Vanbael Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 6 filings
Turnover
≈ €320,000
Estimated: probably between €240,000 and €510,000
Total assets
€219,297▲ 61.2%
2024 · €136,031
Net result
€39,736▲ 215%
2024 · €12,609
Working capital
€69,184▼ 1.8%
2024 · €70,422
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€54,157
▲ 133%
2025
20202025
Net result
€39,736
▲ 215%
2025
highest quarter of the sector
20202025
Equity
€116,885
▲ 27.2%
2025
middle half of the sector
20202025
Total assets
€219,297
▲ 61.2%
2025
middle half of the sector
20202025
Debt
€102,412
▲ 132%
2025
20202025
Working capital
€69,184
▼ 1.8%
2025
middle half of the sector
20202025
Solvency
53.3%
▼ 14.2pp
2025
middle half of the sector
20202025
Current ratio
2.15
▼ 1.76
2025
middle half of the sector
20202025
Return on assets (ROA)
18.1%
▲ 8.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€53,469-€21,678▼ 59.5%€16,593▼ 23.5%€37,026▲ 123%€23,251▼ 37.2%€54,157▲ 133%
Net result€41,463above the sector's middle half-€12,650within the sector's middle half▼ 69.5%€9,826within the sector's middle half▼ 22.3%€22,808within the sector's middle half▲ 132%€12,609within the sector's middle half▼ 44.7%€39,736above the sector's middle half▲ 215%
Equity€43,963within the sector's middle half-€56,613within the sector's middle half▲ 28.8%€66,438within the sector's middle half▲ 17.4%€89,246within the sector's middle half▲ 34.3%€91,855within the sector's middle half▲ 2.9%€116,885within the sector's middle half▲ 27.2%
Total assets€103,339within the sector's middle half-€105,249within the sector's middle half▲ 1.8%€161,586within the sector's middle half▲ 53.5%€160,801within the sector's middle half▼ 0.5%€136,031within the sector's middle half▼ 15.4%€219,297within the sector's middle half▲ 61.2%
Debt€59,377-€48,637▼ 18.1%€95,148▲ 95.6%€71,555▼ 24.8%€44,177▼ 38.3%€102,412▲ 132%
Working capital€28,996within the sector's middle half-€43,478within the sector's middle half▲ 49.9%€29,549within the sector's middle half▼ 32.0%€56,960within the sector's middle half▲ 92.8%€70,422within the sector's middle half▲ 23.6%€69,184within the sector's middle half▼ 1.8%
Solvency42.5%within the sector's middle half-53.8%within the sector's middle half▲ 11.2pp41.1%within the sector's middle half▼ 12.7pp55.5%within the sector's middle half▲ 14.4pp67.5%within the sector's middle half▲ 12.0pp53.3%within the sector's middle half▼ 14.2pp
Current ratio2.03within the sector's middle half-2.54within the sector's middle half▲ 0.511.85within the sector's middle half▼ 0.692.60within the sector's middle half▲ 0.753.91above the sector's middle half▲ 1.312.15within the sector's middle half▼ 1.76
Return on assets (ROA)40.1%above the sector's middle half-12.0%within the sector's middle half▼ 28.1pp6.1%within the sector's middle half▼ 5.9pp14.2%within the sector's middle half▲ 8.1pp9.3%within the sector's middle half▼ 4.9pp18.1%within the sector's middle half▲ 8.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 133% higher than in 2024 and the highest since 2020. It is a recovery after the fall 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 €219,297
Fixed assets
€89,741 ▲ 117%
Current assets
€129,555 ▲ 36.9%
Equity and liabilities €219,297
Equity
€116,885 ▲ 27.2%
Debt
€102,412 ▲ 132%
Debt's share of the balance-sheet total rises from 32.5% to 46.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€81,047▲
2024 · €50,100
Cash flow
€66,626▲
2024 · €39,458
Debt to equity
0.88▲
2024 · 0.48
ROE
34.0%▲
2024 · 13.7%
Interest coverage
32.48▲
2024 · 24.80
Debt ≤ 1 year
€60,372▲
2024 · €24,215
Debt > 1 year
€42,040▲
2024 · €19,962
Income taxes
€12,182▲
2024 · €8,634
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 | - | €90,254 | €1,538 | - | €75,237 |
| Depreciation and write-downs of the year | €12,687 | €26,633 | €30,412 | €26,849 | €26,890 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,628 | €1,033 | €2,353 | - | €6,111 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,085 | €12,687 | €26,633 | €30,412 | €26,849 | €26,890 | ▲ 0.2% |
| Other operating charges640/8 | - | €672 | €1,338 | €1,227 | €2,117 | €1,094 | ▼ 48.3% |
| Gross operating margin9900 | €58,468 | €35,037 | €44,564 | €68,665 | €52,217 | €82,141 | ▲ 57.3% |
| Operating profit (loss)9901 | €53,469 | €21,678 | €16,593 | €37,026 | €23,251 | €54,157 | ▲ 133% |
| Financial income75/76B | - | €11 | €5 | €6 | €13 | €255 | ▲ 20× |
| Recurring financial income75 | €73 | €11 | €5 | €6 | €13 | €255 | ▲ 20× |
| Financial charges65/66B | - | €1,699 | €2,110 | €2,254 | €2,020 | €2,496 | ▲ 23.5% |
| Recurring financial charges65 | €601 | €1,699 | €2,110 | €2,254 | €2,020 | €2,496 | ▲ 23.5% |
| Profit (loss) for the period before taxes9903 | €52,941 | €19,989 | €14,488 | €34,777 | €21,243 | €51,917 | ▲ 144% |
| Income taxes67/77 | €11,478 | €7,339 | €4,662 | €11,969 | €8,634 | €12,182 | ▲ 41.1% |
| Profit (loss) for the period9904 | €41,463 | €12,650 | €9,826 | €22,808 | €12,609 | €39,736 | ▲ 215% |
| Profit (loss) for the period to be appropriated9905 | €41,463 | €12,650 | €9,826 | €22,808 | €12,609 | €39,736 | ▲ 215% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €103,339 | €105,249 | €161,586 | €160,801 | €136,031 | €219,297 | ▲ 61.2% |
| Fixed assets21/28 | €46,184 | €33,497 | €97,118 | €68,243 | €41,394 | €89,741 | ▲ 117% |
| Tangible fixed assets22/27 | €46,184 | €33,497 | €97,118 | €68,243 | €41,394 | €89,741 | ▲ 117% |
| Plant, machinery and equipment23 | - | €1,082 | €542 | - | - | - | - |
| Furniture and vehicles24 | - | €32,415 | €96,576 | €68,243 | €41,394 | €35,239 | ▼ 14.9% |
| Leasing and similar rights25 | - | - | - | - | - | €54,502 | - |
| Current assets29/58 | €57,156 | €71,752 | €64,468 | €92,557 | €94,637 | €129,555 | ▲ 36.9% |
| Amounts receivable within one year40/41 | €19,766 | €31,326 | €26,306 | €45,449 | €43,634 | €71,197 | ▲ 63.2% |
| Trade receivables40 | - | €31,326 | €22,468 | €38,705 | €30,695 | €61,341 | ▲ 99.8% |
| Other amounts receivable41 | - | - | €3,838 | €6,744 | €12,939 | €9,857 | ▼ 23.8% |
| Cash at bank and in hand54/58 | €37,248 | €35,702 | €38,085 | €47,108 | €51,003 | €56,732 | ▲ 11.2% |
| Deferred charges and accrued income490/1 | - | €4,724 | €78 | - | - | €1,625 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €103,339 | €105,249 | €161,586 | €160,801 | €136,031 | €219,297 | ▲ 61.2% |
| Equity10/15 | €43,963 | €56,613 | €66,438 | €89,246 | €91,855 | €116,885 | ▲ 27.2% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €41,463 | €54,113 | €63,938 | €86,746 | €89,355 | €114,385 | ▲ 28.0% |
| Distributable reserves133 | - | €54,113 | €63,938 | €86,746 | €89,355 | €114,385 | ▲ 28.0% |
| Amounts payable17/49 | €59,377 | €48,637 | €95,148 | €71,555 | €44,177 | €102,412 | ▲ 132% |
| Amounts payable after more than one year17 | €31,217 | €20,009 | €59,621 | €35,612 | €19,962 | €42,040 | ▲ 111% |
| Financial debts170/4 | - | €20,009 | €59,621 | €35,612 | €19,962 | €42,040 | ▲ 111% |
| Amounts payable within one year42/48 | €28,160 | €28,274 | €34,919 | €35,598 | €24,215 | €60,372 | ▲ 149% |
| Current portion of amounts payable after more than one year42 | - | €11,208 | €26,470 | €24,009 | €15,650 | €30,757 | ▲ 96.5% |
| Trade debts44 | €1,749 | €1,219 | €1,266 | €537 | €388 | €18,089 | ▲ 47× |
| Suppliers440/4 | - | €1,219 | €1,266 | €537 | €388 | €18,089 | ▲ 47× |
| Taxes, remuneration and social security45 | - | €15,672 | €7,014 | €11,051 | €8,176 | €11,526 | ▲ 41.0% |
| Taxes450/3 | - | €15,672 | €7,014 | €11,051 | €8,176 | €11,526 | ▲ 41.0% |
| Other amounts payable47/48 | - | €175 | €169 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €354 | €608 | €345 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,463 | €12,650 | €9,826 | €22,808 | €12,609 | €39,736 | ▲ 215% |
| + Depreciation and write-downs630 | €4,085 | €12,687 | €26,633 | €30,412 | €26,849 | €26,890 | ▲ 0.2% |
| Operating cash flow (approximation) | €45,547 | €25,337 | €36,458 | €53,220 | €39,458 | €66,626 | ▲ 68.9% |
| Investment in fixed assets (approximation) | - | €0 | -€90,254 | -€1,538 | €0 | -€75,237 | - |
| Change in cash | - | -€1,546 | €2,383 | €9,024 | €3,895 | €5,729 | ▲ 47.1% |
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, 26,972 companies had the same profile as Vanbael Projects has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Vanbael Projects itself is lower: 0.3% within 12 months. It rests on far more data about Vanbael Projects than the profile alone.
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 26,972 companies, not a prediction for Vanbael Projects. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00199193 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00262104 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00270951 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00310992 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20299023 | |
| 31-12-2020 | micro format | 04-08-2021 | 2021-46400288 |