Value Ash Technologies
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-07-2026 at the NBB all 10 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€111,025▼ 122%
2024 · -€50,034
Working capital
-€106,673▼ 33.7%
2024 · -€79,801
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€80,439
▼ 23.2%
2025
20182025
Net result
-€111,025
▼ 122%
2025
lowest quarter of the sector
20182025
Equity
-€409,168
▼ 42.6%
2025
lowest quarter of the sector
20182025
Total assets
€207,351
▼ 50.7%
2025
lowest quarter of the sector
20182025
Debt
€616,518
▼ 12.8%
2025
20182025
Working capital
-€106,673
▼ 33.7%
2025
lowest quarter of the sector
20182025
Solvency
-197.3%
▼ 129.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.45
▼ 0.32
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-53.5%
▼ 41.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€191,415--€126,046▲ 34.2%-€109,745▲ 12.9%-€5,941▲ 94.6%-€86,551▼ 1,357%-€127,949▼ 47.8%-€65,272▲ 49.0%-€80,439▼ 23.2%
Net result-€126,760--€11,853▲ 90.6%-€11,835below the sector's middle half▲ 0.2%€60,761within the sector's middle half-€50,705below the sector's middle half-€104,284below the sector's middle half▼ 106%-€50,034below the sector's middle half▲ 52.0%-€111,025below the sector's middle half▼ 122%
Equity€57,997-€31,766▼ 45.2%€11,075below the sector's middle half▼ 65.1%€3,331below the sector's middle half▼ 69.9%-€85,879below the sector's middle half-€218,378below the sector's middle half▼ 154%-€287,027below the sector's middle half▼ 31.4%-€409,168below the sector's middle half▼ 42.6%
Total assets€188,185-€246,127▲ 30.8%€283,132below the sector's middle half▲ 15.0%€338,704below the sector's middle half▲ 19.6%€389,114below the sector's middle half▲ 14.9%€470,031below the sector's middle half▲ 20.8%€420,331below the sector's middle half▼ 10.6%€207,351below the sector's middle half▼ 50.7%
Debt€130,188-€214,361▲ 64.7%€272,057▲ 26.9%€335,373▲ 23.3%€474,993▲ 41.6%€688,409▲ 44.9%€707,359▲ 2.8%€616,518▼ 12.8%
Working capital-€90,252--€115,749▼ 28.3%-€76,776below the sector's middle half▲ 33.7%-€38,663below the sector's middle half▲ 49.6%-€97,098below the sector's middle half▼ 151%-€58,732below the sector's middle half▲ 39.5%-€79,801below the sector's middle half▼ 35.9%-€106,673below the sector's middle half▼ 33.7%
Solvency30.8%-12.9%▼ 17.9pp3.9%below the sector's middle half▼ 9.0pp1.0%below the sector's middle half▼ 2.9pp-22.1%below the sector's middle half▼ 23.1pp-46.5%below the sector's middle half▼ 24.4pp-68.3%below the sector's middle half▼ 21.8pp-197.3%below the sector's middle half▼ 129.0pp
Current ratio0.31-0.46▲ 0.150.72below the sector's middle half▲ 0.260.81below the sector's middle half▲ 0.100.72below the sector's middle half▼ 0.090.83below the sector's middle half▲ 0.100.77below the sector's middle half▼ 0.060.45below the sector's middle half▼ 0.32
Return on assets (ROA)-67.4%--4.8%▲ 62.5pp-4.2%below the sector's middle half▲ 0.6pp17.9%above the sector's middle half▲ 22.1pp-13.0%below the sector's middle half▼ 31.0pp-22.2%below the sector's middle half▼ 9.2pp-11.9%below the sector's middle half▲ 10.3pp-53.5%below the sector's middle half▼ 41.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 a loss of €80,439, larger than the loss of €65,272 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €207,351
Fixed assets
€120,223 ▼ 21.6%
Current assets
€87,127 ▼ 67.4%
Equity and liabilities
Equity-€409,168
Debt€616,518
Equity is negative. Debt (€616,518) exceeds the balance-sheet total (€207,351).
Key figures and ratios
EBITDA
-€39,953▼
2024 · -€25,367
Cash flow
-€70,539▼
2024 · -€10,129
Quick ratio
0.22▲
2024 · 0.09
Interest coverage
-0.96▲
2024 · -7.51
Debt ≤ 1 year
€193,801▼
2024 · €346,809
Debt > 1 year
€422,718▲
2024 · €360,550
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | - | €90,136 | €1,687 | €7,385 |
| Depreciation and write-downs of the year | €30,774 | €30,775 | €36,313 | €39,905 | €40,486 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €111,417 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,224 | €62,846 | €48,927 | €30,774 | €30,775 | €36,313 | €39,905 | €40,486 | ▲ 1.5% |
| Other operating charges640/8 | - | - | - | €586 | €524 | €184 | €591 | €582 | ▼ 1.5% |
| Gross operating margin9900 | -€140,623 | -€62,630 | -€60,176 | €25,419 | -€55,252 | -€91,452 | -€24,776 | -€39,371 | ▼ 58.9% |
| Operating profit (loss)9901 | -€191,415 | -€126,046 | -€109,745 | -€5,941 | -€86,551 | -€127,949 | -€65,272 | -€80,439 | ▼ 23.2% |
| Financial income75/76B | - | - | - | €74,389 | €38,505 | €28,215 | €18,615 | €11,118 | ▼ 40.3% |
| Recurring financial income75 | €64,778 | €114,254 | €101,160 | €74,389 | €38,505 | €28,215 | €18,615 | €11,118 | ▼ 40.3% |
| Financial charges65/66B | - | - | - | €7,687 | €2,659 | €4,550 | €3,377 | €41,704 | ▲ 12× |
| Recurring financial charges65 | €123 | €61 | €3,250 | €7,687 | €2,659 | €4,550 | €3,377 | €41,704 | ▲ 12× |
| Profit (loss) for the period before taxes9903 | -€126,760 | -€11,853 | -€11,835 | €60,761 | -€50,705 | -€104,284 | -€50,034 | -€111,025 | ▼ 122% |
| Profit (loss) for the period9904 | -€126,760 | -€11,853 | -€11,835 | €60,761 | -€50,705 | -€104,284 | -€50,034 | -€111,025 | ▼ 122% |
| Profit (loss) for the period to be appropriated9905 | -€126,760 | -€11,853 | -€11,835 | €60,761 | -€50,705 | -€104,284 | -€50,034 | -€111,025 | ▼ 122% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €188,185 | €246,127 | €283,132 | €338,704 | €389,114 | €470,031 | €420,331 | €207,351 | ▼ 50.7% |
| Fixed assets21/28 | €148,249 | €147,515 | €87,851 | €168,494 | €137,719 | €191,542 | €153,324 | €120,223 | ▼ 21.6% |
| Intangible fixed assets21 | €140,059 | €140,325 | €84,911 | €165,554 | €134,779 | €188,602 | €150,384 | €117,283 | ▼ 22.0% |
| Financial fixed assets28 | €8,190 | €7,190 | €2,940 | €2,940 | €2,940 | €2,940 | €2,940 | €2,940 | = |
| Current assets29/58 | €39,936 | €98,612 | €195,281 | €170,210 | €251,395 | €278,489 | €267,007 | €87,127 | ▼ 67.4% |
| Stocks and contracts in progress3 | - | €45,000 | €165,281 | €165,281 | €234,211 | €234,211 | €234,211 | €45,000 | ▼ 80.8% |
| Stocks30/36 | - | - | - | €165,281 | €234,211 | €234,211 | €234,211 | €45,000 | ▼ 80.8% |
| Amounts receivable within one year40/41 | €37,854 | €51,725 | €30,000 | €4,929 | €17,184 | €44,278 | €32,796 | €42,127 | ▲ 28.5% |
| Other amounts receivable41 | - | - | - | €4,929 | €17,184 | €44,278 | €32,796 | €42,127 | ▲ 28.5% |
| Cash at bank and in hand54/58 | €101 | €17 | - | - | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €188,185 | €246,127 | €283,132 | €338,704 | €389,114 | €470,031 | €420,331 | €207,351 | ▼ 50.7% |
| Equity10/15 | €57,997 | €31,766 | €11,075 | €3,331 | -€85,879 | -€218,378 | -€287,027 | -€409,168 | ▼ 42.6% |
| Contributions10/11 | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | = |
| Capital10 | - | - | - | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | = |
| Issued capital100 | - | - | - | €282,000 | €282,000 | €282,000 | €282,000 | €282,000 | = |
| Profit (loss) carried forward14 | -€432,939 | -€444,792 | -€456,627 | -€395,866 | -€446,571 | -€550,855 | -€600,889 | -€711,914 | ▼ 18.5% |
| Investment grants15 | - | - | - | €117,197 | €78,692 | €50,477 | €31,862 | €20,746 | ▼ 34.9% |
| Amounts payable17/49 | €130,188 | €214,361 | €272,057 | €335,373 | €474,993 | €688,409 | €707,359 | €616,518 | ▼ 12.8% |
| Amounts payable after more than one year17 | - | - | - | €126,500 | €126,500 | €345,550 | €360,550 | €422,718 | ▲ 17.2% |
| Financial debts170/4 | - | - | - | - | - | €345,550 | €360,550 | €422,718 | ▲ 17.2% |
| Other amounts payable178/9 | - | - | - | €126,500 | €126,500 | - | - | - | - |
| Amounts payable within one year42/48 | €130,188 | €214,361 | €272,057 | €208,873 | €348,493 | €337,221 | €346,809 | €193,801 | ▼ 44.1% |
| Financial debts43 | - | - | - | €59,805 | €79,416 | €44,246 | €43,291 | €110,056 | ▲ 154% |
| Credit institutions430/8 | - | - | - | €6,805 | €26,416 | €24,246 | €25,491 | €25,056 | ▼ 1.7% |
| Other loans439 | - | - | - | €53,000 | €53,000 | €20,000 | €17,800 | €85,000 | ▲ 378% |
| Trade debts44 | €69,626 | €65,980 | €67,084 | €16,334 | €42,142 | €73,689 | €73,932 | €51,387 | ▼ 30.5% |
| Suppliers440/4 | - | - | - | €16,334 | €42,142 | €73,689 | €73,932 | €51,387 | ▼ 30.5% |
| Advances received on contracts in progress46 | - | - | - | €131,050 | €218,415 | €208,416 | €208,416 | €15,488 | ▼ 92.6% |
| Other amounts payable47/48 | - | - | - | €1,684 | €8,520 | €10,870 | €21,170 | €16,870 | ▼ 20.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €5,638 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€126,760 | -€11,853 | -€11,835 | €60,761 | -€50,705 | -€104,284 | -€50,034 | -€111,025 | ▼ 122% |
| + Depreciation and write-downs630 | €50,224 | €62,846 | €48,927 | €30,774 | €30,775 | €36,313 | €39,905 | €40,486 | ▲ 1.5% |
| Operating cash flow (approximation) | -€76,536 | €50,993 | €37,092 | €91,535 | -€19,930 | -€67,971 | -€10,129 | -€70,539 | ▼ 596% |
| Investment in fixed assets (approximation) | - | -€62,112 | €10,737 | -€111,417 | €0 | -€90,136 | -€1,687 | -€7,385 | ▼ 338% |
| Change in cash | - | -€84 | - | - | - | - | - | - | - |
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, 6,907 companies had the same profile as Value Ash Technologies has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Value Ash Technologies itself: 2.9% 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 6,907 companies, not a prediction for Value Ash Technologies. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-07-2026 | 2026-00309170 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00236618 | |
| 31-12-2023 | abbreviated format | 26-08-2024 | 2024-00369045 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00320458 | |
| 31-12-2021 | abbreviated format | 17-06-2022 | 2022-20075101 | |
| 31-12-2020 | abbreviated format | 03-06-2021 | 2021-16900583 | |
| 31-12-2019 | abbreviated format | 10-06-2020 | 2020-16000348 | |
| 31-12-2018 | abbreviated format | 03-06-2019 | 2019-15600438 | |
| 31-12-2017 | abbreviated format | 04-06-2018 | 2018-15900528 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-18100154 |