LOVAFARMA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 34 days after the deadline Filed on 3 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00497682.
Annual accounts 2025 filed on 03-09-2026 at the NBB all 24 filings
Turnover
≈ €2.5m
Estimated: probably between €1.8m and €4.0m
Total assets
€1.6m▲ 124%
2024 · €715,998
Net result
€411,577▲ 200%
2024 · €137,154
Working capital
€157,854▼ 33.0%
2024 · €235,431
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€570,361
▲ 196%
2025
20182025
Net result
€411,577
▲ 200%
2025
highest quarter of the sector
20182025
Equity
€903,035
▲ 83.7%
2025
highest quarter of the sector
20182025
Total assets
€1.6m
▲ 124%
2025
highest quarter of the sector
20182025
Debt
€501,446
▲ 184%
2025
20182025
Working capital
€157,854
▼ 33.0%
2025
highest quarter of the sector
20182025
Solvency
56.3%
▼ 12.3pp
2025
middle half of the sector
20182025
Current ratio
1.77
▼ 0.61
2025
middle half of the sector
20182025
Return on assets (ROA)
25.7%
▲ 6.5pp
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€0.03m-€0.04m▲ 15.7%€0.05m▲ 43.7%€0.06m▲ 18.4%€0.1m▲ 57.5%€0.02m▼ 74.3%€0.2m▲ 680%€0.6m▲ 196%
Net result€0.01m-€0.02m▲ 29.5%€0.03mwithin the sector's middle half▲ 90.2%€0.05mwithin the sector's middle half▲ 40.2%€0.06mwithin the sector's middle half▲ 33.9%€0.01mwithin the sector's middle half▼ 79.8%€0.1mabove the sector's middle half▲ 11×€0.4mabove the sector's middle half▲ 200%
Equity-€0.02m--€0.008m▲ 69.0%€0.02mbelow the sector's middle half€0.07mbelow the sector's middle half▲ 184%€0.1mwithin the sector's middle half▲ 86.7%€0.1mabove the sector's middle half▲ 9.4%€0.5mabove the sector's middle half▲ 241%€0.9mabove the sector's middle half▲ 83.7%
Total assets€0.4m-€0.4m▼ 5.6%€0.3mbelow the sector's middle half▼ 3.4%€0.3mbelow the sector's middle half▲ 0.1%€0.4mbelow the sector's middle half▲ 14.0%€0.4mabove the sector's middle half▼ 0.6%€0.7mabove the sector's middle half▲ 82.2%€1.6mabove the sector's middle half▲ 124%
Debt€0.4m-€0.4m▼ 9.5%€0.3m▼ 12.2%€0.3m▼ 14.1%€0.3m▼ 4.6%€0.2m▼ 5.7%€0.2m▼ 28.9%€0.5m▲ 184%
Working capital€0.07m-€0.03m▼ 55.4%€0.03mwithin the sector's middle half▼ 17.6%€0.08mwithin the sector's middle half▲ 235%€0.1mwithin the sector's middle half▲ 56.0%€0.1mabove the sector's middle half▲ 2.4%€0.2mabove the sector's middle half▲ 75.4%€0.2mabove the sector's middle half▼ 33.0%
Solvency-6.5%--2.1%▲ 4.4pp7.2%below the sector's middle half▲ 9.3pp20.4%within the sector's middle half▲ 13.2pp33.4%within the sector's middle half▲ 13.0pp36.7%within the sector's middle half▲ 3.4pp68.6%above the sector's middle half▲ 31.9pp56.3%within the sector's middle half▼ 12.3pp
Current ratio1.74-1.23▼ 0.511.17within the sector's middle half▼ 0.061.75within the sector's middle half▲ 0.582.01within the sector's middle half▲ 0.261.99within the sector's middle half▼ 0.022.38within the sector's middle half▲ 0.391.77within the sector's middle half▼ 0.61
Return on assets (ROA)3.5%-4.8%▲ 1.3pp9.4%within the sector's middle half▲ 4.6pp13.2%above the sector's middle half▲ 3.8pp15.5%above the sector's middle half▲ 2.3pp3.1%within the sector's middle half▼ 12.3pp19.2%above the sector's middle half▲ 16.0pp25.7%above the sector's middle half▲ 6.5pp
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 196% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Equity +84% on 2024. Capital increase of €210,000 (Official Gazette 10-01-2025).
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
Assets €1.6m
Fixed assets
€1.2m ▲ 301%
Current assets
€362,456 ▼ 10.8%
Equity and liabilities €1.6m
Equity
€903,035 ▲ 83.7%
Provisions
€199,099 ▲ 317%
Debt
€501,446 ▲ 184%
Debt's share of the balance-sheet total rises from 24.7% to 31.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€676,720▲
2024 · €214,972
Cash flow
€517,936▲
2024 · €159,353
Debt to equity
0.56▲
2024 · 0.36
ROE
45.6%▲
2024 · 27.9%
Interest coverage
90.23▲
2024 · 25.25
Debt ≤ 1 year
€204,602▲
2024 · €170,743
Debt > 1 year
€287,944▲
2024 · €0
Income taxes
€176▲
2024 · €74
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 | €2,483 | €4,639 | €11,771 | €217,340 | €1.1m |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €26,875 | €20,986 | €23,433 | €22,199 | €106,359 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €829 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,643 | €27,519 | €28,279 | €26,875 | €20,986 | €23,433 | €22,199 | €106,359 | ▲ 379% |
| Other operating charges640/8 | - | - | - | €3,866 | €4,527 | €4,812 | €4,203 | €7,882 | ▲ 87.5% |
| Gross operating margin9900 | €62,536 | €67,907 | €83,161 | €91,741 | €122,403 | €52,956 | €219,175 | €684,602 | ▲ 212% |
| Operating profit (loss)9901 | €30,980 | €35,852 | €51,533 | €61,001 | €96,061 | €24,711 | €192,773 | €570,361 | ▲ 196% |
| Financial income75/76B | - | - | - | €12,954 | €12 | €0 | €746 | €213 | ▼ 71.4% |
| Recurring financial income75 | €0 | €0 | €2 | €140 | €12 | €0 | €746 | €213 | ▼ 71.4% |
| Non-recurring financial income76B | - | - | - | €12,814 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €16,298 | €11,049 | €8,838 | €8,513 | €7,500 | ▼ 11.9% |
| Recurring financial charges65 | €14,732 | €13,578 | €12,380 | €16,298 | €11,049 | €8,838 | €8,513 | €7,500 | ▼ 11.9% |
| Profit (loss) for the period before taxes9903 | €16,248 | €22,274 | €40,794 | €57,656 | €85,024 | €15,873 | €185,006 | €563,074 | ▲ 204% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €145 | €22,414 | ▲ 154× |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €47,923 | €173,735 | ▲ 263% |
| Income taxes67/77 | €3,005 | €5,125 | €8,172 | €11,907 | €23,759 | €3,507 | €74 | €176 | ▲ 138% |
| Profit (loss) for the period9904 | €13,243 | €17,149 | €32,622 | €45,749 | €61,265 | €12,365 | €137,154 | €411,577 | ▲ 200% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €436 | €67,242 | ▲ 154× |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €143,770 | €521,205 | ▲ 263% |
| Profit (loss) for the period to be appropriated9905 | €13,243 | €17,149 | €32,622 | €45,749 | €61,265 | €12,365 | -€6,180 | -€42,386 | ▼ 586% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.7m | €1.6m | ▲ 124% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.3m | €1.2m | ▲ 301% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.3m | €1.2m | ▲ 302% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.1m | €0.3m | €1.2m | ▲ 304% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.005m | €0.01m | €0 | €0.002m | - |
| Furniture and vehicles24 | - | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 68.4% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €120 | ▼ 87.0% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 10.8% |
| Stocks and contracts in progress3 | €0.08m | €0.07m | €0.08m | €0.07m | €0.08m | €0.09m | €0 | - | - |
| Stocks30/36 | - | - | - | €0.07m | €0.08m | €0.09m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.04m | €0.03m | €0.04m | €0.06m | €0.06m | €0.2m | €0.1m | ▼ 37.8% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.04m | €0.007m | €0.1m | ▲ 15× |
| Other amounts receivable41 | - | - | - | €0.004m | €0.03m | €0.02m | €0.2m | €20 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.04m | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 57.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.08m | €0.001m | ▼ 99.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.7m | €1.6m | ▲ 124% |
| Equity10/15 | -€0.02m | -€0.008m | €0.02m | €0.07m | €0.1m | €0.1m | €0.5m | €0.9m | ▲ 83.7% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.2m | €0.2m | = |
| Reserves13 | - | - | €0.002m | €0.002m | €0.06m | €0.06m | €0.2m | €0.7m | ▲ 221% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.1m | €0.6m | ▲ 317% |
| Distributable reserves133 | - | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 3.1% |
| Profit (loss) carried forward14 | -€0.03m | -€0.01m | €0.02m | €0.06m | €0.06m | €0.08m | €0.07m | €0.03m | ▼ 60.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.05m | €0.2m | ▲ 317% |
| Deferred taxes168 | - | - | - | - | - | - | €0.05m | €0.2m | ▲ 317% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.5m | ▲ 184% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0 | €0.3m | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0 | €0.3m | - |
| Amounts payable within one year42/48 | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 19.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.03m | €0.02m | €0.07m | €0.01m | ▼ 86.2% |
| Financial debts43 | - | - | - | - | - | - | €87 | €100 | ▲ 14.9% |
| Credit institutions430/8 | - | - | - | - | - | - | €87 | €100 | ▲ 14.9% |
| Trade debts44 | €0.03m | €0.03m | €0.02m | €0.01m | €0.02m | €0.04m | €0.03m | €0.06m | ▲ 102% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.04m | €0.03m | €0.06m | ▲ 102% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.02m | €0.02m | €0.009m | €0.009m | ▼ 8.9% |
| Taxes450/3 | - | - | - | €0.006m | €0.02m | €0.01m | €0.009m | €0.009m | ▼ 8.9% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.002m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.1m | ▲ 122% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.004m | €0.005m | €0.006m | €0.009m | ▲ 47.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.02m | €0.03m | €0.05m | €0.06m | €0.01m | €0.1m | €0.4m | ▲ 200% |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | €0.1m | ▲ 379% |
| Operating cash flow (approximation) | €0.04m | €0.04m | €0.06m | €0.07m | €0.08m | €0.04m | €0.2m | €0.5m | ▲ 225% |
| Investment in fixed assets (approximation) | - | -€0.004m | -€0.009m | -€0.001m | -€0.005m | -€0.01m | -€0.2m | -€1.0m | ▼ 397% |
| Change in cash | - | €0.01m | €0.004m | €0.03m | €0.03m | -€0.005m | €0.06m | €0.1m | ▲ 57.1% |
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, 20,136 companies had the same profile as LOVAFARMA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of LOVAFARMA itself: 0.4% 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 20,136 companies, not a prediction for LOVAFARMA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-09-2026 | 2026-00497682 | |
| 31-12-2024 | micro format | 08-08-2025 | 2025-00366323 | |
| 31-12-2023 | micro format | 29-09-2024 | 2024-00478090 | |
| 31-12-2022 | abbreviated format | 22-08-2023 | 2023-00340568 | |
| 31-12-2021 | abbreviated format | 02-06-2022 | 2022-20052116 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-30300426 | |
| 31-12-2019 | abbreviated format | 25-08-2020 | 2020-44300546 | |
| 31-12-2018 | abbreviated format | 20-08-2019 | 2019-48200021 | |
| 31-12-2017 | abbreviated format | 28-05-2018 | 2018-14200532 | |
| 31-12-2016 | abbreviated format | 08-06-2017 | 2017-16100573 |