VAN KETS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 11 filings
Turnover
≈ €130,000
Estimated: probably between €86,000 and €210,000
Total assets
€60,102▼ 40.3%
2024 · €100,617
Net result
-€1,537▲ 75.6%
2024 · -€6,296
Working capital
-€36,353▲ 41.7%
2024 · -€62,366
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,344
▲ 75.9%
2025
20182025
Net result
-€1,537
▲ 75.6%
2025
lowest quarter of the sector
20182025
Equity
€16,840
▼ 8.4%
2025
middle half of the sector
20182025
Total assets
€60,102
▼ 40.3%
2025
middle half of the sector
20182025
Debt
€43,262
▼ 47.4%
2025
20182025
Working capital
-€36,353
▲ 41.7%
2025
lowest quarter of the sector
20182025
Solvency
28.0%
▲ 9.8pp
2025
middle half of the sector
20182025
Current ratio
0.16
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-2.6%
▲ 3.7pp
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€168-€28,641▲ 171×€5,512▼ 80.8%€14,579▲ 165%€1,037▼ 92.9%-€16,434-€5,571▲ 66.1%-€1,344▲ 75.9%
Net result-€442-€25,959€4,512within the sector's middle half▼ 82.6%€11,715within the sector's middle half▲ 160%-€674below the sector's middle half-€17,414below the sector's middle half▼ 2,483%-€6,296below the sector's middle half▲ 63.8%-€1,537below the sector's middle half▲ 75.6%
Equity€1,376-€26,535▲ 19×€31,047within the sector's middle half▲ 17.0%€42,761within the sector's middle half▲ 37.7%€42,087within the sector's middle half▼ 1.6%€24,674within the sector's middle half▼ 41.4%€18,377within the sector's middle half▼ 25.5%€16,840within the sector's middle half▼ 8.4%
Total assets€69,555-€73,870▲ 6.2%€89,204within the sector's middle half▲ 20.8%€107,550within the sector's middle half▲ 20.6%€90,842within the sector's middle half▼ 15.5%€101,436within the sector's middle half▲ 11.7%€100,617within the sector's middle half▼ 0.8%€60,102within the sector's middle half▼ 40.3%
Debt€68,178-€47,335▼ 30.6%€58,158▲ 22.9%€64,788▲ 11.4%€48,755▼ 24.7%€76,762▲ 57.4%€82,239▲ 7.1%€43,262▼ 47.4%
Working capital-€32,354--€7,384▲ 77.2%-€7,028below the sector's middle half▲ 4.8%€2,329within the sector's middle half€4,436within the sector's middle half▲ 90.5%-€27,163below the sector's middle half-€62,366below the sector's middle half▼ 130%-€36,353below the sector's middle half▲ 41.7%
Solvency2.0%-35.9%▲ 33.9pp34.8%within the sector's middle half▼ 1.1pp39.8%within the sector's middle half▲ 5.0pp46.3%within the sector's middle half▲ 6.6pp24.3%within the sector's middle half▼ 22.0pp18.3%below the sector's middle half▼ 6.1pp28.0%within the sector's middle half▲ 9.8pp
Current ratio0.25-0.60▲ 0.350.72below the sector's middle half▲ 0.111.12within the sector's middle half▲ 0.401.25within the sector's middle half▲ 0.120.54below the sector's middle half▼ 0.710.18below the sector's middle half▼ 0.360.16below the sector's middle half▼ 0.02
Return on assets (ROA)-0.6%-35.1%▲ 35.8pp5.1%within the sector's middle half▼ 30.1pp10.9%within the sector's middle half▲ 5.8pp-0.7%below the sector's middle half▼ 11.6pp-17.2%below the sector's middle half▼ 16.4pp-6.3%below the sector's middle half▲ 10.9pp-2.6%below the sector's middle half▲ 3.7pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 €1,344, smaller than the loss of €5,571 in 2024.
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 €60,102
Fixed assets
€53,192 ▼ 39.0%
Current assets
€6,909 ▼ 48.3%
Equity and liabilities €60,102
Equity
€16,840 ▼ 8.4%
Debt
€43,262 ▼ 47.4%
Debt's share of the balance-sheet total falls from 81.7% to 72.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,714▲
2024 · €22,066
Cash flow
€25,521▲
2024 · €21,342
Debt to equity
2.57▼
2024 · 4.48
ROE
-9.1%▲
2024 · -34.3%
Interest coverage
74.12▲
2024 · 28.05
Debt ≤ 1 year
€43,262▼
2024 · €75,722
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €52,659 | €9,689 | €24,500 | €44,856 | €14,164 |
| Financial fixed assets | €3 | - | - | - | - |
| Depreciation and write-downs of the year | €20,178 | €27,348 | €22,834 | €27,638 | €27,058 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €509 awarded · €509 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,827 | €22,994 | €22,336 | €20,178 | €27,348 | €22,834 | €27,638 | €27,058 | ▼ 2.1% |
| Other operating charges640/8 | - | - | - | €1,944 | €1,553 | €1,490 | €2,299 | €5,628 | ▲ 145% |
| Gross operating margin9900 | €42,659 | €53,057 | €28,896 | €36,701 | €29,938 | €7,891 | €24,365 | €31,342 | ▲ 28.6% |
| Operating profit (loss)9901 | €168 | €28,641 | €5,512 | €14,579 | €1,037 | -€16,434 | -€5,571 | -€1,344 | ▲ 75.9% |
| Financial income75/76B | - | - | - | €87 | €319 | €235 | €62 | €153 | ▲ 148% |
| Recurring financial income75 | €149 | €116 | €415 | €87 | €319 | €235 | €62 | €153 | ▲ 148% |
| Financial charges65/66B | - | - | - | €1,359 | €1,471 | €1,214 | €787 | €347 | ▼ 55.9% |
| Recurring financial charges65 | €759 | €1,055 | €945 | €1,359 | €1,471 | €1,214 | €787 | €347 | ▼ 55.9% |
| Profit (loss) for the period before taxes9903 | -€442 | €27,703 | €4,982 | €13,307 | -€115 | -€17,413 | -€6,296 | -€1,537 | ▲ 75.6% |
| Income taxes67/77 | - | €1,744 | €470 | €1,593 | €559 | €1 | - | - | - |
| Profit (loss) for the period9904 | -€442 | €25,959 | €4,512 | €11,715 | -€674 | -€17,414 | -€6,296 | -€1,537 | ▲ 75.6% |
| Profit (loss) for the period to be appropriated9905 | -€442 | €25,959 | €4,512 | €11,715 | -€674 | -€17,414 | -€6,296 | -€1,537 | ▲ 75.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69,555 | €73,870 | €89,204 | €107,550 | €90,842 | €101,436 | €100,617 | €60,102 | ▼ 40.3% |
| Fixed assets21/28 | €58,734 | €62,584 | €71,261 | €86,051 | €68,390 | €70,048 | €87,260 | €53,192 | ▼ 39.0% |
| Intangible fixed assets21 | €1,331 | €818 | €305 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €57,188 | €61,713 | €70,944 | €86,035 | €68,377 | €70,043 | €87,260 | €53,192 | ▼ 39.0% |
| Plant, machinery and equipment23 | - | - | - | €37,319 | €31,071 | €42,908 | €34,142 | €17,193 | ▼ 49.6% |
| Furniture and vehicles24 | - | - | - | €47,386 | €36,193 | €26,240 | €52,441 | €35,540 | ▼ 32.2% |
| Other tangible fixed assets26 | - | - | - | €1,330 | €1,113 | €895 | €677 | €460 | ▼ 32.1% |
| Financial fixed assets28 | €215 | €53 | €13 | €16 | €13 | €5 | - | - | - |
| Current assets29/58 | €10,820 | €11,287 | €17,943 | €21,499 | €22,452 | €31,388 | €13,356 | €6,909 | ▼ 48.3% |
| Stocks and contracts in progress3 | - | - | - | - | €40 | €69 | €122 | - | - |
| Stocks30/36 | - | - | - | - | €40 | €69 | €122 | - | - |
| Amounts receivable within one year40/41 | €171 | €2,573 | €8,891 | €9,797 | €9,453 | €16,998 | €4,496 | - | - |
| Trade receivables40 | - | - | - | €4,389 | €4,264 | €13,840 | - | - | - |
| Other amounts receivable41 | - | - | - | €5,407 | €5,189 | €3,158 | €4,496 | - | - |
| Cash at bank and in hand54/58 | €10,589 | €6,876 | €6,199 | €8,464 | €9,376 | €13,346 | €8,190 | €3,040 | ▼ 62.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,238 | €3,583 | €975 | €548 | €3,869 | ▲ 606% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69,555 | €73,870 | €89,204 | €107,550 | €90,842 | €101,436 | €100,617 | €60,102 | ▼ 40.3% |
| Equity10/15 | €1,376 | €26,535 | €31,047 | €42,761 | €42,087 | €24,674 | €18,377 | €16,840 | ▼ 8.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €35 | €8,240 | €12,240 | €23,955 | €23,955 | €23,955 | €23,955 | €23,955 | = |
| Non-distributable reserves130/1 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Reserves not available under the articles1311 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Distributable reserves133 | - | - | - | €22,715 | €22,715 | €22,715 | €22,715 | €22,715 | = |
| Profit (loss) carried forward14 | -€11,059 | €5,895 | €6,407 | €6,407 | €5,732 | -€11,681 | -€17,978 | -€19,515 | ▼ 8.6% |
| Amounts payable17/49 | €68,178 | €47,335 | €58,158 | €64,788 | €48,755 | €76,762 | €82,239 | €43,262 | ▼ 47.4% |
| Amounts payable after more than one year17 | €25,004 | €28,665 | €33,187 | €45,619 | €30,739 | €18,211 | €6,518 | - | - |
| Financial debts170/4 | - | - | - | €45,619 | €30,739 | €18,211 | €6,518 | - | - |
| Amounts payable within one year42/48 | €43,174 | €18,670 | €24,971 | €19,170 | €18,016 | €58,551 | €75,722 | €43,262 | ▼ 42.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,903 | €14,880 | €12,528 | €11,693 | €6,518 | ▼ 44.3% |
| Trade debts44 | €16,291 | €4,944 | €2,538 | €2,741 | €2,943 | €16,848 | €4,352 | €3,072 | ▼ 29.4% |
| Suppliers440/4 | - | - | - | €2,741 | €2,943 | €16,848 | €4,352 | €3,072 | ▼ 29.4% |
| Taxes, remuneration and social security45 | - | - | - | €517 | - | - | €82 | €861 | ▲ 946% |
| Taxes450/3 | - | - | - | €517 | - | - | €82 | €861 | ▲ 946% |
| Other amounts payable47/48 | - | - | - | €8 | €193 | €29,175 | €59,594 | €32,811 | ▼ 44.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€442 | €25,959 | €4,512 | €11,715 | -€674 | -€17,414 | -€6,296 | -€1,537 | ▲ 75.6% |
| + Depreciation and write-downs630 | €17,827 | €22,994 | €22,336 | €20,178 | €27,348 | €22,834 | €27,638 | €27,058 | ▼ 2.1% |
| Operating cash flow (approximation) | €17,384 | €48,952 | €26,847 | €31,892 | €26,674 | €5,421 | €21,342 | €25,521 | ▲ 19.6% |
| Investment in fixed assets (approximation) | - | -€26,843 | -€31,014 | -€34,967 | -€9,687 | -€24,492 | -€44,851 | €7,010 | - |
| Change in cash | - | -€3,713 | -€677 | €2,265 | €912 | €3,969 | -€5,155 | -€5,150 | ▲ 0.1% |
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, 2,166 companies had the same profile as VAN KETS has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN KETS itself: 0.5% 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 2,166 companies, not a prediction for VAN KETS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00309185 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00313189 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00182714 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379078 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20244510 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-39100583 | |
| 31-12-2019 | micro format | 06-10-2020 | 2020-59500300 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-38400215 | |
| 31-12-2017 | micro format | 29-05-2018 | 2018-14600164 | |
| 31-12-2016 | micro format | 18-06-2017 | 2017-19200284 |