VERBERT
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00508693.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 28 filings
Equity
€2.7m▲ 2.6%
2024 · €2.6m
Total assets
€2.7m▲ 2.3%
2024 · €2.6m
Net result
€67,651▼ 42.6%
2024 · €117,945
Working capital
€2.6m▲ 0.8%
2024 · €2.6m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€30,391
▲ 22.0%
2025
20182025
Net result
€67,651
▼ 42.6%
2025
highest quarter of the sector
20182025
Equity
€2.7m
▲ 2.6%
2025
highest quarter of the sector
20182025
Total assets
€2.7m
▲ 2.3%
2025
highest quarter of the sector
20182025
Debt
€49,788
▼ 13.8%
2025
20182025
Working capital
€2.6m
▲ 0.8%
2025
highest quarter of the sector
20182025
Solvency
98.2%
▲ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
53.87
▲ 7.75
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.5%
▼ 2.0pp
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€0.1m--€0.08m-€0.07m▲ 7.3%-€0.06m▲ 16.8%-€0.04m▲ 22.7%-€0.03m▲ 22.7%-€0.04m▼ 12.5%-€0.03m▲ 22.0%
Net result€0.09m-€0.03m▼ 68.4%-€0.08mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 15.6%€0.09mabove the sector's middle half€0.03mwithin the sector's middle half▼ 63.4%€0.1mabove the sector's middle half▲ 257%€0.07mabove the sector's middle half▼ 42.6%
Equity€2.5m-€2.5m▲ 1.1%€2.4mabove the sector's middle half▼ 3.1%€2.3mabove the sector's middle half▼ 2.7%€2.4mabove the sector's middle half▲ 3.8%€2.5mabove the sector's middle half▲ 1.4%€2.6mabove the sector's middle half▲ 4.8%€2.7mabove the sector's middle half▲ 2.6%
Total assets€2.5m-€2.5m▲ 0.6%€2.5mabove the sector's middle half▼ 3.1%€2.4mabove the sector's middle half▼ 2.5%€2.5mabove the sector's middle half▲ 3.9%€2.5mabove the sector's middle half▲ 0.9%€2.6mabove the sector's middle half▲ 4.7%€2.7mabove the sector's middle half▲ 2.3%
Debt€0.07m-€0.06m▼ 16.1%€0.06m▼ 1.0%€0.06m▲ 5.2%€0.07m▲ 5.1%€0.06m▼ 14.8%€0.06m▲ 2.6%€0.05m▼ 13.8%
Working capital€2.4m-€2.5m▲ 1.9%€2.4mabove the sector's middle half▼ 2.3%€2.3mabove the sector's middle half▼ 2.7%€2.4mabove the sector's middle half▲ 3.9%€2.5mabove the sector's middle half▲ 1.4%€2.6mabove the sector's middle half▲ 4.7%€2.6mabove the sector's middle half▲ 0.8%
Solvency97.2%-97.6%▲ 0.5pp97.6%above the sector's middle half▼ 0.1pp97.4%above the sector's middle half▼ 0.2pp97.4%above the sector's middle half=97.8%above the sector's middle half▲ 0.4pp97.8%above the sector's middle half=98.2%above the sector's middle half▲ 0.3pp
Current ratio34.87-42.23▲ 7.3641.66above the sector's middle half▼ 0.5738.59above the sector's middle half▼ 3.0838.12above the sector's middle half▼ 0.4745.21above the sector's middle half▲ 7.1046.12above the sector's middle half▲ 0.9153.87above the sector's middle half▲ 7.75
Return on assets (ROA)3.4%-1.1%▼ 2.3pp-3.1%within the sector's middle half▼ 4.2pp-2.7%within the sector's middle half▲ 0.4pp3.6%within the sector's middle half▲ 6.3pp1.3%within the sector's middle half▼ 2.3pp4.5%within the sector's middle half▲ 3.2pp2.5%within the sector's middle half▼ 2.0pp
above
within
below
The sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). 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 €30,391, smaller than the loss of €38,941 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€48,330 ▲ 23×
Current assets
€2.7m ▲ 0.5%
Equity and liabilities €2.7m
Equity
€2.7m ▲ 2.6%
Debt
€49,788 ▼ 13.8%
Debt's share of the balance-sheet total falls from 2.2% to 1.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€19,992▲
2024 · -€38,525
Cash flow
€78,050▼
2024 · €118,361
Debt to equity
0.02▼
2024 · 0.02
ROE
2.6%▼
2024 · 4.6%
Interest coverage
-22.71▼
2024 · -13.05
Debt ≤ 1 year
€49,242▼
2024 · €57,229
Income taxes
€32,584▼
2024 · €56,336
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 | - | - | - | €2,536 | €56,609 |
| Depreciation and write-downs of the year | €401 | - | - | €416 | €10,399 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,699 | €19,427 | €19,427 | €401 | - | - | €416 | €10,399 | ▲ 25× |
| Other operating charges640/8 | - | - | - | €3,749 | €8,738 | €7,763 | €8,246 | €6,829 | ▼ 17.2% |
| Gross operating margin9900 | €124,633 | -€52,057 | -€47,614 | -€53,775 | -€36,019 | -€26,839 | -€30,278 | -€13,164 | ▲ 56.5% |
| Operating profit (loss)9901 | €97,909 | -€75,076 | -€69,614 | -€57,925 | -€44,757 | -€34,602 | -€38,941 | -€30,391 | ▲ 22.0% |
| Financial income75/76B | - | - | - | €88,324 | €164,127 | €88,652 | €216,175 | €131,506 | ▼ 39.2% |
| Recurring financial income75 | €74,910 | €118,737 | €77,996 | €88,324 | €164,127 | €88,652 | €216,175 | €131,506 | ▼ 39.2% |
| Financial charges65/66B | - | - | - | €92,159 | €4,376 | €6,205 | €2,953 | €880 | ▼ 70.2% |
| Recurring financial charges65 | €26,539 | €8,788 | €82,102 | €92,159 | €4,376 | €6,205 | €2,953 | €880 | ▼ 70.2% |
| Profit (loss) for the period before taxes9903 | €146,280 | €34,874 | -€73,720 | -€61,761 | €114,994 | €47,844 | €174,281 | €100,235 | ▼ 42.5% |
| Income taxes67/77 | €59,930 | €7,556 | €3,620 | €3,480 | €24,808 | €14,805 | €56,336 | €32,584 | ▼ 42.2% |
| Profit (loss) for the period9904 | €86,350 | €27,318 | -€77,339 | -€65,241 | €90,187 | €33,039 | €117,945 | €67,651 | ▼ 42.6% |
| Profit (loss) for the period to be appropriated9905 | €86,350 | €27,318 | -€77,339 | -€65,241 | €90,187 | €33,039 | €117,945 | €67,651 | ▼ 42.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.5m | €2.5m | €2.4m | €2.5m | €2.5m | €2.6m | €2.7m | ▲ 2.3% |
| Fixed assets21/28 | €0.04m | €0.02m | €0.001m | €281 | - | - | €0.002m | €0.05m | ▲ 23× |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.001m | €281 | - | - | €0.002m | €0.05m | ▲ 23× |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 39.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.05m | - |
| Other tangible fixed assets26 | - | - | - | €281 | - | - | - | - | - |
| Current assets29/58 | €2.5m | €2.5m | €2.5m | €2.4m | €2.5m | €2.5m | €2.6m | €2.7m | ▲ 0.5% |
| Amounts receivable within one year40/41 | - | €0.02m | €0.04m | €0.04m | €0.02m | €0.004m | €0.004m | €0.005m | ▲ 27.1% |
| Trade receivables40 | - | - | - | - | €0.02m | - | €0.004m | - | - |
| Other amounts receivable41 | - | - | - | €0.04m | - | €0.004m | - | €0.005m | - |
| Current investments50/53 | €2.3m | €2.4m | €2.4m | €2.3m | €2.4m | €2.5m | €2.5m | €2.6m | ▲ 3.8% |
| Cash at bank and in hand54/58 | €0.2m | €0.09m | €0.05m | €0.05m | €0.04m | €0.03m | €0.1m | €0.02m | ▼ 79.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €414 | €446 | €264 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.5m | €2.5m | €2.4m | €2.5m | €2.5m | €2.6m | €2.7m | ▲ 2.3% |
| Equity10/15 | €2.5m | €2.5m | €2.4m | €2.3m | €2.4m | €2.5m | €2.6m | €2.7m | ▲ 2.6% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Contributions outside capital11 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Other1109/19 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €1.7m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.9m | ▲ 3.7% |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €1.7m | €1.7m | €1.7m | €1.8m | €1.9m | ▲ 3.7% |
| Profit (loss) carried forward14 | - | - | -€0.08m | -€0.1m | -€0.05m | -€0.02m | - | €0 | - |
| Amounts payable17/49 | €0.07m | €0.06m | €0.06m | €0.06m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 13.8% |
| Amounts payable within one year42/48 | €0.07m | €0.06m | €0.06m | €0.06m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 14.0% |
| Financial debts43 | - | - | - | - | €64 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €64 | - | - | - | - |
| Trade debts44 | €0.003m | €0.005m | €0.004m | €0.006m | €276 | €0.005m | €0.005m | - | - |
| Suppliers440/4 | - | - | - | €0.006m | €276 | €0.005m | €0.005m | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €0.009m | - | €0.003m | - | - |
| Taxes450/3 | - | - | - | - | €0.009m | - | €0.003m | - | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,350 | €27,318 | -€77,339 | -€65,241 | €90,187 | €33,039 | €117,945 | €67,651 | ▼ 42.6% |
| + Depreciation and write-downs630 | €23,699 | €19,427 | €19,427 | €401 | - | - | €416 | €10,399 | ▲ 25× |
| Operating cash flow (approximation) | €110,048 | €46,745 | -€57,912 | -€64,839 | €90,187 | €33,039 | €118,361 | €78,050 | ▼ 34.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | -€56,609 | - |
| Change in cash | - | -€92,006 | -€40,697 | -€1,784 | -€12,169 | -€12,586 | €80,573 | -€83,591 | - |
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, 14,766 companies had the same profile as VERBERT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VERBERT 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 14,766 companies, not a prediction for VERBERT. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-09-2026 | 2026-00508693 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00253663 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00314110 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00201523 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20265181 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41300562 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-33300359 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-28800075 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27200296 | |
| 31-12-2016 | abbreviated format | 25-07-2017 | 2017-35800068 |