WARVAN
ActiveFrom the official registers: KBO 38 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
WARVAN has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€142,608) and a net result of €48,579. Equity has been growing by about 4.1% per year since 2018. Its solvency ranks better than 11% of 22,726 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Overview
Official details
KBO- Status
- Active since 16-06-1988 Normal situation
- Legal form
- Coöperatieve vennootschap met beperkte aansprakelijkheid
- Registered office
- Stationsstraat 93, 8790 Waregem
- Activity
- Retail sale of pharmaceutical products NACE 47730
- Establishment unit
- 2.038.870.318 8790 Waregem, since 28-06-1988
- Financial year end
- 31 December
- Peppol
- Reachable since 25-02-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.9%
- Gross margin
- €65,039
- ▼ 17.3%
- Turnover
- ≈ €320,000
- estimated
- Profit
- €48,579
- ▲ 364×
- Equity
- -€142,608
- ▲ 25.4%
- Total assets
- €251,999
- ▲ 6.9%
- Staff
- 0.3 FTE
- ▼ 66.7%
Score breakdownraises riskCapped at 59: negative equityNegative equity -€142,608Last filed accounts filed 76 days late; 3 of the last 3 accounts lateSector: Retail trade (NACE 47)lowers riskFounded in 1988Show the evidence
Checked score
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 6% of them on solvency, 84% on liquidity, 87% on profitability and 77% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Signals
The company filed its last 7 accounts on average 78 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
Financials · financial year 2025, micro format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00563523.
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 15-10-2026
- Format
- micro format
- Reference
- 2026-00563523
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is nearly 46 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Companies with the same profile, two years later
Historical observationIn July 2024, 3,794 companies had the same profile as WARVAN has now. Two years later, 2.7% had gone bankrupt and 91.5% were still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WARVAN itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,445 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 3,794 companies, not a prediction for WARVAN. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €54,716 | €59,422 | €54,011 | €71,991 | €8,991 | ▼ 87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72,579 | €71,579 | €51,651 | €1,611 | €855 | €1,223 | €2,663 | €3,433 | ▲ 28.9% |
| Other operating charges640/8 | - | - | - | €1,004 | €836 | €2,120 | €1,363 | €2,237 | ▲ 64.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,570 | - | - |
| Gross operating margin9900 | €124,882 | €117,051 | €105,758 | €105,148 | €79,251 | €26,540 | €78,691 | €65,039 | ▼ 17.3% |
| Operating profit (loss)9901 | -€62,170 | -€13,430 | €448 | €47,817 | €18,137 | -€30,814 | €1,105 | €50,379 | ▲ 46× |
| Financial income75/76B | - | - | - | €1,070 | €1,159 | €1,002 | €922 | €446 | ▼ 51.7% |
| Recurring financial income75 | €648 | €1,150 | €1,546 | €1,070 | €1,159 | €1,002 | €922 | €446 | ▼ 51.7% |
| Financial charges65/66B | - | - | - | €2,768 | €2,721 | €2,624 | €1,894 | €2,246 | ▲ 18.6% |
| Recurring financial charges65 | €2,906 | €2,535 | €2,772 | €2,768 | €2,721 | €2,624 | €1,894 | €2,246 | ▲ 18.6% |
| Profit (loss) for the period before taxes9903 | -€64,428 | -€14,815 | -€777 | €46,119 | €16,575 | -€32,436 | €134 | €48,579 | ▲ 364× |
| Profit (loss) for the period9904 | -€64,428 | -€14,815 | -€777 | €46,119 | €16,575 | -€32,436 | €134 | €48,579 | ▲ 364× |
| Profit (loss) for the period to be appropriated9905 | -€64,428 | -€14,815 | -€777 | €46,119 | €16,575 | -€32,436 | €134 | €48,579 | ▲ 364× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €367,286 | €321,249 | €273,196 | €289,062 | €300,479 | €280,761 | €235,803 | €251,999 | ▲ 6.9% |
| Fixed assets21/28 | €132,758 | €58,829 | €7,128 | €5,517 | €4,662 | €13,241 | €15,270 | €14,344 | ▼ 6.1% |
| Tangible fixed assets22/27 | €127,858 | €56,279 | €4,628 | €3,017 | €2,162 | €10,741 | €12,770 | €11,844 | ▼ 7.3% |
| Land and buildings22 | - | - | - | - | - | - | €4,530 | €6,105 | ▲ 34.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €9,120 | €7,159 | €5,199 | ▼ 27.4% |
| Furniture and vehicles24 | - | - | - | €138 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €2,879 | €2,162 | €1,621 | €1,081 | €541 | ▼ 50.0% |
| Financial fixed assets28 | €4,900 | €2,550 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Current assets29/58 | €234,528 | €262,420 | €266,068 | €283,546 | €295,818 | €267,520 | €220,533 | €237,655 | ▲ 7.8% |
| Stocks and contracts in progress3 | €132,038 | €122,891 | €133,493 | €125,856 | €140,059 | €138,024 | €148,131 | €143,235 | ▼ 3.3% |
| Stocks30/36 | - | - | - | €125,856 | €140,059 | €138,024 | €148,131 | €143,235 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €49,002 | €61,807 | €61,754 | €34,455 | €35,671 | €52,640 | €24,400 | €20,428 | ▼ 16.3% |
| Trade receivables40 | - | - | - | €33,769 | €33,755 | €50,590 | €18,310 | €9,934 | ▼ 45.7% |
| Other amounts receivable41 | - | - | - | €686 | €1,915 | €2,050 | €6,090 | €10,494 | ▲ 72.3% |
| Cash at bank and in hand54/58 | €50,881 | €68,029 | €61,779 | €114,270 | €114,585 | €71,994 | €43,869 | €72,526 | ▲ 65.3% |
| Deferred charges and accrued income490/1 | - | - | - | €8,965 | €5,504 | €4,861 | €4,133 | €1,467 | ▼ 64.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €367,286 | €321,249 | €273,196 | €289,062 | €300,479 | €280,761 | €235,803 | €251,999 | ▲ 6.9% |
| Equity10/15 | -€205,985 | -€220,801 | -€221,578 | -€175,459 | -€158,884 | -€191,320 | -€191,187 | -€142,608 | ▲ 25.4% |
| Contributions10/11 | €350,000 | €350,000 | - | €350,000 | €350,000 | €350,000 | €350,000 | €350,000 | = |
| Reserves13 | €54,607 | €54,607 | €54,607 | €54,607 | €54,607 | €54,607 | €54,607 | €54,607 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €52,747 | €52,747 | €52,747 | €52,747 | €52,747 | = |
| Profit (loss) carried forward14 | -€610,592 | -€625,407 | -€626,184 | -€580,065 | -€563,490 | -€595,927 | -€595,793 | -€547,214 | ▲ 8.2% |
| Amounts payable17/49 | €573,271 | €542,050 | €494,774 | €464,521 | €459,363 | €472,081 | €426,989 | €394,607 | ▼ 7.6% |
| Amounts payable after more than one year17 | €321,500 | €321,500 | €321,500 | €321,500 | €321,500 | €321,500 | €321,500 | €321,500 | = |
| Financial debts170/4 | - | - | - | €321,500 | €321,500 | €321,500 | €321,500 | €321,500 | = |
| Amounts payable within one year42/48 | €251,771 | €219,967 | €172,674 | €143,021 | €132,981 | €144,058 | €95,589 | €50,984 | ▼ 46.7% |
| Trade debts44 | €22,347 | €21,093 | €16,701 | €11,963 | €31,486 | €59,925 | €32,738 | €2,570 | ▼ 92.2% |
| Suppliers440/4 | - | - | - | €11,963 | €31,486 | €59,925 | €32,738 | €2,570 | ▼ 92.2% |
| Taxes, remuneration and social security45 | - | - | - | €8,322 | €4,712 | €9,333 | €3,637 | €2,570 | ▼ 29.4% |
| Taxes450/3 | - | - | - | €982 | - | €206 | €813 | €1,396 | ▲ 71.8% |
| Remuneration and social security454/9 | - | - | - | €7,340 | €4,712 | €9,127 | €2,825 | €1,174 | ▼ 58.5% |
| Other amounts payable47/48 | - | - | - | €122,736 | €96,783 | €74,799 | €59,214 | €45,844 | ▼ 22.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,883 | €6,523 | €9,900 | €22,123 | ▲ 123% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€64,428 | -€14,815 | -€777 | €46,119 | €16,575 | -€32,436 | €134 | €48,579 | ▲ 364× |
| + Depreciation and write-downs630 | €72,579 | €71,579 | €51,651 | €1,611 | €855 | €1,223 | €2,663 | €3,433 | ▲ 28.9% |
| Operating cash flow (approximation) | €8,151 | €56,764 | €50,874 | €47,730 | €17,430 | -€31,214 | €2,796 | €52,012 | ▲ 19× |
| Investment in fixed assets (approximation) | - | €2,350 | €50 | €0 | €0 | -€9,802 | -€4,692 | -€2,507 | ▲ 46.6% |
| Change in cash | - | €17,148 | -€6,249 | €52,491 | €315 | -€42,591 | -€28,126 | €28,657 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-10-2026 | 2026-00563523 | NBB |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00516472 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00489363 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00485372 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20468476 | |
| 31-12-2020 | micro format | 25-10-2021 | 2021-73000404 | |
| 31-12-2019 | micro format | 25-11-2020 | 2020-73100236 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42300261 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-55000258 | |
| 31-12-2016 | micro format | 27-09-2017 | 2017-63500269 |
Comparable companies
These companies have the same main activity as WARVAN: retail sale of pharmaceutical products (NACE 47730). They are comparable in size and age: total assets between €235,000 and €304,000, founded between 1986 and 1990.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| WARVAN Waregem | 1988 | €251,999 | -€142,608 | €65,039 | €48,579 | - | 2025 |
| PHARMA DAIVE Péruwelz | 1989 | €247,671 | €148,683 | €64,298 | €12,348 | - | 2025 |
| Apotheek Velghe Ronse Maarkedal | 1987 | €244,455 | €25,932 | €58,162 | -€4,390 | 1 | 2025 |
| APOTHEEK PENEL Vorst | 1990 | €277,104 | €12,185 | €62,805 | €5,542 | 0.5 | 2024 |
| APOTEEK DE DECKER Lebbeke | 1989 | €234,587 | €185,600 | €58,443 | €39,644 | - | 2025 |
| APOTHEEK HAEGEMANS - MERTENS Herent | 1987 | €268,422 | €228,654 | €73,120 | €20,131 | 1.6 | 2025 |
| North Flow Antwerpen | 1986 | €303,640 | €4,455 | €57,945 | €4,213 | - | 2025 |
They were chosen from the 3,936 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Subsidies and aid
Flemish government
2025 · 1 entry · €170 awarded · €170 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| De Preester Elise |
|
Owners and capital
Owners
Group and network
Connections & network
1 current directorThe network starts from the directors of WARVAN. Every other company they run is a node.
History
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBThe scores and ratios are Checked's own calculations, not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders.
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34040C0276/00X004 | Flanders | 605 m² | 1 · 274 m² | 13.4 m · 3 |