VAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-12-2025 PDF all 27 filings
Turnover
≈ €98,000
Estimated: probably between €52,000 and €180,000
EBIT margin
Not included in this filing
Net result
-€24,939▼ 18.2%
2024 · -€21,102
Working capital
-€258,005▼ 4.8%
2024 · -€246,091
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€25,484
▼ 19.5%
2025
20192025
Net result
-€24,939
▼ 18.2%
2025
20192025
Equity
€398,407
▼ 5.9%
2025
20192025
Total assets
€1.2m
▼ 4.1%
2025
20192025
Debt
€678,300
▼ 2.4%
2025
20192025
Working capital
-€258,005
▼ 4.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.03m--€0.04m▼ 31.2%-€0.03m▲ 32.3%-€0.02m▲ 12.1%-€0.03m▼ 14.2%-€0.02m▲ 20.3%-€0.03m▼ 19.5%
Net result-€0.02m--€0.03m▼ 45.0%-€0.03m▲ 4.6%-€0.03m▲ 6.4%-€0.03m▼ 0.4%-€0.02m▲ 22.9%-€0.02m▼ 18.2%
Equity€0.6m-€0.5m▼ 5.5%€0.5m▼ 5.5%€0.5m▼ 5.5%€0.4m▼ 5.8%€0.4m▼ 4.7%€0.4m▼ 5.9%
Total assets€0.8m-€0.7m▼ 11.3%€1.4m▲ 99.9%€1.3m▼ 4.0%€1.3m▼ 3.9%€1.2m▼ 3.2%€1.2m▼ 4.1%
Debt€0.06m-€0.009m▼ 84.6%€0.7m▲ 83×€0.7m▼ 2.5%€0.7m▼ 2.2%€0.7m▼ 1.4%€0.7m▼ 2.4%
Working capital€0.3m-€0.2m▼ 22.9%-€0.2m-€0.2m▼ 23.5%-€0.2m▼ 10.5%-€0.2m▼ 6.9%-€0.3m▼ 4.8%
The operating result for 2025 is a loss of €25,484, larger than the loss of €21,317 in 2024.
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
€1.2m ▼ 4.1%
Current assets
€28,850 ▼ 3.9%
Equity and liabilities €1.2m
Equity
€398,407 ▼ 5.9%
Provisions
€109,803 ▼ 7.7%
Debt
€678,300 ▼ 2.4%
Debt's share of the balance-sheet total rises from 56.2% to 57.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€24,235▲
2024 · €20,023
Cash flow
€24,780▲
2024 · €20,238
Current ratio
0.10▼
2024 · 0.11
Debt to equity
1.70▲
2024 · 1.64
ROE
-6.3%▼
2024 · -5.0%
ROA
-2.1%▼
2024 · -1.7%
Interest coverage
2.82▲
2024 · 2.28
Debt ≤ 1 year
€286,855▲
2024 · €276,106
Debt > 1 year
€391,445▼
2024 · €418,989
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 | €6,710 | - | - | - |
| Depreciation and write-downs of the year | €29,670 | €41,339 | €41,340 | €49,719 |
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 | €0 | €17,204 | €29,670 | €29,670 | €41,339 | €41,340 | €49,719 | ▲ 20.3% |
| Other operating charges640/8 | - | - | - | €1,809 | €1,315 | €2,312 | €3,115 | ▲ 34.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €25 | - | - |
| Gross operating margin9900 | -€26,536 | -€21,945 | €4,233 | €8,044 | €15,901 | €22,360 | €27,350 | ▲ 22.3% |
| Operating profit (loss)9901 | -€29,978 | -€39,343 | -€26,648 | -€23,435 | -€26,753 | -€21,317 | -€25,484 | ▼ 19.5% |
| Financial income75/76B | - | - | - | €1 | - | - | - | - |
| Recurring financial income75 | €1 | €15 | €1 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €10,060 | €9,634 | €8,786 | €8,605 | ▼ 2.1% |
| Recurring financial charges65 | €58 | €68 | €11,372 | €10,060 | €9,634 | €8,786 | €8,605 | ▼ 2.1% |
| Profit (loss) for the period before taxes9903 | -€30,035 | -€39,526 | -€38,130 | -€33,494 | -€36,387 | -€30,103 | -€34,089 | ▼ 13.2% |
| Transfer from deferred taxes780 | - | - | - | €9,150 | €9,150 | €9,150 | €9,150 | = |
| Income taxes67/77 | €170 | €158 | €158 | €2,941 | €149 | €149 | - | - |
| Profit (loss) for the period9904 | -€21,055 | -€30,534 | -€29,138 | -€27,285 | -€27,386 | -€21,102 | -€24,939 | ▼ 18.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €27,484 | €27,484 | €27,484 | €27,484 | = |
| Profit (loss) for the period to be appropriated9905 | €6,429 | -€3,050 | -€1,654 | €199 | €98 | €6,382 | €2,545 | ▼ 60.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €0.7m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 4.1% |
| Fixed assets21/28 | €0.5m | €0.5m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 4.1% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 4.1% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 4.1% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.004m | - | - | - |
| Financial fixed assets28 | - | - | €49 | €49 | €49 | €49 | €49 | = |
| Current assets29/58 | €0.3m | €0.2m | €0.07m | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 3.9% |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Other amounts receivable41 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.05m | €0.01m | €0.003m | €0.004m | €0.003m | ▼ 31.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €0.7m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 4.1% |
| Equity10/15 | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 5.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 5.7% |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 5.7% |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 5.7% |
| Reserves13 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 8.6% |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 7.7% |
| Distributable reserves133 | - | - | - | - | €0.003m | €0.003m | - | - |
| Profit (loss) carried forward14 | €0.001m | -€0.002m | -€0.004m | -€0.004m | -€0.004m | €0.003m | €0.005m | ▲ 96.7% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 7.7% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 7.7% |
| Amounts payable17/49 | €0.06m | €0.009m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 2.4% |
| Amounts payable after more than one year17 | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 6.6% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 6.6% |
| Amounts payable within one year42/48 | €0.06m | €0.009m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 3.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 1.8% |
| Trade debts44 | €0.03m | €232 | €0.001m | €0.002m | €468 | €0.002m | €0.001m | ▼ 62.2% |
| Suppliers440/4 | - | - | - | €0.002m | €468 | €0.002m | €0.001m | ▼ 62.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 4.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,055 | -€30,534 | -€29,138 | -€27,285 | -€27,386 | -€21,102 | -€24,939 | ▼ 18.2% |
| + Depreciation and write-downs630 | €0 | €17,204 | €29,670 | €29,670 | €41,339 | €41,340 | €49,719 | ▲ 20.3% |
| Operating cash flow (approximation) | -€21,055 | -€13,330 | €532 | €2,385 | €13,953 | €20,238 | €24,780 | ▲ 22.4% |
| Investment in fixed assets (approximation) | - | -€37,353 | -€860,750 | -€6,710 | €0 | €0 | €0 | - |
| Change in cash | - | -€105,624 | -€139,081 | -€31,399 | -€10,946 | €1,028 | -€1,164 | - |
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, 8,617 companies had the same profile as VAN has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN itself: 0.2% 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 8,617 companies, not a prediction for VAN. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 16-12-2025 | 2025-00582475 | |
| 30-06-2024 | full format | 13-12-2024 | 2024-00616548 | |
| 30-06-2023 | full format | 23-12-2023 | 2023-00536493 | |
| 30-06-2022 | full format | 20-12-2022 | 2022-20541020 | |
| 30-06-2021 | full format | 13-12-2021 | 2021-79900434 | |
| 30-06-2020 | full format | 29-12-2020 | 2020-77200454 | |
| 30-06-2019 | full format | 28-01-2020 | 2020-02700259 | |
| 30-06-2018 | full format | 14-01-2019 | 2019-01000410 | |
| 30-06-2017 | micro format | 05-01-2018 | 2018-00200591 | |
| 30-06-2016 | full format | 23-12-2016 | 2016-71100370 |