GUY VOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 23 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €410,000
Total assets
€63,842▲ 17.9%
2024 · €54,163
Net result
€11,028▲ 102%
2024 · €5,447
Working capital
€40,784▲ 28.5%
2024 · €31,726
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,211
▲ 88.2%
2025
20182025
Net result
€11,028
▲ 102%
2025
middle half of the sector
20182025
Equity
€48,929
▲ 11.1%
2025
middle half of the sector
20182025
Total assets
€63,842
▲ 17.9%
2025
lowest quarter of the sector
20182025
Debt
€14,913
▲ 47.5%
2025
20182025
Working capital
€40,784
▲ 28.5%
2025
middle half of the sector
20182025
Solvency
76.6%
▼ 4.7pp
2025
highest quarter of the sector
20182025
Current ratio
3.73
▼ 0.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
17.3%
▲ 7.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,277-€898▼ 60.6%€773▼ 13.9%-€6,676€5,439€4,956▼ 8.9%€8,615▲ 73.8%€16,211▲ 88.2%
Net result€459-€256▼ 44.3%€623within the sector's middle half▲ 144%-€8,121below the sector's middle half€2,802within the sector's middle half€3,378within the sector's middle half▲ 20.6%€5,447within the sector's middle half▲ 61.2%€11,028within the sector's middle half▲ 102%
Equity€41,299-€41,555▲ 0.6%€42,178within the sector's middle half▲ 1.5%€34,057within the sector's middle half▼ 19.3%€36,059within the sector's middle half▲ 5.9%€38,604within the sector's middle half▲ 7.1%€44,050within the sector's middle half▲ 14.1%€48,929within the sector's middle half▲ 11.1%
Total assets€108,464-€97,505▼ 10.1%€85,617within the sector's middle half▼ 12.2%€63,416below the sector's middle half▼ 25.9%€57,133below the sector's middle half▼ 9.9%€63,369below the sector's middle half▲ 10.9%€54,163below the sector's middle half▼ 14.5%€63,842below the sector's middle half▲ 17.9%
Debt€67,165-€55,950▼ 16.7%€43,439▼ 22.4%€29,359▼ 32.4%€21,075▼ 28.2%€24,766▲ 17.5%€10,113▼ 59.2%€14,913▲ 47.5%
Working capital€5,356-€14,409▲ 169%€18,014within the sector's middle half▲ 25.0%€10,497within the sector's middle half▼ 41.7%€15,610within the sector's middle half▲ 48.7%€23,820within the sector's middle half▲ 52.6%€31,726within the sector's middle half▲ 33.2%€40,784within the sector's middle half▲ 28.5%
Solvency38.1%-42.6%▲ 4.5pp49.3%within the sector's middle half▲ 6.6pp53.7%within the sector's middle half▲ 4.4pp63.1%within the sector's middle half▲ 9.4pp60.9%within the sector's middle half▼ 2.2pp81.3%above the sector's middle half▲ 20.4pp76.6%above the sector's middle half▼ 4.7pp
Current ratio1.12-1.36▲ 0.241.53within the sector's middle half▲ 0.181.41within the sector's middle half▼ 0.131.74within the sector's middle half▲ 0.331.96within the sector's middle half▲ 0.224.14above the sector's middle half▲ 2.183.73above the sector's middle half▼ 0.40
Return on assets (ROA)0.4%-0.3%▼ 0.2pp0.7%within the sector's middle half▲ 0.5pp-12.8%below the sector's middle half▼ 13.5pp4.9%within the sector's middle half▲ 17.7pp5.3%within the sector's middle half▲ 0.4pp10.1%within the sector's middle half▲ 4.7pp17.3%within the sector's middle half▲ 7.2pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 88% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €63,842
Fixed assets
€8,146 ▼ 33.9%
Current assets
€55,697 ▲ 33.1%
Equity and liabilities €63,842
Equity
€48,929 ▲ 11.1%
Debt
€14,913 ▲ 47.5%
Debt's share of the balance-sheet total rises from 18.7% to 23.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,389▲
2024 · €12,675
Cash flow
€15,207▲
2024 · €9,506
Debt to equity
0.30▲
2024 · 0.23
ROE
22.5%▲
2024 · 12.4%
Interest coverage
60.57▲
2024 · 33.94
Debt ≤ 1 year
€14,913▲
2024 · €10,113
Income taxes
€4,933▲
2024 · €3,007
Staff costs
€265▲
2024 · €213
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,600 | - |
| Depreciation and write-downs of the year | €6,698 | €6,698 | €5,665 | €4,059 | €4,178 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €590 awarded · €222 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €135 | €68 |
| 2024 | 1 | €402 | €101 |
| 2022 | 1 | €53 | €53 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €213 | €265 | ▲ 24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,916 | €14,758 | €14,922 | €6,698 | €6,698 | €5,665 | €4,059 | €4,178 | ▲ 2.9% |
| Other operating charges640/8 | - | - | - | €647 | €1,859 | €1,983 | €1,530 | €1,607 | ▲ 5.0% |
| Gross operating margin9900 | €18,713 | €16,806 | €17,479 | €668 | €13,996 | €12,604 | €14,418 | €22,261 | ▲ 54.4% |
| Operating profit (loss)9901 | €2,277 | €898 | €773 | -€6,676 | €5,439 | €4,956 | €8,615 | €16,211 | ▲ 88.2% |
| Financial income75/76B | - | - | - | - | €23 | - | €212 | €88 | ▼ 58.6% |
| Recurring financial income75 | €231 | €208 | €148 | - | €23 | - | €212 | €88 | ▼ 58.6% |
| Financial charges65/66B | - | - | - | €960 | €1,209 | €1,049 | €373 | €337 | ▼ 9.9% |
| Recurring financial charges65 | €548 | €582 | €573 | €960 | €1,209 | €1,049 | €373 | €337 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €1,959 | €525 | €348 | -€7,636 | €4,253 | €3,907 | €8,454 | €15,962 | ▲ 88.8% |
| Income taxes67/77 | €1,500 | €269 | -€275 | €485 | €1,451 | €529 | €3,007 | €4,933 | ▲ 64.1% |
| Profit (loss) for the period9904 | €459 | €256 | €623 | -€8,121 | €2,802 | €3,378 | €5,447 | €11,028 | ▲ 102% |
| Profit (loss) for the period to be appropriated9905 | €459 | €256 | €623 | -€8,121 | €2,802 | €3,378 | €5,447 | €11,028 | ▲ 102% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €108,464 | €97,505 | €85,617 | €63,416 | €57,133 | €63,369 | €54,163 | €63,842 | ▲ 17.9% |
| Fixed assets21/28 | €57,612 | €42,854 | €33,845 | €27,147 | €20,449 | €14,784 | €12,324 | €8,146 | ▼ 33.9% |
| Tangible fixed assets22/27 | €57,612 | €42,854 | €33,845 | €27,147 | €20,449 | €14,784 | €12,324 | €8,146 | ▼ 33.9% |
| Plant, machinery and equipment23 | - | - | - | €7,897 | €4,407 | €1,950 | €2,699 | €1,729 | ▼ 35.9% |
| Furniture and vehicles24 | - | - | - | €19,250 | €16,042 | €12,834 | €9,625 | €6,417 | ▼ 33.3% |
| Current assets29/58 | €50,852 | €54,651 | €51,771 | €36,269 | €36,685 | €48,586 | €41,839 | €55,697 | ▲ 33.1% |
| Stocks and contracts in progress3 | €14,000 | €8,500 | €7,500 | €7,500 | €1,500 | - | - | - | - |
| Stocks30/36 | - | - | - | €7,500 | €1,500 | - | - | - | - |
| Amounts receivable within one year40/41 | €22,284 | €23,164 | €40,721 | €16,850 | €24,776 | €39,663 | €25,333 | €20,432 | ▼ 19.3% |
| Trade receivables40 | - | - | - | €15,748 | €21,624 | €35,200 | €13,181 | €10,412 | ▼ 21.0% |
| Other amounts receivable41 | - | - | - | €1,102 | €3,152 | €4,464 | €12,152 | €10,019 | ▼ 17.6% |
| Cash at bank and in hand54/58 | €14,367 | €22,781 | €3,340 | €11,919 | €10,408 | €8,922 | €15,006 | €33,765 | ▲ 125% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,500 | €1,500 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €108,464 | €97,505 | €85,617 | €63,416 | €57,133 | €63,369 | €54,163 | €63,842 | ▲ 17.9% |
| Equity10/15 | €41,299 | €41,555 | €42,178 | €34,057 | €36,059 | €38,604 | €44,050 | €48,929 | ▲ 11.1% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Contributions outside capital11 | - | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Share premium1100/10 | - | - | - | - | - | - | €20,000 | €20,000 | = |
| Other1109/19 | - | - | - | €20,000 | €20,000 | €20,000 | - | - | - |
| Reserves13 | €21,299 | €21,555 | €22,178 | €14,057 | €16,059 | €18,604 | €24,050 | €28,929 | ▲ 20.3% |
| Non-distributable reserves130/1 | - | - | - | €8,772 | €10,774 | €13,319 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €8,772 | €10,774 | €13,319 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €5,285 | €5,285 | €5,285 | €22,050 | €26,929 | ▲ 22.1% |
| Amounts payable17/49 | €67,165 | €55,950 | €43,439 | €29,359 | €21,075 | €24,766 | €10,113 | €14,913 | ▲ 47.5% |
| Amounts payable after more than one year17 | €21,669 | €15,709 | €9,681 | €3,587 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €3,587 | - | - | - | - | - |
| Amounts payable within one year42/48 | €45,496 | €40,242 | €33,758 | €25,772 | €21,075 | €24,766 | €10,113 | €14,913 | ▲ 47.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,095 | €3,587 | - | - | - | - |
| Trade debts44 | €1,555 | €3,412 | €9,132 | €5,308 | €9,930 | €18,164 | €6,625 | €9,206 | ▲ 39.0% |
| Suppliers440/4 | - | - | - | €5,308 | €9,930 | €18,164 | €6,625 | €9,206 | ▲ 39.0% |
| Taxes, remuneration and social security45 | - | - | - | €998 | €1,346 | €2,223 | €3,488 | €5,707 | ▲ 63.6% |
| Taxes450/3 | - | - | - | €998 | €1,346 | €2,223 | €3,488 | €5,707 | ▲ 63.6% |
| Other amounts payable47/48 | - | - | - | €13,372 | €6,212 | €4,379 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €459 | €256 | €623 | -€8,121 | €2,802 | €3,378 | €5,447 | €11,028 | ▲ 102% |
| + Depreciation and write-downs630 | €14,916 | €14,758 | €14,922 | €6,698 | €6,698 | €5,665 | €4,059 | €4,178 | ▲ 2.9% |
| Operating cash flow (approximation) | €15,375 | €15,013 | €15,545 | -€1,422 | €9,500 | €9,043 | €9,506 | €15,207 | ▲ 60.0% |
| Investment in fixed assets (approximation) | - | €0 | -€5,913 | €0 | €0 | €0 | -€1,600 | €0 | - |
| Change in cash | - | €8,414 | -€19,441 | €8,579 | -€1,510 | -€1,486 | €6,083 | €18,759 | ▲ 208% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as GUY VOS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GUY VOS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for GUY VOS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00133993 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00137046 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00123711 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00117077 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20089686 | |
| 31-12-2020 | micro format | 16-06-2021 | 2021-20700457 | |
| 31-12-2019 | micro format | 02-06-2020 | 2020-14200203 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-21100300 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-21400469 | |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-16500124 |