VANCK
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00435830.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 40 filings
Turnover
≈ €350,000
Estimated: probably between €120,000 and €910,000
Total assets
€872,038▲ 13.1%
2024 · €771,207
Net result
€27,962▲ 136%
2024 · €11,862
Working capital
€341,521▲ 10.5%
2024 · €308,932
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,490
▲ 71.0%
2025
20182025
Net result
€27,962
▲ 136%
2025
middle half of the sector
20182025
Equity
€355,553
▲ 8.5%
2025
middle half of the sector
20182025
Total assets
€872,038
▲ 13.1%
2025
middle half of the sector
20182025
Debt
€516,486
▲ 16.4%
2025
20182025
Working capital
€341,521
▲ 10.5%
2025
middle half of the sector
20182025
Solvency
40.8%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
1.68
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
3.2%
▲ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
0
▼ 100%
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€23,165-€70,027▲ 202%€3,929▼ 94.4%€25,116▲ 539%€33,530▲ 33.5%€30,978▼ 7.6%€26,606▼ 14.1%€45,490▲ 71.0%
Net result€16,112-€47,761▲ 196%€649below the sector's middle half▼ 98.6%€14,573within the sector's middle half▲ 22×€24,028within the sector's middle half▲ 64.9%€17,116within the sector's middle half▼ 28.8%€11,862within the sector's middle half▼ 30.7%€27,962within the sector's middle half▲ 136%
Equity€211,602-€259,363▲ 22.6%€260,012within the sector's middle half▲ 0.3%€274,585within the sector's middle half▲ 5.6%€298,613within the sector's middle half▲ 8.8%€315,729within the sector's middle half▲ 5.7%€327,591within the sector's middle half▲ 3.8%€355,553within the sector's middle half▲ 8.5%
Total assets€544,013-€633,225▲ 16.4%€591,484within the sector's middle half▼ 6.6%€593,791within the sector's middle half▲ 0.4%€834,155within the sector's middle half▲ 40.5%€935,264within the sector's middle half▲ 12.1%€771,207within the sector's middle half▼ 17.5%€872,038within the sector's middle half▲ 13.1%
Debt€332,412-€373,862▲ 12.5%€331,472▼ 11.3%€319,207▼ 3.7%€535,542▲ 67.8%€619,536▲ 15.7%€443,616▼ 28.4%€516,486▲ 16.4%
Working capital€200,956-€239,960▲ 19.4%€245,900within the sector's middle half▲ 2.5%€263,803within the sector's middle half▲ 7.3%€265,759within the sector's middle half▲ 0.7%€292,097within the sector's middle half▲ 9.9%€308,932within the sector's middle half▲ 5.8%€341,521within the sector's middle half▲ 10.5%
Solvency38.9%-41.0%▲ 2.1pp44.0%within the sector's middle half▲ 3.0pp46.2%within the sector's middle half▲ 2.3pp35.8%within the sector's middle half▼ 10.4pp33.8%within the sector's middle half▼ 2.0pp42.5%within the sector's middle half▲ 8.7pp40.8%within the sector's middle half▼ 1.7pp
Current ratio1.63-1.70▲ 0.071.80within the sector's middle half▲ 0.101.87within the sector's middle half▲ 0.081.53within the sector's middle half▼ 0.341.50within the sector's middle half▼ 0.041.73within the sector's middle half▲ 0.241.68within the sector's middle half▼ 0.05
Return on assets (ROA)3.0%-7.5%▲ 4.6pp0.1%below the sector's middle half▼ 7.4pp2.5%within the sector's middle half▲ 2.3pp2.9%within the sector's middle half▲ 0.4pp1.8%within the sector's middle half▼ 1.1pp1.5%within the sector's middle half▼ 0.3pp3.2%within the sector's middle half▲ 1.7pp
Staff (FTE)0.8-0.7▼ 12.5%1below the sector's middle half▲ 42.9%0.3below the sector's middle half▼ 70.0%0.8below the sector's middle half▲ 167%1within the sector's middle half▲ 25.0%0.8below the sector's middle half▼ 20.0%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 71% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €872,038
Fixed assets
€27,015 ▼ 33.2%
Current assets
€845,023 ▲ 15.6%
Equity and liabilities €872,038
Equity
€355,553 ▲ 8.5%
Debt
€516,486 ▲ 16.4%
Debt's share of the balance-sheet total rises from 57.5% to 59.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€58,909▲
2024 · €40,026
Cash flow
€41,382▲
2024 · €25,282
Quick ratio
1.07▲
2024 · 0.64
Debt to equity
1.45▲
2024 · 1.35
ROE
7.9%▲
2024 · 3.6%
Interest coverage
8.59▲
2024 · 3.65
Debt ≤ 1 year
€503,502▲
2024 · €421,839
Debt > 1 year
€12,983▼
2024 · €21,735
Income taxes
€10,670▲
2024 · €3,780
Staff costs
€116▼
2024 · €41,171
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 | - | 1 | 1 | 0 | 0 |
| full-time | - | 1 | 1 | 0 | 0 |
| in full-time equivalents | - | 1 | 1 | 0 | 0 |
| Average over the year, in full-time equivalents | 0.3 | 0.8 | 1 | 0.8 | 0 |
| Joined | 0 | 1 | 1 | 0 | 0 |
| Left | 1 | 0 | 0 | 1 | 0 |
| Training hours | 4 | 8 | 8 | 6 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €22,225 | €46,458 | €38,461 | €30,223 | €21,735 |
| Pledge on other assets, amount secured | €42,000 | €55,000 | €55,000 | €55,000 | €55,000 |
| Carrying value of the other pledged assets | €17,171 | €63,036 | €46,062 | €34,240 | €22,418 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,895 | €56,216 | €1,089 | - | - |
| Depreciation and write-downs of the year | €11,992 | €12,140 | €18,549 | €13,420 | €13,420 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,223 | €38,114 | €44,941 | €41,171 | €116 | ▼ 99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,762 | €13,648 | €12,167 | €11,992 | €12,140 | €18,549 | €13,420 | €13,420 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €250 | - | €3,805 | - | - |
| Other operating charges640/8 | - | - | - | €1,064 | €1,003 | €1,068 | €1,982 | €1,338 | ▼ 32.5% |
| Non-recurring operating charges66A | - | - | - | - | €52,998 | - | - | - | - |
| Gross operating margin9900 | €81,600 | €125,274 | €62,524 | €52,394 | €138,035 | €95,536 | €86,984 | €60,363 | ▼ 30.6% |
| Operating profit (loss)9901 | €23,165 | €70,027 | €3,929 | €25,116 | €33,530 | €30,978 | €26,606 | €45,490 | ▲ 71.0% |
| Financial income75/76B | - | - | - | €134 | €85 | - | €14 | - | - |
| Recurring financial income75 | €161 | €52 | €0 | €134 | €85 | - | €14 | - | - |
| Financial charges65/66B | - | - | - | €4,772 | €5,389 | €6,928 | €10,978 | €6,857 | ▼ 37.5% |
| Recurring financial charges65 | €3,166 | €3,050 | €2,769 | €4,772 | €5,389 | €6,928 | €10,978 | €6,857 | ▼ 37.5% |
| Profit (loss) for the period before taxes9903 | €20,160 | €67,028 | €1,160 | €20,479 | €28,226 | €24,050 | €15,642 | €38,632 | ▲ 147% |
| Income taxes67/77 | €4,048 | €19,267 | €511 | €5,906 | €4,198 | €6,934 | €3,780 | €10,670 | ▲ 182% |
| Profit (loss) for the period9904 | €16,112 | €47,761 | €649 | €14,573 | €24,028 | €17,116 | €11,862 | €27,962 | ▲ 136% |
| Profit (loss) for the period to be appropriated9905 | €16,112 | €47,761 | €649 | €14,573 | €24,028 | €17,116 | €11,862 | €27,962 | ▲ 136% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €544,013 | €633,225 | €591,484 | €593,791 | €834,155 | €935,264 | €771,207 | €872,038 | ▲ 13.1% |
| Fixed assets21/28 | €22,596 | €48,505 | €36,337 | €27,240 | €71,316 | €53,855 | €40,435 | €27,015 | ▼ 33.2% |
| Tangible fixed assets22/27 | €22,596 | €48,505 | €36,337 | €27,240 | €71,316 | €53,855 | €40,435 | €27,015 | ▼ 33.2% |
| Land and buildings22 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | €23,200 | €27,972 | €19,271 | €14,611 | €9,951 | ▼ 31.9% |
| Furniture and vehicles24 | - | - | - | €4,040 | €43,344 | €34,584 | €25,824 | €17,064 | ▼ 33.9% |
| Current assets29/58 | €521,417 | €584,721 | €555,147 | €566,551 | €762,839 | €881,409 | €730,771 | €845,023 | ▲ 15.6% |
| Stocks and contracts in progress3 | €231,165 | €247,931 | €314,608 | €289,246 | €303,090 | €433,421 | €460,144 | €308,606 | ▼ 32.9% |
| Stocks30/36 | - | - | - | €289,246 | €303,090 | €433,421 | €460,144 | €308,606 | ▼ 32.9% |
| Amounts receivable within one year40/41 | €169,395 | €161,873 | €103,614 | €146,693 | €97,465 | €382,046 | €207,182 | €327,633 | ▲ 58.1% |
| Trade receivables40 | - | - | - | €146,519 | €96,828 | €368,081 | €207,112 | €327,633 | ▲ 58.2% |
| Other amounts receivable41 | - | - | - | €174 | €638 | €13,966 | €71 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €115,037 | €170,566 | €131,326 | €126,500 | €358,640 | €59,748 | €59,815 | €205,507 | ▲ 244% |
| Deferred charges and accrued income490/1 | - | - | - | €4,113 | €3,644 | €6,194 | €3,630 | €3,277 | ▼ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €544,013 | €633,225 | €591,484 | €593,791 | €834,155 | €935,264 | €771,207 | €872,038 | ▲ 13.1% |
| Equity10/15 | €211,602 | €259,363 | €260,012 | €274,585 | €298,613 | €315,729 | €327,591 | €355,553 | ▲ 8.5% |
| Contributions10/11 | €68,592 | €68,592 | - | €68,592 | €68,592 | €68,592 | €68,592 | €68,592 | = |
| Reserves13 | €140,330 | €190,330 | €190,330 | €205,330 | €228,330 | €246,471 | €258,471 | €286,471 | ▲ 10.8% |
| Non-distributable reserves130/1 | - | - | - | €6,859 | €6,859 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,859 | €6,859 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €198,471 | €221,471 | €246,471 | €258,471 | €286,471 | ▲ 10.8% |
| Profit (loss) carried forward14 | €2,679 | €441 | €1,090 | €663 | €1,691 | €666 | €528 | €490 | ▼ 7.2% |
| Amounts payable17/49 | €332,412 | €373,862 | €331,472 | €319,207 | €535,542 | €619,536 | €443,616 | €516,486 | ▲ 16.4% |
| Amounts payable after more than one year17 | €11,798 | €29,023 | €22,225 | €16,458 | €38,461 | €30,223 | €21,735 | €12,983 | ▼ 40.3% |
| Financial debts170/4 | - | - | - | €16,458 | €38,461 | €30,223 | €21,735 | €12,983 | ▼ 40.3% |
| Amounts payable within one year42/48 | €320,461 | €344,761 | €309,247 | €302,748 | €497,081 | €589,312 | €421,839 | €503,502 | ▲ 19.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,767 | €7,997 | €8,238 | €8,489 | €8,751 | ▲ 3.1% |
| Financial debts43 | - | - | - | €50,013 | €25 | €124,696 | €100,000 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €13 | €25 | €50,696 | - | - | - |
| Other loans439 | - | - | - | €50,000 | €0 | €74,000 | €100,000 | €0 | ▼ 100% |
| Trade debts44 | €90,896 | €127,433 | €75,871 | €109,671 | €348,118 | €305,005 | €158,191 | €290,864 | ▲ 83.9% |
| Suppliers440/4 | - | - | - | €109,671 | €348,118 | €305,005 | €158,191 | €290,864 | ▲ 83.9% |
| Taxes, remuneration and social security45 | - | - | - | €19,208 | €16,970 | €16,687 | €12,344 | €53,952 | ▲ 337% |
| Taxes450/3 | - | - | - | €16,574 | €11,833 | €7,811 | €9,702 | €53,952 | ▲ 456% |
| Remuneration and social security454/9 | - | - | - | €2,633 | €5,138 | €8,876 | €2,642 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €118,091 | €123,970 | €134,688 | €142,815 | €149,935 | ▲ 5.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €42 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,112 | €47,761 | €649 | €14,573 | €24,028 | €17,116 | €11,862 | €27,962 | ▲ 136% |
| + Depreciation and write-downs630 | €7,762 | €13,648 | €12,167 | €11,992 | €12,140 | €18,549 | €13,420 | €13,420 | = |
| Operating cash flow (approximation) | €23,874 | €61,410 | €12,816 | €26,565 | €36,168 | €35,665 | €25,282 | €41,382 | ▲ 63.7% |
| Investment in fixed assets (approximation) | - | -€39,557 | €0 | -€2,895 | -€56,216 | -€1,089 | €0 | €0 | - |
| Change in cash | - | €55,529 | -€39,240 | -€4,826 | €232,140 | -€298,892 | €68 | €145,692 | ▲ 2,156× |
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 VANCK 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 VANCK 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 14,766 companies, not a prediction for VANCK. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00435830 | |
| 31-12-2024 | abbreviated format | 02-06-2025 | 2025-00118482 | |
| 31-12-2023 | abbreviated format | 11-06-2024 | 2024-00125280 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00193150 | |
| 31-12-2021 | abbreviated format | 18-08-2022 | 2022-20294827 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-29400227 | |
| 31-12-2019 | abbreviated format | 06-07-2020 | 2020-26400091 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-25500086 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-39700297 | |
| 31-12-2016 | abbreviated format | 25-07-2017 | 2017-35700224 |