VERDESA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 32 filings
Turnover
≈ €900,000
Estimated: probably between €610,000 and €1.7m
Total assets
€924,833▲ 9.6%
2024 · €843,678
Net result
€96,744▲ 11.0%
2024 · €87,166
Working capital
€528,468▲ 24.0%
2024 · €426,258
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€134,690
▲ 8.8%
2025
20182025
Net result
€96,744
▲ 11.0%
2025
middle half of the sector
20182025
Equity
€667,214
▲ 17.0%
2025
highest quarter of the sector
20182025
Total assets
€924,833
▲ 9.6%
2025
middle half of the sector
20182025
Debt
€257,620
▼ 5.7%
2025
20182025
Working capital
€528,468
▲ 24.0%
2025
highest quarter of the sector
20182025
Solvency
72.1%
▲ 4.5pp
2025
highest quarter of the sector
20182025
Current ratio
5.25
▲ 1.21
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.5%
▲ 0.1pp
2025
middle half 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
Operating result€53,745-€38,968▼ 27.5%€70,261▲ 80.3%€92,555▲ 31.7%€150,573▲ 62.7%€96,357▼ 36.0%€123,827▲ 28.5%€134,690▲ 8.8%
Net result€34,145-€27,037▼ 20.8%€47,581within the sector's middle half▲ 76.0%€46,150within the sector's middle half▼ 3.0%€103,293within the sector's middle half▲ 124%€64,900within the sector's middle half▼ 37.2%€87,166within the sector's middle half▲ 34.3%€96,744within the sector's middle half▲ 11.0%
Equity€350,917-€374,754▲ 6.8%€420,735within the sector's middle half▲ 12.3%€412,285within the sector's middle half▼ 2.0%€496,978within the sector's middle half▲ 20.5%€536,279within the sector's middle half▲ 7.9%€570,470within the sector's middle half▲ 6.4%€667,214above the sector's middle half▲ 17.0%
Total assets€523,875-€717,193▲ 36.9%€690,435within the sector's middle half▼ 3.7%€718,540within the sector's middle half▲ 4.1%€811,706within the sector's middle half▲ 13.0%€782,722within the sector's middle half▼ 3.6%€843,678within the sector's middle half▲ 7.8%€924,833within the sector's middle half▲ 9.6%
Debt€172,958-€342,439▲ 98.0%€269,700▼ 21.2%€306,255▲ 13.6%€314,728▲ 2.8%€246,443▼ 21.7%€273,208▲ 10.9%€257,620▼ 5.7%
Working capital€272,908-€280,495▲ 2.8%€325,109within the sector's middle half▲ 15.9%€309,719within the sector's middle half▼ 4.7%€348,748within the sector's middle half▲ 12.6%€399,683within the sector's middle half▲ 14.6%€426,258within the sector's middle half▲ 6.6%€528,468above the sector's middle half▲ 24.0%
Solvency67.0%-52.3%▼ 14.7pp60.9%above the sector's middle half▲ 8.7pp57.4%within the sector's middle half▼ 3.6pp61.2%above the sector's middle half▲ 3.8pp68.5%above the sector's middle half▲ 7.3pp67.6%above the sector's middle half▼ 0.9pp72.1%above the sector's middle half▲ 4.5pp
Current ratio3.80-3.34▼ 0.464.71above the sector's middle half▲ 1.373.08above the sector's middle half▼ 1.633.77above the sector's middle half▲ 0.695.41above the sector's middle half▲ 1.644.04above the sector's middle half▼ 1.385.25above the sector's middle half▲ 1.21
Return on assets (ROA)6.5%-3.8%▼ 2.7pp6.9%within the sector's middle half▲ 3.1pp6.4%within the sector's middle half▼ 0.5pp12.7%above the sector's middle half▲ 6.3pp8.3%within the sector's middle half▼ 4.4pp10.3%within the sector's middle half▲ 2.0pp10.5%within the sector's middle half▲ 0.1pp
Staff (FTE)0.1-0.1=0below the sector's middle half▼ 100%0below the sector's middle half0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 9% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €924,833
Fixed assets
€271,968 ▼ 1.9%
Current assets
€652,866 ▲ 15.2%
Equity and liabilities €924,833
Equity
€667,214 ▲ 17.0%
Debt
€257,620 ▼ 5.7%
Debt's share of the balance-sheet total falls from 32.4% to 27.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€187,619▲
2024 · €172,426
Cash flow
€149,673▲
2024 · €135,765
Quick ratio
4.17▲
2024 · 3.05
Debt to equity
0.39▼
2024 · 0.48
ROE
14.5%▼
2024 · 15.3%
Interest coverage
61.47▼
2024 · 77.06
Debt ≤ 1 year
€124,398▼
2024 · €140,326
Debt > 1 year
€132,542▲
2024 · €132,202
Income taxes
€43,499▲
2024 · €41,270
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 |
|---|---|---|---|
| Average over the year, in full-time equivalents | 0 | 0.1 | 0.1 |
| Joined | 1 | 5 | 2 |
| Left | 1 | 5 | 2 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €193,951 | €225,864 | €188,214 | €155,197 | €165,028 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,510 | €112,339 | - | €33,221 | €51,226 |
| Depreciation and write-downs of the year | €41,148 | €35,295 | €44,652 | €48,599 | €52,929 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,239 | €12,899 | €19,716 | €16,013 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,851 | €49,854 | €45,804 | €41,148 | €35,295 | €44,652 | €48,599 | €52,929 | ▲ 8.9% |
| Other operating charges640/8 | - | - | - | €3,970 | €6,811 | €4,544 | €5,128 | €5,140 | ▲ 0.2% |
| Gross operating margin9900 | €105,154 | €122,845 | €125,896 | €140,911 | €205,577 | €165,269 | €193,566 | €192,758 | ▼ 0.4% |
| Operating profit (loss)9901 | €53,745 | €38,968 | €70,261 | €92,555 | €150,573 | €96,357 | €123,827 | €134,690 | ▲ 8.8% |
| Financial income75/76B | - | - | - | €6,121 | €419 | €2,275 | €6,846 | €8,606 | ▲ 25.7% |
| Recurring financial income75 | €6,535 | €2,214 | €2,309 | €6,121 | €419 | €2,275 | €6,846 | €8,606 | ▲ 25.7% |
| Financial charges65/66B | - | - | - | €2,521 | €2,456 | €3,713 | €2,238 | €3,052 | ▲ 36.4% |
| Recurring financial charges65 | €4,366 | €2,513 | €3,192 | €2,521 | €2,456 | €3,713 | €2,238 | €3,052 | ▲ 36.4% |
| Profit (loss) for the period before taxes9903 | €55,914 | €38,668 | €69,378 | €96,154 | €148,536 | €94,919 | €128,436 | €140,243 | ▲ 9.2% |
| Income taxes67/77 | €21,769 | €11,631 | €21,797 | €50,004 | €45,243 | €30,019 | €41,270 | €43,499 | ▲ 5.4% |
| Profit (loss) for the period9904 | €34,145 | €27,037 | €47,581 | €46,150 | €103,293 | €64,900 | €87,166 | €96,744 | ▲ 11.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €104,099 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €51,395 | €27,037 | €54,232 | €150,249 | €103,293 | €64,900 | €87,166 | €96,744 | ▲ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €523,875 | €717,193 | €690,435 | €718,540 | €811,706 | €782,722 | €843,678 | €924,833 | ▲ 9.6% |
| Fixed assets21/28 | €153,447 | €316,871 | €277,718 | €260,081 | €337,124 | €292,473 | €277,094 | €271,968 | ▼ 1.9% |
| Intangible fixed assets21 | €1,550 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €151,797 | €316,771 | €277,617 | €259,980 | €337,024 | €292,372 | €276,994 | €271,867 | ▼ 1.9% |
| Land and buildings22 | - | - | - | €234,735 | €216,675 | €200,891 | €204,207 | €187,284 | ▼ 8.3% |
| Plant, machinery and equipment23 | - | - | - | €6,359 | €10,054 | €7,306 | €4,558 | €2,830 | ▼ 37.9% |
| Furniture and vehicles24 | - | - | - | €18,887 | €110,294 | €84,175 | €68,229 | €81,754 | ▲ 19.8% |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €370,428 | €400,323 | €412,718 | €458,459 | €474,582 | €490,249 | €566,584 | €652,866 | ▲ 15.2% |
| Stocks and contracts in progress3 | €111,947 | €118,673 | €122,268 | €117,523 | €133,082 | €138,419 | €138,520 | €134,413 | ▼ 3.0% |
| Stocks30/36 | - | - | - | €117,523 | €133,082 | €138,419 | €138,520 | €134,413 | ▼ 3.0% |
| Amounts receivable within one year40/41 | €184,065 | €208,571 | €220,426 | €41,501 | €56,660 | €60,874 | €59,239 | €68,475 | ▲ 15.6% |
| Trade receivables40 | - | - | - | - | - | €354 | €5,588 | €41 | ▼ 99.3% |
| Other amounts receivable41 | - | - | - | €41,501 | €56,660 | €60,520 | €53,651 | €68,434 | ▲ 27.6% |
| Current investments50/53 | €13,126 | €13,126 | €13,126 | €19,329 | €127,449 | €142,449 | €169,949 | €205,860 | ▲ 21.1% |
| Cash at bank and in hand54/58 | €60,675 | €59,066 | €56,105 | €279,320 | €157,391 | €148,508 | €198,876 | €244,118 | ▲ 22.7% |
| Deferred charges and accrued income490/1 | - | - | - | €787 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €523,875 | €717,193 | €690,435 | €718,540 | €811,706 | €782,722 | €843,678 | €924,833 | ▲ 9.6% |
| Equity10/15 | €350,917 | €374,754 | €420,735 | €412,285 | €496,978 | €536,279 | €570,470 | €667,214 | ▲ 17.0% |
| Contributions10/11 | €62,000 | €62,000 | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €287,493 | €312,728 | €358,707 | €350,253 | €434,943 | €474,243 | €508,433 | €605,173 | ▲ 19.0% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves not available under the articles1311 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €168 | €168 | €168 | €168 | €168 | = |
| Distributable reserves133 | - | - | - | €343,885 | €428,575 | €467,875 | €502,065 | €598,805 | ▲ 19.3% |
| Profit (loss) carried forward14 | €1,424 | €26 | €28 | €32 | €35 | €36 | €37 | €41 | ▲ 10.3% |
| Amounts payable17/49 | €172,958 | €342,439 | €269,700 | €306,255 | €314,728 | €246,443 | €273,208 | €257,620 | ▼ 5.7% |
| Amounts payable after more than one year17 | €73,513 | €222,612 | €181,412 | €156,834 | €188,214 | €155,197 | €132,202 | €132,542 | ▲ 0.3% |
| Financial debts170/4 | - | - | - | €156,834 | €188,214 | €155,197 | €132,202 | €132,542 | ▲ 0.3% |
| Amounts payable within one year42/48 | €97,520 | €119,828 | €87,608 | €148,740 | €125,833 | €90,566 | €140,326 | €124,398 | ▼ 11.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €37,117 | €37,649 | €33,018 | €22,994 | €32,486 | ▲ 41.3% |
| Trade debts44 | €43,715 | €62,687 | €36,642 | €42,921 | €39,668 | €44,934 | €61,801 | €59,245 | ▼ 4.1% |
| Suppliers440/4 | - | - | - | €42,921 | €39,668 | €44,934 | €61,801 | €59,245 | ▼ 4.1% |
| Taxes, remuneration and social security45 | - | - | - | €46,526 | €39,097 | €1,443 | €15,390 | €31,031 | ▲ 102% |
| Taxes450/3 | - | - | - | €46,526 | €39,097 | €1,443 | €15,390 | €31,031 | ▲ 102% |
| Other amounts payable47/48 | - | - | - | €22,176 | €9,419 | €11,172 | €40,141 | €1,636 | ▼ 95.9% |
| Accrued charges and deferred income492/3 | - | - | - | €680 | €680 | €680 | €680 | €680 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,145 | €27,037 | €47,581 | €46,150 | €103,293 | €64,900 | €87,166 | €96,744 | ▲ 11.0% |
| + Depreciation and write-downs630 | €38,851 | €49,854 | €45,804 | €41,148 | €35,295 | €44,652 | €48,599 | €52,929 | ▲ 8.9% |
| Operating cash flow (approximation) | €72,996 | €76,891 | €93,385 | €87,297 | €138,589 | €109,552 | €135,765 | €149,673 | ▲ 10.2% |
| Investment in fixed assets (approximation) | - | -€213,278 | -€6,651 | -€23,510 | -€112,339 | €0 | -€33,221 | -€47,802 | ▼ 43.9% |
| Change in cash | - | -€1,609 | -€2,961 | €223,215 | -€121,930 | -€8,882 | €50,368 | €45,241 | ▼ 10.2% |
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, 20,136 companies had the same profile as VERDESA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of VERDESA 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 20,136 companies, not a prediction for VERDESA. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00154413 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00227097 | |
| 31-12-2023 | abbreviated format | 26-08-2024 | 2024-00378743 | |
| 31-12-2022 | abbreviated format | 08-08-2023 | 2023-00321600 | |
| 31-12-2021 | abbreviated format | 05-08-2022 | 2022-20279460 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-57500257 | |
| 31-12-2019 | abbreviated format | 21-08-2020 | 2020-43100560 | |
| 31-12-2018 | abbreviated format | 20-08-2019 | 2019-47800434 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-49900483 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-48700414 |