Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 46.3 to 25.
Financials
Financial year 2025
GODIVA BELGIUM from Anderlecht, company number BE0435002438, closed financial year 2025 with a result of € -181.5 million after tax. For that financial year GODIVA BELGIUM recorded revenue of € 14.1 million and equity of € 513.2 million. Compared with financial year 2024, the result moved from € -66 million to € -181.5 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 27, 2026.
€ 513.2 million
▼ 26% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -181.5 million
▼ 175 % more loss than in 2024
Profit after tax over the fiscal year.
€ 836,491
▼ 24% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -208.1 million.
People and assets in 2025
25
▼ 7.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 4.5 million
▲ 4% vs 2024
€ 180,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 18,770
▼ 33% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 30.3 million
Loans from banks and other lenders, long and short.
€ 27.4 million
▲ 17% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 457 days on average.
€ 696,581
▼ 16% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 18,894,101 | € 20,203,466 | € 16,341,351 | € 14,066,216 | ▼ 14% |
| Profit after taxes | € -6,864,952 | € -8,985,043 | € -66,007,711 | € -181,460,873 | ▼ € 115.5 million |
| Equity | € 769,647,422 | € 760,662,379 | € 694,654,668 | € 513,193,795 | ▼ 26% |
| Total debts | € 45,960,487 | € 53,531,684 | € 56,241,489 | € 67,401,941 | ▲ 20% |
| Cash | € 518,579 | € 766,690 | € 1,098,268 | € 836,491 | ▼ 24% |
| Retained profit | € 48,311,678 | € 39,326,636 | € -26,681,075 | € -208,141,949 | ▼ € 181.5 million |
| Bank debt | € 30,269,348 | € 30,184,965 | € 30,290,812 | € 30,290,077 | |
| Balance sheet total | € 815,803,727 | € 814,297,165 | € 750,974,014 | € 580,964,432 | ▼ 23% |
| Employees (FTE) | 47.3 | 46.3 | 32.9 | 25 | ▼ 7.9 |
Key figures of GODIVA BELGIUM, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to GODIVA BELGIUM?
What happened at GODIVA BELGIUM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 181.5 million. Source: NBB ↗
- Yahya Ulker became a director. NBB
- Ali Ulker stepped down as director. NBB
- Sridhar Ramamurthy became a director. NBB
- Ali Ulker became a director. NBB
- Murat Ulker became a director. NBB
- New establishment in Koekelberg. KBO
- New establishment in Brussel. KBO
In short
From € 6.9 million loss in 2022 to € 181.5 million loss in 2025.
Paid € 1.8 million in corporate taxes since 2022.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind GODIVA BELGIUM are Murat Ulker, Sridhar Ramamurthy and Yahya Ulker. It owns 100% of Godiva Chocolatier of Canada Ltd. BO, 100% of Godiva TRA LTD, 100% of Godiva Global limited, 100% of Godiva France SA BO, 100% of Godiva Chocolatier Asia Ltd BO and 100% of Godiva China Ltd BO itself.
Directors
According to the 2025 annual accounts
Murat Ulker
Director
since 2008
Sridhar Ramamurthy
Director
since 2025
Yahya Ulker
Director
since 2025
Ali Ulker
Director
since 2013 · until 2025
Establishments
Establishment units
Physical locations of this company
Veeartsenstraat 42D
1070 Anderlecht
Grote Markt 22
1000 Brussel
Active since 1 October 1988
Jetselaan 4-6
1081 Koekelberg
Active since 1 October 2006
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0435.002.438
- VAT number
- BE 0435.002.438
- Registered office
- Veeartsenstraat 42D, 1070 Anderlecht
- Names & denominations
- GODIVA BELGIUM
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 10 August 1988
- Peppol
- Active · Active since 18 Nov 2025
- Activities · NACE
Vervaardiging van cacao, chocolade en suikerwerk
Groothandel in suiker, chocolade en suikerwerk
Detailhandel in chocolade en suikerwerk