VANTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 6 filings
Turnover
≈ €870,000
Estimated: probably between €610,000 and €1.1m
Total assets
€1.3m▼ 19.8%
2024 · €1.6m
Net result
€290,085▲ 153%
2024 · €114,686
Working capital
€198,691▼ 35.3%
2024 · €307,145
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€397,491
▲ 152%
2025
20202025
Net result
€290,085
▲ 153%
2025
highest quarter of the sector
20202025
Equity
€198,797
▼ 35.6%
2025
highest quarter of the sector
20202025
Total assets
€1.3m
▼ 19.8%
2025
highest quarter of the sector
20202025
Debt
€963,257
▼ 23.2%
2025
20202025
Working capital
€198,691
▼ 35.3%
2025
highest quarter of the sector
20202025
Solvency
15.9%
▼ 3.9pp
2025
lowest quarter of the sector
20202025
Current ratio
2.95
▲ 1.42
2025
middle half of the sector
20202025
Return on assets (ROA)
23.1%
▲ 15.8pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.002m-€0.03m▲ 14×€0.08m▲ 136%€0.1m▲ 79.9%€0.2m▲ 14.0%€0.4m▲ 152%
Net result-€0.01mbelow the sector's middle half-€0.02mwithin the sector's middle half€0.05mwithin the sector's middle half▲ 101%€0.09mabove the sector's middle half▲ 91.8%€0.1mabove the sector's middle half▲ 23.5%€0.3mabove the sector's middle half▲ 153%
Equity€0.03mwithin the sector's middle half-€0.05mwithin the sector's middle half▲ 84.3%€0.1mwithin the sector's middle half▲ 92.0%€0.2mabove the sector's middle half▲ 91.9%€0.3mabove the sector's middle half▲ 59.1%€0.2mabove the sector's middle half▼ 35.6%
Total assets€0.4mabove the sector's middle half-€0.8mabove the sector's middle half▲ 75.4%€1.3mwithin the sector's middle half▲ 71.5%€0.8mabove the sector's middle half▼ 37.4%€1.6mabove the sector's middle half▲ 88.8%€1.3mabove the sector's middle half▼ 19.8%
Debt€0.4m-€0.7m▲ 74.8%€1.2m▲ 70.0%€0.6m▼ 48.1%€1.3m▲ 97.9%€1.0m▼ 23.2%
Working capital€0.1mabove the sector's middle half-€0.1mabove the sector's middle half▲ 25.4%€0.6mabove the sector's middle half▲ 311%€0.1mabove the sector's middle half▼ 75.4%€0.3mabove the sector's middle half▲ 106%€0.2mabove the sector's middle half▼ 35.3%
Solvency6.5%below the sector's middle half-6.8%below the sector's middle half▲ 0.3pp7.6%below the sector's middle half▲ 0.8pp23.4%within the sector's middle half▲ 15.8pp19.7%below the sector's middle half▼ 3.7pp15.9%below the sector's middle half▼ 3.9pp
Current ratio3.87within the sector's middle half-2.25within the sector's middle half▼ 1.614.34above the sector's middle half▲ 2.081.98within the sector's middle half▼ 2.351.53within the sector's middle half▼ 0.452.95within the sector's middle half▲ 1.42
Return on assets (ROA)-2.6%below the sector's middle half-3.1%within the sector's middle half▲ 5.7pp3.7%within the sector's middle half▲ 0.5pp11.2%within the sector's middle half▲ 7.6pp7.3%within the sector's middle half▼ 3.9pp23.1%within the sector's middle half▲ 15.8pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 152% higher than in 2024 and the highest since 2020. It is the fifth rise in a row.
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 €1.3m
Fixed assets
€953,063 ▲ 40.4%
Current assets
€300,673 ▼ 66.0%
Equity and liabilities €1.3m
Equity
€198,797 ▼ 35.6%
Provisions
€91,682
Debt
€963,257 ▼ 23.2%
Debt's share of the balance-sheet total falls from 80.3% to 76.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€438,410▲
2024 · €203,512
Cash flow
€331,004▲
2024 · €160,663
Debt to equity
4.85▲
2024 · 4.06
ROE
145.9%▲
2024 · 37.1%
Interest coverage
18.96▲
2024 · 12.74
Debt ≤ 1 year
€101,982▼
2024 · €577,545
Debt > 1 year
€861,275▲
2024 · €677,233
Income taxes
€5,560▼
2024 · €33,693
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| Mortgage mandates | €413,000 | €565,000 | €565,000 | €565,000 | €565,000 |
| Carrying value of the mortgaged assets | €503,848 | €467,830 | €521,206 | €943,257 | €512,437 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €269,048 | €74,107 | €27,312 | €467,604 | €555,848 |
| Depreciation and write-downs of the year | €43,950 | €30,243 | €34,339 | €45,977 | €40,919 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,123 | €43,950 | €30,243 | €34,339 | €45,977 | €40,919 | ▼ 11.0% |
| Other operating charges640/8 | - | €5,563 | €5,646 | €3,021 | €10,449 | €11,489 | ▲ 10.0% |
| Gross operating margin9900 | €44,986 | €82,127 | €112,715 | €175,586 | €213,961 | €449,900 | ▲ 110% |
| Operating profit (loss)9901 | €2,385 | €32,614 | €76,826 | €138,226 | €157,535 | €397,491 | ▲ 152% |
| Financial income75/76B | - | €2 | €664 | €1,705 | €6,819 | €12,961 | ▲ 90.1% |
| Recurring financial income75 | - | €2 | €664 | €1,705 | €6,819 | €12,961 | ▲ 90.1% |
| Financial charges65/66B | - | €8,523 | €19,792 | €19,877 | €15,975 | €23,126 | ▲ 44.8% |
| Recurring financial charges65 | €13,795 | €8,523 | €19,792 | €19,877 | €15,975 | €23,126 | ▲ 44.8% |
| Profit (loss) for the period before taxes9903 | -€11,410 | €24,094 | €57,698 | €120,054 | €148,379 | €387,327 | ▲ 161% |
| Transfer from deferred taxes780 | - | - | - | - | - | €3,152 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | €94,834 | - |
| Income taxes67/77 | - | - | €9,254 | €27,157 | €33,693 | €5,560 | ▼ 83.5% |
| Profit (loss) for the period9904 | -€11,410 | €24,094 | €48,445 | €92,897 | €114,686 | €290,085 | ▲ 153% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €9,455 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €284,501 | - |
| Profit (loss) for the period to be appropriated9905 | -€11,410 | €24,094 | €48,445 | €92,897 | €114,686 | €15,039 | ▼ 86.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.4m | €0.8m | €1.3m | €0.8m | €1.6m | €1.3m | ▼ 19.8% |
| Fixed assets21/28 | €0.3m | €0.5m | €0.5m | €0.5m | €0.7m | €1.0m | ▲ 40.4% |
| Tangible fixed assets22/27 | €0.3m | €0.5m | €0.5m | €0.5m | €0.7m | €1.0m | ▲ 40.4% |
| Land and buildings22 | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.8m | ▲ 86.9% |
| Plant, machinery and equipment23 | - | €0.002m | €0.006m | €0.005m | €0.004m | €0.08m | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €427 | €0.001m | €0.06m | ▲ 73× |
| Other tangible fixed assets26 | - | €0.3m | €0.2m | €0.3m | €0.2m | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | €0.02m | €0 | - | - | - | - |
| Current assets29/58 | €0.2m | €0.3m | €0.8m | €0.3m | €0.9m | €0.3m | ▼ 66.0% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.6m | €0 | €0.3m | €0 | ▼ 100% |
| Stocks30/36 | - | €0.1m | €0.6m | €0 | €0.3m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.001m | €0.05m | €0.1m | €0.2m | €0.3m | €0.1m | ▼ 60.9% |
| Trade receivables40 | - | €0.05m | €0.1m | €0.1m | €0.05m | €0.04m | ▼ 30.8% |
| Other amounts receivable41 | - | - | €0.006m | €0.06m | €0.2m | €0.08m | ▼ 67.6% |
| Current investments50/53 | - | - | - | - | €0.3m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.02m | €0.06m | €0.07m | €0.1m | €0.02m | €0.2m | ▲ 715% |
| Deferred charges and accrued income490/1 | - | €0.02m | €0 | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.4m | €0.8m | €1.3m | €0.8m | €1.6m | €1.3m | ▼ 19.8% |
| Equity10/15 | €0.03m | €0.05m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 35.6% |
| Contributions10/11 | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | - | €0.01m | €0.06m | €0.2m | €0.3m | €0.3m | ▲ 2.4% |
| Tax-exempt reserves132 | - | - | - | - | - | €0.3m | - |
| Distributable reserves133 | - | €0.01m | €0.06m | €0.2m | €0.3m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€0.01m | - | - | - | - | -€0.1m | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.09m | - |
| Deferred taxes168 | - | - | - | - | - | €0.09m | - |
| Amounts payable17/49 | €0.4m | €0.7m | €1.2m | €0.6m | €1.3m | €1.0m | ▼ 23.2% |
| Amounts payable after more than one year17 | €0.4m | €0.6m | €1.0m | €0.5m | €0.7m | €0.9m | ▲ 27.2% |
| Financial debts170/4 | - | €0.6m | €1.0m | €0.5m | €0.7m | €0.9m | ▲ 27.2% |
| Amounts payable within one year42/48 | €0.04m | €0.1m | €0.2m | €0.2m | €0.6m | €0.1m | ▼ 82.3% |
| Current portion of amounts payable after more than one year42 | - | €0.04m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 16.4% |
| Trade debts44 | €0.007m | €0.001m | €0.1m | €0.09m | €0.3m | €0.001m | ▼ 99.7% |
| Suppliers440/4 | - | €0.001m | €0.1m | €0.09m | €0.3m | €0.001m | ▼ 99.7% |
| Advances received on contracts in progress46 | - | - | €0.001m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | €0.01m | €0.02m | €0.03m | €0.02m | €0.01m | ▼ 50.6% |
| Taxes450/3 | - | €0.007m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 50.6% |
| Remuneration and social security454/9 | - | €0.003m | €0.003m | €0.003m | €0 | - | - |
| Other amounts payable47/48 | - | €0.07m | €0.03m | €331 | €0.2m | €0.06m | ▼ 73.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,410 | €24,094 | €48,445 | €92,897 | €114,686 | €290,085 | ▲ 153% |
| + Depreciation and write-downs630 | €41,123 | €43,950 | €30,243 | €34,339 | €45,977 | €40,919 | ▼ 11.0% |
| Operating cash flow (approximation) | €29,713 | €68,044 | €78,688 | €127,236 | €160,663 | €331,004 | ▲ 106% |
| Investment in fixed assets (approximation) | - | -€269,048 | -€58,059 | -€27,312 | -€197,966 | -€315,183 | ▼ 59.2% |
| Change in cash | - | €40,254 | €16,536 | €41,536 | -€90,619 | €164,365 | - |
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, 2,684 companies had the same profile as VANTER has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VANTER itself is lower: 0.1% within 12 months. It rests on far more data about VANTER than the profile alone.
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 2,684 companies, not a prediction for VANTER. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00382561 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00283070 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00411358 | |
| 31-12-2022 | abbreviated format | 10-10-2023 | 2023-00480388 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20155956 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38800403 |