VAN REETH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 33 filings
Turnover
≈ €490,000
Estimated: probably between €380,000 and €630,000
Total assets
€297,787▼ 1.5%
2024 · €302,236
Net result
-€972▲ 96.8%
2024 · -€30,246
Working capital
€217,507▲ 1.7%
2024 · €213,803
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€932
▲ 97.5%
2025
20182025
Net result
-€972
▲ 96.8%
2025
lowest quarter of the sector
20182025
Equity
€218,778
▼ 0.4%
2025
highest quarter of the sector
20182025
Total assets
€297,787
▼ 1.5%
2025
middle half of the sector
20182025
Debt
€79,008
▼ 4.2%
2025
20182025
Working capital
€217,507
▲ 1.7%
2025
highest quarter of the sector
20182025
Solvency
73.5%
▲ 0.8pp
2025
middle half of the sector
20182025
Current ratio
3.82
▲ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.3%
▲ 9.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.5
▲ 25.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€81,460--€65,601€7,422€7,037▼ 5.2%€4,676▼ 33.5%-€26,205-€37,983▼ 44.9%-€932▲ 97.5%
Net result€62,320--€65,913€6,066within the sector's middle half€6,743within the sector's middle half▲ 11.2%€5,943within the sector's middle half▼ 11.9%-€24,784below the sector's middle half-€30,246below the sector's middle half▼ 22.0%-€972below the sector's middle half▲ 96.8%
Equity€326,792-€260,880▼ 20.2%€262,095within the sector's middle half▲ 0.5%€268,838above the sector's middle half▲ 2.6%€274,780above the sector's middle half▲ 2.2%€249,996above the sector's middle half▼ 9.0%€219,751above the sector's middle half▼ 12.1%€218,778above the sector's middle half▼ 0.4%
Total assets€425,957-€308,530▼ 27.6%€315,809within the sector's middle half▲ 2.4%€348,662above the sector's middle half▲ 10.4%€331,184above the sector's middle half▼ 5.0%€320,643above the sector's middle half▼ 3.2%€302,236within the sector's middle half▼ 5.7%€297,787within the sector's middle half▼ 1.5%
Debt€99,165-€47,650▼ 51.9%€53,714▲ 12.7%€79,825▲ 48.6%€56,404▼ 29.3%€70,647▲ 25.3%€82,485▲ 16.8%€79,008▼ 4.2%
Working capital€260,813-€203,296▼ 22.1%€224,744within the sector's middle half▲ 10.6%€234,582above the sector's middle half▲ 4.4%€249,976above the sector's middle half▲ 6.6%€234,644above the sector's middle half▼ 6.1%€213,803above the sector's middle half▼ 8.9%€217,507above the sector's middle half▲ 1.7%
Solvency76.7%-84.6%▲ 7.8pp83.0%above the sector's middle half▼ 1.6pp77.1%above the sector's middle half▼ 5.9pp83.0%above the sector's middle half▲ 5.9pp78.0%above the sector's middle half▼ 5.0pp72.7%within the sector's middle half▼ 5.3pp73.5%within the sector's middle half▲ 0.8pp
Current ratio3.95-5.45▲ 1.505.35above the sector's middle half▼ 0.114.01above the sector's middle half▼ 1.335.59above the sector's middle half▲ 1.584.42above the sector's middle half▼ 1.183.66within the sector's middle half▼ 0.763.82within the sector's middle half▲ 0.17
Return on assets (ROA)14.6%--21.4%▼ 36.0pp1.9%within the sector's middle half▲ 23.3pp1.9%within the sector's middle half=1.8%within the sector's middle half▼ 0.1pp-7.7%below the sector's middle half▼ 9.5pp-10.0%below the sector's middle half▼ 2.3pp-0.3%below the sector's middle half▲ 9.7pp
Staff (FTE)4-3.2▼ 20.0%2.3within the sector's middle half▼ 28.1%2▼ 13.0%2=2=2=2.5▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 €932, smaller than the loss of €37,983 in 2024.
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 €297,787
Fixed assets
€3,272 ▼ 58.8%
Current assets
€294,515 ▲ 0.1%
Equity and liabilities €297,787
Equity
€218,778 ▼ 0.4%
Debt
€79,008 ▼ 4.2%
Debt's share of the balance-sheet total falls from 27.3% to 26.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,744▲
2024 · -€28,579
Cash flow
€3,704▲
2024 · -€20,842
Debt to equity
0.36▼
2024 · 0.38
ROE
-0.4%▲
2024 · -13.8%
Interest coverage
92.67▲
2024 · -706.35
Debt ≤ 1 year
€77,008▼
2024 · €80,485
Debt > 1 year
€2,000=
2024 · €2,000
Staff costs
€238,862▲
2024 · €196,050
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 4 |
| full-time | 2 | 2 | 2 | 2 | 4 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 4 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 | 2.5 |
| On a permanent contract | 2 | 2 | 2 | 2 | 4 |
| Joined | - | - | - | - | 3 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,264 | - | - | - | - |
| Depreciation and write-downs of the year | €8,359 | €9,452 | €9,452 | €9,404 | €4,676 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €1,714 awarded · €387 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,327 | €0 |
| 2024 | 1 | €241 | €241 |
| 2023 | 1 | €146 | €146 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €159,043 | €166,291 | €190,187 | €196,050 | €238,862 | ▲ 21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,608 | €21,240 | €14,466 | €8,359 | €9,452 | €9,452 | €9,404 | €4,676 | ▼ 50.3% |
| Other operating charges640/8 | - | - | - | €1,132 | €653 | €1,178 | €1,842 | €621 | ▼ 66.3% |
| Gross operating margin9900 | €430,310 | €227,658 | €215,098 | €175,571 | €181,072 | €174,611 | €169,313 | €243,227 | ▲ 43.7% |
| Operating profit (loss)9901 | €81,460 | -€65,601 | €7,422 | €7,037 | €4,676 | -€26,205 | -€37,983 | -€932 | ▲ 97.5% |
| Financial income75/76B | - | - | - | €3 | - | €1,476 | €7,778 | €0 | ▼ 100.0% |
| Recurring financial income75 | €0 | - | €0 | €3 | - | €1,476 | €7,778 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €41 | €352 | €55 | €40 | €40 | ▼ 0.1% |
| Recurring financial charges65 | €283 | €312 | €62 | €41 | €352 | €55 | €40 | €40 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €81,177 | -€65,913 | €7,360 | €6,999 | €4,325 | -€24,784 | -€30,246 | -€972 | ▲ 96.8% |
| Income taxes67/77 | €18,857 | - | €1,295 | €256 | -€1,618 | - | - | - | - |
| Profit (loss) for the period9904 | €62,320 | -€65,913 | €6,066 | €6,743 | €5,943 | -€24,784 | -€30,246 | -€972 | ▲ 96.8% |
| Profit (loss) for the period to be appropriated9905 | €62,320 | -€65,913 | €6,066 | €6,743 | €5,943 | -€24,784 | -€30,246 | -€972 | ▲ 96.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €425,957 | €308,530 | €315,809 | €348,662 | €331,184 | €320,643 | €302,236 | €297,787 | ▼ 1.5% |
| Fixed assets21/28 | €76,824 | €59,584 | €39,351 | €36,256 | €26,804 | €17,352 | €7,948 | €3,272 | ▼ 58.8% |
| Tangible fixed assets22/27 | €76,824 | €59,584 | €39,351 | €36,256 | €26,804 | €17,352 | €7,948 | €3,272 | ▼ 58.8% |
| Plant, machinery and equipment23 | - | - | - | €1,580 | €1,038 | €495 | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,507 | €2,780 | €2,052 | €1,325 | €598 | ▼ 54.9% |
| Other tangible fixed assets26 | - | - | - | €31,169 | €22,987 | €14,805 | €6,623 | €2,674 | ▼ 59.6% |
| Current assets29/58 | €349,133 | €248,946 | €276,458 | €312,406 | €304,380 | €303,291 | €294,288 | €294,515 | ▲ 0.1% |
| Amounts receivable after more than one year29 | - | - | - | €23,684 | €23,704 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €23,684 | €23,704 | - | - | - | - |
| Amounts receivable within one year40/41 | €294,919 | €150,944 | €165,381 | €196,151 | €190,738 | €152,859 | €129,719 | €204,287 | ▲ 57.5% |
| Trade receivables40 | - | - | - | €196,151 | €190,738 | €124,200 | €123,874 | €197,202 | ▲ 59.2% |
| Other amounts receivable41 | - | - | - | - | - | €28,659 | €5,845 | €7,085 | ▲ 21.2% |
| Cash at bank and in hand54/58 | €22,668 | €60,049 | €76,104 | €70,170 | €48,229 | €111,065 | €138,341 | €64,237 | ▼ 53.6% |
| Deferred charges and accrued income490/1 | - | - | - | €22,402 | €41,709 | €39,367 | €26,228 | €25,991 | ▼ 0.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €425,957 | €308,530 | €315,809 | €348,662 | €331,184 | €320,643 | €302,236 | €297,787 | ▼ 1.5% |
| Equity10/15 | €326,792 | €260,880 | €262,095 | €268,838 | €274,780 | €249,996 | €219,751 | €218,778 | ▼ 0.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €216,965 | €216,965 | €216,965 | €216,965 | €216,965 | €216,965 | €213,551 | €212,578 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €215,105 | €215,105 | €216,965 | €213,551 | €212,578 | ▼ 0.5% |
| Profit (loss) carried forward14 | €103,628 | €37,715 | €38,930 | €45,673 | €51,616 | €26,832 | - | - | - |
| Amounts payable17/49 | €99,165 | €47,650 | €53,714 | €79,825 | €56,404 | €70,647 | €82,485 | €79,008 | ▼ 4.2% |
| Amounts payable after more than one year17 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Other amounts payable178/9 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Amounts payable within one year42/48 | €88,320 | €45,650 | €51,714 | €77,825 | €54,404 | €68,647 | €80,485 | €77,008 | ▼ 4.3% |
| Trade debts44 | €13,227 | €2,135 | €18,783 | €40,364 | €19,759 | €27,581 | €45,599 | €40,209 | ▼ 11.8% |
| Suppliers440/4 | - | - | - | €40,364 | €19,759 | €27,581 | €45,599 | €40,209 | ▼ 11.8% |
| Taxes, remuneration and social security45 | - | - | - | €37,461 | €34,645 | €41,066 | €31,772 | €36,799 | ▲ 15.8% |
| Taxes450/3 | - | - | - | €11,804 | €10,770 | €13,330 | €8,469 | €2,099 | ▼ 75.2% |
| Remuneration and social security454/9 | - | - | - | €25,657 | €23,875 | €27,736 | €23,303 | €34,701 | ▲ 48.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | €3,115 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €62,320 | -€65,913 | €6,066 | €6,743 | €5,943 | -€24,784 | -€30,246 | -€972 | ▲ 96.8% |
| + Depreciation and write-downs630 | €21,608 | €21,240 | €14,466 | €8,359 | €9,452 | €9,452 | €9,404 | €4,676 | ▼ 50.3% |
| Operating cash flow (approximation) | €83,928 | -€44,672 | €20,531 | €15,102 | €15,395 | -€15,332 | -€20,842 | €3,704 | - |
| Investment in fixed assets (approximation) | - | -€4,000 | €5,768 | -€5,264 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €37,381 | €16,055 | -€5,934 | -€21,941 | €62,836 | €27,276 | -€74,104 | - |
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 REETH 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 REETH 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 REETH. 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 | micro format | 31-07-2026 | 2026-00377014 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00332445 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00486870 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00434286 | |
| 31-12-2021 | micro format | 15-09-2022 | 2022-20434806 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-75100202 | |
| 31-12-2019 | abbreviated format | 10-11-2020 | 2020-70100231 | |
| 31-12-2018 | micro format | 26-09-2019 | 2019-65900510 | |
| 31-12-2017 | abbreviated format | 25-09-2018 | 2018-64400202 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-56000459 |