Select Meat
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 9 filings
Turnover
≈ €280,000
Estimated: probably between €140,000 and €590,000
Total assets
€174,466▲ 18.6%
2024 · €147,080
Net result
€13,575▼ 72.5%
2024 · €49,345
Working capital
€76,572▲ 95.5%
2024 · €39,168
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€29,595
▼ 50.8%
2025
20192025
Net result
€13,575
▼ 72.5%
2025
middle half of the sector
20192025
Equity
€26,473
▲ 105%
2025
middle half of the sector
20192025
Total assets
€174,466
▲ 18.6%
2025
middle half of the sector
20192025
Debt
€147,994
▲ 10.3%
2025
20192025
Working capital
€76,572
▲ 95.5%
2025
middle half of the sector
20192025
Solvency
15.2%
▲ 6.4pp
2025
middle half of the sector
20192025
Current ratio
1.89
▲ 0.47
2025
middle half of the sector
20192025
Return on assets (ROA)
7.8%
▼ 25.8pp
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-€33,756-€25,798€46,613▲ 80.7%€42,028▼ 9.8%€14,302▼ 66.0%€60,156▲ 321%€29,595▼ 50.8%
Net result-€32,650-€20,326within the sector's middle half€37,841above the sector's middle half▲ 86.2%€11,671within the sector's middle half▼ 69.2%-€15,883below the sector's middle half€49,345above the sector's middle half€13,575within the sector's middle half▼ 72.5%
Equity-€90,402--€70,076below the sector's middle half▲ 22.5%-€32,235below the sector's middle half▲ 54.0%-€20,564below the sector's middle half▲ 36.2%-€36,447below the sector's middle half▼ 77.2%€12,898within the sector's middle half€26,473within the sector's middle half▲ 105%
Total assets€49,139-€63,171below the sector's middle half▲ 28.6%€80,091within the sector's middle half▲ 26.8%€134,576within the sector's middle half▲ 68.0%€89,401within the sector's middle half▼ 33.6%€147,080within the sector's middle half▲ 64.5%€174,466within the sector's middle half▲ 18.6%
Debt€139,541-€133,247▼ 4.5%€112,326▼ 15.7%€155,139▲ 38.1%€125,848▼ 18.9%€134,182▲ 6.6%€147,994▲ 10.3%
Working capital-€91,295--€69,019below the sector's middle half▲ 24.4%-€48,621below the sector's middle half▲ 29.6%€18,185within the sector's middle half€2,908within the sector's middle half▼ 84.0%€39,168within the sector's middle half▲ 13×€76,572within the sector's middle half▲ 95.5%
Solvency-184.0%--110.9%below the sector's middle half▲ 73.0pp-40.2%below the sector's middle half▲ 70.7pp-15.3%below the sector's middle half▲ 25.0pp-40.8%below the sector's middle half▼ 25.5pp8.8%within the sector's middle half▲ 49.5pp15.2%within the sector's middle half▲ 6.4pp
Current ratio0.34-0.48below the sector's middle half▲ 0.130.57below the sector's middle half▲ 0.091.18within the sector's middle half▲ 0.611.04within the sector's middle half▼ 0.141.42within the sector's middle half▲ 0.391.89within the sector's middle half▲ 0.47
Return on assets (ROA)-66.4%-32.2%above the sector's middle half▲ 98.6pp47.2%above the sector's middle half▲ 15.1pp8.7%within the sector's middle half▼ 38.6pp-17.8%below the sector's middle half▼ 26.4pp33.5%above the sector's middle half▲ 51.3pp7.8%within the sector's middle half▼ 25.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 51% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €174,466
Fixed assets
€12,097 ▼ 22.8%
Current assets
€162,369 ▲ 23.6%
Equity and liabilities €174,466
Equity
€26,473 ▲ 105%
Debt
€147,994 ▲ 10.3%
Debt's share of the balance-sheet total falls from 91.2% to 84.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33,161▼
2024 · €62,106
Cash flow
€17,140▼
2024 · €51,295
Quick ratio
1.89▲
2024 · 1.42
Debt to equity
5.59▼
2024 · 10.40
ROE
51.3%▼
2024 · 382.6%
Interest coverage
2.82▼
2024 · 4.69
Debt ≤ 1 year
€85,797▼
2024 · €92,249
Debt > 1 year
€62,196▲
2024 · €39,433
Income taxes
€5,294▲
2024 · €1,230
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2021 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,234 | €690 | - | €17,137 | - |
| Depreciation and write-downs of the year | €2,465 | €3,666 | €1,681 | €1,950 | €3,565 |
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 | - | - | - | - | - | €839 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,391 | €1,234 | €2,465 | €3,666 | €1,681 | €1,950 | €3,565 | ▲ 82.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,008 | €1,069 | - | - | - | - |
| Other operating charges640/8 | - | €3,239 | €805 | €1,907 | €4,542 | €3,052 | €2,285 | ▼ 25.1% |
| Non-recurring operating charges66A | - | - | - | €5,819 | €6,941 | - | - | - |
| Gross operating margin9900 | -€16,617 | €30,271 | €50,891 | €54,489 | €27,467 | €65,158 | €35,446 | ▼ 45.6% |
| Operating profit (loss)9901 | -€33,756 | €25,798 | €46,613 | €42,028 | €14,302 | €60,156 | €29,595 | ▼ 50.8% |
| Financial income75/76B | - | €78 | €188 | €2,025 | €422 | €3,675 | €1,017 | ▼ 72.3% |
| Recurring financial income75 | €11 | €78 | €188 | €2,025 | €422 | €3,675 | €1,017 | ▼ 72.3% |
| Financial charges65/66B | - | €4,538 | €8,486 | €18,961 | €19,137 | €13,256 | €11,743 | ▼ 11.4% |
| Recurring financial charges65 | €6,208 | €4,538 | €3,196 | €18,961 | €19,137 | €13,256 | €11,743 | ▼ 11.4% |
| Non-recurring financial charges66B | - | - | €5,291 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€32,203 | €21,338 | €38,314 | €25,092 | -€4,413 | €50,575 | €18,869 | ▼ 62.7% |
| Income taxes67/77 | €447 | €1,011 | €474 | €13,420 | €11,470 | €1,230 | €5,294 | ▲ 330% |
| Profit (loss) for the period9904 | -€32,650 | €20,326 | €37,841 | €11,671 | -€15,883 | €49,345 | €13,575 | ▼ 72.5% |
| Profit (loss) for the period to be appropriated9905 | -€32,650 | €20,326 | €37,841 | €11,671 | -€15,883 | €49,345 | €13,575 | ▼ 72.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €49,139 | €63,171 | €80,091 | €134,576 | €89,401 | €147,080 | €174,466 | ▲ 18.6% |
| Fixed assets21/28 | €1,851 | €617 | €16,386 | €13,410 | €5,064 | €15,663 | €12,097 | ▼ 22.8% |
| Tangible fixed assets22/27 | €1,851 | €617 | €16,386 | €13,410 | €5,064 | €15,663 | €12,097 | ▼ 22.8% |
| Plant, machinery and equipment23 | - | €617 | - | - | - | €2,021 | €1,554 | ▼ 23.1% |
| Furniture and vehicles24 | - | - | €16,386 | €13,410 | €5,064 | €13,641 | €10,543 | ▼ 22.7% |
| Current assets29/58 | €47,288 | €62,554 | €63,705 | €121,166 | €84,337 | €131,417 | €162,369 | ▲ 23.6% |
| Stocks and contracts in progress3 | €1,048 | €4,555 | €1,432 | €200 | €662 | €453 | €425 | ▼ 6.1% |
| Stocks30/36 | - | €4,555 | €1,432 | €200 | €662 | €453 | €425 | ▼ 6.1% |
| Amounts receivable within one year40/41 | €41,818 | €55,040 | €61,958 | €116,144 | €81,088 | €130,319 | €155,895 | ▲ 19.6% |
| Trade receivables40 | - | €54,275 | €61,221 | €114,780 | €76,843 | €114,330 | €146,580 | ▲ 28.2% |
| Other amounts receivable41 | - | €765 | €737 | €1,364 | €4,245 | €15,989 | €9,315 | ▼ 41.7% |
| Cash at bank and in hand54/58 | €1,749 | €1,130 | €137 | €4,352 | €1,734 | €335 | €4,208 | ▲ 13× |
| Deferred charges and accrued income490/1 | - | €1,829 | €177 | €470 | €853 | €310 | €1,841 | ▲ 494% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €49,139 | €63,171 | €80,091 | €134,576 | €89,401 | €147,080 | €174,466 | ▲ 18.6% |
| Equity10/15 | -€90,402 | -€70,076 | -€32,235 | -€20,564 | -€36,447 | €12,898 | €26,473 | ▲ 105% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Non-distributable reserves130/1 | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves not available under the articles1311 | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | -€97,602 | -€77,276 | -€39,435 | -€27,764 | -€43,647 | €5,698 | €19,273 | ▲ 238% |
| Amounts payable17/49 | €139,541 | €133,247 | €112,326 | €155,139 | €125,848 | €134,182 | €147,994 | ▲ 10.3% |
| Amounts payable after more than one year17 | - | - | - | €52,159 | €44,419 | €39,433 | €62,196 | ▲ 57.7% |
| Financial debts170/4 | - | - | - | €52,159 | €44,419 | €39,433 | €62,196 | ▲ 57.7% |
| Amounts payable within one year42/48 | €138,582 | €131,574 | €112,326 | €102,981 | €81,429 | €92,249 | €85,797 | ▼ 7.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,306 | €7,740 | €13,081 | €17,383 | ▲ 32.9% |
| Financial debts43 | - | €19,212 | €18,449 | €27,952 | €26,578 | €25,975 | €4,482 | ▼ 82.7% |
| Credit institutions430/8 | - | €19,212 | €18,449 | €27,952 | €26,578 | €25,975 | €4,482 | ▼ 82.7% |
| Trade debts44 | €80,217 | €85,546 | €25,907 | €26,328 | €1,553 | €12,587 | €39,730 | ▲ 216% |
| Suppliers440/4 | - | €85,546 | €25,907 | €26,328 | €1,553 | €12,587 | €39,730 | ▲ 216% |
| Advances received on contracts in progress46 | - | - | €53,802 | - | - | - | €917 | - |
| Taxes, remuneration and social security45 | - | €10,324 | €5,077 | €33,131 | €45,558 | €40,606 | €23,286 | ▼ 42.7% |
| Taxes450/3 | - | €10,324 | €5,077 | €33,131 | €45,558 | €39,406 | €23,286 | ▼ 40.9% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,200 | - | - |
| Other amounts payable47/48 | - | €16,491 | €9,090 | €8,264 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €1,674 | - | - | - | €2,500 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,650 | €20,326 | €37,841 | €11,671 | -€15,883 | €49,345 | €13,575 | ▼ 72.5% |
| + Depreciation and write-downs630 | €1,391 | €1,234 | €2,465 | €3,666 | €1,681 | €1,950 | €3,565 | ▲ 82.9% |
| Operating cash flow (approximation) | -€31,259 | €21,561 | €40,306 | €15,337 | -€14,202 | €51,295 | €17,140 | ▼ 66.6% |
| Investment in fixed assets (approximation) | - | €0 | -€18,234 | -€690 | €6,665 | -€12,549 | €0 | - |
| Change in cash | - | -€619 | -€993 | €4,215 | -€2,619 | -€1,399 | €3,873 | - |
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, 5,053 companies had the same profile as Select Meat has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Select Meat itself: 0.6% 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 5,053 companies, not a prediction for Select Meat. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00023821 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00027435 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00017636 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013709 | |
| 30-06-2021 | micro format | 27-06-2022 | 2022-20095728 | |
| 30-06-2020 | micro format | 11-05-2022 | 2022-20028032 | |
| 30-06-2019 | micro format | 16-06-2021 | 2021-20500380 | |
| 30-06-2018 | micro format | 16-06-2021 | 2021-20500378 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00700217 |