VALUMAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 14 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
Total assets
€2.7m▼ 3.2%
2024 · €2.7m
Net result
€121,323▲ 25.1%
2024 · €96,987
Working capital
€23,136▲ 70.6%
2024 · €13,559
In the rankings
#4 company by staff growth in Ichtegem
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€210,633
▲ 14.8%
2025
20192025
Net result
€121,323
▲ 25.1%
2025
highest quarter of the sector
20192025
Equity
€904,432
▲ 7.3%
2025
highest quarter of the sector
20192025
Total assets
€2.7m
▼ 3.2%
2025
highest quarter of the sector
20192025
Debt
€1.7m
▼ 7.8%
2025
20192025
Working capital
€23,136
▲ 70.6%
2025
middle half of the sector
20192025
Solvency
34.1%
▲ 3.3pp
2025
middle half of the sector
20192025
Current ratio
1.02
▲ 0.01
2025
middle half of the sector
20192025
Return on assets (ROA)
4.6%
▲ 1.0pp
2025
middle half of the sector
20192025
Staff (FTE)
16
▼ 16.7%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.06m--€0.003m€0.3m€0.3m▲ 11.9%€0.2m▼ 43.8%€0.2m▲ 8.5%€0.2m▲ 14.8%
Net result€0.05m--€0.03mbelow the sector's middle half€0.5mabove the sector's middle half€0.01mwithin the sector's middle half▼ 97.7%€0.1mabove the sector's middle half▲ 900%€0.1mabove the sector's middle half▼ 17.8%€0.1mabove the sector's middle half▲ 25.1%
Equity€0.2m-€0.2mwithin the sector's middle half▼ 13.1%€0.7mabove the sector's middle half▲ 292%€0.6mabove the sector's middle half▼ 7.0%€0.8mabove the sector's middle half▲ 18.5%€0.8mabove the sector's middle half▲ 11.5%€0.9mabove the sector's middle half▲ 7.3%
Total assets€2.5m-€2.1mabove the sector's middle half▼ 18.1%€2.3mabove the sector's middle half▲ 11.6%€2.5mabove the sector's middle half▲ 7.1%€2.3mabove the sector's middle half▼ 5.2%€2.7mabove the sector's middle half▲ 17.9%€2.7mabove the sector's middle half▼ 3.2%
Debt€2.3m-€1.9m▼ 18.5%€1.6m▼ 14.6%€1.8m▲ 13.2%€1.6m▼ 13.5%€1.9m▲ 21.0%€1.7m▼ 7.8%
Working capital-€0.1m--€0.1mbelow the sector's middle half▼ 46.6%-€0.01mwithin the sector's middle half▲ 92.1%€0.2mabove the sector's middle half€0.2mabove the sector's middle half▲ 8.9%€0.01mwithin the sector's middle half▼ 94.6%€0.02mwithin the sector's middle half▲ 70.6%
Solvency8.0%-8.5%within the sector's middle half▲ 0.5pp30.0%within the sector's middle half▲ 21.5pp26.0%within the sector's middle half▼ 4.0pp32.5%within the sector's middle half▲ 6.5pp30.8%within the sector's middle half▼ 1.8pp34.1%within the sector's middle half▲ 3.3pp
Current ratio0.85-0.58within the sector's middle half▼ 0.280.98within the sector's middle half▲ 0.401.43within the sector's middle half▲ 0.451.60within the sector's middle half▲ 0.171.01within the sector's middle half▼ 0.591.02within the sector's middle half▲ 0.01
Return on assets (ROA)1.9%--1.3%within the sector's middle half▼ 3.2pp22.4%above the sector's middle half▲ 23.6pp0.5%within the sector's middle half▼ 21.9pp5.1%within the sector's middle half▲ 4.6pp3.5%within the sector's middle half▼ 1.5pp4.6%within the sector's middle half▲ 1.0pp
Staff (FTE)14.5-11.4within the sector's middle half▼ 21.4%9.8within the sector's middle half▼ 14.0%13.6within the sector's middle half▲ 38.8%12.7within the sector's middle half▼ 6.6%19.2above the sector's middle half▲ 51.2%16above the sector's middle half▼ 16.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 15% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €2.7m
Fixed assets
€1.6m ▼ 5.5%
Current assets
€1.1m ▲ 0.3%
Equity and liabilities €2.7m
Equity
€904,432 ▲ 7.3%
Debt
€1.7m ▼ 7.8%
Debt's share of the balance-sheet total falls from 69.2% to 65.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€404,464▲
2024 · €376,487
Cash flow
€315,154▲
2024 · €290,062
Quick ratio
1.01▲
2024 · 0.98
Debt to equity
1.93▼
2024 · 2.25
ROE
13.4%▲
2024 · 11.5%
Interest coverage
5.52▲
2024 · 5.17
Debt ≤ 1 year
€1.1m▼
2024 · €1.1m
Debt > 1 year
€678,075▼
2024 · €821,118
Income taxes
€27,840▲
2024 · €24,918
Staff costs
€849,494▲
2024 · €702,149
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 19 | 27 | 8 | 8 |
| full-time | 13 | 18 | 26 | 7 | 7 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 13.3 | 18.3 | 26.3 | 7.3 | 7.3 |
| Average over the year, in full-time equivalents | 9.8 | 13.6 | 12.7 | 19.2 | 16 |
| On a permanent contract | 7 | 6 | 5 | 4 | 7 |
| Joined | 77 | 113 | 103 | 98 | 115 |
| Left | 72 | 106 | 90 | 110 | 113 |
| Training hours | 56 | 169 | 194 | 48 | 220 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,397 | €82,598 | €238,957 | €176,706 | €102,534 |
| Intangible fixed assets | - | - | - | €5,644 | - |
| Depreciation and write-downs of the year | €50,411 | €224,094 | €264,500 | €193,075 | €193,831 |
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 | - | - | - | - | - | - | €0.001m | - |
| Remuneration, social security and pensions62 | - | - | €0.2m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.05m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.001m | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 1.9% |
| Gross operating margin9900 | €0.9m | €0.6m | €0.5m | €1.1m | €1.1m | €1.1m | €1.3m | ▲ 16.0% |
| Operating profit (loss)9901 | €0.06m | -€0.003m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 14.8% |
| Financial income75/76B | - | - | €0.3m | €0.004m | €0.005m | €0.01m | €0.01m | ▲ 4.6% |
| Recurring financial income75 | €0.007m | €0.008m | €0.3m | €0.004m | €0.005m | €0.01m | €0.01m | ▲ 4.6% |
| Financial charges65/66B | - | - | €0.03m | €0.3m | €0.05m | €0.07m | €0.07m | ▲ 0.7% |
| Recurring financial charges65 | €0.02m | €0.03m | €0.03m | €0.3m | €0.05m | €0.07m | €0.07m | ▲ 0.7% |
| Profit (loss) for the period before taxes9903 | €0.05m | -€0.03m | €0.5m | €0.02m | €0.1m | €0.1m | €0.1m | ▲ 22.4% |
| Income taxes67/77 | €0.002m | -€4 | €0 | €0.005m | €0.008m | €0.02m | €0.03m | ▲ 11.7% |
| Profit (loss) for the period9904 | €0.05m | -€0.03m | €0.5m | €0.01m | €0.1m | €0.1m | €0.1m | ▲ 25.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.06m | €0 | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.04m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | -€0.03m | €0.5m | €0.07m | €0.1m | €0.05m | €0.1m | ▲ 121% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.1m | €2.3m | €2.5m | €2.3m | €2.7m | €2.7m | ▼ 3.2% |
| Fixed assets21/28 | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 5.5% |
| Intangible fixed assets21 | €0.04m | €0.02m | €0.005m | €0 | - | €0.005m | €0.004m | ▼ 23.0% |
| Tangible fixed assets22/27 | €1.9m | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | €0.04m | €0.05m | €0.05m | €0.08m | €0.09m | ▲ 13.9% |
| Furniture and vehicles24 | - | - | €0.02m | €0.02m | €0.02m | €0.06m | €0.06m | ▼ 4.5% |
| Other tangible fixed assets26 | - | - | €1.8m | €1.6m | €1.6m | €1.5m | €1.4m | ▼ 6.6% |
| Current assets29/58 | €0.6m | €0.2m | €0.5m | €0.8m | €0.7m | €1.1m | €1.1m | ▲ 0.3% |
| Stocks and contracts in progress3 | €0.03m | €0.01m | €0.01m | €0.01m | €0.03m | €0.03m | €0.01m | ▼ 60.6% |
| Stocks30/36 | - | - | €0.01m | €0.01m | €0.03m | €0.03m | €0.01m | ▼ 60.6% |
| Amounts receivable within one year40/41 | €0.1m | €0.05m | €0.2m | €0.3m | €0.3m | €0.6m | €0.5m | ▼ 17.6% |
| Trade receivables40 | - | - | €0.1m | €0.1m | €0.09m | €0.1m | €0.09m | ▼ 41.4% |
| Other amounts receivable41 | - | - | €0.1m | €0.2m | €0.2m | €0.5m | €0.4m | ▼ 10.5% |
| Cash at bank and in hand54/58 | €0.4m | €0.1m | €0.2m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 32.1% |
| Deferred charges and accrued income490/1 | - | - | €0.004m | €0.003m | €0.005m | €0.008m | €0.007m | ▼ 4.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.1m | €2.3m | €2.5m | €2.3m | €2.7m | €2.7m | ▼ 3.2% |
| Equity10/15 | €0.2m | €0.2m | €0.7m | €0.6m | €0.8m | €0.8m | €0.9m | ▲ 7.3% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.1m | €0.7m | €0.8m | €0.9m | ▲ 7.5% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | €0.06m | €0 | - | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | €0.1m | €0.1m | €0.7m | €0.8m | €0.8m | ▲ 7.9% |
| Profit (loss) carried forward14 | - | - | €0.5m | €0.5m | €0 | €0 | €0 | - |
| Amounts payable17/49 | €2.3m | €1.9m | €1.6m | €1.8m | €1.6m | €1.9m | €1.7m | ▼ 7.8% |
| Amounts payable after more than one year17 | €1.6m | €1.5m | €1.1m | €1.3m | €1.2m | €0.8m | €0.7m | ▼ 17.4% |
| Financial debts170/4 | - | - | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 17.4% |
| Other amounts payable178/9 | - | - | €0 | €0.3m | €0.3m | €0 | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.3m | €0.5m | €0.5m | €0.4m | €1.1m | €1.1m | ▼ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.3% |
| Trade debts44 | €0.2m | €0.07m | €0.1m | €0.1m | €0.08m | €0.1m | €0.09m | ▼ 37.7% |
| Suppliers440/4 | - | - | €0.1m | €0.1m | €0.08m | €0.1m | €0.09m | ▼ 37.7% |
| Advances received on contracts in progress46 | - | - | €0.07m | €0.05m | €0.02m | €0.02m | €0.01m | ▼ 33.3% |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.08m | €0.08m | €0.09m | €0.1m | ▲ 22.8% |
| Taxes450/3 | - | - | €0.004m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 50.3% |
| Remuneration and social security454/9 | - | - | €0.04m | €0.05m | €0.06m | €0.07m | €0.08m | ▲ 16.2% |
| Other amounts payable47/48 | - | - | €0.1m | €0.2m | €0.1m | €0.7m | €0.7m | ▲ 5.0% |
| Accrued charges and deferred income492/3 | - | - | €213 | €0 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,095 | -€26,304 | €511,472 | €11,800 | €117,943 | €96,987 | €121,323 | ▲ 25.1% |
| + Depreciation and write-downs630 | €369,558 | €268,545 | €50,411 | €224,094 | €264,500 | €193,075 | €193,831 | ▲ 0.4% |
| Operating cash flow (approximation) | €416,653 | €242,241 | €561,882 | €235,894 | €382,443 | €290,062 | €315,154 | ▲ 8.7% |
| Investment in fixed assets (approximation) | - | -€185,558 | -€19,397 | -€82,598 | -€238,957 | -€182,350 | -€102,534 | ▲ 43.8% |
| Change in cash | - | -€301,441 | €96,909 | €178,920 | -€43,667 | €59,518 | €134,205 | ▲ 125% |
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, 6,049 companies had the same profile as VALUMAT has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of VALUMAT itself: 0.3% 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 6,049 companies, not a prediction for VALUMAT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 30-04-2026 | 2026-00097168 | |
| 30-09-2024 | abbreviated format | 29-04-2025 | 2025-00080285 | |
| 30-09-2023 | abbreviated format | 29-04-2024 | 2024-00073720 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00076439 | |
| 30-09-2021 | abbreviated format | 29-04-2022 | 2022-20013704 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12500515 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-10800076 | |
| 30-09-2018 | abbreviated format | 30-04-2019 | 2019-11800495 | |
| 30-09-2017 | abbreviated format | 08-05-2018 | 2018-12400329 | |
| 30-09-2016 | abbreviated format | 13-09-2017 | 2017-60900215 |