VAN.CO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00487511.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 33 filings
Turnover
≈ €190,000
Estimated: probably between €150,000 and €260,000
Total assets
€1.9m▲ 6.7%
2024 · €1.8m
Net result
€91,851
2024 · -€18,398
Working capital
-€22,227▲ 80.5%
2024 · -€114,079
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€92,257
2025
20182025
Net result
€91,851
2025
middle half of the sector
20182025
Equity
€962,924
▲ 10.5%
2025
highest quarter of the sector
20182025
Total assets
€1.9m
▲ 6.7%
2025
middle half of the sector
20182025
Debt
€952,448
▲ 3.1%
2025
20182025
Working capital
-€22,227
▲ 80.5%
2025
middle half of the sector
20182025
Solvency
50.3%
▲ 1.7pp
2025
middle half of the sector
20182025
Current ratio
0.98
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
4.8%
▲ 5.8pp
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-€0.07m--€0.01m▲ 77.4%-€0.08m▼ 424%-€0.07m▲ 5.3%-€0.001m▲ 99.2%-€0.01m▼ 2,074%-€0.02m▼ 43.5%€0.09m
Net result-€0.07m--€0.02m▲ 77.7%-€0.08mbelow the sector's middle half▼ 408%-€0.07mbelow the sector's middle half▲ 4.6%-€0.001mbelow the sector's middle half▲ 98.4%-€0.01mbelow the sector's middle half▼ 977%-€0.02mbelow the sector's middle half▼ 43.7%€0.09mwithin the sector's middle half
Equity€1.1m-€1.1m▼ 1.4%€1.0mabove the sector's middle half▼ 7.4%€0.9mabove the sector's middle half▼ 7.6%€0.9mabove the sector's middle half▼ 0.1%€0.9mabove the sector's middle half▼ 1.4%€0.9mabove the sector's middle half▼ 2.1%€1.0mabove the sector's middle half▲ 10.5%
Total assets€2.0m-€1.9m▼ 4.3%€1.9mabove the sector's middle half▼ 3.2%€1.8mabove the sector's middle half▼ 3.1%€1.8mabove the sector's middle half▲ 0.3%€1.8mabove the sector's middle half▼ 0.3%€1.8mabove the sector's middle half=€1.9mwithin the sector's middle half▲ 6.7%
Debt€0.9m-€0.8m▼ 6.9%€0.9m▲ 2.0%€0.9m▲ 2.3%€0.9m▲ 1.2%€0.9m▲ 0.9%€0.9m▲ 2.1%€1.0m▲ 3.1%
Working capital-€0.03m--€0.01m▲ 71.3%-€0.05mbelow the sector's middle half▼ 449%-€0.08mbelow the sector's middle half▼ 45.0%-€0.08mbelow the sector's middle half▼ 7.3%-€0.1mbelow the sector's middle half▼ 15.4%-€0.1mbelow the sector's middle half▼ 19.2%-€0.02mwithin the sector's middle half▲ 80.5%
Solvency53.6%-55.2%▲ 1.6pp52.8%within the sector's middle half▼ 2.4pp50.4%within the sector's middle half▼ 2.4pp50.1%within the sector's middle half▼ 0.2pp49.6%within the sector's middle half▼ 0.6pp48.5%within the sector's middle half▼ 1.0pp50.3%within the sector's middle half▲ 1.7pp
Current ratio0.96-0.99▲ 0.030.94within the sector's middle half▼ 0.050.91within the sector's middle half▼ 0.030.91within the sector's middle half▼ 0.010.89below the sector's middle half▼ 0.010.88below the sector's middle half▼ 0.020.98within the sector's middle half▲ 0.10
Return on assets (ROA)-3.5%--0.8%▲ 2.6pp-4.2%below the sector's middle half▼ 3.4pp-4.2%below the sector's middle half▲ 0.1pp-0.1%below the sector's middle half▲ 4.1pp-0.7%below the sector's middle half▼ 0.6pp-1.0%below the sector's middle half▼ 0.3pp4.8%within the sector's middle half▲ 5.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 profit of €92,257, after a loss of €18,017 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.9m
Fixed assets
€985,151 =
Current assets
€930,220 ▲ 14.9%
Equity and liabilities €1.9m
Equity
€962,924 ▲ 10.5%
Debt
€952,448 ▲ 3.1%
Debt's share of the balance-sheet total falls from 51.5% to 49.7%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.99▼
2024 · 1.06
ROE
9.5%▲
2024 · -2.1%
Debt ≤ 1 year
€952,448▲
2024 · €923,672
Income taxes
€132▼
2024 · €160
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 |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €26,771 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,418 | €53,605 | €54,189 | €54,189 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,443 | €4,709 | €2,591 | €4,306 | €2,023 | ▼ 53.0% |
| Gross operating margin9900 | -€8,390 | €41,312 | -€20,546 | -€16,323 | €4,132 | -€9,966 | -€13,710 | €94,280 | - |
| Operating profit (loss)9901 | -€66,016 | -€14,891 | -€78,068 | -€73,956 | -€578 | -€12,557 | -€18,017 | €92,257 | - |
| Financial income75/76B | - | - | - | - | €0 | - | €1 | - | - |
| Recurring financial income75 | - | €66 | €16 | - | €0 | - | €1 | - | - |
| Financial charges65/66B | - | - | - | €278 | €246 | €242 | €222 | €274 | ▲ 23.5% |
| Recurring financial charges65 | €2,556 | €144 | €222 | €278 | €246 | €242 | €222 | €274 | ▲ 23.5% |
| Profit (loss) for the period before taxes9903 | -€68,572 | -€14,969 | -€78,273 | -€74,233 | -€824 | -€12,799 | -€18,238 | €91,983 | - |
| Income taxes67/77 | €465 | €432 | - | €432 | €365 | - | €160 | €132 | ▼ 17.9% |
| Profit (loss) for the period9904 | -€69,037 | -€15,401 | -€78,273 | -€74,665 | -€1,189 | -€12,799 | -€18,398 | €91,851 | - |
| Profit (loss) for the period to be appropriated9905 | -€69,037 | -€15,401 | -€78,273 | -€74,665 | -€1,189 | -€12,799 | -€18,398 | €91,851 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €1.9m | €1.9m | €1.8m | €1.8m | €1.8m | €1.8m | €1.9m | ▲ 6.7% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Land and buildings22 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 14.9% |
| Amounts receivable within one year40/41 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 15.0% |
| Trade receivables40 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 14.9% |
| Other amounts receivable41 | - | - | - | €44 | €0.003m | €0.002m | €0.002m | €0.003m | ▲ 43.1% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.002m | €0.002m | €0.005m | €0.001m | €0.001m | €0.001m | ▼ 35.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €1.9m | €1.9m | €1.8m | €1.8m | €1.8m | €1.8m | €1.9m | ▲ 6.7% |
| Equity10/15 | €1.1m | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 10.5% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Profit (loss) carried forward14 | -€0.4m | -€0.4m | -€0.5m | -€0.5m | -€0.5m | -€0.6m | -€0.6m | -€0.5m | ▲ 16.0% |
| Provisions and deferred taxes16 | €0.02m | €0.008m | €0.008m | €0.004m | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.004m | - | - | - | - | - |
| Environmental obligations163 | - | - | - | €0.004m | - | - | - | - | - |
| Amounts payable17/49 | €0.9m | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 3.1% |
| Amounts payable within one year42/48 | €0.9m | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 3.1% |
| Trade debts44 | €0.06m | €0.05m | €0.05m | €0.05m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 95.5% |
| Suppliers440/4 | - | - | - | €0.05m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 95.5% |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€69,037 | -€15,401 | -€78,273 | -€74,665 | -€1,189 | -€12,799 | -€18,398 | €91,851 | - |
| + Depreciation and write-downs630 | €53,418 | €53,605 | €54,189 | €54,189 | - | - | - | - | - |
| Operating cash flow (approximation) | -€15,619 | €38,204 | -€24,084 | -€20,476 | -€1,189 | -€12,799 | -€18,398 | €91,851 | - |
| Investment in fixed assets (approximation) | - | -€6,224 | -€19,484 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€14,409 | -€18,998 | -€763 | €3,755 | -€3,796 | -€58 | -€497 | ▼ 754% |
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, 14,766 companies had the same profile as VAN.CO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN.CO 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 14,766 companies, not a prediction for VAN.CO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00487511 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00330210 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00278331 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00236707 | |
| 31-12-2021 | micro format | 16-05-2022 | 2022-20027186 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20100107 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28000590 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48100212 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57400432 | |
| 31-12-2016 | abbreviated format | 01-08-2017 | 2017-39600373 |