VANCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 30 filings
Turnover
≈ €130,000
Estimated: probably between €100,000 and €170,000
Total assets
€298,451▼ 25.8%
2024 · €402,062
Net result
€30,885▲ 86.8%
2024 · €16,534
Working capital
€133,240▲ 23.9%
2024 · €107,575
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,542
▲ 119%
2025
20182025
Net result
€30,885
▲ 86.8%
2025
middle half of the sector
20182025
Equity
€133,197
▲ 30.2%
2025
middle half of the sector
20182025
Total assets
€298,451
▼ 25.8%
2025
middle half of the sector
20182025
Debt
€165,254
▼ 44.9%
2025
20182025
Working capital
€133,240
▲ 23.9%
2025
highest quarter of the sector
20182025
Solvency
44.6%
▲ 19.2pp
2025
middle half of the sector
20182025
Current ratio
2.02
▲ 0.60
2025
middle half of the sector
20182025
Return on assets (ROA)
10.3%
▲ 6.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m--€0.003m-€0.005m▼ 118%-€0.04m▼ 555%-€0.02m▲ 35.3%€0.02m€0.02m▲ 64.9%€0.05m▲ 119%
Net result€0.03m--€0.02m-€0.02mbelow the sector's middle half▲ 28.2%-€0.05mbelow the sector's middle half▼ 181%-€0.03mbelow the sector's middle half▲ 32.4%€0.007mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 154%€0.03mwithin the sector's middle half▲ 86.8%
Equity€0.2m-€0.2m▼ 11.6%€0.2mwithin the sector's middle half▼ 9.4%€0.1mwithin the sector's middle half▼ 29.1%€0.08mwithin the sector's middle half▼ 27.8%€0.09mwithin the sector's middle half▲ 8.2%€0.1mwithin the sector's middle half▲ 19.3%€0.1mwithin the sector's middle half▲ 30.2%
Total assets€1.1m-€1.0m▼ 4.2%€0.5mwithin the sector's middle half▼ 54.1%€0.4mwithin the sector's middle half▼ 8.8%€0.4mwithin the sector's middle half▼ 10.9%€0.4mwithin the sector's middle half▲ 2.4%€0.4mwithin the sector's middle half▲ 4.5%€0.3mwithin the sector's middle half▼ 25.8%
Debt€0.9m-€0.8m▼ 2.5%€0.3m▼ 63.2%€0.3m▲ 1.4%€0.3m▼ 4.9%€0.3m▲ 0.8%€0.3m▲ 0.3%€0.2m▼ 44.9%
Working capital€0.2m-€0.1m▼ 18.5%€0.1mabove the sector's middle half▼ 8.3%€0.09mwithin the sector's middle half▼ 29.2%€0.07mwithin the sector's middle half▼ 24.6%€0.08mwithin the sector's middle half▲ 18.8%€0.1mwithin the sector's middle half▲ 30.1%€0.1mabove the sector's middle half▲ 23.9%
Solvency18.4%-17.0%▼ 1.4pp33.5%within the sector's middle half▲ 16.5pp26.0%within the sector's middle half▼ 7.5pp21.1%below the sector's middle half▼ 4.9pp22.3%below the sector's middle half▲ 1.2pp25.4%below the sector's middle half▲ 3.1pp44.6%within the sector's middle half▲ 19.2pp
Current ratio1.24-1.19▼ 0.051.57within the sector's middle half▲ 0.381.38within the sector's middle half▼ 0.191.30within the sector's middle half▼ 0.091.34within the sector's middle half▲ 0.041.42within the sector's middle half▲ 0.082.02within the sector's middle half▲ 0.60
Return on assets (ROA)2.5%--2.2%▼ 4.7pp-3.5%below the sector's middle half▼ 1.3pp-10.7%below the sector's middle half▼ 7.2pp-8.1%below the sector's middle half▲ 2.6pp1.7%within the sector's middle half▲ 9.8pp4.1%within the sector's middle half▲ 2.4pp10.3%within the sector's middle half▲ 6.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 119% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €298,451
Fixed assets
€34,340 ▼ 9.8%
Current assets
€264,111 ▼ 27.4%
Equity and liabilities €298,451
Equity
€133,197 ▲ 30.2%
Debt
€165,254 ▼ 44.9%
Debt's share of the balance-sheet total falls from 74.6% to 55.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€64,923▲
2024 · €47,775
Cash flow
€41,266▲
2024 · €39,438
Debt to equity
1.24▼
2024 · 2.93
ROE
23.2%▲
2024 · 16.2%
Interest coverage
7.78▲
2024 · 5.66
Debt ≤ 1 year
€130,871▼
2024 · €256,397
Debt > 1 year
€34,384▼
2024 · €43,353
Income taxes
€17,440▲
2024 · €120
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 | €8,991 | €6,863 | €8,697 | €5,600 | €6,631 |
| Depreciation and write-downs of the year | €25,032 | €23,582 | €24,263 | €22,904 | €10,381 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €360 awarded · €360 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €973 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,995 | €24,594 | €24,602 | €25,032 | €23,582 | €24,263 | €22,904 | €10,381 | ▼ 54.7% |
| Other operating charges640/8 | - | - | - | €301 | €302 | €309 | €318 | €320 | ▲ 0.6% |
| Gross operating margin9900 | €53,617 | €22,586 | €19,392 | -€10,435 | €739 | €39,657 | €48,093 | €65,243 | ▲ 35.7% |
| Operating profit (loss)9901 | €30,983 | -€2,506 | -€5,460 | -€35,768 | -€23,144 | €15,085 | €24,871 | €54,542 | ▲ 119% |
| Financial income75/76B | - | - | - | €0 | - | €216 | €228 | €2,132 | ▲ 837% |
| Recurring financial income75 | €19,945 | - | - | €0 | - | €216 | €228 | €2,132 | ▲ 837% |
| Financial charges65/66B | - | - | - | €9,066 | €7,197 | €8,678 | €8,446 | €8,349 | ▼ 1.1% |
| Recurring financial charges65 | €13,283 | €12,028 | €10,205 | €9,066 | €7,197 | €8,678 | €8,446 | €8,349 | ▼ 1.1% |
| Profit (loss) for the period before taxes9903 | €37,644 | -€14,534 | -€15,664 | -€44,833 | -€30,342 | €6,624 | €16,653 | €48,324 | ▲ 190% |
| Income taxes67/77 | €11,534 | €7,854 | €408 | €256 | €120 | €120 | €120 | €17,440 | ▲ 146× |
| Profit (loss) for the period9904 | €26,110 | -€22,388 | -€16,072 | -€45,089 | -€30,461 | €6,504 | €16,534 | €30,885 | ▲ 86.8% |
| Profit (loss) for the period to be appropriated9905 | €26,110 | -€22,388 | -€16,072 | -€45,089 | -€30,461 | €6,504 | €16,534 | €30,885 | ▲ 86.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.0m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 25.8% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.06m | €0.04m | €0.03m | ▼ 9.8% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.06m | €0.04m | €0.03m | ▼ 9.8% |
| Land and buildings22 | - | - | - | €0.07m | €0.06m | €0.04m | €0.02m | €0.02m | ▼ 17.1% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.005m | €0.004m | €0.003m | ▼ 30.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 13.2% |
| Current assets29/58 | €0.9m | €0.9m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 27.4% |
| Amounts receivable within one year40/41 | €0.02m | €0.005m | €0.02m | €0.002m | €0.005m | €0.008m | €0.02m | €0.02m | ▲ 4.9% |
| Trade receivables40 | - | - | - | - | €0.004m | €0.007m | €0.02m | €0.02m | ▲ 4.9% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.001m | €465 | - | - | - |
| Cash at bank and in hand54/58 | €0.9m | €0.9m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 29.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 25.8% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.1m | €0.08m | €0.09m | €0.1m | €0.1m | ▲ 30.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.04m | - | -€0.02m | -€0.06m | -€0.09m | -€0.09m | -€0.07m | -€0.04m | ▲ 45.0% |
| Amounts payable17/49 | €0.9m | €0.8m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 44.9% |
| Amounts payable after more than one year17 | €0.1m | €0.09m | €0.08m | €0.07m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 20.7% |
| Financial debts170/4 | - | - | - | €0.07m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 20.7% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 49.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Trade debts44 | €0.05m | - | €0.002m | €0.008m | €0.006m | €0.004m | €255 | - | - |
| Suppliers440/4 | - | - | - | €0.008m | €0.006m | €0.004m | €255 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.001m | €0.002m | €0.01m | €0.03m | ▲ 155% |
| Taxes450/3 | - | - | - | €0.002m | €0.001m | €0.002m | €0.01m | €0.03m | ▲ 155% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.09m | ▼ 61.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,110 | -€22,388 | -€16,072 | -€45,089 | -€30,461 | €6,504 | €16,534 | €30,885 | ▲ 86.8% |
| + Depreciation and write-downs630 | €21,995 | €24,594 | €24,602 | €25,032 | €23,582 | €24,263 | €22,904 | €10,381 | ▼ 54.7% |
| Operating cash flow (approximation) | €48,105 | €2,206 | €8,530 | -€20,058 | -€6,880 | €30,767 | €39,438 | €41,266 | ▲ 4.6% |
| Investment in fixed assets (approximation) | - | -€6,596 | -€11,410 | -€8,991 | -€6,863 | -€8,697 | -€5,600 | -€6,631 | ▼ 18.4% |
| Change in cash | - | -€7,699 | -€545,115 | -€7,989 | -€32,303 | €21,470 | €23,318 | -€100,807 | - |
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, 31,368 companies had the same profile as VANCO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VANCO 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 31,368 companies, not a prediction for VANCO. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00314962 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00347246 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00403892 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00294749 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20275336 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-35200233 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45500282 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24600558 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60700440 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-18300525 |