VAKE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 22 filings
Turnover
≈ €1.2m
Estimated: probably between €820,000 and €1.8m
Total assets
€450,134▲ 32.8%
2024 · €339,053
Net result
€176,883
2024 · -€30,644
Working capital
€31,733▼ 18.2%
2024 · €38,797
Multi-year overview
2019 to 2025, 8 financial yearsOperating result
€230,924
2025
20192025
Net result
€176,883
2025
highest quarter of the sector
20192025
Equity
€190,335
▲ 14×
2025
highest quarter of the sector
20192025
Total assets
€450,134
▲ 32.8%
2025
highest quarter of the sector
20192025
Debt
€259,799
▼ 20.2%
2025
20192025
Working capital
€31,733
▼ 18.2%
2025
middle half of the sector
20192025
Solvency
42.3%
▲ 38.3pp
2025
middle half of the sector
20192025
Current ratio
2.01
▼ 0.31
2025
middle half of the sector
20192025
Return on assets (ROA)
39.3%
▲ 48.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202320242025
Operating result-€6,460-€43,218-€21,548€58,411€27,798▼ 52.4%-€4,200--€26,561▼ 532%€230,924
Net result-€12,112-€35,699-€22,742below the sector's middle half€52,656above the sector's middle half€27,332above the sector's middle half▼ 48.1%-€9,700below the sector's middle half--€30,644below the sector's middle half▼ 216%€176,883above the sector's middle half
Equity-€39,150--€3,451▲ 91.2%-€26,193below the sector's middle half▼ 659%€26,464within the sector's middle half€53,796within the sector's middle half▲ 103%€44,096within the sector's middle half-€13,452within the sector's middle half▼ 69.5%€190,335above the sector's middle half▲ 14×
Total assets€432,103-€440,136▲ 1.9%€412,559above the sector's middle half▼ 6.3%€377,515above the sector's middle half▼ 8.5%€343,605above the sector's middle half▼ 9.0%€327,524above the sector's middle half-€339,053above the sector's middle half▲ 3.5%€450,134above the sector's middle half▲ 32.8%
Debt€471,252-€443,587▼ 5.9%€438,752▼ 1.1%€351,051▼ 20.0%€289,809▼ 17.4%€283,428-€325,601▲ 14.9%€259,799▼ 20.2%
Working capital-€4,109-€91,655€89,617above the sector's middle half▼ 2.2%€89,494above the sector's middle half▼ 0.1%€69,342within the sector's middle half▼ 22.5%€58,876within the sector's middle half-€38,797within the sector's middle half▼ 34.1%€31,733within the sector's middle half▼ 18.2%
Solvency-9.1%--0.8%▲ 8.3pp-6.3%below the sector's middle half▼ 5.6pp7.0%within the sector's middle half▲ 13.4pp15.7%within the sector's middle half▲ 8.6pp13.5%within the sector's middle half-4.0%within the sector's middle half▼ 9.5pp42.3%within the sector's middle half▲ 38.3pp
Current ratio0.87-4.51▲ 3.645.26above the sector's middle half▲ 0.758.21above the sector's middle half▲ 2.959.02above the sector's middle half▲ 0.816.60above the sector's middle half-2.32within the sector's middle half▼ 4.272.01within the sector's middle half▼ 0.31
Return on assets (ROA)-2.8%-8.1%▲ 10.9pp-5.5%below the sector's middle half▼ 13.6pp13.9%above the sector's middle half▲ 19.5pp8.0%within the sector's middle half▼ 6.0pp-3.0%within the sector's middle half--9.0%below the sector's middle half▼ 6.1pp39.3%above the sector's middle half▲ 48.3pp
Staff (FTE)0.7-
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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.
Several financial years end in the same calendar year, so there is no annual trend.
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 €450,134
Fixed assets
€387,028 ▲ 42.8%
Current assets
€63,106 ▼ 7.3%
Equity and liabilities €450,134
Equity
€190,335 ▲ 14×
Debt
€259,799 ▼ 20.2%
Debt's share of the balance-sheet total falls from 96.0% to 57.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€288,773▲
2024 · -€15,552
Cash flow
€234,733▲
2024 · -€19,635
Debt to equity
1.36▼
2024 · 24.20
ROE
92.9%▲
2024 · -227.8%
Interest coverage
37.09▲
2024 · -3.70
Debt ≤ 1 year
€31,373▲
2024 · €29,312
Debt > 1 year
€228,426▼
2024 · €296,289
Income taxes
€46,287
Staff costs
€24,436▲
2024 · €2,726
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €200,000 | - |
| Carrying value of the mortgaged assets | - | - | - | €248,138 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €422,072 |
| Intangible fixed assets | - | - | - | €20,000 | - |
| Financial fixed assets | - | - | - | €3,825 | €0 |
| Depreciation and write-downs of the year | €9,990 | €9,990 | €7,493 | €11,009 | €57,849 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €5,179 | - | - | €2,726 | €24,436 | ▲ 796% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,146 | €21,224 | €20,453 | €9,990 | €9,990 | €7,493 | €11,009 | €57,849 | ▲ 425% |
| Other operating charges640/8 | - | - | - | €6,737 | €2,100 | €2,012 | €2,333 | €2,521 | ▲ 8.1% |
| Gross operating margin9900 | €47,937 | €86,315 | €8,698 | €80,317 | €39,889 | €5,305 | -€10,493 | €315,731 | - |
| Operating profit (loss)9901 | -€6,460 | €43,218 | -€21,548 | €58,411 | €27,798 | -€4,200 | -€26,561 | €230,924 | - |
| Financial income75/76B | - | - | - | €9 | €0 | - | €124 | €32 | ▼ 74.5% |
| Recurring financial income75 | €2 | €28 | €1 | €9 | €0 | - | €124 | €32 | ▼ 74.5% |
| Financial charges65/66B | - | - | - | €5,764 | €466 | €5,500 | €4,207 | €7,785 | ▲ 85.1% |
| Recurring financial charges65 | €5,654 | €7,548 | €1,195 | €5,764 | €466 | €5,500 | €4,207 | €7,785 | ▲ 85.1% |
| Profit (loss) for the period before taxes9903 | -€12,112 | €35,699 | -€22,742 | €52,656 | €27,332 | -€9,700 | -€30,644 | €223,170 | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €46,287 | - |
| Profit (loss) for the period9904 | -€12,112 | €35,699 | -€22,742 | €52,656 | €27,332 | -€9,700 | -€30,644 | €176,883 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,112 | €35,699 | -€22,742 | €52,656 | €27,332 | -€9,700 | -€30,644 | €176,883 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €432,103 | €440,136 | €412,559 | €377,515 | €343,605 | €327,524 | €339,053 | €450,134 | ▲ 32.8% |
| Fixed assets21/28 | €404,599 | €322,367 | €301,915 | €275,610 | €265,620 | €258,128 | €270,943 | €387,028 | ▲ 42.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | €18,981 | €14,981 | ▼ 21.1% |
| Tangible fixed assets22/27 | €400,774 | €318,542 | €298,090 | €275,610 | €265,620 | €258,128 | €248,138 | €368,222 | ▲ 48.4% |
| Land and buildings22 | - | - | - | €275,610 | €265,620 | €258,128 | €248,138 | €368,222 | ▲ 48.4% |
| Financial fixed assets28 | €3,825 | €3,825 | €3,825 | - | - | - | €3,825 | €3,825 | = |
| Current assets29/58 | €27,504 | €117,769 | €110,645 | €101,905 | €77,985 | €69,397 | €68,109 | €63,106 | ▼ 7.3% |
| Amounts receivable after more than one year29 | - | - | - | €84,131 | €73,531 | €68,131 | €59,731 | €51,331 | ▼ 14.1% |
| Other amounts receivable291 | - | - | - | €84,131 | €73,531 | €68,131 | €59,731 | €51,331 | ▼ 14.1% |
| Stocks and contracts in progress3 | €15,129 | €5,907 | €3,512 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €5,826 | €3,266 | €2,494 | €13,319 | €1,815 | €1,013 | €2,054 | €870 | ▼ 57.6% |
| Trade receivables40 | - | - | - | €13,319 | €1,815 | €871 | €464 | €870 | ▲ 87.7% |
| Other amounts receivable41 | - | - | - | - | - | €142 | €1,590 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €4,898 | €1,212 | €8,185 | €4,454 | €2,639 | €253 | €6,324 | €10,905 | ▲ 72.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €432,103 | €440,136 | €412,559 | €377,515 | €343,605 | €327,524 | €339,053 | €450,134 | ▲ 32.8% |
| Equity10/15 | -€39,150 | -€3,451 | -€26,193 | €26,464 | €53,796 | €44,096 | €13,452 | €190,335 | ▲ 14× |
| Contributions10/11 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Capital10 | - | - | - | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Issued capital100 | - | - | - | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Reserves13 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Non-distributable reserves130/1 | - | - | - | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Legal reserve130 | - | - | - | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Profit (loss) carried forward14 | -€107,900 | -€72,201 | -€94,943 | -€42,286 | -€14,954 | -€24,654 | -€55,298 | €121,585 | - |
| Amounts payable17/49 | €471,252 | €443,587 | €438,752 | €351,051 | €289,809 | €283,428 | €325,601 | €259,799 | ▼ 20.2% |
| Amounts payable after more than one year17 | €439,640 | €417,473 | €416,344 | €338,640 | €281,166 | €272,907 | €296,289 | €228,426 | ▼ 22.9% |
| Financial debts170/4 | - | - | - | €94,562 | €84,019 | €75,841 | €64,562 | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €244,078 | €197,147 | €197,067 | €231,727 | €228,426 | ▼ 1.4% |
| Amounts payable within one year42/48 | €31,613 | €26,114 | €21,028 | €12,411 | €8,643 | €10,521 | €29,312 | €31,373 | ▲ 7.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,144 | €7,296 | €9,694 | €23,279 | €5,000 | ▼ 78.5% |
| Trade debts44 | €9,094 | €3,493 | €5,759 | €198 | €353 | €827 | €4,917 | €4,040 | ▼ 17.8% |
| Suppliers440/4 | - | - | - | €198 | €353 | €827 | €4,917 | €4,040 | ▼ 17.8% |
| Taxes, remuneration and social security45 | - | - | - | €2,069 | €995 | - | €1,116 | €22,334 | ▲ 20× |
| Taxes450/3 | - | - | - | €1,277 | €995 | - | - | €16,351 | - |
| Remuneration and social security454/9 | - | - | - | €792 | - | - | €1,116 | €5,982 | ▲ 436% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,112 | €35,699 | -€22,742 | €52,656 | €27,332 | -€9,700 | -€30,644 | €176,883 | - |
| + Depreciation and write-downs630 | €26,146 | €21,224 | €20,453 | €9,990 | €9,990 | €7,493 | €11,009 | €57,849 | ▲ 425% |
| Operating cash flow (approximation) | €14,035 | €56,923 | -€2,289 | €62,646 | €37,322 | -€2,207 | -€19,635 | €234,733 | - |
| Investment in fixed assets (approximation) | - | €61,008 | €0 | €16,315 | €0 | - | -€23,825 | -€173,934 | ▼ 630% |
| Change in cash | - | -€3,686 | €6,974 | -€3,731 | -€1,815 | - | €6,072 | €4,581 | ▼ 24.6% |
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, 20,136 companies had the same profile as VAKE has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of VAKE itself: 0.5% within 12 months.
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 20,136 companies, not a prediction for VAKE. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155585 | |
| 31-12-2024 | micro format | 11-04-2025 | 2025-00067743 | |
| 31-12-2023 | micro format | 28-03-2024 | 2024-00051405 | |
| 31-03-2023 | micro format | 27-09-2023 | 2023-00455647 | |
| 31-03-2022 | micro format | 26-10-2022 | 2022-20472822 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-75800572 | |
| 31-03-2020 | micro format | 10-11-2020 | 2020-69300289 | |
| 31-03-2019 | micro format | 20-09-2019 | 2019-64700507 | |
| 31-03-2018 | micro format | 28-09-2018 | 2018-65500196 | |
| 31-03-2017 | micro format | 09-10-2017 | 2017-66500460 |