VAES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-04-2026 PDF all 43 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a profit of €9,207, after a loss of €13,718 in 2024. It is the highest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Companies with the same profile, two years later
Historical observationIn July 2024, 14,766 companies had the same profile as VAES has now. Two years later, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAES itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 VAES. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | €12,800 | €12,800 | = |
| Other operating charges640/8 | - | - | - | €525 | €531 | €727 | €596 | €661 | ▲ 10.9% |
| Gross operating margin9900 | €39,788 | €62,381 | €78,093 | -€27,027 | -€6,798 | €2,875 | -€322 | €22,668 | - |
| Operating profit (loss)9901 | -€10,280 | €16,812 | €172,569 | -€27,552 | -€7,329 | €2,148 | -€13,718 | €9,207 | - |
| Financial income75/76B | - | - | - | - | - | €2,715 | €6,335 | €6,059 | ▼ 4.3% |
| Recurring financial income75 | €320 | €793 | - | - | - | €2,715 | €6,335 | €6,059 | ▼ 4.3% |
| Financial charges65/66B | - | - | - | €206 | €162 | €268 | €255 | €196 | ▼ 23.0% |
| Recurring financial charges65 | €344 | €193 | €205 | €206 | €162 | €268 | €255 | €196 | ▼ 23.0% |
| Profit (loss) for the period before taxes9903 | -€10,305 | €17,413 | €172,363 | -€27,758 | -€7,491 | €4,595 | -€7,638 | €15,070 | - |
| Income taxes67/77 | - | €2,667 | €54,903 | -€343 | - | - | - | €1,370 | - |
| Profit (loss) for the period9904 | -€10,305 | €14,746 | €117,460 | -€27,415 | -€7,491 | €4,595 | -€7,638 | €13,700 | - |
| Profit (loss) for the period to be appropriated9905 | -€10,305 | €14,746 | €128,098 | -€27,415 | -€7,491 | €4,595 | -€7,638 | €13,700 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €470,131 | €513,048 | €557,334 | €503,604 | €498,364 | €497,622 | €492,756 | €509,154 | ▲ 3.3% |
| Fixed assets21/28 | €303,750 | €303,750 | €367,750 | €367,750 | €367,750 | €367,750 | €354,950 | €342,150 | ▼ 3.6% |
| Tangible fixed assets22/27 | €303,750 | €303,750 | €367,750 | €367,750 | €367,750 | €367,750 | €354,950 | €342,150 | ▼ 3.6% |
| Land and buildings22 | - | - | - | €303,750 | €303,750 | €303,750 | €303,750 | €303,750 | = |
| Furniture and vehicles24 | - | - | - | €64,000 | €64,000 | €64,000 | €51,200 | €38,400 | ▼ 25.0% |
| Current assets29/58 | €166,381 | €209,298 | €189,584 | €135,854 | €130,614 | €129,872 | €137,806 | €167,004 | ▲ 21.2% |
| Amounts receivable within one year40/41 | €7,288 | €331 | €72,990 | €16,872 | €779 | €103,648 | €109,138 | €115,388 | ▲ 5.7% |
| Other amounts receivable41 | - | - | - | €16,872 | €779 | €103,648 | €109,138 | €115,388 | ▲ 5.7% |
| Cash at bank and in hand54/58 | €159,093 | €208,967 | €116,049 | €118,983 | €129,835 | €26,223 | €28,668 | €51,616 | ▲ 80.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €470,131 | €513,048 | €557,334 | €503,604 | €498,364 | €497,622 | €492,756 | €509,154 | ▲ 3.3% |
| Equity10/15 | €396,758 | €411,503 | €528,963 | €501,549 | €492,857 | €496,252 | €488,615 | €502,315 | ▲ 2.8% |
| Contributions10/11 | €49,579 | €49,579 | - | €49,579 | €49,579 | €49,579 | €49,579 | €49,579 | = |
| Reserves13 | €357,484 | €361,925 | €479,385 | €451,970 | €443,279 | €446,674 | €439,036 | €452,736 | ▲ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €4,958 | €4,958 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,958 | €4,958 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €447,012 | €438,321 | €446,674 | €439,036 | €452,736 | ▲ 3.1% |
| Profit (loss) carried forward14 | -€10,305 | - | - | - | - | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €50,000 | €95,000 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €23,373 | €6,544 | €28,370 | €2,056 | €5,507 | €1,369 | €4,141 | €6,839 | ▲ 65.2% |
| Amounts payable within one year42/48 | €22,438 | €6,544 | €28,370 | €2,056 | €5,507 | €1,369 | €891 | €2,614 | ▲ 193% |
| Trade debts44 | €303 | €1,687 | €1,608 | €2,056 | €4,307 | €169 | €891 | €1,244 | ▲ 39.7% |
| Suppliers440/4 | - | - | - | €2,056 | €4,307 | €169 | €891 | €1,244 | ▲ 39.7% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €1,370 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €1,370 | - |
| Other amounts payable47/48 | - | - | - | - | €1,200 | €1,200 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €3,250 | €4,225 | ▲ 30.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,305 | €14,746 | €117,460 | -€27,415 | -€7,491 | €4,595 | -€7,638 | €13,700 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | €12,800 | €12,800 | = |
| Operating cash flow (approximation) | -€10,305 | €14,746 | €117,460 | -€27,415 | -€7,491 | €4,595 | €5,162 | €26,500 | ▲ 413% |
| Investment in fixed assets (approximation) | - | €0 | -€64,000 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €49,874 | -€92,918 | €2,934 | €10,852 | -€103,611 | €2,444 | €22,949 | ▲ 839% |
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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-04-2026 | 2026-00081695 | |
| 31-12-2024 | micro format | 05-03-2025 | 2025-00046899 | |
| 31-12-2023 | micro format | 19-04-2024 | 2024-00066213 | |
| 31-12-2022 | abbreviated format | 05-04-2023 | 2023-00055213 | |
| 31-12-2021 | abbreviated format | 27-06-2022 | 2022-20102151 | |
| 31-12-2020 | abbreviated format | 07-04-2021 | 2021-09900378 | |
| 31-12-2019 | abbreviated format | 03-06-2020 | 2020-14700447 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59500175 | |
| 31-12-2017 | abbreviated format | 13-04-2018 | 2018-10000460 | |
| 31-12-2016 | abbreviated format | 19-05-2017 | 2017-12700501 |