Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 30 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 637 to 557.2.
Financials
Financial year 2025
Milcobel Dairy from Beveren-Kruibeke-Zwijndrecht, company number BE0870017447, closed financial year 2025 with a result of € -53.2 million after tax. For that financial year Milcobel Dairy recorded revenue of € 781.2 million and equity of € -37.9 million. Compared with financial year 2024, the result moved from € -13.5 million to € -53.2 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 23, 2026.
€ -37.9 million
▼ € 53.2 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -53.2 million
▼ 295 % more loss than in 2024
Profit after tax over the fiscal year.
€ 7.7 million
▲ € 6.3 million vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -99.3 million.
People and assets in 2025
557.2
▼ 52.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 47.2 million
▼ 6% vs 2024
€ 84,800 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.
€ 116,070
▼ 84% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 72.7 million
▼ 9% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 36 days on average.
€ 11 million
▼ 13% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 866,362,982 | € 728,662,285 | € 734,268,638 | € 781,190,299 | ▲ 6% |
| Profit after taxes | € 16,844,627 | € -51,078,731 | € -13,451,316 | € -53,189,876 | ▼ € 39.7 million |
| Equity | € 73,866,876 | € 28,831,602 | € 15,321,615 | € -37,922,276 | ▼ € 53.2 million |
| Total debts | € 227,017,018 | € 234,277,785 | € 201,361,486 | € 248,331,637 | ▲ 23% |
| Cash | € 1,879,150 | € 4,941,305 | € 1,458,838 | € 7,745,458 | ▲ € 6.3 million |
| Land & buildings | € 49,707,560 | € 55,057,824 | € 53,716,721 | € 32,610,597 | ▼ 39% |
| Retained profit | € 18,442,136 | € -32,636,596 | € -46,087,912 | € -99,277,788 | ▼ € 53.2 million |
| Bank debt | € 34,583,335 | € 26,250,002 | € 17,916,669 | € 0 | ▼ 100% |
| Balance sheet total | € 305,934,897 | € 268,361,504 | € 220,946,841 | € 214,209,736 | ▼ 3% |
| Employees (FTE) | 618.3 | 637 | 609.8 | 557.2 | ▼ 52.6 |
Key figures of Milcobel Dairy, 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 Milcobel Dairy?
What happened at Milcobel Dairy in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Joris Verheijen stepped down as director. NBB
- Christophe Guilmin stepped down as director. NBB
- Ortegal BV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 53.2 million. Source: NBB ↗
- Above BV stepped down as director. NBB
- AGRUCO BV stepped down as director. NBB
- Tom Schiettecat stepped down as director. NBB
- Joris Verheijen became a director. NBB
In short
From € 16.8 million profit in 2022 to € 53.2 million loss in 2025.
Paid € 4.3 million in corporate taxes since 2022.
Best year ever: 2022, with € 16.8 million profit.
Pays suppliers within 36 days on average.
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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
The stake of FrieslandCampina comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Milcobel DairyThe shares are held by FrieslandCampina (100%). It owns 100% of Milcobel Asia Limited and 100% of Kaasbrik itself.
Directors
According to the 2025 annual accounts
Director · represented by Peter Grugeon
Also active at: Kaasimport Jan Dupont, Abdij Sint-Sixtus, LIBEERT, CAMAL, MCC Verstraete, KAASBRIK, JOKALI, Kaasbrik Invest +2 more
since 2024 · until 2026
Tom Schiettecat
Director
Also active at: DE THUISBOUWER, Kaasimport Jan Dupont, CAMAL, Kaasbrik Invest, CHEESELINE, YSCO, AB Register vzw
since 2024 · until 2026
since 2026 · until 2031
Director · represented by Edith Hamelryckx
Also active at: FrieslandCampina Belgium, Kaasimport Jan Dupont, CAMAL, FrieslandCampina Belgium Cheese, JOKALI, Kaasbrik Invest, CHEESELINE, YSCO +3 more
since 2024 · until 2026
Director · represented by Olivier Schietse
Also active at: Kaasimport Jan Dupont, CAMAL, KAASBRIK, HERITAGE 1466, JOKALI, Kaasbrik Invest, CHEESELINE, KJD Consult
since 2024 · until 2026
since 2026 · until 2031
Shareholders
100%
Participations
Milcobel Asia Limited
100%
100%
Establishments
Establishment units
Physical locations of this company
Fabriekstraat(KAL) 141
9120 Beveren-Kruibeke-Zwijndrecht
Melkerijstraat 10
8920 Langemark-Poelkapelle
Active since 9 July 1991
Stationstraat 149
8890 Moorslede
Active since 9 July 1991
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 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
- 0870.017.447
- VAT number
- BE 0870.017.447
- Registered office
- Fabriekstraat(KAL) 141, 9120 Beveren-Kruibeke-Zwijndrecht
- Names & denominations
- Milcobel Dairy
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 17 November 2004
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Vervaardiging van zuivelproducten
Zuivelfabrieken en kaasmakerijen