Active BE 0448.031.815Public limited company

DEVOS VERMEULEN

Bruggestraat 252 ·8770 Ingelmunster, Belgium· 34 yrs active

Sector: Wholesale of perfume and cosmetics (46450)

Conclusion Checked

DEVOS VERMEULEN has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €79k and a net result of €-23k. Equity is shrinking by ~16.5% per year across the filed fiscal years. Its solvency ranks better than 21% of 338 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€79k
Net result	€-23k
Staff (FTE)	2
Better than sector	21%

Financial profile 5 of 5 axes measured · computed by Checked

42 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 22

Profitability 0

Solvency 28

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.4% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1992, 34 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

22 / 100 Critical

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

No credit

negative equity or figures too weak

Score history

20 2023

38 2024

22 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.48 (≥ 1.0) +5

Leverage Debt/equity 10.29 (> 3.0) -10

Profitability Negatieve ROE -29% -10

Interest coverage Interest coverage 1.2× (< 1.5×) -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview33 NBB filings

Annual accounts filed on 03-06-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~16.5%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	8.9%	36.5%	better than 21% of 338 sector peers
Net result	€-23k	€44k	better than 15% of 338 sector peers
Equity	€79k	€279k	better than 28% of 338 sector peers
Gross operating margin	€190k	€244k	better than 42% of 337 sector peers
Staff costs	€121k	€174k	higher than 35% of 214 sector peers

EBITDA

€59k

-13.0% 23-25

Net profit

€-23k

-123.2% 23-25

Cash flow

€8k

-69.5% 23-25

Total assets

€896k

+2.6% 23-25

Equity

€79k

-22.8% 23-25

Working capital

€279k

+552.9% 23-25

Employees (FTE)

2

-33.3% 23-25

Staff costs

€121k

-22.9% 23-25

Income taxes

€244

-50.1% 23-25

Debt

€817k

+5.9% 23-25

Debt ≤ 1y

€583k

-24.2% 23-25

Debt > 1y

€234k

+10429.2% 23-25

Current ratio

1.48

+40.1% 23-25

Quick ratio

0.63

+53.4% 23-25

Solvency

8.9%

-24.7% 23-25

Debt / equity

10.29

+37.2% 23-25

ROE

-29.5%

-189.1% 23-25

ROA

-2.6%

-117.7% 23-25

Interest coverage

1.16

-30.0% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-
EBITDA	€59k	€68k	€30k
Net profit	€-23k	€-10k	€-65k
Cash flow	€8k	€27k	€-9k
Staff costs	€121k	€158k	€211k
Income taxes	€244	€489	€589
Dividends	-	-	-
Total assets	€896k	€874k	€1.03M
Equity	€79k	€103k	€113k
Debt	€817k	€771k	€912k
of which ≤ 1y	€583k	€769k	€775k
of which > 1y	€234k	€2k	€137k
Working capital	€279k	€43k	€171k
Employees (FTE)	2.0	3.0	3.6

Ratios (computed)

	2025	2024	2023
Current ratio	1.48	1.06	1.22
Quick ratio	0.63	0.41	0.56
Working capital ratio	31.1%	4.9%	16.6%
Solvency	8.9%	11.8%	11.0%
Debt / equity	10.29	7.50	8.05
Long-term debt ratio	2.95	0.02	1.21
Interest coverage	1.16	1.65	0.75
Gross margin	-	-	-
Net margin	-	-	-
ROA	-2.6%	-1.2%	-6.4%
ROE	-29.5%	-10.2%	-57.8%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €34k · 3.8% Current assets €862k · 96.2%

Equity & liabilities

Equity €79k · 8.9% Debt €817k · 91.1%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€896k	€874k	€1.03M
Fixed assets	21/28	€34k	€62k	€79k
Intangible fixed assets	21	€10k	€27k	€52k
Tangible fixed assets	22/27	€24k	€35k	€27k
Current assets	29/58	€862k	€812k	€946k
Stocks & contracts in progress	3	€497k	€498k	€512k
Amounts receivable within one year	40/41	€25k	€51k	€59k
Cash & bank	54/58	€21k	€9k	€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€896k	€874k	€1.03M
Equity	10/15	€79k	€103k	€113k
Contributions / capital	10/11	€243k	€243k	€243k
Reserves	13	€7k	€7k	€7k
Accumulated profits (losses)	14	€-171k	€-147k	€-137k
Amounts payable	17/49	€817k	€771k	€912k
Amounts payable after one year	17	€234k	€2k	€137k
Amounts payable within one year	42/48	€583k	€769k	€775k
Trade debts payable within one year	44	€63k	€127k	€114k
Income statement
Gross operating margin	9900	€190k	€238k	€256k
Operating result	9901	€27k	€30k	€-26k
Financial income	75	€458	€805	€1k
Financial charges	65	€51k	€41k	€40k
Result before taxes	9903	€-23k	€-10k	€-65k
Income taxes	67/77	€244	€489	€589
Net result for the period	9904	€-23k	€-10k	€-65k
Result to be appropriated	9905	€-23k	€-10k	€-65k

Legal Structure

NACE primary	Wholesale of perfume and cosmetics(46450)
Legal form	Public limited company(014)
Incorporation	17-08-1992
Status	Active
Postal code	8770

Establishment units 1 location

DEVOS-VERMEULEN NV

Bruggestraat 252, 8770 IngelmunsterNACE 51450

since 19922.058.850.338

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
36007B0069/00D000	Flanders	1,531 m²	1 · 1,172 m²	7.6 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 10 events

All 10Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

03-06