Vabedev
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 31-07-2025 PDF all 25 filings
Turnover
≈ €76,000
Estimated: probably between €66,000 and €97,000
Total assets
€827,720▼ 4.6%
2023 · €867,380
Net result
€8,370▼ 37.3%
2023 · €13,354
Working capital
-€403,650▼ 1.6%
2023 · -€397,394
In the rankings
#5 oldest company in Hulshout, Real estate sector
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€13,766
▼ 38.1%
2024
20182024
Net result
€8,370
▼ 37.3%
2024
middle half of the sector
20182024
Equity
€250,449
▲ 3.5%
2024
middle half of the sector
20182024
Total assets
€827,720
▼ 4.6%
2024
middle half of the sector
20182024
Debt
€577,271
▼ 7.7%
2024
20182024
Working capital
-€403,650
▼ 1.6%
2024
lowest quarter of the sector
20182024
Solvency
30.3%
▲ 2.3pp
2024
middle half of the sector
20182024
Current ratio
0.03
▼ 0.03
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
1.0%
▼ 0.5pp
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€0.003m--€0.04m▼ 1,152%€0.001m€0.03m▲ 40×€0.001m▼ 97.9%€0.02m▲ 32×€0.01m▼ 38.1%
Net result-€0.002m--€0.04m▼ 2,075%-€0.005mwithin the sector's middle half▲ 87.9%€0.03mwithin the sector's middle half-€163within the sector's middle half€0.01mwithin the sector's middle half€0.008mwithin the sector's middle half▼ 37.3%
Equity€0.2m-€0.2m▼ 16.8%€0.2mwithin the sector's middle half▼ 2.4%€0.2mwithin the sector's middle half▲ 13.5%€0.2mwithin the sector's middle half▼ 0.1%€0.2mwithin the sector's middle half▲ 5.8%€0.3mwithin the sector's middle half▲ 3.5%
Total assets€0.3m-€1.2m▲ 350%€0.9mwithin the sector's middle half▼ 20.0%€0.9mwithin the sector's middle half▼ 4.5%€0.9mwithin the sector's middle half▼ 0.3%€0.9mwithin the sector's middle half▼ 2.6%€0.8mwithin the sector's middle half▼ 4.6%
Debt€0.01m-€1.0m▲ 85×€0.7m▼ 23.8%€0.7m▼ 9.4%€0.7m▼ 0.4%€0.6m▼ 5.6%€0.6m▼ 7.7%
Working capital€0.2m--€0.4m-€0.4mbelow the sector's middle half▼ 0.7%-€0.4mbelow the sector's middle half▲ 3.8%-€0.4mbelow the sector's middle half▼ 7.8%-€0.4mbelow the sector's middle half▲ 2.0%-€0.4mbelow the sector's middle half▼ 1.6%
Solvency95.6%-17.7%▼ 78.0pp21.5%within the sector's middle half▲ 3.9pp25.6%within the sector's middle half▲ 4.1pp25.7%within the sector's middle half▲ 0.1pp27.9%within the sector's middle half▲ 2.2pp30.3%within the sector's middle half▲ 2.3pp
Current ratio15.79-0.36▼ 15.430.05below the sector's middle half▼ 0.310.02below the sector's middle half▼ 0.030.04below the sector's middle half▲ 0.020.06below the sector's middle half▲ 0.030.03below the sector's middle half▼ 0.03
Return on assets (ROA)-0.7%--3.6%▼ 2.8pp-0.5%within the sector's middle half▲ 3.0pp3.0%within the sector's middle half▲ 3.6pp0.0%within the sector's middle half▼ 3.1pp1.5%within the sector's middle half▲ 1.6pp1.0%within the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2024 is 38% lower than 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
2024 in colour, 2023 as the grey bar beneath
Assets €827,720
Fixed assets
€814,539 ▼ 3.0%
Current assets
€13,181 ▼ 51.7%
Equity and liabilities €827,720
Equity
€250,449 ▲ 3.5%
Debt
€577,271 ▼ 7.7%
Debt's share of the balance-sheet total falls from 72.1% to 69.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49,601▼
2023 · €56,884
Cash flow
€44,206▼
2023 · €48,009
Debt to equity
2.30▼
2023 · 2.58
ROE
3.3%▼
2023 · 5.5%
Interest coverage
26.81▲
2023 · 26.29
Debt ≤ 1 year
€416,831▼
2023 · €424,687
Debt > 1 year
€160,440▼
2023 · €200,615
Income taxes
€3,613▼
2023 · €6,784
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €2,686 | €25,928 | - | €10,288 |
| Depreciation and write-downs of the year | €33,084 | €36,358 | €34,655 | €35,835 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,276 | €16,900 | €38,465 | €33,084 | €36,358 | €34,655 | €35,835 | ▲ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €1,456 | - |
| Other operating charges640/8 | - | - | - | €6,710 | €6,962 | €7,674 | €7,955 | ▲ 3.7% |
| Gross operating margin9900 | €16,519 | -€20,854 | €45,429 | €72,767 | €44,015 | €64,559 | €59,012 | ▼ 8.6% |
| Operating profit (loss)9901 | -€3,244 | -€40,627 | €818 | €32,973 | €695 | €22,229 | €13,766 | ▼ 38.1% |
| Financial income75/76B | - | - | - | €0 | €1,601 | €72 | €67 | ▼ 7.0% |
| Recurring financial income75 | €1,693 | €545 | €7 | €0 | €1 | €72 | €67 | ▼ 7.0% |
| Non-recurring financial income76B | - | - | - | - | €1,600 | €72 | - | - |
| Financial charges65/66B | - | - | - | €5,762 | €2,459 | €2,163 | €1,850 | ▼ 14.5% |
| Recurring financial charges65 | - | €1,672 | €6,144 | €5,762 | €2,459 | €2,163 | €1,850 | ▼ 14.5% |
| Profit (loss) for the period before taxes9903 | -€1,551 | -€41,755 | -€5,051 | €27,211 | -€163 | €20,138 | €11,983 | ▼ 40.5% |
| Income taxes67/77 | €369 | - | €2 | - | - | €6,784 | €3,613 | ▼ 46.8% |
| Profit (loss) for the period9904 | -€1,920 | -€41,755 | -€5,054 | €27,211 | -€163 | €13,354 | €8,370 | ▼ 37.3% |
| Profit (loss) for the period to be appropriated9905 | -€1,920 | -€41,755 | -€5,054 | €27,211 | -€163 | €13,354 | €8,370 | ▼ 37.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €1.2m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 4.6% |
| Fixed assets21/28 | €0.08m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 3.0% |
| Tangible fixed assets22/27 | €0.08m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 3.0% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €432 | €0.009m | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.02m | €0.02m | €0.01m | ▼ 33.3% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.001m | €410 | €297 | ▼ 27.5% |
| Current assets29/58 | €0.2m | €0.2m | €0.02m | €0.009m | €0.02m | €0.03m | €0.01m | ▼ 51.7% |
| Amounts receivable within one year40/41 | €0.05m | €0.2m | - | - | €0.005m | €0.008m | €0.006m | ▼ 29.5% |
| Trade receivables40 | - | - | - | - | €0.003m | €0.008m | €0.002m | ▼ 76.8% |
| Other amounts receivable41 | - | - | - | - | €0.003m | - | €0.004m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.02m | €0.02m | €0.009m | €0.009m | €0.02m | €0.007m | ▼ 61.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €1.2m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 4.6% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 3.5% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 14.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.01m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.01m | - | - | - |
| Distributable reserves133 | - | - | - | €0.05m | €0.05m | €0.06m | €0.07m | ▲ 14.1% |
| Profit (loss) carried forward14 | €0.01m | -€0.03m | -€0.03m | -€0.006m | - | - | - | - |
| Amounts payable17/49 | €0.01m | €1.0m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 7.7% |
| Amounts payable after more than one year17 | - | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 20.0% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 20.0% |
| Amounts payable within one year42/48 | €0.01m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 0.8% |
| Trade debts44 | €255 | €0.01m | €0.005m | - | €0.006m | €0.005m | €0.009m | ▲ 71.7% |
| Suppliers440/4 | - | - | - | - | €0.006m | €0.005m | €0.009m | ▲ 71.7% |
| Advances received on contracts in progress46 | - | - | - | €0.004m | - | - | €0.004m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.002m | €0.009m | €0.001m | ▼ 92.3% |
| Taxes450/3 | - | - | - | €0.004m | €0.002m | €0.009m | €0.001m | ▼ 92.3% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,920 | -€41,755 | -€5,054 | €27,211 | -€163 | €13,354 | €8,370 | ▼ 37.3% |
| + Depreciation and write-downs630 | €15,276 | €16,900 | €38,465 | €33,084 | €36,358 | €34,655 | €35,835 | ▲ 3.4% |
| Operating cash flow (approximation) | €13,357 | -€24,855 | €33,411 | €60,295 | €36,195 | €48,009 | €44,206 | ▼ 7.9% |
| Investment in fixed assets (approximation) | - | -€883,902 | -€3,490 | -€2,686 | -€25,928 | €0 | -€10,288 | - |
| Change in cash | - | -€104,163 | -€1,672 | -€10,837 | €81 | €10,220 | -€11,688 | - |
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, 14,766 companies had the same profile as Vabedev has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Vabedev itself is higher: 1.0% within 12 months. It rests on far more data about Vabedev 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 14,766 companies, not a prediction for Vabedev. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 31-07-2025 | 2025-00354373 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00308935 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00115310 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20069206 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24600580 | |
| 31-12-2019 | micro format | 09-06-2020 | 2020-15500293 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24900394 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-22900055 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35500443 | |
| 31-12-2015 | abbreviated format | 06-07-2016 | 2016-28600317 |