ACTIVE

DELFORGE

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Financial year 2025 · closed on 31/12/2025

Net result

54,5 k €

-13.0% YoY

Gross margin

232,4 k €

-2.2% YoY

Equity

597,1 k €

+9.9% YoY

What does DELFORGE do?

DELFORGE is a Private limited company incorporated in 2005. Its main activity is: Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores. Its registered office is in Comines-Warneton.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0874.577.734

Incorporation

21/06/2005

Legal form

Private limited company

Registered office

Chemin de la Blanche(PL) 75
7782 Comines-Warneton · WallonieSee on map

Contributed capital

75 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

47241Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores· main 47241Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores 52240Cargo handling

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	232,4 k €	-2.2%	237,5 k €	+13.3%	209,6 k €	+11.4%	188,2 k €	+11.2%	169,3 k €	-1.6%	172 k €	-24.1%	226,7 k €	-0.5%	227,8 k €	-2.2%	232,9 k €	-14.6%	272,6 k €	-8.8%	299 k €	-9.6%	330,9 k €	-2.3%	338,8 k €	-1.8%	345,2 k €	+29.2%	267,1 k €	+52.1%	175,6 k €	+7.5%	163,3 k €	-10.3%	182,1 k €	+27.1%	143,3 k €	-36.9%	227,1 k €
EBITDA	138 k €	-8.5%	150,9 k €	+16.8%	129,2 k €	+17.4%	110,1 k €	+44.0%	76,4 k €	-10.6%	85,5 k €	-16.0%	101,8 k €	-10.8%	114,2 k €	+3.0%	110,9 k €	-20.8%	140 k €	-11.1%	157,6 k €	-16.0%	187,6 k €	+3.3%	181,6 k €	-9.3%	200,3 k €	+19.3%	167,9 k €	+56.5%	107,3 k €	+13.5%	94,6 k €	-21.2%	120 k €	+60.3%	74,9 k €	-39.2%	123,1 k €
Operating result	82,5 k €	-13.1%	94,9 k €	+18.0%	80,4 k €	+29.0%	62,3 k €	+116%	28,9 k €	+24.8%	23,1 k €	-53.6%	49,8 k €	-26.8%	68 k €	-2.5%	69,7 k €	-29.1%	98,3 k €	+13.3%	86,8 k €	-16.7%	104,2 k €	-4.4%	109 k €	-13.3%	125,7 k €	+42.1%	88,4 k €	+66.1%	53,2 k €	+41.3%	37,7 k €	-45.3%	68,8 k €	+170%	25,5 k €	-46.9%	48 k €
Net result	54,5 k €	-13.0%	62,6 k €	+15.4%	54,3 k €	-16.0%	64,6 k €	+301%	16,1 k €	+557%	-3,5 k €	-109%	37,4 k €	-34.6%	57,2 k €	-21.9%	73,3 k €	+24.7%	58,7 k €	-17.8%	71,5 k €	+33.6%	53,5 k €	-13.0%	61,5 k €	-12.7%	70,4 k €	+54.1%	45,7 k €	+99.7%	22,9 k €	+118%	10,5 k €	-69.8%	34,6 k €	+714%	4,3 k €	-82.1%	23,8 k €
Balance sheet
Equity	597,1 k €	+9.9%	543,5 k €	+9.4%	496,7 k €	+12.1%	443,2 k €	+1.2%	438,1 k €	-19.9%	546,8 k €	-0.6%	550,4 k €	+7.3%	513 k €	+12.6%	455,7 k €	-10.6%	509,9 k €	+13.0%	451,1 k €	+18.6%	380,4 k €	+16.4%	326,9 k €	+17.3%	278,7 k €	+33.8%	208,3 k €	+28.1%	162,6 k €	+16.4%	139,7 k €	+6.4%	131,4 k €	+30.4%	100,7 k €	+4.4%	96,5 k €
Total assets	815,6 k €	+3.8%	785,9 k €	+0.5%	781,6 k €	+3.2%	757,7 k €	-8.8%	830,4 k €	-17.7%	1 M €	-7.8%	1,1 M €	-2.5%	1,1 M €	+3.0%	1,1 M €	-0.8%	1,1 M €	+1.3%	1,1 M €	-2.5%	1,1 M €	+32.9%	836,3 k €	-2.2%	855,5 k €	+4.0%	822,8 k €	+26.6%	650 k €	-4.5%	680,6 k €	-6.2%	725,2 k €	+13.9%	636,8 k €	+17.0%	544,5 k €
Cash	264,3 k €	+16.7%	226,5 k €	+10.0%	206 k €	+24.0%	166,2 k €	+25.2%	132,8 k €	-51.5%	273,6 k €	+1.6%	269,3 k €	-17.4%	325,9 k €	+12.3%	290,2 k €	+19.2%	243,5 k €	+18.5%	205,6 k €	-25.6%	276,4 k €	+144%	113,5 k €	-41.6%	194,5 k €	+6.4%	182,8 k €	+80.3%	101,4 k €	+15.2%	88 k €	-53.3%	188,5 k €	+37.5%	137,1 k €	+16.9%	117,2 k €
Debts	217,7 k €	-9.4%	240,3 k €	-14.5%	281,2 k €	-9.5%	310,8 k €	-19.9%	388 k €	-15.3%	457,9 k €	-15.1%	539,1 k €	-10.8%	604,2 k €	-3.8%	627,9 k €	+7.6%	583,4 k €	-6.8%	626 k €	-13.5%	723,9 k €	+43.9%	503 k €	-11.9%	571,2 k €	-6.1%	608,5 k €	+25.8%	483,6 k €	-9.1%	532,1 k €	-9.7%	589,3 k €	+10.8%	532 k €	+20.9%	439,9 k €
Other
Workforce	–		–		–		–		–		–		2,8 ETP	+3.7%	2,7 ETP	0.0%	2,7 ETP	-10.0%	3,0 ETP	-9.1%	3,3 ETP	-15.4%	3,9 ETP	0.0%	3,9 ETP	+8.3%	3,6 ETP	+50.0%	2,4 ETP	+41.2%	1,7 ETP	-5.6%	1,8 ETP	+20.0%	1,5 ETP	-21.1%	1,9 ETP	+26.7%	1,5 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 · 1 active

Active mandates

Luc Delforge

Mandate

Active

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	04/06/2026	09/06/2025	06/07/2024	05/06/2023	03/06/2022	03/06/2021
General meeting	04/06/2026	05/06/2025	06/06/2024	01/06/2023	02/06/2022	03/06/2021
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
Micro model	31/12/2025	04/06/2026	04/06/2026	French	PDF
Micro model	31/12/2024	05/06/2025	09/06/2025	French	PDF
Micro model	31/12/2023	06/06/2024	06/07/2024	French	PDF
Micro model	31/12/2022	01/06/2023	05/06/2023	French	PDF
Micro model	31/12/2021	02/06/2022	03/06/2022	French	PDF
Micro model	31/12/2020	03/06/2021	03/06/2021	French	PDF
Abridged model	31/12/2019	04/06/2020	06/06/2020	French	PDF
Abridged model	31/12/2018	06/06/2019	10/06/2019	French	PDF
Abridged model	31/12/2017	07/06/2018	28/06/2018	French	PDF
Abridged model	31/12/2016	22/06/2017	01/07/2017	French	PDF
Abridged model	31/12/2015	02/06/2016	29/06/2016	French	PDF
Abridged model	31/12/2014	04/06/2015	26/06/2015	French	PDF
Abridged model	31/12/2013	12/06/2014	14/06/2014	French	PDF
Abridged model	31/12/2012	06/06/2013	29/06/2013	French	PDF
Abridged model	31/12/2011	07/06/2012	13/06/2012	French	PDF
Abridged model	31/12/2010	09/06/2011	29/06/2011	French	PDF
Abridged model	31/12/2009	03/06/2010	15/06/2010	French	PDF
Abridged model	31/12/2008	04/06/2009	25/06/2009	French	PDF
Abridged model	31/12/2007	05/06/2008	22/06/2008	French	PDF
Abridged model	31/12/2006	07/06/2007	29/06/2007	French	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 · 1 active

Active mandates

Luc Delforge

Mandate

Active

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/01/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Capital / shares16/01/2018
CAPITAL, ACTIONS
PDF
Capital / shares03/12/2013
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office05/07/2011
SIEGE SOCIAL
PDF
Mandates02/03/2006
DEMISSIONS, NOMINATIONS
PDF
Other29/06/2005
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 202554,5 k €↓
2024
Annual accounts 202462,6 k €↑
2023
Annual accounts 202354,3 k €↓
2022
Annual accounts 202264,6 k €↑
2022
Name changeDELFORGE
2021
Annual accounts 202116,1 k €↑
2021
Name changeDELFORGE-BOUDRY
2020
Annual accounts 2020-3,5 k €↓
2019
Annual accounts 201937,4 k €↓
2018
Annual accounts 201857,2 k €↓
2017
Annual accounts 201773,3 k €↑
2016
Annual accounts 201658,7 k €↓
2015
Annual accounts 201571,5 k €↑
2014
Annual accounts 201453,5 k €↓
2013
Annual accounts 201361,5 k €↓
2012
Annual accounts 201270,4 k €↑
2011
Annual accounts 201145,7 k €↑
2010
Annual accounts 201022,9 k €↑
2009
Annual accounts 200910,5 k €↓
2008
Annual accounts 200834,6 k €↑
2007
Annual accounts 20074,3 k €↓
2006
Annual accounts 200623,8 k €
21/06/2005
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

DELFORGE

Overview

What does DELFORGE do?

Trend over 20 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