VARODEM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-06-2026 PDF all 49 filings
Turnover
€8.4m▼ 1.1%
2024 · €8.5m
EBIT margin
11.1%▲ 7.3pp
2024 · 3.8%
Net result
€581,426▲ 233%
2024 · €174,406
Working capital
€3.8m▲ 15.5%
2024 · €3.3m
In the rankings
#1 company by total assets in Saint-Léger#1 company by equity in Saint-Léger#1 oldest company in Saint-Léger
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€8.4m
▼ 1.1%
2025
20182025
Operating result
€935,460
▲ 187%
2025
20182025
Net result
€581,426
▲ 233%
2025
highest quarter of the sector
20182025
EBIT margin
11.1%
▲ 7.3pp
2025
20182025
Equity
€4.1m
▲ 13.2%
2025
middle half of the sector
20182025
Total assets
€5.0m
▲ 7.8%
2025
middle half of the sector
20182025
Debt
€850,070
▼ 12.3%
2025
20182025
Working capital
€3.8m
▲ 15.5%
2025
highest quarter of the sector
20182025
Solvency
82.9%
▲ 3.9pp
2025
highest quarter of the sector
20182025
Current ratio
5.52
▲ 1.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.7%
▲ 7.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
52.6
▼ 1.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€6.0m-€7.6m▲ 26.7%€6.7m▼ 12.2%€6.9m▲ 3.9%€7.4m▲ 7.4%€7.6m▲ 2.4%€8.5m▲ 11.7%€8.4m▼ 1.1%
Operating result€0.05m-€0.7m▲ 14×€0.4m▼ 42.7%€0.4m▼ 13.1%€0.01m▼ 97.1%€0.09m▲ 747%€0.3m▲ 263%€0.9m▲ 187%
Net result€0.02m-€0.5m▲ 27×€0.3mabove the sector's middle half▼ 43.5%€0.2mwithin the sector's middle half▼ 20.3%-€0.07mbelow the sector's middle half-€0.01mbelow the sector's middle half▲ 82.2%€0.2mwithin the sector's middle half€0.6mabove the sector's middle half▲ 233%
EBIT margin0.9%-9.6%▲ 8.7pp6.3%▼ 3.3pp5.2%▼ 1.0pp0.1%▼ 5.1pp1.2%▲ 1.0pp3.8%▲ 2.6pp11.1%▲ 7.3pp
Equity€3.1m-€3.5m▲ 12.3%€3.6mabove the sector's middle half▲ 4.9%€3.8mabove the sector's middle half▲ 3.2%€3.6mwithin the sector's middle half▼ 4.5%€3.6mwithin the sector's middle half▼ 0.3%€3.6mwithin the sector's middle half▲ 2.1%€4.1mwithin the sector's middle half▲ 13.2%
Total assets€3.8m-€4.0m▲ 7.3%€4.3mwithin the sector's middle half▲ 6.9%€4.4mwithin the sector's middle half▲ 2.3%€4.2mwithin the sector's middle half▼ 3.4%€4.2mwithin the sector's middle half▼ 1.3%€4.6mwithin the sector's middle half▲ 10.1%€5.0mwithin the sector's middle half▲ 7.8%
Debt€0.7m-€0.6m▼ 16.1%€0.7m▲ 18.9%€0.6m▼ 2.8%€0.7m▲ 3.0%€0.6m▼ 6.7%€1.0m▲ 56.4%€0.9m▼ 12.3%
Working capital€2.9m-€3.3m▲ 12.5%€3.5mabove the sector's middle half▲ 5.2%€3.5mabove the sector's middle half▲ 0.2%€3.3mwithin the sector's middle half▼ 6.1%€3.2mwithin the sector's middle half▼ 1.0%€3.3mwithin the sector's middle half▲ 2.5%€3.8mabove the sector's middle half▲ 15.5%
Solvency82.3%-86.1%▲ 3.9pp84.6%above the sector's middle half▼ 1.6pp85.3%above the sector's middle half▲ 0.8pp84.4%above the sector's middle half▼ 1.0pp85.2%above the sector's middle half▲ 0.9pp79.0%above the sector's middle half▼ 6.2pp82.9%above the sector's middle half▲ 3.9pp
Current ratio5.42-6.93▲ 1.516.25above the sector's middle half▼ 0.686.42above the sector's middle half▲ 0.175.94above the sector's middle half▼ 0.486.24above the sector's middle half▲ 0.304.43above the sector's middle half▼ 1.815.52above the sector's middle half▲ 1.09
Return on assets (ROA)0.5%-11.9%▲ 11.4pp6.3%above the sector's middle half▼ 5.6pp4.9%within the sector's middle half▼ 1.4pp-1.6%below the sector's middle half▼ 6.5pp-0.3%below the sector's middle half▲ 1.3pp3.8%within the sector's middle half▲ 4.1pp11.7%above the sector's middle half▲ 7.9pp
Staff (FTE)48.9-49.1▲ 0.4%47.6above the sector's middle half▼ 3.1%48.6above the sector's middle half▲ 2.1%49.9within the sector's middle half▲ 2.7%54.4▲ 9.0%53.4▼ 1.8%52.6above the sector's middle half▼ 1.5%
above
within
below
The sector band is the middle half of the companies in Manufacture of wearing apparel (NACE 14). 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 187% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.0m
Fixed assets
€283,270 ▼ 10.9%
Current assets
€4.7m ▲ 9.2%
Equity and liabilities €5.0m
Equity
€4.1m ▲ 13.2%
Debt
€850,070 ▼ 12.3%
Debt's share of the balance-sheet total falls from 21.0% to 17.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.0m▲
2024 · €406,959
Cash flow
€660,729▲
2024 · €255,675
Quick ratio
3.96▲
2024 · 2.79
Debt to equity
0.21▼
2024 · 0.27
ROE
14.1%▲
2024 · 4.8%
Interest coverage
4.69▲
2024 · 2.10
Debt ≤ 1 year
€849,721▼
2024 · €969,340
Income taxes
€236,993▲
2024 · €86,242
Customer credit
32 days▼
2024 · 34 days
Supplier credit
44 days▼
2024 · 62 days
Staff costs
€2.6m▲
2024 · €2.5m
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 57 | 56 | 59 | 54 | 56 |
| full-time | 35 | 36 | 40 | 36 | 38 |
| part-time | 22 | 20 | 19 | 18 | 18 |
| in full-time equivalents | 50.7 | 51.2 | 54.6 | 50.6 | 51.4 |
| Average over the year, in full-time equivalents | 48.6 | 49.9 | 54.4 | 53.4 | 52.6 |
| On a permanent contract | 48 | 44 | 47 | 43 | 51 |
| Joined | 7 | 9 | 9 | 8 | 6 |
| Left | 3 | 10 | 6 | 13 | 4 |
| Agency workers, average number | 5.7 | 8.7 | 5.3 | 7.1 | 2.7 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €163,566 | €114,486 | €98,653 | €73,086 | €44,661 |
| Depreciation and write-downs of the year | €55,863 | €70,244 | €78,105 | €81,268 | €79,303 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €7.7m | €8.3m | €8.6m | €9.5m | €9.5m | ▼ 0.7% |
| Turnover70 | €6.0m | €7.6m | €6.7m | €6.9m | €7.4m | €7.6m | €8.5m | €8.4m | ▼ 1.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€0.02m | €0.08m | -€0.03m | €0.04m | €0.03m | ▼ 37.0% |
| Other operating income74 | - | - | - | €0.7m | €0.8m | €1.0m | €1.0m | €1.0m | ▲ 4.3% |
| Non-recurring operating income76A | - | - | - | €0.005m | €0.001m | €0 | €0.001m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €7.3m | €8.3m | €8.5m | €9.2m | €8.5m | ▼ 7.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €2.6m | €2.9m | €3.2m | €3.7m | €3.3m | ▼ 11.3% |
| Purchases600/8 | - | - | - | €2.7m | €3.3m | €3.4m | €3.8m | €3.0m | ▼ 21.0% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.08m | -€0.4m | -€0.2m | -€0.08m | €0.3m | - |
| Services and other goods61 | - | - | - | €2.4m | €2.7m | €2.6m | €2.9m | €2.5m | ▼ 13.5% |
| Remuneration, social security and pensions62 | - | - | - | €2.2m | €2.6m | €2.6m | €2.5m | €2.6m | ▲ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.04m | €0.06m | €0.07m | €0.08m | €0.08m | €0.08m | ▼ 2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.003m | €0.003m | €0 | -€0.002m | €0.002m | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.01m | €0.001m | €0.009m | ▲ 667% |
| Operating profit (loss)9901 | €0.05m | €0.7m | €0.4m | €0.4m | €0.01m | €0.09m | €0.3m | €0.9m | ▲ 187% |
| Financial income75/76B | - | - | - | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 23.1% |
| Recurring financial income75 | €0.05m | €0.07m | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 23.1% |
| Income from current assets751 | - | - | - | - | - | €0.01m | €0.04m | €0.03m | ▼ 9.2% |
| Other financial income752/9 | - | - | - | €0.07m | €0.08m | €0.08m | €0.09m | €0.07m | ▼ 28.5% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.4% |
| Recurring financial charges65 | €0.05m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.4% |
| Other financial charges652/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.4% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.7m | €0.4m | €0.3m | -€0.07m | €0.03m | €0.3m | €0.8m | ▲ 214% |
| Income taxes67/77 | €0.03m | €0.2m | €0.1m | €0.09m | €0 | €0.04m | €0.09m | €0.2m | ▲ 175% |
| Taxes670/3 | - | - | - | €0.09m | €0 | €0.04m | €0.09m | €0.2m | ▲ 175% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.02m | €0.5m | €0.3m | €0.2m | -€0.07m | -€0.01m | €0.2m | €0.6m | ▲ 233% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.5m | €0.3m | €0.2m | -€0.07m | -€0.01m | €0.2m | €0.6m | ▲ 233% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.8m | €4.0m | €4.3m | €4.4m | €4.2m | €4.2m | €4.6m | €5.0m | ▲ 7.8% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 10.9% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 11.3% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 7.8% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 15.5% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.02m | €0.04m | €0.1m | €0.1m | ▼ 11.5% |
| Assets under construction and advance payments27 | - | - | - | €0 | €0.05m | €0.02m | €0 | - | - |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 0.8% |
| Affiliated companies280/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Participating interests280 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Other financial fixed assets284/8 | - | - | - | €247 | €247 | €247 | €247 | €160 | ▼ 35.2% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €247 | €247 | €247 | €247 | €160 | ▼ 35.2% |
| Current assets29/58 | €3.6m | €3.9m | €4.1m | €4.1m | €3.9m | €3.9m | €4.3m | €4.7m | ▲ 9.2% |
| Stocks and contracts in progress3 | €0.9m | €0.9m | €0.8m | €0.8m | €1.3m | €1.5m | €1.6m | €1.3m | ▼ 16.6% |
| Stocks30/36 | - | - | - | €0.8m | €1.3m | €1.5m | €1.6m | €1.3m | ▼ 16.6% |
| Raw materials and consumables30/31 | - | - | - | €0.4m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 7.1% |
| Finished goods33 | - | - | - | €0.007m | €0.09m | €0.05m | €0.1m | €0.1m | ▲ 28.0% |
| Goods purchased for resale34 | - | - | - | €0.4m | €0.5m | €0.6m | €0.5m | €0.3m | ▼ 43.6% |
| Amounts receivable within one year40/41 | €1.5m | €0.9m | €1.0m | €1.0m | €1.3m | €1.0m | €0.9m | €0.8m | ▼ 11.3% |
| Trade receivables40 | - | - | - | €0.7m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 9.1% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.5m | €0.2m | €0.07m | €0.04m | ▼ 36.9% |
| Current investments50/53 | - | - | - | - | - | - | €1.2m | €1.8m | ▲ 50.0% |
| Other investments51/53 | - | - | - | - | - | - | €1.2m | €1.8m | ▲ 50.0% |
| Cash at bank and in hand54/58 | €1.2m | €2.1m | €2.3m | €2.3m | €1.3m | €1.3m | €0.6m | €0.8m | ▲ 24.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.007m | €0.01m | €0.02m | ▲ 97.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.8m | €4.0m | €4.3m | €4.4m | €4.2m | €4.2m | €4.6m | €5.0m | ▲ 7.8% |
| Equity10/15 | €3.1m | €3.5m | €3.6m | €3.8m | €3.6m | €3.6m | €3.6m | €4.1m | ▲ 13.2% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €3.0m | €3.3m | €3.5m | €3.6m | €3.5m | €3.5m | €3.5m | €4.0m | ▲ 13.6% |
| Amounts payable17/49 | €0.7m | €0.6m | €0.7m | €0.6m | €0.7m | €0.6m | €1.0m | €0.9m | ▼ 12.3% |
| Amounts payable within one year42/48 | €0.7m | €0.6m | €0.7m | €0.6m | €0.7m | €0.6m | €1.0m | €0.8m | ▼ 12.3% |
| Trade debts44 | €0.3m | €0.2m | €0.4m | €0.4m | €0.3m | €0.4m | €0.6m | €0.4m | ▼ 37.0% |
| Suppliers440/4 | - | - | - | €0.4m | €0.3m | €0.4m | €0.6m | €0.4m | ▼ 37.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.5m | ▲ 32.1% |
| Taxes450/3 | - | - | - | €0.006m | €0.002m | €0.001m | €0.05m | €0.1m | ▲ 188% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 6.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €332 | €267 | €271 | €349 | ▲ 28.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,605 | €479,662 | €271,107 | €215,946 | -€68,290 | -€12,166 | €174,406 | €581,426 | ▲ 233% |
| + Depreciation and write-downs630 | €37,766 | €42,689 | €37,493 | €55,863 | €70,244 | €78,105 | €81,268 | €79,303 | ▼ 2.4% |
| Operating cash flow (approximation) | €55,371 | €522,351 | €308,599 | €271,809 | €1,954 | €65,939 | €255,675 | €660,729 | ▲ 158% |
| Investment in fixed assets (approximation) | - | -€54,849 | -€35,457 | -€163,566 | -€114,486 | -€98,653 | -€73,086 | -€44,574 | ▲ 39.0% |
| Change in cash | - | €856,253 | €195,160 | -€28,269 | -€963,564 | €42,510 | -€723,580 | €150,142 | - |
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, 1,579 companies had the same profile as VARODEM has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of VARODEM itself: < 0.1% 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 1,579 companies, not a prediction for VARODEM. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-06-2026 | 2026-00146399 | |
| 31-12-2024 | full format | 10-06-2025 | 2025-00128178 | |
| 31-12-2023 | full format | 04-06-2024 | 2024-00108142 | |
| 31-12-2022 | full format | 05-06-2023 | 2023-00106093 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20052535 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-29000059 | |
| 31-12-2019 | full format | 04-08-2020 | 2020-38900020 | |
| 30-11-2018 | full format | 13-05-2019 | 2019-13000517 | |
| 30-11-2017 | full format | 31-05-2018 | 2018-16500444 | |
| 30-11-2016 | full format | 27-07-2017 | 2017-36700367 |