Demula
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-05-2026 PDF all 43 filings
Turnover
€17.9m▼ 3.2%
2024 · €18.6m
EBIT margin
9.7%▼ 0.1pp
2024 · 9.8%
Net result
€1.2m▼ 2.3%
2024 · €1.2m
Working capital
€65,526▼ 92.1%
2024 · €825,402
In the rankings
#5 company by total assets in Laarne, Wholesale and retail trade sector#6 oldest company in Laarne, Wholesale and retail trade sector#7 employer in Laarne
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€17.9m
▼ 3.2%
2025
20182025
Operating result
€1.7m
▼ 4.1%
2025
20182025
Net result
€1.2m
▼ 2.3%
2025
highest quarter of the sector
20182025
EBIT margin
9.7%
▼ 0.1pp
2025
20182025
Equity
€1.3m
▼ 36.9%
2025
middle half of the sector
20182025
Total assets
€5.7m
▼ 4.1%
2025
middle half of the sector
20182025
Debt
€4.3m
▲ 14.4%
2025
20182025
Working capital
€65,526
▼ 92.1%
2025
lowest quarter of the sector
20182025
Solvency
23.8%
▼ 12.3pp
2025
middle half of the sector
20182025
Current ratio
1.02
▼ 0.23
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
21.4%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
19
▲ 5.0%
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
Turnover€13.0m-€13.8m▲ 6.2%€15.1m▲ 9.2%€15.9m▲ 5.3%€18.5m▲ 16.6%€19.6m▲ 5.8%€18.6m▼ 5.2%€17.9m▼ 3.2%
Operating result€1.4m-€1.4m▼ 2.1%€1.6m▲ 17.8%€1.3m▼ 18.4%€1.4m▲ 6.2%€2.2m▲ 54.6%€1.8m▼ 17.4%€1.7m▼ 4.1%
Net result€1.0m-€1.0m▼ 1.6%€1.2mabove the sector's middle half▲ 25.9%€1.0mabove the sector's middle half▼ 20.7%€1.0mabove the sector's middle half▲ 4.5%€1.5mabove the sector's middle half▲ 53.0%€1.2mabove the sector's middle half▼ 18.7%€1.2mabove the sector's middle half▼ 2.3%
EBIT margin11.0%-10.1%▼ 0.8pp10.9%▲ 0.8pp8.5%▼ 2.5pp7.7%▼ 0.8pp11.3%▲ 3.6pp9.8%▼ 1.5pp9.7%▼ 0.1pp
Equity€1.1m-€1.1m▲ 5.4%€1.3mwithin the sector's middle half▲ 18.3%€1.6mwithin the sector's middle half▲ 19.2%€1.7mwithin the sector's middle half▲ 6.3%€2.0mwithin the sector's middle half▲ 17.7%€2.1mwithin the sector's middle half▲ 7.2%€1.3mwithin the sector's middle half▼ 36.9%
Total assets€3.5m-€3.3m▼ 4.2%€4.0mwithin the sector's middle half▲ 19.7%€5.5mwithin the sector's middle half▲ 38.8%€6.3mwithin the sector's middle half▲ 14.5%€6.0mwithin the sector's middle half▼ 5.3%€5.9mwithin the sector's middle half▼ 1.5%€5.7mwithin the sector's middle half▼ 4.1%
Debt€2.4m-€2.2m▼ 8.4%€2.6m▲ 20.4%€3.9m▲ 48.6%€4.6m▲ 17.8%€4.0m▼ 13.7%€3.8m▼ 5.8%€4.3m▲ 14.4%
Working capital€1.1m-€1.2m▲ 7.1%€1.4mwithin the sector's middle half▲ 21.6%€1.5mwithin the sector's middle half▲ 3.9%€0.3mwithin the sector's middle half▼ 77.9%€0.7mwithin the sector's middle half▲ 102%€0.8mwithin the sector's middle half▲ 23.6%€0.07mbelow the sector's middle half▼ 92.1%
Solvency30.8%-33.9%▲ 3.1pp33.5%within the sector's middle half▼ 0.4pp28.8%within the sector's middle half▼ 4.7pp26.7%within the sector's middle half▼ 2.1pp33.2%within the sector's middle half▲ 6.5pp36.1%within the sector's middle half▲ 2.9pp23.8%within the sector's middle half▼ 12.3pp
Current ratio1.50-1.60▲ 0.101.60within the sector's middle half=1.64within the sector's middle half▲ 0.041.08below the sector's middle half▼ 0.561.18within the sector's middle half▲ 0.111.24within the sector's middle half▲ 0.061.02below the sector's middle half▼ 0.23
Return on assets (ROA)28.0%-28.8%▲ 0.7pp30.3%above the sector's middle half▲ 1.5pp17.3%above the sector's middle half▼ 13.0pp15.8%above the sector's middle half▼ 1.5pp25.5%above the sector's middle half▲ 9.7pp21.0%above the sector's middle half▼ 4.5pp21.4%above the sector's middle half▲ 0.4pp
Staff (FTE)16-16.1▲ 0.6%18.7within the sector's middle half▲ 16.1%18.4within the sector's middle half▼ 1.6%20.9within the sector's middle half▲ 13.6%21.7within the sector's middle half▲ 3.8%18.1within the sector's middle half▼ 16.6%19within the sector's middle half▲ 5.0%
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 4% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.7m
Fixed assets
€1.7m ▼ 0.1%
Current assets
€4.0m ▼ 5.7%
Equity and liabilities €5.7m
Equity
€1.3m ▼ 36.9%
Debt
€4.3m ▲ 14.4%
Debt's share of the balance-sheet total rises from 63.9% to 76.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.9m▼
2024 · €1.9m
Cash flow
€1.3m▼
2024 · €1.4m
Quick ratio
0.88▼
2024 · 1.05
Debt to equity
3.21▲
2024 · 1.77
ROE
90.2%▲
2024 · 58.3%
Interest coverage
63.92▲
2024 · 32.96
Debt ≤ 1 year
€3.9m▲
2024 · €3.4m
Debt > 1 year
€407,105▲
2024 · €382,625
Income taxes
€427,331▼
2024 · €439,944
Customer credit
52 days▼
2024 · 58 days
Supplier credit
41 days▲
2024 · 40 days
Staff costs
€2.0m▼
2024 · €2.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 19 | 22 | 18 | 19 | 20 |
| full-time | 14 | 16 | 11 | 14 | 14 |
| part-time | 5 | 6 | 7 | 5 | 6 |
| in full-time equivalents | 17.8 | 20.9 | 17 | 18.1 | 19 |
| Average over the year, in full-time equivalents | 18.4 | 20.9 | 21.7 | 18.1 | 18.9 |
| On a permanent contract | 18 | 19 | 18 | 19 | 20 |
| Joined | 3 | 4 | 3 | 4 | 4 |
| Left | 4 | 2 | 4 | 3 | 3 |
| Agency workers, average number | 1 | 0.1 | 0.6 | 0.5 | 0.6 |
| Training hours | 212 | 88 | 172 | 769 | 779 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | €352,957 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.3m | €660,000 | €240,000 | €750,000 |
| Mandates to pledge the business | €574,579 | €574,579 | €574,579 | €574,579 | €574,579 |
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 | €1.7m | €84,190 | €71,264 | €136,459 | €111,986 |
| Depreciation and write-downs of the year | €127,020 | €93,133 | €97,227 | €112,086 | €113,557 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €6,000 | €6,620 | €8,850 | €10,200 | €9,450 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.0m | €18.7m | €19.8m | €18.7m | €18.2m | ▼ 3.0% |
| Turnover70 | €13.0m | €13.8m | €15.1m | €15.9m | €18.5m | €19.6m | €18.6m | €17.9m | ▼ 3.2% |
| Other operating income74 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 23.8% |
| Operating charges60/66A | - | - | - | €14.7m | €17.3m | €17.6m | €16.9m | €16.4m | ▼ 2.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €11.4m | €13.8m | €14.0m | €13.0m | €12.5m | ▼ 3.6% |
| Purchases600/8 | - | - | - | €11.5m | €14.0m | €14.0m | €13.0m | €12.4m | ▼ 4.5% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.05m | -€0.2m | -€0.03m | €0.02m | €0.1m | ▲ 537% |
| Services and other goods61 | - | - | - | €1.6m | €1.6m | €1.6m | €1.8m | €1.8m | ▲ 1.3% |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.8m | €1.9m | €2.0m | €2.0m | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.06m | €0.05m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €224 | -€0.008m | -€374 | - | €0.007m | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 1.1% |
| Operating profit (loss)9901 | €1.4m | €1.4m | €1.6m | €1.3m | €1.4m | €2.2m | €1.8m | €1.7m | ▼ 4.1% |
| Financial income75/76B | - | - | - | €0.04m | €0.04m | €0.03m | €0.01m | €0.01m | ▲ 13.5% |
| Recurring financial income75 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.03m | €0.01m | €0.01m | ▲ 13.5% |
| Income from current assets751 | - | - | - | €0.02m | €0.02m | €0.01m | - | - | - |
| Other financial income752/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 13.5% |
| Financial charges65/66B | - | - | - | €0.08m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 20.8% |
| Recurring financial charges65 | €0.06m | €0.06m | €0.06m | €0.08m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 20.8% |
| Debt charges650 | €0.009m | €0.009m | €0.01m | €0.01m | €0.02m | €0.06m | €0.06m | €0.03m | ▼ 50.4% |
| Other financial charges652/9 | - | - | - | €0.07m | €0.08m | €0.1m | €0.09m | €0.09m | ▼ 1.7% |
| Profit (loss) for the period before taxes9903 | €1.4m | €1.4m | €1.6m | €1.3m | €1.4m | €2.1m | €1.7m | €1.6m | ▼ 2.5% |
| Income taxes67/77 | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 2.9% |
| Taxes670/3 | - | - | - | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 2.9% |
| Profit (loss) for the period9904 | €1.0m | €1.0m | €1.2m | €1.0m | €1.0m | €1.5m | €1.2m | €1.2m | ▼ 2.3% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €1.0m | €1.2m | €1.0m | €1.0m | €1.5m | €1.2m | €1.2m | ▼ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.5m | €3.3m | €4.0m | €5.5m | €6.3m | €6.0m | €5.9m | €5.7m | ▼ 4.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | ▼ 0.1% |
| Tangible fixed assets22/27 | €0.1m | €0.2m | €0.1m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | ▼ 0.1% |
| Land and buildings22 | - | - | - | €1.6m | €1.5m | €1.5m | €1.4m | €1.4m | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 0.1% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.02m | €0.01m | €0.04m | €0.08m | ▲ 122% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €359 | €359 | €359 | €359 | €359 | = |
| Other financial fixed assets284/8 | - | - | - | €359 | €359 | €359 | €359 | €359 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €359 | €359 | €359 | €359 | €359 | = |
| Current assets29/58 | €3.3m | €3.1m | €3.8m | €3.8m | €4.6m | €4.3m | €4.2m | €4.0m | ▼ 5.7% |
| Stocks and contracts in progress3 | €0.5m | €0.4m | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | €0.5m | ▼ 20.7% |
| Stocks30/36 | - | - | - | €0.4m | €0.6m | €0.7m | €0.7m | €0.5m | ▼ 20.7% |
| Goods purchased for resale34 | - | - | - | €0.4m | €0.6m | €0.7m | €0.7m | €0.5m | ▼ 20.7% |
| Amounts receivable within one year40/41 | €2.2m | €2.5m | €3.0m | €2.7m | €3.0m | €3.0m | €3.0m | €2.6m | ▼ 13.8% |
| Trade receivables40 | - | - | - | €2.7m | €3.0m | €3.0m | €3.0m | €2.6m | ▼ 13.2% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.02m | - | - |
| Cash at bank and in hand54/58 | €0.6m | €0.3m | €0.4m | €0.7m | €0.9m | €0.7m | €0.6m | €0.8m | ▲ 49.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.03m | €0.009m | €0.03m | €0.06m | ▲ 130% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.5m | €3.3m | €4.0m | €5.5m | €6.3m | €6.0m | €5.9m | €5.7m | ▼ 4.1% |
| Equity10/15 | €1.1m | €1.1m | €1.3m | €1.6m | €1.7m | €2.0m | €2.1m | €1.3m | ▼ 36.9% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Capital10 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Issued capital100 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €1.0m | €1.0m | €1.2m | €1.5m | €1.6m | €1.9m | €2.0m | €1.2m | ▼ 39.1% |
| Amounts payable17/49 | €2.4m | €2.2m | €2.6m | €3.9m | €4.6m | €4.0m | €3.8m | €4.3m | ▲ 14.4% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.3m | €1.6m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 6.4% |
| Financial debts170/4 | - | - | - | €1.3m | - | - | - | - | - |
| Credit institutions173 | - | - | - | €1.3m | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 6.4% |
| Amounts payable within one year42/48 | €2.2m | €2.0m | €2.4m | €2.3m | €4.3m | €3.7m | €3.4m | €3.9m | ▲ 15.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | - | - | - | - | - |
| Financial debts43 | - | - | - | - | €1.3m | €0.7m | €0.2m | €0.8m | ▲ 213% |
| Credit institutions430/8 | - | - | - | - | €1.3m | €0.7m | €0.2m | €0.8m | ▲ 213% |
| Trade debts44 | €1.2m | €0.9m | €1.1m | €1.2m | €1.6m | €1.3m | €1.4m | €1.4m | ▲ 0.1% |
| Suppliers440/4 | - | - | - | €1.2m | €1.6m | €1.3m | €1.4m | €1.4m | ▲ 0.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.6m | €0.3m | ▼ 46.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 39.8% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.4m | €0.2m | ▼ 50.9% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.9m | €1.2m | €1.1m | €1.4m | ▲ 27.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €1.0m | €1.2m | €1.0m | €1.0m | €1.5m | €1.2m | €1.2m | ▼ 2.3% |
| + Depreciation and write-downs630 | €0.05m | €0.06m | €0.05m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 1.3% |
| Operating cash flow (approximation) | €1.0m | €1.0m | €1.3m | €1.1m | €1.1m | €1.6m | €1.4m | €1.3m | ▼ 2.0% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.02m | -€1.7m | -€0.08m | -€0.07m | -€0.1m | -€0.1m | ▲ 17.9% |
| Change in cash | - | -€0.3m | €0.2m | €0.3m | €0.2m | -€0.2m | -€0.1m | €0.3m | - |
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, 2,613 companies had the same profile as Demula has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Demula 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 2,613 companies, not a prediction for Demula. 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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-05-2026 | 2026-00122333 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00201898 | |
| 31-12-2023 | full format | 17-05-2024 | 2024-00089683 | |
| 31-12-2022 | full format | 08-06-2023 | 2023-00114042 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20040083 | |
| 31-12-2020 | full format | 26-05-2021 | 2021-15300109 | |
| 31-12-2019 | full format | 02-06-2020 | 2020-14200471 | |
| 31-12-2018 | full format | 03-06-2019 | 2019-15600511 | |
| 31-12-2017 | full format | 05-06-2018 | 2018-16100131 | |
| 31-12-2016 | full format | 17-05-2017 | 2017-12200267 |