ACTIVE

WARCO

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Financial year 2025 · closed on 31/12/2025

Net result

-3,5 k €

-106.8% YoY

Gross margin

824,7 k €

-0.7% YoY

Equity

2 M €

-0.2% YoY

Workforce

15,6 ETP

+9.1% YoY

What does WARCO do?

WARCO is a Private limited company incorporated in 1977. Its main activity is: Retail sale in non-specialised stores with food, beverages or tobacco predominating. Its registered office is in Lievegem. It employs on average 15,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0417.764.845

Incorporation

24/10/1977

Legal form

Private limited company

Registered office

Stationsstraat 77
9950 Lievegem · FlandreSee on map

Contributed capital

1 220 000,00 €

Latest accounts

31/12/2025

Average workforce

15,6 ETP

Activities (NACE)

47110Retail sale in non-specialised stores with food, beverages or tobacco predominating· main 47112Retail sale in non-specialised stores with food, beverages or tobacco predominating 47114Retail sale in non-specialised stores with food, beverages or tobacco predominating 52112Warehousing and storage 52114Warehousing and storage

Joint committees (5)

119
11900
201
20100
202

Signals

Solid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	824,7 k €	-0.7%	830,3 k €		–		–		–		–		531,8 k €	+2.3%	519,9 k €	-28.9%	731,1 k €	-9.8%	810,8 k €	+3.0%	787,1 k €	-0.7%	792,4 k €	+20.6%	657 k €	+3.8%	633,1 k €	-13.0%	727,7 k €	+3.0%	706,7 k €	+43.8%	491,5 k €	-4.9%	516,8 k €
EBITDA	161,6 k €	-28.8%	227,1 k €	+24.1%	183 k €	-48.4%	354,6 k €	+30.1%	272,7 k €	+84.2%	148 k €	+46.0%	101,4 k €	+6.4%	95,3 k €	-67.4%	292,5 k €	-13.4%	337,8 k €	+14.9%	293,9 k €	+0.2%	293,3 k €	+60.9%	182,3 k €	+19.5%	152,5 k €	-29.7%	216,9 k €	-8.8%	237,8 k €	+347%	53,3 k €	-49.9%	106,4 k €
Operating result	2 k €	-97.4%	75,4 k €	+26.1%	59,8 k €	-75.9%	248,4 k €	+44.9%	171,4 k €	+342%	38,8 k €	+397%	-13 k €	+34.9%	-20 k €	-108%	245,9 k €	-4.5%	257,4 k €	+31.5%	195,8 k €	-2.8%	201,5 k €	+130%	87,7 k €	+33.3%	65,8 k €	-49.9%	131,5 k €	-16.2%	157 k €	+310%	-74,9 k €	-789%	10,9 k €
Net result	-3,5 k €	-107%	50,8 k €	+21.0%	42 k €	-77.0%	182,2 k €	+19.9%	152 k €	+175%	55,3 k €	+251%	15,8 k €	+90.3%	8,3 k €	-95.6%	189,3 k €	-6.9%	203,4 k €	+19.7%	170 k €	-7.6%	183,9 k €	+112%	86,8 k €	+9.4%	79,4 k €	-35.1%	122,4 k €	-26.6%	166,7 k €	+400%	-55,6 k €	-268%	33,1 k €
Balance sheet
Equity	2 M €	-0.2%	2 M €	+2.5%	2 M €	+165%	750,9 k €	-28.7%	1,1 M €	-15.4%	1,2 M €	+4.6%	1,2 M €	+1.3%	1,2 M €	+0.7%	1,2 M €	+19.4%	976,7 k €	-13.0%	1,1 M €	-22.7%	1,5 M €	+11.8%	1,3 M €	+7.2%	1,2 M €	+7.0%	1,1 M €	+12.1%	1 M €	+19.8%	844 k €	-6.2%	899,6 k €
Total assets	2,9 M €	-8.6%	3,2 M €	+6.9%	3 M €	+103%	1,5 M €	-26.0%	2 M €	-21.7%	2,5 M €	-2.4%	2,6 M €	-2.9%	2,7 M €	+50.4%	1,8 M €	-9.1%	1,9 M €	+6.6%	1,8 M €	-12.5%	2,1 M €	+10.1%	1,9 M €	+15.7%	1,6 M €	+2.7%	1,6 M €	+28.7%	1,2 M €	+20.9%	1 M €	-23.4%	1,3 M €
Cash	146,4 k €	-66.4%	435,9 k €	+79.9%	242,3 k €	+160%	93,2 k €	-53.1%	198,6 k €	+122%	89,5 k €	+31.7%	68 k €	-37.2%	108,2 k €	-70.7%	369,4 k €	+5.6%	349,6 k €	+137%	147,8 k €	-68.1%	463,2 k €	-1.8%	471,6 k €	+93.0%	244,3 k €	+65.4%	147,7 k €	+106%	71,9 k €	-50.7%	145,9 k €	-46.2%	271,3 k €
Debts	857,7 k €	-23.9%	1,1 M €	+16.0%	971,3 k €	+37.1%	708,5 k €	-23.0%	920,5 k €	-27.9%	1,3 M €	-8.4%	1,4 M €	-6.3%	1,5 M €	+146%	603,8 k €	-37.8%	971,2 k €	+37.8%	704,6 k €	+10.9%	635,1 k €	+6.2%	597,8 k €	+40.0%	427 k €	-8.0%	464 k €	+102%	229,9 k €	+26.3%	182,1 k €	-58.5%	439,2 k €
Other
Workforce	15,6 ETP	+9.1%	14,3 ETP	+2.9%	13,9 ETP	-10.3%	15,5 ETP	+1.3%	15,3 ETP	+7.0%	14,3 ETP	+13.5%	12,6 ETP	-4.5%	13,2 ETP	-7.0%	14,2 ETP	-4.7%	14,9 ETP	-6.3%	15,9 ETP	-6.5%	17,0 ETP	-3.4%	17,6 ETP	+10.7%	15,9 ETP	-8.1%	17,3 ETP	+1.2%	17,1 ETP	+0.6%	17,0 ETP	-3.4%	17,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 25 ended

Active mandates

DS en DS

Director · 0470.807.415

Represented by Ann DE SMET

Active

Giel PIESSENS

Director

Active

Ended mandates

Giel Piessens

Director · since 01 janvier 2025

Ended

DS en DS

Director · since 26 octobre 2023 · 0470.807.415

Represented by Ann De Smet

Ended

Retsilver Linings

Director · since 01 janvier 2016 · 0540.709.276

Represented by Haemers Yannick

Ended

Retsilver Linings

Manager · since 01 janvier 2016 · 0540.709.276

Represented by Yannick Haemers

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/08/2026	28/07/2025	29/07/2024	10/07/2023	29/06/2022	09/07/2021
General meeting	30/06/2026	30/06/2025	28/06/2024	10/06/2023	04/06/2022	09/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	27/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	28/07/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	29/07/2024	Dutch	PDF
Full model	31/12/2022	10/06/2023	10/07/2023	Dutch	PDF
Full model	31/12/2021	04/06/2022	29/06/2022	Dutch	PDF
Full model	31/12/2020	09/06/2021	09/07/2021	Dutch	PDF
Full model	31/12/2019	08/06/2020	07/07/2020	Dutch	PDF
Full model	31/12/2018	29/06/2019	26/07/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	30/07/2018	Dutch	PDF
Abridged model	31/12/2016	17/06/2017	14/07/2017	Dutch	PDF
Abridged model	31/12/2015	20/06/2016	26/07/2016	Dutch	PDF
Abridged model	31/12/2014	15/06/2015	06/07/2015	Dutch	PDF
Abridged model	31/12/2013	27/06/2014	29/07/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	26/07/2013	Dutch	PDF
Abridged model	31/12/2011	29/06/2012	30/07/2012	Dutch	PDF
Abridged model	31/12/2010	09/05/2011	10/06/2011	Dutch	PDF
Abridged model	31/12/2009	21/06/2010	15/07/2010	Dutch	PDF
Abridged model	31/12/2008	24/06/2009	25/06/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	02/07/2008	Dutch	PDF
Abridged model	31/12/2006	27/06/2007	26/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 25 ended

Active mandates

DS en DS

Director · 0470.807.415

Represented by Ann DE SMET

Active

Giel PIESSENS

Director

Active

Ended mandates

Giel Piessens

Director · since 01 janvier 2025

Ended

DS en DS

Director · since 26 octobre 2023 · 0470.807.415

Represented by Ann De Smet

Ended

Retsilver Linings

Director · since 01 janvier 2016 · 0540.709.276

Represented by Haemers Yannick

Ended

Retsilver Linings

Manager · since 01 janvier 2016 · 0540.709.276

Represented by Yannick Haemers

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/03/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/11/2023
WIJZIGING RECHTSVORM - MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/09/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/03/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/01/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/05/2009
ONTSLAGEN - BENOEMINGEN
PDF
Other11/02/2003
DIVERSEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-3,5 k €↓
2024
Annual accounts 202450,8 k €↑
2023
Annual accounts 202342 k €↓
2022
Annual accounts 2022182,2 k €↑
2021
Annual accounts 2021152 k €↑
2018
Annual accounts 201855,3 k €↑
2017
Annual accounts 201715,8 k €↑
2016
Annual accounts 20168,3 k €↓
2015
Annual accounts 2015189,3 k €↓
2014
Annual accounts 2014203,4 k €↑
2013
Annual accounts 2013170 k €↓
2012
Annual accounts 2012183,9 k €↑
2011
Annual accounts 201186,8 k €↑
2010
Annual accounts 201079,4 k €↓
2009
Annual accounts 2009122,4 k €↓
2008
Annual accounts 2008166,7 k €↑
2007
Annual accounts 2007-55,6 k €↓
2006
Annual accounts 200633,1 k €
24/10/1977
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

WARCO

Overview

What does WARCO do?

Trend over 18 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline