VERDA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 39 days after the deadline Filed on 8 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00511705.
Annual accounts 2025 filed on 08-09-2026 at the NBB all 7 filings
Turnover
≈ €150,000
Estimated: probably between €91,000 and €200,000
Total assets
€240,960▲ 43.0%
2024 · €168,450
Net result
€29,425▼ 30.9%
2024 · €42,605
Working capital
€127,932▲ 5.0%
2024 · €121,783
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€32,681
▼ 36.7%
2025
20192025
Net result
€29,425
▼ 30.9%
2025
middle half of the sector
20192025
Equity
€147,255
▲ 6.8%
2025
middle half of the sector
20192025
Total assets
€240,960
▲ 43.0%
2025
middle half of the sector
20192025
Debt
€93,705
▲ 206%
2025
20192025
Working capital
€127,932
▲ 5.0%
2025
highest quarter of the sector
20192025
Solvency
61.1%
▼ 20.7pp
2025
middle half of the sector
20192025
Current ratio
4.52
▼ 2.37
2025
highest quarter of the sector
20192025
Return on assets (ROA)
12.2%
▼ 13.1pp
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€36,148-€41,132▲ 13.8%€39,521▼ 3.9%€29,031▼ 26.5%€41,429▲ 42.7%€51,615▲ 24.6%€32,681▼ 36.7%
Net result€34,946-€40,540above the sector's middle half▲ 16.0%€19,490within the sector's middle half▼ 51.9%€26,077within the sector's middle half▲ 33.8%€35,972above the sector's middle half▲ 37.9%€42,605above the sector's middle half▲ 18.4%€29,425within the sector's middle half▼ 30.9%
Equity€41,146-€81,686within the sector's middle half▲ 98.5%€87,176within the sector's middle half▲ 6.7%€98,253within the sector's middle half▲ 12.7%€115,225within the sector's middle half▲ 17.3%€137,830within the sector's middle half▲ 19.6%€147,255within the sector's middle half▲ 6.8%
Total assets€57,755-€136,360below the sector's middle half▲ 136%€118,659below the sector's middle half▼ 13.0%€124,522below the sector's middle half▲ 4.9%€153,122within the sector's middle half▲ 23.0%€168,450within the sector's middle half▲ 10.0%€240,960within the sector's middle half▲ 43.0%
Debt€16,609-€54,674▲ 229%€31,483▼ 42.4%€26,269▼ 16.6%€37,897▲ 44.3%€30,620▼ 19.2%€93,705▲ 206%
Working capital€40,394-€74,340within the sector's middle half▲ 84.0%€77,510within the sector's middle half▲ 4.3%€85,639within the sector's middle half▲ 10.5%€101,091above the sector's middle half▲ 18.0%€121,783above the sector's middle half▲ 20.5%€127,932above the sector's middle half▲ 5.0%
Solvency71.2%-59.9%above the sector's middle half▼ 11.3pp73.5%above the sector's middle half▲ 13.6pp78.9%above the sector's middle half▲ 5.4pp75.3%above the sector's middle half▼ 3.7pp81.8%above the sector's middle half▲ 6.6pp61.1%within the sector's middle half▼ 20.7pp
Current ratio8.45-3.59above the sector's middle half▼ 4.867.63above the sector's middle half▲ 4.047.72above the sector's middle half▲ 0.096.73above the sector's middle half▼ 0.986.89above the sector's middle half▲ 0.164.52above the sector's middle half▼ 2.37
Return on assets (ROA)60.5%-29.7%above the sector's middle half▼ 30.8pp16.4%above the sector's middle half▼ 13.3pp20.9%above the sector's middle half▲ 4.5pp23.5%above the sector's middle half▲ 2.6pp25.3%above the sector's middle half▲ 1.8pp12.2%above the sector's middle half▼ 13.1pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 37% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €240,960
Fixed assets
€76,710 ▲ 195%
Current assets
€164,250 ▲ 15.3%
Equity and liabilities €240,960
Equity
€147,255 ▲ 6.8%
Debt
€93,705 ▲ 206%
Debt's share of the balance-sheet total rises from 18.2% to 38.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,472▼
2024 · €62,072
Cash flow
€47,216▼
2024 · €53,062
Debt to equity
0.64▲
2024 · 0.22
ROE
20.0%▼
2024 · 30.9%
Interest coverage
20.58▼
2024 · 42.17
Debt ≤ 1 year
€36,318▲
2024 · €20,660
Debt > 1 year
€57,387▲
2024 · €9,960
Income taxes
€803▼
2024 · €7,539
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 | €3,508 | €5,071 | €16,529 | €2,068 | €68,494 |
| Depreciation and write-downs of the year | €7,387 | €8,392 | €8,265 | €10,457 | €17,791 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,847 | €771 | €7,387 | €8,392 | €8,265 | €10,457 | €17,791 | ▲ 70.1% |
| Other operating charges640/8 | - | - | €514 | €611 | €663 | €361 | €306 | ▼ 15.2% |
| Gross operating margin9900 | €51,152 | €42,181 | €47,422 | €38,034 | €50,357 | €62,433 | €50,778 | ▼ 18.7% |
| Operating profit (loss)9901 | €36,148 | €41,132 | €39,521 | €29,031 | €41,429 | €51,615 | €32,681 | ▼ 36.7% |
| Financial income75/76B | - | - | €1 | €1 | - | €1 | - | - |
| Recurring financial income75 | €10 | €6 | €1 | €1 | - | €1 | - | - |
| Financial charges65/66B | - | - | €514 | €366 | €1,400 | €1,472 | €2,453 | ▲ 66.6% |
| Recurring financial charges65 | €1,212 | €443 | €514 | €366 | €1,400 | €1,472 | €2,453 | ▲ 66.6% |
| Profit (loss) for the period before taxes9903 | €34,946 | €40,540 | €39,008 | €28,666 | €40,029 | €50,144 | €30,228 | ▼ 39.7% |
| Income taxes67/77 | - | - | €19,518 | €2,589 | €4,057 | €7,539 | €803 | ▼ 89.3% |
| Profit (loss) for the period9904 | €34,946 | €40,540 | €19,490 | €26,077 | €35,972 | €42,605 | €29,425 | ▼ 30.9% |
| Profit (loss) for the period to be appropriated9905 | €34,946 | €40,540 | €19,490 | €26,077 | €35,972 | €42,605 | €29,425 | ▼ 30.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €57,755 | €136,360 | €118,659 | €124,522 | €153,122 | €168,450 | €240,960 | ▲ 43.0% |
| Fixed assets21/28 | €11,937 | €33,332 | €29,453 | €26,132 | €34,396 | €26,007 | €76,710 | ▲ 195% |
| Tangible fixed assets22/27 | €11,937 | €33,332 | €29,453 | €26,132 | €34,396 | €26,007 | €76,710 | ▲ 195% |
| Land and buildings22 | - | - | - | €1,033 | €922 | €812 | €701 | ▼ 13.7% |
| Plant, machinery and equipment23 | - | - | €2,975 | €5,395 | €18,460 | €15,786 | €21,528 | ▲ 36.4% |
| Furniture and vehicles24 | - | - | €414 | €165 | - | €920 | €54,481 | ▲ 59× |
| Leasing and similar rights25 | - | - | €26,064 | €19,539 | €15,014 | €8,489 | - | - |
| Current assets29/58 | €45,818 | €103,028 | €89,206 | €98,390 | €118,726 | €142,443 | €164,250 | ▲ 15.3% |
| Amounts receivable within one year40/41 | €33,080 | €85,863 | €76,599 | €90,620 | €109,625 | €140,696 | €164,250 | ▲ 16.7% |
| Trade receivables40 | - | - | €10,497 | €8,438 | €3,254 | €6,431 | €3,253 | ▼ 49.4% |
| Other amounts receivable41 | - | - | €66,102 | €82,182 | €106,371 | €134,265 | €160,997 | ▲ 19.9% |
| Cash at bank and in hand54/58 | €12,685 | €17,126 | €12,567 | €7,731 | €9,060 | €1,706 | - | - |
| Deferred charges and accrued income490/1 | - | - | €40 | €39 | €41 | €41 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €57,755 | €136,360 | €118,659 | €124,522 | €153,122 | €168,450 | €240,960 | ▲ 43.0% |
| Equity10/15 | €41,146 | €81,686 | €87,176 | €98,253 | €115,225 | €137,830 | €147,255 | ▲ 6.8% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €33,086 | €73,626 | €79,116 | €90,193 | €107,165 | €129,770 | €139,195 | ▲ 7.3% |
| Amounts payable17/49 | €16,609 | €54,674 | €31,483 | €26,269 | €37,897 | €30,620 | €93,705 | ▲ 206% |
| Amounts payable after more than one year17 | €11,185 | €25,986 | €19,787 | €13,518 | €20,262 | €9,960 | €57,387 | ▲ 476% |
| Financial debts170/4 | - | - | €19,787 | €13,518 | €20,262 | €9,960 | €57,387 | ▲ 476% |
| Amounts payable within one year42/48 | €5,424 | €28,688 | €11,696 | €12,751 | €17,635 | €20,660 | €36,318 | ▲ 75.8% |
| Current portion of amounts payable after more than one year42 | - | - | €6,199 | €6,269 | €10,353 | €10,302 | €16,369 | ▲ 58.9% |
| Financial debts43 | - | - | €2,345 | - | - | €2,366 | €3,855 | ▲ 62.9% |
| Credit institutions430/8 | - | - | €2,345 | - | - | €2,366 | €3,855 | ▲ 62.9% |
| Trade debts44 | €1 | €18,583 | €2,768 | €6,482 | €3,873 | €7,992 | €14,752 | ▲ 84.6% |
| Suppliers440/4 | - | - | €2,768 | €6,482 | €3,873 | €7,992 | €14,752 | ▲ 84.6% |
| Taxes, remuneration and social security45 | - | - | €384 | - | €3,409 | - | €1,342 | - |
| Taxes450/3 | - | - | €384 | - | €3,409 | - | €1,342 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,946 | €40,540 | €19,490 | €26,077 | €35,972 | €42,605 | €29,425 | ▼ 30.9% |
| + Depreciation and write-downs630 | €8,847 | €771 | €7,387 | €8,392 | €8,265 | €10,457 | €17,791 | ▲ 70.1% |
| Operating cash flow (approximation) | €43,793 | €41,311 | €26,877 | €34,469 | €44,237 | €53,062 | €47,216 | ▼ 11.0% |
| Investment in fixed assets (approximation) | - | -€22,166 | -€3,508 | -€5,071 | -€16,529 | -€2,068 | -€68,494 | ▼ 3,212% |
| Change in cash | - | €4,441 | -€4,559 | -€4,836 | €1,329 | -€7,354 | - | - |
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, 26,972 companies had the same profile as VERDA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VERDA itself: 2.0% 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 26,972 companies, not a prediction for VERDA. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-09-2026 | 2026-00511705 | |
| 31-12-2024 | micro format | 06-10-2025 | 2025-00540618 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00266624 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00315154 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20287036 | |
| 31-12-2020 | micro format | 15-08-2021 | 2021-51000075 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-33900092 |