The full picture of every Belgian company. From verdict to valuation.

Whether you are checking a new customer or want to understand your own figures: the full company analysis is here, clearly explained, with the source behind every figure.

Start for free Try it on a company

Search a companyCtrl K

Work

Overview

Alerts

My company

Following · 3All →

STStudio 100

DMDuvel Moortgat

LBLotus Bakeries België

Plan and billing

Settings

Analysis

Lotus Bakeries België

ActivePublic limited company (NV)Kaprijke0421.694.038

HealthyThe latest annual accounts show a healthy company.Annual accounts 2025Why?

Creya method: information, not advice. How we calculate

Report a mistake

Public pageFollowing

OverviewAnalysisValuationSimulatorCompany data

Company data

From the KBO, the official register of every Belgian company.

Liquidity100/100Healthy5 of 5 fine
Solvency100/100Healthy4 of 4 fine
Profitability100/100Healthy8 of 8 fine
Activity88/100Healthy3 of 4 fine

Analysis

Key figuresWhat does this company earn and own?
DiagnosisHow healthy is this company, and why?
EvolutionIs it doing better or worse than in past years?
SectorDoes it do better than similar companies?
Credit limitHow much credit can you safely give this company?

Valuation

DCF valuationWhat is the company worth based on its future cash flows?
MultiplesWhat is it worth compared with similar companies?
Net asset valueWhat are the assets minus the debts worth?

Tools

SimulatorWhat if the company borrows, raises capital or pays off debt?

Company data

TimelineWhat happened in the past years?
NetworkWho owns and runs the company, and who is it connected to?
FilingsWhich annual accounts were filed?

Verdict and health score

97out of 100Health score

Healthy

The latest annual accounts show a healthy company.

Why

Turnover of goods for resale · Strong
Solvency · Strong
Net sales margin · Strong

Based on the 2025 annual accounts, filed on 18/05/2026.

See the full diagnosis

Credit limit

€135,750,000

Low risk

Creya estimates this company can borrow about €135,750,000 more, repaid over 5 years.

As a supplier: €61,590,634, after the €74,159,366 of trade payables it already has.

Creya method: an estimate of borrowing capacity, not credit advice and not a trade-credit limit.

An indication, not a guarantee. Check the annual accounts and your own experience with this customer before you give credit. How we calculate

View the credit limit

Example

What's inside. Every part, explained below.

Analysis
Full analysis and credit limit
- Verdict
- Key figures
- Evolution over all years
All 6 features
Alerts
Alerts on changes
- Verdict changes
- Credit limit changes
- New annual accounts
All 8 features
Company information
All official company data
- General company details
- Legal situation and closure
- Peppol status
All 6 features
Network
Network of directors
- Related companies
- Directors and people
- Verdict of every linked company
All 3 features
Search
Search by director and address
- By name, enterprise or VAT number
- By director
- By address
All 3 features
Valuation
Valuation of any company
- DCF
- Multiples
- Net asset value
All 3 features
Simulations
Simulations and goals
- New loan
- Repay debt
- Convert debt into capital
All 5 features
See every part at work
Below, every part shows the real app, on a real company's figures.
See the parts

Analysis

Analyse annual accounts. Every figure explained, next to the sector.

Ratios you understand

For every ratio, read what it says in plain words, and see straight away where the company stands against its sector.

Solvency

Does it run on its own money or on debt?

100/100Healthy

SolvencyStrong
The company runs largely on its own money, not on debt.
Compared with 531 companies in the sector Vervaardiging van voedingsmiddelen en dranken (NBB.Stat). · Official NBB ratio
56.9%. Typical in the sector: 39.7%
Cashflow to long-term debtStrong
With the money it keeps, the company can pay off its long-term loans quickly.
Fixed threshold: weak below 0.01×, a point to watch below 0.04×. · Creya method
0.65×
Debt service coverageStrong
What the company earns in a year easily covers that year's loan repayments.
Fixed threshold: weak below 1.00×, a point to watch below 1.25×. · Creya method
9.33×
Interest coverageStrong
Profit easily covers the interest on loans.
Fixed threshold: weak below 0.75×, a point to watch below 1.20×. · Creya method
9.70×

Even a healthy company has things to work on

Diagnosis puts the weak points first, with what they measure and what usually helps.

Explanation and what helps

Start with these points. Open a ratio to see what it measures and what helps.

Turnover of own stockPoint of attention
How many times a year the stock of own products (in progress and finished) turns over. A low rotation points to products that sit unsold: that ties up money and can lead to write-downs.
What helps
- Match production to what you expect to sell.
- Work in smaller batches, so products spend less time in stock.
Liquidity without stockPoint of attention
Like liquidity, but without stock: only receivables, investments and cash compared with short-term debt. It shows whether the company can pay without first selling stock.
What helps
- Follow up open customer invoices faster.
- Build a cash reserve, or arrange a credit line before you need it.

All other ratios (19)

Gross sales marginStrong
How much of every euro of revenue is left from the normal business, before depreciation, interest and taxes. One-off income and costs don't count. The higher, the more room to carry investments, loans and setbacks.
What helps
- Renegotiate purchase prices or look for other suppliers.
- Shift the mix towards products or services with a higher margin.
- Adjust prices that have long stopped following the costs.
Net sales marginStrong
How much of every euro of revenue is left as operating result, after all costs of the normal business (depreciation too), but before interest and taxes. One-off income and costs don't count.
What helps
- Map the fixed costs and cut what doesn't contribute.
- Raise prices where the market allows it.
- Focus on the customers and products that earn the most.
Return on equityStrong
Profit after tax compared with equity: what the owners earn on the money in the company. A low value because of large equity is less of a concern than a low value because of little profit.
What helps
- Improve the margin, so the same revenue brings more profit.
- Work out whether an investment pays off before you make it.
Return on assetsStrong
What the company earns before interest and taxes, compared with everything it owns. It measures how well the company uses its resources, regardless of how they're financed.
What helps
- Sell or rent out assets that contribute little.
- Grow revenue without investing as much on top.
- Work out whether an investment pays off before you make it.
Cashflow to equityStrong
Cashflow (profit plus costs that don't cost money in the year itself, such as depreciation) compared with equity. It's like return on equity, but looks at the money the business brings in rather than the accounting profit.
What helps
- Improve the margin of the normal business.
- Limit expensive financing: interest lowers the profit and so the cashflow.
Operating resultStrong
The operating result: what the business brings in after all operating costs, before interest and taxes. Negative means the business itself makes a loss.
What helps
- Look at the costs per activity and stop what keeps making a loss.
- Grow revenue with new customers or better prices.
- Lower fixed costs such as rent and energy.
EBITDAStrong
The operating result plus depreciation, write-downs and provisions: what the business brings in before those entries, which don't cost money in the year itself. Negative means the business uses up money.
What helps
- Raise the margin with more revenue or lower costs.
- Stop activities that keep making a loss.
CashflowStrong
The year's profit plus costs that don't cost money in the year itself (depreciation, write-downs, provisions). An approximation of the money the year brought in to repay debt or invest. Negative means the company has to borrow or use its reserves.
What helps
- Improve the margin of the normal business.
- Refinance expensive debt, so less goes to interest.
SolvencyStrong
Which part of everything the company owns is paid for with its own money; the rest is debt. The higher, the more loss the company can absorb before creditors are hit. Negative equity means the debts are larger than everything the company owns.
What helps
- Keep profit in the company instead of paying it all out.
- Consider a capital increase or a subordinated loan.
- Pay down debt with the cashflow.
Cashflow to long-term debtStrong
A year's cashflow compared with debt due after more than one year. It shows how fast the company could pay off that debt: 25% means about 4 years. Banks often look at this.
What helps
- Raise the cashflow with a better margin.
- Repay long-term debt early when there's money left.
- Don't borrow more long-term than the investment needs.
Debt service coverageStrong
EBITDA compared with what the company has to pay on its loans this year: interest, the part of long-term loans due this year and short-term financial debt. Above 1 the business earns enough to pay it, below 1 it doesn't.
What helps
- Raise EBITDA with more revenue or lower costs.
- Spread repayments over a longer term.
- Turn short-term credit into a longer-term loan.
Interest coverageStrong
How many times the operating result covers the interest costs. Below 1 the business doesn't even earn enough to pay the interest.
What helps
- Improve the operating result.
- Refinance expensive loans at a lower rate.
- Pay off the most expensive debt first.
LiquidityStrong
What the company can turn into money within the year (stock, receivables, investments, cash) compared with what it has to pay within the year. Above 1 there's more than is owed; below 1 the company depends on new credit or new income.
What helps
- Turn short-term debt into longer-term loans.
- Agree longer payment terms with suppliers.
- Keep less stock.
Net cashStrong
Cash and investments, minus the financial debt due within the year. Positive: the company has more money than it has to repay the bank in the short term. Negative: it depends on bank credit.
What helps
- Follow up customer invoices faster, so there's more cash.
- Limit short-term credit you don't really need.
Net working capitalStrong
Equity, provisions and long-term debt, minus fixed assets (buildings, machines). What's left can finance the daily business. It only counts as a weak point when it's smaller than the working capital need.
What helps
- Strengthen equity by keeping profit in the company.
- Finance buildings and machines with long-term loans, not with short-term credit.
Working capital needStrong
The money tied up in the daily business: stock and customer receivables, minus what suppliers and other short-term operating debts advance. It only counts as a weak point when it's larger than the net working capital.
What helps
- Keep less stock.
- Get customers to pay faster.
- Agree longer payment terms with suppliers.
Customer creditStrong
How many days customers take to pay on average: trade receivables compared with revenue. Every day an invoice stays open, the company advances money. Between companies, 60 days is the legal maximum term.
What helps
- Agree shorter payment terms and put them on every invoice.
- Send reminders sooner and on a fixed schedule when a payment is late.
- Consider factoring: another party takes over your invoices for a fee.
Supplier creditStrong
How many days the company takes to pay its suppliers on average. As long as an invoice is open, the supplier finances the company. A very high number of days can also mean the company struggles to pay.
What helps
- Pay within the agreed term: paying late harms the relationship and can cost deliveries.
- Agree longer terms instead of stretching them yourself.
Turnover of goods for resaleStrong
How many times a year the stock of goods for resale and raw materials is used or sold: purchases divided by that stock. The higher, the less money is tied up in stock. What's normal differs a lot by sector.
What helps
- Plan purchases on real demand, not on habit.
- Reduce safety stocks where suppliers deliver reliably.
- Clear slow or outdated stock.

General guidelines, not advice tailored to this company.

Side by side with its sector

For every ratio, see where the company stands among companies with the same activity, and what share it does better than.

Position in the sector

This companySimilar companiesMiddle half of the sector

Profitability

Net sales margin7.8%Better than 65%better than ~65% of the sector sector median 4.8%
Return on equity12.2%Better than 45%better than ~45% of the sector sector median 13.9%
Return on assets11.0%Better than 55%better than ~55% of the sector sector median 9.1%

Liquidity

Liquidity1.33×Better than 50%better than ~50% of the sector sector median 1.36×

Every figure, year by year

Revenue, profit, equity and staff side by side. With what changed, and the source of every amount.

Key figures

Revenue is rising: from €349.7m in 2022 to €409.7m in 2025. In 2025 the company made a profit of €18.9m.

Revenue 2025: €409.7m; −1%
Profit or loss 2025: €18.9m; −33%
Equity 2025: €154.8m; +14%
Employees (FTE) 2025: 893.2; +5%

Revenue 2022–2025+17%

2022202320242025

Key figures per fiscal year
Income statement
Fiscal year	2025	2024	2023	2022
Revenue	€409,667,690−1%	€413,578,239−1%	€417,716,295+19%	€349,707,816
Operating result	€33,357,450−24%	€43,691,705+63%	€26,779,221+351%	€5,935,817
Profit or loss	€18,932,907−33%	€28,402,376+69%	€16,797,335+111%	€7,968,201
Balance sheet
Equity	€154,758,297+14%	€135,825,389+26%	€107,423,013+19%	€90,625,679
Total assets	€271,762,455+1%	€269,233,711−2%	€274,616,068−1%	€277,440,538
Staff
Employees (FTE)	893.2+5%	847.5+9%	776+6%	731.9
Filed	22/05/2026	11/06/2025	12/06/2024	In 2023

Amounts as filed with the National Bank. Small companies don't have to publish their revenue. 2022: previous fiscal year, as stated in the 2023 annual accounts.

Ratio table

2025: 19 strong, 2 to watch and 0 weak, of the 21 judged ratios.

Ratios per fiscal year
Ratio	2025	2024	2023	2022
Liquidity
Liquidity	1.33×Down −3%	1.36×Down −1%	1.37×Up +14%	1.21×
Liquidity without stock	0.90×Down −1%	0.91×Down −4%	0.95×Up +12%	0.85×
Net cash	€2.9mDown −66%	€8.6mUp +36%	€6.3mUp	−€116,535
Net working capital	€20.5mDown −4%	€21.3mDown −8%	€23.2mUp +57%	€14.8m
Working capital need	€11.9mUp +96%	€6.1mDown −39%	€9.9mUp +35%	€7.3m
Solvency
Solvency	56.9%Up +6.5 pp	50.4%Up +11.3 pp	39.1%Up +6.5 pp	32.7%
Cashflow to long-term debt	0.65×Up +19%	0.55×Up +96%	0.28×Up +66%	0.17×
Debt service coverage	9.33×Up +2%	9.17×Up +26%	7.25×Up +212%	2.32×
Interest coverage	9.70×Up +37%	7.10×Up +44%	4.94×Up +14%	4.32×
Profitability
Gross sales margin	10.8%Down −2.4 pp	13.2%Up +4.0 pp	9.1%Up +4.3 pp	4.8%
Net sales margin	7.8%Down −2.4 pp	10.2%Up +4.0 pp	6.2%Up +4.6 pp	1.6%
Return on equity	12.2%Down −8.7 pp	20.9%Up +5.3 pp	15.6%Up +6.8 pp	8.8%
Return on assets	11.0%Down −5.5 pp	16.5%Up +6.3 pp	10.1%Up +6.8 pp	3.4%
Cashflow to equity	23.2%Down −7.1 pp	30.3%Up +3.0 pp	27.3%Up +5.9 pp	21.4%
Operating result	€33.4mDown −24%	€43.7mUp +63%	€26.8mUp +351%	€5.9m
EBITDA	€46.1mDown −18%	€56.4mUp +44%	€39.3mUp +126%	€17.4m
Cashflow	€35.9mDown −13%	€41.1mUp +40%	€29.3mUp +51%	€19.4m
Activity
Customer credit	36 daysUp +20%	30 daysDown −16%	35 daysDown −20%	44 days
Supplier credit	47 daysUp +2%	46 daysUp +1%	46 daysDown −23%	60 days
Turnover of goods for resale	12.51×Up +18%	10.57×Down −17%	12.73×Up +17%	10.85×
Turnover of own stock	26.66×Down −15%	31.25×Up +1%	31.03×Down −4%	32.18×

Other NBB ratios (9)

Ratios per fiscal year
Ratio	2025	2024	2023	2022
Not judged by Creya
Value added / operating income	29.8%Down −1.9 pp	31.7%Up +6.3 pp	25.4%Up +4.6 pp	20.7%
Value added per employee (FTE)	€130,465Down −10%	€144,665Up +13%	€127,623Up +38%	€92,590
Value added / gross tangible assets	38.2%Down −3.2 pp	41.4%Up +6.6 pp	34.8%	–
Staff costs / value added	60.1%Up +6.3 pp	53.8%Down −6.4 pp	60.2%Down −13.5 pp	73.6%
Depreciation, write-downs and provisions / value added	10.9%Up +0.5 pp	10.4%Down −2.3 pp	12.7%Down −4.2 pp	16.9%
Debt costs / value added	3.0%Down −2.1 pp	5.0%Down −0.5 pp	5.5%Up +3.5 pp	2.0%
Gross return on total assets before tax and debt costs	17.2%Down −4.0 pp	21.2%Up +6.5 pp	14.7%Up +7.2 pp	7.5%
Tangible fixed asset acquisitions / value added	5.6%Down −5.0 pp	10.6%Down −0.4 pp	11.0%	–
Renewal rate of tangible fixed assets	5.2%Down −5.1 pp	10.3%Up +1.7 pp	8.6%	–

Colour: better (green) or worse (orange, red) than the year before, for that ratio. Ratios in % change in percentage points (pp). The verdict per ratio is in Diagnosis and on the detail page. For small companies, ratios that need revenue or the full schema are missing.

What it owns, and who paid for it

How much is its own money, how much is debt, and how that shifts over the years.

Balance sheet overview

2025: 57% of what the company owns is paid for with its own money. The rest is financed with provisions and debt.

What it owns

Fixed assets70%
Current assets30%

How it is financed

Equity57%
Provisions0%
Debt due after one year20%
Debt due within one year23%

Balance sheet per fiscal year
Assets
Rubric	2025	2024	2023	2022
Formation expenses 20	€0	€0	€0	€0
Fixed assets 21/28	€189,298,958	€189,524,472	€189,263,098	€190,882,133
Current assets 29/58	€82,463,497	€79,709,239	€85,352,971	€86,558,405
Total assets 20/58	€271,762,455	€269,233,711	€274,616,068	€277,440,538
Equity and liabilities
Equity 10/15	€154,758,297	€135,825,389	€107,423,013	€90,625,679
Provisions 16	€9,272	€9,272	€9,272	€9,272
Debt due after one year 17	€55,000,000	€75,000,000	€105,000,000	€115,000,000
Debt due within one year 42/48	€59,593,957	€56,955,653	€60,212,232	€70,844,153
Accruals and deferred income 492/3	€2,400,929	€1,443,397	€1,971,550	€961,434
Total equity and liabilities 10/49	€271,762,455	€269,233,711	€274,616,068	€277,440,538

Amounts as filed with the National Bank, with the rubric from the accounts. Each side adds up to the total.

Doing better or worse?

The health score per year, overall and area by area.

Health per year

The health score rose from 92 in 2024 to 95 in 2025. 4 ratios got better, 12 worse and 5 stayed the same.

Health score

Liquidity

Solvency

Profitability

Activity

Health score and areas per financial year, from 0 to 100
Area	2025	2024	2023	2022
Health score	95	92	94	75
Liquidity	90	90	100	60
Solvency	100	100	88	88
Profitability	100	100	100	75
Activity	88	75	88	75

Every year is judged the same way, from the figures only: without the deduction for late filing, which Diagnosis does include. Every year is compared with the same sector figures: those of 2022, the latest year NBB published.

Liquidity1.33×Down −3%
Liquidity per financial year
2025 1.33×
2024 1.36×
2023 1.37×
2022 1.21×
Sector median 1.27×
Liquidity without stock0.90×Down −1%
Liquidity without stock per financial year
2025 0.90×
2024 0.91×
2023 0.95×
2022 0.85×
Sector median 0.94×
Net cash€2.9mDown −66%
Net cash per financial year
2025 €2.9m
2024 €8.6m
2023 €6.3m
2022 −€116,535
Net working capital€20.5mDown −4%
Net working capital per financial year
2025 €20.5m
2024 €21.3m
2023 €23.2m
2022 €14.8m
Working capital need€11.9mUp +96%
Working capital need per financial year
2025 €11.9m
2024 €6.1m
2023 €9.9m
2022 €7.3m

Liquidity per financial year
2025	1.33×
2024	1.36×
2023	1.37×
2022	1.21×
Sector median	1.27×

Liquidity without stock per financial year
2025	0.90×
2024	0.91×
2023	0.95×
2022	0.85×
Sector median	0.94×

Net cash per financial year
2025	€2.9m
2024	€8.6m
2023	€6.3m
2022	−€116,535

Net working capital per financial year
2025	€20.5m
2024	€21.3m
2023	€23.2m
2022	€14.8m

Working capital need per financial year
2025	€11.9m
2024	€6.1m
2023	€9.9m
2022	€7.3m

Dashed line: the sector median of 2022 (NBB.Stat).

Alerts

You hear it when something changes. Without having to check every day.

Search a companyCtrl K

Work

Overview

Alerts3

My company

Following · 9All →

PLPlopsa

CBCollibra Belgium

OBOrange Business Belgium

AUAudika

CBCoolblue België

ABABB

RCRoyal Canin Belux

JDJacobs Douwe Egberts Belgium

BOBrasserie d'Orval

Plan and billing

Settings

Alerts

Everything that changed at the companies you follow, newest first.

Set up email alerts

ListTimeline

CompaniesKind of alert

24 Jun – 7 Jul 2026

Companies

24Wed

25Thu

26Fri

27Sat

28Sun

29Mon

30Tue

1Wed

2Thu

3Fri

4Sat

5Sun

6Mon

7Tue

Plopsa

Credit limit higher

Collibra Belgium

Credit limit higher

Orange Business Belgium

Verdict better

Audika

Verdict better

Coolblue België

Credit limit higher

ABB

Verdict better

Royal Canin Belux

New annual accounts

Jacobs Douwe Egberts Belgium

New annual accounts

Brasserie d'Orval

New annual accounts

Collibra Belgium

0792.250.864

Fri 26 Jun

2 changes

Credit limit up: €140,850,000 → €265,950,000
New annual accounts 2025 filed, verdict stays Healthy

Why. Profitability changed the most: net profit rose from €10,764,000 to €22,519,000 on revenue of €161,732,000. As a result, the company scored better on profit per euro of sales and on return on equity, the return on its own funds.

Summarised with AI from the figures in the annual accounts. Check them in the analysis.

What you can do. There is more room for credit: Creya now works with €265,950,000.

ListTimeline

CompaniesKind of alert

1 Jul – 7 Jul 2026

Companies

1Wed

2Thu

3Fri

4Sat

5Sun

6Mon

7Tue

Orange Business Belgium

Verdict better

Audika

Verdict better

Coolblue België

Credit limit higher

ABB

Verdict better

Brasserie d'Orval

New annual accounts

Coolblue België

0867.686.774

Mon 6 Jul

2 changesNew

Credit limit up: €15,225,000 → €21,050,000
New annual accounts 2025 filed, verdict stays Healthy

Why. Profitability, the return on what the company sells, improved most: net profit rose from €1,801,000 to €2,237,000. The gross sales margin also received a better judgement, while the other areas stayed the same.

Summarised with AI from the figures in the annual accounts. Check them in the analysis.

What you can do. There is more room for credit: Creya now works with €21,050,000.

Search a companyCtrl K

Work

Overview

Alerts3

My company

Following · 9All →

PLPlopsa

CBCollibra Belgium

OBOrange Business Belgium

AUAudika

CBCoolblue België

ABABB

RCRoyal Canin Belux

JDJacobs Douwe Egberts Belgium

BOBrasserie d'Orval

Plan and billing

Settings

Alerts

Everything that changed at the companies you follow, newest first.

Set up email alerts

ListTimeline

Today

ABB
0406.291.923
Healthy
- Verdict better: Watch out → Healthy
- Credit limit up: €0 → €36,000,000
- New annual accounts 2025 filed
Why. The latest annual accounts show a healthy company.
What you can do. The risk of selling to this company on credit has become smaller. Creya now works with a credit limit of €36,000,000.
New07:00
Brasserie d'Orval
0404.335.095
Healthy
- New annual accounts 2025 filed, verdict stays Healthy
- Credit limit up: €31,700,000 → €33,800,000
Why. The new figures do not change the verdict.
New07:00

Yesterday

Coolblue België
0867.686.774
Healthy
- Credit limit up: €15,225,000 → €21,050,000
- New annual accounts 2025 filed, verdict stays Healthy
Why. Profitability, the return on what the company sells, improved most: net profit rose from €1,801,000 to €2,237,000. The gross sales margin also received a better judgement, while the other areas stayed the same.
Summarised with AI from the figures in the annual accounts. Check them in the analysis.
What you can do. There is more room for credit: Creya now works with €21,050,000.
New07:00

Friday 3 July

Audika
0673.554.043
Healthy
- Verdict better: Watch out → Healthy
- Credit limit up: €9,575,000 → €12,550,000
- New annual accounts 2025 filed
Why. The latest annual accounts show a healthy company.
What you can do. The risk of selling to this company on credit has become smaller. Creya now works with a credit limit of €12,550,000.
07:00

Wednesday 1 July

Orange Business Belgium
0440.232.718
Healthy
- Verdict better: Watch out → Healthy
- Credit limit up: €8,975,000 → €16,550,000
- New annual accounts 2024 filed
Why. The latest annual accounts show a healthy company.
What you can do. The risk of selling to this company on credit has become smaller. Creya now works with a credit limit of €16,550,000.
07:00

Monday 29 June

Jacobs Douwe Egberts Belgium
0418.098.308
Healthy
- New annual accounts 2025 filed, verdict stays Healthy
- Credit limit up: €29,550,000 → €31,950,000
Why. The new figures do not change the verdict.
07:00

Friday 26 June

Collibra Belgium
0792.250.864
Healthy
- Credit limit up: €140,850,000 → €265,950,000
- New annual accounts 2025 filed, verdict stays Healthy
Why. Profitability changed the most: net profit rose from €10,764,000 to €22,519,000 on revenue of €161,732,000. As a result, the company scored better on profit per euro of sales and on return on equity, the return on its own funds.
Summarised with AI from the figures in the annual accounts. Check them in the analysis.
What you can do. There is more room for credit: Creya now works with €265,950,000.
07:00

Thursday 25 June

Royal Canin Belux
0418.907.861
Healthy
- New annual accounts 2025 filed, verdict stays Healthy
- Credit limit up: €21,700,000 → €24,475,000
Why. The new figures do not change the verdict.
07:00

Wednesday 24 June

Plopsa
0466.400.051
Healthy
- Credit limit up: €49,000,000 → €69,000,000
- New annual accounts 2025 filed, verdict stays Healthy
Why. The credit limit was recalculated with the figures of the new annual accounts.
What you can do. There is more room for credit: Creya now works with €69,000,000.
07:00

New dataEvery day at 14:30 we fetch the new annual accounts from the NBB and the changes from the KBO.
Calculated againThe verdict and credit limit of every company with new figures.
Compared with beforeWhat changed at a company you follow becomes an alert.
In your mailEvery working day around 7, all in one mail.

Example based on real annual accounts, on the date they were filed. These companies are not Creya customers.

In the mailbox you already open every day.

No new app to keep an eye on. One mail per working day, only when something changed. Prefer weekly? You can do that too.

Works with any email address. These names are trademarks of their owners. Creya is not affiliated with them.

Outlook
Gmail
Apple Mail
Yahoo Mail
Proton Mail
Telenet
Proximus

Company information. Everything official, in one place.

Company data

From the KBO, the official register of every Belgian company.

Enterprise number
VAT number
Peppol ID
Legal form: Besloten vennootschap
Start date: 09/02/201511 years
Board: 2 directorsView
Main activity: Industriële vervaardiging van brood en van vers banketbakkerswerk 10711

Address

Google MapsApple MapsWaze

Events

2026

Annual accounts 2025 filed · 19/05/2026
Filed on time.
Annual accountsNBB · annual accounts 2025
Credit limit changed · 19/05/2026
From € 180.000 to € 240.000.
CreyaCreya

2025

Annual accounts 2024 filed · 03/07/2025
Filed on time.
Annual accountsNBB · annual accounts 2024
Verdict changed · 03/07/2025
From Watch out to Healthy.Healthy
CreyaCreya

2024

Annual accounts 2023 filed · 17/09/2024
Filed 1 month after the legal deadline. Correction
Annual accountsNBB · annual accounts 2023
Annual accounts 2023 filed · 26/04/2024
Filed on time.
Annual accountsNBB · annual accounts 2023
Voorbeeld Bedrijfsrevisoren BV appointed · 21/03/2024
Role: Statutory auditor
BoardNBB · annual accounts 2025

2023

Annual accounts 2022 filed · 22/11/2023
Filed 3 months after the legal deadline.
Annual accountsNBB · annual accounts 2022

2022

Voorbeeld Management BV appointed · 12/09/2022
Role: Director
BoardNBB · annual accounts 2025
Voorbeeld Consult BV stepped down · 12/09/2022
Role: Director
BoardNBB · annual accounts 2022
Annual accounts 2021 filed · 11/05/2022
Filed on time. PDF only
Annual accountsNBB · annual accounts 2021

2021

Legal situation changed · 08/11/2021
Now: Normale toestand.
StatusKBO
Annual accounts 2020 filed · 14/07/2021
Filed on time.
Annual accountsNBB · annual accounts 2020
Legal situation changed · 15/02/2021
Now: Opschorting (gerechtelijke reorganisatie).
StatusKBO

2020

Annual accounts 2019 filed · 02/06/2020
Filed on time.
Annual accountsNBB · annual accounts 2019

2019

Annual accounts 2018 filed · 24/05/2019
Filed on time.
Annual accountsNBB · annual accounts 2018

2018

Annual accounts 2017 filed · 09/07/2018
Filed on time.
Annual accountsNBB · annual accounts 2017

2017

Annual accounts 2016 filed · 18/04/2017
Filed on time.
Annual accountsNBB · annual accounts 2016

2016

Annual accounts 2015 filed · 30/06/2016
Filed on time.
Annual accountsNBB · annual accounts 2015

2015

Founded · 09/02/2015
Start date according to the KBO.
StatusKBO

What changed, year after year

Annual accounts, board and legal situation on one line, each with its source.

Every annual account, and whether it came on time

With the pdf at the NBB, and the auditor who checked the figures.

Annual accounts

10 of 11 filed on time since fiscal year 2015

The annual accounts for fiscal year 2026 are due by 31/07/2027.

All filed annual accounts
Fiscal year	Period	Filed on	Deadline	Schema	Type
2025	01/01/2025 – 31/12/2025	19/05/2026	On time	Full	Own
2024	01/01/2024 – 31/12/2024	03/07/2025	On time	Full	Own
2023	01/01/2023 – 31/12/2023	17/09/2024	–	Abbreviated	Own · Correction
2023	01/01/2023 – 31/12/2023	26/04/2024	On time	Abbreviated	Own
2022	01/01/2022 – 31/12/2022	22/11/2023	3 mo late	Abbreviated	Own
2021	01/01/2021 – 31/12/2021	11/05/2022	On time	Micro	Own · PDF only

Auditor and accountant (1)

Voorbeeld Bedrijfsrevisoren BVStatutory auditorsince 21/03/2024 · IBR B09999

Network

Look up shareholders. Who's behind it?

Owners and directors, from the annual accounts.

Network

What is it connected to?

Participations and sister companies, up to six levels deep.

Network

And is anything wrong somewhere?

Every connected company gets its verdict, even two steps away.

Start for free Try it on a company

Voorbeeld BVHealthy

Shareholders2
- 80%
  Voorbeeld Invest NV
  Healthy
  Participations21 At risk
  60%
  Voorbeeld Logistiek BV
  At risk
  100%
  Voorbeeld Retail BV
  Healthy
- 20%
  Voornaam Achternaam
Directors2
- Managing director
  Voorbeeld Beheer BV
  Healthy
- Director
  Voornaam Achternaam
Participations21 Watch out
- 100%
  Voorbeeld Productie BV
  Healthy
- 40%
  Voorbeeld Vastgoed BV
  Watch out

Open every link
Click on through a company, up to six levels deep.
Start wherever you like
Start the network from any company in the tree.
Know where it comes from
All from the latest annual accounts, as filed.

Look up a company. One box for everything.

Name, enterprise number or VAT number work straight away. Search by director or address with Pro.

Try it yourself

NameNumberDirectorAddress

Studio 100

Companies

STUDIO 100Naamloze vennootschap · Schelle · 0457.622.640Healthy

Studio 100 TVNaamloze vennootschap · Schelle · 0540.814.788Healthy

STUDIO 100 PUBLISHINGBesloten Vennootschap · Schelle · 0461.227.872Healthy

Companies

Lotus Bakeries BelgiëNaamloze vennootschap · Kaprijke · 0421.694.038Healthy

People

Voornaam AchternaamManaging director at Bakkerij Voorbeeld BV · GentHealthy

Voornaam AchternaamDirector at Voorbeeld Beheer BV · GentHealthy

Addresses

Colruyt Food RetailEdingensesteenweg 196, Halle · Naamloze vennootschapHealthy

COLRUYT CASH AND CARRYEdingensesteenweg 196, Halle · Naamloze vennootschapHealthy

RETAIL PARTNERS COLRUYT GROUPEdingensesteenweg 196, Halle · Naamloze vennootschapHealthy

Example based on public data. These companies are not Creya customers.

Valuation · In Max

Calculate company value. Three methods, three answers.

DCF valuation. What future cash flows are worth today.

With and without growth, with the range
Every assumption with its source: beta, WACC and growth
Change the starting point and growth, and recalculate
Every cash flow per year, down to the rubric

Value

Creya estimates the equity at €401,731,280 if the free cash flow stays as it is now. With 6.6% growth a year for the first three years, then gradually moving to 2%, Creya estimates it at €864,533,472.

Based on the annual accounts 2023 to 2025. Creya method: an estimate based on the annual accounts, not financial advice. Read it critically.

Without growth

€401,731,280

Enterprise value €453.8m · WACC 5.4%

With growth

€864,533,472

Enterprise value €916.7m · WACC 5.5%

Growth per year

6.6%

Trend over 3 years

Range

€656.6m to €1.2bn

With a WACC 1 percentage point higher or lower

Assumptions

Beta: 0.46; Damodaran, Food Processing (Western Europe)
Risk-free rate: 3%; Belgian 10-year OLO (default)
Equity risk premium: 5.5%; Eurozone (default)
Cost of equity: 5.6%; Risk-free rate + beta × premium
Cost of debt: 6.1%; Interest charges (650) divided by the financial debt of €56,498,563
Tax: 25%; Belgian corporate tax rate
Growth: 6.6%; Trend over 3 years
Long-term growth: 2%; After the growth phase, in every version with growth

The trend fits the years poorly (R² 0.05): read the growth as a rough estimate.

Net financial debt

+170/4Financial debts€55,000,000
+42Current portion of amounts payable after more than one year falling due within one yearempty (0)
+43Financial debts€1,498,563
−50/53Current investmentsempty (0)
−54/58Cash at bank and in hand€4,381,367

Total€52,117,196

Betas: Damodaran Online, levered beta per sector in Western Europe, updated every January. Which Damodaran sector matches which NACE sector is Creya’s choice.

Multiples. What the sector pays for a company like this.

The Belgian SME benchmark per sector
EV/EBITDA and price/earnings side by side
Adjusted separately for financial health
Every amount traceable to the annual accounts

Value

Compared with similar Belgian SMEs, Creya estimates the equity at €123,732,581. That is the average of two methods, which give €76,226,485 and €171,238,677: read it as a rough order of magnitude.

Compared with the median of 2 sectors under NACE 10: we have no figures for NACE 10890 itself.

Based on the 2025 annual accounts, filed on 22/05/2026. Creya method with the multiples of the Belgian SME benchmark (April 2026): an estimate, not financial advice.

Value

€123,732,581

Average of the methods

Via EV/EBITDA

€76,226,485

2.8 × EBITDA

Via price/earnings (P/E)

€171,238,677

9 × Net profit

Creya-adjusted

€147,241,772

× 1.19 for financial health

Value per multiple

Method	Sector multiple	Company figure	Value
EV/EBITDA	2.8×	EBITDA €46,075,635	€76,226,485
Price/earnings (P/E)	9×	Net profit €18,932,907	€171,238,677

EV/EBITDA: sector multiple × EBITDA is the enterprise value; minus the net financial debt of €52,117,196 gives the equity.

Price/earnings: sector multiple × net profit is the equity directly.

The sectors in that median

NACE	EV/EBITDA	P/E
1052IJssalon	3×	9×
1071Bakkerij	2.6×	9.1×

Creya adjustment, apart from the value above: we multiply it by 1.19, depending on how healthy the company is compared with its sector (SOPR score 0.31, 0 is best). Healthier than the sector raises the value, less healthy lowers it, between × 0.5 and × 1.5. This is Creya's own method; the credit limit uses the value without adjustment.

Amounts from the 2025 annual accounts

EBITDA

+9901Operating profit (loss)€33,357,450
+630Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets€12,707,127
+631/4Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs)€11,058
+635/8Provisions for liabilities and charges: Appropriations (uses and write-backs)empty (0)

Total€46,075,635

Net profit

+9904Gain (loss) of the period€18,932,907

Total€18,932,907

Net financial debt

+170/4Financial debts€55,000,000
+42Current portion of amounts payable after more than one year falling due within one yearempty (0)
+43Financial debts€1,498,563
−50/53Current investmentsempty (0)
−54/58Cash at bank and in hand€4,381,367

Total€52,117,196

Source of the multiples: Belgian SME benchmark (April 2026), medians per business type. The sector names come from that source (in Dutch).

Net asset value. What the company owns, minus what it owes.

Start from the equity on the balance sheet
Revalue a building or machine yourself
Leave out outdated stock
The value follows at once

Value

The equity in the annual accounts is €154,758,297: what the assets are worth in the books, minus the debts. With your corrections, the net asset value comes to €156,633,297.

Based on the 2025 annual accounts, filed on 22/05/2026. Creya method: an estimate based on the balance sheet and your corrections, not financial advice.

Equity

€154,758,297

Book value, item 10/15

Corrections

€1,875,000

After latent tax

Net asset value

€156,633,297

Equity + corrections

Adjustments to the balance sheet

Adjust the book value where you know more. The value updates right away, and the link keeps your corrections.

Restatements

Market value minus book value per asset, for example a building worth more than in the books. Enter a lower value with a minus.

Latent tax on restatements (%)

The tax on the gain if you sold them. Default 25%, the Belgian corporate tax rate.

Other corrections (€)

Plus or minus, for example a debt that isn't on the balance sheet.

Leave out the stocks (€28,589,607)

When they can't be sold at book value, for example outdated stock.

Know what a company is worth.

Valuation comes with Max, on the figures of every Belgian company.

See the pricing

Simulator · In Max

Run the numbers before you decide. Every measure, on the real annual accounts.

Let Creya search

Four measures. Alone or together.

Scenario

Change the assumptions. Tax rate and return.

Fill in what you know. Amount, rate, term, and what happens to the money.

See the effect. Score, verdict, credit limit and every ratio before and after.

Effect on the ratios

With these scenarios the health score rises from 73 to 85. The verdict goes from Watch out to Healthy. 5 ratios get better, 7 worse and 3 stay the same.

Credit limit with the scenarios: €220,000 (now €640,000), on top of the loan you simulate.

The judged ratios, now and with the scenarios
Ratio	Now	With scenarios
Debt service coverage	1.96×Strong	1.21×Point of attention
Return on equity	35.4%Strong	33.2%Strong
Return on assets	8.9%Strong	7.5%Strong
Cashflow	€243,298Strong	€228,298Strong
Solvency	22.1%Point of attention	17.9%Point of attention
Cashflow to long-term debt	0.41×Strong	0.25×Strong
Interest coverage	10.63×Strong	5.53×Strong
Liquidity without stock	0.32×Weak	0.67×Point of attention
Net working capital	€574,785Weak	€879,785Strong
Working capital need	€863,052Weak	€863,052Strong
Liquidity	1.10×Point of attention	1.38×Point of attention
Net cash	€173,591Strong	€478,591Strong
Gross sales margin	–Not available	–Not available
Net sales margin	–Not available	–Not available
Cashflow to equity	55.1%Strong	53.5%Strong
Operating result	€230,809Strong	€230,809Strong
EBITDA	€317,640Strong	€317,640Strong
Customer credit	–Not available	–Not available
Supplier credit	–Not available	–Not available
Turnover of goods for resale	–Not available	–Not available
Turnover of own stock	–Not available	–Not available

Booked in the annual accounts

Every item that changes, now and with the scenarios
Item	Now	With scenarios
170/4Financial debts	€268,776	€588,776
17Amounts payable after more than one year	€587,658	€907,658
17/49AMOUNTS PAYABLE	€1,558,365	€1,958,365
10/49TOTAL LIABILITIES	€2,000,000	€2,385,000
42Current portion of amounts payable after more than one year falling due within one year	€70,043	€150,043
42/48Amounts payable within one year	€966,504	€1,046,504
54/58Cash at bank and in hand	€279,131	€664,131
29/58CURRENT ASSETS	€1,545,492	€1,930,492
20/58TOTAL ASSETS	€2,000,000	€2,385,000
65Recurring financial charges	€21,716	€41,716
65/66BFinancial charges	€21,716	€41,716
9903Gain (loss) for the period before taxes	€208,623	€188,623
67/77Income taxes	€0	−€5,000
9904Gain (loss) of the period	€156,467	€141,467
9905Gain (loss) of the period available for appropriation	€156,467	€141,467
9906Profit (Loss) to be appropriated	€156,467	€141,467
14Accumulated profits (losses)	€0	−€15,000
10/15EQUITY	€441,635	€426,635

Based on the 2025 annual accounts, one year ahead: a simplification, not a forecast. Creya method, not financial advice.

Every booking, in black and white. Each rubric before and after.

18rubrics booked for one loan

Every item that changes, now and with the scenarios
Item	Now	With scenarios
170/4Financial debts	€268,776	€588,776
17Amounts payable after more than one year	€587,658	€907,658
17/49AMOUNTS PAYABLE	€1,558,365	€1,958,365
10/49TOTAL LIABILITIES	€2,000,000	€2,385,000
42Current portion of amounts payable after more than one year falling due within one year	€70,043	€150,043
42/48Amounts payable within one year	€966,504	€1,046,504
54/58Cash at bank and in hand	€279,131	€664,131
29/58CURRENT ASSETS	€1,545,492	€1,930,492
20/58TOTAL ASSETS	€2,000,000	€2,385,000
65Recurring financial charges	€21,716	€41,716
65/66BFinancial charges	€21,716	€41,716
9903Gain (loss) for the period before taxes	€208,623	€188,623
67/77Income taxes	€0	−€5,000
9904Gain (loss) of the period	€156,467	€141,467
9905Gain (loss) of the period available for appropriation	€156,467	€141,467
9906Profit (Loss) to be appropriated	€156,467	€141,467
14Accumulated profits (losses)	€0	−€15,000
10/15EQUITY	€441,635	€426,635

More isn't always better. A loan lifts the score, until the debt weighs too much.

Health score

7378Healthy

Credit limit on top of the loan €640,000

€0Size of the loan€900,000

Healthy from €350,000
The score jumps to 76. On top of the loan, €280,000 of room remains.
Highest score at €550,000
Score 89, but only €70,000 of room is left.
No room left at €650,000
The credit limit is at zero. Borrow more and the score drops to 78.

Let Creya search. Give a range, Creya works out every combination.

121combinations tried

€0Loan€1,000,000

Watch outHealthy, score 78 to 97

Option 1
Score 97 · Healthy
A capital increase of €500,000
Option 2
Score 97 · Healthy
A capital increase of €500,000
A loan of €100,000
Option 3
Score 95 · Healthy
A capital increase of €700,000
A loan of €100,000

When you'd use it. Before the decision, not after.

Before you go to the bank

See what a loan does to your score, your ratios and your credit limit, and start the talk with figures.

Before a capital round

See how much capital it takes to become healthy, and from where more adds nothing.

Before you tackle your debts

Repay or convert to equity? Compare the effect, and see whether there's enough money in the account.

Plans

Start for free. Pro adds the full analysis.

What's in each plan
What you get	Free	Pro	Max
Company information	Partly	Included	Included
Analysis	Partly	Included	Included
Search	Partly	Included	Included
Network	Own company	Included	Included
Alerts	Own company	Included	Included
Valuation	Not included	Not included	Included
Simulations	Not included	Not included	Included
Follow companies, with alerts	Own company	50	250

See all prices

The full picture of every Belgian company. From verdict to valuation.

What's inside. Every part, explained below.

Analysis

Alerts

Company information

Network

Search

Valuation

Simulations

See every part at work

Analyse annual accounts. Every figure explained, next to the sector.

Ratios you understand

Even a healthy company has things to work on

Side by side with its sector

Every figure, year by year

What it owns, and who paid for it

Doing better or worse?

You hear it when something changes. Without having to check every day.

In the mailbox you already open every day.

Company information. Everything official, in one place.

What changed, year after year

Every annual account, and whether it came on time

Look up shareholders. Who's behind it?

What is it connected to?

And is anything wrong somewhere?

Shareholders2

Participations21 At risk

Directors2

Participations21 Watch out

Open every link

Start wherever you like

Know where it comes from

Look up a company. One box for everything.

Calculate company value. Three methods, three answers.

DCF valuation. What future cash flows are worth today.

Multiples. What the sector pays for a company like this.

Net asset value. What the company owns, minus what it owes.

Run the numbers before you decide. Every measure, on the real annual accounts.

More isn't always better. A loan lifts the score, until the debt weighs too much.

Let Creya search. Give a range, Creya works out every combination.

When you'd use it. Before the decision, not after.

Before you go to the bank

Before a capital round

Before you tackle your debts

Start for free. Pro adds the full analysis.

Look up your first customer. Free, in 30 seconds.