Vertagro
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 5 filings
Turnover
€60.5m▼ 14.3%
2024 · €70.7m
EBIT margin
0.1%=
2024 · 0.1%
Net result
€8,664▼ 47.7%
2024 · €16,578
Working capital
€7.2m▲ 0.5%
2024 · €7.2m
In the rankings
#3 company by total assets in Heuvelland, Wholesale and retail trade sector#9 employer in Heuvelland, Wholesale and retail trade sector
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€60.5m
▼ 14.3%
2025
20212025
Operating result
€58,366
▼ 6.8%
2025
20212025
Net result
€8,664
▼ 47.7%
2025
middle half of the sector
20212025
EBIT margin
0.1%
=
2025
20212025
Equity
€873,634
▲ 1.0%
2025
middle half of the sector
20212025
Total assets
€9.4m
▲ 0.1%
2025
middle half of the sector
20212025
Debt
€8.6m
=
2025
20212025
Working capital
€7.2m
▲ 0.5%
2025
highest quarter of the sector
20212025
Solvency
9.3%
▲ 0.1pp
2025
lowest quarter of the sector
20212025
Current ratio
4.61
▼ 0.01
2025
highest quarter of the sector
20212025
Return on assets (ROA)
0.1%
▼ 0.1pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
3.2
▼ 27.3%
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€118.5m-€74.7m▼ 37.0%€69.9m▼ 6.4%€70.7m▲ 1.1%€60.5m▼ 14.3%
Operating result€0.5m-€0.03m▼ 94.6%€0.7m▲ 23×€0.06m▼ 90.4%€0.06m▼ 6.8%
Net result€0.4mwithin the sector's middle half-€0.01mwithin the sector's middle half▼ 96.4%€0.5mwithin the sector's middle half▲ 35×€0.02mwithin the sector's middle half▼ 96.4%€0.009mwithin the sector's middle half▼ 47.7%
EBIT margin0.4%-0.0%▼ 0.4pp0.9%▲ 0.9pp0.1%▼ 0.8pp0.1%=
Equity€0.4mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 3.5%€0.8mwithin the sector's middle half▲ 118%€0.9mwithin the sector's middle half▲ 2.0%€0.9mwithin the sector's middle half▲ 1.0%
Total assets€8.3mwithin the sector's middle half-€8.4mwithin the sector's middle half▲ 0.4%€8.8mwithin the sector's middle half▲ 5.3%€9.4mwithin the sector's middle half▲ 7.2%€9.4mwithin the sector's middle half▲ 0.1%
Debt€7.9m-€8.0m▲ 0.2%€7.9m▼ 0.2%€8.6m▲ 7.7%€8.6m=
Working capital€6.7mabove the sector's middle half-€6.7mabove the sector's middle half▲ 0.7%€7.3mabove the sector's middle half▲ 8.4%€7.2mabove the sector's middle half▼ 1.0%€7.2mabove the sector's middle half▲ 0.5%
Solvency4.5%below the sector's middle half-4.7%below the sector's middle half▲ 0.1pp9.6%below the sector's middle half▲ 5.0pp9.2%below the sector's middle half▼ 0.5pp9.3%below the sector's middle half▲ 0.1pp
Current ratio5.97above the sector's middle half-5.93above the sector's middle half▼ 0.046.61above the sector's middle half▲ 0.684.62above the sector's middle half▼ 1.994.61above the sector's middle half▼ 0.01
Return on assets (ROA)4.5%within the sector's middle half-0.2%below the sector's middle half▼ 4.3pp5.2%within the sector's middle half▲ 5.1pp0.2%below the sector's middle half▼ 5.1pp0.1%below the sector's middle half▼ 0.1pp
Staff (FTE)7.3within the sector's middle half-5.9within the sector's middle half▼ 19.2%5.4within the sector's middle half▼ 8.5%4.4within the sector's middle half▼ 18.5%3.2below the sector's middle half▼ 27.3%
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 2025 is 7% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.4m
Fixed assets
€186,878 ▼ 19.5%
Current assets
€9.2m ▲ 0.5%
Equity and liabilities €9.4m
Equity
€873,634 ▲ 1.0%
Debt
€8.6m =
Debt's share of the balance-sheet total falls from 90.8% to 90.7%. Equity is higher.
Key figures and ratios
EBITDA
€143,106▼
2024 · €146,078
Cash flow
€93,405▼
2024 · €100,051
Quick ratio
3.18▲
2024 · 2.61
Debt to equity
9.80▼
2024 · 9.90
ROE
1.0%▼
2024 · 1.9%
Interest coverage
4.26▼
2024 · 5.25
Debt ≤ 1 year
€2.0m▲
2024 · €2.0m
Debt > 1 year
€6.5m▼
2024 · €6.6m
Income taxes
€8,317▼
2024 · €12,527
Customer credit
31 days▲
2024 · 24 days
Supplier credit
8 days▲
2024 · 5 days
Staff costs
€129,551▼
2024 · €210,162
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 | 9 | 7 | 7 | 4 | 3 |
| full-time | 5 | 3 | 3 | 2 | 2 |
| part-time | 4 | 4 | 4 | 2 | 1 |
| in full-time equivalents | 7.3 | 5.5 | 5.5 | 3.6 | 2.8 |
| Average over the year, in full-time equivalents | 6.8 | 5.9 | 5.4 | 4.4 | 3.2 |
| On a permanent contract | 9 | 7 | 7 | 3 | 2 |
| Joined | 12 | 0 | 1 | 1 | 1 |
| Left | 3 | 2 | 1 | 4 | 2 |
| Agency workers, average number | 1 | - | - | - | - |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €4.0m | €3.8m | €3.9m | €3.2m |
| Pledge on the business | - | - | - | €550,000 | €550,000 |
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 | €300,736 | €44,925 | €32,815 | €132,648 | €32,053 |
| Intangible fixed assets | €91,511 | - | - | - | €7,440 |
| Depreciation and write-downs of the year | €80,205 | €79,951 | €88,894 | €83,473 | €84,740 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €6,475 | €6,475 | €6,475 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €118.6m | €74.7m | €70.0m | €70.7m | €60.5m | ▼ 14.4% |
| Turnover70 | €118.5m | €74.7m | €69.9m | €70.7m | €60.5m | ▼ 14.3% |
| Other operating income74 | €0.008m | €0.01m | €0.03m | €0.06m | €0.01m | ▼ 82.5% |
| Non-recurring operating income76A | - | €0.005m | €0 | - | - | - |
| Operating charges60/66A | €118.0m | €74.7m | €69.3m | €70.7m | €60.5m | ▼ 14.4% |
| Goods for resale, raw materials and consumables60 | €117.3m | €74.0m | €68.6m | €70.1m | €60.0m | ▼ 14.4% |
| Purchases600/8 | €120.7m | €73.5m | €68.1m | €71.8m | €58.9m | ▼ 18.0% |
| Change in stocks: decrease (increase)609 | -€3.4m | €0.6m | €0.5m | -€1.7m | €1.1m | - |
| Services and other goods61 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 8.5% |
| Remuneration, social security and pensions62 | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.09m | €0.08m | €0.08m | ▲ 1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.008m | €0.01m | €0.1m | €0 | - | - |
| Other operating charges640/8 | €0.007m | €0.003m | €0.004m | €0.004m | €0.004m | ▼ 0.2% |
| Non-recurring operating charges66A | - | - | - | €0.007m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €0.5m | €0.03m | €0.7m | €0.06m | €0.06m | ▼ 6.8% |
| Financial income75/76B | €0.01m | €0.01m | €0.005m | €0 | €0.001m | - |
| Recurring financial income75 | €0.01m | €0.01m | €0.005m | €0 | €0.001m | - |
| Income from current assets751 | - | - | €46 | €0 | - | - |
| Other financial income752/9 | €0.01m | €0.01m | €0.005m | €0 | €0.001m | - |
| Financial charges65/66B | €0.01m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 27.2% |
| Recurring financial charges65 | €0.01m | €0.02m | €0.02m | €0.03m | €0.04m | ▲ 27.2% |
| Debt charges650 | €0.01m | €0.01m | €0.02m | €0.03m | €0.03m | ▲ 20.8% |
| Other financial charges652/9 | €0.004m | €0.004m | €0.005m | €0.006m | €0.009m | ▲ 58.5% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.02m | €0.6m | €0.03m | €0.02m | ▼ 41.7% |
| Income taxes67/77 | €0.1m | €0.009m | €0.2m | €0.01m | €0.008m | ▼ 33.6% |
| Taxes670/3 | €0.1m | €0.009m | €0.2m | €0.01m | €0.008m | ▼ 33.6% |
| Profit (loss) for the period9904 | €0.4m | €0.01m | €0.5m | €0.02m | €0.009m | ▼ 47.7% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.01m | €0.5m | €0.02m | €0.009m | ▼ 47.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.3m | €8.4m | €8.8m | €9.4m | €9.4m | ▲ 0.1% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 19.5% |
| Intangible fixed assets21 | €0.08m | €0.07m | €0.05m | €0.04m | €0.03m | ▼ 16.3% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 20.5% |
| Plant, machinery and equipment23 | €0.03m | €0.03m | €0.02m | €0.02m | €0.04m | ▲ 118% |
| Furniture and vehicles24 | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 36.3% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other financial fixed assets284/8 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts receivable and cash guarantees285/8 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €8.0m | €8.1m | €8.6m | €9.2m | €9.2m | ▲ 0.5% |
| Stocks and contracts in progress3 | €3.4m | €2.9m | €2.3m | €4.0m | €2.9m | ▼ 28.3% |
| Stocks30/36 | €3.4m | €2.9m | €2.3m | €4.0m | €2.9m | ▼ 28.3% |
| Goods purchased for resale34 | €3.4m | €2.9m | €2.3m | €4.0m | €2.9m | ▼ 28.3% |
| Amounts receivable within one year40/41 | €4.3m | €4.6m | €5.8m | €4.7m | €5.3m | ▲ 12.7% |
| Trade receivables40 | €4.3m | €4.4m | €5.6m | €4.6m | €5.1m | ▲ 10.8% |
| Other amounts receivable41 | €0.02m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 82.9% |
| Cash at bank and in hand54/58 | €0.3m | €0.6m | €0.4m | €0.5m | €1.1m | ▲ 124% |
| Deferred charges and accrued income490/1 | €0.01m | €0.01m | €0.01m | €0.01m | €0.004m | ▼ 65.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.3m | €8.4m | €8.8m | €9.4m | €9.4m | ▲ 0.1% |
| Equity10/15 | €0.4m | €0.4m | €0.8m | €0.9m | €0.9m | ▲ 1.0% |
| Contributions10/11 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves13 | €0.4m | €0.4m | €0.8m | €0.9m | €0.9m | ▲ 1.0% |
| Distributable reserves133 | €0.4m | €0.4m | €0.8m | €0.9m | €0.9m | ▲ 1.0% |
| Amounts payable17/49 | €7.9m | €8.0m | €7.9m | €8.6m | €8.6m | = |
| Amounts payable after more than one year17 | €6.6m | €6.6m | €6.6m | €6.6m | €6.5m | ▼ 0.5% |
| Financial debts170/4 | €0.1m | €3.4m | €3.3m | €3.4m | €3.4m | ▼ 0.9% |
| Subordinated loans170 | - | €3.3m | €3.3m | €3.3m | €3.3m | = |
| Credit institutions173 | €0.1m | €0.07m | €0.02m | €0.09m | €0.06m | ▼ 32.5% |
| Other amounts payable178/9 | €6.5m | €3.2m | €3.3m | €3.2m | €3.2m | = |
| Amounts payable within one year42/48 | €1.3m | €1.4m | €1.3m | €2.0m | €2.0m | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | €0.6m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 16.3% |
| Financial debts43 | - | €0.7m | €0.5m | €0.6m | €0.6m | ▼ 2.1% |
| Credit institutions430/8 | - | €0.7m | €0.5m | €0.6m | €0.6m | ▼ 2.1% |
| Other loans439 | - | €0 | - | - | - | - |
| Trade debts44 | €0.4m | €0.4m | €0.5m | €1.0m | €1.2m | ▲ 19.6% |
| Suppliers440/4 | €0.4m | €0.4m | €0.5m | €1.0m | €1.2m | ▲ 19.6% |
| Taxes, remuneration and social security45 | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 79.5% |
| Taxes450/3 | €0.1m | €0.2m | €0.2m | €0.1m | €0.006m | ▼ 96.1% |
| Remuneration and social security454/9 | €0.02m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 6.7% |
| Other amounts payable47/48 | €0.2m | €0.02m | €0.02m | €0.2m | €0.1m | ▼ 15.0% |
| Accrued charges and deferred income492/3 | €0.002m | €0.03m | €0.06m | €0.01m | €0.02m | ▲ 85.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €370,395 | €13,247 | €459,951 | €16,578 | €8,664 | ▼ 47.7% |
| + Depreciation and write-downs630 | €80,205 | €79,951 | €88,894 | €83,473 | €84,740 | ▲ 1.5% |
| Operating cash flow (approximation) | €450,599 | €93,198 | €548,845 | €100,051 | €93,405 | ▼ 6.6% |
| Investment in fixed assets (approximation) | - | -€41,992 | -€32,815 | -€92,670 | -€39,493 | ▲ 57.4% |
| Change in cash | - | €279,750 | -€146,218 | €28,443 | €594,413 | ▲ 21× |
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, 1,251 companies had the same profile as Vertagro has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Vertagro itself: 0.7% 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 1,251 companies, not a prediction for Vertagro. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00196369 | |
| 31-12-2024 | full format | 18-11-2025 | 2025-00568695 | |
| 31-12-2023 | full format | 10-09-2024 | 2024-00459150 | |
| 31-12-2022 | full format | 28-11-2023 | 2023-00519704 | |
| 31-12-2021 | full format | 08-08-2022 | 2022-20277590 |