DELEMEAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-04-2026 PDF all 46 filings
Turnover
≈ €5.4m
Estimated: probably between €3.2m and €9.1m
Total assets
€3.7m▲ 10.0%
2024 · €3.4m
Net result
€37,886
2024 · -€85,586
Working capital
-€305,777▲ 38.6%
2024 · -€497,825
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€74,219
2025
20192025
Net result
€37,886
2025
middle half of the sector
20192025
Equity
€739,365
▲ 5.4%
2025
middle half of the sector
20192025
Total assets
€3.7m
▲ 10.0%
2025
highest quarter of the sector
20192025
Debt
€3.0m
▲ 11.2%
2025
20192025
Working capital
-€305,777
▲ 38.6%
2025
lowest quarter of the sector
20192025
Solvency
20.0%
▼ 0.9pp
2025
middle half of the sector
20192025
Current ratio
0.88
▲ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
1.0%
▲ 3.6pp
2025
middle half of the sector
20192025
Staff (FTE)
14.5
=
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
Operating result€0.4m-€0.5m▲ 37.1%€0.5m▼ 8.8%€0.1m▼ 69.5%€0.2m▲ 18.6%-€0.07m€0.07m
Net result€0.2m-€0.3mabove the sector's middle half▲ 40.7%€0.3mabove the sector's middle half▼ 3.6%€0.08mwithin the sector's middle half▼ 73.5%€0.1mwithin the sector's middle half▲ 43.1%-€0.09mbelow the sector's middle half€0.04mwithin the sector's middle half
Equity€1.4m-€1.7mabove the sector's middle half▲ 21.9%€1.8mabove the sector's middle half▲ 3.7%€1.8mabove the sector's middle half▲ 4.4%€0.8mwithin the sector's middle half▼ 57.4%€0.7mwithin the sector's middle half▼ 10.9%€0.7mwithin the sector's middle half▲ 5.4%
Total assets€2.8m-€3.1mabove the sector's middle half▲ 11.9%€3.3mabove the sector's middle half▲ 5.7%€2.8mabove the sector's middle half▼ 12.8%€2.6mwithin the sector's middle half▼ 7.8%€3.4mabove the sector's middle half▲ 27.9%€3.7mabove the sector's middle half▲ 10.0%
Debt€1.4m-€1.4m▲ 1.6%€1.5m▲ 8.3%€1.0m▼ 33.1%€1.8m▲ 84.0%€2.7m▲ 44.5%€3.0m▲ 11.2%
Working capital€0.9m-€1.3mabove the sector's middle half▲ 44.7%€1.4mabove the sector's middle half▲ 7.9%€1.5mabove the sector's middle half▲ 6.6%€0.3mwithin the sector's middle half▼ 79.8%-€0.5mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 38.6%
Solvency50.7%-55.3%within the sector's middle half▲ 4.5pp54.2%within the sector's middle half▼ 1.1pp64.9%above the sector's middle half▲ 10.7pp30.0%within the sector's middle half▼ 34.9pp20.9%below the sector's middle half▼ 9.1pp20.0%within the sector's middle half▼ 0.9pp
Current ratio2.06-2.50within the sector's middle half▲ 0.442.32within the sector's middle half▼ 0.173.22above the sector's middle half▲ 0.901.19within the sector's middle half▼ 2.030.78below the sector's middle half▼ 0.410.88below the sector's middle half▲ 0.10
Return on assets (ROA)7.9%-10.0%within the sector's middle half▲ 2.0pp9.1%within the sector's middle half▼ 0.9pp2.8%within the sector's middle half▼ 6.3pp4.3%within the sector's middle half▲ 1.5pp-2.5%below the sector's middle half▼ 6.8pp1.0%within the sector's middle half▲ 3.6pp
Staff (FTE)15.6-14.5above the sector's middle half▼ 7.1%14above the sector's middle half▼ 3.4%13.4above the sector's middle half▼ 4.3%14.5above the sector's middle half▲ 8.2%14.5above the sector's middle half=14.5above the sector's middle half=
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 a profit of €74,219, after a loss of €70,230 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €3.7m
Fixed assets
€1.5m ▼ 6.1%
Current assets
€2.2m ▲ 24.7%
Equity and liabilities €3.7m
Equity
€739,365 ▲ 5.4%
Debt
€3.0m ▲ 11.2%
Debt's share of the balance-sheet total rises from 79.1% to 80.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€263,380▲
2024 · €62,160
Cash flow
€227,047▲
2024 · €46,803
Quick ratio
0.61▲
2024 · 0.57
Debt to equity
4.00▲
2024 · 3.79
ROE
5.1%▲
2024 · -12.2%
Interest coverage
4.45▲
2024 · 1.63
Debt ≤ 1 year
€2.5m▲
2024 · €2.2m
Debt > 1 year
€464,822▲
2024 · €408,223
Income taxes
€1,210▼
2024 · €1,212
Staff costs
€965,041▲
2024 · €946,519
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 17 | 17 | 16 |
| full-time | 11 | 15 | 13 | 14 |
| part-time | 3 | 2 | 4 | 2 |
| in full-time equivalents | 12.7 | 16.2 | 15 | 14.9 |
| Average over the year, in full-time equivalents | 13.4 | 14.5 | 14.6 | 14.5 |
| On a permanent contract | 14 | 16 | 17 | 16 |
| Joined | 0 | 9 | 30 | 107 |
| Left | 1 | 6 | 26 | 108 |
| Training hours | 36 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €438,590 | €355,595 | €513,141 | €625,198 |
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 |
| Carrying value of the mortgaged assets | €521,162 | €459,946 | €437,054 | €436,135 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €25,130 | €53,006 | €394,979 | €434,556 |
| Intangible fixed assets | - | €123,755 | €2,159 | €9,675 |
| Financial fixed assets | - | - | €600,000 | - |
| Depreciation and write-downs of the year | €147,116 | €119,419 | €132,390 | €189,161 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €732 awarded · €732 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €110 |
| 2024 | 1 | €423 | €313 |
| 2023 | 1 | €101 | €101 |
| 2022 | 1 | €208 | €208 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.01m | €0.01m | €0.006m | €0.003m | ▼ 54.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 42.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0.01m | -€0.002m | €0.04m | - |
| Other operating charges640/8 | - | - | - | €0.009m | €0.02m | €0.01m | €0.02m | ▲ 54.4% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | €0.003m | €371 | ▼ 88.6% |
| Gross operating margin9900 | €1.4m | €1.5m | €1.5m | €1.0m | €1.1m | €1.0m | €1.3m | ▲ 25.8% |
| Operating profit (loss)9901 | €0.4m | €0.5m | €0.5m | €0.1m | €0.2m | -€0.07m | €0.07m | - |
| Financial income75/76B | - | - | - | €0.001m | €0.01m | €0.02m | €0.02m | ▼ 0.1% |
| Recurring financial income75 | €0.003m | €0.004m | €0.006m | €0.001m | €0.01m | €0.02m | €0.02m | ▼ 0.1% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.04m | €0.06m | ▲ 54.8% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.04m | €0.06m | ▲ 54.8% |
| Non-recurring financial charges66B | - | - | - | €0.002m | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.5m | €0.4m | €0.1m | €0.2m | -€0.08m | €0.04m | - |
| Income taxes67/77 | €0.1m | €0.2m | €0.1m | €0.04m | €0.04m | €0.001m | €0.001m | ▼ 0.1% |
| Profit (loss) for the period9904 | €0.2m | €0.3m | €0.3m | €0.08m | €0.1m | -€0.09m | €0.04m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.3m | €0.3m | €0.08m | €0.1m | -€0.09m | €0.04m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.8m | €3.1m | €3.3m | €2.8m | €2.6m | €3.4m | €3.7m | ▲ 10.0% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €1.6m | €1.5m | ▼ 6.1% |
| Intangible fixed assets21 | €0.005m | €0.002m | - | - | €0.1m | €0.1m | €0.1m | ▼ 3.1% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.9m | €1.2m | ▲ 28.9% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 0.2% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.1m | €0.4m | €0.4m | ▲ 17.2% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.04m | €0.03m | €0.02m | ▼ 40.3% |
| Leasing and similar rights25 | - | - | - | - | - | €0.04m | €0.3m | ▲ 473% |
| Financial fixed assets28 | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | €0.6m | €0.2m | ▼ 58.7% |
| Current assets29/58 | €1.7m | €2.2m | €2.5m | €2.2m | €1.9m | €1.8m | €2.2m | ▲ 24.7% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.5m | €0.7m | ▲ 40.9% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.5m | €0.7m | ▲ 40.9% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.8m | €0.7m | €1.4m | €1.1m | €1.3m | ▲ 20.6% |
| Trade receivables40 | - | - | - | €0.7m | €1.4m | €1.0m | €1.3m | ▲ 26.2% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.02m | €0.05m | €0 | ▼ 100% |
| Current investments50/53 | €0.6m | €1.0m | €0.7m | €0.8m | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.7m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 5.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.04m | €0.07m | ▲ 62.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.8m | €3.1m | €3.3m | €2.8m | €2.6m | €3.4m | €3.7m | ▲ 10.0% |
| Equity10/15 | €1.4m | €1.7m | €1.8m | €1.8m | €0.8m | €0.7m | €0.7m | ▲ 5.4% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €1.3m | €1.6m | €1.7m | €1.7m | €0.6m | €0.6m | €0.7m | ▲ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €1.6m | €0.6m | €0.6m | €0.6m | ▲ 6.5% |
| Profit (loss) carried forward14 | - | - | - | €0.08m | €0.08m | €0 | - | - |
| Amounts payable17/49 | €1.4m | €1.4m | €1.5m | €1.0m | €1.8m | €2.7m | €3.0m | ▲ 11.2% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 13.9% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 13.9% |
| Amounts payable within one year42/48 | €0.8m | €0.9m | €1.1m | €0.7m | €1.6m | €2.2m | €2.5m | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 52.9% |
| Financial debts43 | - | - | - | - | - | €0.5m | €0.5m | ▲ 17.3% |
| Credit institutions430/8 | - | - | - | - | - | €0.5m | €0.5m | ▲ 17.3% |
| Trade debts44 | €0.5m | €0.5m | €0.5m | €0.4m | €1.0m | €1.2m | €1.6m | ▲ 37.5% |
| Suppliers440/4 | - | - | - | €0.4m | €1.0m | €1.2m | €1.6m | ▲ 37.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 10.9% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.008m | €0.03m | ▲ 322% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.8% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.4m | €0.4m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €359 | €428 | €0.001m | €0.001m | ▲ 10.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €218,554 | €307,424 | €296,311 | €78,625 | €112,539 | -€85,586 | €37,886 | - |
| + Depreciation and write-downs630 | €210,839 | €217,101 | €187,351 | €147,116 | €119,419 | €132,390 | €189,161 | ▲ 42.9% |
| Operating cash flow (approximation) | €429,393 | €524,525 | €483,662 | €225,741 | €231,958 | €46,803 | €227,047 | ▲ 385% |
| Investment in fixed assets (approximation) | - | -€125,750 | -€69,974 | -€25,576 | -€172,617 | -€995,888 | -€91,732 | ▲ 90.8% |
| Change in cash | - | €2,409 | €541,637 | -€306,668 | -€278,272 | €7,219 | -€8,873 | - |
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 DELEMEAT 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 DELEMEAT itself: 0.6% 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 DELEMEAT. 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 46 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 01-04-2026 | 2026-00069211 | |
| 30-09-2024 | abbreviated format | 17-04-2025 | 2025-00071010 | |
| 30-09-2023 | abbreviated format | 09-04-2024 | 2024-00060023 | |
| 30-09-2022 | abbreviated format | 14-03-2023 | 2023-00039946 | |
| 30-09-2021 | abbreviated format | 15-03-2022 | 2022-07800087 | |
| 30-09-2020 | abbreviated format | 02-03-2021 | 2021-06800154 | |
| 30-09-2019 | abbreviated format | 17-03-2020 | 2020-06800505 | |
| 30-09-2018 | abbreviated format | 28-03-2019 | 2019-08200592 | |
| 30-09-2017 | abbreviated format | 12-03-2018 | 2018-06500520 | |
| 30-09-2016 | abbreviated format | 02-03-2017 | 2017-05500242 |