VANLO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 40 filings
Turnover
≈ €180,000
Estimated: probably between €85,000 and €440,000
Total assets
€124,186▲ 1.3%
2024 · €122,574
Net result
€11,055▼ 12.6%
2024 · €12,643
Working capital
€6,583▲ 82.7%
2024 · €3,603
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,564
▼ 15.8%
2025
20182025
Net result
€11,055
▼ 12.6%
2025
20182025
Equity
€80,934
▲ 15.8%
2025
20182025
Total assets
€124,186
▲ 1.3%
2025
20182025
Debt
€43,251
▼ 17.9%
2025
20182025
Working capital
€6,583
▲ 82.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€53,593-€17,243▼ 67.8%€21,793▲ 26.4%€24,582▲ 12.8%€24,248▼ 1.4%€25,137▲ 3.7%€22,052▼ 12.3%€18,564▼ 15.8%
Net result€47,141-€11,301▼ 76.0%€13,959▲ 23.5%€14,038▲ 0.6%€14,144▲ 0.8%€15,137▲ 7.0%€12,643▼ 16.5%€11,055▼ 12.6%
Equity€19,516-€30,817▲ 57.9%€44,776▲ 45.3%€58,814▲ 31.4%€42,098▼ 28.4%€57,235▲ 36.0%€69,879▲ 22.1%€80,934▲ 15.8%
Total assets€160,778-€158,157▼ 1.6%€123,951▼ 21.6%€134,793▲ 8.7%€129,772▼ 3.7%€126,861▼ 2.2%€122,574▼ 3.4%€124,186▲ 1.3%
Debt€141,262-€127,339▼ 9.9%€79,174▼ 37.8%€75,979▼ 4.0%€87,674▲ 15.4%€69,626▼ 20.6%€52,695▼ 24.3%€43,251▼ 17.9%
Working capital€39,181-€35,090▼ 10.4%€5,336▼ 84.8%€12,533▲ 135%-€9,988-€2,067▲ 79.3%€3,603€6,583▲ 82.7%
The operating result for 2025 is 16% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €124,186
Fixed assets
€89,359 ▼ 1.9%
Current assets
€34,827 ▲ 10.7%
Equity and liabilities €124,186
Equity
€80,934 ▲ 15.8%
Debt
€43,251 ▼ 17.9%
Debt's share of the balance-sheet total falls from 43.0% to 34.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,308▼
2024 · €23,970
Cash flow
€12,799▼
2024 · €14,561
Current ratio
1.23▲
2024 · 1.13
Debt to equity
0.53▼
2024 · 0.75
ROE
13.7%▼
2024 · 18.1%
ROA
8.9%▼
2024 · 10.3%
Interest coverage
8.64▲
2024 · 8.16
Debt ≤ 1 year
€28,245▲
2024 · €27,869
Debt > 1 year
€13,334▼
2024 · €23,334
Income taxes
€5,159▼
2024 · €6,471
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,239 | €4,457 | €4,559 | €3,710 | €3,297 | €3,297 | €1,918 | €1,744 | ▼ 9.1% |
| Other operating charges640/8 | - | - | - | €3,513 | €3,740 | €3,621 | €3,761 | €3,869 | ▲ 2.9% |
| Gross operating margin9900 | €59,533 | €25,809 | €30,267 | €31,806 | €31,285 | €32,055 | €27,730 | €24,177 | ▼ 12.8% |
| Operating profit (loss)9901 | €53,593 | €17,243 | €21,793 | €24,582 | €24,248 | €25,137 | €22,052 | €18,564 | ▼ 15.8% |
| Financial income75/76B | - | - | - | €0 | - | €120 | €0 | - | - |
| Recurring financial income75 | - | - | €1,450 | €0 | - | €120 | €0 | - | - |
| Financial charges65/66B | - | - | - | €3,521 | €3,027 | €2,545 | €2,938 | €2,350 | ▼ 20.0% |
| Recurring financial charges65 | €6,452 | €5,941 | €4,011 | €3,521 | €3,027 | €2,545 | €2,938 | €2,350 | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | €47,141 | €11,301 | €19,233 | €21,062 | €21,221 | €22,712 | €19,114 | €16,215 | ▼ 15.2% |
| Income taxes67/77 | - | - | €5,273 | €7,024 | €7,077 | €7,574 | €6,471 | €5,159 | ▼ 20.3% |
| Profit (loss) for the period9904 | €47,141 | €11,301 | €13,959 | €14,038 | €14,144 | €15,137 | €12,643 | €11,055 | ▼ 12.6% |
| Profit (loss) for the period to be appropriated9905 | €47,141 | €11,301 | €13,959 | €14,038 | €14,144 | €15,137 | €12,643 | €11,055 | ▼ 12.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €160,778 | €158,157 | €123,951 | €134,793 | €129,772 | €126,861 | €122,574 | €124,186 | ▲ 1.3% |
| Fixed assets21/28 | €104,249 | €106,812 | €103,324 | €99,615 | €96,317 | €93,020 | €91,102 | €89,359 | ▼ 1.9% |
| Tangible fixed assets22/27 | €104,249 | €106,812 | €103,324 | €99,615 | €96,317 | €93,020 | €91,102 | €89,359 | ▼ 1.9% |
| Land and buildings22 | - | - | - | €99,615 | €96,317 | €93,020 | €91,102 | €89,359 | ▼ 1.9% |
| Current assets29/58 | €56,529 | €51,344 | €20,626 | €35,178 | €33,454 | €33,841 | €31,472 | €34,827 | ▲ 10.7% |
| Amounts receivable within one year40/41 | €48,258 | €40,501 | €7,976 | €12,172 | €4,503 | €4,503 | €4,503 | €4,503 | = |
| Other amounts receivable41 | - | - | - | €12,172 | €4,503 | €4,503 | €4,503 | €4,503 | = |
| Cash at bank and in hand54/58 | €8,272 | €10,843 | €12,650 | €23,006 | €28,951 | €29,338 | €22,969 | €30,324 | ▲ 32.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €4,000 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €160,778 | €158,157 | €123,951 | €134,793 | €129,772 | €126,861 | €122,574 | €124,186 | ▲ 1.3% |
| Equity10/15 | €19,516 | €30,817 | €44,776 | €58,814 | €42,098 | €57,235 | €69,879 | €80,934 | ▲ 15.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €0 | - | - | - | - |
| Reserves13 | €16,860 | €16,860 | €26,210 | €40,240 | €42,120 | €57,250 | €69,870 | €80,925 | ▲ 15.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €38,380 | €42,120 | €57,250 | €69,870 | €80,925 | ▲ 15.8% |
| Profit (loss) carried forward14 | -€15,944 | -€4,643 | -€34 | -€26 | -€22 | -€15 | €9 | €9 | = |
| Amounts payable17/49 | €141,262 | €127,339 | €79,174 | €75,979 | €87,674 | €69,626 | €52,695 | €43,251 | ▼ 17.9% |
| Amounts payable after more than one year17 | €122,446 | €109,635 | €63,334 | €53,334 | €43,334 | €33,334 | €23,334 | €13,334 | ▼ 42.9% |
| Financial debts170/4 | - | - | - | €53,334 | €43,334 | €33,334 | €23,334 | €13,334 | ▼ 42.9% |
| Amounts payable within one year42/48 | €17,348 | €16,254 | €15,290 | €22,645 | €43,442 | €35,907 | €27,869 | €28,245 | ▲ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Trade debts44 | - | €6,255 | €17 | €348 | €290 | €286 | €243 | €460 | ▲ 89.3% |
| Suppliers440/4 | - | - | - | €348 | €290 | €286 | €243 | €460 | ▲ 89.3% |
| Taxes, remuneration and social security45 | - | - | - | €12,297 | €14,101 | €14,652 | €6,471 | €6,630 | ▲ 2.5% |
| Taxes450/3 | - | - | - | €12,297 | €14,101 | €14,652 | €6,471 | €6,630 | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | - | €19,052 | €10,970 | €11,155 | €11,155 | = |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €898 | €384 | €1,493 | €1,673 | ▲ 12.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,141 | €11,301 | €13,959 | €14,038 | €14,144 | €15,137 | €12,643 | €11,055 | ▼ 12.6% |
| + Depreciation and write-downs630 | €3,239 | €4,457 | €4,559 | €3,710 | €3,297 | €3,297 | €1,918 | €1,744 | ▼ 9.1% |
| Operating cash flow (approximation) | €50,380 | €15,758 | €18,518 | €17,748 | €17,441 | €18,434 | €14,561 | €12,799 | ▼ 12.1% |
| Investment in fixed assets (approximation) | - | -€7,020 | -€1,071 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,571 | €1,807 | €10,356 | €5,946 | €386 | -€6,369 | €7,355 | - |
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 VANLO 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 VANLO 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 VANLO. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00244404 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00206202 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00268330 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00322926 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363000 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48300329 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49000574 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37700596 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-46200121 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-17000500 |