WATELLE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 17 filings
Turnover
≈ €620,000
Estimated: probably between €580,000 and €860,000
Total assets
€260,307▼ 16.8%
2024 · €312,788
Net result
€11,034▼ 63.9%
2024 · €30,525
Working capital
-€32,159▲ 1.9%
2024 · -€32,785
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,498
▼ 53.0%
2025
20182025
Net result
€11,034
▼ 63.9%
2025
middle half of the sector
20182025
Equity
-€157,381
▲ 6.6%
2025
lowest quarter of the sector
20182025
Total assets
€260,307
▼ 16.8%
2025
middle half of the sector
20182025
Debt
€417,688
▼ 13.2%
2025
20182025
Working capital
-€32,159
▲ 1.9%
2025
middle half of the sector
20182025
Solvency
-60.5%
▼ 6.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.68
▲ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 5.5pp
2025
middle half of the sector
20182025
Staff (FTE)
6.5
▲ 8.3%
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
Operating result€35,957-€38,494▲ 7.1%-€7,313€24,386€26,627▲ 9.2%-€17,505€41,482€19,498▼ 53.0%
Net result€23,032-€25,987▲ 12.8%-€19,095within the sector's middle half€13,037within the sector's middle half€15,688within the sector's middle half▲ 20.3%-€28,951below the sector's middle half€30,525within the sector's middle half€11,034within the sector's middle half▼ 63.9%
Equity-€205,606--€179,619▲ 12.6%-€198,714below the sector's middle half▼ 10.6%-€185,677below the sector's middle half▲ 6.6%-€169,989below the sector's middle half▲ 8.4%-€198,940below the sector's middle half▼ 17.0%-€168,415below the sector's middle half▲ 15.3%-€157,381below the sector's middle half▲ 6.6%
Total assets€396,446-€379,421▼ 4.3%€400,384within the sector's middle half▲ 5.5%€396,664within the sector's middle half▼ 0.9%€337,127within the sector's middle half▼ 15.0%€335,964within the sector's middle half▼ 0.3%€312,788within the sector's middle half▼ 6.9%€260,307within the sector's middle half▼ 16.8%
Debt€602,052-€559,040▼ 7.1%€599,098▲ 7.2%€582,341▼ 2.8%€507,116▼ 12.9%€534,904▲ 5.5%€481,203▼ 10.0%€417,688▼ 13.2%
Working capital-€70,468--€35,028▲ 50.3%-€35,017within the sector's middle half=-€9,100within the sector's middle half▲ 74.0%-€14,113within the sector's middle half▼ 55.1%-€49,659within the sector's middle half▼ 252%-€32,785within the sector's middle half▲ 34.0%-€32,159within the sector's middle half▲ 1.9%
Solvency-51.9%--47.3%▲ 4.5pp-49.6%below the sector's middle half▼ 2.3pp-46.8%below the sector's middle half▲ 2.8pp-50.4%below the sector's middle half▼ 3.6pp-59.2%below the sector's middle half▼ 8.8pp-53.8%below the sector's middle half▲ 5.4pp-60.5%below the sector's middle half▼ 6.6pp
Current ratio0.30-0.54▲ 0.240.60within the sector's middle half▲ 0.070.91within the sector's middle half▲ 0.300.82within the sector's middle half▼ 0.090.45below the sector's middle half▼ 0.370.60below the sector's middle half▲ 0.150.68within the sector's middle half▲ 0.07
Return on assets (ROA)5.8%-6.8%▲ 1.0pp-4.8%within the sector's middle half▼ 11.6pp3.3%within the sector's middle half▲ 8.1pp4.7%within the sector's middle half▲ 1.4pp-8.6%below the sector's middle half▼ 13.3pp9.8%within the sector's middle half▲ 18.4pp4.2%within the sector's middle half▼ 5.5pp
Staff (FTE)5.7-6.1▲ 7.0%5.2within the sector's middle half▼ 14.8%4.8within the sector's middle half▼ 7.7%7within the sector's middle half▲ 45.8%5.4within the sector's middle half▼ 22.9%6within the sector's middle half▲ 11.1%6.5within the sector's middle half▲ 8.3%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 53% lower than in 2024.
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 €260,307
Fixed assets
€192,439 ▼ 26.8%
Current assets
€67,868 ▲ 35.8%
Equity and liabilities
Equity-€157,381
Debt€417,688
Equity is negative. Debt (€417,688) exceeds the balance-sheet total (€260,307).
Key figures and ratios
EBITDA
€94,123▼
2024 · €110,900
Cash flow
€85,658▼
2024 · €99,943
Quick ratio
0.65▲
2024 · 0.57
Interest coverage
11.48▲
2024 · 10.32
Debt ≤ 1 year
€100,027▲
2024 · €82,757
Debt > 1 year
€317,661▼
2024 · €398,446
Income taxes
€363▲
2024 · €269
Staff costs
€164,794=
2024 · €164,860
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 4 | 4 | 6 | 7 | 4 |
| full-time | 3 | 3 | 4 | 4 | 3 |
| part-time | 1 | 1 | 2 | 3 | 1 |
| in full-time equivalents | 3.3 | 3.3 | 4.4 | 5.1 | 3.3 |
| Average over the year, in full-time equivalents | 4.8 | 7 | 5.4 | 6 | 6.5 |
| On a permanent contract | 4 | 4 | 5 | 7 | 4 |
| Joined | 4 | 8 | 10 | 5 | 9 |
| Left | 5 | 8 | 8 | 4 | 12 |
| Training hours | - | 42 | 50 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,693 | €24,923 | €111,962 | €37,625 | €4,247 |
| Depreciation and write-downs of the year | €57,464 | €60,606 | €66,618 | €69,418 | €74,624 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €13,752 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €102,647 | €150,754 | €165,547 | €164,860 | €164,794 | = |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,324 | €43,986 | €54,945 | €57,464 | €60,606 | €66,618 | €69,418 | €74,624 | ▲ 7.5% |
| Other operating charges640/8 | - | - | - | €3,744 | €4,849 | €4,780 | €4,928 | €5,530 | ▲ 12.2% |
| Gross operating margin9900 | €216,029 | €214,368 | €131,792 | €188,241 | €242,836 | €219,440 | €280,688 | €264,447 | ▼ 5.8% |
| Operating profit (loss)9901 | €35,957 | €38,494 | -€7,313 | €24,386 | €26,627 | -€17,505 | €41,482 | €19,498 | ▼ 53.0% |
| Financial income75/76B | - | - | - | €14 | €22 | €71 | €59 | €95 | ▲ 60.0% |
| Recurring financial income75 | €549 | €307 | €70 | €14 | €22 | €71 | €59 | €95 | ▲ 60.0% |
| Financial charges65/66B | - | - | - | €10,363 | €9,945 | €10,890 | €10,748 | €8,197 | ▼ 23.7% |
| Recurring financial charges65 | €13,190 | €12,534 | €11,164 | €10,363 | €9,945 | €10,890 | €10,748 | €8,197 | ▼ 23.7% |
| Profit (loss) for the period before taxes9903 | €23,316 | €26,267 | -€18,407 | €14,037 | €16,704 | -€28,324 | €30,794 | €11,397 | ▼ 63.0% |
| Income taxes67/77 | €284 | €280 | €688 | €1,000 | €1,016 | €627 | €269 | €363 | ▲ 35.1% |
| Profit (loss) for the period9904 | €23,032 | €25,987 | -€19,095 | €13,037 | €15,688 | -€28,951 | €30,525 | €11,034 | ▼ 63.9% |
| Profit (loss) for the period to be appropriated9905 | €23,032 | €25,987 | -€19,095 | €13,037 | €15,688 | -€28,951 | €30,525 | €11,034 | ▼ 63.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €396,446 | €379,421 | €400,384 | €396,664 | €337,127 | €335,964 | €312,788 | €260,307 | ▼ 16.8% |
| Formation expenses20 | - | - | - | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €366,749 | €338,677 | €347,154 | €308,385 | €272,703 | €294,608 | €262,816 | €192,439 | ▼ 26.8% |
| Tangible fixed assets22/27 | €366,749 | €338,677 | €347,154 | €308,385 | €272,703 | €294,608 | €262,816 | €192,439 | ▼ 26.8% |
| Land and buildings22 | - | - | - | €242,766 | €207,460 | €172,153 | €136,846 | €101,539 | ▼ 25.8% |
| Plant, machinery and equipment23 | - | - | - | €26,320 | €36,100 | €38,739 | €48,109 | €36,874 | ▼ 23.4% |
| Furniture and vehicles24 | - | - | - | €39,299 | €29,143 | €83,716 | €77,862 | €54,026 | ▼ 30.6% |
| Current assets29/58 | €29,697 | €40,744 | €53,230 | €88,279 | €64,424 | €41,356 | €49,972 | €67,868 | ▲ 35.8% |
| Stocks and contracts in progress3 | €3,140 | €3,420 | €1,500 | €1,500 | €1,500 | €2,500 | €2,500 | €2,500 | = |
| Stocks30/36 | - | - | - | €1,500 | €1,500 | €2,500 | €2,500 | €2,500 | = |
| Amounts receivable within one year40/41 | €3,114 | €4,180 | €6,826 | €83 | €2,960 | €594 | €858 | €2,117 | ▲ 147% |
| Trade receivables40 | - | - | - | - | - | - | €755 | - | - |
| Other amounts receivable41 | - | - | - | €83 | €2,960 | €594 | €103 | €2,117 | ▲ 21× |
| Cash at bank and in hand54/58 | €22,272 | €31,917 | €43,218 | €84,362 | €59,285 | €35,322 | €41,614 | €58,514 | ▲ 40.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,334 | €679 | €2,940 | €4,999 | €4,737 | ▼ 5.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €396,446 | €379,421 | €400,384 | €396,664 | €337,127 | €335,964 | €312,788 | €260,307 | ▼ 16.8% |
| Equity10/15 | -€205,606 | -€179,619 | -€198,714 | -€185,677 | -€169,989 | -€198,940 | -€168,415 | -€157,381 | ▲ 6.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€224,206 | -€198,219 | -€217,314 | -€204,277 | -€188,589 | -€217,540 | -€187,015 | -€175,981 | ▲ 5.9% |
| Amounts payable17/49 | €602,052 | €559,040 | €599,098 | €582,341 | €507,116 | €534,904 | €481,203 | €417,688 | ▼ 13.2% |
| Amounts payable after more than one year17 | €501,885 | €483,268 | €510,851 | €482,762 | €428,579 | €443,889 | €398,446 | €317,661 | ▼ 20.3% |
| Financial debts170/4 | - | - | - | €182,762 | €153,579 | €168,889 | €123,446 | €87,661 | ▼ 29.0% |
| Other amounts payable178/9 | - | - | - | €300,000 | €275,000 | €275,000 | €275,000 | €230,000 | ▼ 16.4% |
| Amounts payable within one year42/48 | €100,165 | €75,772 | €88,247 | €97,379 | €78,537 | €91,015 | €82,757 | €100,027 | ▲ 20.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €28,091 | €29,182 | €43,795 | €45,443 | €48,535 | ▲ 6.8% |
| Trade debts44 | €8,336 | €16,256 | €15,165 | €20,934 | €10,461 | €20,944 | €13,910 | €20,133 | ▲ 44.7% |
| Suppliers440/4 | - | - | - | €20,934 | €10,461 | €20,944 | €13,910 | €20,133 | ▲ 44.7% |
| Taxes, remuneration and social security45 | - | - | - | €27,402 | €21,893 | €13,183 | €20,696 | €15,402 | ▼ 25.6% |
| Taxes450/3 | - | - | - | €12,620 | €6,817 | €1,846 | €7,138 | €5,736 | ▼ 19.6% |
| Remuneration and social security454/9 | - | - | - | €14,782 | €15,076 | €11,337 | €13,557 | €9,666 | ▼ 28.7% |
| Other amounts payable47/48 | - | - | - | €20,952 | €17,001 | €13,093 | €2,709 | €15,957 | ▲ 489% |
| Accrued charges and deferred income492/3 | - | - | - | €2,200 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,032 | €25,987 | -€19,095 | €13,037 | €15,688 | -€28,951 | €30,525 | €11,034 | ▼ 63.9% |
| + Depreciation and write-downs630 | €56,324 | €43,986 | €54,945 | €57,464 | €60,606 | €66,618 | €69,418 | €74,624 | ▲ 7.5% |
| Operating cash flow (approximation) | €79,356 | €69,973 | €35,850 | €70,501 | €76,294 | €37,667 | €99,943 | €85,658 | ▼ 14.3% |
| Investment in fixed assets (approximation) | - | -€15,914 | -€63,422 | -€18,695 | -€24,924 | -€88,523 | -€37,626 | -€4,247 | ▲ 88.7% |
| Change in cash | - | €9,645 | €11,301 | €41,144 | -€25,077 | -€23,963 | €6,292 | €16,900 | ▲ 169% |
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, 1,379 companies had the same profile as WATELLE has now. Two years later, 94.3% were still going and 2.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
94.3%
was still going
3.2%
stopped otherwise
2.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WATELLE itself: 2.6% 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 1,379 companies, not a prediction for WATELLE. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-04-2026 | 2026-00098239 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00303784 | |
| 31-12-2023 | abbreviated format | 25-09-2024 | 2024-00474200 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00258660 | |
| 31-12-2021 | abbreviated format | 19-05-2022 | 2022-20032116 | |
| 31-12-2020 | abbreviated format | 13-07-2021 | 2021-35500078 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-37500286 | |
| 31-12-2018 | abbreviated format | 11-07-2019 | 2019-31800598 | |
| 31-12-2017 | abbreviated format | 30-05-2018 | 2018-15000454 | |
| 31-12-2016 | abbreviated format | 29-05-2017 | 2017-13500295 |