FARMA DEWOLF
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 11 filings
Turnover
≈ €140,000
Estimated: probably between €77,000 and €260,000
Total assets
€75,439▲ 52.7%
2024 · €49,411
Net result
€23,602▲ 8.6%
2024 · €21,734
Working capital
€63,874▲ 54.5%
2024 · €41,330
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€29,403
▲ 9.3%
2025
20182025
Net result
€23,602
▲ 8.6%
2025
middle half of the sector
20182025
Equity
€63,874
▲ 50.6%
2025
middle half of the sector
20182025
Total assets
€75,439
▲ 52.7%
2025
lowest quarter of the sector
20182025
Debt
€11,565
▲ 65.4%
2025
20182025
Working capital
€63,874
▲ 54.5%
2025
middle half of the sector
20182025
Solvency
84.7%
▼ 1.2pp
2025
highest quarter of the sector
20182025
Current ratio
6.52
▼ 0.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
31.3%
▼ 12.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€27,484-€22,612▼ 17.7%€25,268▲ 11.7%€19,059▼ 24.6%€17,791▼ 6.6%€25,816▲ 45.1%€26,891▲ 4.2%€29,403▲ 9.3%
Net result€22,243-€16,159▼ 27.4%€20,647within the sector's middle half▲ 27.8%€13,994within the sector's middle half▼ 32.2%€14,877within the sector's middle half▲ 6.3%€21,812above the sector's middle half▲ 46.6%€21,734above the sector's middle half▼ 0.4%€23,602within the sector's middle half▲ 8.6%
Equity€82,713-€27,443▼ 66.8%€48,091within the sector's middle half▲ 75.2%€47,180within the sector's middle half▼ 1.9%€43,614within the sector's middle half▼ 7.6%€42,881within the sector's middle half▼ 1.7%€42,418within the sector's middle half▼ 1.1%€63,874within the sector's middle half▲ 50.6%
Total assets€88,213-€30,892▼ 65.0%€50,847below the sector's middle half▲ 64.6%€53,112below the sector's middle half▲ 4.5%€45,639below the sector's middle half▼ 14.1%€51,166below the sector's middle half▲ 12.1%€49,411below the sector's middle half▼ 3.4%€75,439below the sector's middle half▲ 52.7%
Debt€5,500-€3,449▼ 37.3%€2,756▼ 20.1%€5,932▲ 115%€2,025▼ 65.9%€8,285▲ 309%€6,993▼ 15.6%€11,565▲ 65.4%
Working capital€81,916-€27,045▼ 67.0%€47,445within the sector's middle half▲ 75.4%€45,862within the sector's middle half▼ 3.3%€42,874within the sector's middle half▼ 6.5%€40,543within the sector's middle half▼ 5.4%€41,330within the sector's middle half▲ 1.9%€63,874within the sector's middle half▲ 54.5%
Solvency93.8%-88.8%▼ 4.9pp94.6%above the sector's middle half▲ 5.7pp88.8%above the sector's middle half▼ 5.7pp95.6%above the sector's middle half▲ 6.7pp83.8%above the sector's middle half▼ 11.8pp85.8%above the sector's middle half▲ 2.0pp84.7%above the sector's middle half▼ 1.2pp
Current ratio15.89-8.84▼ 7.0518.22above the sector's middle half▲ 9.378.73above the sector's middle half▼ 9.4822.17above the sector's middle half▲ 13.445.89above the sector's middle half▼ 16.286.91above the sector's middle half▲ 1.026.52above the sector's middle half▼ 0.39
Return on assets (ROA)25.2%-52.3%▲ 27.1pp40.6%above the sector's middle half▼ 11.7pp26.3%above the sector's middle half▼ 14.3pp32.6%above the sector's middle half▲ 6.2pp42.6%above the sector's middle half▲ 10.0pp44.0%above the sector's middle half▲ 1.4pp31.3%above the sector's middle half▼ 12.7pp
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 9% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated or micro 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
Equity and liabilities €75,439
Equity
€63,874 ▲ 50.6%
Debt
€11,565 ▲ 65.4%
Debt's share of the balance-sheet total rises from 14.2% to 15.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€30,491▲
2024 · €28,141
Cash flow
€24,690▲
2024 · €22,983
Quick ratio
6.43▲
2024 · 5.78
Debt to equity
0.18▲
2024 · 0.16
ROE
37.0%▼
2024 · 51.2%
Interest coverage
85.66▼
2024 · over 100
Debt ≤ 1 year
€11,565▲
2024 · €6,993
Income taxes
€5,654▲
2024 · €5,185
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 | €1,250 | - | €2,721 | - | - |
| Depreciation and write-downs of the year | €578 | €578 | €1,122 | €1,250 | €1,088 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €399 | €399 | €560 | €578 | €578 | €1,122 | €1,250 | €1,088 | ▼ 12.9% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €28,230 | €23,358 | €26,175 | €19,984 | €18,717 | €27,323 | €28,528 | €30,891 | ▲ 8.3% |
| Operating profit (loss)9901 | €27,484 | €22,612 | €25,268 | €19,059 | €17,791 | €25,816 | €26,891 | €29,403 | ▲ 9.3% |
| Financial income75/76B | - | - | - | - | €27 | €19 | €101 | €209 | ▲ 108% |
| Recurring financial income75 | €0 | €0 | - | - | €27 | €19 | €101 | €209 | ▲ 108% |
| Financial charges65/66B | - | - | - | €13 | €111 | €77 | €74 | €356 | ▲ 384% |
| Recurring financial charges65 | €175 | €756 | €117 | €13 | €111 | €77 | €74 | €356 | ▲ 384% |
| Profit (loss) for the period before taxes9903 | €27,309 | €21,856 | €25,151 | €19,046 | €17,707 | €25,758 | €26,918 | €29,256 | ▲ 8.7% |
| Income taxes67/77 | €5,065 | €5,697 | €4,504 | €5,052 | €2,831 | €3,946 | €5,185 | €5,654 | ▲ 9.1% |
| Profit (loss) for the period9904 | €22,243 | €16,159 | €20,647 | €13,994 | €14,877 | €21,812 | €21,734 | €23,602 | ▲ 8.6% |
| Profit (loss) for the period to be appropriated9905 | €22,243 | €16,159 | €20,647 | €13,994 | €14,877 | €21,812 | €21,734 | €23,602 | ▲ 8.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,213 | €30,892 | €50,847 | €53,112 | €45,639 | €51,166 | €49,411 | €75,439 | ▲ 52.7% |
| Fixed assets21/28 | €797 | €399 | €646 | €1,318 | €740 | €2,338 | €1,088 | - | - |
| Tangible fixed assets22/27 | €797 | €399 | €646 | €1,318 | €740 | €2,338 | €1,088 | - | - |
| Furniture and vehicles24 | - | - | - | €1,318 | €740 | €2,338 | €1,088 | - | - |
| Current assets29/58 | €87,416 | €30,494 | €50,201 | €51,794 | €44,899 | €48,828 | €48,323 | €75,439 | ▲ 56.1% |
| Stocks and contracts in progress3 | - | - | - | - | €699 | €569 | €7,893 | €1,099 | ▼ 86.1% |
| Contracts in progress37 | - | - | - | - | €699 | €569 | €7,893 | €1,099 | ▼ 86.1% |
| Amounts receivable within one year40/41 | €10,059 | €4,907 | €26,925 | €28,350 | €25,801 | €32,099 | €2,120 | €9,332 | ▲ 340% |
| Trade receivables40 | - | - | - | €7,465 | €2,215 | €9,078 | - | €9,332 | - |
| Other amounts receivable41 | - | - | - | €20,885 | €23,586 | €23,020 | €2,120 | - | - |
| Cash at bank and in hand54/58 | €77,082 | €25,312 | €23,001 | €23,144 | €18,400 | €16,161 | €38,310 | €65,009 | ▲ 69.7% |
| Deferred charges and accrued income490/1 | - | - | - | €300 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,213 | €30,892 | €50,847 | €53,112 | €45,639 | €51,166 | €49,411 | €75,439 | ▲ 52.7% |
| Equity10/15 | €82,713 | €27,443 | €48,091 | €47,180 | €43,614 | €42,881 | €42,418 | €63,874 | ▲ 50.6% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1109/19 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €76,513 | €76,513 | €76,513 | €61,609 | €43,166 | €36,681 | €36,218 | €57,674 | ▲ 59.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €59,749 | €43,166 | €36,681 | €36,218 | €57,674 | ▲ 59.2% |
| Profit (loss) carried forward14 | - | -€55,270 | -€34,622 | -€20,628 | -€5,752 | - | - | - | - |
| Amounts payable17/49 | €5,500 | €3,449 | €2,756 | €5,932 | €2,025 | €8,285 | €6,993 | €11,565 | ▲ 65.4% |
| Amounts payable within one year42/48 | €5,500 | €3,449 | €2,756 | €5,932 | €2,025 | €8,285 | €6,993 | €11,565 | ▲ 65.4% |
| Trade debts44 | €835 | €716 | €756 | €715 | €25 | €531 | €490 | €549 | ▲ 12.1% |
| Suppliers440/4 | - | - | - | €715 | €25 | €531 | €490 | €549 | ▲ 12.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,216 | €2,000 | €7,754 | €6,503 | €9,580 | ▲ 47.3% |
| Taxes450/3 | - | - | - | €3,216 | - | €4,887 | €3,583 | €6,080 | ▲ 69.7% |
| Remuneration and social security454/9 | - | - | - | €2,000 | €2,000 | €2,867 | €2,920 | €3,500 | ▲ 19.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €1,436 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,243 | €16,159 | €20,647 | €13,994 | €14,877 | €21,812 | €21,734 | €23,602 | ▲ 8.6% |
| + Depreciation and write-downs630 | €399 | €399 | €560 | €578 | €578 | €1,122 | €1,250 | €1,088 | ▼ 12.9% |
| Operating cash flow (approximation) | €22,642 | €16,558 | €21,207 | €14,572 | €15,455 | €22,934 | €22,983 | €24,690 | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | €0 | -€807 | -€1,250 | €0 | -€2,721 | €0 | - | - |
| Change in cash | - | -€51,770 | -€2,311 | €143 | -€4,745 | -€2,239 | €22,149 | €26,699 | ▲ 20.5% |
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, 34,693 companies had the same profile as FARMA DEWOLF has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FARMA DEWOLF 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 34,693 companies, not a prediction for FARMA DEWOLF. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-06-2026 | 2026-00185546 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00239750 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00149224 | |
| 31-12-2022 | micro format | 07-08-2023 | 2023-00327329 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20177882 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65800539 | |
| 31-12-2019 | micro format | 22-09-2020 | 2020-54800559 | |
| 31-12-2018 | micro format | 01-08-2019 | 2019-43800093 | |
| 31-12-2017 | micro format | 31-05-2018 | 2018-15100249 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36400322 |