VANDEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €1.2m
Estimated: probably between €730,000 and €1.5m
Total assets
€1.8m▼ 6.8%
2024 · €2.0m
Net result
€302,001▼ 14.7%
2024 · €354,032
Working capital
-€2,535▲ 96.9%
2024 · -€82,537
In the rankings
#10 company by equity in Bredene, Real estate sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€418,388
▼ 14.4%
2025
20212025
Net result
€302,001
▼ 14.7%
2025
highest quarter of the sector
20212025
Equity
€774,793
▲ 63.9%
2025
highest quarter of the sector
20212025
Total assets
€1.8m
▼ 6.8%
2025
highest quarter of the sector
20212025
Debt
€1.0m
▼ 29.4%
2025
20212025
Working capital
-€2,535
▲ 96.9%
2025
middle half of the sector
20212025
Solvency
42.6%
▲ 18.4pp
2025
middle half of the sector
20212025
Current ratio
0.99
▲ 0.14
2025
middle half of the sector
20212025
Return on assets (ROA)
16.6%
▼ 1.5pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.2m-€0.4m▲ 112%€0.2m▼ 51.8%€0.5m▲ 127%€0.4m▼ 14.4%
Net result€0.1mabove the sector's middle half-€0.3mabove the sector's middle half▲ 139%€0.1mabove the sector's middle half▼ 57.0%€0.4mabove the sector's middle half▲ 156%€0.3mabove the sector's middle half▼ 14.7%
Equity€0.2mwithin the sector's middle half-€0.5mabove the sector's middle half▲ 202%€0.6mabove the sector's middle half▲ 28.8%€0.5mabove the sector's middle half▼ 23.6%€0.8mabove the sector's middle half▲ 63.9%
Total assets€1.7mabove the sector's middle half-€2.1mabove the sector's middle half▲ 23.7%€2.1mabove the sector's middle half▲ 0.4%€2.0mabove the sector's middle half▼ 8.5%€1.8mabove the sector's middle half▼ 6.8%
Debt€1.6m-€1.6m▲ 5.6%€1.5m▼ 7.9%€1.5m▼ 2.4%€1.0m▼ 29.4%
Working capital-€0.2mbelow the sector's middle half--€0.005mwithin the sector's middle half▲ 97.7%€0.1mwithin the sector's middle half-€0.08mbelow the sector's middle half-€0.003mwithin the sector's middle half▲ 96.9%
Solvency9.3%within the sector's middle half-22.6%within the sector's middle half▲ 13.3pp29.0%within the sector's middle half▲ 6.4pp24.2%within the sector's middle half▼ 4.8pp42.6%within the sector's middle half▲ 18.4pp
Current ratio0.33below the sector's middle half-0.99within the sector's middle half▲ 0.661.20within the sector's middle half▲ 0.210.85within the sector's middle half▼ 0.340.99within the sector's middle half▲ 0.14
Return on assets (ROA)7.8%within the sector's middle half-15.1%above the sector's middle half▲ 7.3pp6.5%within the sector's middle half▼ 8.6pp18.1%above the sector's middle half▲ 11.7pp16.6%above the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 14% lower than 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 €1.8m
Fixed assets
€1.6m ▲ 8.9%
Current assets
€217,181 ▼ 54.8%
Equity and liabilities €1.8m
Equity
€774,793 ▲ 63.9%
Debt
€1.0m ▼ 29.4%
Debt's share of the balance-sheet total falls from 75.8% to 57.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€482,860▼
2024 · €542,747
Cash flow
€366,472▼
2024 · €407,741
Debt to equity
1.35▼
2024 · 3.13
ROE
39.0%▼
2024 · 74.9%
Interest coverage
23.56▼
2024 · 25.13
Debt ≤ 1 year
€219,716▼
2024 · €563,020
Debt > 1 year
€824,200▼
2024 · €915,695
Income taxes
€95,892▼
2024 · €113,410
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 | €1.8m | €26,630 | €4,651 | - | €194,975 |
| Financial fixed assets | €6,755 | - | - | - | - |
| Depreciation and write-downs of the year | €213,819 | €51,315 | €53,702 | €53,709 | €64,471 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €213,819 | €51,315 | €53,702 | €53,709 | €64,471 | ▲ 20.0% |
| Other operating charges640/8 | €10,552 | €12,596 | €15,173 | €19,591 | €18,187 | ▼ 7.2% |
| Gross operating margin9900 | €435,596 | €511,528 | €284,776 | €562,338 | €501,047 | ▼ 10.9% |
| Operating profit (loss)9901 | €211,224 | €447,617 | €215,901 | €489,039 | €418,388 | ▼ 14.4% |
| Financial income75/76B | €2 | €6 | €0 | - | - | - |
| Recurring financial income75 | €2 | €6 | €0 | - | - | - |
| Financial charges65/66B | €35,588 | €24,301 | €36,100 | €21,596 | €20,496 | ▼ 5.1% |
| Recurring financial charges65 | €35,588 | €24,301 | €36,100 | €21,596 | €20,496 | ▼ 5.1% |
| Profit (loss) for the period before taxes9903 | €175,638 | €423,322 | €179,801 | €467,442 | €397,892 | ▼ 14.9% |
| Income taxes67/77 | €41,349 | €102,100 | €41,552 | €113,410 | €95,892 | ▼ 15.4% |
| Profit (loss) for the period9904 | €134,289 | €321,222 | €138,249 | €354,032 | €302,001 | ▼ 14.7% |
| Profit (loss) for the period to be appropriated9905 | €134,289 | €321,222 | €138,249 | €354,032 | €302,001 | ▼ 14.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €2.1m | €2.1m | €2.0m | €1.8m | ▼ 6.8% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.5m | €1.5m | €1.6m | ▲ 8.9% |
| Tangible fixed assets22/27 | €1.6m | €1.6m | €1.5m | €1.5m | €1.6m | ▲ 8.9% |
| Land and buildings22 | €1.6m | €1.6m | €1.5m | €1.5m | €1.6m | ▲ 8.8% |
| Furniture and vehicles24 | €0.002m | €0.001m | €0.001m | €487 | €0.001m | ▲ 81.8% |
| Financial fixed assets28 | €0.007m | €0.007m | - | - | - | - |
| Current assets29/58 | €0.1m | €0.5m | €0.6m | €0.5m | €0.2m | ▼ 54.8% |
| Stocks and contracts in progress3 | - | €0.3m | €0.3m | €0.4m | - | - |
| Stocks30/36 | - | €0.3m | €0.3m | €0.4m | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.2m | €0.2m | €0.08m | €0.2m | ▲ 149% |
| Trade receivables40 | €0.02m | €0.08m | €0.2m | €0.05m | €0.07m | ▲ 38.5% |
| Other amounts receivable41 | €0.001m | €0.09m | €0.005m | €0.03m | €0.1m | ▲ 322% |
| Cash at bank and in hand54/58 | €0.09m | €0.08m | €0.1m | €0.03m | €0.03m | ▼ 4.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €2.1m | €2.1m | €2.0m | €1.8m | ▼ 6.8% |
| Equity10/15 | €0.2m | €0.5m | €0.6m | €0.5m | €0.8m | ▲ 63.9% |
| Contributions10/11 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.1m | €0.5m | €0.6m | €0.4m | €0.7m | ▲ 67.4% |
| Amounts payable17/49 | €1.6m | €1.6m | €1.5m | €1.5m | €1.0m | ▼ 29.4% |
| Amounts payable after more than one year17 | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | ▼ 10.0% |
| Financial debts170/4 | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | ▼ 10.0% |
| Amounts payable within one year42/48 | €0.3m | €0.6m | €0.5m | €0.6m | €0.2m | ▼ 61.0% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.1m | €0.09m | €0.09m | €0.09m | ▲ 1.5% |
| Financial debts43 | - | €0.2m | - | €0.03m | €0.03m | ▼ 14.2% |
| Credit institutions430/8 | - | €0.2m | - | - | - | - |
| Other loans439 | - | - | - | €0.03m | €0.03m | ▼ 14.2% |
| Trade debts44 | €0.009m | €0.02m | €0.01m | €0.02m | €0.02m | ▲ 11.7% |
| Suppliers440/4 | €0.009m | €0.02m | €0.01m | €0.02m | €0.02m | ▲ 11.7% |
| Taxes, remuneration and social security45 | €0.05m | €0.2m | €0.2m | €0.02m | €0.03m | ▲ 48.1% |
| Taxes450/3 | €0.04m | €0.1m | €0.1m | €0.01m | €0.03m | ▲ 70.1% |
| Remuneration and social security454/9 | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | ▲ 1.3% |
| Other amounts payable47/48 | €0.2m | €0.05m | €0.3m | €0.4m | €0.05m | ▼ 87.5% |
| Accrued charges and deferred income492/3 | €0.001m | €0.001m | €400 | €400 | €400 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €134,289 | €321,222 | €138,249 | €354,032 | €302,001 | ▼ 14.7% |
| + Depreciation and write-downs630 | €213,819 | €51,315 | €53,702 | €53,709 | €64,471 | ▲ 20.0% |
| Operating cash flow (approximation) | €348,108 | €372,537 | €191,951 | €407,741 | €366,472 | ▼ 10.1% |
| Investment in fixed assets (approximation) | - | -€26,630 | €2,104 | €0 | -€194,975 | - |
| Change in cash | - | -€10,512 | €17,339 | -€68,571 | -€1,141 | ▲ 98.3% |
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, 6,782 companies had the same profile as VANDEL has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of VANDEL 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 6,782 companies, not a prediction for VANDEL. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00243221 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00238317 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00430306 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00297903 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20187134 |