VOLTEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 34 filings
Turnover
€10.0m▼ 12.9%
2024 · €11.4m
EBIT margin
2.2%▼ 2.9pp
2024 · 5.1%
Net result
€128,380▼ 64.7%
2024 · €363,386
Working capital
€2.5m▼ 0.3%
2024 · €2.5m
In the rankings
#1 company by equity in Torhout, Wholesale and retail trade sector#4 company by total assets in Torhout, Wholesale and retail trade sector#5 employer in Torhout, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€10.0m
▼ 12.9%
2025
20182025
Operating result
€218,768
▼ 62.4%
2025
20182025
Net result
€128,380
▼ 64.7%
2025
middle half of the sector
20182025
EBIT margin
2.2%
▼ 2.9pp
2025
20182025
Equity
€7.3m
▼ 0.8%
2025
highest quarter of the sector
20182025
Total assets
€8.8m
▼ 2.6%
2025
middle half of the sector
20182025
Debt
€1.5m
▼ 10.9%
2025
20182025
Working capital
€2.5m
▼ 0.3%
2025
middle half of the sector
20182025
Solvency
83.4%
▲ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
2.87
▼ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
1.5%
▼ 2.6pp
2025
middle half of the sector
20182025
Staff (FTE)
14.2
▼ 9.0%
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
Turnover€16.2m€12.7m▼ 22.0%€11.4m▼ 9.8%€10.0m▼ 12.9%
Operating result€0.4m-€0.3m▼ 26.5%€3.0m▲ 861%€3.2m▲ 5.6%€1.4m▼ 57.1%€0.8m▼ 44.4%€0.6m▼ 22.6%€0.2m▼ 62.4%
Net result€0.2m-€0.2m▼ 2.0%€2.0mabove the sector's middle half▲ 993%€2.2mabove the sector's middle half▲ 5.3%€0.9mabove the sector's middle half▼ 56.6%€0.5mwithin the sector's middle half▼ 48.1%€0.4mwithin the sector's middle half▼ 25.1%€0.1mwithin the sector's middle half▼ 64.7%
EBIT margin8.3%5.9%▼ 2.4pp5.1%▼ 0.8pp2.2%▼ 2.9pp
Equity€2.1m-€2.2m▲ 9.1%€4.1mabove the sector's middle half▲ 81.2%€5.6mabove the sector's middle half▲ 37.5%€6.5mabove the sector's middle half▲ 16.7%€7.0mabove the sector's middle half▲ 7.4%€7.4mabove the sector's middle half▲ 5.2%€7.3mabove the sector's middle half▼ 0.8%
Total assets€4.5m-€3.7m▼ 17.8%€6.3mabove the sector's middle half▲ 69.1%€7.9mabove the sector's middle half▲ 25.5%€10.2mwithin the sector's middle half▲ 28.9%€9.0mwithin the sector's middle half▼ 11.5%€9.0mwithin the sector's middle half▼ 0.2%€8.8mwithin the sector's middle half▼ 2.6%
Debt€2.5m-€1.5m▼ 40.1%€2.2m▲ 50.8%€2.3m▲ 3.8%€3.7m▲ 58.2%€2.0m▼ 45.2%€1.6m▼ 18.8%€1.5m▼ 10.9%
Working capital€1.3m-€1.3m▼ 2.9%€2.8mabove the sector's middle half▲ 119%€4.2mabove the sector's middle half▲ 50.6%€2.0mwithin the sector's middle half▼ 53.6%€2.2mwithin the sector's middle half▲ 9.5%€2.5mwithin the sector's middle half▲ 15.4%€2.5mwithin the sector's middle half▼ 0.3%
Solvency45.4%-60.2%▲ 14.8pp64.5%above the sector's middle half▲ 4.3pp70.6%above the sector's middle half▲ 6.1pp64.0%above the sector's middle half▼ 6.7pp77.7%above the sector's middle half▲ 13.7pp81.8%above the sector's middle half▲ 4.2pp83.4%above the sector's middle half▲ 1.5pp
Current ratio1.64-1.96▲ 0.322.27within the sector's middle half▲ 0.312.83within the sector's middle half▲ 0.561.79within the sector's middle half▼ 1.042.68within the sector's middle half▲ 0.893.08above the sector's middle half▲ 0.402.87within the sector's middle half▼ 0.21
Return on assets (ROA)4.2%-5.0%▲ 0.8pp32.4%above the sector's middle half▲ 27.4pp27.2%above the sector's middle half▼ 5.2pp9.2%within the sector's middle half▼ 18.1pp5.4%within the sector's middle half▼ 3.8pp4.0%within the sector's middle half▼ 1.3pp1.5%within the sector's middle half▼ 2.6pp
Staff (FTE)17.1above the sector's middle half14.9above the sector's middle half▼ 12.9%16.3within the sector's middle half▲ 9.4%14.5within the sector's middle half▼ 11.0%15.6within the sector's middle half▲ 7.6%14.2within the sector's middle half▼ 9.0%
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 62% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Large changes and their cause
- 2022 Net result -57% on 2021. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.8m
Fixed assets
€5.0m ▼ 6.8%
Current assets
€3.8m ▲ 3.5%
Equity and liabilities €8.8m
Equity
€7.3m ▼ 0.8%
Debt
€1.5m ▼ 10.9%
Debt's share of the balance-sheet total falls from 18.2% to 16.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€572,681▼
2024 · €956,192
Cash flow
€482,294▼
2024 · €738,452
Quick ratio
1.63▼
2024 · 1.70
Debt to equity
0.20▼
2024 · 0.22
ROE
1.8%▼
2024 · 4.9%
Interest coverage
42.69▼
2024 · 56.53
Debt ≤ 1 year
€1.3m▲
2024 · €1.2m
Debt > 1 year
€125,000▼
2024 · €425,000
Income taxes
€78,988▼
2024 · €205,182
Customer credit
26 days▲
2024 · 16 days
Supplier credit
43 days▲
2024 · 37 days
Staff costs
€803,336▲
2024 · €795,691
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 | 15 | 18 | 16 | 17 | 16 |
| full-time | 12 | 13 | 13 | 11 | 10 |
| part-time | 3 | 5 | 3 | 6 | 6 |
| in full-time equivalents | 13.8 | 16.3 | 15.1 | 14.9 | 13.9 |
| Average over the year, in full-time equivalents | 14.9 | 16.3 | 14.5 | 15.6 | 14.2 |
| On a permanent contract | 15 | 17 | 16 | 17 | 16 |
| Joined | 6 | 10 | 8 | 9 | 7 |
| Left | 11 | 7 | 9 | 8 | 8 |
| Training hours | 5 | 248 | - | 744 | 485 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €249,498 | €4.6m | €205,426 | €117,556 | €34,380 |
| Depreciation and write-downs of the year | €158,555 | €268,635 | €359,954 | €375,066 | €353,914 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €4,071 awarded · €4,071 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €323 | €323 |
| 2022 | 1 | €3,748 | €3,748 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €16.4m | €12.9m | €11.8m | €10.4m | ▼ 11.7% |
| Turnover70 | - | - | - | - | €16.2m | €12.7m | €11.4m | €10.0m | ▼ 12.9% |
| Other operating income74 | - | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 2.3% |
| Non-recurring operating income76A | - | - | - | - | - | €0.03m | €0.008m | €0.1m | ▲ 12× |
| Operating charges60/66A | - | - | - | - | €15.0m | €12.2m | €11.2m | €10.2m | ▼ 9.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €12.1m | €9.3m | €8.3m | €7.2m | ▼ 13.3% |
| Purchases600/8 | - | - | - | - | €12.7m | €9.1m | €8.2m | €7.2m | ▼ 12.0% |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€0.5m | €0.2m | €0.1m | €0.004m | ▼ 96.5% |
| Services and other goods61 | - | - | - | - | €1.9m | €1.7m | €1.7m | €1.7m | ▲ 3.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.01m | €0.008m | -€0.001m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.05m | ▲ 58.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.04m | - |
| Gross operating margin9900 | €0.7m | €0.6m | €3.9m | €4.0m | - | - | - | - | - |
| Operating profit (loss)9901 | €0.4m | €0.3m | €3.0m | €3.2m | €1.4m | €0.8m | €0.6m | €0.2m | ▼ 62.4% |
| Financial income75/76B | - | - | - | €0.02m | €0.005m | €239 | €0.01m | €0.01m | ▼ 17.1% |
| Recurring financial income75 | €0.002m | €0.004m | €0.03m | €0.02m | €0.005m | €239 | €0.01m | €0.01m | ▼ 17.1% |
| Income from current assets751 | - | - | - | - | - | - | €0.01m | €0.01m | ▼ 14.4% |
| Other financial income752/9 | - | - | - | - | €0.005m | €239 | €0.001m | €323 | ▼ 59.5% |
| Financial charges65/66B | - | - | - | €0.03m | €0.05m | €0.05m | €0.03m | €0.02m | ▼ 13.3% |
| Recurring financial charges65 | €0.2m | €0.02m | €0.01m | €0.03m | €0.05m | €0.05m | €0.03m | €0.02m | ▼ 13.3% |
| Debt charges650 | - | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 20.7% |
| Other financial charges652/9 | - | - | - | - | €0.008m | €0.02m | €0.009m | €0.009m | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.3m | €3.0m | €3.1m | €1.3m | €0.7m | €0.6m | €0.2m | ▼ 63.5% |
| Income taxes67/77 | €0.07m | €0.1m | €1.0m | €1.0m | €0.4m | €0.2m | €0.2m | €0.08m | ▼ 61.5% |
| Taxes670/3 | - | - | - | - | €0.4m | €0.2m | €0.2m | €0.09m | ▼ 58.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.002m | €0 | - | €0.007m | - |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €2.0m | €2.2m | €0.9m | €0.5m | €0.4m | €0.1m | ▼ 64.7% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €2.1m | €2.2m | €0.9m | €0.5m | €0.4m | €0.1m | ▼ 64.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.5m | €3.7m | €6.3m | €7.9m | €10.2m | €9.0m | €9.0m | €8.8m | ▼ 2.6% |
| Fixed assets21/28 | €1.2m | €1.1m | €1.3m | €1.4m | €5.7m | €5.6m | €5.3m | €5.0m | ▼ 6.8% |
| Intangible fixed assets21 | €0.01m | €0.003m | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.3m | €1.4m | €5.7m | €5.6m | €5.3m | €5.0m | ▼ 6.8% |
| Land and buildings22 | - | - | - | €0.8m | €5.1m | €4.9m | €4.7m | €4.6m | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.05m | ▼ 49.3% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.5m | €0.5m | €0.5m | €0.3m | ▼ 31.6% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.001m | €0.001m | €0 | - | - |
| Current assets29/58 | €3.4m | €2.6m | €5.0m | €6.6m | €4.5m | €3.4m | €3.7m | €3.8m | ▲ 3.5% |
| Stocks and contracts in progress3 | €1.5m | €1.6m | €1.1m | €1.4m | €2.0m | €1.8m | €1.6m | €1.6m | ▼ 0.3% |
| Stocks30/36 | - | - | - | €1.4m | €2.0m | €1.8m | €1.6m | €1.6m | ▼ 0.3% |
| Raw materials and consumables30/31 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 18.9% |
| Goods purchased for resale34 | - | - | - | - | €2.0m | €1.8m | €1.6m | €1.6m | ▼ 0.2% |
| Amounts receivable within one year40/41 | €1.2m | €0.7m | €1.3m | €1.0m | €1.1m | €0.5m | €0.6m | €0.8m | ▲ 32.4% |
| Trade receivables40 | - | - | - | €1.0m | €0.9m | €0.5m | €0.5m | €0.7m | ▲ 45.1% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.1m | €0.05m | €0.1m | €0.09m | ▼ 21.0% |
| Current investments50/53 | - | - | - | - | - | €0.3m | €0.6m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | - | - | €0.3m | €0.6m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.7m | €0.3m | €2.6m | €4.1m | €1.4m | €0.8m | €0.8m | €1.3m | ▲ 67.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 22.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.5m | €3.7m | €6.3m | €7.9m | €10.2m | €9.0m | €9.0m | €8.8m | ▼ 2.6% |
| Equity10/15 | €2.1m | €2.2m | €4.1m | €5.6m | €6.5m | €7.0m | €7.4m | €7.3m | ▼ 0.8% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.4m | €1.6m | €3.4m | €5.5m | €6.5m | €6.9m | €7.3m | €7.2m | ▼ 0.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €5.5m | €6.5m | €6.9m | €7.3m | €7.2m | ▼ 0.8% |
| Amounts payable17/49 | €2.5m | €1.5m | €2.2m | €2.3m | €3.7m | €2.0m | €1.6m | €1.5m | ▼ 10.9% |
| Amounts payable after more than one year17 | - | - | - | - | €1.0m | €0.7m | €0.4m | €0.1m | ▼ 70.6% |
| Financial debts170/4 | - | - | - | - | €1.0m | €0.7m | €0.4m | €0.1m | ▼ 70.6% |
| Credit institutions173 | - | - | - | - | €1.0m | €0.7m | €0.4m | €0.1m | ▼ 70.6% |
| Amounts payable within one year42/48 | €2.1m | €1.3m | €2.2m | €2.3m | €2.5m | €1.3m | €1.2m | €1.3m | ▲ 11.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Financial debts43 | - | - | - | - | €0.8m | €0.001m | €0.001m | €119 | ▼ 88.3% |
| Credit institutions430/8 | - | - | - | - | - | €0.001m | €0.001m | €119 | ▼ 88.3% |
| Other loans439 | - | - | - | - | €0.8m | - | - | - | - |
| Trade debts44 | €1.7m | €1.1m | €1.6m | €1.6m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 0.2% |
| Suppliers440/4 | - | - | - | €1.6m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 0.2% |
| Advances received on contracts in progress46 | - | - | - | - | €0.001m | €0.001m | €0.002m | €0.003m | ▲ 116% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.2m | €0.03m | €0.03m | €0.03m | ▼ 1.1% |
| Taxes450/3 | - | - | - | €0.4m | €0.2m | €0.03m | €0.02m | €0.03m | ▲ 2.8% |
| Remuneration and social security454/9 | - | - | - | €0.006m | - | €0.004m | €0.001m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.07m | €0.02m | €0.2m | ▲ 721% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.2m | €0.005m | €0.02m | €0.004m | ▼ 75.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €2.0m | €2.2m | €0.9m | €0.5m | €0.4m | €0.1m | ▼ 64.7% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 5.6% |
| Operating cash flow (approximation) | €0.3m | €0.3m | €2.2m | €2.3m | €1.2m | €0.8m | €0.7m | €0.5m | ▼ 34.7% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.3m | -€0.2m | -€4.6m | -€0.2m | -€0.1m | €0.01m | - |
| Change in cash | - | -€0.4m | €2.3m | €1.5m | -€2.7m | -€0.6m | -€0.04m | €0.5m | - |
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 VOLTEX 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 VOLTEX 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 VOLTEX. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00295076 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00180637 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00448723 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00397318 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20324309 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37900334 | |
| 31-12-2019 | abbreviated format | 27-08-2020 | 2020-46100565 | |
| 31-12-2018 | abbreviated format | 12-07-2019 | 2019-32500394 | |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-50400376 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54300257 |