VACA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 12 filings
Turnover
€2.2m▼ 5.9%
2024 · €2.4m
EBIT margin
90.7%▲ 12.1pp
2024 · 78.7%
Net result
-€9.4m
2024 · €1.4m
Working capital
€6.5m▲ 36.3%
2024 · €4.8m
In the rankings
#2 company by total assets in Ostend, Administrative and support services sector#2 company by equity in Ostend, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.2m
▼ 5.9%
2025
20182025
Operating result
€2.0m
▲ 8.5%
2025
20182025
Net result
-€9.4m
2025
lowest quarter of the sector
20182025
EBIT margin
90.7%
▲ 12.1pp
2025
20182025
Equity
€115.1m
▼ 7.6%
2025
highest quarter of the sector
20182025
Total assets
€117.1m
▼ 7.6%
2025
highest quarter of the sector
20182025
Debt
€2.1m
▼ 10.2%
2025
20182025
Working capital
€6.5m
▲ 36.3%
2025
highest quarter of the sector
20182025
Solvency
98.2%
▲ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
4.13
▲ 1.06
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-8.1%
▼ 9.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
7
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€3.0m-€2.9m▼ 2.1%€2.7m▼ 8.4%€2.4m▼ 11.5%€2.4m▼ 1.0%€2.3m▼ 3.9%€2.4m▲ 3.6%€2.2m▼ 5.9%
Operating result€0.2m-€0.5m▲ 107%€0.5m▼ 4.5%€0.6m▲ 17.0%€1.5m▲ 171%€1.4m▼ 6.4%€1.9m▲ 31.5%€2.0m▲ 8.5%
Net result-€9.2m--€31.3m▼ 238%-€1.0mbelow the sector's middle half▲ 96.7%-€1.3mbelow the sector's middle half▼ 26.0%€1.0mabove the sector's middle half€0.9mabove the sector's middle half▼ 0.5%€1.4mabove the sector's middle half▲ 46.1%-€9.4mbelow the sector's middle half
EBIT margin8.0%-16.9%▲ 8.9pp17.6%▲ 0.7pp23.3%▲ 5.7pp63.6%▲ 40.4pp62.0%▼ 1.7pp78.7%▲ 16.7pp90.7%▲ 12.1pp
Equity€145.3m-€116.5m▼ 19.8%€117.8mabove the sector's middle half▲ 1.1%€121.2mabove the sector's middle half▲ 2.9%€122.2mabove the sector's middle half▲ 0.8%€123.1mabove the sector's middle half▲ 0.8%€124.5mabove the sector's middle half▲ 1.1%€115.1mabove the sector's middle half▼ 7.6%
Total assets€146.9m-€118.7m▼ 19.2%€120.1mabove the sector's middle half▲ 1.2%€123.5mabove the sector's middle half▲ 2.9%€124.2mabove the sector's middle half▲ 0.5%€125.2mabove the sector's middle half▲ 0.8%€126.8mabove the sector's middle half▲ 1.3%€117.1mabove the sector's middle half▼ 7.6%
Debt€1.7m-€2.2m▲ 33.2%€2.3m▲ 4.6%€2.3m▲ 0.2%€2.0m▼ 12.6%€2.1m▲ 5.2%€2.3m▲ 8.8%€2.1m▼ 10.2%
Working capital€1.1m-€1.7m▲ 49.6%€2.6mabove the sector's middle half▲ 53.5%€1.4mabove the sector's middle half▼ 43.9%€2.4mabove the sector's middle half▲ 69.0%€3.4mabove the sector's middle half▲ 39.7%€4.8mabove the sector's middle half▲ 40.3%€6.5mabove the sector's middle half▲ 36.3%
Solvency98.9%-98.1%▼ 0.7pp98.1%above the sector's middle half▼ 0.1pp98.1%above the sector's middle half▲ 0.1pp98.4%above the sector's middle half▲ 0.2pp98.3%above the sector's middle half▼ 0.1pp98.2%above the sector's middle half▼ 0.1pp98.2%above the sector's middle half▲ 0.1pp
Current ratio1.67-1.75▲ 0.082.11within the sector's middle half▲ 0.351.62within the sector's middle half▼ 0.492.20within the sector's middle half▲ 0.582.60within the sector's middle half▲ 0.403.06above the sector's middle half▲ 0.464.13above the sector's middle half▲ 1.06
Return on assets (ROA)-6.3%--26.4%▼ 20.1pp-0.9%within the sector's middle half▲ 25.5pp-1.1%below the sector's middle half▼ 0.2pp0.8%within the sector's middle half▲ 1.8pp0.8%within the sector's middle half=1.1%within the sector's middle half▲ 0.3pp-8.1%below the sector's middle half▼ 9.1pp
Staff (FTE)7-7.3▲ 4.3%7.7within the sector's middle half▲ 5.5%7.7within the sector's middle half=7.7within the sector's middle half=6.9within the sector's middle half▼ 10.4%7within the sector's middle half▲ 1.4%7within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 9% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117.1m
Fixed assets
€108.6m ▼ 9.3%
Current assets
€8.6m ▲ 21.1%
Equity and liabilities €117.1m
Equity
€115.1m ▼ 7.6%
Debt
€2.1m ▼ 10.2%
Debt's share of the balance-sheet total falls from 1.8% to 1.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2.0m▲
2024 · €1.9m
Cash flow
-€9.4m▼
2024 · €1.4m
Debt to equity
0.02▼
2024 · 0.02
ROE
-8.2%▼
2024 · 1.1%
Interest coverage
over 100▲
2024 · 16.59
Debt ≤ 1 year
€2.1m▼
2024 · €2.3m
Income taxes
€266,153▼
2024 · €408,596
Customer credit
133 days▼
2024 · 143 days
Staff costs
€1.0m▲
2024 · €991,617
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 7 | 7 | 7 | 7 |
| full-time | 8 | 7 | 7 | 7 | 7 |
| in full-time equivalents | 8 | 7 | 7 | 7 | 7 |
| Average over the year, in full-time equivalents | 7.7 | 7.3 | 6.9 | 7 | 7 |
| On a permanent contract | 8 | 7 | 7 | 7 | 7 |
| Joined | - | 0 | 1 | - | - |
| Left | - | 1 | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,864 | €14,898 | €1,016 | €31,606 | €68,014 |
| Financial fixed assets | €4.7m | - | - | - | - |
| Depreciation and write-downs of the year | €49,092 | €31,528 | €16,257 | €16,934 | €20,451 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €8,487 | €9,385 | €9,759 | €10,080 | €10,597 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €2.7m | €3.1m | €3.1m | €3.5m | €3.9m | ▲ 10.1% |
| Turnover70 | €3.0m | €2.9m | €2.7m | €2.4m | €2.4m | €2.3m | €2.4m | €2.2m | ▼ 5.9% |
| Other operating income74 | - | - | - | €0.3m | €0.8m | €0.9m | €1.2m | €1.7m | ▲ 42.8% |
| Non-recurring operating income76A | - | - | - | - | €0.001m | - | €0.01m | - | - |
| Operating charges60/66A | - | - | - | €2.2m | €1.6m | €1.7m | €1.7m | €1.9m | ▲ 11.8% |
| Services and other goods61 | - | - | - | €0.6m | €0.7m | €0.8m | €0.7m | €0.6m | ▼ 8.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.2m | €0.2m | €0.05m | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 20.8% |
| Other operating charges640/8 | - | - | - | €0.5m | €0.004m | €0.01m | €0.004m | €0.2m | ▲ 67× |
| Non-recurring operating charges66A | - | - | - | €0.1m | €0.005m | - | - | - | - |
| Operating profit (loss)9901 | €0.2m | €0.5m | €0.5m | €0.6m | €1.5m | €1.4m | €1.9m | €2.0m | ▲ 8.5% |
| Financial income75/76B | - | - | - | €53 | €259 | €1.2m | €0.05m | €1.8m | ▲ 34× |
| Recurring financial income75 | €0.02m | €0 | €1 | €53 | €259 | €0.04m | €0.05m | €0.04m | ▼ 27.5% |
| Income from current assets751 | - | - | - | €53 | €259 | €0.04m | €0.05m | €0.04m | ▼ 27.5% |
| Other financial income752/9 | - | - | - | €0 | €0 | €2 | €0 | €0 | ▼ 33.3% |
| Non-recurring financial income76B | - | - | - | - | - | €1.2m | - | €1.8m | - |
| Financial charges65/66B | - | - | - | €1.9m | €0.6m | €1.4m | €0.1m | €13.0m | ▲ 115× |
| Recurring financial charges65 | €6.7m | €0.001m | €0.003m | €1.9m | €0.6m | €0.2m | €0.1m | €0.001m | ▼ 99.4% |
| Debt charges650 | - | - | - | €0 | €2 | - | - | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €1.9m | €0.6m | -€0.8m | €0.1m | - | - |
| Other financial charges652/9 | - | - | - | €305 | €315 | €1.0m | €0.001m | €0.001m | ▲ 3.3% |
| Non-recurring financial charges66B | - | - | - | - | - | €1.2m | - | €13.0m | - |
| Profit (loss) for the period before taxes9903 | -€9.2m | -€31.3m | -€1.0m | -€1.3m | €1.0m | €1.3m | €1.8m | -€9.2m | - |
| Income taxes67/77 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.3m | €0.4m | €0.3m | ▼ 34.9% |
| Taxes670/3 | - | - | - | €0.002m | €0.002m | €0.3m | €0.4m | €0.3m | ▼ 24.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €17 | - | €0.04m | - |
| Profit (loss) for the period9904 | -€9.2m | -€31.3m | -€1.0m | -€1.3m | €1.0m | €0.9m | €1.4m | -€9.4m | - |
| Profit (loss) for the period to be appropriated9905 | -€9.2m | -€31.3m | -€1.0m | -€1.3m | €1.0m | €0.9m | €1.4m | -€9.4m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €146.9m | €118.7m | €120.1m | €123.5m | €124.2m | €125.2m | €126.8m | €117.1m | ▼ 7.6% |
| Formation expenses20 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €144.2m | €114.8m | €115.2m | €119.8m | €119.7m | €119.7m | €119.7m | €108.6m | ▼ 9.3% |
| Intangible fixed assets21 | €0.3m | €0.3m | €0.2m | €0.005m | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.09m | €0.08m | €0.1m | €0.08m | €0.04m | €0.03m | €0.04m | €0.09m | ▲ 116% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.008m | €0.003m | €0.002m | ▼ 23.4% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.02m | €0.008m | €0.03m | €0.08m | ▲ 173% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Financial fixed assets28 | €143.7m | €114.5m | €115.0m | €119.7m | €119.7m | €119.7m | €119.7m | €108.5m | ▼ 9.4% |
| Affiliated companies280/1 | - | - | - | €119.7m | €119.7m | €119.7m | €119.7m | €108.5m | ▼ 9.4% |
| Participating interests280 | - | - | - | €119.7m | €119.7m | €119.7m | €119.7m | €108.5m | ▼ 9.4% |
| Companies linked by participating interests282/3 | - | - | - | - | €0 | - | - | - | - |
| Participating interests282 | - | - | - | - | €0 | - | - | - | - |
| Current assets29/58 | €2.8m | €3.9m | €4.9m | €3.8m | €4.5m | €5.5m | €7.1m | €8.6m | ▲ 21.1% |
| Amounts receivable within one year40/41 | €1.5m | €2.4m | €2.7m | €1.2m | €1.5m | €2.3m | €2.7m | €2.6m | ▼ 4.8% |
| Trade receivables40 | - | - | - | €0.02m | €0.5m | €0.5m | €0.9m | €0.8m | ▼ 12.7% |
| Other amounts receivable41 | - | - | - | €1.2m | €1.0m | €1.8m | €1.8m | €1.8m | ▼ 0.6% |
| Current investments50/53 | - | - | - | - | - | - | - | €2.0m | - |
| Other investments51/53 | - | - | - | - | - | - | - | €2.0m | - |
| Cash at bank and in hand54/58 | €1.3m | €1.4m | €2.2m | €2.5m | €2.9m | €3.2m | €4.3m | €4.0m | ▼ 8.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.09m | €0.07m | €0.08m | €0.06m | ▼ 19.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €146.9m | €118.7m | €120.1m | €123.5m | €124.2m | €125.2m | €126.8m | €117.1m | ▼ 7.6% |
| Equity10/15 | €145.3m | €116.5m | €117.8m | €121.2m | €122.2m | €123.1m | €124.5m | €115.1m | ▼ 7.6% |
| Contributions10/11 | €153.8m | €156.3m | - | €163.3m | €163.3m | €163.3m | €163.3m | €163.3m | = |
| Reserves13 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Non-distributable reserves130/1 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves not available under the articles1311 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Profit (loss) carried forward14 | -€9.6m | -€40.9m | -€41.9m | -€43.2m | -€42.2m | -€41.3m | -€39.9m | -€49.3m | ▼ 23.6% |
| Amounts payable17/49 | €1.7m | €2.2m | €2.3m | €2.3m | €2.0m | €2.1m | €2.3m | €2.1m | ▼ 10.2% |
| Amounts payable within one year42/48 | €1.7m | €2.2m | €2.3m | €2.3m | €2.0m | €2.1m | €2.3m | €2.1m | ▼ 10.1% |
| Trade debts44 | €1.2m | €0.6m | €0.6m | €0.6m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 48.5% |
| Suppliers440/4 | - | - | - | €0.6m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 48.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 39.2% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.06m | €0.09m | €0.2m | ▲ 64.6% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 24.8% |
| Other amounts payable47/48 | - | - | - | €1.5m | €1.6m | €1.8m | €1.8m | €1.4m | ▼ 24.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.003m | €0.004m | €0.002m | ▼ 51.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9.2m | -€31.3m | -€1.0m | -€1.3m | €1.0m | €0.9m | €1.4m | -€9.4m | - |
| + Depreciation and write-downs630 | €0.05m | €0.2m | €0.2m | €0.05m | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 20.8% |
| Operating cash flow (approximation) | -€9.2m | -€31.1m | -€0.8m | -€1.2m | €1.0m | €1.0m | €1.4m | -€9.4m | - |
| Investment in fixed assets (approximation) | - | €29.1m | -€0.6m | -€4.6m | €0.009m | -€0.001m | -€0.03m | €11.1m | - |
| Change in cash | - | €0.1m | €0.8m | €0.4m | €0.3m | €0.3m | €1.2m | -€0.4m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-06-2026 | 2026-00209817 | |
| 31-12-2024 | full format | 25-06-2025 | 2025-00173559 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00157444 | |
| 31-12-2022 | full format | 20-06-2023 | 2023-00138044 | |
| 31-12-2021 | full format | 28-06-2022 | 2022-20104956 | |
| 31-12-2020 | full format | 05-07-2021 | 2021-31200430 | |
| 31-12-2019 | full format | 09-09-2020 | 2020-52700132 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-22000373 | |
| 31-12-2017 | full format | 10-07-2018 | 2018-32200069 | |
| 31-12-2016 | full format | 28-06-2017 | 2017-24900143 |