VALUE REPUBLIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 17 filings
Turnover
≈ €260,000
Estimated: probably between €220,000 and €310,000
Total assets
€454,151▲ 12.8%
2024 · €402,500
Net result
€98,959▼ 16.8%
2024 · €118,888
Working capital
€210,813▲ 54.6%
2024 · €136,391
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€140,262
▼ 19.4%
2025
20182025
Net result
€98,959
▼ 16.8%
2025
highest quarter of the sector
20182025
Equity
€394,367
▲ 22.0%
2025
highest quarter of the sector
20182025
Total assets
€454,151
▲ 12.8%
2025
highest quarter of the sector
20182025
Debt
€59,784
▼ 24.5%
2025
20182025
Working capital
€210,813
▲ 54.6%
2025
highest quarter of the sector
20182025
Solvency
86.8%
▲ 6.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.55
▲ 1.78
2025
highest quarter of the sector
20182025
Return on assets (ROA)
21.8%
▼ 7.7pp
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€8,053-€40,811▲ 407%-€26,619-€85,810▼ 222%€171,213€107,802▼ 37.0%€174,128▲ 61.5%€140,262▼ 19.4%
Net result€6,375-€27,945▲ 338%-€27,340below the sector's middle half-€86,594below the sector's middle half▼ 217%€141,541above the sector's middle half€68,561above the sector's middle half▼ 51.6%€118,888above the sector's middle half▲ 73.4%€98,959above the sector's middle half▼ 16.8%
Equity€80,352-€108,298▲ 34.8%€80,957within the sector's middle half▼ 25.2%-€5,637below the sector's middle half€135,904within the sector's middle half€204,465within the sector's middle half▲ 50.4%€323,353above the sector's middle half▲ 58.1%€394,367above the sector's middle half▲ 22.0%
Total assets€164,656-€204,561▲ 24.2%€286,855within the sector's middle half▲ 40.2%€205,652within the sector's middle half▼ 28.3%€227,500within the sector's middle half▲ 10.6%€387,443within the sector's middle half▲ 70.3%€402,500within the sector's middle half▲ 3.9%€454,151above the sector's middle half▲ 12.8%
Debt€84,304-€96,263▲ 14.2%€205,898▲ 114%€211,289▲ 2.6%€91,596▼ 56.6%€182,978▲ 99.8%€79,146▼ 56.7%€59,784▼ 24.5%
Working capital-€71,023--€45,340▲ 36.2%-€72,285below the sector's middle half▼ 59.4%-€165,961below the sector's middle half▼ 130%-€32,646below the sector's middle half▲ 80.3%€10,848within the sector's middle half€136,391within the sector's middle half▲ 13×€210,813above the sector's middle half▲ 54.6%
Solvency48.8%-52.9%▲ 4.1pp28.2%within the sector's middle half▼ 24.7pp-2.7%below the sector's middle half▼ 31.0pp59.7%within the sector's middle half▲ 62.5pp52.8%within the sector's middle half▼ 7.0pp80.3%above the sector's middle half▲ 27.6pp86.8%above the sector's middle half▲ 6.5pp
Current ratio0.16-0.53▲ 0.370.65below the sector's middle half▲ 0.120.21below the sector's middle half▼ 0.430.64below the sector's middle half▲ 0.431.06within the sector's middle half▲ 0.422.76within the sector's middle half▲ 1.704.55above the sector's middle half▲ 1.78
Return on assets (ROA)3.9%-13.7%▲ 9.8pp-9.5%below the sector's middle half▼ 23.2pp-42.1%below the sector's middle half▼ 32.6pp62.2%above the sector's middle half▲ 104.3pp17.7%within the sector's middle half▼ 44.5pp29.5%within the sector's middle half▲ 11.8pp21.8%within the sector's middle half▼ 7.7pp
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 19% 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 €454,151
Fixed assets
€183,882 ▼ 2.6%
Current assets
€270,269 ▲ 26.4%
Equity and liabilities €454,151
Equity
€394,367 ▲ 22.0%
Debt
€59,784 ▼ 24.5%
Debt's share of the balance-sheet total falls from 19.7% to 13.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€149,938▼
2024 · €183,050
Cash flow
€108,635▼
2024 · €127,810
Debt to equity
0.15▼
2024 · 0.24
ROE
25.1%▼
2024 · 36.8%
Interest coverage
58.33▲
2024 · 49.60
Debt ≤ 1 year
€59,456▼
2024 · €77,359
Income taxes
€44,070▼
2024 · €54,929
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 | €9,327 | €13,883 | €32,776 | €6,454 | €4,808 |
| Depreciation and write-downs of the year | €1,535 | €4,157 | €7,498 | €8,922 | €9,676 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,140 awarded · €1,140 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,075 | €826 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,150 | €1,298 | €1,608 | €1,535 | €4,157 | €7,498 | €8,922 | €9,676 | ▲ 8.5% |
| Other operating charges640/8 | - | - | - | €588 | €840 | €1,601 | €1,274 | €1,863 | ▲ 46.2% |
| Non-recurring operating charges66A | - | - | - | €1,460 | €0 | €5,392 | €2,400 | €0 | ▼ 100% |
| Gross operating margin9900 | €9,680 | €42,589 | -€23,059 | -€82,227 | €176,210 | €122,293 | €186,724 | €151,802 | ▼ 18.7% |
| Operating profit (loss)9901 | €8,053 | €40,811 | -€26,619 | -€85,810 | €171,213 | €107,802 | €174,128 | €140,262 | ▼ 19.4% |
| Financial income75/76B | - | - | - | €390 | €65 | €152 | €3,380 | €5,337 | ▲ 57.9% |
| Recurring financial income75 | €0 | €28 | €248 | €390 | €65 | €152 | €3,380 | €5,337 | ▲ 57.9% |
| Financial charges65/66B | - | - | - | €1,174 | €1,149 | €848 | €3,690 | €2,571 | ▼ 30.3% |
| Recurring financial charges65 | €1,034 | €1,002 | €969 | €1,174 | €1,149 | €848 | €3,690 | €2,571 | ▼ 30.3% |
| Profit (loss) for the period before taxes9903 | €7,019 | €39,836 | -€27,340 | -€86,594 | €170,129 | €107,107 | €173,817 | €143,029 | ▼ 17.7% |
| Income taxes67/77 | €644 | €11,891 | €0 | - | €28,589 | €38,546 | €54,929 | €44,070 | ▼ 19.8% |
| Profit (loss) for the period9904 | €6,375 | €27,945 | -€27,340 | -€86,594 | €141,541 | €68,561 | €118,888 | €98,959 | ▼ 16.8% |
| Profit (loss) for the period to be appropriated9905 | €6,375 | €27,945 | -€27,340 | -€86,594 | €141,541 | €68,561 | €118,888 | €98,959 | ▼ 16.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €164,656 | €204,561 | €286,855 | €205,652 | €227,500 | €387,443 | €402,500 | €454,151 | ▲ 12.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €151,375 | €153,831 | €153,993 | €160,325 | €168,550 | €193,617 | €188,750 | €183,882 | ▼ 2.6% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,375 | €2,331 | €2,493 | €8,825 | €18,550 | €43,617 | €38,750 | €33,882 | ▼ 12.6% |
| Plant, machinery and equipment23 | - | - | - | - | €437 | €259 | €81 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0 | €11,365 | €8,147 | €8,600 | €8,957 | ▲ 4.1% |
| Other tangible fixed assets26 | - | - | - | €8,825 | €6,748 | €35,211 | €30,068 | €24,925 | ▼ 17.1% |
| Financial fixed assets28 | €150,000 | €151,500 | €151,500 | €151,500 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Current assets29/58 | €13,281 | €50,729 | €132,863 | €45,327 | €58,950 | €193,826 | €213,750 | €270,269 | ▲ 26.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €115,562 | €115,562 | €89,014 | ▼ 23.0% |
| Other amounts receivable291 | - | - | - | - | - | €115,562 | €115,562 | €89,014 | ▼ 23.0% |
| Stocks and contracts in progress3 | €0 | €37,139 | €56,345 | €5,170 | €0 | - | - | - | - |
| Stocks30/36 | - | - | - | €5,170 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €9,194 | €6,196 | €63,824 | €3,742 | €39,297 | €72,449 | €60,613 | €176,027 | ▲ 190% |
| Trade receivables40 | - | - | - | €2,599 | €39,297 | €72,449 | €35,976 | €65,436 | ▲ 81.9% |
| Other amounts receivable41 | - | - | - | €1,143 | €0 | - | €24,637 | €110,592 | ▲ 349% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,518 | €6,137 | €10,199 | €34,744 | €17,976 | €2,632 | €28,472 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €1,671 | €1,677 | €3,184 | €9,103 | €5,228 | ▼ 42.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €164,656 | €204,561 | €286,855 | €205,652 | €227,500 | €387,443 | €402,500 | €454,151 | ▲ 12.8% |
| Equity10/15 | €80,352 | €108,298 | €80,957 | -€5,637 | €135,904 | €204,465 | €323,353 | €394,367 | ▲ 22.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €29,805 | €29,805 | €29,805 | €123,504 | €192,065 | €310,953 | €381,967 | ▲ 22.8% |
| Distributable reserves133 | - | - | - | €29,805 | €123,504 | €192,065 | €310,953 | €381,967 | ▲ 22.8% |
| Profit (loss) carried forward14 | €66,092 | €66,092 | €38,752 | -€47,842 | €0 | - | - | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €84,304 | €96,263 | €205,898 | €211,289 | €91,596 | €182,978 | €79,146 | €59,784 | ▼ 24.5% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €84,304 | €96,070 | €205,148 | €211,289 | €91,596 | €182,978 | €77,359 | €59,456 | ▼ 23.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €16,904 | €16,821 | ▼ 0.5% |
| Financial debts43 | - | - | - | - | - | - | - | €10,003 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €10,003 | - |
| Trade debts44 | €6,375 | €37,616 | €104,763 | €37,552 | €15,260 | €8,726 | €8,478 | €7,008 | ▼ 17.3% |
| Suppliers440/4 | - | - | - | €37,552 | €15,260 | €8,726 | €8,478 | €7,008 | ▼ 17.3% |
| Taxes, remuneration and social security45 | - | - | - | €135 | €52,170 | €59,110 | €51,978 | €25,624 | ▼ 50.7% |
| Taxes450/3 | - | - | - | €135 | €51,241 | €58,875 | €49,931 | €21,357 | ▼ 57.2% |
| Remuneration and social security454/9 | - | - | - | - | €928 | €235 | €2,047 | €4,267 | ▲ 109% |
| Other amounts payable47/48 | - | - | - | €173,602 | €24,167 | €115,142 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €1,787 | €328 | ▼ 81.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,375 | €27,945 | -€27,340 | -€86,594 | €141,541 | €68,561 | €118,888 | €98,959 | ▼ 16.8% |
| + Depreciation and write-downs630 | €1,150 | €1,298 | €1,608 | €1,535 | €4,157 | €7,498 | €8,922 | €9,676 | ▲ 8.5% |
| Operating cash flow (approximation) | €7,524 | €29,244 | -€25,732 | -€85,059 | €145,698 | €76,059 | €127,810 | €108,635 | ▼ 15.0% |
| Investment in fixed assets (approximation) | - | -€3,755 | -€1,770 | -€7,867 | -€12,383 | -€32,565 | -€4,054 | -€4,808 | ▼ 18.6% |
| Change in cash | - | €3,619 | €4,062 | €24,544 | -€16,768 | -€15,344 | €25,840 | -€28,472 | - |
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, 17,811 companies had the same profile as VALUE REPUBLIC has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of VALUE REPUBLIC 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 17,811 companies, not a prediction for VALUE REPUBLIC. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00294017 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00181307 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00281406 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00417306 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20346443 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-55900595 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-22400222 | |
| 31-12-2018 | micro format | 06-08-2019 | 2019-43600534 | |
| 31-12-2017 | micro format | 21-08-2018 | 2018-46900467 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-33800400 |