VALOBS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-07-2026 at the NBB all 9 filings
Turnover
≈ €380,000
Estimated: probably between €310,000 and €700,000
Total assets
€1.2m▲ 17.7%
2024 · €985,592
Net result
€170,327▲ 18.4%
2024 · €143,844
Working capital
€654,870▲ 22.5%
2024 · €534,747
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€240,547
▲ 10.5%
2025
20182025
Net result
€170,327
▲ 18.4%
2025
highest quarter of the sector
20182025
Equity
€808,755
▲ 26.7%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▲ 17.7%
2025
highest quarter of the sector
20182025
Debt
€351,204
▲ 1.2%
2025
20182025
Working capital
€654,870
▲ 22.5%
2025
highest quarter of the sector
20182025
Solvency
69.7%
▲ 4.9pp
2025
middle half of the sector
20182025
Current ratio
6.00
▼ 1.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.7%
▲ 0.1pp
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
Operating result€0.1m-€0.09m▼ 21.9%€0.06m▼ 33.2%€0.2m▲ 249%€0.2m▼ 2.4%€0.2m▼ 2.8%€0.2m▲ 3.8%€0.2m▲ 10.5%
Net result€0.09m-€0.07m▼ 20.7%€0.04mwithin the sector's middle half▼ 39.4%€0.2mabove the sector's middle half▲ 244%€0.1mabove the sector's middle half▼ 3.1%€0.1mabove the sector's middle half▼ 6.2%€0.1mabove the sector's middle half▲ 3.1%€0.2mabove the sector's middle half▲ 18.4%
Equity€0.2m-€0.2m▲ 42.3%€0.3mabove the sector's middle half▲ 18.0%€0.4mabove the sector's middle half▲ 52.5%€0.6mabove the sector's middle half▲ 33.3%€0.5mabove the sector's middle half▼ 16.9%€0.6mabove the sector's middle half▲ 29.1%€0.8mabove the sector's middle half▲ 26.7%
Total assets€0.2m-€0.3m▲ 33.5%€0.3mwithin the sector's middle half▲ 22.7%€0.5mwithin the sector's middle half▲ 45.0%€1.0mabove the sector's middle half▲ 104%€1.1mabove the sector's middle half▲ 9.5%€1.0mabove the sector's middle half▼ 11.0%€1.2mabove the sector's middle half▲ 17.7%
Debt€0.03m-€0.03m▼ 11.8%€0.05m▲ 61.9%€0.05m▲ 0.1%€0.4m▲ 756%€0.6m▲ 47.2%€0.3m▼ 43.3%€0.4m▲ 1.2%
Working capital€0.2m-€0.2m▲ 43.7%€0.3mabove the sector's middle half▲ 19.5%€0.4mabove the sector's middle half▲ 54.8%€0.5mabove the sector's middle half▲ 18.1%€0.4mabove the sector's middle half▼ 21.9%€0.5mabove the sector's middle half▲ 32.2%€0.7mabove the sector's middle half▲ 22.5%
Solvency83.7%-89.2%▲ 5.5pp85.8%above the sector's middle half▼ 3.4pp90.2%above the sector's middle half▲ 4.4pp58.9%within the sector's middle half▼ 31.3pp44.7%within the sector's middle half▼ 14.2pp64.8%within the sector's middle half▲ 20.1pp69.7%within the sector's middle half▲ 4.9pp
Current ratio5.85-8.90▲ 3.056.83above the sector's middle half▼ 2.0710.01above the sector's middle half▲ 3.196.50above the sector's middle half▼ 3.512.26within the sector's middle half▼ 4.247.09above the sector's middle half▲ 4.836.00above the sector's middle half▼ 1.09
Return on assets (ROA)44.6%-26.5%▼ 18.1pp13.1%within the sector's middle half▼ 13.4pp31.0%above the sector's middle half▲ 17.9pp14.7%within the sector's middle half▼ 16.3pp12.6%within the sector's middle half▼ 2.1pp14.6%within the sector's middle half▲ 2.0pp14.7%within the sector's middle half▲ 0.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 10% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall 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
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€374,054 ▲ 3.0%
Current assets
€785,905 ▲ 26.2%
Equity and liabilities €1.2m
Equity
€808,755 ▲ 26.7%
Debt
€351,204 ▲ 1.2%
Debt's share of the balance-sheet total falls from 35.2% to 30.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€259,967▲
2024 · €237,355
Cash flow
€189,747▲
2024 · €163,444
Debt to equity
0.43▼
2024 · 0.54
ROE
21.1%▼
2024 · 22.5%
Interest coverage
25.71▲
2024 · 16.98
Debt ≤ 1 year
€131,036▲
2024 · €87,804
Debt > 1 year
€220,169▼
2024 · €258,378
Income taxes
€73,548▲
2024 · €62,066
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €457,546 | €8,387 | - | €30,434 |
| Depreciation and write-downs of the year | €1,555 | €66,312 | €24,995 | €19,601 | €19,420 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,052 | €1,555 | €1,555 | €1,555 | €66,312 | €24,995 | €19,601 | €19,420 | ▼ 0.9% |
| Other operating charges640/8 | - | - | - | €201 | €1,477 | €1,254 | €1,810 | €2,835 | ▲ 56.6% |
| Gross operating margin9900 | €123,450 | €97,185 | €65,245 | €222,968 | €283,586 | €235,955 | €239,166 | €262,802 | ▲ 9.9% |
| Operating profit (loss)9901 | €121,577 | €94,980 | €63,473 | €221,212 | €215,797 | €209,706 | €217,755 | €240,547 | ▲ 10.5% |
| Financial income75/76B | - | - | - | - | - | €63 | €2,135 | €13,441 | ▲ 529% |
| Recurring financial income75 | - | €28 | €29 | - | - | €63 | €2,135 | €13,441 | ▲ 529% |
| Financial charges65/66B | - | - | - | €923 | €2,680 | €10,313 | €13,980 | €10,113 | ▼ 27.7% |
| Recurring financial charges65 | €537 | €1,145 | €732 | €923 | €2,680 | €10,313 | €13,980 | €10,113 | ▼ 27.7% |
| Profit (loss) for the period before taxes9903 | €121,040 | €93,862 | €62,770 | €220,289 | €213,117 | €199,456 | €205,910 | €243,875 | ▲ 18.4% |
| Income taxes67/77 | €28,023 | €20,145 | €18,119 | €66,714 | €64,355 | €59,921 | €62,066 | €73,548 | ▲ 18.5% |
| Profit (loss) for the period9904 | €93,017 | €73,717 | €44,651 | €153,575 | €148,763 | €139,536 | €143,844 | €170,327 | ▲ 18.4% |
| Profit (loss) for the period to be appropriated9905 | €93,017 | €73,717 | €44,651 | €153,575 | €148,763 | €139,536 | €143,844 | €170,327 | ▲ 18.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.3m | €0.3m | €0.5m | €1.0m | €1.1m | €1.0m | €1.2m | ▲ 17.7% |
| Fixed assets21/28 | €0.009m | €0.01m | €0.01m | €0.008m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 3.0% |
| Tangible fixed assets22/27 | €0.009m | €0.01m | €0.01m | €0.008m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 3.0% |
| Land and buildings22 | - | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 33.4% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.02m | €0.008m | €0.005m | €0.003m | ▼ 37.6% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.03m | ▲ 30× |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | €0.7m | €0.6m | €0.8m | ▲ 26.2% |
| Stocks and contracts in progress3 | - | - | €0.1m | €0.2m | €0 | - | - | - | - |
| Stocks30/36 | - | - | - | €0.2m | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €276 | €0.003m | €0.003m | €0.05m | €0.02m | €0.09m | €0.003m | €0.2m | ▲ 81× |
| Trade receivables40 | - | - | - | €0.05m | €0.003m | €0.003m | €0.003m | €0.002m | ▼ 38.8% |
| Other amounts receivable41 | - | - | - | €395 | €0.02m | €0.09m | €331 | €0.2m | ▲ 710× |
| Current investments50/53 | - | - | - | - | - | - | €0.2m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.2m | €0.3m | €0.6m | €0.6m | €0.5m | €0.5m | ▲ 16.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €58 | €61 | €0 | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.3m | €0.3m | €0.5m | €1.0m | €1.1m | €1.0m | €1.2m | ▲ 17.7% |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 26.7% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.08m | €0.2m | €0.3m | €0.4m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 26.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €0.4m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 27.3% |
| Profit (loss) carried forward14 | €0.09m | €0.07m | - | - | - | €0 | €0 | - | - |
| Amounts payable17/49 | €0.03m | €0.03m | €0.05m | €0.05m | €0.4m | €0.6m | €0.3m | €0.4m | ▲ 1.2% |
| Amounts payable after more than one year17 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 14.8% |
| Financial debts170/4 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 14.8% |
| Amounts payable within one year42/48 | €0.03m | €0.03m | €0.05m | €0.05m | €0.09m | €0.3m | €0.09m | €0.1m | ▲ 49.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.04m | €0.03m | €0.03m | €0.04m | ▲ 8.3% |
| Trade debts44 | €0.001m | €0.001m | €0.005m | €0.006m | €0.007m | €0.002m | €0.005m | €0.01m | ▲ 139% |
| Suppliers440/4 | - | - | - | €0.006m | €0.007m | €0.002m | €0.005m | €0.01m | ▲ 139% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.05m | €0.04m | €0.05m | €0.08m | ▲ 76.0% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.08m | ▲ 89.0% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.007m | €0.007m | €0.007m | €0.007m | ▲ 0.3% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.2m | €0.002m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €93,017 | €73,717 | €44,651 | €153,575 | €148,763 | €139,536 | €143,844 | €170,327 | ▲ 18.4% |
| + Depreciation and write-downs630 | €1,052 | €1,555 | €1,555 | €1,555 | €66,312 | €24,995 | €19,601 | €19,420 | ▼ 0.9% |
| Operating cash flow (approximation) | €94,069 | €75,272 | €46,206 | €155,130 | €215,074 | €164,530 | €163,444 | €189,747 | ▲ 16.1% |
| Investment in fixed assets (approximation) | - | -€3,215 | €0 | €0 | -€457,546 | -€8,387 | €0 | -€30,434 | - |
| Change in cash | - | €64,891 | -€47,273 | €61,188 | €316,365 | €37,355 | -€161,548 | €78,663 | - |
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, 17,811 companies had the same profile as VALOBS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of VALOBS itself: < 0.1% 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 17,811 companies, not a prediction for VALOBS. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-07-2026 | 2026-00309806 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00400944 | |
| 31-12-2023 | micro format | 05-08-2024 | 2024-00328487 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00316560 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20100308 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33500371 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27400202 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-28800171 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-28000063 |