V & V
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Turnover
≈ €92,000
Estimated: probably between €42,000 and €220,000
Total assets
€93,751▼ 8.1%
2024 · €102,038
Net result
-€10,603
2024 · €3,455
Working capital
€41,241▲ 112%
2024 · €19,411
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,562
2025
20182025
Net result
-€10,603
2025
lowest quarter of the sector
20182025
Equity
€47,028
▼ 18.4%
2025
middle half of the sector
20182025
Total assets
€93,751
▼ 8.1%
2025
middle half of the sector
20182025
Debt
€46,723
▲ 5.2%
2025
20182025
Working capital
€41,241
▲ 112%
2025
middle half of the sector
20182025
Solvency
50.2%
▼ 6.3pp
2025
middle half of the sector
20182025
Current ratio
2.41
▲ 0.95
2025
middle half of the sector
20182025
Return on assets (ROA)
-11.3%
▼ 14.7pp
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€10,749-€9,171▼ 14.7%€23,550▲ 157%€45,911▲ 95.0%€14,835▼ 67.7%-€12,057€5,700-€8,562
Net result€8,389-€6,837▼ 18.5%€16,088within the sector's middle half▲ 135%€30,696within the sector's middle half▲ 90.8%€8,373within the sector's middle half▼ 72.7%-€13,624below the sector's middle half€3,455within the sector's middle half-€10,603below the sector's middle half
Equity€8,307-€12,644▲ 52.2%€28,732within the sector's middle half▲ 127%€59,428within the sector's middle half▲ 107%€67,800within the sector's middle half▲ 14.1%€54,177within the sector's middle half▼ 20.1%€57,631within the sector's middle half▲ 6.4%€47,028within the sector's middle half▼ 18.4%
Total assets€47,313-€63,275▲ 33.7%€110,716within the sector's middle half▲ 75.0%€152,406within the sector's middle half▲ 37.7%€148,198within the sector's middle half▼ 2.8%€117,058within the sector's middle half▼ 21.0%€102,038within the sector's middle half▼ 12.8%€93,751within the sector's middle half▼ 8.1%
Debt€39,006-€50,631▲ 29.8%€81,985▲ 61.9%€92,978▲ 13.4%€80,398▼ 13.5%€62,882▼ 21.8%€44,406▼ 29.4%€46,723▲ 5.2%
Working capital€638--€4,020-€2,053below the sector's middle half▲ 48.9%€17,327within the sector's middle half€26,812within the sector's middle half▲ 54.7%€10,999within the sector's middle half▼ 59.0%€19,411within the sector's middle half▲ 76.5%€41,241within the sector's middle half▲ 112%
Solvency17.6%-20.0%▲ 2.4pp26.0%within the sector's middle half▲ 6.0pp39.0%within the sector's middle half▲ 13.0pp45.7%within the sector's middle half▲ 6.8pp46.3%within the sector's middle half▲ 0.5pp56.5%within the sector's middle half▲ 10.2pp50.2%within the sector's middle half▼ 6.3pp
Current ratio1.02-0.89▼ 0.130.96below the sector's middle half▲ 0.071.34within the sector's middle half▲ 0.381.51within the sector's middle half▲ 0.171.22within the sector's middle half▼ 0.291.46within the sector's middle half▲ 0.232.41within the sector's middle half▲ 0.95
Return on assets (ROA)17.7%-10.8%▼ 6.9pp14.5%within the sector's middle half▲ 3.7pp20.1%within the sector's middle half▲ 5.6pp5.6%within the sector's middle half▼ 14.5pp-11.6%below the sector's middle half▼ 17.3pp3.4%within the sector's middle half▲ 15.0pp-11.3%below the sector's middle half▼ 14.7pp
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 a loss of €8,562, after a profit of €5,700 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 €93,751
Fixed assets
€23,230 ▼ 42.0%
Current assets
€70,520 ▲ 13.8%
Equity and liabilities €93,751
Equity
€47,028 ▼ 18.4%
Debt
€46,723 ▲ 5.2%
Debt's share of the balance-sheet total rises from 43.5% to 49.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,879▼
2024 · €27,506
Cash flow
€7,837▼
2024 · €25,261
Quick ratio
2.38▲
2024 · 1.43
Debt to equity
0.99▲
2024 · 0.77
ROE
-22.5%▼
2024 · 6.0%
Interest coverage
4.57▼
2024 · 10.91
Debt ≤ 1 year
€29,280▼
2024 · €42,561
Debt > 1 year
€17,394▲
2024 · €1,797
Income taxes
€307▼
2024 · €308
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 | €47,849 | €13,714 | €43,468 | €4,897 | €805 |
| Intangible fixed assets | - | - | - | - | €800 |
| Financial fixed assets | - | €1,350 | - | - | - |
| Depreciation and write-downs of the year | €27,436 | €30,361 | €21,637 | €21,806 | €18,440 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €180 awarded · €180 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €845 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,931 | €10,277 | €13,719 | €27,436 | €30,361 | €21,637 | €21,806 | €18,440 | ▼ 15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €2,403 | €240 | €312 | €186 | ▼ 40.4% |
| Other operating charges640/8 | - | - | - | €1,491 | €1,765 | €1,937 | €2,547 | €2,042 | ▼ 19.8% |
| Gross operating margin9900 | €20,279 | €20,579 | €38,775 | €74,838 | €49,365 | €11,757 | €30,365 | €12,106 | ▼ 60.1% |
| Operating profit (loss)9901 | €10,749 | €9,171 | €23,550 | €45,911 | €14,835 | -€12,057 | €5,700 | -€8,562 | - |
| Financial income75/76B | - | - | - | €92 | €110 | €431 | €585 | €429 | ▼ 26.7% |
| Recurring financial income75 | €2 | €140 | €21 | €92 | €110 | €431 | €585 | €429 | ▼ 26.7% |
| Financial charges65/66B | - | - | - | €2,555 | €2,185 | €1,743 | €2,522 | €2,163 | ▼ 14.2% |
| Recurring financial charges65 | €569 | €1,011 | €1,619 | €2,555 | €2,185 | €1,743 | €2,522 | €2,163 | ▼ 14.2% |
| Profit (loss) for the period before taxes9903 | €10,182 | €8,300 | €21,952 | €43,448 | €12,760 | -€13,368 | €3,763 | -€10,296 | - |
| Income taxes67/77 | €1,793 | €1,463 | €5,864 | €12,752 | €4,387 | €255 | €308 | €307 | ▼ 0.3% |
| Profit (loss) for the period9904 | €8,389 | €6,837 | €16,088 | €30,696 | €8,373 | -€13,624 | €3,455 | -€10,603 | - |
| Profit (loss) for the period to be appropriated9905 | €8,389 | €6,837 | €16,088 | €30,696 | €8,373 | -€13,624 | €3,455 | -€10,603 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €47,313 | €63,275 | €110,716 | €152,406 | €148,198 | €117,058 | €102,038 | €93,751 | ▼ 8.1% |
| Fixed assets21/28 | €20,849 | €30,078 | €63,893 | €84,306 | €69,009 | €56,975 | €40,066 | €23,230 | ▼ 42.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €648 | - |
| Tangible fixed assets22/27 | €20,849 | €30,078 | €63,893 | €84,306 | €67,659 | €55,625 | €38,716 | €21,232 | ▼ 45.2% |
| Plant, machinery and equipment23 | - | - | - | €23,620 | €13,250 | €9,336 | €8,094 | €4,204 | ▼ 48.1% |
| Furniture and vehicles24 | - | - | - | €60,686 | €54,408 | €46,289 | €30,622 | €17,028 | ▼ 44.4% |
| Financial fixed assets28 | - | - | - | - | €1,350 | €1,350 | €1,350 | €1,350 | = |
| Current assets29/58 | €26,465 | €33,197 | €46,823 | €68,100 | €79,190 | €60,083 | €61,972 | €70,520 | ▲ 13.8% |
| Stocks and contracts in progress3 | €1,067 | €1,316 | €1,044 | €791 | €278 | €399 | €1,027 | €884 | ▼ 13.9% |
| Stocks30/36 | - | - | - | €791 | €278 | €399 | €1,027 | €884 | ▼ 13.9% |
| Amounts receivable within one year40/41 | €18,328 | €17,766 | €28,708 | €43,842 | €56,239 | €31,302 | €37,036 | €47,917 | ▲ 29.4% |
| Trade receivables40 | - | - | - | €43,800 | €50,305 | €19,073 | €31,546 | €44,694 | ▲ 41.7% |
| Other amounts receivable41 | - | - | - | €42 | €5,933 | €12,229 | €5,490 | €3,223 | ▼ 41.3% |
| Cash at bank and in hand54/58 | €6,273 | €12,822 | €15,933 | €22,058 | €21,552 | €26,950 | €22,732 | €20,751 | ▼ 8.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,409 | €1,121 | €1,432 | €1,177 | €968 | ▼ 17.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €47,313 | €63,275 | €110,716 | €152,406 | €148,198 | €117,058 | €102,038 | €93,751 | ▼ 8.1% |
| Equity10/15 | €8,307 | €12,644 | €28,732 | €59,428 | €67,800 | €54,177 | €57,631 | €47,028 | ▼ 18.4% |
| Contributions10/11 | €8,520 | €8,520 | - | €8,520 | €8,520 | €8,520 | €8,520 | €8,520 | = |
| Reserves13 | - | €331 | €16,419 | €47,115 | €55,487 | €55,156 | €55,156 | €55,156 | = |
| Non-distributable reserves130/1 | - | - | - | €331 | €331 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €331 | €331 | - | - | - | - |
| Distributable reserves133 | - | - | - | €46,783 | €55,156 | €55,156 | €55,156 | €55,156 | = |
| Profit (loss) carried forward14 | -€213 | €3,793 | €3,793 | €3,793 | €3,793 | -€9,500 | -€6,045 | -€16,648 | ▼ 175% |
| Amounts payable17/49 | €39,006 | €50,631 | €81,985 | €92,978 | €80,398 | €62,882 | €44,406 | €46,723 | ▲ 5.2% |
| Amounts payable after more than one year17 | €13,167 | €13,414 | €33,018 | €42,192 | €28,006 | €13,783 | €1,797 | €17,394 | ▲ 868% |
| Financial debts170/4 | - | - | - | €42,192 | €28,006 | €13,783 | €1,797 | €17,394 | ▲ 868% |
| Amounts payable within one year42/48 | €25,827 | €37,217 | €48,876 | €50,773 | €52,378 | €49,084 | €42,561 | €29,280 | ▼ 31.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,101 | €18,259 | €14,951 | €12,713 | €7,070 | ▼ 44.4% |
| Trade debts44 | €9,836 | €18,247 | €9,449 | €11,765 | €15,339 | €18,258 | €11,728 | €8,089 | ▼ 31.0% |
| Suppliers440/4 | - | - | - | €11,765 | €15,339 | €18,258 | €11,728 | €8,089 | ▼ 31.0% |
| Advances received on contracts in progress46 | - | - | - | - | €853 | - | - | €230 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,712 | €4,244 | €2,588 | €4,525 | €778 | ▼ 82.8% |
| Taxes450/3 | - | - | - | €3,712 | €4,027 | €88 | €2,525 | €778 | ▼ 69.2% |
| Remuneration and social security454/9 | - | - | - | - | €217 | €2,500 | €2,000 | - | - |
| Other amounts payable47/48 | - | - | - | €12,195 | €13,682 | €13,287 | €13,595 | €13,113 | ▼ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €13 | €14 | €15 | €48 | €49 | ▲ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,389 | €6,837 | €16,088 | €30,696 | €8,373 | -€13,624 | €3,455 | -€10,603 | - |
| + Depreciation and write-downs630 | €7,931 | €10,277 | €13,719 | €27,436 | €30,361 | €21,637 | €21,806 | €18,440 | ▼ 15.4% |
| Operating cash flow (approximation) | €16,320 | €17,114 | €29,807 | €58,132 | €38,734 | €8,013 | €25,261 | €7,837 | ▼ 69.0% |
| Investment in fixed assets (approximation) | - | -€19,506 | -€47,534 | -€47,849 | -€15,064 | -€9,603 | -€4,897 | -€1,605 | ▲ 67.2% |
| Change in cash | - | €6,549 | €3,111 | €6,125 | -€506 | €5,397 | -€4,218 | -€1,980 | ▲ 53.1% |
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, 4,805 companies had the same profile as V & V has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of V & V itself is lower: 0.2% within 12 months. It rests on far more data about V & V than the profile alone.
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 4,805 companies, not a prediction for V & V. 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 | 31-07-2026 | 2026-00364275 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00205034 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00302025 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00387009 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20397617 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43000481 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38000340 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-42000074 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41400049 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38800547 |