VANHEULE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 34 filings
Equity
€12,966▼ 51.2%
2024 · €26,586
Total assets
€20,698▼ 36.5%
2024 · €32,618
Net result
-€13,620
2024 · €3,953
Working capital
€2,703▼ 80.8%
2024 · €14,093
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€13,386
2025
20182025
Net result
-€13,620
2025
lowest quarter of the sector
20182025
Equity
€12,966
▼ 51.2%
2025
middle half of the sector
20182025
Total assets
€20,698
▼ 36.5%
2025
lowest quarter of the sector
20182025
Debt
€7,732
▲ 28.2%
2025
20182025
Working capital
€2,703
▼ 80.8%
2025
middle half of the sector
20182025
Solvency
62.6%
▼ 18.9pp
2025
middle half of the sector
20182025
Current ratio
1.36
▼ 2.06
2025
middle half of the sector
20182025
Return on assets (ROA)
-65.8%
▼ 77.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,721--€2,648▲ 2.7%€15,638€9,069▼ 42.0%-€5,377€4,527€6,668▲ 47.3%-€13,386
Net result-€3,088--€3,015▲ 2.4%€13,270within the sector's middle half€6,213within the sector's middle half▼ 53.2%-€5,759below the sector's middle half€2,664within the sector's middle half€3,953within the sector's middle half▲ 48.4%-€13,620below the sector's middle half
Equity€12,525-€9,510▼ 24.1%€22,780within the sector's middle half▲ 140%€27,394within the sector's middle half▲ 20.3%€21,635within the sector's middle half▼ 21.0%€22,633within the sector's middle half▲ 4.6%€26,586within the sector's middle half▲ 17.5%€12,966within the sector's middle half▼ 51.2%
Total assets€26,986-€25,828▼ 4.3%€40,509below the sector's middle half▲ 56.8%€39,968below the sector's middle half▼ 1.3%€34,534below the sector's middle half▼ 13.6%€27,527below the sector's middle half▼ 20.3%€32,618below the sector's middle half▲ 18.5%€20,698below the sector's middle half▼ 36.5%
Debt€14,461-€16,318▲ 12.8%€17,728▲ 8.6%€12,574▼ 29.1%€12,899▲ 2.6%€4,894▼ 62.1%€6,032▲ 23.3%€7,732▲ 28.2%
Working capital€9,396-€4,466▼ 52.5%€11,458within the sector's middle half▲ 157%€7,807within the sector's middle half▼ 31.9%€563within the sector's middle half▼ 92.8%€7,531within the sector's middle half▲ 13×€14,093within the sector's middle half▲ 87.1%€2,703within the sector's middle half▼ 80.8%
Solvency46.4%-36.8%▼ 9.6pp56.2%within the sector's middle half▲ 19.4pp68.5%above the sector's middle half▲ 12.3pp62.6%above the sector's middle half▼ 5.9pp82.2%above the sector's middle half▲ 19.6pp81.5%above the sector's middle half▼ 0.7pp62.6%within the sector's middle half▼ 18.9pp
Current ratio1.65-1.28▼ 0.371.69within the sector's middle half▲ 0.411.64within the sector's middle half▼ 0.051.05within the sector's middle half▼ 0.592.65within the sector's middle half▲ 1.603.42above the sector's middle half▲ 0.771.36within the sector's middle half▼ 2.06
Return on assets (ROA)-11.4%--11.7%▼ 0.2pp32.8%above the sector's middle half▲ 44.4pp15.5%above the sector's middle half▼ 17.2pp-16.7%below the sector's middle half▼ 32.2pp9.7%within the sector's middle half▲ 26.4pp12.1%within the sector's middle half▲ 2.4pp-65.8%below the sector's middle half▼ 77.9pp
Staff (FTE)0.1-0.1=0.2below the sector's middle half▲ 100%1▲ 400%1=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €13,386, after a profit of €6,668 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20,698
Fixed assets
€10,437 ▼ 17.8%
Current assets
€10,262 ▼ 48.5%
Equity and liabilities €20,698
Equity
€12,966 ▼ 51.2%
Debt
€7,732 ▲ 28.2%
Debt's share of the balance-sheet total rises from 18.5% to 37.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€8,209▼
2024 · €12,869
Cash flow
-€8,444▼
2024 · €10,154
Quick ratio
1.21▼
2024 · 3.23
Debt to equity
0.60▲
2024 · 0.23
ROE
-105.0%▼
2024 · 14.9%
Interest coverage
-99.87▼
2024 · over 100
Debt ≤ 1 year
€7,559▲
2024 · €5,831
Income taxes
€273▼
2024 · €2,667
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 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.2 | 0.3 |
| Average over the year, in full-time equivalents | 0.2 | 0.2 |
| On a permanent contract | 1 | 1 |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,281 | €7,985 | €765 | €3,464 | €2,919 |
| Depreciation and write-downs of the year | €4,742 | €6,017 | €7,183 | €6,201 | €5,177 |
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 | - | - | - | €9,963 | €7,805 | €667 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,246 | €2,889 | €2,442 | €4,742 | €6,017 | €7,183 | €6,201 | €5,177 | ▼ 16.5% |
| Other operating charges640/8 | - | - | - | €1,442 | €1,479 | €1,566 | €1,168 | €1,513 | ▲ 29.6% |
| Gross operating margin9900 | €6,740 | €6,199 | €29,897 | €25,216 | €9,924 | €13,944 | €14,036 | -€6,696 | - |
| Operating profit (loss)9901 | -€2,721 | -€2,648 | €15,638 | €9,069 | -€5,377 | €4,527 | €6,668 | -€13,386 | - |
| Financial income75/76B | - | - | - | €33 | €28 | €23 | €35 | €121 | ▲ 242% |
| Recurring financial income75 | €27 | €4 | €9 | €33 | €28 | €23 | €35 | €121 | ▲ 242% |
| Financial charges65/66B | - | - | - | €378 | €187 | €194 | €83 | €82 | ▼ 0.9% |
| Recurring financial charges65 | €114 | €115 | €508 | €378 | €187 | €194 | €83 | €82 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | -€2,808 | -€2,759 | €15,139 | €8,724 | -€5,536 | €4,357 | €6,620 | -€13,347 | - |
| Income taxes67/77 | €281 | €256 | €1,869 | €2,511 | €223 | €1,693 | €2,667 | €273 | ▼ 89.8% |
| Profit (loss) for the period9904 | -€3,088 | -€3,015 | €13,270 | €6,213 | -€5,759 | €2,664 | €3,953 | -€13,620 | - |
| Profit (loss) for the period to be appropriated9905 | -€3,088 | -€3,015 | €13,270 | €6,213 | -€5,759 | €2,664 | €3,953 | -€13,620 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €26,986 | €25,828 | €40,509 | €39,968 | €34,534 | €27,527 | €32,618 | €20,698 | ▼ 36.5% |
| Fixed assets21/28 | €3,129 | €5,408 | €12,343 | €19,882 | €21,849 | €15,431 | €12,694 | €10,437 | ▼ 17.8% |
| Tangible fixed assets22/27 | €3,042 | €5,321 | €12,256 | €19,795 | €21,762 | €15,345 | €12,607 | €10,350 | ▼ 17.9% |
| Land and buildings22 | - | - | - | €2,148 | - | - | €3,347 | €5,209 | ▲ 55.6% |
| Plant, machinery and equipment23 | - | - | - | €14,742 | €13,346 | €8,830 | €5,576 | €2,889 | ▼ 48.2% |
| Furniture and vehicles24 | - | - | - | €2,905 | €8,417 | €6,514 | €3,685 | €2,252 | ▼ 38.9% |
| Financial fixed assets28 | €87 | €87 | €87 | €87 | €87 | €87 | €87 | €87 | = |
| Current assets29/58 | €23,857 | €20,420 | €28,166 | €20,086 | €12,685 | €12,095 | €19,924 | €10,262 | ▼ 48.5% |
| Stocks and contracts in progress3 | €5,100 | €6,000 | €5,823 | €825 | €660 | €1,390 | €1,115 | €1,130 | ▲ 1.3% |
| Stocks30/36 | - | - | - | €825 | €660 | €1,390 | €1,115 | €1,130 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €4,580 | €5,193 | €935 | €4,192 | €4,149 | €2,006 | €3,226 | €2,814 | ▼ 12.8% |
| Trade receivables40 | - | - | - | €1,456 | €1,612 | €1,594 | €2,272 | €538 | ▼ 76.3% |
| Other amounts receivable41 | - | - | - | €2,736 | €2,537 | €412 | €954 | €2,276 | ▲ 139% |
| Current investments50/53 | €5,480 | €1,690 | €11,999 | €9,400 | €2,250 | €7,014 | €14,000 | €5,526 | ▼ 60.5% |
| Cash at bank and in hand54/58 | €8,112 | €7,052 | €9,409 | €5,669 | €5,041 | €1,685 | €998 | €791 | ▼ 20.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €585 | - | €585 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €26,986 | €25,828 | €40,509 | €39,968 | €34,534 | €27,527 | €32,618 | €20,698 | ▼ 36.5% |
| Equity10/15 | €12,525 | €9,510 | €22,780 | €27,394 | €21,635 | €22,633 | €26,586 | €12,966 | ▼ 51.2% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €4,188 | €8,802 | €3,043 | €4,041 | €7,994 | €1,859 | ▼ 76.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €6,943 | €1,184 | €2,182 | €6,135 | - | - |
| Profit (loss) carried forward14 | -€7,926 | -€10,941 | - | - | - | - | - | -€7,485 | - |
| Amounts payable17/49 | €14,461 | €16,318 | €17,728 | €12,574 | €12,899 | €4,894 | €6,032 | €7,732 | ▲ 28.2% |
| Amounts payable within one year42/48 | €14,461 | €15,954 | €16,707 | €12,279 | €12,122 | €4,565 | €5,831 | €7,559 | ▲ 29.6% |
| Trade debts44 | €6,029 | €7,860 | €6,974 | €2,360 | €3,748 | €1,960 | €3,849 | €3,285 | ▼ 14.7% |
| Suppliers440/4 | - | - | - | €2,360 | €3,748 | €1,960 | €3,849 | €3,285 | ▼ 14.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,424 | €975 | €687 | €1,981 | €242 | ▼ 87.8% |
| Taxes450/3 | - | - | - | €500 | €825 | €687 | €1,981 | €242 | ▼ 87.8% |
| Remuneration and social security454/9 | - | - | - | €1,924 | €150 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €7,495 | €7,400 | €1,918 | - | €4,031 | - |
| Accrued charges and deferred income492/3 | - | - | - | €295 | €777 | €329 | €201 | €174 | ▼ 13.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,088 | -€3,015 | €13,270 | €6,213 | -€5,759 | €2,664 | €3,953 | -€13,620 | - |
| + Depreciation and write-downs630 | €3,246 | €2,889 | €2,442 | €4,742 | €6,017 | €7,183 | €6,201 | €5,177 | ▼ 16.5% |
| Operating cash flow (approximation) | €157 | -€126 | €15,712 | €10,956 | €258 | €9,848 | €10,154 | -€8,444 | - |
| Investment in fixed assets (approximation) | - | -€5,168 | -€9,377 | -€12,281 | -€7,985 | -€765 | -€3,464 | -€2,919 | ▲ 15.7% |
| Change in cash | - | -€1,060 | €2,356 | -€3,740 | -€628 | -€3,356 | -€687 | -€207 | ▲ 69.9% |
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, 5,831 companies had the same profile as VANHEULE has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VANHEULE itself: 1.0% 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 5,831 companies, not a prediction for VANHEULE. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00313124 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00245479 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00203352 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205655 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20051583 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-26000253 | |
| 31-12-2019 | micro format | 03-06-2020 | 2020-14300317 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-27600501 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27800431 | |
| 31-12-2016 | micro format | 28-06-2017 | 2017-23300516 |