VAMOCON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-12-2025 PDF all 23 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €330,000
Total assets
€391,358▼ 4.7%
2024 · €410,721
Net result
€22,102▼ 24.8%
2024 · €29,406
Working capital
€342,143▼ 0.9%
2024 · €345,406
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€29,751
▼ 16.3%
2025
20192025
Net result
€22,102
▼ 24.8%
2025
middle half of the sector
20192025
Equity
€375,884
▼ 4.1%
2025
highest quarter of the sector
20192025
Total assets
€391,358
▼ 4.7%
2025
middle half of the sector
20192025
Debt
€15,475
▼ 18.3%
2025
20192025
Working capital
€342,143
▼ 0.9%
2025
highest quarter of the sector
20192025
Solvency
96.0%
▲ 0.7pp
2025
highest quarter of the sector
20192025
Current ratio
25.62
▲ 4.63
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.6%
▼ 1.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€56,322-€30,184▼ 46.4%€47,108▲ 56.1%€35,419▼ 24.8%€55,625▲ 57.1%€35,545▼ 36.1%€29,751▼ 16.3%
Net result€45,991-€24,943within the sector's middle half▼ 45.8%€37,969above the sector's middle half▲ 52.2%€29,226within the sector's middle half▼ 23.0%€44,265above the sector's middle half▲ 51.5%€29,406within the sector's middle half▼ 33.6%€22,102within the sector's middle half▼ 24.8%
Equity€280,284-€305,227above the sector's middle half▲ 8.9%€343,196above the sector's middle half▲ 12.4%€372,421above the sector's middle half▲ 8.5%€416,686above the sector's middle half▲ 11.9%€391,772above the sector's middle half▼ 6.0%€375,884above the sector's middle half▼ 4.1%
Total assets€299,002-€325,885within the sector's middle half▲ 9.0%€355,960within the sector's middle half▲ 9.2%€391,110within the sector's middle half▲ 9.9%€442,323above the sector's middle half▲ 13.1%€410,721within the sector's middle half▼ 7.1%€391,358within the sector's middle half▼ 4.7%
Debt€18,718-€20,658▲ 10.4%€12,765▼ 38.2%€18,689▲ 46.4%€25,637▲ 37.2%€18,949▼ 26.1%€15,475▼ 18.3%
Working capital€280,081-€303,597above the sector's middle half▲ 8.4%€339,832above the sector's middle half▲ 11.9%€367,442above the sector's middle half▲ 8.1%€362,581above the sector's middle half▼ 1.3%€345,406above the sector's middle half▼ 4.7%€342,143above the sector's middle half▼ 0.9%
Solvency93.7%-93.7%above the sector's middle half▼ 0.1pp96.4%above the sector's middle half▲ 2.8pp95.2%above the sector's middle half▼ 1.2pp94.2%above the sector's middle half▼ 1.0pp95.4%above the sector's middle half▲ 1.2pp96.0%above the sector's middle half▲ 0.7pp
Current ratio17.32-17.08above the sector's middle half▼ 0.2431.44above the sector's middle half▲ 14.3622.45above the sector's middle half▼ 8.9916.64above the sector's middle half▼ 5.8020.99above the sector's middle half▲ 4.3525.62above the sector's middle half▲ 4.63
Return on assets (ROA)15.4%-7.7%within the sector's middle half▼ 7.7pp10.7%within the sector's middle half▲ 3.0pp7.5%within the sector's middle half▼ 3.2pp10.0%within the sector's middle half▲ 2.5pp7.2%within the sector's middle half▼ 2.8pp5.6%within the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 16% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €391,358
Fixed assets
€35,321 ▼ 26.5%
Current assets
€356,037 ▼ 1.8%
Equity and liabilities €391,358
Equity
€375,884 ▼ 4.1%
Debt
€15,475 ▼ 18.3%
Debt's share of the balance-sheet total falls from 4.6% to 4.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€42,469▼
2024 · €48,592
Cash flow
€34,820▼
2024 · €42,453
Debt to equity
0.04▼
2024 · 0.05
ROE
5.9%▼
2024 · 7.5%
Interest coverage
9.37▼
2024 · 53.24
Debt ≤ 1 year
€13,895▼
2024 · €17,276
Income taxes
€9,118▼
2024 · €11,934
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,685 | €52,846 | €4,520 | - |
| Depreciation and write-downs of the year | €2,113 | €2,816 | €13,046 | €12,718 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €551 | €1,104 | €1,446 | €2,113 | €2,816 | €13,046 | €12,718 | ▼ 2.5% |
| Other operating charges640/8 | - | - | - | €520 | €532 | €3,400 | €2,590 | ▼ 23.8% |
| Gross operating margin9900 | €57,361 | €31,756 | €48,898 | €38,051 | €58,974 | €51,992 | €45,060 | ▼ 13.3% |
| Operating profit (loss)9901 | €56,322 | €30,184 | €47,108 | €35,419 | €55,625 | €35,545 | €29,751 | ▼ 16.3% |
| Financial income75/76B | - | - | - | €6,070 | €6,472 | €6,708 | €6,000 | ▼ 10.6% |
| Recurring financial income75 | €4,789 | €5,427 | €5,969 | €6,070 | €6,472 | €6,708 | €6,000 | ▼ 10.6% |
| Financial charges65/66B | - | - | - | €111 | €89 | €913 | €4,531 | ▲ 396% |
| Recurring financial charges65 | €202 | €197 | €155 | €111 | €89 | €913 | €4,531 | ▲ 396% |
| Profit (loss) for the period before taxes9903 | €60,908 | €35,414 | €52,922 | €41,377 | €62,009 | €41,341 | €31,220 | ▼ 24.5% |
| Income taxes67/77 | €14,918 | €10,471 | €14,954 | €12,152 | €17,744 | €11,934 | €9,118 | ▼ 23.6% |
| Profit (loss) for the period9904 | €45,991 | €24,943 | €37,969 | €29,226 | €44,265 | €29,406 | €22,102 | ▼ 24.8% |
| Profit (loss) for the period to be appropriated9905 | €45,991 | €24,943 | €37,969 | €29,226 | €44,265 | €29,406 | €22,102 | ▼ 24.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €299,002 | €325,885 | €355,960 | €391,110 | €442,323 | €410,721 | €391,358 | ▼ 4.7% |
| Fixed assets21/28 | €1,757 | €3,403 | €4,963 | €6,536 | €56,566 | €48,039 | €35,321 | ▼ 26.5% |
| Tangible fixed assets22/27 | €1,681 | €3,327 | €4,888 | €6,460 | €56,490 | €47,963 | €35,245 | ▼ 26.5% |
| Plant, machinery and equipment23 | - | - | - | €123 | €4,943 | €4,238 | €3,076 | ▼ 27.4% |
| Furniture and vehicles24 | - | - | - | €6,338 | €51,546 | €43,725 | €32,170 | ▼ 26.4% |
| Financial fixed assets28 | €76 | €76 | €76 | €76 | €76 | €76 | €76 | = |
| Current assets29/58 | €297,245 | €322,482 | €350,997 | €384,574 | €385,758 | €362,682 | €356,037 | ▼ 1.8% |
| Amounts receivable after more than one year29 | - | - | - | €272,000 | €300,000 | €300,000 | €270,000 | ▼ 10.0% |
| Trade receivables290 | - | - | - | €272,000 | €300,000 | €300,000 | €270,000 | ▼ 10.0% |
| Amounts receivable within one year40/41 | €15,367 | €34,643 | €38,281 | €40,990 | €49,029 | €19,214 | €22,833 | ▲ 18.8% |
| Trade receivables40 | - | - | - | €17,110 | €19,573 | €17,958 | €22,103 | ▲ 23.1% |
| Other amounts receivable41 | - | - | - | €23,880 | €29,456 | €1,256 | €730 | ▼ 41.9% |
| Cash at bank and in hand54/58 | €45,233 | €46,324 | €57,182 | €69,399 | €34,628 | €41,423 | €62,457 | ▲ 50.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,185 | €2,101 | €2,045 | €748 | ▼ 63.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €299,002 | €325,885 | €355,960 | €391,110 | €442,323 | €410,721 | €391,358 | ▼ 4.7% |
| Equity10/15 | €280,284 | €305,227 | €343,196 | €372,421 | €416,686 | €391,772 | €375,884 | ▼ 4.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €261,684 | €286,627 | €324,596 | €353,821 | €398,086 | €373,172 | €357,284 | ▼ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €351,961 | €396,226 | €373,172 | €357,284 | ▼ 4.3% |
| Amounts payable17/49 | €18,718 | €20,658 | €12,765 | €18,689 | €25,637 | €18,949 | €15,475 | ▼ 18.3% |
| Amounts payable within one year42/48 | €17,163 | €18,885 | €11,165 | €17,132 | €23,177 | €17,276 | €13,895 | ▼ 19.6% |
| Trade debts44 | €3,344 | €1,803 | €1,126 | €1,107 | €832 | €2,015 | €2,157 | ▲ 7.1% |
| Suppliers440/4 | - | - | - | €1,107 | €832 | €2,015 | €2,157 | ▲ 7.1% |
| Taxes, remuneration and social security45 | - | - | - | €16,022 | €22,345 | €1,835 | €6,600 | ▲ 260% |
| Taxes450/3 | - | - | - | €16,022 | €22,345 | €1,835 | €6,600 | ▲ 260% |
| Other amounts payable47/48 | - | - | - | €2 | - | €13,426 | €5,138 | ▼ 61.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,557 | €2,460 | €1,673 | €1,580 | ▼ 5.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,991 | €24,943 | €37,969 | €29,226 | €44,265 | €29,406 | €22,102 | ▼ 24.8% |
| + Depreciation and write-downs630 | €551 | €1,104 | €1,446 | €2,113 | €2,816 | €13,046 | €12,718 | ▼ 2.5% |
| Operating cash flow (approximation) | €46,542 | €26,047 | €39,415 | €31,338 | €47,081 | €42,453 | €34,820 | ▼ 18.0% |
| Investment in fixed assets (approximation) | - | -€2,750 | -€3,006 | -€3,685 | -€52,846 | -€4,520 | €0 | - |
| Change in cash | - | €1,090 | €10,859 | €12,217 | -€34,771 | €6,795 | €21,034 | ▲ 210% |
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, 31,368 companies had the same profile as VAMOCON has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAMOCON 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 31,368 companies, not a prediction for VAMOCON. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 18-12-2025 | 2025-00584366 | |
| 30-06-2024 | micro format | 20-01-2025 | 2025-00006827 | |
| 30-06-2023 | micro format | 12-01-2024 | 2024-00000644 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008956 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02000101 | |
| 30-06-2020 | micro format | 04-01-2021 | 2021-00100524 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-02500275 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-74600251 | |
| 30-06-2017 | micro format | 20-12-2017 | 2017-72100305 | |
| 30-06-2016 | abbreviated format | 08-12-2016 | 2016-69500501 |