VANIVER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 March 2026, deadline 28 February 2026 (7 months after the close on 31 July 2025, Companies Code art. 3:10). Source: NBB, 2026-00049306.
Annual accounts 2025 filed on 05-03-2026 PDF all 37 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €200,000
Estimated: probably between €160,000 and €320,000
Total assets
€1.2m▲ 1.7%
2024 · €1.2m
Net result
€78,724▼ 2.5%
2024 · €80,732
Working capital
€430,214▲ 29.3%
2024 · €332,800
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€109,568
▼ 0.9%
2025
20192025
Net result
€78,724
▼ 2.5%
2025
highest quarter of the sector
20192025
Equity
€845,784
▲ 10.3%
2025
highest quarter of the sector
20192025
Total assets
€1.2m
▲ 1.7%
2025
highest quarter of the sector
20192025
Debt
€354,797
▼ 13.7%
2025
20192025
Working capital
€430,214
▲ 29.3%
2025
highest quarter of the sector
20192025
Solvency
69.9%
▲ 5.4pp
2025
highest quarter of the sector
20192025
Current ratio
2.26
▲ 0.40
2025
middle half of the sector
20192025
Return on assets (ROA)
6.5%
▼ 0.3pp
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€0.02m-€0.05m▲ 124%€0.07m▲ 44.6%€0.09m▲ 25.3%€0.07m▼ 26.4%€0.1m▲ 65.9%€0.1m▼ 0.9%
Net result€0.008m-€0.02mwithin the sector's middle half▲ 191%€0.06mabove the sector's middle half▲ 146%€0.07mabove the sector's middle half▲ 23.5%€0.05mabove the sector's middle half▼ 31.7%€0.08mabove the sector's middle half▲ 67.0%€0.08mabove the sector's middle half▼ 2.5%
Equity€0.5m-€0.5mabove the sector's middle half▲ 4.9%€0.6mabove the sector's middle half▲ 12.5%€0.6mabove the sector's middle half▲ 12.5%€0.7mabove the sector's middle half▲ 7.6%€0.8mabove the sector's middle half▲ 11.8%€0.8mabove the sector's middle half▲ 10.3%
Total assets€1.0m-€1.0mwithin the sector's middle half▼ 1.3%€0.9mwithin the sector's middle half▼ 7.7%€0.9mwithin the sector's middle half▲ 1.2%€1.0mwithin the sector's middle half▲ 10.6%€1.2mabove the sector's middle half▲ 14.6%€1.2mabove the sector's middle half▲ 1.7%
Debt€0.5m-€0.5m▼ 6.7%€0.3m▼ 27.8%€0.3m▼ 16.8%€0.3m▲ 18.3%€0.4m▲ 21.5%€0.4m▼ 13.7%
Working capital-€0.1m--€0.04mwithin the sector's middle half▲ 56.1%€0.05mwithin the sector's middle half€0.2mabove the sector's middle half▲ 203%€0.2mabove the sector's middle half▲ 49.0%€0.3mabove the sector's middle half▲ 47.2%€0.4mabove the sector's middle half▲ 29.3%
Solvency47.3%-50.2%within the sector's middle half▲ 2.9pp61.2%within the sector's middle half▲ 11.0pp68.0%above the sector's middle half▲ 6.8pp66.1%above the sector's middle half▼ 1.8pp64.5%within the sector's middle half▼ 1.7pp69.9%above the sector's middle half▲ 5.4pp
Current ratio0.79-0.90within the sector's middle half▲ 0.111.16within the sector's middle half▲ 0.261.60within the sector's middle half▲ 0.431.72within the sector's middle half▲ 0.121.86within the sector's middle half▲ 0.142.26within the sector's middle half▲ 0.40
Return on assets (ROA)0.8%-2.3%within the sector's middle half▲ 1.5pp6.2%within the sector's middle half▲ 3.9pp7.5%within the sector's middle half▲ 1.4pp4.7%within the sector's middle half▼ 2.9pp6.8%within the sector's middle half▲ 2.1pp6.5%within the sector's middle half▼ 0.3pp
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 1% 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 €1.2m
Fixed assets
€438,912 ▼ 6.4%
Current assets
€771,353 ▲ 7.1%
Equity and liabilities €1.2m
Equity
€845,784 ▲ 10.3%
Provisions
€9,683 ▼ 14.8%
Debt
€354,797 ▼ 13.7%
Debt's share of the balance-sheet total falls from 34.6% to 29.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€139,837▼
2024 · €141,016
Cash flow
€108,993▼
2024 · €111,220
Debt to equity
0.42▼
2024 · 0.54
ROE
9.3%▼
2024 · 10.5%
Interest coverage
12.89▲
2024 · 12.50
Debt ≤ 1 year
€341,138▼
2024 · €387,678
Income taxes
€32,208▲
2024 · €28,313
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €983 | - | €1,599 | - |
| Financial fixed assets | €77 | €93 | €44 | €70 |
| Depreciation and write-downs of the year | €37,587 | €34,902 | €30,488 | €30,269 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,266 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,396 | €47,041 | €43,303 | €37,587 | €34,902 | €30,488 | €30,269 | ▼ 0.7% |
| Other operating charges640/8 | - | - | - | €9,797 | €9,302 | €9,985 | €10,589 | ▲ 6.1% |
| Gross operating margin9900 | €79,519 | €105,884 | €126,903 | €137,885 | €110,811 | €151,001 | €150,426 | ▼ 0.4% |
| Operating profit (loss)9901 | €22,268 | €49,939 | €72,219 | €90,501 | €66,608 | €110,528 | €109,568 | ▼ 0.9% |
| Financial income75/76B | - | - | - | €7,322 | €5,093 | €8,115 | €10,529 | ▲ 29.7% |
| Recurring financial income75 | €983 | €1,186 | €18,843 | €7,322 | €5,093 | €8,115 | €10,529 | ▲ 29.7% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €8,377 | €7,334 | €11,285 | €10,852 | ▼ 3.8% |
| Recurring financial charges65 | €15,236 | €14,316 | €12,771 | €8,377 | €7,334 | €11,285 | €10,852 | ▼ 3.8% |
| Profit (loss) for the period before taxes9903 | €8,015 | €36,809 | €78,291 | €89,447 | €64,367 | €107,358 | €109,245 | ▲ 1.8% |
| Transfer from deferred taxes780 | - | - | - | €1,687 | €1,687 | €1,687 | €1,687 | = |
| Transfer to deferred taxes680 | - | - | - | - | €0 | - | - | - |
| Income taxes67/77 | €2,304 | €15,781 | €23,291 | €20,379 | €17,704 | €28,313 | €32,208 | ▲ 13.8% |
| Profit (loss) for the period9904 | €8,005 | €23,322 | €57,294 | €70,755 | €48,350 | €80,732 | €78,724 | ▼ 2.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €5,061 | €5,061 | €5,061 | €5,061 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €21,050 | €31,575 | €52,625 | €21,050 | ▼ 60.0% |
| Profit (loss) for the period to be appropriated9905 | €12,459 | €27,777 | €61,748 | €54,766 | €21,836 | €33,168 | €62,735 | ▲ 89.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.0m | €0.9m | €0.9m | €1.0m | €1.2m | €1.2m | ▲ 1.7% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.4% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.5% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | ▼ 14.5% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | ▼ 43.3% |
| Financial fixed assets28 | €143 | €179 | €179 | €256 | €349 | €393 | €463 | ▲ 17.8% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | €0.8m | ▲ 7.1% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 9.3% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 6.6% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 21.1% |
| Current investments50/53 | €0.1m | €0.1m | €0.005m | €0.01m | €0.03m | €0.1m | €0.1m | ▲ 0.3% |
| Cash at bank and in hand54/58 | €0.05m | €0.04m | €0.06m | €0.03m | €0.06m | €0.02m | €0.01m | ▼ 23.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 17.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.9m | €0.9m | €1.0m | €1.2m | €1.2m | ▲ 1.7% |
| Equity10/15 | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | ▲ 10.3% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 13.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 11.5% |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 14.1% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 14.8% |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 14.8% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 13.7% |
| Amounts payable after more than one year17 | €0.03m | €0.04m | €0.03m | €0.02m | €0.004m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.02m | €0.004m | €0 | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 12.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.004m | €0 | ▼ 100% |
| Trade debts44 | €0.04m | €0.1m | €0.07m | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 5.0% |
| Suppliers440/4 | - | - | - | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 5.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.003m | €0.005m | €375 | ▼ 91.8% |
| Taxes450/3 | - | - | - | €0.006m | €0.003m | €0.005m | €375 | ▼ 91.8% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 19.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 41.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,005 | €23,322 | €57,294 | €70,755 | €48,350 | €80,732 | €78,724 | ▼ 2.5% |
| + Depreciation and write-downs630 | €46,396 | €47,041 | €43,303 | €37,587 | €34,902 | €30,488 | €30,269 | ▼ 0.7% |
| Operating cash flow (approximation) | €54,401 | €70,364 | €100,597 | €108,342 | €83,252 | €111,220 | €108,993 | ▼ 2.0% |
| Investment in fixed assets (approximation) | - | -€15,492 | -€1,208 | -€2,326 | -€93 | -€1,644 | -€70 | ▲ 95.7% |
| Change in cash | - | -€6,565 | €21,169 | -€37,734 | €34,322 | -€43,411 | -€4,054 | ▲ 90.7% |
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, 20,136 companies had the same profile as VANIVER has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of VANIVER 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 20,136 companies, not a prediction for VANIVER. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 05-03-2026 | 2026-00049306 | |
| 31-07-2024 | micro format | 25-02-2025 | 2025-00039041 | |
| 31-07-2023 | micro format | 26-02-2024 | 2024-00034343 | |
| 31-07-2022 | micro format | 28-02-2023 | 2023-00032929 | |
| 31-07-2021 | micro format | 31-03-2022 | 2022-09600153 | |
| 31-07-2020 | micro format | 28-02-2021 | 2021-06500331 | |
| 31-07-2019 | micro format | 06-04-2020 | 2020-08600271 | |
| 31-07-2018 | micro format | 01-02-2019 | 2019-04400567 | |
| 31-07-2017 | micro format | 28-02-2018 | 2018-06100077 | |
| 31-07-2016 | abbreviated format | 27-02-2017 | 2017-05600534 |