V.L.E.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 28 filings
Turnover
≈ €85,000
Estimated: probably between €61,000 and €120,000
Total assets
€430,822▲ 2.6%
2024 · €419,778
Net result
€11,012▼ 25.0%
2024 · €14,689
Working capital
€381,041▲ 7.8%
2024 · €353,331
In the rankings
#4 oldest company in Enghien, Health and social work sector#7 company by equity in Enghien, Health and social work sector#10 company by total assets in Enghien, Health and social work sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,343
▲ 48.4%
2025
20182025
Net result
€11,012
▼ 25.0%
2025
lowest quarter of the sector
20182025
Equity
€412,582
▲ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€430,822
▲ 2.6%
2025
middle half of the sector
20182025
Debt
€18,240
▲ 0.2%
2025
20182025
Working capital
€381,041
▲ 7.8%
2025
highest quarter of the sector
20182025
Solvency
95.8%
▲ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
51.34
▲ 3.98
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.6%
▼ 0.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€42,249-€29,789▼ 29.5%€37,744▲ 26.7%€33,260▼ 11.9%€99,864▲ 200%-€10,391€6,971€10,343▲ 48.4%
Net result€27,063-€21,341▼ 21.1%€26,319within the sector's middle half▲ 23.3%€24,783within the sector's middle half▼ 5.8%€59,656within the sector's middle half▲ 141%€3,765below the sector's middle half▼ 93.7%€14,689below the sector's middle half▲ 290%€11,012below the sector's middle half▼ 25.0%
Equity€269,018-€290,359▲ 7.9%€306,677within the sector's middle half▲ 5.6%€326,460within the sector's middle half▲ 6.5%€386,116above the sector's middle half▲ 18.3%€389,881above the sector's middle half▲ 1.0%€401,570above the sector's middle half▲ 3.0%€412,582above the sector's middle half▲ 2.7%
Total assets€291,828-€303,377▲ 4.0%€331,303within the sector's middle half▲ 9.2%€371,932within the sector's middle half▲ 12.3%€438,328within the sector's middle half▲ 17.9%€430,720within the sector's middle half▼ 1.7%€419,778within the sector's middle half▼ 2.5%€430,822within the sector's middle half▲ 2.6%
Debt€22,810-€13,019▼ 42.9%€24,626▲ 89.2%€45,472▲ 84.7%€52,212▲ 14.8%€40,839▼ 21.8%€18,209▼ 55.4%€18,240▲ 0.2%
Working capital€247,584-€271,141▲ 9.5%€291,644above the sector's middle half▲ 7.6%€290,141above the sector's middle half▼ 0.5%€349,163above the sector's middle half▲ 20.3%€367,370above the sector's middle half▲ 5.2%€353,331above the sector's middle half▼ 3.8%€381,041above the sector's middle half▲ 7.8%
Solvency92.2%-95.7%▲ 3.5pp92.6%above the sector's middle half▼ 3.1pp87.8%above the sector's middle half▼ 4.8pp88.1%above the sector's middle half▲ 0.3pp90.5%above the sector's middle half▲ 2.4pp95.7%above the sector's middle half▲ 5.1pp95.8%above the sector's middle half▲ 0.1pp
Current ratio19.76-52.84▲ 33.0819.25above the sector's middle half▼ 33.5911.27above the sector's middle half▼ 7.979.74above the sector's middle half▼ 1.5314.53above the sector's middle half▲ 4.7947.36above the sector's middle half▲ 32.8351.34above the sector's middle half▲ 3.98
Return on assets (ROA)9.3%-7.0%▼ 2.2pp7.9%within the sector's middle half▲ 0.9pp6.7%below the sector's middle half▼ 1.3pp13.6%within the sector's middle half▲ 6.9pp0.9%below the sector's middle half▼ 12.7pp3.5%below the sector's middle half▲ 2.6pp2.6%below the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 48% higher than in 2024 and the highest since 2022. 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 €430,822
Fixed assets
€42,210 ▼ 28.2%
Current assets
€388,611 ▲ 7.7%
Equity and liabilities €430,822
Equity
€412,582 ▲ 2.7%
Debt
€18,240 ▲ 0.2%
Debt's share of the balance-sheet total falls from 4.3% to 4.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€26,959▲
2024 · €19,312
Cash flow
€27,627▲
2024 · €27,029
Debt to equity
0.04▼
2024 · 0.05
ROE
2.7%▼
2024 · 3.7%
Interest coverage
over 100▲
2024 · -4.74
Debt ≤ 1 year
€7,570▼
2024 · €7,622
Income taxes
€6,796▲
2024 · €3,159
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 | €41,115 | €9,369 | €1,502 | €51,619 | - |
| Depreciation and write-downs of the year | €11,240 | €13,699 | €15,275 | €12,341 | €16,615 |
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 | €8,717 | €7,048 | €5,795 | €11,240 | €13,699 | €15,275 | €12,341 | €16,615 | ▲ 34.6% |
| Other operating charges640/8 | - | - | - | €806 | €2,444 | €928 | €616 | €706 | ▲ 14.8% |
| Gross operating margin9900 | €51,711 | €37,599 | €44,380 | €45,306 | €116,006 | €5,812 | €19,927 | €27,665 | ▲ 38.8% |
| Operating profit (loss)9901 | €42,249 | €29,789 | €37,744 | €33,260 | €99,864 | -€10,391 | €6,971 | €10,343 | ▲ 48.4% |
| Financial income75/76B | - | - | - | €1,695 | €1,589 | €2,440 | €6,804 | €7,673 | ▲ 12.8% |
| Recurring financial income75 | €1,541 | €1,041 | €1,289 | €1,695 | €1,589 | €1,040 | €6,804 | €7,673 | ▲ 12.8% |
| Non-recurring financial income76B | - | - | - | - | - | €1,400 | - | - | - |
| Financial charges65/66B | - | - | - | €1,241 | €15,141 | -€12,249 | -€4,072 | €208 | - |
| Recurring financial charges65 | €578 | €543 | €569 | €1,241 | €578 | -€12,249 | -€4,072 | €208 | - |
| Non-recurring financial charges66B | - | - | - | - | €14,563 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €38,408 | €30,089 | €36,667 | €33,714 | €86,311 | €4,297 | €17,847 | €17,808 | ▼ 0.2% |
| Income taxes67/77 | €11,345 | €8,748 | €10,348 | €8,931 | €26,656 | €533 | €3,159 | €6,796 | ▲ 115% |
| Profit (loss) for the period9904 | €27,063 | €21,341 | €26,319 | €24,783 | €59,656 | €3,765 | €14,689 | €11,012 | ▼ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €27,063 | €21,341 | €26,319 | €24,783 | €59,656 | €3,765 | €14,689 | €11,012 | ▼ 25.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €291,828 | €303,377 | €331,303 | €371,932 | €438,328 | €430,720 | €419,778 | €430,822 | ▲ 2.6% |
| Formation expenses20 | - | - | - | - | - | €398 | €0 | - | - |
| Fixed assets21/28 | €31,044 | €27,006 | €23,678 | €53,553 | €49,223 | €35,804 | €58,826 | €42,210 | ▼ 28.2% |
| Tangible fixed assets22/27 | €31,044 | €27,006 | €23,678 | €53,553 | €49,223 | €35,804 | €58,826 | €42,210 | ▼ 28.2% |
| Plant, machinery and equipment23 | - | - | - | €16,531 | €16,218 | €12,855 | €7,816 | €3,038 | ▼ 61.1% |
| Furniture and vehicles24 | - | - | - | €32,178 | €29,269 | €20,321 | €46,739 | €36,292 | ▼ 22.4% |
| Other tangible fixed assets26 | - | - | - | €4,843 | €3,736 | €2,628 | €4,271 | €2,880 | ▼ 32.6% |
| Current assets29/58 | €260,784 | €276,371 | €307,625 | €318,380 | €389,106 | €394,518 | €360,953 | €388,611 | ▲ 7.7% |
| Amounts receivable within one year40/41 | €7,611 | €3,330 | €12,581 | €3,447 | €2,171 | €13,242 | €6,915 | €2,683 | ▼ 61.2% |
| Trade receivables40 | - | - | - | €3,447 | €2,171 | €3,615 | €1,074 | €1,523 | ▲ 41.8% |
| Other amounts receivable41 | - | - | - | - | - | €9,628 | €5,841 | €1,160 | ▼ 80.1% |
| Current investments50/53 | €202,548 | €238,743 | €185,385 | €227,129 | €229,324 | €299,869 | €205,681 | €182,058 | ▼ 11.5% |
| Cash at bank and in hand54/58 | €44,046 | €30,287 | €103,771 | €83,983 | €155,905 | €80,081 | €147,299 | €202,352 | ▲ 37.4% |
| Deferred charges and accrued income490/1 | - | - | - | €3,820 | €1,705 | €1,325 | €1,058 | €1,518 | ▲ 43.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €291,828 | €303,377 | €331,303 | €371,932 | €438,328 | €430,720 | €419,778 | €430,822 | ▲ 2.6% |
| Equity10/15 | €269,018 | €290,359 | €306,677 | €326,460 | €386,116 | €389,881 | €401,570 | €412,582 | ▲ 2.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Contributions outside capital11 | - | - | - | - | - | €12,400 | - | - | - |
| Other1109/19 | - | - | - | - | - | €12,400 | - | - | - |
| Reserves13 | €79,860 | €100,860 | €115,860 | €134,860 | €184,860 | €187,860 | €199,360 | €210,250 | ▲ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €133,000 | €183,000 | €187,860 | €199,360 | €210,250 | ▲ 5.5% |
| Profit (loss) carried forward14 | €176,758 | €177,099 | €178,417 | €179,200 | €188,856 | €189,621 | €189,810 | €189,932 | ▲ 0.1% |
| Amounts payable17/49 | €22,810 | €13,019 | €24,626 | €45,472 | €52,212 | €40,839 | €18,209 | €18,240 | ▲ 0.2% |
| Amounts payable after more than one year17 | - | - | - | €7,644 | €1,911 | - | - | - | - |
| Financial debts170/4 | - | - | - | €7,644 | €1,911 | - | - | - | - |
| Amounts payable within one year42/48 | €13,200 | €5,231 | €15,981 | €28,239 | €39,942 | €27,148 | €7,622 | €7,570 | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,733 | €5,733 | €1,911 | - | - | - |
| Trade debts44 | €6,852 | €2,023 | €1,381 | €1,637 | €2,186 | €1,075 | €647 | €2,941 | ▲ 355% |
| Suppliers440/4 | - | - | - | €1,637 | €2,186 | €1,075 | €647 | €2,941 | ▲ 355% |
| Taxes, remuneration and social security45 | - | - | - | €12,474 | €25,612 | €19,731 | - | €660 | - |
| Taxes450/3 | - | - | - | €12,474 | €25,612 | €19,731 | - | €660 | - |
| Other amounts payable47/48 | - | - | - | €8,395 | €6,411 | €4,430 | €6,975 | €3,970 | ▼ 43.1% |
| Accrued charges and deferred income492/3 | - | - | - | €9,589 | €10,359 | €13,692 | €10,587 | €10,670 | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,063 | €21,341 | €26,319 | €24,783 | €59,656 | €3,765 | €14,689 | €11,012 | ▼ 25.0% |
| + Depreciation and write-downs630 | €8,717 | €7,048 | €5,795 | €11,240 | €13,699 | €15,275 | €12,341 | €16,615 | ▲ 34.6% |
| Operating cash flow (approximation) | €35,780 | €28,389 | €32,114 | €36,023 | €73,354 | €19,040 | €27,029 | €27,627 | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | -€3,009 | -€2,467 | -€41,115 | -€9,369 | -€1,857 | -€35,362 | €0 | - |
| Change in cash | - | -€13,759 | €73,484 | -€19,788 | €71,922 | -€75,824 | €67,217 | €55,053 | ▼ 18.1% |
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, 17,041 companies had the same profile as V.L.E. has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of V.L.E. 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 17,041 companies, not a prediction for V.L.E.. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00302187 | |
| 31-12-2024 | micro format | 05-06-2025 | 2025-00128772 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00149152 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00120617 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20054182 | |
| 31-12-2020 | micro format | 26-07-2021 | 2021-39200427 | |
| 31-12-2019 | micro format | 05-06-2020 | 2020-15300455 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41000586 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-50200107 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-28100073 |