Delicolor
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €220,000
Estimated: probably between €170,000 and €360,000
Total assets
€114,627▲ 12.5%
2024 · €101,849
Net result
€25,285▲ 37.1%
2024 · €18,446
Working capital
€70,051▲ 54.9%
2024 · €45,227
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€34,836
▲ 33.8%
2025
20212025
Net result
€25,285
▲ 37.1%
2025
middle half of the sector
20212025
Equity
€77,263
▲ 48.6%
2025
middle half of the sector
20212025
Total assets
€114,627
▲ 12.5%
2025
lowest quarter of the sector
20212025
Debt
€37,364
▼ 25.1%
2025
20212025
Working capital
€70,051
▲ 54.9%
2025
middle half of the sector
20212025
Solvency
67.4%
▲ 16.4pp
2025
highest quarter of the sector
20212025
Current ratio
2.92
▲ 1.01
2025
highest quarter of the sector
20212025
Return on assets (ROA)
22.1%
▲ 3.9pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€3,383-€13,788▲ 308%€18,084▲ 31.2%€26,036▲ 44.0%€34,836▲ 33.8%
Net result€2,229below the sector's middle half-€8,450within the sector's middle half▲ 279%€12,854within the sector's middle half▲ 52.1%€18,446within the sector's middle half▲ 43.5%€25,285within the sector's middle half▲ 37.1%
Equity€12,229below the sector's middle half-€20,679below the sector's middle half▲ 69.1%€33,532below the sector's middle half▲ 62.2%€51,978below the sector's middle half▲ 55.0%€77,263within the sector's middle half▲ 48.6%
Total assets€103,311below the sector's middle half-€121,671below the sector's middle half▲ 17.8%€114,020below the sector's middle half▼ 6.3%€101,849below the sector's middle half▼ 10.7%€114,627below the sector's middle half▲ 12.5%
Debt€91,082-€100,992▲ 10.9%€80,488▼ 20.3%€49,871▼ 38.0%€37,364▼ 25.1%
Working capital-€12,218below the sector's middle half-€139below the sector's middle half€32,636within the sector's middle half▲ 236×€45,227within the sector's middle half▲ 38.6%€70,051within the sector's middle half▲ 54.9%
Solvency11.8%below the sector's middle half-17.0%within the sector's middle half▲ 5.2pp29.4%within the sector's middle half▲ 12.4pp51.0%within the sector's middle half▲ 21.6pp67.4%above the sector's middle half▲ 16.4pp
Current ratio0.87below the sector's middle half-1.00below the sector's middle half▲ 0.141.44within the sector's middle half▲ 0.441.91within the sector's middle half▲ 0.462.92above the sector's middle half▲ 1.01
Return on assets (ROA)2.2%within the sector's middle half-6.9%within the sector's middle half▲ 4.8pp11.3%above the sector's middle half▲ 4.3pp18.1%above the sector's middle half▲ 6.8pp22.1%above the sector's middle half▲ 3.9pp
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 34% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €114,627
Fixed assets
€8,025 ▲ 18.6%
Current assets
€106,602 ▲ 12.1%
Equity and liabilities €114,627
Equity
€77,263 ▲ 48.6%
Debt
€37,364 ▼ 25.1%
Debt's share of the balance-sheet total falls from 49.0% to 32.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€37,075▲
2024 · €28,789
Cash flow
€27,524▲
2024 · €21,199
Quick ratio
1.95▲
2024 · 1.22
Debt to equity
0.48▼
2024 · 0.96
ROE
32.7%▼
2024 · 35.5%
Interest coverage
38.44▲
2024 · 26.90
Debt ≤ 1 year
€36,551▼
2024 · €49,859
Income taxes
€8,640▲
2024 · €6,530
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 | €25,432 | €1,532 | €3,000 | €1,750 | €3,500 |
| Intangible fixed assets | €1,500 | - | - | - | - |
| Depreciation and write-downs of the year | €1,938 | €5,985 | €2,761 | €2,753 | €2,239 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,938 | €5,985 | €2,761 | €2,753 | €2,239 | ▼ 18.7% |
| Other operating charges640/8 | €944 | €1,068 | €634 | €705 | €671 | ▼ 4.9% |
| Non-recurring operating charges66A | - | - | €1,941 | - | €1,834 | - |
| Gross operating margin9900 | €6,266 | €20,841 | €23,419 | €29,494 | €39,580 | ▲ 34.2% |
| Operating profit (loss)9901 | €3,383 | €13,788 | €18,084 | €26,036 | €34,836 | ▲ 33.8% |
| Financial income75/76B | €1 | €12 | €1,080 | €10 | €54 | ▲ 447% |
| Recurring financial income75 | €1 | €12 | €1,080 | €10 | €54 | ▲ 447% |
| Financial charges65/66B | €30 | €58 | €57 | €1,070 | €964 | ▼ 9.9% |
| Recurring financial charges65 | €30 | €58 | €57 | €1,070 | €964 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €3,354 | €13,743 | €19,107 | €24,976 | €33,925 | ▲ 35.8% |
| Income taxes67/77 | €1,126 | €5,293 | €6,253 | €6,530 | €8,640 | ▲ 32.3% |
| Profit (loss) for the period9904 | €2,229 | €8,450 | €12,854 | €18,446 | €25,285 | ▲ 37.1% |
| Profit (loss) for the period to be appropriated9905 | €2,229 | €8,450 | €12,854 | €18,446 | €25,285 | ▲ 37.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €103,311 | €121,671 | €114,020 | €101,849 | €114,627 | ▲ 12.5% |
| Fixed assets21/28 | €24,993 | €20,540 | €7,767 | €6,764 | €8,025 | ▲ 18.6% |
| Intangible fixed assets21 | €1,435 | €1,285 | €1,135 | €985 | €835 | ▼ 15.2% |
| Tangible fixed assets22/27 | €23,558 | €19,255 | €6,632 | €5,779 | €7,190 | ▲ 24.4% |
| Plant, machinery and equipment23 | €5,260 | €5,137 | €6,231 | €5,779 | €7,190 | ▲ 24.4% |
| Furniture and vehicles24 | €18,298 | €14,118 | €401 | - | - | - |
| Current assets29/58 | €78,317 | €101,131 | €106,253 | €95,085 | €106,602 | ▲ 12.1% |
| Stocks and contracts in progress3 | €32,837 | €34,422 | €31,248 | €34,450 | €35,200 | ▲ 2.2% |
| Stocks30/36 | €32,837 | €34,422 | €31,248 | €34,450 | €35,200 | ▲ 2.2% |
| Amounts receivable within one year40/41 | €28,674 | €38,980 | €38,630 | €35,420 | €38,411 | ▲ 8.4% |
| Trade receivables40 | €28,674 | €38,362 | €38,579 | €35,369 | €36,899 | ▲ 4.3% |
| Other amounts receivable41 | - | €618 | €51 | €51 | €1,513 | ▲ 30× |
| Cash at bank and in hand54/58 | €16,479 | €27,131 | €35,061 | €23,630 | €31,306 | ▲ 32.5% |
| Deferred charges and accrued income490/1 | €328 | €599 | €1,314 | €1,586 | €1,684 | ▲ 6.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €103,311 | €121,671 | €114,020 | €101,849 | €114,627 | ▲ 12.5% |
| Equity10/15 | €12,229 | €20,679 | €33,532 | €51,978 | €77,263 | ▲ 48.6% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €2,229 | €10,679 | €23,532 | €41,978 | €67,263 | ▲ 60.2% |
| Distributable reserves133 | €2,229 | €10,679 | €23,532 | €41,978 | €67,263 | ▲ 60.2% |
| Amounts payable17/49 | €91,082 | €100,992 | €80,488 | €49,871 | €37,364 | ▼ 25.1% |
| Amounts payable within one year42/48 | €90,536 | €100,992 | €73,618 | €49,859 | €36,551 | ▼ 26.7% |
| Trade debts44 | €11,384 | €21,324 | €4,584 | €5,869 | €11,921 | ▲ 103% |
| Suppliers440/4 | €11,384 | €21,324 | €4,584 | €5,869 | €11,921 | ▲ 103% |
| Taxes, remuneration and social security45 | €4,415 | €6,418 | €7,675 | €2,327 | €3,170 | ▲ 36.3% |
| Taxes450/3 | €4,415 | €6,418 | €7,675 | €2,327 | €3,170 | ▲ 36.3% |
| Other amounts payable47/48 | €74,737 | €73,250 | €61,359 | €41,663 | €21,459 | ▼ 48.5% |
| Accrued charges and deferred income492/3 | €547 | - | €6,870 | €13 | €813 | ▲ 63× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,229 | €8,450 | €12,854 | €18,446 | €25,285 | ▲ 37.1% |
| + Depreciation and write-downs630 | €1,938 | €5,985 | €2,761 | €2,753 | €2,239 | ▼ 18.7% |
| Operating cash flow (approximation) | €4,167 | €14,435 | €15,615 | €21,199 | €27,524 | ▲ 29.8% |
| Investment in fixed assets (approximation) | - | -€1,532 | €10,012 | -€1,750 | -€3,500 | ▼ 100% |
| Change in cash | - | €10,652 | €7,931 | -€11,431 | €7,677 | - |
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, 26,972 companies had the same profile as Delicolor has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Delicolor itself: 0.3% 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 26,972 companies, not a prediction for Delicolor. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00238802 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00200837 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00191148 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00182551 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20231664 |