Verbrugghe
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 34 filings
Equity
€82,727▼ 27.8%
2025 · €114,505
Total assets
€130,046▼ 15.3%
2025 · €153,533
Net result
-€31,778▼ 21.1%
2025 · -€26,233
Working capital
€8,375▼ 71.4%
2025 · €29,239
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€29,006
▼ 25.1%
2026
20192026
Net result
-€31,778
▼ 21.1%
2026
20192026
Equity
€82,727
▼ 27.8%
2026
20192026
Total assets
€130,046
▼ 15.3%
2026
20192026
Debt
€47,319
▲ 21.2%
2026
20192026
Working capital
€8,375
▼ 71.4%
2026
20192026
Solvency
63.6%
▼ 11.0pp
2026
20192026
Current ratio
1.19
▼ 0.62
2026
20192026
Return on assets (ROA)
-24.4%
▼ 7.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€1,894-€1,555▼ 17.9%-€21,602-€1,389▲ 93.6%€8,726-€27,244-€23,193▲ 14.9%-€29,006▼ 25.1%
Net result€287-€135▼ 53.0%-€26,185below the sector's middle half-€3,257below the sector's middle half▲ 87.6%€6,712within the sector's middle half-€29,527below the sector's middle half-€26,233below the sector's middle half▲ 11.2%-€31,778▼ 21.1%
Equity€192,861-€192,996▲ 0.1%€166,811above the sector's middle half▼ 13.6%€163,554above the sector's middle half▼ 2.0%€170,266above the sector's middle half▲ 4.1%€140,739within the sector's middle half▼ 17.3%€114,505within the sector's middle half▼ 18.6%€82,727▼ 27.8%
Total assets€221,829-€221,666▼ 0.1%€201,566within the sector's middle half▼ 9.1%€189,047within the sector's middle half▼ 6.2%€208,307within the sector's middle half▲ 10.2%€179,640within the sector's middle half▼ 13.8%€153,533within the sector's middle half▼ 14.5%€130,046▼ 15.3%
Debt€28,968-€28,670▼ 1.0%€34,755▲ 21.2%€25,493▼ 26.6%€38,041▲ 49.2%€38,901▲ 2.3%€39,027▲ 0.3%€47,319▲ 21.2%
Working capital€93,077-€97,690▲ 5.0%€76,652within the sector's middle half▼ 21.5%€78,357within the sector's middle half▲ 2.2%€62,562within the sector's middle half▼ 20.2%€43,533within the sector's middle half▼ 30.4%€29,239within the sector's middle half▼ 32.8%€8,375▼ 71.4%
Solvency86.9%-87.1%▲ 0.1pp82.8%above the sector's middle half▼ 4.3pp86.5%above the sector's middle half▲ 3.8pp81.7%above the sector's middle half▼ 4.8pp78.3%above the sector's middle half▼ 3.4pp74.6%above the sector's middle half▼ 3.8pp63.6%▼ 11.0pp
Current ratio4.37-4.55▲ 0.193.26above the sector's middle half▼ 1.304.17above the sector's middle half▲ 0.912.69within the sector's middle half▼ 1.472.18within the sector's middle half▼ 0.511.81within the sector's middle half▼ 0.371.19▼ 0.62
Return on assets (ROA)0.1%-0.1%▼ 0.1pp-13.0%below the sector's middle half▼ 13.1pp-1.7%within the sector's middle half▲ 11.3pp3.2%within the sector's middle half▲ 4.9pp-16.4%below the sector's middle half▼ 19.7pp-17.1%below the sector's middle half▼ 0.6pp-24.4%▼ 7.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a loss of €29,006, larger than the loss of €23,193 in 2025. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €130,046
Fixed assets
€76,864 ▼ 12.7%
Current assets
€53,183 ▼ 18.8%
Equity and liabilities €130,046
Equity
€82,727 ▼ 27.8%
Debt
€47,319 ▲ 21.2%
Debt's share of the balance-sheet total rises from 25.4% to 36.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€17,817▼
2025 · -€12,003
Cash flow
-€20,589▼
2025 · -€15,044
Debt to equity
0.57▲
2025 · 0.34
ROE
-38.4%▼
2025 · -22.9%
Interest coverage
-6.77▼
2025 · -4.13
Debt ≤ 1 year
€44,808▲
2025 · €36,241
Income taxes
€142▲
2025 · €140
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €32,830 | €1,729 | - | - |
| Depreciation and write-downs of the year | €5,054 | €9,983 | €11,268 | €11,190 | €11,190 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €6,800 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,470 | €5,722 | €5,504 | €5,054 | €9,983 | €11,268 | €11,190 | €11,190 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,341 | -€1,341 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,655 | €3,393 | €3,755 | €3,904 | €4,022 | ▲ 3.0% |
| Gross operating margin9900 | €14,358 | €10,650 | -€12,471 | €8,660 | €20,761 | -€12,221 | -€8,099 | -€13,795 | ▼ 70.3% |
| Operating profit (loss)9901 | €1,894 | €1,555 | -€21,602 | -€1,389 | €8,726 | -€27,244 | -€23,193 | -€29,006 | ▼ 25.1% |
| Financial income75/76B | - | - | - | €78 | €90 | €0 | €9 | €0 | ▼ 100% |
| Recurring financial income75 | €210 | €188 | €106 | €78 | €90 | €0 | €9 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1,113 | €1,309 | €2,150 | €2,909 | €2,630 | ▼ 9.6% |
| Recurring financial charges65 | €1,673 | €1,477 | €4,574 | €1,113 | €1,309 | €2,150 | €2,909 | €2,630 | ▼ 9.6% |
| Profit (loss) for the period before taxes9903 | €431 | €266 | -€26,069 | -€2,424 | €7,507 | -€29,394 | -€26,093 | -€31,636 | ▼ 21.2% |
| Income taxes67/77 | €143 | €131 | €116 | €832 | €795 | €133 | €140 | €142 | ▲ 1.0% |
| Profit (loss) for the period9904 | €287 | €135 | -€26,185 | -€3,257 | €6,712 | -€29,527 | -€26,233 | -€31,778 | ▼ 21.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,000 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €287 | €135 | -€26,185 | €743 | €6,712 | -€29,527 | -€26,233 | -€31,778 | ▼ 21.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €221,829 | €221,666 | €201,566 | €189,047 | €208,307 | €179,640 | €153,533 | €130,046 | ▼ 15.3% |
| Fixed assets21/28 | €101,129 | €96,492 | €90,988 | €85,934 | €108,782 | €99,243 | €88,053 | €76,864 | ▼ 12.7% |
| Tangible fixed assets22/27 | €101,129 | €96,492 | €90,988 | €85,934 | €108,782 | €99,243 | €88,053 | €76,864 | ▼ 12.7% |
| Land and buildings22 | - | - | - | €85,500 | €80,663 | €77,908 | €73,284 | €68,661 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €434 | €217 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €27,901 | €21,335 | €14,769 | €8,203 | ▼ 44.5% |
| Current assets29/58 | €120,700 | €125,174 | €110,577 | €103,112 | €99,525 | €80,397 | €65,479 | €53,183 | ▼ 18.8% |
| Stocks and contracts in progress3 | €56,242 | €49,900 | €51,123 | €28,254 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €28,254 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €5,086 | €14,057 | €5,956 | €7,179 | €2,950 | €652 | €124 | €118 | ▼ 4.9% |
| Trade receivables40 | - | - | - | €7,157 | €632 | €121 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €22 | €2,319 | €531 | €124 | €118 | ▼ 4.9% |
| Current investments50/53 | €3,281 | €3,281 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €54,841 | €56,686 | €52,248 | €67,680 | €96,575 | €79,745 | €65,356 | €53,065 | ▼ 18.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €221,829 | €221,666 | €201,566 | €189,047 | €208,307 | €179,640 | €153,533 | €130,046 | ▼ 15.3% |
| Equity10/15 | €192,861 | €192,996 | €166,811 | €163,554 | €170,266 | €140,739 | €114,505 | €82,727 | ▼ 27.8% |
| Contributions10/11 | €6,205 | €6,205 | - | €6,205 | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €186,656 | €186,791 | €160,606 | €157,349 | €164,061 | €134,534 | €108,300 | €76,522 | ▼ 29.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €155,489 | €162,201 | €132,674 | €108,300 | €76,522 | ▼ 29.3% |
| Amounts payable17/49 | €28,968 | €28,670 | €34,755 | €25,493 | €38,041 | €38,901 | €39,027 | €47,319 | ▲ 21.2% |
| Amounts payable within one year42/48 | €27,623 | €27,483 | €33,925 | €24,755 | €36,963 | €36,864 | €36,241 | €44,808 | ▲ 23.6% |
| Trade debts44 | €1,820 | €2,560 | €4,815 | €460 | €488 | €940 | €303 | €7,128 | ▲ 24× |
| Suppliers440/4 | - | - | - | €460 | €488 | €940 | €303 | €7,128 | ▲ 24× |
| Taxes, remuneration and social security45 | - | - | - | €7,008 | €795 | €133 | €146 | €142 | ▼ 3.1% |
| Taxes450/3 | - | - | - | €4,353 | €795 | €133 | €146 | €142 | ▼ 3.1% |
| Remuneration and social security454/9 | - | - | - | €2,655 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €17,286 | €35,679 | €35,791 | €35,791 | €37,538 | ▲ 4.9% |
| Accrued charges and deferred income492/3 | - | - | - | €738 | €1,078 | €2,037 | €2,786 | €2,511 | ▼ 9.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €287 | €135 | -€26,185 | -€3,257 | €6,712 | -€29,527 | -€26,233 | -€31,778 | ▼ 21.1% |
| + Depreciation and write-downs630 | €8,470 | €5,722 | €5,504 | €5,054 | €9,983 | €11,268 | €11,190 | €11,190 | = |
| Operating cash flow (approximation) | €8,758 | €5,857 | -€20,681 | €1,797 | €16,695 | -€18,259 | -€15,044 | -€20,589 | ▼ 36.9% |
| Investment in fixed assets (approximation) | - | -€1,085 | €0 | €0 | -€32,830 | -€1,729 | €0 | €0 | - |
| Change in cash | - | €1,845 | -€4,438 | €15,432 | €28,895 | -€16,830 | -€14,389 | -€12,291 | ▲ 14.6% |
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, 5,831 companies had the same profile as Verbrugghe has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Verbrugghe itself is lower: 0.1% within 12 months. It rests on far more data about Verbrugghe than the profile alone.
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 5,831 companies, not a prediction for Verbrugghe. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 28-10-2026 | 2026-00570192 | |
| 31-03-2025 | micro format | 27-10-2025 | 2025-00550005 | |
| 31-03-2024 | micro format | 30-09-2024 | 2024-00479230 | |
| 31-03-2023 | micro format | 10-11-2023 | 2023-00509691 | |
| 31-03-2022 | micro format | 29-11-2022 | 2022-20526834 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-75100161 | |
| 31-03-2020 | micro format | 25-11-2020 | 2020-72200375 | |
| 31-03-2019 | micro format | 30-09-2019 | 2019-67500028 | |
| 31-03-2018 | micro format | 01-10-2018 | 2018-67600454 | |
| 31-03-2017 | micro format | 29-09-2017 | 2017-64200488 |