V.D. MAX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 29 filings
Turnover
≈ €260,000
Estimated: probably between €180,000 and €410,000
Total assets
€496,869▼ 3.1%
2024 · €512,991
Net result
€30,461
2024 · -€1,830
Working capital
€103,755▲ 233%
2024 · €31,172
In the rankings
#6 oldest company in Zuienkerke, Construction sector#8 company by equity in Zuienkerke, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€46,805
▲ 270%
2025
20192025
Net result
€30,461
2025
middle half of the sector
20192025
Equity
€258,700
▲ 13.3%
2025
highest quarter of the sector
20192025
Total assets
€496,869
▼ 3.1%
2025
highest quarter of the sector
20192025
Debt
€238,168
▼ 16.4%
2025
20192025
Working capital
€103,755
▲ 233%
2025
highest quarter of the sector
20192025
Solvency
52.1%
▲ 7.6pp
2025
middle half of the sector
20192025
Current ratio
7.48
▲ 5.98
2025
highest quarter of the sector
20192025
Return on assets (ROA)
6.1%
▲ 6.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€4,079-€4,792€22,190▲ 363%€24,207▲ 9.1%€20,269▼ 16.3%€12,652▼ 37.6%€46,805▲ 270%
Net result-€23,359-€1,858within the sector's middle half€20,610within the sector's middle half▲ 11×€23,918within the sector's middle half▲ 16.1%€10,072within the sector's middle half▼ 57.9%-€1,830below the sector's middle half€30,461within the sector's middle half
Equity€173,611-€175,469above the sector's middle half▲ 1.1%€196,079above the sector's middle half▲ 11.7%€219,997above the sector's middle half▲ 12.2%€230,069above the sector's middle half▲ 4.6%€228,239above the sector's middle half▼ 0.8%€258,700above the sector's middle half▲ 13.3%
Total assets€649,543-€604,108above the sector's middle half▼ 7.0%€552,600above the sector's middle half▼ 8.5%€523,750above the sector's middle half▼ 5.2%€562,946above the sector's middle half▲ 7.5%€512,991above the sector's middle half▼ 8.9%€496,869above the sector's middle half▼ 3.1%
Debt€475,933-€428,639▼ 9.9%€356,521▼ 16.8%€303,753▼ 14.8%€332,876▲ 9.6%€284,751▼ 14.5%€238,168▼ 16.4%
Working capital-€394,274--€263,233below the sector's middle half▲ 33.2%-€241,645below the sector's middle half▲ 8.2%-€198,718below the sector's middle half▲ 17.8%-€17,037below the sector's middle half▲ 91.4%€31,172within the sector's middle half€103,755above the sector's middle half▲ 233%
Solvency26.7%-29.0%within the sector's middle half▲ 2.3pp35.5%within the sector's middle half▲ 6.4pp42.0%within the sector's middle half▲ 6.5pp40.9%within the sector's middle half▼ 1.1pp44.5%within the sector's middle half▲ 3.6pp52.1%within the sector's middle half▲ 7.6pp
Current ratio0.02-0.08below the sector's middle half▲ 0.060.08below the sector's middle half=0.17below the sector's middle half▲ 0.090.85below the sector's middle half▲ 0.681.50within the sector's middle half▲ 0.657.48above the sector's middle half▲ 5.98
Return on assets (ROA)-3.6%-0.3%below the sector's middle half▲ 3.9pp3.7%within the sector's middle half▲ 3.4pp4.6%within the sector's middle half▲ 0.8pp1.8%within the sector's middle half▼ 2.8pp-0.4%below the sector's middle half▼ 2.1pp6.1%within the sector's middle half▲ 6.5pp
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 3.7 times that of 2024 and the highest since 2019. It is a recovery after the fall 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 €496,869
Fixed assets
€377,108 ▼ 10.1%
Current assets
€119,761 ▲ 28.1%
Equity and liabilities €496,869
Equity
€258,700 ▲ 13.3%
Debt
€238,168 ▼ 16.4%
Debt's share of the balance-sheet total falls from 55.5% to 47.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€95,543▲
2024 · €63,658
Cash flow
€79,199▲
2024 · €49,176
Debt to equity
0.92▼
2024 · 1.25
ROE
11.8%▲
2024 · -0.8%
Interest coverage
5.64▲
2024 · 4.32
Debt ≤ 1 year
€16,006▼
2024 · €62,296
Debt > 1 year
€219,000=
2024 · €219,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,872 | €31,724 | €4,076 | €6,322 |
| Depreciation and write-downs of the year | €53,881 | €48,267 | €51,006 | €48,738 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,391 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72,525 | €64,836 | €56,293 | €53,881 | €48,267 | €51,006 | €48,738 | ▼ 4.4% |
| Other operating charges640/8 | - | - | - | €8,536 | €9,089 | €9,550 | €9,934 | ▲ 4.0% |
| Gross operating margin9900 | €77,948 | €78,108 | €87,629 | €86,624 | €77,625 | €73,208 | €105,477 | ▲ 44.1% |
| Operating profit (loss)9901 | -€4,079 | €4,792 | €22,190 | €24,207 | €20,269 | €12,652 | €46,805 | ▲ 270% |
| Financial income75/76B | - | - | - | €10 | €13 | €249 | €584 | ▲ 135% |
| Recurring financial income75 | €29 | - | - | €10 | €13 | €249 | €584 | ▲ 135% |
| Financial charges65/66B | - | - | - | €299 | €10,210 | €14,730 | €16,928 | ▲ 14.9% |
| Recurring financial charges65 | €19,316 | €2,934 | €1,580 | €299 | €10,210 | €14,730 | €16,928 | ▲ 14.9% |
| Profit (loss) for the period before taxes9903 | -€23,366 | €1,858 | €20,610 | €23,918 | €10,072 | -€1,830 | €30,461 | - |
| Income taxes67/77 | -€7 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€23,359 | €1,858 | €20,610 | €23,918 | €10,072 | -€1,830 | €30,461 | - |
| Profit (loss) for the period to be appropriated9905 | -€23,359 | €1,858 | €20,610 | €23,918 | €10,072 | -€1,830 | €30,461 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €649,543 | €604,108 | €552,600 | €523,750 | €562,946 | €512,991 | €496,869 | ▼ 3.1% |
| Fixed assets21/28 | €642,301 | €582,401 | €532,007 | €482,997 | €466,454 | €419,523 | €377,108 | ▼ 10.1% |
| Tangible fixed assets22/27 | €642,301 | €582,401 | €532,007 | €482,997 | €466,454 | €419,523 | €377,108 | ▼ 10.1% |
| Land and buildings22 | - | - | - | €482,997 | €453,425 | €409,507 | €369,832 | ▼ 9.7% |
| Furniture and vehicles24 | - | - | - | - | €13,029 | €10,016 | €7,276 | ▼ 27.4% |
| Current assets29/58 | €7,242 | €21,707 | €20,593 | €40,753 | €96,492 | €93,467 | €119,761 | ▲ 28.1% |
| Amounts receivable within one year40/41 | €123 | €118 | €0 | €388 | €0 | €1,293 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €388 | €0 | €1,293 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €7,119 | €21,589 | €20,593 | €40,365 | €93,983 | €88,922 | €117,929 | ▲ 32.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,509 | €3,252 | €1,831 | ▼ 43.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €649,543 | €604,108 | €552,600 | €523,750 | €562,946 | €512,991 | €496,869 | ▼ 3.1% |
| Equity10/15 | €173,611 | €175,469 | €196,079 | €219,997 | €230,069 | €228,239 | €258,700 | ▲ 13.3% |
| Contributions10/11 | €94,200 | €94,200 | €94,200 | €94,200 | €94,200 | €94,200 | €94,200 | = |
| Capital10 | - | - | - | €94,200 | €94,200 | €94,200 | €94,200 | = |
| Issued capital100 | - | - | - | €94,200 | €94,200 | €94,200 | €94,200 | = |
| Reserves13 | €79,411 | €81,269 | €101,879 | €125,797 | €135,869 | €134,039 | €164,500 | ▲ 22.7% |
| Non-distributable reserves130/1 | - | - | - | €9,522 | €9,522 | €9,522 | €9,522 | = |
| Legal reserve130 | - | - | - | €9,522 | €9,522 | €9,522 | €9,522 | = |
| Distributable reserves133 | - | - | - | €116,275 | €126,347 | €124,518 | €154,978 | ▲ 24.5% |
| Amounts payable17/49 | €475,933 | €428,639 | €356,521 | €303,753 | €332,876 | €284,751 | €238,168 | ▼ 16.4% |
| Amounts payable after more than one year17 | €74,416 | €143,699 | €94,283 | €64,283 | €219,000 | €219,000 | €219,000 | = |
| Financial debts170/4 | - | - | - | €64,283 | €219,000 | €219,000 | €219,000 | = |
| Amounts payable within one year42/48 | €401,516 | €284,940 | €262,238 | €239,470 | €113,529 | €62,296 | €16,006 | ▼ 74.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - |
| Trade debts44 | €1,838 | €6,097 | €1,565 | €2,611 | €16,598 | €1,598 | €1,463 | ▼ 8.4% |
| Suppliers440/4 | - | - | - | €2,611 | €16,598 | €1,598 | €1,463 | ▼ 8.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €3,041 | €7,421 | €5,012 | ▼ 32.5% |
| Taxes450/3 | - | - | - | - | €3,041 | €7,421 | €5,012 | ▼ 32.5% |
| Other amounts payable47/48 | - | - | - | €236,859 | €93,889 | €53,277 | €9,531 | ▼ 82.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €348 | €3,456 | €3,163 | ▼ 8.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,359 | €1,858 | €20,610 | €23,918 | €10,072 | -€1,830 | €30,461 | - |
| + Depreciation and write-downs630 | €72,525 | €64,836 | €56,293 | €53,881 | €48,267 | €51,006 | €48,738 | ▼ 4.4% |
| Operating cash flow (approximation) | €49,166 | €66,694 | €76,902 | €77,799 | €58,340 | €49,176 | €79,199 | ▲ 61.1% |
| Investment in fixed assets (approximation) | - | -€4,936 | -€5,898 | -€4,872 | -€31,724 | -€4,076 | -€6,322 | ▼ 55.1% |
| Change in cash | - | €14,470 | -€996 | €19,772 | €53,618 | -€5,060 | €29,007 | - |
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, 20,136 companies had the same profile as V.D. MAX has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of V.D. MAX 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 20,136 companies, not a prediction for V.D. MAX. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 22-12-2025 | 2025-00589437 | |
| 31-05-2024 | micro format | 31-03-2025 | 2025-00063877 | |
| 31-05-2023 | micro format | 17-04-2024 | 2024-00067253 | |
| 31-05-2022 | micro format | 02-01-2023 | 2023-20555549 | |
| 31-05-2021 | micro format | 20-12-2021 | 2021-81300441 | |
| 31-05-2020 | micro format | 21-12-2020 | 2020-76500534 | |
| 31-05-2019 | micro format | 31-10-2019 | 2019-73000215 | |
| 31-05-2018 | micro format | 30-10-2018 | 2018-71100434 | |
| 31-05-2017 | micro format | 29-09-2017 | 2017-64800328 | |
| 31-05-2016 | abbreviated format | 23-01-2017 | 2017-01900474 |