REQUILE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-04-2026 PDF all 32 filings
Turnover
≈ €1.6m
Estimated: probably between €970,000 and €2.7m
Total assets
€960,689▼ 11.1%
2024 · €1.1m
Net result
€86,024▼ 58.5%
2024 · €207,365
Working capital
€324,842▲ 5.6%
2024 · €307,688
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€136,206
▼ 49.3%
2025
20192025
Net result
€86,024
▼ 58.5%
2025
middle half of the sector
20192025
Equity
€551,289
▼ 2.5%
2025
middle half of the sector
20192025
Total assets
€960,689
▼ 11.1%
2025
middle half of the sector
20192025
Debt
€409,400
▼ 20.5%
2025
20192025
Working capital
€324,842
▲ 5.6%
2025
highest quarter of the sector
20192025
Solvency
57.4%
▲ 5.1pp
2025
middle half of the sector
20192025
Current ratio
1.79
▲ 0.20
2025
middle half of the sector
20192025
Return on assets (ROA)
9.0%
▼ 10.2pp
2025
middle half of the sector
20192025
Staff (FTE)
13.1
▲ 1.6%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.03m-€0.2m€0.3m▲ 14.4%€0.1m▼ 61.1%€0.3m▲ 171%€0.3m▼ 8.7%€0.1m▼ 49.3%
Net result-€0.04m-€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 12.7%€0.1mwithin the sector's middle half▼ 63.7%€0.3mabove the sector's middle half▲ 190%€0.2mabove the sector's middle half▼ 27.3%€0.09mwithin the sector's middle half▼ 58.5%
Equity€0.2m-€0.4mwithin the sector's middle half▲ 135%€0.5mwithin the sector's middle half▲ 9.6%€0.6mwithin the sector's middle half▲ 21.4%€0.6mwithin the sector's middle half=€0.6mwithin the sector's middle half▲ 1.3%€0.6mwithin the sector's middle half▼ 2.5%
Total assets€0.7m-€0.8mwithin the sector's middle half▲ 19.3%€0.7mwithin the sector's middle half▼ 20.1%€0.8mwithin the sector's middle half▲ 24.3%€1.2mwithin the sector's middle half▲ 39.3%€1.1mwithin the sector's middle half▼ 6.7%€1.0mwithin the sector's middle half▼ 11.1%
Debt€0.5m-€0.4m▼ 20.2%€0.2m▼ 49.8%€0.3m▲ 30.6%€0.6m▲ 119%€0.5m▼ 14.1%€0.4m▼ 20.5%
Working capital-€0.4m--€0.2mbelow the sector's middle half▲ 53.3%€0.2mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 93.6%€0.4mwithin the sector's middle half▲ 14.6%€0.3mwithin the sector's middle half▼ 12.2%€0.3mabove the sector's middle half▲ 5.6%
Solvency25.4%-50.1%within the sector's middle half▲ 24.7pp68.7%above the sector's middle half▲ 18.6pp67.1%above the sector's middle half▼ 1.6pp48.2%within the sector's middle half▼ 18.9pp52.3%within the sector's middle half▲ 4.1pp57.4%within the sector's middle half▲ 5.1pp
Current ratio0.28-0.59below the sector's middle half▲ 0.311.75within the sector's middle half▲ 1.172.12within the sector's middle half▲ 0.361.58within the sector's middle half▼ 0.531.60within the sector's middle half▲ 0.011.79within the sector's middle half▲ 0.20
Return on assets (ROA)-5.8%-28.8%above the sector's middle half▲ 34.6pp40.6%above the sector's middle half▲ 11.8pp11.8%above the sector's middle half▼ 28.7pp24.6%above the sector's middle half▲ 12.8pp19.2%above the sector's middle half▼ 5.4pp9.0%within the sector's middle half▼ 10.2pp
Staff (FTE)10.9-11.3within the sector's middle half▲ 3.7%10.3within the sector's middle half▼ 8.8%11.1within the sector's middle half▲ 7.8%13.6above the sector's middle half▲ 22.5%12.9within the sector's middle half▼ 5.1%13.1within the sector's middle half▲ 1.6%
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 2025 is 49% lower than in 2024. It is the second fall in a row.
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 €960,689
Fixed assets
€226,447 ▼ 12.1%
Current assets
€734,242 ▼ 10.8%
Equity and liabilities €960,689
Equity
€551,289 ▼ 2.5%
Debt
€409,400 ▼ 20.5%
Debt's share of the balance-sheet total falls from 47.7% to 42.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€197,213▼
2024 · €320,513
Cash flow
€147,031▼
2024 · €259,295
Quick ratio
1.72▲
2024 · 1.55
Debt to equity
0.74▼
2024 · 0.91
ROE
15.6%▼
2024 · 36.7%
Interest coverage
7.04▼
2024 · 24.24
Debt ≤ 1 year
€409,400▼
2024 · €515,254
Income taxes
€24,890▼
2024 · €57,240
Staff costs
€481,320▲
2024 · €460,083
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 18 | 16 | 15 |
| full-time | 5 | 7 | 6 | 6 |
| part-time | 10 | 11 | 10 | 9 |
| in full-time equivalents | 12.7 | 15.2 | 13.1 | 12.8 |
| Average over the year, in full-time equivalents | 11.1 | 13.6 | 12.9 | 13.1 |
| On a permanent contract | 5 | 9 | 8 | 10 |
| Joined | 31 | 23 | 27 | 24 |
| Left | 26 | 19 | 26 | 24 |
| Training hours | 1,140 | 227 | 336 | 104 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,510 | - | €5,270 | €105,016 | €29,877 |
| Depreciation and write-downs of the year | €64,157 | €49,514 | €49,712 | €51,930 | €61,007 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,000 | €0 | €2,240 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €287,286 | €330,171 | €491,321 | €460,083 | €481,320 | ▲ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,884 | €106,731 | €64,157 | €49,514 | €49,712 | €51,930 | €61,007 | ▲ 17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0 | - | - | -€1,152 | €0 | - |
| Other operating charges640/8 | - | - | €5,840 | €5,805 | €3,208 | €3,766 | €4,639 | ▲ 23.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €201 | €0 | ▼ 100% |
| Gross operating margin9900 | €330,147 | €801,955 | €636,747 | €494,199 | €838,428 | €783,411 | €683,172 | ▼ 12.8% |
| Operating profit (loss)9901 | -€31,865 | €244,293 | €279,464 | €108,709 | €294,188 | €268,583 | €136,206 | ▼ 49.3% |
| Financial income75/76B | - | - | €1,742 | €0 | €3,620 | €9,244 | €2,734 | ▼ 70.4% |
| Recurring financial income75 | €2 | €8,197 | €1,742 | €0 | €3,620 | €9,244 | €2,734 | ▼ 70.4% |
| Financial charges65/66B | - | - | €9,874 | €10,288 | €12,425 | €13,222 | €28,026 | ▲ 112% |
| Recurring financial charges65 | €8,642 | €11,671 | €9,874 | €10,288 | €12,425 | €13,222 | €28,026 | ▲ 112% |
| Profit (loss) for the period before taxes9903 | -€40,506 | €240,820 | €271,332 | €98,422 | €285,383 | €264,605 | €110,914 | ▼ 58.1% |
| Income taxes67/77 | - | - | - | - | €237 | €57,240 | €24,890 | ▼ 56.5% |
| Profit (loss) for the period9904 | -€40,506 | €240,820 | €271,332 | €98,422 | €285,145 | €207,365 | €86,024 | ▼ 58.5% |
| Profit (loss) for the period to be appropriated9905 | -€40,506 | €240,820 | €271,332 | €98,422 | €285,145 | €207,365 | €86,024 | ▼ 58.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €0.8m | €0.7m | €0.8m | €1.2m | €1.1m | €1.0m | ▼ 11.1% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 12.1% |
| Intangible fixed assets21 | €0.04m | €0.05m | €0.05m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 28.2% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.4% |
| Land and buildings22 | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 4.4% |
| Furniture and vehicles24 | - | - | €0.01m | €0.01m | €0.008m | €0.005m | €0.002m | ▼ 54.5% |
| Other tangible fixed assets26 | - | - | €0.07m | €0.05m | €0.04m | €0.03m | €0.01m | ▼ 47.9% |
| Financial fixed assets28 | €224 | €224 | €224 | €224 | €224 | €224 | €224 | = |
| Current assets29/58 | €0.1m | €0.2m | €0.4m | €0.6m | €1.0m | €0.8m | €0.7m | ▼ 10.8% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 29.3% |
| Stocks30/36 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 29.3% |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.03m | €0.003m | €0.06m | €0.1m | €0.05m | ▼ 67.1% |
| Trade receivables40 | - | - | €0.002m | €0.002m | €0.002m | €0.004m | €0.003m | ▼ 27.3% |
| Other amounts receivable41 | - | - | €0.02m | €0.001m | €0.05m | €0.1m | €0.04m | ▼ 68.2% |
| Current investments50/53 | - | - | - | - | €0.5m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.6m | €0.4m | €0.7m | €0.7m | ▼ 0.4% |
| Deferred charges and accrued income490/1 | - | - | €0.008m | €0.004m | €0.005m | €0.005m | €0.005m | ▼ 4.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €0.7m | €0.8m | €1.2m | €1.1m | €1.0m | ▼ 11.1% |
| Equity10/15 | €0.2m | €0.4m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 2.5% |
| Contributions10/11 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.03m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.04m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.3% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.2m | €0.3m | €0.6m | €0.5m | €0.4m | ▼ 20.5% |
| Amounts payable after more than one year17 | €0.01m | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.2m | €0.3m | €0.6m | €0.5m | €0.4m | ▼ 20.5% |
| Financial debts43 | - | - | - | - | - | - | €0.006m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.006m | - |
| Trade debts44 | €0.4m | €0.3m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.3% |
| Suppliers440/4 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.3% |
| Taxes, remuneration and social security45 | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 7.6% |
| Taxes450/3 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 3.8% |
| Remuneration and social security454/9 | - | - | €0.06m | €0.09m | €0.1m | €0.1m | €0.09m | ▼ 8.2% |
| Other amounts payable47/48 | - | - | - | - | €0.3m | €0.2m | €0.1m | ▼ 50.0% |
| Accrued charges and deferred income492/3 | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,506 | €240,820 | €271,332 | €98,422 | €285,145 | €207,365 | €86,024 | ▼ 58.5% |
| + Depreciation and write-downs630 | €73,884 | €106,731 | €64,157 | €49,514 | €49,712 | €51,930 | €61,007 | ▲ 17.5% |
| Operating cash flow (approximation) | €33,378 | €347,550 | €335,489 | €147,936 | €334,857 | €259,295 | €147,031 | ▼ 43.3% |
| Investment in fixed assets (approximation) | - | -€138,642 | €226,577 | -€0 | -€5,270 | -€102,154 | -€29,877 | ▲ 70.8% |
| Change in cash | - | €76,972 | €136,952 | €237,892 | -€184,588 | €286,807 | -€2,512 | - |
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 REQUILE 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 REQUILE 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 20,136 companies, not a prediction for REQUILE. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 15-04-2026 | 2026-00080712 | |
| 30-09-2024 | abbreviated format | 25-03-2025 | 2025-00055041 | |
| 30-09-2023 | abbreviated format | 20-03-2024 | 2024-00047863 | |
| 30-09-2022 | abbreviated format | 15-02-2023 | 2023-00030271 | |
| 30-09-2021 | abbreviated format | 15-04-2022 | 2022-20017302 | |
| 30-09-2020 | abbreviated format | 01-04-2021 | 2021-09500115 | |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-72900131 | |
| 31-03-2018 | abbreviated format | 29-10-2018 | 2018-70700197 | |
| 31-03-2017 | abbreviated format | 13-10-2017 | 2017-67100444 | |
| 30-09-2015 | abbreviated format | 18-01-2016 | 2016-02200590 |