VANHEULE & Co
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-03-2026 PDF all 34 filings
Turnover
≈ €11,000
Estimated: probably between €7,600 and €18,000
Total assets
€35,829▲ 13.2%
2024 · €31,643
Net result
€3,428▼ 19.3%
2024 · €4,246
Working capital
€32,689▲ 13.8%
2024 · €28,734
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3,472
▼ 19.0%
2025
20192025
Net result
€3,428
▼ 19.3%
2025
middle half of the sector
20192025
Equity
€32,689
▲ 11.7%
2025
middle half of the sector
20192025
Total assets
€35,829
▲ 13.2%
2025
lowest quarter of the sector
20192025
Debt
€3,140
▲ 31.8%
2025
20192025
Working capital
€32,689
▲ 13.8%
2025
middle half of the sector
20192025
Solvency
91.2%
▼ 1.2pp
2025
highest quarter of the sector
20192025
Current ratio
11.41
▼ 1.65
2025
highest quarter of the sector
20192025
Return on assets (ROA)
9.6%
▼ 3.9pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€32,140-€22,935▼ 28.6%€22,500▼ 1.9%€5,886▼ 73.8%€405▼ 93.1%€4,285▲ 959%€3,472▼ 19.0%
Net result-€102,687-€22,871within the sector's middle half€22,470within the sector's middle half▼ 1.8%€5,847within the sector's middle half▼ 74.0%€366within the sector's middle half▼ 93.7%€4,246within the sector's middle half▲ 12×€3,428within the sector's middle half▼ 19.3%
Equity-€26,539--€3,668below the sector's middle half▲ 86.2%€18,802within the sector's middle half€24,649within the sector's middle half▲ 31.1%€25,015within the sector's middle half▲ 1.5%€29,261within the sector's middle half▲ 17.0%€32,689within the sector's middle half▲ 11.7%
Total assets€8,924-€17,970below the sector's middle half▲ 101%€28,948below the sector's middle half▲ 61.1%€28,911below the sector's middle half▼ 0.1%€30,295below the sector's middle half▲ 4.8%€31,643below the sector's middle half▲ 4.5%€35,829below the sector's middle half▲ 13.2%
Debt€35,463-€21,638▼ 39.0%€10,146▼ 53.1%€4,262▼ 58.0%€5,280▲ 23.9%€2,382▼ 54.9%€3,140▲ 31.8%
Working capital-€27,389--€4,860within the sector's middle half▲ 82.3%€17,514within the sector's middle half€22,089within the sector's middle half▲ 26.1%€23,570within the sector's middle half▲ 6.7%€28,734within the sector's middle half▲ 21.9%€32,689within the sector's middle half▲ 13.8%
Solvency-297.4%--20.4%below the sector's middle half▲ 277.0pp65.0%above the sector's middle half▲ 85.4pp85.3%above the sector's middle half▲ 20.3pp82.6%above the sector's middle half▼ 2.7pp92.5%above the sector's middle half▲ 9.9pp91.2%above the sector's middle half▼ 1.2pp
Current ratio0.23-0.78within the sector's middle half▲ 0.552.73within the sector's middle half▲ 1.956.18above the sector's middle half▲ 3.465.46above the sector's middle half▼ 0.7213.06above the sector's middle half▲ 7.6011.41above the sector's middle half▼ 1.65
Return on assets (ROA)127.3%above the sector's middle half77.6%above the sector's middle half▼ 49.7pp20.2%above the sector's middle half▼ 57.4pp1.2%within the sector's middle half▼ 19.0pp13.4%above the sector's middle half▲ 12.2pp9.6%within the sector's middle half▼ 3.9pp
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 19% 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
Equity and liabilities €35,829
Equity
€32,689 ▲ 11.7%
Debt
€3,140 ▲ 31.8%
Debt's share of the balance-sheet total rises from 7.5% to 8.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3,998▼
2024 · €5,203
Cash flow
€3,955▼
2024 · €5,164
Debt to equity
0.10▲
2024 · 0.08
ROE
10.5%▼
2024 · 14.5%
Interest coverage
91.91▼
2024 · over 100
Debt ≤ 1 year
€3,140▲
2024 · €2,382
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €592 | €1,862 | - | - | - |
| Depreciation and write-downs of the year | €495 | €589 | €1,116 | €918 | €527 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €170 | €298 | €495 | €589 | €1,116 | €918 | €527 | ▼ 42.7% |
| Other operating charges640/8 | - | - | €88 | €2,176 | €210 | €218 | €232 | ▲ 6.5% |
| Non-recurring operating charges66A | - | - | €53 | - | - | - | - | - |
| Gross operating margin9900 | €34,322 | €23,442 | €23,137 | €8,651 | €1,730 | €5,421 | €4,230 | ▼ 22.0% |
| Operating profit (loss)9901 | €32,140 | €22,935 | €22,500 | €5,886 | €405 | €4,285 | €3,472 | ▼ 19.0% |
| Financial charges65/66B | - | - | €30 | €39 | €39 | €39 | €44 | ▲ 11.5% |
| Recurring financial charges65 | €33 | €64 | €30 | €39 | €39 | €39 | €44 | ▲ 11.5% |
| Profit (loss) for the period before taxes9903 | -€102,722 | €22,871 | €22,470 | €5,847 | €366 | €4,246 | €3,428 | ▼ 19.3% |
| Income taxes67/77 | -€35 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€102,687 | €22,871 | €22,470 | €5,847 | €366 | €4,246 | €3,428 | ▼ 19.3% |
| Profit (loss) for the period to be appropriated9905 | -€102,687 | €22,871 | €22,470 | €5,847 | €366 | €4,246 | €3,428 | ▼ 19.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €8,924 | €17,970 | €28,948 | €28,911 | €30,295 | €31,643 | €35,829 | ▲ 13.2% |
| Fixed assets21/28 | €850 | €1,192 | €1,288 | €2,561 | €1,445 | €527 | - | - |
| Tangible fixed assets22/27 | €850 | €1,192 | €1,288 | €2,561 | €1,445 | €527 | - | - |
| Furniture and vehicles24 | - | - | €1,288 | €2,561 | €1,445 | €527 | - | - |
| Current assets29/58 | €8,074 | €16,778 | €27,660 | €26,350 | €28,850 | €31,116 | €35,829 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €4,298 | €4,275 | €3,359 | €21,085 | €3,684 | €2,130 | €2,420 | ▲ 13.6% |
| Trade receivables40 | - | - | €3,354 | €8,580 | €3,684 | €2,130 | €2,420 | ▲ 13.6% |
| Other amounts receivable41 | - | - | €5 | €12,505 | - | - | - | - |
| Cash at bank and in hand54/58 | €3,776 | €12,503 | €24,301 | €5,266 | €25,165 | €28,987 | €33,409 | ▲ 15.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €8,924 | €17,970 | €28,948 | €28,911 | €30,295 | €31,643 | €35,829 | ▲ 13.2% |
| Equity10/15 | -€26,539 | -€3,668 | €18,802 | €24,649 | €25,015 | €29,261 | €32,689 | ▲ 11.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €54,537 | €54,537 | €54,537 | = |
| Capital10 | - | - | €62,000 | €62,000 | - | - | - | - |
| Issued capital100 | - | - | €62,000 | €62,000 | - | - | - | - |
| Reserves13 | €14,148 | €14,148 | €14,148 | €14,148 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | €3,834 | €3,834 | - | - | - | - |
| Legal reserve130 | - | - | €3,834 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,834 | - | - | - | - |
| Distributable reserves133 | - | - | €10,315 | €10,315 | - | - | - | - |
| Profit (loss) carried forward14 | -€102,687 | -€79,817 | -€57,346 | -€51,499 | -€29,522 | -€25,276 | -€21,848 | ▲ 13.6% |
| Amounts payable17/49 | €35,463 | €21,638 | €10,146 | €4,262 | €5,280 | €2,382 | €3,140 | ▲ 31.8% |
| Amounts payable within one year42/48 | €35,463 | €21,638 | €10,146 | €4,262 | €5,280 | €2,382 | €3,140 | ▲ 31.8% |
| Trade debts44 | €526 | €2,889 | €537 | €1,988 | €2,976 | €126 | €822 | ▲ 553% |
| Suppliers440/4 | - | - | €537 | €1,988 | €2,976 | €126 | €822 | ▲ 553% |
| Taxes, remuneration and social security45 | - | - | €2,218 | €1,974 | €1,927 | €2,107 | €1,948 | ▼ 7.5% |
| Taxes450/3 | - | - | €2,218 | €1,974 | €1,927 | €2,107 | €1,948 | ▼ 7.5% |
| Other amounts payable47/48 | - | - | €7,391 | €299 | €377 | €149 | €369 | ▲ 147% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€102,687 | €22,871 | €22,470 | €5,847 | €366 | €4,246 | €3,428 | ▼ 19.3% |
| + Depreciation and write-downs630 | €170 | €298 | €495 | €589 | €1,116 | €918 | €527 | ▼ 42.7% |
| Operating cash flow (approximation) | -€102,517 | €23,169 | €22,966 | €6,436 | €1,481 | €5,164 | €3,955 | ▼ 23.4% |
| Investment in fixed assets (approximation) | - | -€640 | -€592 | -€1,862 | €0 | €0 | - | - |
| Change in cash | - | €8,728 | €11,798 | -€19,036 | €19,900 | €3,822 | €4,422 | ▲ 15.7% |
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 VANHEULE & Co 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 VANHEULE & Co 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 VANHEULE & Co. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 24-03-2026 | 2026-00060218 | |
| 30-09-2024 | micro format | 20-03-2025 | 2025-00050714 | |
| 30-09-2023 | micro format | 25-03-2024 | 2024-00048393 | |
| 30-09-2022 | micro format | 20-03-2023 | 2023-00041718 | |
| 30-09-2021 | micro format | 24-05-2022 | 2022-20033396 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12500187 | |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10400009 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11600062 | |
| 30-09-2017 | abbreviated format | 30-03-2018 | 2018-09000108 | |
| 30-09-2016 | abbreviated format | 25-04-2017 | 2017-10800565 |