The tragedy of 26 January at Violanta’s factory in Trikala, where five women workers lost their lives in an explosion and fire, left behind families who are mourning and questions that remain unanswered.
Nine months later, the victims’ families continue to bear the weight of their loss, while the financial consequences for the business are beginning to emerge. Sales fell by 44% in the first eight months of 2026, the company estimates physical damage at about €10 million, and the potential compensation payable to the victims’ relatives remains undetermined.
In the January–August 2026 period, the biscuit maker’s sales fell to €16.62 million, from €29.50 million in the same period of 2025. In eight months, the company lost €12.88 million in revenue.
Until the end of 2025, its performance had been different. Turnover rose by 14.5% to €43.29 million, net profit reached €3.83 million, up from €3.32 million in 2024, and EBITDA amounted to €6.51 million. The company had expanded its international presence, with exports of €10.28 million and a network that, according to management, comprised more than 6,500 points of sale worldwide.
The explosion changed the outlook. In its management report, Violanta estimates damage to buildings, machinery and inventories at €10 million. This is a provisional estimate, as the final assessment is still under way. The financial impact is expected to weigh on the 2026 financial year.
The amount that will be covered by insurance companies also remains uncertain. Violanta says it has insurance policies covering risks related to the accident, but the process of determining the insured loss is expected to be completed in 2027.
The company also refers to outstanding cases involving possible compensation for the families of the five workers. Management says it is monitoring the cases in consultation with its legal advisers and has the financial resources to meet any potential liabilities. It acknowledges, however, that it cannot yet reliably estimate either their final outcome or the amount of any additional compensation.
The financial statements also include a provision of €583,244 for tax differences and charges assessed following an audit by a state authority. The company does not name the authority. The provision relates to the 2025 financial year, and there is no indication that it is connected to the accident.
The plant’s closure, following orders from the relevant authorities, further disrupted operations. Management says Violanta sought to make up for some of the losses by using other facilities, including the Vita Free factory. It estimates that production capacity has recovered to 70% of pre-explosion levels and is targeting 80% during 2027.
The company entered 2026 with substantial cash reserves and limited bank borrowing. At the end of 2025, it held €11.4 million in cash and deposits, against loan liabilities of €1.53 million. Equity stood at €31.3 million.
At the end of that year, the company employed 289 people, up from 246 in 2024, including 213 production workers and 76 administrative staff. These figures predate the explosion and do not reflect current employment levels. For 2026, management expects a loss, attributing it mainly to the physical damage and exceptional costs. It forecasts a return to profitability in 2027, provided that production is restored and lost market share is gradually recovered.