VAN NOTEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 33 filings
Equity
€117,818▼ 1.2%
2024 · €119,218
Total assets
€119,218=
2024 · €119,218
Net result
-€1,400▲ 88.6%
2024 · -€12,320
Working capital
€45,655▼ 89.1%
2022 · €419,397
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€1,400
▲ 89.3%
2025
20192025
Net result
-€1,400
▲ 88.6%
2025
20192025
Equity
€117,818
▼ 1.2%
2025
20192025
Total assets
€119,218
=
2025
20192025
Debt
€1,400
2025
20192025
Working capital
€45,655
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€54,352--€64,129-€3,359▲ 94.8%-€1,618▲ 51.8%€3,810-€13,048-€1,400▲ 89.3%
Net result€53,335--€64,405-€3,396▲ 94.7%-€1,618▲ 52.3%€9,327-€12,320-€1,400▲ 88.6%
Equity€541,629-€477,225▼ 11.9%€473,829▼ 0.7%€472,211▼ 0.3%€481,539▲ 2.0%€119,218▼ 75.2%€117,818▼ 1.2%
Total assets€605,119-€535,492▼ 11.5%€534,515▼ 0.2%€530,523▼ 0.7%€481,539▼ 9.2%€119,218▼ 75.2%€119,218=
Debt€63,490-€58,268▼ 8.2%€60,685▲ 4.1%€58,312▼ 3.9%€1,400
Working capital€403,672-€424,410▲ 5.1%€421,015▼ 0.8%€419,397▼ 0.4%€45,655
The operating result for 2025 is a loss of €1,400, smaller than the loss of €13,048 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €119,218
Fixed assets
€72,163 =
Current assets
€47,055 =
Equity and liabilities €119,218
Equity
€117,818
Debt
€1,400
Debt's share of the balance-sheet total is 1.2%.
Key figures and ratios
Current ratio
33.61
Debt to equity
0.01
ROE
-1.2%▲
2024 · -10.3%
ROA
-1.2%▲
2024 · -10.3%
Debt ≤ 1 year
€1,400
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €750 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | -€3,538 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,794 | €143 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €868 | €2,143 | €2,801 | €400 | ▼ 85.7% |
| Non-recurring operating charges66A | - | - | - | - | €256 | - | - | - |
| Gross operating margin9900 | €80,886 | -€42,746 | -€3,359 | -€750 | €2,670 | -€10,247 | -€1,000 | ▲ 90.2% |
| Operating profit (loss)9901 | €54,352 | -€64,129 | -€3,359 | -€1,618 | €3,810 | -€13,048 | -€1,400 | ▲ 89.3% |
| Financial income75/76B | - | - | - | - | €7,542 | €1,250 | - | - |
| Recurring financial income75 | €30 | €87 | - | - | €7,542 | €1,250 | - | - |
| Financial charges65/66B | - | - | - | - | €671 | €147 | - | - |
| Recurring financial charges65 | €865 | €249 | €37 | - | €671 | €147 | - | - |
| Profit (loss) for the period before taxes9903 | €53,517 | -€64,291 | -€3,396 | -€1,618 | €10,681 | -€11,946 | -€1,400 | ▲ 88.3% |
| Income taxes67/77 | €182 | €114 | - | - | €1,354 | €375 | - | - |
| Profit (loss) for the period9904 | €53,335 | -€64,405 | -€3,396 | -€1,618 | €9,327 | -€12,320 | -€1,400 | ▲ 88.6% |
| Profit (loss) for the period to be appropriated9905 | €53,335 | -€64,405 | -€3,396 | -€1,618 | €9,327 | -€12,320 | -€1,400 | ▲ 88.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €605,119 | €535,492 | €534,515 | €530,523 | €481,539 | €119,218 | €119,218 | = |
| Fixed assets21/28 | €172,695 | €72,163 | €72,163 | €72,163 | €72,163 | €72,163 | €72,163 | = |
| Tangible fixed assets22/27 | €172,695 | €72,163 | €72,163 | €72,163 | €72,163 | €72,163 | €72,163 | = |
| Land and buildings22 | - | - | - | €72,163 | €72,163 | €72,163 | €72,163 | = |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - |
| Current assets29/58 | €432,424 | €463,330 | €462,352 | €458,361 | €409,376 | €47,055 | €47,055 | = |
| Stocks and contracts in progress3 | €60,789 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €25,593 | €171,161 | €72,604 | €72,604 | €23,285 | €23,285 | €23,285 | = |
| Trade receivables40 | - | - | - | €65,185 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €7,418 | €23,285 | €23,285 | €23,285 | = |
| Current investments50/53 | €94,297 | €94,298 | €94,298 | €94,298 | - | - | - | - |
| Cash at bank and in hand54/58 | €251,745 | €197,870 | €197,151 | €197,151 | €386,091 | €23,770 | €23,770 | = |
| Deferred charges and accrued income490/1 | - | - | - | €94,308 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €605,119 | €535,492 | €534,515 | €530,523 | €481,539 | €119,218 | €119,218 | = |
| Equity10/15 | €541,629 | €477,225 | €473,829 | €472,211 | €481,539 | €119,218 | €117,818 | ▼ 1.2% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €28,940 | €28,940 | €25,545 | €23,927 | €23,927 | €23,927 | €22,527 | ▼ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €17,727 | €17,727 | €17,727 | €16,327 | ▼ 7.9% |
| Profit (loss) carried forward14 | €450,689 | €386,285 | €386,285 | €386,285 | €395,612 | €33,291 | €33,291 | = |
| Amounts payable17/49 | €63,490 | €58,268 | €60,685 | €58,312 | - | - | €1,400 | - |
| Amounts payable after more than one year17 | €18,405 | €18,406 | €18,406 | €18,406 | - | - | - | - |
| Financial debts170/4 | - | - | - | €18,406 | - | - | - | - |
| Amounts payable within one year42/48 | €28,752 | €38,920 | €41,337 | €38,964 | - | - | €1,400 | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,854 | - | - | - | - |
| Financial debts43 | - | - | - | €2,083 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €2,083 | - | - | - | - |
| Trade debts44 | €11,151 | - | €2,373 | - | - | - | €1,400 | - |
| Suppliers440/4 | - | - | - | - | - | - | €1,400 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,623 | - | - | - | - |
| Taxes450/3 | - | - | - | €329 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €4,294 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €22,403 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €942 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,335 | -€64,405 | -€3,396 | -€1,618 | €9,327 | -€12,320 | -€1,400 | ▲ 88.6% |
| + Depreciation and write-downs630 | €13,794 | €143 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €67,129 | -€64,263 | -€3,396 | -€1,618 | €9,327 | -€12,320 | -€1,400 | ▲ 88.6% |
| Investment in fixed assets (approximation) | - | €100,390 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€53,875 | -€719 | €0 | €188,940 | -€362,320 | €0 | - |
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, 12,322 companies had the same profile as VAN NOTEN has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN NOTEN 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 12,322 companies, not a prediction for VAN NOTEN. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00035433 | |
| 30-06-2024 | micro format | 28-02-2025 | 2025-00041192 | |
| 30-06-2023 | micro format | 25-09-2023 | 2023-00455109 | |
| 30-06-2022 | micro format | 28-02-2023 | 2023-00032300 | |
| 30-06-2021 | micro format | 27-02-2022 | 2022-06600596 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-04400189 | |
| 30-06-2019 | abbreviated format | 31-08-2020 | 2020-48500558 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-04200062 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-04400225 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-03200050 |