Valedera
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-06-2026 at the NBB all 5 filings
Turnover
≈ €89,000
Estimated: probably between €39,000 and €230,000
Total assets
€115,408▲ 10.4%
2024 · €104,546
Net result
€10,567▼ 45.5%
2024 · €19,401
Working capital
€75,801▲ 12.0%
2024 · €67,691
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€16,847
▼ 42.1%
2025
20212025
Net result
€10,567
▼ 45.5%
2025
middle half of the sector
20212025
Equity
€93,927
▲ 7.2%
2025
middle half of the sector
20212025
Total assets
€115,408
▲ 10.4%
2025
lowest quarter of the sector
20212025
Debt
€21,481
▲ 27.2%
2025
20212025
Working capital
€75,801
▲ 12.0%
2025
middle half of the sector
20212025
Solvency
81.4%
▼ 2.5pp
2025
highest quarter of the sector
20212025
Current ratio
4.71
▼ 0.55
2025
highest quarter of the sector
20212025
Return on assets (ROA)
9.2%
▼ 9.4pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,168-€37,855▲ 514%€51,613▲ 36.3%€29,075▼ 43.7%€16,847▼ 42.1%
Net result€4,297within the sector's middle half-€26,728within the sector's middle half▲ 522%€36,232within the sector's middle half▲ 35.6%€19,401within the sector's middle half▼ 46.5%€10,567within the sector's middle half▼ 45.5%
Equity€5,297below the sector's middle half-€32,025within the sector's middle half▲ 505%€68,257within the sector's middle half▲ 113%€87,658within the sector's middle half▲ 28.4%€93,927within the sector's middle half▲ 7.2%
Total assets€48,249below the sector's middle half-€77,962below the sector's middle half▲ 61.6%€114,665within the sector's middle half▲ 47.1%€104,546within the sector's middle half▼ 8.8%€115,408below the sector's middle half▲ 10.4%
Debt€42,952-€45,937▲ 6.9%€46,408▲ 1.0%€16,888▼ 63.6%€21,481▲ 27.2%
Working capital-€4,934below the sector's middle half-€13,806within the sector's middle half€44,979within the sector's middle half▲ 226%€67,691within the sector's middle half▲ 50.5%€75,801within the sector's middle half▲ 12.0%
Solvency11.0%below the sector's middle half-41.1%within the sector's middle half▲ 30.1pp59.5%within the sector's middle half▲ 18.4pp83.8%above the sector's middle half▲ 24.3pp81.4%above the sector's middle half▼ 2.5pp
Current ratio0.88below the sector's middle half-1.31within the sector's middle half▲ 0.421.99within the sector's middle half▲ 0.685.26above the sector's middle half▲ 3.284.71above the sector's middle half▼ 0.55
Return on assets (ROA)8.9%within the sector's middle half-34.3%above the sector's middle half▲ 25.4pp31.6%above the sector's middle half▼ 2.7pp18.6%within the sector's middle half▼ 13.0pp9.2%within the sector's middle half▼ 9.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 42% lower than in 2024. It is the second fall in a row.
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 €115,408
Fixed assets
€19,193 ▼ 8.5%
Current assets
€96,215 ▲ 15.1%
Equity and liabilities €115,408
Equity
€93,927 ▲ 7.2%
Debt
€21,481 ▲ 27.2%
Debt's share of the balance-sheet total rises from 16.2% to 18.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€21,136▼
2024 · €33,003
Cash flow
€14,856▼
2024 · €23,329
Debt to equity
0.23▲
2024 · 0.19
ROE
11.2%▼
2024 · 22.1%
Interest coverage
18.25▼
2024 · 31.04
Debt ≤ 1 year
€20,414▲
2024 · €15,873
Income taxes
€5,123▼
2024 · €8,611
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 | €12,581 | €10,386 | €7,830 | €718 | €2,500 |
| Depreciation and write-downs of the year | €1,693 | €2,241 | €2,671 | €3,928 | €4,289 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,693 | €2,241 | €2,671 | €3,928 | €4,289 | ▲ 9.2% |
| Other operating charges640/8 | €1,496 | €913 | €1,044 | €1,020 | €1,383 | ▲ 35.5% |
| Gross operating margin9900 | €9,357 | €41,009 | €55,328 | €34,024 | €22,519 | ▼ 33.8% |
| Operating profit (loss)9901 | €6,168 | €37,855 | €51,613 | €29,075 | €16,847 | ▼ 42.1% |
| Financial income75/76B | - | - | €4 | €0 | €0 | = |
| Recurring financial income75 | - | - | €4 | €0 | €0 | = |
| Financial charges65/66B | €75 | €588 | €854 | €1,063 | €1,158 | ▲ 8.9% |
| Recurring financial charges65 | €75 | €588 | €854 | €1,063 | €1,158 | ▲ 8.9% |
| Profit (loss) for the period before taxes9903 | €6,092 | €37,267 | €50,763 | €28,012 | €15,689 | ▼ 44.0% |
| Income taxes67/77 | €1,795 | €10,539 | €14,531 | €8,611 | €5,123 | ▼ 40.5% |
| Profit (loss) for the period9904 | €4,297 | €26,728 | €36,232 | €19,401 | €10,567 | ▼ 45.5% |
| Profit (loss) for the period to be appropriated9905 | €4,297 | €26,728 | €36,232 | €19,401 | €10,567 | ▼ 45.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €48,249 | €77,962 | €114,665 | €104,546 | €115,408 | ▲ 10.4% |
| Fixed assets21/28 | €10,888 | €19,033 | €24,192 | €20,982 | €19,193 | ▼ 8.5% |
| Tangible fixed assets22/27 | €10,888 | €19,033 | €24,192 | €20,982 | €19,193 | ▼ 8.5% |
| Land and buildings22 | €8,265 | €17,155 | €15,659 | €14,163 | €14,890 | ▲ 5.1% |
| Plant, machinery and equipment23 | €1,941 | €1,452 | €7,312 | €5,515 | €3,746 | ▼ 32.1% |
| Furniture and vehicles24 | €682 | €426 | €1,221 | €1,304 | €556 | ▼ 57.3% |
| Current assets29/58 | €37,361 | €58,930 | €90,473 | €83,564 | €96,215 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €35,006 | €6 | €23,098 | €1,981 | €9,500 | ▲ 380% |
| Trade receivables40 | €35,005 | - | €23,098 | - | €4,622 | - |
| Other amounts receivable41 | €1 | €6 | - | €1,981 | €4,877 | ▲ 146% |
| Cash at bank and in hand54/58 | €2,355 | €58,923 | €67,374 | €81,583 | €86,716 | ▲ 6.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €48,249 | €77,962 | €114,665 | €104,546 | €115,408 | ▲ 10.4% |
| Equity10/15 | €5,297 | €32,025 | €68,257 | €87,658 | €93,927 | ▲ 7.2% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Contributions outside capital11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Other1109/19 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €4,297 | €31,025 | €67,257 | €86,658 | €92,927 | ▲ 7.2% |
| Distributable reserves133 | €4,297 | €31,025 | €67,257 | €86,658 | €92,927 | ▲ 7.2% |
| Amounts payable17/49 | €42,952 | €45,937 | €46,408 | €16,888 | €21,481 | ▲ 27.2% |
| Amounts payable within one year42/48 | €42,295 | €45,124 | €45,494 | €15,873 | €20,414 | ▲ 28.6% |
| Trade debts44 | €30,763 | €12,247 | €3,000 | €1,828 | €1,163 | ▼ 36.4% |
| Suppliers440/4 | €30,763 | €12,247 | €3,000 | €1,828 | €1,163 | ▼ 36.4% |
| Taxes, remuneration and social security45 | €4,380 | €15,839 | €30,489 | €304 | €1,692 | ▲ 457% |
| Taxes450/3 | €4,380 | €15,839 | €30,489 | €304 | €1,692 | ▲ 457% |
| Other amounts payable47/48 | €7,153 | €17,037 | €12,005 | €13,741 | €17,559 | ▲ 27.8% |
| Accrued charges and deferred income492/3 | €657 | €814 | €914 | €1,016 | €1,067 | ▲ 5.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,297 | €26,728 | €36,232 | €19,401 | €10,567 | ▼ 45.5% |
| + Depreciation and write-downs630 | €1,693 | €2,241 | €2,671 | €3,928 | €4,289 | ▲ 9.2% |
| Operating cash flow (approximation) | €5,990 | €28,969 | €38,903 | €23,329 | €14,856 | ▼ 36.3% |
| Investment in fixed assets (approximation) | - | -€10,386 | -€7,830 | -€718 | -€2,500 | ▼ 248% |
| Change in cash | - | €56,568 | €8,451 | €14,209 | €5,133 | ▼ 63.9% |
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, 26,972 companies had the same profile as Valedera has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Valedera itself is lower: < 0.1% within 12 months. It rests on far more data about Valedera than the profile alone.
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 26,972 companies, not a prediction for Valedera. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-06-2026 | 2026-00234480 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00191341 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00156610 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00141915 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20075226 |