V.E.H.
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 27 filings
Turnover
≈ €1.2m
Estimated: probably between €900,000 and €1.9m
Total assets
€996,312▼ 4.7%
2024 · €1.0m
Net result
€39,079▲ 770%
2024 · €4,494
Working capital
-€27,678▲ 83.1%
2024 · -€163,436
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€66,435
▲ 129%
2025
20192025
Net result
€39,079
▲ 770%
2025
middle half of the sector
20192025
Equity
€79,196
▲ 97.4%
2025
middle half of the sector
20192025
Total assets
€996,312
▼ 4.7%
2025
middle half of the sector
20192025
Debt
€917,116
▼ 8.8%
2025
20192025
Working capital
-€27,678
▲ 83.1%
2025
lowest quarter of the sector
20192025
Solvency
7.9%
▲ 4.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.96
▲ 0.19
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.9%
▲ 3.5pp
2025
middle half of the sector
20192025
Staff (FTE)
3.8
▼ 13.6%
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€0.02m-€0.02m▲ 34.6%€0.04m▲ 72.5%€0.01m▼ 58.3%-€0.09m€0.03m€0.07m▲ 129%
Net result€0.004m-€0.007mwithin the sector's middle half▲ 81.8%€0.02mwithin the sector's middle half▲ 135%€97below the sector's middle half▼ 99.4%-€0.1mbelow the sector's middle half€0.004mwithin the sector's middle half€0.04mwithin the sector's middle half▲ 770%
Equity€0.1m-€0.1mwithin the sector's middle half▲ 5.3%€0.2mwithin the sector's middle half▲ 8.5%€0.2mwithin the sector's middle half▲ 0.1%€0.04mbelow the sector's middle half▼ 76.9%€0.04mbelow the sector's middle half▲ 12.6%€0.08mwithin the sector's middle half▲ 97.4%
Total assets€0.9m-€1.1mwithin the sector's middle half▲ 25.7%€1.1mwithin the sector's middle half▲ 0.3%€1.2mwithin the sector's middle half▲ 12.2%€1.1mwithin the sector's middle half▼ 11.6%€1.0mwithin the sector's middle half▼ 4.1%€1.0mwithin the sector's middle half▼ 4.7%
Debt€0.7m-€1.0m▲ 29.4%€0.9m▼ 0.9%€1.1m▲ 14.2%€1.1m▼ 2.3%€1.0m▼ 4.6%€0.9m▼ 8.8%
Working capital€0.06m-€0.07mwithin the sector's middle half▲ 7.6%€0.09mwithin the sector's middle half▲ 29.5%€0.005mbelow the sector's middle half▼ 94.6%-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 26.8%-€0.03mbelow the sector's middle half▲ 83.1%
Solvency15.4%-12.9%below the sector's middle half▼ 2.5pp14.0%below the sector's middle half▲ 1.1pp12.5%below the sector's middle half▼ 1.5pp3.3%below the sector's middle half▼ 9.2pp3.8%below the sector's middle half▲ 0.6pp7.9%below the sector's middle half▲ 4.1pp
Current ratio1.11-1.11within the sector's middle half=1.15within the sector's middle half▲ 0.051.01below the sector's middle half▼ 0.150.83below the sector's middle half▼ 0.180.77below the sector's middle half▼ 0.050.96below the sector's middle half▲ 0.19
Return on assets (ROA)0.5%-0.7%below the sector's middle half▲ 0.2pp1.5%within the sector's middle half▲ 0.9pp0.0%below the sector's middle half▼ 1.5pp-10.9%below the sector's middle half▼ 10.9pp0.4%below the sector's middle half▲ 11.3pp3.9%within the sector's middle half▲ 3.5pp
Staff (FTE)6-7.5above the sector's middle half▲ 25.0%6.7within the sector's middle half▼ 10.7%7.2within the sector's middle half▲ 7.5%7.1within the sector's middle half▼ 1.4%4.4within the sector's middle half▼ 38.0%3.8within the sector's middle half▼ 13.6%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 129% 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 abbreviated 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 €996,312
Fixed assets
€305,081 ▼ 37.0%
Current assets
€691,232 ▲ 23.1%
Equity and liabilities €996,312
Equity
€79,196 ▲ 97.4%
Debt
€917,116 ▼ 8.8%
Debt's share of the balance-sheet total falls from 96.2% to 92.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€116,549▲
2024 · €76,150
Cash flow
€89,193▲
2024 · €51,633
Quick ratio
0.29▲
2024 · 0.20
Debt to equity
11.58▼
2024 · 25.07
ROE
49.3%▲
2024 · 11.2%
Interest coverage
4.32▲
2024 · 3.19
Debt ≤ 1 year
€718,909▼
2024 · €725,171
Debt > 1 year
€156,249▼
2024 · €255,528
Income taxes
€425▼
2024 · €650
Staff costs
€189,536▼
2024 · €211,284
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 7 | 5 | 5 | 4 |
| full-time | 6 | 5 | 3 | 3 | 3 |
| part-time | 2 | 2 | 2 | 2 | 1 |
| in full-time equivalents | 7.4 | 6.4 | 4.4 | 4.4 | 3.2 |
| Average over the year, in full-time equivalents | 6.7 | 7.2 | 7.1 | 4.4 | 3.8 |
| On a permanent contract | 4 | 6 | 4 | 5 | 3 |
| Joined | 3 | 1 | 2 | 2 | 2 |
| Left | 4 | 2 | 4 | 1 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €261,399 | €160,404 |
| Mortgages, amount registered | - | - | - | €161,341 | €161,341 |
| Mortgage mandates | - | - | - | €295,000 | €295,000 |
| Carrying value of the mortgaged assets | - | - | - | €171,983 | €27,694 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €65,988 | €86,081 | €29,492 | €63,304 | €11,980 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,073 | €36,675 | €48,459 | €47,139 | €50,114 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €111 awarded · €111 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €282,961 | €263,147 | €311,037 | €211,284 | €189,536 | ▼ 10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,254 | €27,457 | €21,073 | €36,675 | €48,459 | €47,139 | €50,114 | ▲ 6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€916 | - |
| Other operating charges640/8 | - | - | €8,182 | €15,830 | €11,169 | €12,850 | €13,671 | ▲ 6.4% |
| Gross operating margin9900 | €285,091 | €328,410 | €347,231 | €330,266 | €280,023 | €300,284 | €318,840 | ▲ 6.2% |
| Operating profit (loss)9901 | €15,076 | €20,297 | €35,016 | €14,614 | -€90,642 | €29,011 | €66,435 | ▲ 129% |
| Financial income75/76B | - | - | €90 | €11 | €10 | €14 | €19 | ▲ 34.2% |
| Recurring financial income75 | €312 | €346 | €90 | €11 | €10 | €14 | €19 | ▲ 34.2% |
| Financial charges65/66B | - | - | €10,779 | €11,340 | €26,895 | €23,881 | €26,950 | ▲ 12.9% |
| Recurring financial charges65 | €7,739 | €8,783 | €10,779 | €11,340 | €26,895 | €23,881 | €26,950 | ▲ 12.9% |
| Profit (loss) for the period before taxes9903 | €7,648 | €11,860 | €24,327 | €3,285 | -€117,527 | €5,144 | €39,503 | ▲ 668% |
| Income taxes67/77 | €3,690 | €4,662 | €7,435 | €3,188 | €948 | €650 | €425 | ▼ 34.7% |
| Profit (loss) for the period9904 | €3,959 | €7,198 | €16,892 | €97 | -€118,475 | €4,494 | €39,079 | ▲ 770% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €17,515 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €3,959 | €7,198 | €16,892 | €97 | -€100,960 | €4,494 | €39,079 | ▲ 770% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | €1.0m | ▼ 4.7% |
| Fixed assets21/28 | €0.2m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.3m | ▼ 37.0% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.3m | ▼ 37.0% |
| Land and buildings22 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.2m | ▼ 40.3% |
| Plant, machinery and equipment23 | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 41.7% |
| Furniture and vehicles24 | - | - | €0.04m | €0.07m | €0.07m | €0.09m | €0.07m | ▼ 22.5% |
| Financial fixed assets28 | €118 | €118 | €118 | €118 | €118 | €118 | €118 | = |
| Current assets29/58 | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.7m | ▲ 23.1% |
| Amounts receivable after more than one year29 | - | - | €0.001m | €0.004m | €0.001m | €0.001m | €0.001m | = |
| Other amounts receivable291 | - | - | €0.001m | €0.004m | €0.001m | €0.001m | €0.001m | = |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.5m | €0.4m | €0.5m | €0.4m | €0.5m | ▲ 16.8% |
| Stocks30/36 | - | - | €0.5m | €0.4m | €0.5m | €0.4m | €0.5m | ▲ 17.8% |
| Contracts in progress37 | - | - | €0 | - | - | €0.007m | €0.004m | ▼ 45.8% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.2m | €0.1m | €0.07m | €0.07m | €0.07m | ▼ 1.2% |
| Trade receivables40 | - | - | €0.2m | €0.1m | €0.07m | €0.07m | €0.06m | ▼ 4.4% |
| Other amounts receivable41 | - | - | €0.004m | €0.003m | €0.004m | €0.004m | €0.006m | ▲ 55.4% |
| Cash at bank and in hand54/58 | €0.05m | €0.1m | €0.02m | €0.1m | €0.04m | €0.05m | €0.1m | ▲ 95.9% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.03m | €0.05m | €0.02m | €0.03m | ▲ 43.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | €1.0m | ▼ 4.7% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.2m | €0.04m | €0.04m | €0.08m | ▲ 97.4% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.1m | €0.1m | €0.1m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Distributable reserves133 | - | - | €0.09m | €0.09m | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.03m | €0.03m | -€0.05m | -€0.05m | -€0.009m | ▲ 82.0% |
| Amounts payable17/49 | €0.7m | €1.0m | €0.9m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 8.8% |
| Amounts payable after more than one year17 | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 38.9% |
| Financial debts170/4 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 38.9% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.6m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 0.9% |
| Current portion of amounts payable after more than one year42 | - | - | €0.04m | €0.05m | €0.04m | €0.05m | €0.04m | ▼ 19.8% |
| Financial debts43 | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 8.3% |
| Credit institutions430/8 | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 8.3% |
| Trade debts44 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 27.8% |
| Suppliers440/4 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 27.8% |
| Advances received on contracts in progress46 | - | - | €0.06m | €0 | - | - | €0.07m | - |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 7.5% |
| Taxes450/3 | - | - | €0.008m | €0.02m | €0.009m | €0.003m | €0.008m | ▲ 190% |
| Remuneration and social security454/9 | - | - | €0.01m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 30.7% |
| Other amounts payable47/48 | - | - | €0.1m | €0.09m | €0.2m | €0.2m | €0.2m | ▲ 0.6% |
| Accrued charges and deferred income492/3 | - | - | €0.05m | €0.02m | €0.04m | €0.03m | €0.04m | ▲ 67.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,959 | €7,198 | €16,892 | €97 | -€118,475 | €4,494 | €39,079 | ▲ 770% |
| + Depreciation and write-downs630 | €34,254 | €27,457 | €21,073 | €36,675 | €48,459 | €47,139 | €50,114 | ▲ 6.3% |
| Operating cash flow (approximation) | €38,212 | €34,655 | €37,965 | €36,771 | -€70,016 | €51,633 | €89,193 | ▲ 72.7% |
| Investment in fixed assets (approximation) | - | -€205,605 | -€65,988 | -€86,081 | -€29,032 | -€63,304 | €128,974 | - |
| Change in cash | - | €84,905 | -€114,301 | €118,663 | -€106,007 | €14,810 | €50,149 | ▲ 239% |
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, 1,083 companies had the same profile as V.E.H. has now. Two years later, 96.8% were still going and 0.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
96.8%
was still going
2.2%
stopped otherwise
0.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of V.E.H. itself: 0.3% 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 1,083 companies, not a prediction for V.E.H.. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00330789 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00352603 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00451719 | |
| 30-09-2022 | abbreviated format | 29-03-2023 | 2023-00050583 | |
| 30-09-2021 | abbreviated format | 11-04-2022 | 2022-20002271 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-13200497 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-11600205 | |
| 30-09-2018 | abbreviated format | 30-04-2019 | 2019-11800570 | |
| 30-09-2017 | abbreviated format | 04-04-2018 | 2018-09400310 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-10700432 |