VANTEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-01-2026 PDF all 20 filings
Equity
-€47,562
2024 · €51,537
Total assets
€362,948▼ 20.0%
2024 · €453,959
Net result
-€99,099▼ 15.2%
2024 · -€86,008
Working capital
-€408,009▼ 1.6%
2024 · -€401,542
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€96,294
▼ 19.9%
2025
20192025
Net result
-€99,099
▼ 15.2%
2025
lowest quarter of the sector
20192025
Equity
-€47,562
2025
lowest quarter of the sector
20192025
Total assets
€362,948
▼ 20.0%
2025
middle half of the sector
20192025
Debt
€410,510
▲ 2.0%
2025
20192025
Working capital
-€408,009
▼ 1.6%
2025
lowest quarter of the sector
20192025
Solvency
-13.1%
▼ 24.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.01
=
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-27.3%
▼ 8.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€8,877--€82,793▼ 833%-€73,839▲ 10.8%-€79,356▼ 7.5%-€70,646▲ 11.0%-€80,313▼ 13.7%-€96,294▼ 19.9%
Net result-€19,422--€86,760below the sector's middle half▼ 347%-€78,907below the sector's middle half▲ 9.1%-€87,753below the sector's middle half▼ 11.2%-€81,353below the sector's middle half▲ 7.3%-€86,008below the sector's middle half▼ 5.7%-€99,099below the sector's middle half▼ 15.2%
Equity€472,317-€385,557above the sector's middle half▼ 18.4%€306,650above the sector's middle half▼ 20.5%€218,897above the sector's middle half▼ 28.6%€137,545within the sector's middle half▼ 37.2%€51,537within the sector's middle half▼ 62.5%-€47,562below the sector's middle half
Total assets€922,704-€826,804above the sector's middle half▼ 10.4%€733,829above the sector's middle half▼ 11.2%€642,174above the sector's middle half▼ 12.5%€547,031above the sector's middle half▼ 14.8%€453,959above the sector's middle half▼ 17.0%€362,948within the sector's middle half▼ 20.0%
Debt€450,387-€441,246▼ 2.0%€427,179▼ 3.2%€423,277▼ 0.9%€409,487▼ 3.3%€402,422▼ 1.7%€410,510▲ 2.0%
Working capital-€443,966--€439,283below the sector's middle half▲ 1.1%-€425,233below the sector's middle half▲ 3.2%-€420,055below the sector's middle half▲ 1.2%-€408,438below the sector's middle half▲ 2.8%-€401,542below the sector's middle half▲ 1.7%-€408,009below the sector's middle half▼ 1.6%
Solvency51.2%-46.6%within the sector's middle half▼ 4.6pp41.8%within the sector's middle half▼ 4.8pp34.1%within the sector's middle half▼ 7.7pp25.1%within the sector's middle half▼ 8.9pp11.4%within the sector's middle half▼ 13.8pp-13.1%below the sector's middle half▼ 24.5pp
Current ratio0.00-0.00below the sector's middle half=0.00below the sector's middle half=0.01below the sector's middle half=0.00below the sector's middle half▼ 0.010.00below the sector's middle half=0.01below the sector's middle half=
Return on assets (ROA)-2.1%--10.5%below the sector's middle half▼ 8.4pp-10.8%below the sector's middle half▼ 0.3pp-13.7%below the sector's middle half▼ 2.9pp-14.9%below the sector's middle half▼ 1.2pp-18.9%below the sector's middle half▼ 4.1pp-27.3%below the sector's middle half▼ 8.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €96,294, larger than the loss of €80,313 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €362,948
Fixed assets
€360,447 ▼ 20.4%
Current assets
€2,501 ▲ 184%
Equity and liabilities
Equity-€47,562
Debt€410,510
Equity is negative. Debt (€410,510) exceeds the balance-sheet total (€362,948).
Key figures and ratios
EBITDA
-€3,662▼
2024 · €12,591
Cash flow
-€6,466▼
2024 · €6,896
Interest coverage
-5.00▼
2024 · 19.28
Debt ≤ 1 year
€410,510▲
2024 · €402,422
Income taxes
€2,072▼
2024 · €5,042
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,897 | €96,442 | €92,957 | €92,930 | €92,970 | €92,903 | €92,632 | ▼ 0.3% |
| Other operating charges640/8 | - | - | - | €2,926 | €3,509 | €1,967 | €1,836 | ▼ 6.7% |
| Non-recurring operating charges66A | - | - | - | €3,710 | - | - | - | - |
| Gross operating margin9900 | €43,984 | €15,358 | €21,220 | €20,210 | €25,832 | €14,558 | -€1,826 | - |
| Operating profit (loss)9901 | -€8,877 | -€82,793 | -€73,839 | -€79,356 | -€70,646 | -€80,313 | -€96,294 | ▼ 19.9% |
| Financial charges65/66B | - | - | - | €463 | €491 | €653 | €733 | ▲ 12.2% |
| Recurring financial charges65 | €1,356 | €1,056 | €538 | €463 | €491 | €653 | €733 | ▲ 12.2% |
| Profit (loss) for the period before taxes9903 | -€10,233 | -€83,849 | -€74,377 | -€79,819 | -€71,137 | -€80,966 | -€97,026 | ▼ 19.8% |
| Income taxes67/77 | €9,189 | €2,911 | €4,530 | €7,934 | €10,216 | €5,042 | €2,072 | ▼ 58.9% |
| Profit (loss) for the period9904 | -€19,422 | -€86,760 | -€78,907 | -€87,753 | -€81,353 | -€86,008 | -€99,099 | ▼ 15.2% |
| Profit (loss) for the period to be appropriated9905 | -€19,422 | -€86,760 | -€78,907 | -€87,753 | -€81,353 | -€86,008 | -€99,099 | ▼ 15.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €922,704 | €826,804 | €733,829 | €642,174 | €547,031 | €453,959 | €362,948 | ▼ 20.0% |
| Fixed assets21/28 | €921,283 | €824,840 | €731,883 | €638,953 | €545,983 | €453,079 | €360,447 | ▼ 20.4% |
| Intangible fixed assets21 | €877,429 | €785,068 | €692,707 | €600,346 | €507,985 | €415,624 | €323,263 | ▼ 22.2% |
| Tangible fixed assets22/27 | €43,854 | €39,773 | €39,176 | €38,607 | €37,998 | €37,455 | €37,184 | ▼ 0.7% |
| Land and buildings22 | - | - | - | €38,607 | €37,998 | €37,455 | €37,184 | ▼ 0.7% |
| Current assets29/58 | €1,421 | €1,963 | €1,946 | €3,221 | €1,049 | €879 | €2,501 | ▲ 184% |
| Amounts receivable within one year40/41 | €1,082 | €1,142 | €466 | €1,237 | €1,049 | €879 | €2,501 | ▲ 184% |
| Trade receivables40 | - | - | - | - | €338 | €262 | €1,737 | ▲ 562% |
| Other amounts receivable41 | - | - | - | €1,237 | €711 | €617 | €764 | ▲ 23.8% |
| Cash at bank and in hand54/58 | €7 | €1 | - | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,985 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €922,704 | €826,804 | €733,829 | €642,174 | €547,031 | €453,959 | €362,948 | ▼ 20.0% |
| Equity10/15 | €472,317 | €385,557 | €306,650 | €218,897 | €137,545 | €51,537 | -€47,562 | - |
| Contributions10/11 | €15,000 | - | - | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Contributions outside capital11 | - | - | - | €15,000 | €15,000 | - | - | - |
| Other1109/19 | - | - | - | €15,000 | €15,000 | - | - | - |
| Reserves13 | €457,317 | €370,557 | €291,650 | €203,897 | €122,545 | €36,537 | €36,537 | = |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €1,361 | €1,361 | €1,361 | €1,361 | = |
| Distributable reserves133 | - | - | - | €200,037 | €118,684 | €35,176 | €35,176 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€99,099 | - |
| Amounts payable17/49 | €450,387 | €441,246 | €427,179 | €423,277 | €409,487 | €402,422 | €410,510 | ▲ 2.0% |
| Amounts payable after more than one year17 | €5,000 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €445,387 | €441,246 | €427,179 | €423,277 | €409,487 | €402,422 | €410,510 | ▲ 2.0% |
| Financial debts43 | - | - | - | €5,098 | €4,374 | €5,146 | €4,555 | ▼ 11.5% |
| Credit institutions430/8 | - | - | - | €5,098 | €4,374 | €5,146 | €4,555 | ▼ 11.5% |
| Trade debts44 | €14,370 | €12,778 | €9,690 | €12,169 | €8,524 | €7,691 | €8,119 | ▲ 5.6% |
| Suppliers440/4 | - | - | - | €12,169 | €8,524 | €7,691 | €8,119 | ▲ 5.6% |
| Taxes, remuneration and social security45 | - | - | - | €7,933 | €8,216 | €5,042 | - | - |
| Taxes450/3 | - | - | - | €7,933 | €8,216 | €5,042 | - | - |
| Other amounts payable47/48 | - | - | - | €398,076 | €388,373 | €384,543 | €397,836 | ▲ 3.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,422 | -€86,760 | -€78,907 | -€87,753 | -€81,353 | -€86,008 | -€99,099 | ▼ 15.2% |
| + Depreciation and write-downs630 | €49,897 | €96,442 | €92,957 | €92,930 | €92,970 | €92,903 | €92,632 | ▼ 0.3% |
| Operating cash flow (approximation) | €30,475 | €9,683 | €14,050 | €5,177 | €11,617 | €6,896 | -€6,466 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | -€6 | - | - | - | - | - | - |
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, 6,619 companies had the same profile as VANTEX has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VANTEX itself: 2.1% 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 6,619 companies, not a prediction for VANTEX. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-01-2026 | 2026-00016267 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00014196 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00009812 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00017189 | |
| 30-06-2021 | micro format | 11-01-2022 | 2022-00800014 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-04000237 | |
| 30-06-2019 | micro format | 15-03-2021 | 2021-07600303 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-03700565 | |
| 30-06-2017 | abbreviated format | 10-01-2018 | 2018-00900401 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03300120 |