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V E 3

Active Public limited companyfounded 1991active for 35 yearsAvenue de la Crinière 22, 1420 Braine-l'AlleudKBO/BCE: BE 0444.224.564
V E 3
Financial year 2025
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Annual accounts 2025

micro format, filed on 01-06-2026, 60 days before the deadline
Gross margin
€213,449
▲ 2.9%
Operating result
€153,695
▲ 1.0%
Profit
€103,734
▼ 2.8%
Working capital
€14,521
▲ €63,380
Solvency
96.2%
▲ 7.3 percentage points
Current ratio
2.23
▲ 1.92

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €540,000. Estimated: probably between €360,000 and €830,000.

Balance sheet

balance sheet total €745,756 on 31-12-2025
What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016201520142013201220112010200920082007
Balance sheet: assets
Total assets20/58 745,756780,996686,631674,445736,401724,598682,242710,636746,768748,79638,91738,90739,24839,21939,88640,25940,89941,33541,669
Fixed assets21/28 719,392759,284642,000674,210699,241720,929663,250689,372709,554711,59831,70531,72531,74631,76731,78731,80831,82831,84931,870
Tangible fixed assets22/27 719,392759,284642,000674,210699,241720,929663,250689,372709,554711,59831,70531,72531,74631,76731,78731,80831,82831,84931,870
Land and buildings22 717,120754,629636,415674,210692,344720,376661,424687,932708,242708,973----31,78731,80831,82831,84931,870
Plant, machinery and equipment23 2,2724,6545,586--5531,8261,4401,3122,625---------
Other tangible fixed assets26 ----------31,70531,72531,74631,767-----
Assets under construction and advance payments27 ----6,897--------------
Current assets29/58 26,36421,71244,63023537,1613,66918,99221,26437,21437,1987,2127,1827,5037,4528,0998,4519,0719,4869,799
Amounts receivable within one year40/41 -4,44811,877-27,997------11-31314225229
Trade receivables40 --2,941-27,997----------0---
Other amounts receivable41 -4,4488,935--------11-31314225229
Cash at bank and in hand54/58 19,20913,85332,745-5833,66918,99221,24437,19437,1987,2007,1707,5037,4218,0688,4099,0469,4649,790
Deferred charges and accrued income490/1 7,1553,41182358,580--2021-13--------
Balance sheet: equity and liabilities
Total equity and liabilities10/49 745,756780,996686,631674,445736,401724,598682,242710,636746,768748,79638,91738,90739,24839,21939,88640,25940,89941,33541,669
Equity10/15 717,523694,039664,203560,549469,263382,683270,676190,427113,49773,57836,70336,69338,32339,21939,74340,25940,76541,20141,669
Contributions10/11 63,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,000
Capital10 63,00063,00063,00063,00063,000--------------
Issued capital100 63,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,000
Reserves13 654,523631,039601,203497,549406,263319,683207,676127,42750,49710,578---------
Non-distributable reserves130/1 6,3006,3006,3006,3006,3006,300-------------
Legal reserve130 6,3006,3006,3006,3006,3006,3006,3006,3006,3006,300---------
Distributable reserves133 648,223624,739594,903491,249399,963313,383201,376121,12744,1974,278---------
Profit (loss) carried forward14 -----------26,297-26,307-24,677-23,781-23,257-22,741-22,235-21,799-21,331
Amounts payable17/49 28,23386,95722,428113,896267,138341,915411,566520,209633,272675,2182,2142,214925-143-134134-
Amounts payable after more than one year17 ---46,000106,358214,472300,786389,122385,715471,429---------
Financial debts170/4 ----42,858128,572214,286300,000385,715471,429---------
Other amounts payable178/9 ---46,00063,50085,90086,50089,121-----------
Amounts payable within one year42/48 11,84270,5716,05551,510146,600116,222103,018116,676233,557203,7892,2142,214925-143-134134-
Current portion of amounts payable after more than one year42 -59,678-42,85885,71485,71485,71485,71485,71485,714----1430134134-
Financial debts43 ---2---64-----------
Credit institutions430/8 ---2---64-----------
Trade debts44 2393,4113841,53842,81712,5572,674110486100448617925------
Suppliers440/4 2393,4113841,53842,81712,5572,674110486100448617925------
Taxes, remuneration and social security45 7,0796,9025,6706,68416,83817,88314,39428,96020,6235,131---------
Taxes450/3 7,0796,9025,6706,68416,83817,88314,39428,96020,6235,131---------
Other amounts payable47/48 4,524580-4291,230682361,826126,733112,8441,7661,597-------
Accrued charges and deferred income492/3 16,39016,38616,37316,38714,18111,2217,76114,41114,000----------
Income statement
Non-recurring operating income76A ----22--------------
Gross operating margin9900 213,449207,353201,850185,377177,222189,878176,461166,46392,85370,475--1,563-305-144-591-597-583-594-661
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 49,01641,83637,95737,23436,00330,40727,78128,54027,17724,667212121212120212121
Other operating charges640/8 10,73813,35210,4769,2918,9289,38515,7478,360348863-89620347-----
Non-recurring operating charges66A ----1022-------------
Operating profit (loss)9901 153,695152,165153,417138,852132,281150,065132,933129,56365,32944,945-21-1,672-946-512-612-617-604-615-682
Financial income75/76B 9161,8364------0455274-96111168147126
Recurring financial income75 9161,8364------0455274-96111168147126
Financial charges65/66B 1,4126224783,3644,9035,9526,9088,2964,7872,93912141312-----
Recurring financial charges65 1,4126224783,3644,9035,9526,9088,2964,7872,93912141312-----
Profit (loss) for the period before taxes9903 153,200153,379152,944135,488127,378144,113126,025121,26760,54242,00612-1,634-884-524-516-506-436-468-556
Income taxes67/77 49,46746,61349,29044,20340,79832,10645,77644,33720,6235,1312-311------
Profit (loss) for the period9904 103,734106,766103,65491,28686,580112,00780,24976,93039,91936,87510-1,631-895-524-516-506-436-468-556
Profit (loss) for the period to be appropriated9905 103,734106,766103,65491,28686,580112,00780,24976,93039,91936,87510-1,631-895-524-516-506-436-468-556
Appropriation of the result
Profit (loss) to be appropriated9906 103,734106,766103,65491,28686,580112,00780,24976,93039,91910,578-26,297-26,307-24,677-23,781-23,257-22,741-22,235-21,799-21,331
Transfer from equity791/2 80,24976,930-----------------
Transfer to equity691/2 103,734106,766103,65491,28686,580112,00780,24976,93039,91910,578---------
To the legal reserve6920 ---------6,300---------
To other reserves6921 103,734106,766103,65491,28686,580112,00780,24976,93039,9194,278---------
Profit to be distributed694/7 80,24976,930-----------------
Return on contributions (dividend)694 80,24976,930-----------------
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 16 older financial years (1991-2006) were filed as documents without figures as data, scans for example.

The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 01-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 01-06-2026 2026-00128354 PDF
31-12-2024 micro format 28-08-2025 2025-00426820 PDF
31-12-2023 micro format 28-08-2024 2024-00381965 PDF
31-12-2022 micro format 01-06-2023 2023-00101399 PDF
31-12-2021 micro format 01-06-2022 2022-20041150 PDF
31-12-2020 micro format 18-08-2021 2021-49800065 PDF
31-12-2019 micro format 08-06-2020 2020-15200444 PDF
31-12-2018 micro format 26-08-2019 2019-50500061 PDF
31-12-2017 micro format 14-08-2018 2018-45700287 PDF
31-12-2016 micro format 28-08-2017 2017-49800277 PDF
31-12-2015 full format 17-05-2016 2016-12400100 PDF
31-12-2014 full format 12-01-2016 2016-01100180 PDF
31-12-2013 full format 18-09-2014 2014-59100171 PDF
31-12-2012 full format 12-09-2013 2013-58000554 PDF
31-12-2011 full format 12-07-2012 2012-29400379 PDF
31-12-2010 full format 29-06-2011 2011-23700581 PDF
31-12-2009 full format 07-07-2010 2010-28900008 PDF
31-12-2008 full format 09-07-2009 2009-39900093 PDF
31-12-2007 full format 20-08-2008 2008-58600396 PDF
31-12-2006 full format 12-07-2007 2007-38800137 PDF
31-12-2005 full format 12-07-2006 2006-45303282 PDF
31-12-2004 full format 22-07-2005 2005-53700078 PDF
31-12-2003 full format 21-10-2004 2004-74602352 PDF
31-12-2002 full format 19-09-2003 2003-67702751 PDF
31-12-2001 full format 14-10-2002 2002-65503888 PDF
31-12-2000 full format 15-11-2001 2001-69702864 PDF
31-12-1999 full format 11-10-2000 2000-63803421 PDF
31-12-1998 full format 23-09-1999 1999-48403545 PDF
31-12-1997 full format 17-07-1998 1998-34400741 PDF
31-12-1996 full format 30-07-1997 1997-35103719 PDF
31-12-1995 full format 06-09-1996 1996-42705027 PDF
31-12-1994 full format 19-12-1995 1995-60402476 PDF
31-12-1993 full format 09-09-1994 1994-39101791 PDF
31-12-1992 full format 02-09-1993 1993-34500287 PDF
31-12-1991 full format 15-09-1992 1992-31802537 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016201520142013201220112010200920082007
EBITDA 202,712194,001191,375176,086168,284180,472160,713158,10392,50669,6120-1,652-925-491-591-597-583-594-661
Cash flow 152,750148,602141,612128,520122,584142,414108,029105,47067,09661,54231-1,610-875-503-495-486-415-447-535
Investment in fixed assets (approximation) 9,125159,1195,74812,20314,31688,0861,6598,35825,133704,56000-010000-
Change in cash 5,356-18,892---3,086-15,322-2,253-15,949-429,99829-33282-647-341-637-418-326-
Working capital 14,521-48,85938,576-51,274-109,439-112,553-84,027-95,411-196,343-166,5914,9984,9686,577-7,956-8,9379,352-
Solvency 96.2%88.9%96.7%83.1%63.7%52.8%39.7%26.8%15.2%9.8%94.3%94.3%97.6%100.0%99.6%100.0%99.7%99.7%100.0%
Current ratio 2.230.317.370.000.250.030.180.180.160.183.263.248.11-56.64-67.6970.79-
Debt to equity 0.040.130.030.200.570.891.522.735.589.180.060.060.02-0.00-0.000.00-
ROE 14.5%15.4%15.6%16.3%18.5%29.3%29.6%40.4%35.2%50.1%0.0%-4.4%-2.3%-1.3%-1.3%-1.3%-1.1%-1.1%-1.3%
ROA 13.9%13.7%15.1%13.5%11.8%15.5%11.8%10.8%5.3%4.9%0.0%-4.2%-2.3%-1.3%-1.3%-1.3%-1.1%-1.1%-1.3%
Interest coverage over 100over 100over 10052.3534.32--------------

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€9,125€159,119€5,748€12,203€14,316
Depreciation and write-downs of the year€49,016€41,836€37,957€37,234€36,003

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on V E 3

The operating result for 2025 is 1% higher than in 2024 and the highest since 2007. It is a recovery after the fall in 2024.

Debt's share of the balance-sheet total falls from 11.1% to 3.8%. Equity is higher and debt is lower.

Next steps

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