VACA (0461.255.289): financials and annual accounts

VACA

Ostend ·KBO/BCE: BE 0461.255.289

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Balance sheet: assets
Total assets`20/58`	117.1m	126.8m	125.2m	124.2m	123.5m	120.1m	118.7m	146.9m	153.8m	143.4m	145.9m	128.3m
Formation expenses`20`	0	0	0	0	-	-	-	-	-	-	-	-
Fixed assets`21/28`	108.6m	119.7m	119.7m	119.7m	119.8m	115.2m	114.8m	144.2m	146.5m	140.9m	141.0m	125.2m
Intangible fixed assets`21`	0	0	0	0	5,025	150,596	298,617	330,188	26,603	25,453	57,900	170,485
Tangible fixed assets`22/27`	88,655	41,093	26,754	41,995	77,071	105,482	80,242	88,969	82,303	51,443	85,025	140,054
Plant, machinery and equipment`23`	2,137	2,791	8,246	13,701	19,155	19,421	-	5,190	10,380	15,570	20,760	-
Furniture and vehicles`24`	76,008	27,791	7,998	17,784	47,405	74,255	67,025	67,162	35,592	21,375	48,017	51,777
Other tangible fixed assets`26`	10,511	10,511	10,511	10,511	10,511	11,805	13,217	15,117	18,279	14,499	16,248	17,017
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	1,500	18,053	-	-	71,260
Financial fixed assets`28`	108.5m	119.7m	119.7m	119.7m	119.7m	115.0m	114.5m	143.7m	146.4m	140.8m	140.8m	124.8m
Affiliated companies`280/1`	108.5m	119.7m	119.7m	119.7m	119.7m	115.0m	114.5m	143.7m	145.2m	140.8m	140.8m	124.8m
Participating interests`280`	108.5m	119.7m	119.7m	119.7m	119.7m	115.0m	114.5m	143.7m	145.2m	140.8m	140.8m	124.8m
Companies linked by participating interests`282/3`	-	-	-	0	-	-	-	-	1.2m	-	-	-
Participating interests`282`	-	-	-	0	-	-	-	-	1.2m	-	-	-
Current assets`29/58`	8.6m	7.1m	5.5m	4.5m	3.8m	4.9m	3.9m	2.8m	7.4m	2.5m	5.0m	3.1m
Amounts receivable within one year`40/41`	2.6m	2.7m	2.3m	1.5m	1.2m	2.7m	2.4m	1.5m	6.0m	89,425	2.4m	1.4m
Trade receivables`40`	807,675	925,182	537,867	472,080	21,046	28,801	33,614	29,279	563,405	52,650	350,830	9,710
Other amounts receivable`41`	1.8m	1.8m	1.8m	1.0m	1.2m	2.7m	2.4m	1.4m	5.4m	36,775	2.0m	1.4m
Current investments`50/53`	2.0m	-	-	-	-	-	-	-	100,000	-	-	-
Other investments`51/53`	2.0m	-	-	-	-	-	-	-	100,000	-	-	-
Cash at bank and in hand`54/58`	4.0m	4.3m	3.2m	2.9m	2.5m	2.2m	1.4m	1.3m	1.2m	2.4m	2.3m	1.6m
Deferred charges and accrued income`490/1`	62,654	77,305	69,462	93,102	24,230	23,272	46,186	62,471	42,552	30,790	317,943	88,461
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	117.1m	126.8m	125.2m	124.2m	123.5m	120.1m	118.7m	146.9m	153.8m	143.4m	145.9m	128.3m
Equity`10/15`	115.1m	124.5m	123.1m	122.2m	121.2m	117.8m	116.5m	145.3m	152.4m	142.6m	142.3m	125.9m
Contributions`10/11`	163.3m	163.3m	163.3m	163.3m	163.3m	158.6m	156.3m	153.8m	151.6m	141.8m	141.8m	125.8m
Issued capital`100`	-	-	-	-	-	-	156.3m	153.8m	151.6m	141.8m	141.8m	125.8m
Reserves`13`	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m
Non-distributable reserves`130/1`	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m
Legal reserve`130`	-	-	-	-	-	-	615	615	615	615	615	615
Reserves not available under the articles`1311`	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	-	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m
Profit (loss) carried forward`14`	-49.3m	-39.9m	-41.3m	-42.2m	-43.2m	-41.9m	-40.9m	-9.6m	-316,447	-234,406	-581,629	-983,283
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	4,773	23,133
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	4,773	23,133
Pensions and similar obligations`160`	-	-	-	-	-	-	-	-	-	-	4,773	23,133
Amounts payable`17/49`	2.1m	2.3m	2.1m	2.0m	2.3m	2.3m	2.2m	1.7m	1.5m	771,889	3.6m	2.4m
Amounts payable within one year`42/48`	2.1m	2.3m	2.1m	2.0m	2.3m	2.3m	2.2m	1.7m	1.5m	771,889	3.6m	2.4m
Trade debts`44`	338,106	227,713	96,638	125,331	576,925	643,967	604,364	1.2m	1.1m	458,550	1.4m	879,133
Suppliers`440/4`	338,106	227,713	96,638	125,331	576,925	643,967	604,364	1.2m	1.1m	458,550	1.4m	879,133
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	16,859	-	-
Taxes, remuneration and social security`45`	358,725	257,690	264,725	252,029	246,205	227,609	217,632	208,768	195,867	208,873	209,495	161,083
Taxes`450/3`	153,923	93,523	63,203	34,461	35,438	30,509	31,242	27,473	26,529	23,335	27,467	18,908
Remuneration and social security`454/9`	204,802	164,167	201,522	217,568	210,767	197,100	186,390	181,295	169,338	185,539	182,028	142,175
Other amounts payable`47/48`	1.4m	1.8m	1.8m	1.6m	1.5m	1.4m	1.4m	255,470	147,405	87,607	2.0m	1.3m
Accrued charges and deferred income`492/3`	1,997	4,105	3,474	-	-	-	-	810	-	-	1,440	7,335
Income statement
Operating income`70/76A`	3.9m	3.5m	3.1m	3.1m	2.7m	3.0m	3.3m	3.3m	3.6m	3.6m	4.0m	2.7m
Turnover`70`	2.2m	2.4m	2.3m	2.4m	2.4m	2.7m	2.9m	3.0m	3.2m	3.3m	3.7m	2.6m
Other operating income`74`	1.7m	1.2m	878,355	784,383	333,683	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	10,152	-	579	-	2,893	-	10,000	-	-	-	-
Operating charges`60/66A`	1.9m	1.7m	1.7m	1.6m	2.2m	2.6m	2.8m	3.1m	3.7m	3.3m	3.6m	2.6m
Goods for resale, raw materials and consumables`60`	-	-	-	-	-	-	-	2,604	-	-	-	-
Purchases`600/8`	-	-	-	-	-	-	-	2,604	-	-	-	-
Services and other goods`61`	627,734	685,617	763,845	697,398	601,548	963,531	1.4m	1.4m	1.7m	1.3m	1.5m	1.1m
Remuneration, social security and pensions`62`	1.0m	991,617	950,200	906,138	874,745	918,932	806,770	783,175	739,315	695,856	695,503	546,419
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	20,451	16,934	16,257	31,528	49,092	184,507	177,732	45,748	63,864	72,676	230,719	189,719
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-4,773	-18,360	-18,174
Other operating charges`640/8`	237,667	3,541	11,399	4,229	506,285	502,758	456,722	907,630	1.2m	1.2m	1.2m	757,442
Non-recurring operating charges`66A`	-	-	-	5,489	135,754	1.5m	31.8m	2.8m	-	-	-	-
Operating profit (loss)`9901`	2.0m	1.9m	1.4m	1.5m	556,050	475,335	497,517	240,520	-108,037	346,517	409,389	70,063
Financial income`75/76B`	1.8m	53,817	1.2m	259	53	1	0	18,326	28,167	2	4	4,764
Recurring financial income`75`	39,034	53,817	36,601	259	53	1	0	18,326	28,167	2	4	4,764
Income from current assets`751`	39,034	53,817	36,600	259	53	-	-	70	-	-	-	4,763
Other financial income`752/9`	0	0	2	0	0	1	0	18,256	28,167	2	4	2
Non-recurring financial income`76B`	1.8m	-	1.2m	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	13.0m	112,632	1.4m	551,317	1.9m	1.5m	31.8m	9.5m	365	381	362	5,924
Recurring financial charges`65`	653	112,632	191,629	551,317	1.9m	3,494	916	6.7m	365	381	362	5,924
Debt charges`650`	-	-	-	2	0	-	-	-	-	-	-	5,685
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)`651`	-	112,000	-809,000	551,000	1.9m	-	-	6.7m	-	-	-	-
Other financial charges`652/9`	653	632	1.0m	315	305	3,494	916	1,145	365	381	362	239
Non-recurring financial charges`66B`	13.0m	-	1.2m	-	-	1.5m	31.8m	2.8m	-	-	-	-
Profit (loss) for the period before taxes`9903`	-9.2m	1.8m	1.3m	954,102	-1.3m	-1.0m	-31.3m	-9.2m	-80,235	346,138	409,032	68,904
Income taxes`67/77`	266,153	408,596	305,736	1,886	1,982	1,801	2,231	2,072	1,806	-1,084	7,378	596
Taxes`670/3`	310,459	408,596	305,753	1,886	1,982	1,801	2,231	2,072	1,806	752	7,378	596
Tax adjustments and reversals of tax provisions`77`	44,306	-	17	-	-	-	-	-	-	1,836	-	-
Profit (loss) for the period`9904`	-9.4m	1.4m	947,463	952,215	-1.3m	-1.0m	-31.3m	-9.2m	-82,041	347,222	401,654	68,308
Profit (loss) for the period to be appropriated`9905`	-9.4m	1.4m	947,463	952,215	-1.3m	-1.0m	-31.3m	-9.2m	-82,041	347,222	401,654	68,308
Appropriation of the result
Profit (loss) to be appropriated`9906`	-49.3m	-39.9m	-41.3m	-42.2m	-43.2m	-41.9m	-40.9m	-9.6m	-316,447	-234,406	-581,629	68,308
Profit (loss) brought forward from the previous period`14P`	-39.9m	-41.3m	-42.2m	-43.2m	-41.9m	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	1.1m
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	615
To other reserves`6921`	-	-	-	-	-	-	-	-	-	-	-	1.1m
Social balance sheet
Average staff (FTE)`9087`	7	7	6.9	7.7	7.7	7.7	7.3	7	6.8	6	6	4.8
Men (FTE)`1003`	5	5	5.3	6.3	6.7	6.7	6.3	6	5.8	5	5	-
Women (FTE)`1003`	2	2	1.6	1	1	1	1	1	1	1	1	-
Agency workers`1501`	-	-	-	-	-	0.1	0.2	0.2	0.2	0.2	0.2	-
Hours worked`1013`	11,039	10,773	11,074	11,417	12,642	12,278	12,740	12,152	11,760	10,458	10,458	8,428
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	29-06-2026	2026-00209817	PDF
31-12-2024	full format	25-06-2025	2025-00173559	PDF
31-12-2023	full format	25-06-2024	2024-00157444	PDF
31-12-2022	full format	20-06-2023	2023-00138044	PDF
31-12-2021	full format	28-06-2022	2022-20104956	PDF
31-12-2020	full format	05-07-2021	2021-31200430	PDF
31-12-2019	full format	09-09-2020	2020-52700132	PDF
31-12-2018	full format	24-06-2019	2019-22000373	PDF
31-12-2017	full format	10-07-2018	2018-32200069	PDF
31-12-2016	full format	28-06-2017	2017-24900143	PDF
31-12-2015	full format	30-06-2016	2016-26500239	PDF
31-12-2014	full format	27-08-2015	2015-49600202	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
EBITDA	2.0m	1.9m	1.4m	1.5m	605,142	659,842	675,249	286,267	-44,173	419,192	640,108	259,782
Cash flow	-9.4m	1.4m	963,719	983,743	-1.2m	-845,453	-31.1m	-9.2m	-18,177	419,898	632,373	258,026
Investment in fixed assets	68,014	31,606	1,016	14,898	4.8m	2.1m	2.6m	355,998	5.6m	6,647	16.1m	125.0m
Change in cash	-358,964	1.2m	285,111	337,726	378,074	761,818	132,616	46,461	-1.2m	100,941	652,140	-
Working capital	6.5m	4.8m	3.4m	2.4m	1.4m	2.6m	1.7m	1.1m	5.9m	1.7m	1.3m	764,661
EBIT margin	90.7%	78.7%	62.0%	63.6%	23.3%	17.6%	16.9%	8.0%	-3.3%	10.5%	11.1%	2.7%
Solvency	98.2%	98.2%	98.3%	98.4%	98.1%	98.1%	98.1%	98.9%	99.0%	99.5%	97.5%	98.1%
Current ratio	4.13	3.06	2.60	2.20	1.62	2.11	1.75	1.67	4.97	3.22	1.36	1.32
Debt to equity	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.03	0.02
ROE	-8.2%	1.1%	0.8%	0.8%	-1.1%	-0.9%	-26.9%	-6.4%	-0.1%	0.2%	0.3%	0.1%
ROA	-8.1%	1.1%	0.8%	0.8%	-1.1%	-0.9%	-26.4%	-6.3%	-0.1%	0.2%	0.3%	0.1%
Interest coverage	over 100	16.59	7.43	over 100	over 100	-	-	-	-	-	-	45.70
Customer credit	133 days	143 days	86 days	73 days	3 days	4 days	4 days	4 days	64 days	6 days	35 days	1 day
Supplier credit	197 days	121 days	46 days	66 days	350 days	244 days	163 days	322 days	243 days	125 days	345 days	287 days

By activity	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
WERKMIDDELEN VAKANTIE ACCOMODAITE	€3,279,810	€3,138,010	€3,009,391	€2,853,655	€2,700,438	€2,389,791	€2,271,567	€2,271,570	€2,260,895	€2,214,568
OPBRENGSTEN UITSTAPPEN	-	-	-	-	-	-	-	-	€93,345	-
Diversen	€15,358	€93,467	€2,377	€95,179	€0	-	€93,413	-	-	-
Total	€3,295,168	€3,231,477	€3,011,768	€2,948,834	€2,700,438	€2,389,791	€2,364,980	€2,271,570	€2,354,240	€2,214,568

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	7	7	7	7	8
full-time	7	7	7	7	8
in full-time equivalents	7	7	7	7	8
Average over the year, in full-time equivalents	7	7	6.9	7.3	7.7
On a permanent contract	7	7	7	7	8
Joined	-	-	1	0	-
Left	-	-	1	1	-

VACA

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency98.2%

Current ratio4.13

Return on assets-8.1%

Staff

Men and women29% women

Staff cost per FTE€144,511

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2025

By geographic market 2020

By activity

By geographic market

Social balance sheet

Investments

Auditor

Insights on VACA

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€68,014	€31,606	€1,016	€14,898	€10,864
Financial fixed assets	-	-	-	-	€4.7m
Depreciation and write-downs of the year	€20,451	€16,934	€16,257	€31,528	€49,092