Group Verhellen
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 8 filings
Turnover
≈ €370,000
Estimated: probably between €250,000 and €550,000
Total assets
€1.0m▲ 36.6%
2024 · €763,934
Net result
€64,486▲ 72.1%
2024 · €37,477
Working capital
-€310,921▲ 9.3%
2024 · -€342,861
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€56,201
▲ 16.5%
2025
20182025
Net result
€64,486
▲ 72.1%
2025
middle half of the sector
20182025
Equity
-€11,965
▲ 84.3%
2025
lowest quarter of the sector
20182025
Total assets
€1.0m
▲ 36.6%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 25.6%
2025
20182025
Working capital
-€310,921
▲ 9.3%
2025
lowest quarter of the sector
20182025
Solvency
-1.1%
▲ 8.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.59
▲ 0.26
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.2%
▲ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
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€0.07m-€0.07m▲ 1.9%-€0.1m-€0.03m▲ 74.8%-€0.06m▼ 134%-€0.08m▼ 31.2%€0.05m€0.06m▲ 16.5%
Net result€0.06m-€0.05m▼ 16.2%-€0.1mbelow the sector's middle half-€0.05mbelow the sector's middle half▲ 58.8%-€0.09mbelow the sector's middle half▼ 78.3%-€0.09mbelow the sector's middle half▼ 2.5%€0.04mwithin the sector's middle half€0.06mwithin the sector's middle half▲ 72.1%
Equity€0.2m-€0.2m▲ 29.5%€0.1mbelow the sector's middle half▼ 51.2%€0.06mbelow the sector's middle half▼ 43.3%-€0.02mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 386%-€0.08mbelow the sector's middle half▲ 32.9%-€0.01mbelow the sector's middle half▲ 84.3%
Total assets€0.6m-€1.2m▲ 108%€1.1mwithin the sector's middle half▼ 11.2%€1.0mwithin the sector's middle half▼ 8.4%€0.8mbelow the sector's middle half▼ 17.5%€0.8mbelow the sector's middle half▲ 1.7%€0.8mbelow the sector's middle half▼ 7.4%€1.0mwithin the sector's middle half▲ 36.6%
Debt€0.4m-€1.0m▲ 144%€1.0m▼ 1.5%€0.9m▼ 4.3%€0.8m▼ 9.1%€0.9m▲ 12.5%€0.8m▼ 10.5%€1.1m▲ 25.6%
Working capital€0.08m--€0.04m-€0.2mbelow the sector's middle half▼ 296%-€0.2mbelow the sector's middle half▼ 16.4%-€0.3mbelow the sector's middle half▼ 56.6%-€0.4mbelow the sector's middle half▼ 24.1%-€0.3mbelow the sector's middle half▲ 4.4%-€0.3mbelow the sector's middle half▲ 9.3%
Solvency31.2%-19.4%▼ 11.8pp10.7%below the sector's middle half▼ 8.8pp6.6%below the sector's middle half▼ 4.1pp-2.9%below the sector's middle half▼ 9.5pp-13.8%below the sector's middle half▼ 10.9pp-10.0%below the sector's middle half▲ 3.8pp-1.1%below the sector's middle half▲ 8.9pp
Current ratio1.58-0.84▼ 0.740.52below the sector's middle half▼ 0.330.54below the sector's middle half▲ 0.030.33below the sector's middle half▼ 0.210.38below the sector's middle half▲ 0.050.32below the sector's middle half▼ 0.060.59below the sector's middle half▲ 0.26
Return on assets (ROA)11.0%-4.4%▼ 6.6pp-11.2%below the sector's middle half▼ 15.6pp-5.0%below the sector's middle half▲ 6.1pp-10.9%below the sector's middle half▼ 5.8pp-11.0%below the sector's middle half▼ 0.1pp4.9%within the sector's middle half▲ 15.9pp6.2%within the sector's middle half▲ 1.3pp
Staff (FTE)0.3below the sector's middle half1below the sector's middle half▲ 233%0.5below the sector's middle half▼ 50.0%0below the sector's middle half▼ 100%1within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 16% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €1.0m
Fixed assets
€604,581 ▲ 0.9%
Current assets
€439,129 ▲ 167%
Equity and liabilities
Equity-€11,965
Debt€1.1m
Equity is negative. Debt (€1.1m) exceeds the balance-sheet total (€1.0m).
Key figures and ratios
EBITDA
€99,593▲
2024 · €85,553
Cash flow
€107,878▲
2024 · €74,787
Quick ratio
0.31▲
2024 · 0.31
Interest coverage
21.90▲
2024 · 7.80
Debt ≤ 1 year
€750,050▲
2024 · €507,627
Debt > 1 year
€305,625▼
2024 · €328,125
Staff costs
€24,224▲
2024 · €0
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | 1 |
| full-time | 1 | 1 | - | 1 |
| part-time | - | - | - | 0 |
| in full-time equivalents | 1 | 1 | - | 1 |
| Average over the year, in full-time equivalents | 0.3 | 1 | 0.5 | 1 |
| On a permanent contract | 1 | 1 | - | 1 |
| Joined | 1 | - | 0 | 1 |
| Left | 0 | - | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €616,375 | €499,875 | €386,875 | €335,625 | €313,125 |
| Mortgages, amount registered | €125,000 | - | - | €125,000 | €125,000 |
| Mortgage mandates | €32,500 | - | - | €325,000 | €325,000 |
| Carrying value of the mortgaged assets | €590,755 | - | - | €533,337 | €559,398 |
| Pledge on the business | €200,000 | - | - | - | - |
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 | €30,500 | - | €22,983 | €49,500 | €51,304 |
| Financial fixed assets | - | - | €135 | - | €0 |
| Depreciation and write-downs of the year | €100,574 | €96,832 | €86,415 | €37,310 | €43,392 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €22 awarded · €22 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €38,500 | - | - | €17,000 | €10,991 | ▼ 35.3% |
| Remuneration, social security and pensions62 | - | - | - | €18,460 | €54,973 | €30,054 | €0 | €24,224 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114,636 | €157,140 | €132,704 | €100,574 | €96,832 | €86,415 | €37,310 | €43,392 | ▲ 16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €12,860 | €18,247 | €11,395 | -€1,876 | -€1,190 | ▲ 36.6% |
| Other operating charges640/8 | - | - | - | €8,798 | €7,328 | €7,620 | €9,278 | €11,907 | ▲ 28.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €16,776 | €0 | ▼ 100% |
| Gross operating margin9900 | €190,556 | €234,614 | €35,403 | €113,184 | €113,072 | €51,089 | €109,731 | €134,534 | ▲ 22.6% |
| Operating profit (loss)9901 | €73,309 | €74,731 | -€109,087 | -€27,508 | -€64,309 | -€84,395 | €48,243 | €56,201 | ▲ 16.5% |
| Financial income75/76B | - | - | - | €0 | €353 | €161 | €205 | €12,833 | ▲ 63× |
| Recurring financial income75 | €66 | €29 | €1,426 | €0 | €353 | €161 | €205 | €12,833 | ▲ 63× |
| Financial charges65/66B | - | - | - | €21,437 | €23,769 | €5,623 | €10,971 | €4,548 | ▼ 58.5% |
| Recurring financial charges65 | €3,846 | €13,277 | €12,332 | €21,437 | €23,769 | €5,623 | €10,971 | €4,548 | ▼ 58.5% |
| Profit (loss) for the period before taxes9903 | €69,529 | €61,482 | -€119,993 | -€48,945 | -€87,725 | -€89,857 | €37,477 | €64,486 | ▲ 72.1% |
| Income taxes67/77 | €5,819 | €8,119 | €119 | €584 | €585 | €626 | €0 | - | - |
| Profit (loss) for the period9904 | €63,710 | €53,363 | -€120,112 | -€49,529 | -€88,309 | -€90,483 | €37,477 | €64,486 | ▲ 72.1% |
| Profit (loss) for the period to be appropriated9905 | €63,710 | €53,363 | -€120,112 | -€49,529 | -€88,309 | -€90,483 | €37,477 | €64,486 | ▲ 72.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €1.2m | €1.1m | €1.0m | €0.8m | €0.8m | €0.8m | €1.0m | ▲ 36.6% |
| Fixed assets21/28 | €0.4m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.6m | ▲ 0.9% |
| Tangible fixed assets22/27 | €0.4m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.6m | ▲ 1.3% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | ▲ 4.9% |
| Plant, machinery and equipment23 | - | - | - | €0.007m | €0.004m | €0.007m | €0.004m | €0.006m | ▲ 33.7% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.09m | €0.03m | €0.06m | €0.04m | ▼ 33.2% |
| Financial fixed assets28 | €250 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €270 | ▼ 90.3% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.4m | ▲ 167% |
| Stocks and contracts in progress3 | - | €31 | €0.003m | - | €0.03m | - | €0.009m | €0.2m | ▲ 22× |
| Stocks30/36 | - | - | - | - | €0.02m | - | €0.008m | €0.2m | ▲ 26× |
| Contracts in progress37 | - | - | - | - | €0.01m | - | €0.001m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.08m | €0.04m | €0.1m | €0.06m | €0.2m | ▲ 199% |
| Trade receivables40 | - | - | - | €0.08m | €0.04m | €0.1m | €0.05m | €0.2m | ▲ 261% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.01m | €0.006m | ▼ 52.1% |
| Cash at bank and in hand54/58 | €0.05m | €0.05m | €0.002m | €0.1m | €0.03m | €0.05m | €0.08m | €0.01m | ▼ 85.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.04m | €0.04m | €0.02m | €0.03m | ▲ 105% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €1.2m | €1.1m | €1.0m | €0.8m | €0.8m | €0.8m | €1.0m | ▲ 36.6% |
| Equity10/15 | €0.2m | €0.2m | €0.1m | €0.06m | -€0.02m | -€0.1m | -€0.08m | -€0.01m | ▲ 84.3% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.2m | €0.2m | €0.1m | €0.05m | €0.05m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Other1319 | - | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Profit (loss) carried forward14 | - | - | - | - | -€0.09m | -€0.2m | -€0.1m | -€0.06m | ▲ 53.0% |
| Amounts payable17/49 | €0.4m | €1.0m | €1.0m | €0.9m | €0.8m | €0.9m | €0.8m | €1.1m | ▲ 25.6% |
| Amounts payable after more than one year17 | €0.3m | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.9% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.9% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €0.3m | €0.4m | €0.4m | €0.6m | €0.5m | €0.8m | ▲ 47.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.05m | €0.03m | €0.02m | ▼ 18.2% |
| Financial debts43 | - | - | - | - | - | - | - | €417 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €417 | - |
| Trade debts44 | €0.03m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 6.5% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 6.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.002m | ▲ 248% |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 10.6% |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.001m | - | - | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.4m | €0.4m | €0.6m | ▲ 69.2% |
| Accrued charges and deferred income492/3 | - | - | - | €72 | €74 | €0.004m | €0.005m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,710 | €53,363 | -€120,112 | -€49,529 | -€88,309 | -€90,483 | €37,477 | €64,486 | ▲ 72.1% |
| + Depreciation and write-downs630 | €114,636 | €157,140 | €132,704 | €100,574 | €96,832 | €86,415 | €37,310 | €43,392 | ▲ 16.3% |
| Operating cash flow (approximation) | €178,346 | €210,503 | €12,592 | €51,045 | €8,523 | -€4,067 | €74,787 | €107,878 | ▲ 44.2% |
| Investment in fixed assets (approximation) | - | -€778,389 | -€42,304 | €39,500 | €0 | -€23,118 | -€32,224 | -€48,804 | ▼ 51.5% |
| Change in cash | - | -€1,564 | -€48,608 | €106,011 | -€76,453 | €17,441 | €27,305 | -€64,750 | - |
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, 2,180 companies had the same profile as Group Verhellen has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Group Verhellen itself: 1.6% 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 2,180 companies, not a prediction for Group Verhellen. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00321900 | |
| 31-12-2024 | abbreviated format | 18-08-2025 | 2025-00379187 | |
| 31-12-2023 | abbreviated format | 22-11-2024 | 2024-00603386 | |
| 31-12-2022 | abbreviated format | 27-11-2023 | 2023-00516747 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20389830 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-55500213 | |
| 31-12-2019 | abbreviated format | 30-04-2020 | 2020-11300162 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-22500437 |