V BOURT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 17 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €300,000
Total assets
€83,158▼ 0.8%
2024 · €83,865
Net result
€9,539▼ 72.2%
2024 · €34,348
Working capital
€35,918▼ 14.4%
2024 · €41,953
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,521
▼ 64.7%
2025
20182025
Net result
€9,539
▼ 72.2%
2025
lowest quarter of the sector
20182025
Equity
€50,423
▼ 14.5%
2025
middle half of the sector
20182025
Total assets
€83,158
▼ 0.8%
2025
lowest quarter of the sector
20182025
Debt
€32,735
▲ 31.6%
2025
20182025
Working capital
€35,918
▼ 14.4%
2025
middle half of the sector
20182025
Solvency
60.6%
▼ 9.7pp
2025
middle half of the sector
20182025
Current ratio
2.10
▼ 0.59
2025
middle half of the sector
20182025
Return on assets (ROA)
11.5%
▼ 29.5pp
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€9,347-€9,755▲ 4.4%-€11,643€11,228€16,680▲ 48.6%-€7,184€46,863€16,521▼ 64.7%
Net result€5,533-€5,261▼ 4.9%-€12,759below the sector's middle half€7,870within the sector's middle half€10,232within the sector's middle half▲ 30.0%-€7,752below the sector's middle half€34,348within the sector's middle half€9,539below the sector's middle half▼ 72.2%
Equity€83,275-€88,536▲ 6.3%€53,777within the sector's middle half▼ 39.3%€61,647within the sector's middle half▲ 14.6%€43,179within the sector's middle half▼ 30.0%€35,427within the sector's middle half▼ 18.0%€58,984within the sector's middle half▲ 66.5%€50,423within the sector's middle half▼ 14.5%
Total assets€93,730-€96,437▲ 2.9%€88,286below the sector's middle half▼ 8.5%€81,329below the sector's middle half▼ 7.9%€83,792below the sector's middle half▲ 3.0%€59,640below the sector's middle half▼ 28.8%€83,865below the sector's middle half▲ 40.6%€83,158below the sector's middle half▼ 0.8%
Debt€10,455-€7,901▼ 24.4%€34,509▲ 337%€19,682▼ 43.0%€40,613▲ 106%€24,213▼ 40.4%€24,881▲ 2.8%€32,735▲ 31.6%
Working capital€64,400-€72,582▲ 12.7%€34,813within the sector's middle half▼ 52.0%€43,537within the sector's middle half▲ 25.1%€29,021within the sector's middle half▼ 33.3%€8,617below the sector's middle half▼ 70.3%€41,953within the sector's middle half▲ 387%€35,918within the sector's middle half▼ 14.4%
Solvency88.8%-91.8%▲ 3.0pp60.9%within the sector's middle half▼ 30.9pp75.8%within the sector's middle half▲ 14.9pp51.5%within the sector's middle half▼ 24.3pp59.4%within the sector's middle half▲ 7.9pp70.3%within the sector's middle half▲ 10.9pp60.6%within the sector's middle half▼ 9.7pp
Current ratio7.49-10.19▲ 2.692.01within the sector's middle half▼ 8.183.21within the sector's middle half▲ 1.201.71within the sector's middle half▼ 1.501.36within the sector's middle half▼ 0.362.69within the sector's middle half▲ 1.332.10within the sector's middle half▼ 0.59
Return on assets (ROA)5.9%-5.5%▼ 0.4pp-14.5%below the sector's middle half▼ 19.9pp9.7%within the sector's middle half▲ 24.1pp12.2%within the sector's middle half▲ 2.5pp-13.0%below the sector's middle half▼ 25.2pp41.0%above the sector's middle half▲ 54.0pp11.5%within the sector's middle half▼ 29.5pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 65% lower than in 2024.
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 €83,158
Fixed assets
€14,505 ▼ 14.8%
Current assets
€68,653 ▲ 2.7%
Equity and liabilities €83,158
Equity
€50,423 ▼ 14.5%
Debt
€32,735 ▲ 31.6%
Debt's share of the balance-sheet total rises from 29.7% to 39.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€19,696▼
2024 · €50,284
Cash flow
€12,714▼
2024 · €37,768
Debt to equity
0.65▲
2024 · 0.42
ROE
18.9%▼
2024 · 58.2%
Interest coverage
8.62▼
2024 · 37.09
Debt ≤ 1 year
€32,735▲
2024 · €24,881
Income taxes
€4,715▼
2024 · €11,175
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 | €4,052 | €684 | €27,947 | €1,575 | €978 |
| Depreciation and write-downs of the year | €4,906 | €4,058 | €3,840 | €3,420 | €3,175 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,934 | €4,171 | €4,252 | €4,906 | €4,058 | €3,840 | €3,420 | €3,175 | ▼ 7.2% |
| Other operating charges640/8 | - | - | - | €1,365 | €1,839 | €12,836 | €1,595 | €1,590 | ▼ 0.3% |
| Gross operating margin9900 | €20,797 | €15,123 | -€5,090 | €17,499 | €22,577 | €9,492 | €51,879 | €21,287 | ▼ 59.0% |
| Operating profit (loss)9901 | €9,347 | €9,755 | -€11,643 | €11,228 | €16,680 | -€7,184 | €46,863 | €16,521 | ▼ 64.7% |
| Financial income75/76B | - | - | - | - | - | - | €15 | €17 | ▲ 14.0% |
| Recurring financial income75 | - | - | - | - | - | - | €15 | €17 | ▲ 14.0% |
| Financial charges65/66B | - | - | - | €736 | €682 | €303 | €1,356 | €2,285 | ▲ 68.5% |
| Recurring financial charges65 | €704 | €1,072 | €895 | €736 | €682 | €303 | €1,356 | €2,285 | ▲ 68.5% |
| Profit (loss) for the period before taxes9903 | €8,643 | €8,683 | -€12,538 | €10,492 | €15,998 | -€7,487 | €45,523 | €14,254 | ▼ 68.7% |
| Income taxes67/77 | €3,109 | €3,422 | €220 | €2,622 | €5,766 | €265 | €11,175 | €4,715 | ▼ 57.8% |
| Profit (loss) for the period9904 | €5,533 | €5,261 | -€12,759 | €7,870 | €10,232 | -€7,752 | €34,348 | €9,539 | ▼ 72.2% |
| Profit (loss) for the period to be appropriated9905 | €5,533 | €5,261 | -€12,759 | €7,870 | €10,232 | -€7,752 | €34,348 | €9,539 | ▼ 72.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €93,730 | €96,437 | €88,286 | €81,329 | €83,792 | €59,640 | €83,865 | €83,158 | ▼ 0.8% |
| Fixed assets21/28 | €19,414 | €15,954 | €18,964 | €18,110 | €14,158 | €26,810 | €17,031 | €14,505 | ▼ 14.8% |
| Tangible fixed assets22/27 | €19,389 | €15,929 | €18,939 | €18,085 | €14,133 | €26,785 | €17,006 | €14,480 | ▼ 14.9% |
| Furniture and vehicles24 | - | - | - | €13,477 | €10,540 | €19,598 | €10,605 | €8,865 | ▼ 16.4% |
| Other tangible fixed assets26 | - | - | - | €4,608 | €3,593 | €7,187 | €6,401 | €5,615 | ▼ 12.3% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €74,316 | €80,483 | €69,321 | €63,219 | €69,634 | €32,830 | €66,834 | €68,653 | ▲ 2.7% |
| Amounts receivable within one year40/41 | €2,578 | €9,682 | €10,305 | €10,314 | €6,115 | €6,478 | €1,542 | €355 | ▼ 76.9% |
| Trade receivables40 | - | - | - | €1,537 | €6,115 | €6,478 | €54 | €117 | ▲ 116% |
| Other amounts receivable41 | - | - | - | €8,776 | - | - | €1,487 | €238 | ▼ 84.0% |
| Cash at bank and in hand54/58 | €71,565 | €70,694 | €58,909 | €52,212 | €62,862 | €26,228 | €54,625 | €60,469 | ▲ 10.7% |
| Deferred charges and accrued income490/1 | - | - | - | €694 | €658 | €125 | €10,667 | €7,829 | ▼ 26.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €93,730 | €96,437 | €88,286 | €81,329 | €83,792 | €59,640 | €83,865 | €83,158 | ▼ 0.8% |
| Equity10/15 | €83,275 | €88,536 | €53,777 | €61,647 | €43,179 | €35,427 | €58,984 | €50,423 | ▼ 14.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €14,255 | €14,255 | €14,255 | = |
| Reserves13 | €43,535 | €48,795 | €26,795 | €34,665 | €30,745 | €28,890 | €44,725 | €36,160 | ▼ 19.2% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | €32,810 | €28,890 | €28,890 | €44,725 | €36,160 | ▼ 19.2% |
| Profit (loss) carried forward14 | €27,340 | €27,341 | €14,582 | €14,582 | €34 | -€7,718 | €4 | €8 | ▲ 88.2% |
| Amounts payable17/49 | €10,455 | €7,901 | €34,509 | €19,682 | €40,613 | €24,213 | €24,881 | €32,735 | ▲ 31.6% |
| Amounts payable within one year42/48 | €9,916 | €7,901 | €34,509 | €19,682 | €40,613 | €24,213 | €24,881 | €32,735 | ▲ 31.6% |
| Trade debts44 | €2,484 | €2,855 | €6,022 | €6,146 | €2,143 | €1,627 | €895 | €4,971 | ▲ 456% |
| Suppliers440/4 | - | - | - | €6,146 | €2,143 | €1,627 | €895 | €4,971 | ▲ 456% |
| Taxes, remuneration and social security45 | - | - | - | €9,890 | €9,502 | €9,303 | €12,290 | €14,257 | ▲ 16.0% |
| Taxes450/3 | - | - | - | €9,890 | €9,502 | €9,303 | €12,290 | €14,257 | ▲ 16.0% |
| Other amounts payable47/48 | - | - | - | €3,646 | €28,968 | €13,283 | €11,697 | €13,508 | ▲ 15.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,533 | €5,261 | -€12,759 | €7,870 | €10,232 | -€7,752 | €34,348 | €9,539 | ▼ 72.2% |
| + Depreciation and write-downs630 | €9,934 | €4,171 | €4,252 | €4,906 | €4,058 | €3,840 | €3,420 | €3,175 | ▼ 7.2% |
| Operating cash flow (approximation) | €15,467 | €9,432 | -€8,507 | €12,776 | €14,289 | -€3,913 | €37,768 | €12,714 | ▼ 66.3% |
| Investment in fixed assets (approximation) | - | -€710 | -€7,262 | -€4,052 | -€106 | -€16,492 | €6,358 | -€649 | - |
| Change in cash | - | -€871 | -€11,786 | -€6,697 | €10,650 | -€36,634 | €28,398 | €5,844 | ▼ 79.4% |
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, 34,693 companies had the same profile as V BOURT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of V BOURT 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 34,693 companies, not a prediction for V BOURT. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00317561 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00418058 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00384112 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235791 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20245461 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65600194 | |
| 31-12-2019 | micro format | 20-08-2020 | 2020-42700124 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49700076 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-46400275 | |
| 31-12-2016 | micro format | 17-08-2017 | 2017-44400428 |