VANDEGAR Technical Services
ActiveSummary
VANDEGAR Technical Services has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €161,626 and a net result of €36,940. Equity is growing by about 16% per year across the filed financial years. Its solvency ranks better than 57% of 11,605 sector peers (NACE 71, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, micro format
Equity
€161,626▲ 29.6%
2024 · €124,685
Total assets
€264,761▲ 5.2%
2024 · €251,755
Net result
€36,940▲ 425%
2024 · €7,034
Working capital
-€46,304▲ 43.3%
2024 · -€81,657
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 289% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€58,126
2025
Net result€36,940
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€264,761
2025
Equity€161,626
2025
Debt€103,135
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€46,304
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)14.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency61.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.42
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 71, Architectural and engineering activities; technical testing and analysis: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€27,371-€24,939▼ 8.9%€47,928▲ 92.2%€42,724▼ 10.9%€10,094▼ 76.4%€14,951▲ 48.1%€58,126▲ 289%
Net result€19,511-€13,739within the sector's middle half▼ 29.6%€33,552within the sector's middle half▲ 144%€26,995within the sector's middle half▼ 19.5%€3,404within the sector's middle half▼ 87.4%€7,034within the sector's middle half▲ 107%€36,940within the sector's middle half▲ 425%
Equity€49,962-€63,701within the sector's middle half▲ 27.5%€87,252within the sector's middle half▲ 37.0%€114,247within the sector's middle half▲ 30.9%€117,651within the sector's middle half▲ 3.0%€124,685within the sector's middle half▲ 6.0%€161,626above the sector's middle half▲ 29.6%
Total assets€250,534-€239,891within the sector's middle half▼ 4.2%€275,845within the sector's middle half▲ 15.0%€303,722within the sector's middle half▲ 10.1%€262,305within the sector's middle half▼ 13.6%€251,755within the sector's middle half▼ 4.0%€264,761within the sector's middle half▲ 5.2%
Debt€200,572-€176,190▼ 12.2%€188,593▲ 7.0%€189,475▲ 0.5%€144,654▼ 23.7%€127,069▼ 12.2%€103,135▼ 18.8%
Working capital-€55,379-€3,010below the sector's middle half€6,103below the sector's middle half▲ 103%-€75,110below the sector's middle half-€76,198below the sector's middle half▼ 1.4%-€81,657below the sector's middle half▼ 7.2%-€46,304below the sector's middle half▲ 43.3%
Solvency19.9%-26.6%within the sector's middle half▲ 6.6pp31.6%within the sector's middle half▲ 5.1pp37.6%within the sector's middle half▲ 6.0pp44.9%within the sector's middle half▲ 7.2pp49.5%within the sector's middle half▲ 4.7pp61.0%within the sector's middle half▲ 11.5pp
Current ratio0.60-1.04below the sector's middle half▲ 0.441.06below the sector's middle half▲ 0.020.38below the sector's middle half▼ 0.680.23below the sector's middle half▼ 0.150.14below the sector's middle half▼ 0.080.42below the sector's middle half▲ 0.28
Return on assets (ROA)7.8%-5.7%within the sector's middle half▼ 2.1pp12.2%within the sector's middle half▲ 6.4pp8.9%within the sector's middle half▼ 3.3pp1.3%within the sector's middle half▼ 7.6pp2.8%within the sector's middle half▲ 1.5pp14.0%within the sector's middle half▲ 11.2pp
above
within
below
the middle half of NACE 71, Architectural and engineering activities; technical testing and analysis: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €264,761
Fixed assets
€231,486 ▼ 2.9%
Current assets
€33,274 ▲ 147%
Equity and liabilities €264,761
Equity
€161,626 ▲ 29.6%
Debt
€103,135 ▼ 18.8%
Debt's share of the balance-sheet total falls from 50.5% to 39.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€64,937▲
2024 · €21,762
Cash flow
€43,751▲
2024 · €13,845
Debt to equity
0.64▼
2024 · 1.02
ROE
22.9%▲
2024 · 5.6%
Interest coverage
8.85▲
2024 · 4.34
Debt ≤ 1 year
€79,578▼
2024 · €95,114
Debt > 1 year
€21,993▼
2024 · €30,391
Income taxes
€13,849▲
2024 · €2,901
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 |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,456 | €6,811 | €8,352 | €12,978 | €6,811 | €6,811 | €6,811 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €11,761 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,553 | €1,460 | €1,573 | €1,140 | ▼ 27.5% |
| Gross operating margin9900 | €50,327 | €33,133 | €57,816 | €57,255 | €18,365 | €35,096 | €66,077 | ▲ 88.3% |
| Operating profit (loss)9901 | €27,371 | €24,939 | €47,928 | €42,724 | €10,094 | €14,951 | €58,126 | ▲ 289% |
| Financial income75/76B | - | - | - | €30 | €0 | - | - | - |
| Recurring financial income75 | - | - | - | €30 | €0 | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €5,293 | €5,003 | €5,016 | €7,337 | ▲ 46.3% |
| Recurring financial charges65 | €7,694 | €6,926 | €5,281 | €5,293 | €5,003 | €5,016 | €7,337 | ▲ 46.3% |
| Profit (loss) for the period before taxes9903 | €19,677 | €18,013 | €42,647 | €37,461 | €5,091 | €9,935 | €50,789 | ▲ 411% |
| Income taxes67/77 | €166 | €4,275 | €9,095 | €10,466 | €1,687 | €2,901 | €13,849 | ▲ 377% |
| Profit (loss) for the period9904 | €19,511 | €13,739 | €33,552 | €26,995 | €3,404 | €7,034 | €36,940 | ▲ 425% |
| Profit (loss) for the period to be appropriated9905 | €19,511 | €13,739 | €33,552 | €26,995 | €3,404 | €7,034 | €36,940 | ▲ 425% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €250,534 | €239,891 | €275,845 | €303,722 | €262,305 | €251,755 | €264,761 | ▲ 5.2% |
| Fixed assets21/28 | €167,352 | €160,541 | €170,689 | €257,711 | €240,108 | €238,297 | €231,486 | ▼ 2.9% |
| Tangible fixed assets22/27 | €117,352 | €110,541 | €120,689 | €107,711 | €90,108 | €83,297 | €76,486 | ▼ 8.2% |
| Land and buildings22 | - | - | - | €96,919 | €90,108 | €83,297 | €76,486 | ▼ 8.2% |
| Furniture and vehicles24 | - | - | - | €10,792 | - | - | - | - |
| Financial fixed assets28 | €50,000 | €50,000 | €50,000 | €150,000 | €150,000 | €155,000 | €155,000 | = |
| Current assets29/58 | €83,182 | €79,350 | €105,157 | €46,011 | €22,197 | €13,458 | €33,274 | ▲ 147% |
| Stocks and contracts in progress3 | €11,761 | €11,761 | €11,761 | €11,761 | €11,761 | - | - | - |
| Stocks30/36 | - | - | - | €11,761 | €11,761 | - | - | - |
| Amounts receivable within one year40/41 | €46,895 | €55,196 | €93,396 | €23,951 | €10,012 | €13,458 | €6,764 | ▼ 49.7% |
| Trade receivables40 | - | - | - | €23,835 | €9,896 | €13,342 | €6,648 | ▼ 50.2% |
| Other amounts receivable41 | - | - | - | €116 | €116 | €116 | €116 | = |
| Cash at bank and in hand54/58 | €24,497 | €12,393 | - | €10,299 | €230 | - | €26,511 | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €194 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €250,534 | €239,891 | €275,845 | €303,722 | €262,305 | €251,755 | €264,761 | ▲ 5.2% |
| Equity10/15 | €49,962 | €63,701 | €87,252 | €114,247 | €117,651 | €124,685 | €161,626 | ▲ 29.6% |
| Contributions10/11 | €9,730 | - | - | €9,730 | €9,730 | €9,730 | €9,730 | = |
| Reserves13 | €11,875 | €11,875 | €11,875 | €11,875 | €11,875 | €11,875 | €11,875 | = |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Reserves not available under the articles1311 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Tax-exempt reserves132 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €28,357 | €42,096 | €65,647 | €92,642 | €96,046 | €103,080 | €140,021 | ▲ 35.8% |
| Amounts payable17/49 | €200,572 | €176,190 | €188,593 | €189,475 | €144,654 | €127,069 | €103,135 | ▼ 18.8% |
| Amounts payable after more than one year17 | €60,457 | €98,296 | €87,985 | €66,800 | €44,674 | €30,391 | €21,993 | ▼ 27.6% |
| Financial debts170/4 | - | - | - | €66,800 | €44,674 | €30,391 | €21,993 | ▼ 27.6% |
| Amounts payable within one year42/48 | €138,561 | €76,340 | €99,054 | €121,121 | €98,395 | €95,114 | €79,578 | ▼ 16.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,185 | €22,126 | €14,282 | €8,399 | ▼ 41.2% |
| Financial debts43 | - | - | - | - | - | €20,134 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €20,134 | €0 | ▼ 100% |
| Trade debts44 | €3,687 | €3,694 | €3,691 | €2,368 | €1,601 | €2,835 | €1,581 | ▼ 44.2% |
| Suppliers440/4 | - | - | - | €2,368 | €1,601 | €2,835 | €1,581 | ▼ 44.2% |
| Taxes, remuneration and social security45 | - | - | - | €19,793 | €20,676 | €10,855 | €21,391 | ▲ 97.1% |
| Taxes450/3 | - | - | - | €19,793 | €20,676 | €10,855 | €21,391 | ▲ 97.1% |
| Other amounts payable47/48 | - | - | - | €77,775 | €53,992 | €47,008 | €48,207 | ▲ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | €1,554 | €1,585 | €1,564 | €1,564 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,511 | €13,739 | €33,552 | €26,995 | €3,404 | €7,034 | €36,940 | ▲ 425% |
| + Depreciation and write-downs630 | €9,456 | €6,811 | €8,352 | €12,978 | €6,811 | €6,811 | €6,811 | = |
| Operating cash flow (approximation) | €28,967 | €20,549 | €41,904 | €39,972 | €10,215 | €13,845 | €43,751 | ▲ 216% |
| Investment in fixed assets (approximation) | - | €0 | -€18,500 | -€100,000 | €10,792 | -€5,000 | €0 | - |
| Change in cash | - | -€12,104 | - | - | -€10,069 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00555786 |
| 31-03-2024 | micro format | 29-10-2024 | 2024-00517582 |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00499978 |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20478546 |
| 31-03-2021 | micro format | 04-11-2021 | 2021-76100061 |
| 31-03-2020 | micro format | 29-09-2020 | 2020-56200196 |
| 31-03-2019 | micro format | 30-09-2019 | 2019-66500240 |
| 31-03-2018 | micro format | 31-10-2018 | 2018-70800141 |
| 31-03-2017 | micro format | 28-09-2017 | 2017-63100377 |
| 31-03-2016 | full format | 27-09-2016 | 2016-61200098 |
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Of the 11,503 active companies whose main activity is engineering and related technical consultancy, excluding land surveyors (NACE 71121), figures are known for 6,710. 5,354 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.