VANHOUWE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 at the NBB all 32 filings
Turnover
≈ €57,000
Estimated: probably between €43,000 and €83,000
Total assets
€1.7m▼ 2.7%
2024 · €1.8m
Net result
-€8,031
2024 · €8,194
Working capital
€407,794▼ 51.4%
2024 · €839,492
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€28,744
▼ 21.6%
2025
20182025
Net result
-€8,031
2025
lowest quarter of the sector
20182025
Equity
€1.5m
▼ 0.5%
2025
highest quarter of the sector
20182025
Total assets
€1.7m
▼ 2.7%
2025
highest quarter of the sector
20182025
Debt
€63,053
▼ 36.5%
2025
20182025
Working capital
€407,794
▼ 51.4%
2025
highest quarter of the sector
20182025
Solvency
87.6%
▲ 1.9pp
2025
highest quarter of the sector
20182025
Current ratio
10.41
▼ 1.14
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.5%
▼ 0.9pp
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-€0.03m▲ 4.1%€0.6m▲ 18×-€0.03m-€0.03m▲ 24.8%-€0.06m▼ 134%-€0.02m▲ 61.4%-€0.03m▼ 21.6%
Net result€0.03m-€0.03m▲ 5.3%€0.4mabove the sector's middle half▲ 13×-€0.01mbelow the sector's middle half-€0.002mwithin the sector's middle half▲ 80.6%-€0.03mbelow the sector's middle half▼ 1,211%€0.008mwithin the sector's middle half-€0.008mbelow the sector's middle half
Equity€1.7m-€1.8m▲ 1.9%€2.2mabove the sector's middle half▲ 24.5%€2.2mabove the sector's middle half▼ 0.6%€1.6mabove the sector's middle half▼ 26.8%€1.5mabove the sector's middle half▼ 4.1%€1.5mabove the sector's middle half▲ 0.5%€1.5mabove the sector's middle half▼ 0.5%
Total assets€1.8m-€1.8m▲ 2.5%€2.4mabove the sector's middle half▲ 30.1%€2.4mabove the sector's middle half▼ 1.6%€1.8mabove the sector's middle half▼ 24.6%€1.7mabove the sector's middle half▼ 3.3%€1.8mabove the sector's middle half▲ 4.1%€1.7mabove the sector's middle half▼ 2.7%
Debt€0.03m-€0.04m▲ 68.1%€0.03m▼ 21.5%€0.02m▼ 30.3%€0.03m▲ 19.3%€0.03m▲ 22.2%€0.1m▲ 190%€0.06m▼ 36.5%
Working capital€1.5m-€1.5m▲ 5.1%€2.2mabove the sector's middle half▲ 42.0%€2.0mabove the sector's middle half▼ 10.3%€1.4mabove the sector's middle half▼ 29.3%€1.3mabove the sector's middle half▼ 8.8%€0.8mabove the sector's middle half▼ 33.9%€0.4mabove the sector's middle half▼ 51.4%
Solvency95.9%-95.4%▼ 0.5pp91.2%above the sector's middle half▼ 4.1pp92.2%above the sector's middle half▲ 1.0pp89.4%above the sector's middle half▼ 2.8pp88.7%above the sector's middle half▼ 0.7pp85.7%above the sector's middle half▼ 3.1pp87.6%above the sector's middle half▲ 1.9pp
Current ratio61.62-83.94▲ 22.3288.65above the sector's middle half11.54above the sector's middle half▼ 77.1110.41above the sector's middle half▼ 1.14
Return on assets (ROA)1.8%-1.8%=17.9%above the sector's middle half▲ 16.1pp-0.5%within the sector's middle half▼ 18.5pp-0.1%within the sector's middle half▲ 0.4pp-1.8%within the sector's middle half▼ 1.7pp0.5%within the sector's middle half▲ 2.3pp-0.5%within the sector's middle half▼ 0.9pp
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 a loss of €28,744, larger than the loss of €23,630 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.7m
Fixed assets
€1.3m ▲ 48.0%
Current assets
€451,145 ▼ 50.9%
Equity and liabilities €1.7m
Equity
€1.5m ▼ 0.5%
Provisions
€152,553 ▼ 2.9%
Debt
€63,053 ▼ 36.5%
Debt's share of the balance-sheet total falls from 5.5% to 3.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€30,001▲
2024 · €26,131
Cash flow
€50,714▼
2024 · €57,956
Debt to equity
0.04▼
2024 · 0.06
ROE
-0.5%▼
2024 · 0.5%
Interest coverage
20.30▲
2024 · 18.83
Debt ≤ 1 year
€43,351▼
2024 · €79,622
Debt > 1 year
€18,500=
2024 · €18,500
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 | €259,608 | €26,095 | €98,428 | €486,187 | €481,712 |
| Depreciation and write-downs of the year | €61,825 | €34,192 | €40,947 | €49,761 | €58,744 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €280 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,714 | €35,517 | €34,301 | €61,825 | €34,192 | €40,947 | €49,761 | €58,744 | ▲ 18.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€16,804 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €5,592 | €6,305 | €5,744 | €7,082 | €5,135 | ▼ 27.5% |
| Gross operating margin9900 | €75,180 | €69,831 | €594,037 | €15,786 | €14,314 | -€14,480 | €33,213 | €35,136 | ▲ 5.8% |
| Operating profit (loss)9901 | €29,997 | €31,219 | €554,802 | -€34,827 | -€26,183 | -€61,171 | -€23,630 | -€28,744 | ▼ 21.6% |
| Financial income75/76B | - | - | - | €23,640 | €25,083 | €30,453 | €30,875 | €17,568 | ▼ 43.1% |
| Recurring financial income75 | €20,795 | €21,486 | €22,160 | €23,640 | €25,083 | €30,453 | €30,875 | €17,568 | ▼ 43.1% |
| Financial charges65/66B | - | - | - | €1,275 | €1,330 | €1,335 | €1,388 | €1,478 | ▲ 6.5% |
| Recurring financial charges65 | €1,291 | €1,277 | €1,264 | €1,275 | €1,330 | €1,335 | €1,388 | €1,478 | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | €49,501 | €51,428 | €575,697 | -€12,463 | -€2,429 | -€32,053 | €5,857 | -€12,653 | - |
| Transfer from deferred taxes780 | - | - | - | - | €10 | €335 | €2,338 | €4,623 | ▲ 97.8% |
| Income taxes67/77 | €17,706 | €17,956 | €6,747 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €31,796 | €33,472 | €430,356 | -€12,463 | -€2,420 | -€31,719 | €8,194 | -€8,031 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €29 | €1,004 | €7,013 | €13,868 | ▲ 97.8% |
| Profit (loss) for the period to be appropriated9905 | €31,796 | €33,472 | €14,572 | -€12,463 | -€2,391 | -€30,714 | €15,207 | €5,838 | ▼ 61.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €1.8m | €2.4m | €2.4m | €1.8m | €1.7m | €1.8m | €1.7m | ▼ 2.7% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.2m | €0.4m | €0.4m | €0.4m | €0.9m | €1.3m | ▲ 48.0% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.2m | €0.4m | €0.4m | €0.4m | €0.9m | €1.3m | ▲ 48.0% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.9m | €1.3m | ▲ 48.0% |
| Current assets29/58 | €1.5m | €1.6m | €2.2m | €2.0m | €1.4m | €1.3m | €0.9m | €0.5m | ▼ 50.9% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.1m | ▼ 80.0% |
| Trade receivables40 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.09m | ▲ 10.9% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.03m | ▼ 94.2% |
| Current investments50/53 | €0.7m | €0.7m | €0.7m | €0.5m | €0.5m | €0.3m | €0.07m | €0.05m | ▼ 25.0% |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €1.0m | €1.0m | €0.4m | €0.4m | €0.2m | €0.3m | ▲ 12.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.004m | ▼ 62.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €2.4m | €2.4m | €1.8m | €1.7m | €1.8m | €1.7m | ▼ 2.7% |
| Equity10/15 | €1.7m | €1.8m | €2.2m | €2.2m | €1.6m | €1.5m | €1.5m | €1.5m | ▼ 0.5% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.6m | €0.6m | €0.6m | €1.5m | €1.5m | €1.5m | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 3.1% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €1.1m | €1.1m | €1.1m | ▲ 0.5% |
| Profit (loss) carried forward14 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €0.05m | €0.04m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Pensions and similar obligations160 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Major repairs and maintenance162 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Amounts payable17/49 | €0.03m | €0.04m | €0.03m | €0.02m | €0.03m | €0.03m | €0.1m | €0.06m | ▼ 36.5% |
| Amounts payable after more than one year17 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Financial debts170/4 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.01m | €0.004m | €0.008m | €0.01m | €0.08m | €0.04m | ▼ 45.6% |
| Trade debts44 | €0.002m | €0.01m | €0.005m | €0.001m | €0.004m | €0.007m | €0.06m | €0.03m | ▼ 50.1% |
| Suppliers440/4 | - | - | - | €0.001m | €0.004m | €0.007m | €0.06m | €0.03m | ▼ 50.1% |
| Taxes, remuneration and social security45 | - | - | - | - | €179 | €0 | €0.006m | €0.001m | ▼ 82.0% |
| Taxes450/3 | - | - | - | - | €179 | €0 | €0.006m | €0.001m | ▼ 82.0% |
| Other amounts payable47/48 | - | - | - | €0.003m | €0.004m | €0.008m | €0.009m | €0.01m | ▲ 9.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,796 | €33,472 | €430,356 | -€12,463 | -€2,420 | -€31,719 | €8,194 | -€8,031 | - |
| + Depreciation and write-downs630 | €35,714 | €35,517 | €34,301 | €61,825 | €34,192 | €40,947 | €49,761 | €58,744 | ▲ 18.1% |
| Operating cash flow (approximation) | €67,510 | €68,989 | €464,657 | €49,362 | €31,773 | €9,228 | €57,956 | €50,714 | ▼ 12.5% |
| Investment in fixed assets (approximation) | - | -€11,063 | €55,622 | -€259,608 | -€26,095 | -€98,428 | -€486,187 | -€477,789 | ▲ 1.7% |
| Change in cash | - | €47,622 | €629,537 | -€39,617 | -€600,354 | €1,549 | -€148,610 | €30,598 | - |
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, 8,617 companies had the same profile as VANHOUWE has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VANHOUWE 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 8,617 companies, not a prediction for VANHOUWE. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00164778 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00124422 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00171311 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00257301 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20097281 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-15900478 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20600503 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-18900099 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-32200240 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24900144 |