025, AVEVE made a loss of €4.2m.
- Where can I find the annual accounts of AVEVE?
- AVEVE filed 77 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of AVEVE due?
- AVEVE must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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