VAMI
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00532106.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 36 filings
Turnover
≈ €200,000
Estimated: probably between €130,000 and €390,000
EBIT margin
Not included in this filing
Net result
€6,557▼ 66.9%
2024 · €19,816
Working capital
-€799,325▲ 1.8%
2024 · -€813,778
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 64% lower than in 2024 and the lowest since 2021.
Operating result€0.01m
2025
Net result€0.007m
2025
Total assets€1.8m
2025
Equity€0.8m
2025
Debt€1.0m
2025
Working capital-€0.8m
2025
Staff (FTE)0
2025
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.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.05m-€0.01m€0.05m▲ 306%€0.04m▼ 19.9%€0.03m▼ 30.6%€0.03m▲ 16.4%€0.03m▲ 2.5%€0.01m▼ 63.8%
Net result-€0.06m--€0.007m▲ 88.0%€0.03m€0.03m▼ 15.3%€0.02m▼ 45.3%€0.02m▲ 21.0%€0.02m▲ 4.0%€0.007m▼ 66.9%
Equity€0.7m-€0.7m▼ 0.9%€0.8m▲ 4.7%€0.8m▲ 3.8%€0.8m▲ 0.1%€0.8m▲ 2.4%€0.8m=€0.8m=
Total assets€2.2m-€2.0m▼ 6.1%€2.0m▼ 1.0%€2.0m▼ 1.3%€1.9m▼ 2.2%€1.9m▼ 1.5%€1.9m▼ 2.0%€1.8m▼ 1.1%
Debt€1.4m-€1.3m▼ 8.7%€1.2m▼ 4.2%€1.2m▼ 4.5%€1.1m▼ 3.7%€1.1m▼ 4.1%€1.1m▼ 3.5%€1.0m▼ 2.0%
Working capital-€0.9m--€0.9m▼ 2.0%-€0.8m▲ 3.3%-€0.8m▲ 3.0%-€0.8m▼ 1.0%-€0.8m▲ 1.1%-€0.8m▲ 0.7%-€0.8m▲ 1.8%
Staff (FTE)000
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.7m ▼ 2.3%
Current assets
€109,880 ▲ 21.5%
Equity and liabilities €1.8m
Equity
€802,492 =
Debt
€1.0m ▼ 2.0%
Debt's share of the balance-sheet total falls from 56.9% to 56.4%. Debt is lower.
Key figures and ratios
EBITDA
€51,455▼
2024 · €71,172
Cash flow
€46,824▼
2024 · €60,107
Current ratio
0.12▲
2024 · 0.10
Debt to equity
1.30▼
2024 · 1.32
ROE
0.8%▼
2024 · 2.5%
ROA
0.4%▼
2024 · 1.1%
Interest coverage
11.11▼
2024 · 19.64
Debt ≤ 1 year
€909,205▲
2024 · €904,202
Debt > 1 year
€128,984▼
2024 · €155,931
Income taxes
€0▼
2024 · €7,441
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €770 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,774 | €31,142 | €31,142 | €35,368 | €39,393 | €40,026 | €40,290 | €40,267 | ▼ 0.1% |
| Other operating charges640/8 | - | - | - | €22,736 | €17,192 | €18,860 | €20,222 | €22,141 | ▲ 9.5% |
| Gross operating margin9900 | €25,735 | €52,409 | €86,542 | €95,404 | €82,465 | €89,018 | €91,394 | €73,596 | ▼ 19.5% |
| Operating profit (loss)9901 | -€47,078 | €11,461 | €46,562 | €37,300 | €25,881 | €30,131 | €30,881 | €11,188 | ▼ 63.8% |
| Financial income75/76B | - | - | - | €56 | €154 | €0 | - | - | - |
| Recurring financial income75 | €276 | €210 | €39 | €56 | €154 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €8,568 | €10,292 | €4,361 | €3,624 | €4,631 | ▲ 27.8% |
| Recurring financial charges65 | €8,863 | €18,323 | €12,611 | €8,568 | €10,292 | €4,361 | €3,624 | €4,631 | ▲ 27.8% |
| Profit (loss) for the period before taxes9903 | -€55,666 | -€6,653 | €33,991 | €28,788 | €15,743 | €25,770 | €27,258 | €6,557 | ▼ 75.9% |
| Income taxes67/77 | - | - | - | - | - | €6,720 | €7,441 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€55,666 | -€6,653 | €33,991 | €28,788 | €15,743 | €19,051 | €19,816 | €6,557 | ▼ 66.9% |
| Profit (loss) for the period to be appropriated9905 | -€55,666 | -€6,653 | €33,991 | €28,788 | €15,743 | €19,051 | €19,816 | €6,557 | ▼ 66.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.0m | €2.0m | €2.0m | €1.9m | €1.9m | €1.9m | €1.8m | ▼ 1.1% |
| Fixed assets21/28 | €2.0m | €1.9m | €1.9m | €1.9m | €1.8m | €1.8m | €1.8m | €1.7m | ▼ 2.3% |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 5.8% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.0% |
| Plant, machinery and equipment23 | - | - | - | €200 | €0.001m | €0.001m | €0.001m | €410 | ▼ 33.4% |
| Other tangible fixed assets26 | - | - | - | - | €0.05m | €0.05m | €0.05m | €0 | ▼ 100% |
| Financial fixed assets28 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Current assets29/58 | €0.2m | €0.08m | €0.09m | €0.1m | €0.09m | €0.09m | €0.09m | €0.1m | ▲ 21.5% |
| Amounts receivable within one year40/41 | €0.001m | - | €417 | €0.07m | €0.08m | €0.08m | €0.08m | €0.1m | ▲ 28.4% |
| Trade receivables40 | - | - | - | €0.001m | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.07m | €0.08m | €0.08m | €0.08m | €0.1m | ▲ 28.4% |
| Cash at bank and in hand54/58 | €0.2m | €0.08m | €0.08m | €0.02m | €0.003m | €0.006m | €0.008m | €0.004m | ▼ 49.5% |
| Deferred charges and accrued income490/1 | - | - | - | €354 | €0 | €0.001m | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.0m | €2.0m | €2.0m | €1.9m | €1.9m | €1.9m | €1.8m | ▼ 1.1% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €1.4m | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 2.0% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 17.3% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 17.3% |
| Other amounts payable178/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 0.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 13.1% |
| Trade debts44 | €0.03m | €108 | - | €65 | €0.001m | €0.02m | €82 | €0.02m | ▲ 189× |
| Suppliers440/4 | - | - | - | €65 | €0.001m | €0.02m | €82 | €0.02m | ▲ 189× |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.002m | €0.007m | €0.01m | €0.007m | ▼ 47.5% |
| Taxes450/3 | - | - | - | €0.001m | €0.002m | €0.007m | €0.01m | €0.007m | ▼ 47.5% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.006m | €0.004m | €0.001m | €0.002m | ▲ 184% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€55,666 | -€6,653 | €33,991 | €28,788 | €15,743 | €19,051 | €19,816 | €6,557 | ▼ 66.9% |
| + Depreciation and write-downs630 | €60,774 | €31,142 | €31,142 | €35,368 | €39,393 | €40,026 | €40,290 | €40,267 | ▼ 0.1% |
| Operating cash flow (approximation) | €5,108 | €24,490 | €65,133 | €64,156 | €55,136 | €59,077 | €60,107 | €46,824 | ▼ 22.1% |
| Investment in fixed assets (approximation) | - | -€6,026 | €0 | -€2,787 | -€7,197 | -€8,365 | €0 | €0 | - |
| Change in cash | - | -€104,562 | €3,470 | -€59,138 | -€21,222 | €2,365 | €2,428 | -€3,969 | - |
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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-09-2026 | 2026-00532106 | NBB |
| 31-12-2024 | abbreviated format | 03-09-2025 | 2025-00480117 | |
| 31-12-2023 | abbreviated format | 23-01-2025 | 2025-00009807 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00342792 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20219580 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-23900230 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31300011 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24800453 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24500286 | |
| 31-12-2016 | abbreviated format | 13-06-2017 | 2017-16700243 |