VARDA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 51 days after the deadline Filed on 20 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00518069.
Annual accounts 2025 filed on 20-09-2026 at the NBB all 9 filings
Turnover
€116,069
EBIT margin
2.1%
Net result
-€12,165
2024 · €48
Working capital
€1,260▼ 65.4%
2024 · €3,646
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€10,367
▼ 215%
2025
20182025
Net result
-€12,165
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€4,268
2025
lowest quarter of the sector
20182025
Total assets
€39,760
▲ 17.5%
2025
lowest quarter of the sector
20182025
Debt
€44,028
▲ 69.7%
2025
20182025
Working capital
€1,260
▼ 65.4%
2025
middle half of the sector
20182025
Solvency
-10.7%
▼ 34.1pp
2025
lowest quarter of the sector
20182025
Current ratio
1.04
▼ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-30.6%
▼ 30.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€116,069
Operating result€141-€2,386▲ 17×€6,316▲ 165%€33,678▲ 433%-€11,091-€15,646▼ 41.1%-€3,291▲ 79.0%-€10,367▼ 215%
Net result-€846-€2,387€7,549within the sector's middle half▲ 216%€28,061within the sector's middle half▲ 272%-€12,454below the sector's middle half-€20,098below the sector's middle half▼ 61.4%€48within the sector's middle half-€12,165below the sector's middle half
EBIT margin2.1%
Equity€9,904-€12,291▲ 24.1%€19,840within the sector's middle half▲ 61.4%€40,401within the sector's middle half▲ 104%€27,947within the sector's middle half▼ 30.8%€7,849within the sector's middle half▼ 71.9%€7,897within the sector's middle half▲ 0.6%-€4,268below the sector's middle half
Total assets€24,283-€32,042▲ 32.0%€48,676within the sector's middle half▲ 51.9%€55,471within the sector's middle half▲ 14.0%€47,163within the sector's middle half▼ 15.0%€29,775below the sector's middle half▼ 36.9%€33,840below the sector's middle half▲ 13.7%€39,760below the sector's middle half▲ 17.5%
Debt€14,379-€19,751▲ 37.4%€28,836▲ 46.0%€15,070▼ 47.7%€19,216▲ 27.5%€21,926▲ 14.1%€25,943▲ 18.3%€44,028▲ 69.7%
Working capital€12,411-€12,291▼ 1.0%€19,840within the sector's middle half▲ 61.4%€42,259above the sector's middle half▲ 113%€24,525within the sector's middle half▼ 42.0%€2,095within the sector's middle half▼ 91.5%€3,646within the sector's middle half▲ 74.0%€1,260within the sector's middle half▼ 65.4%
Solvency40.8%-38.4%▼ 2.4pp40.8%within the sector's middle half▲ 2.4pp72.8%above the sector's middle half▲ 32.1pp59.3%above the sector's middle half▼ 13.6pp26.4%within the sector's middle half▼ 32.9pp23.3%within the sector's middle half▼ 3.0pp-10.7%below the sector's middle half▼ 34.1pp
Current ratio2.05-1.62▼ 0.421.69within the sector's middle half▲ 0.074.20above the sector's middle half▲ 2.512.59above the sector's middle half▼ 1.601.10within the sector's middle half▼ 1.501.14within the sector's middle half▲ 0.041.04within the sector's middle half▼ 0.10
Return on assets (ROA)-3.5%-7.4%▲ 10.9pp15.5%within the sector's middle half▲ 8.1pp50.6%above the sector's middle half▲ 35.1pp-26.4%below the sector's middle half▼ 77.0pp-67.5%below the sector's middle half▼ 41.1pp0.1%within the sector's middle half▲ 67.6pp-30.6%below the sector's middle half▼ 30.7pp
Staff (FTE)0.10▼ 100%
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 a loss of €10,367, larger than the loss of €3,291 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39,760
Fixed assets
€4,437 ▲ 4.4%
Current assets
€35,323 ▲ 19.4%
Equity and liabilities
Equity-€4,268
Debt€44,028
Equity is negative. Debt (€44,028) exceeds the balance-sheet total (€39,760).
Key figures and ratios
EBITDA
-€8,603▼
2024 · -€1,787
Cash flow
-€10,401▼
2024 · €1,552
Quick ratio
0.80▼
2024 · 0.93
Interest coverage
-4.78▼
2024 · -1.68
Debt ≤ 1 year
€34,063▲
2024 · €25,943
Debt > 1 year
€9,965
Staff costs
€677▲
2024 · €86
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.1 | 0 |
| Joined | 3 | 12 |
| Left | 3 | 14 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €7,518 | - | - | €1,950 |
| Depreciation and write-downs of the year | - | €260 | €1,504 | €1,504 | €1,764 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €116,069 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €7,470 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2,275 | €3,941 | €9,636 | €86 | €677 | ▲ 687% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €260 | €1,504 | €1,504 | €1,764 | ▲ 17.3% |
| Other operating charges640/8 | - | - | - | €735 | €3,628 | - | €2,740 | €1,573 | ▼ 42.6% |
| Gross operating margin9900 | €1,807 | €3,848 | €7,624 | €36,688 | -€3,262 | -€4,506 | €1,039 | -€6,353 | - |
| Operating profit (loss)9901 | €141 | €2,386 | €6,316 | €33,678 | -€11,091 | -€15,646 | -€3,291 | -€10,367 | ▼ 215% |
| Financial income75/76B | - | - | - | €7 | €51 | - | - | - | - |
| Recurring financial income75 | €3 | €653 | €1,457 | €7 | €51 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,224 | €1,414 | €1,460 | €1,061 | €1,798 | ▲ 69.5% |
| Recurring financial charges65 | €990 | €652 | €224 | €1,224 | €1,414 | €1,460 | €1,061 | €1,798 | ▲ 69.5% |
| Profit (loss) for the period before taxes9903 | -€846 | €2,387 | €7,549 | €32,461 | -€12,454 | -€17,106 | -€4,352 | -€12,165 | ▼ 180% |
| Income taxes67/77 | - | - | - | €4,400 | - | €2,992 | -€4,400 | - | - |
| Profit (loss) for the period9904 | -€846 | €2,387 | €7,549 | €28,061 | -€12,454 | -€20,098 | €48 | -€12,165 | - |
| Profit (loss) for the period to be appropriated9905 | -€846 | €2,387 | €7,549 | €28,061 | -€12,454 | -€20,098 | €48 | -€12,165 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €24,283 | €32,042 | €48,676 | €55,471 | €47,163 | €29,775 | €33,840 | €39,760 | ▲ 17.5% |
| Fixed assets21/28 | - | - | - | - | €7,258 | €5,754 | €4,251 | €4,437 | ▲ 4.4% |
| Tangible fixed assets22/27 | - | - | - | - | €7,258 | €5,754 | €4,251 | €4,437 | ▲ 4.4% |
| Plant, machinery and equipment23 | - | - | - | - | €7,258 | €5,754 | €4,251 | €2,747 | ▼ 35.4% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €1,690 | - |
| Current assets29/58 | €24,283 | €32,042 | €48,676 | €55,471 | €39,905 | €24,021 | €29,589 | €35,323 | ▲ 19.4% |
| Stocks and contracts in progress3 | €1,101 | €994 | €7,103 | €5,222 | €5,511 | €6,221 | €5,431 | €7,948 | ▲ 46.3% |
| Stocks30/36 | - | - | - | €5,222 | €5,511 | €6,221 | €5,431 | €7,948 | ▲ 46.3% |
| Amounts receivable within one year40/41 | €281 | €22,906 | €31,932 | €16,917 | €31,646 | €16,598 | €14,959 | €15,319 | ▲ 2.4% |
| Other amounts receivable41 | - | - | - | €16,917 | €31,646 | €16,598 | €14,959 | €15,319 | ▲ 2.4% |
| Cash at bank and in hand54/58 | €22,622 | €2,222 | €3,875 | €30,610 | €1,424 | €372 | €9,199 | €12,056 | ▲ 31.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,722 | €1,324 | €830 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €24,283 | €32,042 | €48,676 | €55,471 | €47,163 | €29,775 | €33,840 | €39,760 | ▲ 17.5% |
| Equity10/15 | €9,904 | €12,291 | €19,840 | €40,401 | €27,947 | €7,849 | €7,897 | -€4,268 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Distributable reserves133 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Profit (loss) carried forward14 | -€8,696 | -€6,309 | - | €20,561 | €8,107 | -€11,991 | -€11,943 | -€24,108 | ▼ 102% |
| Amounts payable17/49 | €14,379 | €19,751 | €28,836 | €15,070 | €19,216 | €21,926 | €25,943 | €44,028 | ▲ 69.7% |
| Amounts payable after more than one year17 | €2,507 | - | - | €1,858 | €3,836 | - | - | €9,965 | - |
| Financial debts170/4 | - | - | - | €1,858 | €3,836 | - | - | €9,965 | - |
| Amounts payable within one year42/48 | €11,872 | €19,751 | €28,836 | €13,212 | €15,380 | €21,926 | €25,943 | €34,063 | ▲ 31.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,717 | €6,973 | €4,327 | - | €3,981 | - |
| Financial debts43 | - | - | - | - | - | €3,673 | €5,170 | €4,870 | ▼ 5.8% |
| Credit institutions430/8 | - | - | - | - | - | €3,673 | €5,170 | €4,870 | ▼ 5.8% |
| Trade debts44 | €6,006 | €5,804 | €17,489 | €3,537 | €3,716 | €2,693 | €4,284 | €5,609 | ▲ 30.9% |
| Suppliers440/4 | - | - | - | €3,537 | €3,716 | €2,693 | €4,284 | €5,609 | ▲ 30.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €1,994 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,458 | €4,691 | €6,238 | €3,671 | €1,915 | ▼ 47.8% |
| Taxes450/3 | - | - | - | €4,458 | €4,400 | €6,238 | €3,671 | €1,412 | ▼ 61.5% |
| Remuneration and social security454/9 | - | - | - | - | €291 | - | - | €503 | - |
| Other amounts payable47/48 | - | - | - | €1,500 | - | €4,995 | €12,818 | €15,694 | ▲ 22.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€846 | €2,387 | €7,549 | €28,061 | -€12,454 | -€20,098 | €48 | -€12,165 | - |
| + Depreciation and write-downs630 | - | - | - | - | €260 | €1,504 | €1,504 | €1,764 | ▲ 17.3% |
| Operating cash flow (approximation) | -€846 | €2,387 | €7,549 | €28,061 | -€12,194 | -€18,594 | €1,552 | -€10,401 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | -€1 | -€1,950 | ▼ 194,900% |
| Change in cash | - | -€20,400 | €1,653 | €26,735 | -€29,186 | -€1,052 | €8,827 | €2,857 | ▼ 67.6% |
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, 6,907 companies had the same profile as VARDA has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VARDA itself: 3.9% 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 6,907 companies, not a prediction for VARDA. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-09-2026 | 2026-00518069 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00305233 | |
| 31-12-2023 | micro format | 25-10-2024 | 2024-00514572 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00364524 | |
| 31-12-2021 | micro format | 25-09-2022 | 2022-20435587 | |
| 31-12-2020 | micro format | 29-03-2022 | 2022-08900475 | |
| 31-12-2019 | micro format | 20-11-2020 | 2020-71900305 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68300124 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58400205 |