NUTREX
ActiveFinancials · financial year 2024, full format, 2025 accounts filed
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00493915.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 30 filings
Turnover
€38.2m▲ 20.8%
2023 · €31.6m
EBIT margin
6.7%▲ 0.7pp
2023 · 6.0%
Net result
€2.0m▲ 39.0%
2023 · €1.4m
Working capital
€4.5m▼ 11.1%
2023 · €5.0m
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€38.2m
▲ 20.8%
2024
20182024
Operating result
€2.6m
▲ 34.7%
2024
20182024
Net result
€2.0m
▲ 39.0%
2024
highest quarter of the sector
20182024
EBIT margin
6.7%
▲ 0.7pp
2024
20182024
Equity
€8.6m
▼ 12.1%
2024
highest quarter of the sector
20182024
Total assets
€11.4m
▼ 13.3%
2024
middle half of the sector
20182024
Debt
€2.8m
▼ 16.8%
2024
20182024
Working capital
€4.5m
▼ 11.1%
2024
highest quarter of the sector
20182024
Solvency
75.3%
▲ 1.0pp
2024
highest quarter of the sector
20182024
Current ratio
2.66
▲ 0.09
2024
highest quarter of the sector
20182024
Return on assets (ROA)
17.6%
▲ 6.6pp
2024
highest quarter of the sector
20182024
Staff (FTE)
10
▲ 42.9%
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€30.4m€27.6m▼ 9.2%€31.6m▲ 14.5%€38.2m▲ 20.8%
Operating result€1.5m-€1.1m▼ 28.5%€0.8m▼ 28.0%€2.3m▲ 200%€1.5m▼ 34.6%€1.9m▲ 27.6%€2.6m▲ 34.7%
Net result€1.0m-€0.7m▼ 31.4%€0.5mabove the sector's middle half▼ 31.6%€1.7mabove the sector's middle half▲ 249%€1.1mabove the sector's middle half▼ 36.4%€1.4mabove the sector's middle half▲ 34.3%€2.0mabove the sector's middle half▲ 39.0%
EBIT margin7.5%5.4%▼ 2.1pp6.0%▲ 0.6pp6.7%▲ 0.7pp
Equity€2.2m-€5.5m▲ 153%€5.8mabove the sector's middle half▲ 6.6%€7.5mwithin the sector's middle half▲ 28.9%€8.5mabove the sector's middle half▲ 12.5%€9.7mabove the sector's middle half▲ 14.9%€8.6mabove the sector's middle half▼ 12.1%
Total assets€2.8m-€10.7m▲ 286%€12.5mabove the sector's middle half▲ 16.4%€14.0mwithin the sector's middle half▲ 11.9%€12.5mwithin the sector's middle half▼ 10.5%€13.1mwithin the sector's middle half▲ 4.7%€11.4mwithin the sector's middle half▼ 13.3%
Debt€0.6m-€5.3m▲ 761%€6.7m▲ 26.6%€6.4m▼ 3.1%€4.0m▼ 37.3%€3.4m▼ 16.6%€2.8m▼ 16.8%
Working capital€2.1m-€1.6m▼ 23.8%-€0.4mbelow the sector's middle half€1.3mwithin the sector's middle half€2.9mabove the sector's middle half▲ 115%€5.0mabove the sector's middle half▲ 73.7%€4.5mabove the sector's middle half▼ 11.1%
Solvency78.0%-51.1%▼ 27.0pp46.8%within the sector's middle half▼ 4.3pp53.9%within the sector's middle half▲ 7.1pp67.7%above the sector's middle half▲ 13.8pp74.3%above the sector's middle half▲ 6.6pp75.3%above the sector's middle half▲ 1.0pp
Current ratio4.43-1.31▼ 3.130.93within the sector's middle half▼ 0.371.22within the sector's middle half▲ 0.281.73within the sector's middle half▲ 0.522.56above the sector's middle half▲ 0.832.66above the sector's middle half▲ 0.09
Return on assets (ROA)37.1%-6.6%▼ 30.5pp3.9%within the sector's middle half▼ 2.7pp12.1%above the sector's middle half▲ 8.2pp8.6%within the sector's middle half▼ 3.5pp11.0%above the sector's middle half▲ 2.4pp17.6%above the sector's middle half▲ 6.6pp
Staff (FTE)6.9-5.9▼ 14.5%7.7within the sector's middle half▲ 30.5%8below the sector's middle half▲ 3.9%7.1below the sector's middle half▼ 11.3%7below the sector's middle half▼ 1.4%10within the sector's middle half▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 2024 is 35% higher than in 2023 and the highest since 2020. It is the second rise in a row, after the fall in 2022.
Large changes and their cause
- 2021 Net result +249% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €11.4m
Fixed assets
€4.2m ▼ 13.5%
Current assets
€7.1m ▼ 13.1%
Equity and liabilities €11.4m
Equity
€8.6m ▼ 12.1%
Debt
€2.8m ▼ 16.8%
Debt's share of the balance-sheet total falls from 25.7% to 24.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3.4m▲
2023 · €2.7m
Cash flow
€2.8m▲
2023 · €2.3m
Quick ratio
2.06▼
2023 · 2.06
Debt to equity
0.33▼
2023 · 0.35
ROE
23.4%▲
2023 · 14.8%
Interest coverage
over 100▲
2023 · 78.74
Debt ≤ 1 year
€2.7m▼
2023 · €3.2m
Income taxes
€549,046▲
2023 · €431,022
Customer credit
45 days▼
2023 · 59 days
Supplier credit
30 days▼
2023 · 44 days
Staff costs
€838,542▲
2023 · €570,271
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 6 | 9 | 11 |
| full-time | 8 | 5 | 9 | 11 |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 8.8 | 5.8 | 9 | 11 |
| Average over the year, in full-time equivalents | 8 | 7.1 | 7 | 10 |
| On a permanent contract | 9 | 6 | 9 | 11 |
| Joined | 2 | 1 | 4 | 3 |
| Left | 0 | 4 | 1 | 1 |
| Agency workers, average number | 0.8 | 0.1 | 0.5 | - |
| Training hours | 14 | 536 | 64 | - |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €832,987 | €42,538 | €17,695 | €175,659 |
| Intangible fixed assets | €3,090 | €21,216 | - | - |
| Depreciation and write-downs of the year | €791,834 | €826,903 | €823,782 | €838,513 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fee for the audit | €12,804 | €14,427 | €14,928 | €15,000 |
Source: notes to the 2021 to 2024 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €58,338 awarded · €58,434 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €19,409 | €19,280 |
| 2024 | 1 | €6,120 | €9,098 |
| 2023 | 2 | €18,881 | €20,753 |
| 2022 | 3 | €13,928 | €9,303 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €30.9m | €27.7m | €31.7m | €38.5m | ▲ 21.3% |
| Turnover70 | - | - | - | €30.4m | €27.6m | €31.6m | €38.2m | ▲ 20.8% |
| Other operating income74 | - | - | - | €0.6m | €0.09m | €0.09m | €0.3m | ▲ 208% |
| Non-recurring operating income76A | - | - | - | - | €0.02m | - | - | - |
| Operating charges60/66A | - | - | - | €28.6m | €26.2m | €29.8m | €35.9m | ▲ 20.5% |
| Goods for resale, raw materials and consumables60 | - | - | - | €23.8m | €21.1m | €24.4m | €29.9m | ▲ 22.6% |
| Purchases600/8 | - | - | - | €24.1m | €22.1m | €23.5m | €29.9m | ▲ 27.0% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | -€1.0m | €0.8m | -€0.004m | - |
| Services and other goods61 | - | - | - | €3.4m | €3.7m | €4.0m | €4.4m | ▲ 10.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.2m | €0.6m | €0.8m | €0.8m | €0.8m | €0.8m | ▲ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.02m | €0.05m | -€0.05m | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 10.2% |
| Gross operating margin9900 | €2.0m | €1.9m | €1.9m | - | - | - | - | - |
| Operating profit (loss)9901 | €1.5m | €1.1m | €0.8m | €2.3m | €1.5m | €1.9m | €2.6m | ▲ 34.7% |
| Financial income75/76B | - | - | - | €0.005m | €0.03m | €0.02m | €0.03m | ▲ 42.0% |
| Recurring financial income75 | €0.001m | €0.005m | €111 | €0.005m | €0.03m | €0.02m | €0.03m | ▲ 42.0% |
| Income from financial fixed assets750 | - | - | - | €18 | - | - | - | - |
| Income from current assets751 | - | - | - | - | €0.001m | €0.002m | €0.005m | ▲ 157% |
| Other financial income752/9 | - | - | - | €0.005m | €0.03m | €0.02m | €0.03m | ▲ 32.4% |
| Financial charges65/66B | - | - | - | €0.2m | €0.1m | €0.06m | €0.05m | ▼ 13.1% |
| Recurring financial charges65 | €0.03m | €0.09m | €0.1m | €0.2m | €0.1m | €0.06m | €0.05m | ▼ 13.1% |
| Debt charges650 | - | - | - | €0.1m | €0.1m | €0.03m | €0.003m | ▼ 92.1% |
| Other financial charges652/9 | - | - | - | €0.04m | €0.03m | €0.03m | €0.05m | ▲ 94.8% |
| Profit (loss) for the period before taxes9903 | €1.5m | €1.0m | €0.6m | €2.1m | €1.4m | €1.9m | €2.6m | ▲ 36.3% |
| Income taxes67/77 | €0.4m | €0.3m | €0.1m | €0.4m | €0.3m | €0.4m | €0.5m | ▲ 27.4% |
| Taxes670/3 | - | - | - | €0.4m | €0.3m | €0.4m | €0.5m | ▲ 27.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.005m | €25 | €62 | ▲ 152% |
| Profit (loss) for the period9904 | €1.0m | €0.7m | €0.5m | €1.7m | €1.1m | €1.4m | €2.0m | ▲ 39.0% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €0.7m | €0.5m | €1.7m | €1.1m | €1.4m | €2.0m | ▲ 39.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.8m | €10.7m | €12.5m | €14.0m | €12.5m | €13.1m | €11.4m | ▼ 13.3% |
| Fixed assets21/28 | €0.07m | €3.9m | €6.4m | €6.5m | €5.7m | €4.9m | €4.2m | ▼ 13.5% |
| Intangible fixed assets21 | - | - | €0.07m | €0.06m | €0.06m | €0.04m | €0.02m | ▼ 53.8% |
| Tangible fixed assets22/27 | €0.07m | €3.9m | €6.3m | €6.4m | €5.6m | €4.9m | €4.2m | ▼ 13.2% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 12.7% |
| Plant, machinery and equipment23 | - | - | - | €6.4m | €5.6m | €4.8m | €4.2m | ▼ 13.2% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.003m | €0.02m | €0.02m | ▼ 14.2% |
| Financial fixed assets28 | - | €10 | - | - | - | - | - | - |
| Current assets29/58 | €2.7m | €6.8m | €6.1m | €7.5m | €6.8m | €8.2m | €7.1m | ▼ 13.1% |
| Stocks and contracts in progress3 | €0.5m | €1.1m | €1.2m | €1.5m | €2.5m | €1.6m | €1.6m | ▲ 0.4% |
| Stocks30/36 | - | - | - | €1.5m | €2.5m | €1.6m | €1.6m | ▲ 0.4% |
| Goods purchased for resale34 | - | - | - | €1.5m | €2.5m | €1.6m | €1.6m | ▲ 0.4% |
| Amounts receivable within one year40/41 | €1.4m | €3.9m | €3.5m | €4.4m | €3.1m | €5.2m | €4.8m | ▼ 6.2% |
| Trade receivables40 | - | - | - | €4.1m | €2.9m | €5.1m | €4.7m | ▼ 8.5% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.04m | €0.1m | ▲ 306% |
| Cash at bank and in hand54/58 | €0.8m | €1.8m | €1.4m | €1.6m | €1.2m | €1.4m | €0.6m | ▼ 57.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.06m | €0.1m | ▲ 61.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.8m | €10.7m | €12.5m | €14.0m | €12.5m | €13.1m | €11.4m | ▼ 13.3% |
| Equity10/15 | €2.2m | €5.5m | €5.8m | €7.5m | €8.5m | €9.7m | €8.6m | ▼ 12.1% |
| Contributions10/11 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €2.0m | €5.3m | €5.7m | €7.3m | €8.3m | €9.6m | €8.4m | ▼ 12.3% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €7.3m | €8.3m | €9.5m | €8.4m | ▼ 12.3% |
| Amounts payable17/49 | €0.6m | €5.3m | €6.7m | €6.4m | €4.0m | €3.4m | €2.8m | ▼ 16.8% |
| Amounts payable within one year42/48 | €0.6m | €5.2m | €6.5m | €6.2m | €3.9m | €3.2m | €2.7m | ▼ 16.2% |
| Trade debts44 | €0.5m | €3.0m | €3.3m | €3.3m | €2.5m | €2.9m | €2.4m | ▼ 17.6% |
| Suppliers440/4 | - | - | - | €3.3m | €2.5m | €2.9m | €2.4m | ▼ 17.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.05m | €0.09m | €0.08m | ▼ 2.6% |
| Taxes450/3 | - | - | - | - | - | €0.03m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.05m | €0.06m | €0.08m | ▲ 50.6% |
| Other amounts payable47/48 | - | - | - | €2.8m | €1.3m | €0.2m | €0.2m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.1m | €0.2m | €0.1m | ▼ 27.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €0.7m | €0.5m | €1.7m | €1.1m | €1.4m | €2.0m | ▲ 39.0% |
| + Depreciation and write-downs630 | €0.05m | €0.2m | €0.6m | €0.8m | €0.8m | €0.8m | €0.8m | ▲ 1.8% |
| Operating cash flow (approximation) | €1.1m | €0.9m | €1.1m | €2.5m | €1.9m | €2.3m | €2.8m | ▲ 25.5% |
| Investment in fixed assets (approximation) | - | -€4.1m | -€3.1m | -€0.8m | -€0.06m | -€0.02m | -€0.2m | ▼ 893% |
| Change in cash | - | €1.0m | -€0.4m | €0.3m | -€0.4m | €0.1m | -€0.8m | - |
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 NUTREX 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 NUTREX itself: 0.5% 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 NUTREX. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00493915 | |
| 31-12-2024 | full format | 14-08-2025 | 2025-00383018 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00433871 | |
| 31-12-2022 | full format | 28-08-2023 | 2023-00427934 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20406851 | |
| 31-12-2020 | abbreviated format | 29-09-2021 | 2021-69500283 | |
| 31-12-2019 | abbreviated format | 07-09-2020 | 2020-51900115 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-56800317 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-52300266 | |
| 31-12-2016 | abbreviated format | 25-08-2017 | 2017-52900585 |