ROVALIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-10-2026 at the NBB all 16 filings
Turnover
≈ €360,000
Estimated: probably between €240,000 and €770,000
Total assets
€957,752▲ 86.7%
2024 · €512,907
Net result
€84,524▲ 160%
2024 · €32,476
Working capital
€204,391▲ 43.8%
2024 · €142,113
In the rankings
#3 company by total assets in Wevelgem, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€111,269
▲ 61.6%
2025
20182025
Net result
€84,524
▲ 160%
2025
highest quarter of the sector
20182025
Equity
€259,326
▲ 48.4%
2025
middle half of the sector
20182025
Total assets
€957,752
▲ 86.7%
2025
middle half of the sector
20182025
Debt
€698,426
▲ 107%
2025
20182025
Working capital
€204,391
▲ 43.8%
2025
middle half of the sector
20182025
Solvency
27.1%
▼ 7.0pp
2025
middle half of the sector
20182025
Current ratio
2.76
▲ 0.72
2025
middle half of the sector
20182025
Return on assets (ROA)
8.8%
▲ 2.5pp
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€31,568-€18,619▼ 41.0%€33,848▲ 81.8%€33,175▼ 2.0%€23,504▼ 29.2%€132,661▲ 464%€68,852▼ 48.1%€111,269▲ 61.6%
Net result€18,628-€12,593▼ 32.4%€18,148within the sector's middle half▲ 44.1%€23,194within the sector's middle half▲ 27.8%€11,947within the sector's middle half▼ 48.5%€118,066above the sector's middle half▲ 888%€32,476within the sector's middle half▼ 72.5%€84,524above the sector's middle half▲ 160%
Equity€39,977-€40,370▲ 1.0%€46,319within the sector's middle half▲ 14.7%€57,313within the sector's middle half▲ 23.7%€60,260within the sector's middle half▲ 5.1%€160,326within the sector's middle half▲ 166%€174,801above the sector's middle half▲ 9.0%€259,326within the sector's middle half▲ 48.4%
Total assets€343,625-€302,831▼ 11.9%€275,296within the sector's middle half▼ 9.1%€422,884above the sector's middle half▲ 53.6%€445,498above the sector's middle half▲ 5.3%€513,155above the sector's middle half▲ 15.2%€512,907above the sector's middle half=€957,752within the sector's middle half▲ 86.7%
Debt€303,647-€262,461▼ 13.6%€228,978▼ 12.8%€365,571▲ 59.7%€385,238▲ 5.4%€352,830▼ 8.4%€338,106▼ 4.2%€698,426▲ 107%
Working capital-€14,748--€1,621▲ 89.0%-€14,882below the sector's middle half▼ 818%-€46,135below the sector's middle half▼ 210%-€60,168below the sector's middle half▼ 30.4%€144,401above the sector's middle half€142,113above the sector's middle half▼ 1.6%€204,391within the sector's middle half▲ 43.8%
Solvency11.6%-13.3%▲ 1.7pp16.8%below the sector's middle half▲ 3.5pp13.6%below the sector's middle half▼ 3.3pp13.5%below the sector's middle half=31.2%below the sector's middle half▲ 17.7pp34.1%within the sector's middle half▲ 2.8pp27.1%within the sector's middle half▼ 7.0pp
Current ratio0.71-0.96▲ 0.250.68below the sector's middle half▼ 0.290.27below the sector's middle half▼ 0.410.27below the sector's middle half▲ 0.012.42within the sector's middle half▲ 2.152.03within the sector's middle half▼ 0.382.76within the sector's middle half▲ 0.72
Return on assets (ROA)5.4%-4.2%▼ 1.3pp6.6%within the sector's middle half▲ 2.4pp5.5%within the sector's middle half▼ 1.1pp2.7%below the sector's middle half▼ 2.8pp23.0%within the sector's middle half▲ 20.3pp6.3%within the sector's middle half▼ 16.7pp8.8%within the sector's middle half▲ 2.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 62% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2023 Net result +888% on 2022. The 2023 profit included a one-off income of €73,291.
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 €957,752
Fixed assets
€636,991 ▲ 173%
Current assets
€320,761 ▲ 14.8%
Equity and liabilities €957,752
Equity
€259,326 ▲ 48.4%
Debt
€698,426 ▲ 107%
Debt's share of the balance-sheet total rises from 65.9% to 72.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€156,686▲
2024 · €104,060
Cash flow
€129,942▲
2024 · €67,684
Debt to equity
2.69▲
2024 · 1.93
ROE
32.6%▲
2024 · 18.6%
Interest coverage
15.58▼
2024 · 43.58
Debt ≤ 1 year
€116,369▼
2024 · €137,405
Debt > 1 year
€574,607▲
2024 · €200,701
Income taxes
€23,503▼
2024 · €44,013
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €30,000 | €30,000 | €30,000 | €30,000 | €100,000 |
| Carrying value of the mortgaged assets | €143,990 | €180,346 | €170,831 | €161,315 | €578,799 |
| Carrying value of the other pledged assets | €82,427 | €64,110 | €45,793 | €40,028 | €31,573 |
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 | €211,969 | €65,214 | €3,304 | €1,788 | €449,019 |
| Depreciation and write-downs of the year | €25,010 | €48,261 | €35,706 | €35,208 | €45,418 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,219 | - | €73,291 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,653 | €26,797 | €26,361 | €25,010 | €48,261 | €35,706 | €35,208 | €45,418 | ▲ 29.0% |
| Other operating charges640/8 | - | - | - | €3,524 | €3,533 | €1,911 | €32,906 | €1,704 | ▼ 94.8% |
| Gross operating margin9900 | €77,630 | €55,023 | €62,517 | €61,708 | €75,298 | €170,278 | €136,966 | €158,391 | ▲ 15.6% |
| Operating profit (loss)9901 | €31,568 | €18,619 | €33,848 | €33,175 | €23,504 | €132,661 | €68,852 | €111,269 | ▲ 61.6% |
| Financial income75/76B | - | - | - | - | - | €4,817 | €10,024 | €6,818 | ▼ 32.0% |
| Recurring financial income75 | - | - | - | - | - | €4,817 | €10,024 | €6,818 | ▼ 32.0% |
| Financial charges65/66B | - | - | - | €5,658 | €4,758 | €4,049 | €2,388 | €10,060 | ▲ 321% |
| Recurring financial charges65 | €7,690 | €5,950 | €4,738 | €5,658 | €4,758 | €4,049 | €2,388 | €10,060 | ▲ 321% |
| Profit (loss) for the period before taxes9903 | €23,878 | €12,670 | €29,110 | €27,517 | €18,746 | €133,429 | €76,489 | €108,027 | ▲ 41.2% |
| Income taxes67/77 | €5,250 | €77 | €10,962 | €4,322 | €6,799 | €15,364 | €44,013 | €23,503 | ▼ 46.6% |
| Profit (loss) for the period9904 | €18,628 | €12,593 | €18,148 | €23,194 | €11,947 | €118,066 | €32,476 | €84,524 | ▲ 160% |
| Profit (loss) for the period to be appropriated9905 | €18,628 | €12,593 | €18,148 | €23,194 | €11,947 | €118,066 | €32,476 | €84,524 | ▲ 160% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €343,625 | €302,831 | €275,296 | €422,884 | €445,498 | €513,155 | €512,907 | €957,752 | ▲ 86.7% |
| Fixed assets21/28 | €307,193 | €261,911 | €244,261 | €406,249 | €423,202 | €266,810 | €233,390 | €636,991 | ▲ 173% |
| Tangible fixed assets22/27 | €307,193 | €261,911 | €244,261 | €406,249 | €423,202 | €266,810 | €233,390 | €636,991 | ▲ 173% |
| Land and buildings22 | - | - | - | €319,481 | €353,650 | €215,421 | €201,343 | €610,372 | ▲ 203% |
| Plant, machinery and equipment23 | - | - | - | €1,719 | €1,143 | €254 | €93 | €783 | ▲ 738% |
| Furniture and vehicles24 | - | - | - | €85,049 | €68,409 | €51,136 | €31,953 | €25,837 | ▼ 19.1% |
| Current assets29/58 | €36,432 | €40,919 | €31,035 | €16,635 | €22,296 | €246,345 | €279,518 | €320,761 | ▲ 14.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €100,000 | €100,000 | = |
| Other amounts receivable291 | - | - | - | - | - | - | €100,000 | €100,000 | = |
| Amounts receivable within one year40/41 | €14,655 | €17,441 | €2,428 | €4,699 | €20,456 | €218,160 | €141,311 | €170,586 | ▲ 20.7% |
| Trade receivables40 | - | - | - | €4,699 | €20,456 | €17,508 | €11,161 | €20,729 | ▲ 85.7% |
| Other amounts receivable41 | - | - | - | - | - | €200,652 | €130,150 | €149,857 | ▲ 15.1% |
| Cash at bank and in hand54/58 | €14,847 | €17,928 | €25,038 | €10,346 | €1,841 | €28,185 | €38,207 | €50,175 | ▲ 31.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,590 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €343,625 | €302,831 | €275,296 | €422,884 | €445,498 | €513,155 | €512,907 | €957,752 | ▲ 86.7% |
| Equity10/15 | €39,977 | €40,370 | €46,319 | €57,313 | €60,260 | €160,326 | €174,801 | €259,326 | ▲ 48.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €20,460 | €20,460 | €20,460 | = |
| Other1109/19 | - | - | - | - | - | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €21,377 | €21,770 | €27,719 | €38,713 | €41,660 | €139,866 | €154,341 | €238,866 | ▲ 54.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €6,050 | €6,050 | €6,050 | €6,050 | €6,050 | = |
| Distributable reserves133 | - | - | - | €30,803 | €33,750 | €133,816 | €148,291 | €232,816 | ▲ 57.0% |
| Amounts payable17/49 | €303,647 | €262,461 | €228,978 | €365,571 | €385,238 | €352,830 | €338,106 | €698,426 | ▲ 107% |
| Amounts payable after more than one year17 | €252,467 | €219,920 | €183,060 | €302,801 | €302,774 | €250,886 | €200,701 | €574,607 | ▲ 186% |
| Financial debts170/4 | - | - | - | €302,801 | €302,774 | €250,886 | €200,701 | €574,607 | ▲ 186% |
| Amounts payable within one year42/48 | €51,180 | €42,540 | €45,918 | €62,770 | €82,465 | €101,944 | €137,405 | €116,369 | ▼ 15.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €45,352 | €51,888 | €56,518 | €80,837 | €81,991 | ▲ 1.4% |
| Financial debts43 | - | - | - | - | - | - | €16,000 | €17,832 | ▲ 11.4% |
| Credit institutions430/8 | - | - | - | - | - | - | €16,000 | €17,832 | ▲ 11.4% |
| Trade debts44 | €1,368 | €1,407 | €3,103 | €2,955 | €606 | €3,358 | €3,561 | €4,551 | ▲ 27.8% |
| Suppliers440/4 | - | - | - | €2,955 | €606 | €3,358 | €3,561 | €4,551 | ▲ 27.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €4,700 | - |
| Taxes, remuneration and social security45 | - | - | - | €5,462 | €5,071 | €29,068 | €24,007 | €7,295 | ▼ 69.6% |
| Taxes450/3 | - | - | - | €5,462 | €5,071 | €29,068 | €24,007 | €7,295 | ▼ 69.6% |
| Other amounts payable47/48 | - | - | - | €9,000 | €24,900 | €13,000 | €13,000 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €7,450 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,628 | €12,593 | €18,148 | €23,194 | €11,947 | €118,066 | €32,476 | €84,524 | ▲ 160% |
| + Depreciation and write-downs630 | €37,653 | €26,797 | €26,361 | €25,010 | €48,261 | €35,706 | €35,208 | €45,418 | ▲ 29.0% |
| Operating cash flow (approximation) | €56,281 | €39,390 | €44,509 | €48,204 | €60,208 | €153,771 | €67,684 | €129,942 | ▲ 92.0% |
| Investment in fixed assets (approximation) | - | €18,485 | -€8,710 | -€186,998 | -€65,214 | €120,686 | -€1,788 | -€449,019 | ▼ 25,013% |
| Change in cash | - | €3,081 | €7,109 | -€14,692 | -€8,505 | €26,345 | €10,022 | €11,968 | ▲ 19.4% |
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, 2,609 companies had the same profile as ROVALIS has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of ROVALIS itself: 0.2% 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 2,609 companies, not a prediction for ROVALIS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-10-2026 | 2026-00553038 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00426106 | |
| 31-12-2023 | micro format | 21-10-2024 | 2024-00511834 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00314234 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20304216 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43700014 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-39800267 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-57000289 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47500040 | |
| 31-12-2016 | micro format | 14-08-2017 | 2017-43600030 |