BUNDERVEE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 22 filings
Turnover
≈ €530,000
Estimated: probably between €270,000 and €950,000
EBIT margin
Not included in this filing
Net result
€48,677
2024 · -€5,014
Working capital
€33,742
2024 · -€4,855
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€83,294
▲ 16×
2025
20182025
Net result
€48,677
2025
middle half of the sector
20182025
Equity
€284,321
▲ 20.7%
2025
lowest quarter of the sector
20182025
Total assets
€1.0m
▲ 82.4%
2025
lowest quarter of the sector
20182025
Debt
€739,543
▲ 127%
2025
20182025
Working capital
€33,742
2025
lowest quarter of the sector
20182025
Solvency
27.8%
▼ 14.2pp
2025
middle half of the sector
20182025
Current ratio
1.15
▲ 0.18
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.8%
▲ 5.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.04m▼ 13.3%€0.06m▲ 72.9%€0.08m▲ 34.0%€0.005m▼ 94.2%€0.04m▲ 640%€0.005m▼ 85.1%€0.08m▲ 16×
Net result€0.02m-€0.02m▼ 8.5%€0.04mwithin the sector's middle half▲ 139%€0.05mwithin the sector's middle half▲ 37.3%€177below the sector's middle half▼ 99.6%€0.02mwithin the sector's middle half▲ 111×-€0.005mbelow the sector's middle half€0.05mwithin the sector's middle half
Equity€0.1m-€0.1m▲ 6.9%€0.2mwithin the sector's middle half▲ 27.0%€0.2mwithin the sector's middle half▲ 29.2%€0.2mwithin the sector's middle half▲ 0.1%€0.2mwithin the sector's middle half▲ 8.9%€0.2mwithin the sector's middle half▼ 2.1%€0.3mbelow the sector's middle half▲ 20.7%
Total assets€0.8m-€0.6m▼ 18.6%€0.6mwithin the sector's middle half▼ 0.7%€0.5mbelow the sector's middle half▼ 18.5%€0.5mbelow the sector's middle half▼ 11.5%€0.4mbelow the sector's middle half▼ 2.3%€0.6mbelow the sector's middle half▲ 25.4%€1.0mbelow the sector's middle half▲ 82.4%
Debt€0.7m-€0.5m▼ 23.5%€0.5m▼ 8.1%€0.3m▼ 36.0%€0.2m▼ 20.0%€0.2m▼ 12.8%€0.3m▲ 57.4%€0.7m▲ 127%
Working capital-€0.1m--€0.1m▲ 15.9%-€0.08mbelow the sector's middle half▲ 31.0%-€0.02mbelow the sector's middle half▲ 79.0%-€0.007mbelow the sector's middle half▲ 56.8%€0.05mbelow the sector's middle half-€0.005mbelow the sector's middle half€0.03mbelow the sector's middle half
Solvency16.0%-21.1%▲ 5.0pp26.9%within the sector's middle half▲ 5.9pp42.7%within the sector's middle half▲ 15.7pp48.2%within the sector's middle half▲ 5.6pp53.8%within the sector's middle half▲ 5.6pp42.0%within the sector's middle half▼ 11.8pp27.8%within the sector's middle half▼ 14.2pp
Current ratio0.72-0.70▼ 0.020.80below the sector's middle half▲ 0.100.94below the sector's middle half▲ 0.140.97below the sector's middle half▲ 0.031.24within the sector's middle half▲ 0.270.97below the sector's middle half▼ 0.271.15below the sector's middle half▲ 0.18
Return on assets (ROA)2.1%-2.4%▲ 0.3pp5.7%within the sector's middle half▲ 3.3pp9.6%within the sector's middle half▲ 3.9pp0.0%below the sector's middle half▼ 9.6pp4.4%within the sector's middle half▲ 4.4pp-0.9%below the sector's middle half▼ 5.3pp4.8%within the sector's middle half▲ 5.6pp
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 nearly 16 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€767,845 ▲ 92.0%
Current assets
€256,018 ▲ 58.8%
Equity and liabilities €1.0m
Equity
€284,321 ▲ 20.7%
Debt
€739,543 ▲ 127%
Debt's share of the balance-sheet total rises from 58.0% to 72.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€95,848▲
2024 · €15,491
Cash flow
€61,231▲
2024 · €5,243
Quick ratio
0.09▼
2024 · 0.25
Debt to equity
2.60▲
2024 · 1.38
ROE
17.1%▲
2024 · -2.1%
Interest coverage
5.17▲
2024 · 1.64
Debt ≤ 1 year
€222,276▲
2024 · €166,093
Debt > 1 year
€517,266▲
2024 · €159,492
Income taxes
€16,062▲
2024 · €782
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €149,932 | €112,983 | €274,977 | €100,000 |
| Debts guaranteed by Belgian public bodies | - | - | - | - | €528,533 |
| Mortgages, amount registered | €400,000 | €400,000 | €400,000 | €400,000 | €25,000 |
| Mortgage mandates | - | - | - | €169,000 | €581,800 |
| Carrying value of the mortgaged assets | €252,064 | €223,533 | €202,120 | €394,474 | €764,830 |
| Pledge on the business | - | - | - | - | €100,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,021 | €44,024 | €7,127 | €197,863 | €380,408 |
| Depreciation and write-downs of the year | €50,189 | €35,687 | €34,773 | €10,257 | €12,553 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,413 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,448 | €62,324 | €53,512 | €50,189 | €35,687 | €34,773 | €10,257 | €12,553 | ▲ 22.4% |
| Other operating charges640/8 | - | - | - | €7,338 | €6,251 | €6,383 | €8,392 | €7,796 | ▼ 7.1% |
| Non-recurring operating charges66A | - | - | - | - | €3,681 | - | - | - | - |
| Gross operating margin9900 | €118,746 | €107,039 | €123,550 | €139,550 | €50,371 | €76,337 | €23,883 | €103,643 | ▲ 334% |
| Operating profit (loss)9901 | €40,847 | €35,395 | €61,205 | €82,023 | €4,752 | €35,181 | €5,234 | €83,294 | ▲ 16× |
| Financial income75/76B | - | - | - | €2 | €1 | €0 | €1 | €0 | ▼ 96.5% |
| Recurring financial income75 | €205 | €1 | €1 | €2 | €1 | €0 | €1 | €0 | ▼ 96.5% |
| Financial charges65/66B | - | - | - | €10,799 | €4,356 | €8,078 | €9,466 | €18,555 | ▲ 96.0% |
| Recurring financial charges65 | €16,425 | €16,055 | €12,410 | €10,799 | €4,356 | €8,078 | €9,466 | €18,555 | ▲ 96.0% |
| Profit (loss) for the period before taxes9903 | €24,627 | €19,341 | €48,796 | €71,226 | €397 | €27,103 | -€4,231 | €64,739 | - |
| Income taxes67/77 | €8,024 | €4,149 | €12,491 | €21,375 | €220 | €7,431 | €782 | €16,062 | ▲ 21× |
| Profit (loss) for the period9904 | €16,602 | €15,191 | €36,304 | €49,850 | €177 | €19,673 | -€5,014 | €48,677 | - |
| Profit (loss) for the period to be appropriated9905 | €16,602 | €15,191 | €36,304 | €49,850 | €177 | €19,673 | -€5,014 | €48,677 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.6m | €1.0m | ▲ 82.4% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | €0.8m | ▲ 92.0% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | €0.8m | ▲ 92.0% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.4m | €0.8m | ▲ 93.9% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.009m | €0.005m | €0.003m | ▼ 40.4% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.004m | €0.002m | €0.001m | - | - |
| Financial fixed assets28 | €175 | €175 | €175 | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 58.8% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 96.9% |
| Stocks30/36 | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 96.9% |
| Amounts receivable within one year40/41 | €0.2m | €0.09m | €0.1m | €0.03m | €0.09m | €0.007m | €0.01m | €0.005m | ▼ 52.9% |
| Trade receivables40 | - | - | - | €0.02m | €0.09m | €0.006m | €0.009m | - | - |
| Other amounts receivable41 | - | - | - | €0.002m | €0.004m | €0.002m | €0.002m | €0.005m | ▲ 154% |
| Cash at bank and in hand54/58 | - | - | €0.002m | €0.05m | €0.01m | - | €0.03m | €0.01m | ▼ 52.9% |
| Deferred charges and accrued income490/1 | - | - | - | €359 | €399 | €304 | - | €339 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.6m | €1.0m | ▲ 82.4% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 20.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.06m | €0.07m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 29.0% |
| Amounts payable17/49 | €0.7m | €0.5m | €0.5m | €0.3m | €0.2m | €0.2m | €0.3m | €0.7m | ▲ 127% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.09m | €0.05m | €0.01m | €0.006m | €0.2m | €0.5m | ▲ 224% |
| Financial debts170/4 | - | - | - | €0.05m | €0.01m | €0.006m | €0.2m | €0.5m | ▲ 224% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 33.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.7% |
| Financial debts43 | - | - | - | - | - | €0.02m | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.02m | - | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.1m | €0.02m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 104% |
| Suppliers440/4 | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 104% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.03m | €0.01m | €0.01m | €0.01m | ▲ 24.5% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.01m | €0.01m | €0.01m | ▲ 24.5% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.02m | €0.02m | €0.02m | €0.07m | ▲ 167% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.01m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,602 | €15,191 | €36,304 | €49,850 | €177 | €19,673 | -€5,014 | €48,677 | - |
| + Depreciation and write-downs630 | €67,448 | €62,324 | €53,512 | €50,189 | €35,687 | €34,773 | €10,257 | €12,553 | ▲ 22.4% |
| Operating cash flow (approximation) | €84,051 | €77,515 | €89,816 | €100,039 | €35,864 | €54,446 | €5,243 | €61,231 | ▲ 12× |
| Investment in fixed assets (approximation) | - | -€1,216 | -€6,670 | €566 | €10,152 | -€7,127 | -€197,036 | -€380,408 | ▼ 93.1% |
| Change in cash | - | - | - | €46,007 | -€35,830 | - | - | -€15,964 | - |
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 BUNDERVEE 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 BUNDERVEE itself: 0.1% 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 BUNDERVEE. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00318285 | |
| 31-12-2024 | abbreviated format | 02-07-2025 | 2025-00225182 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00140737 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00209715 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20187090 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-41000360 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-50200262 | |
| 31-12-2018 | abbreviated format | 23-09-2019 | 2019-65500255 | |
| 31-12-2017 | abbreviated format | 28-09-2018 | 2018-67500339 | |
| 31-12-2016 | abbreviated format | 21-03-2018 | 2018-07500328 |