VANTHO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-03-2026 PDF all 16 filings
Turnover
€394,952▼ 54.9%
2024 · €876,000
EBIT margin
53.2%▼ 16.6pp
2024 · 69.8%
Net result
€386,154▼ 13.2%
2024 · €444,789
Working capital
€252,916▲ 50×
2024 · €5,092
In the rankings
#9 company by equity in Kruisem, Administrative and support services sector#10 company by total assets in Kruisem, Administrative and support services sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€394,952
▼ 54.9%
2025
20192025
Operating result
€210,206
▼ 65.6%
2025
20192025
Net result
€386,154
▼ 13.2%
2025
highest quarter of the sector
20192025
EBIT margin
53.2%
▼ 16.6pp
2025
20192025
Equity
€1.4m
▲ 25.1%
2025
middle half of the sector
20192025
Total assets
€2.1m
▲ 14.5%
2025
middle half of the sector
20192025
Debt
€645,511
▼ 3.8%
2025
20192025
Working capital
€252,916
▲ 50×
2025
middle half of the sector
20192025
Solvency
68.9%
▲ 5.9pp
2025
middle half of the sector
20192025
Current ratio
2.42
▲ 1.38
2025
middle half of the sector
20192025
Return on assets (ROA)
18.6%
▼ 5.9pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.9m€0.4m▼ 54.9%
Operating result€0.06m-€0.03m▼ 42.5%€0.1m▲ 254%€0.4m▲ 220%€0.2m▼ 37.6%€0.6m▲ 172%€0.2m▼ 65.6%
Net result€0.03m-€0.008mwithin the sector's middle half▼ 71.9%€0.04mabove the sector's middle half▲ 399%€0.4mabove the sector's middle half▲ 814%€0.1mabove the sector's middle half▼ 63.8%€0.4mabove the sector's middle half▲ 227%€0.4mabove the sector's middle half▼ 13.2%
EBIT margin69.8%53.2%▼ 16.6pp
Equity€0.1m-€0.1mwithin the sector's middle half▲ 5.9%€0.2mabove the sector's middle half▲ 27.7%€0.6mwithin the sector's middle half▲ 198%€0.7mwithin the sector's middle half▲ 24.1%€1.1mwithin the sector's middle half▲ 63.5%€1.4mwithin the sector's middle half▲ 25.1%
Total assets€0.8m-€1.6mwithin the sector's middle half▲ 104%€1.6mabove the sector's middle half▼ 0.1%€1.8mwithin the sector's middle half▲ 14.4%€1.9mwithin the sector's middle half▲ 9.0%€1.8mwithin the sector's middle half▼ 6.7%€2.1mwithin the sector's middle half▲ 14.5%
Debt€0.6m-€1.4m▲ 126%€1.4m▼ 3.0%€1.2m▼ 11.0%€1.2m▲ 2.0%€0.7m▼ 46.1%€0.6m▼ 3.8%
Working capital€0.08m--€0.01mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 1,077%-€0.08mbelow the sector's middle half▲ 34.3%€0.02mwithin the sector's middle half€0.005mwithin the sector's middle half▼ 67.3%€0.3mwithin the sector's middle half▲ 50×
Solvency18.3%-9.5%below the sector's middle half▼ 8.8pp12.1%below the sector's middle half▲ 2.6pp31.6%within the sector's middle half▲ 19.5pp36.0%within the sector's middle half▲ 4.4pp63.0%within the sector's middle half▲ 27.1pp68.9%within the sector's middle half▲ 5.9pp
Current ratio1.43-0.89within the sector's middle half▼ 0.540.43below the sector's middle half▼ 0.460.43below the sector's middle half=1.07within the sector's middle half▲ 0.631.04within the sector's middle half▼ 0.032.42within the sector's middle half▲ 1.38
Return on assets (ROA)3.8%-0.5%within the sector's middle half▼ 3.3pp2.6%within the sector's middle half▲ 2.1pp21.0%above the sector's middle half▲ 18.4pp7.0%within the sector's middle half▼ 14.0pp24.5%above the sector's middle half▲ 17.5pp18.6%above the sector's middle half▼ 5.9pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 66% lower than in 2024.
Large changes and their cause
- 2024 Net result +227% on 2023. The accounts now follow the full format, last year the abbreviated format.
- 2022 Net result +814% on 2021. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.6m ▼ 1.5%
Current assets
€430,959 ▲ 199%
Equity and liabilities €2.1m
Equity
€1.4m ▲ 25.1%
Debt
€645,511 ▼ 3.8%
Debt's share of the balance-sheet total falls from 37.0% to 31.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€234,515▼
2024 · €636,122
Cash flow
€410,463▼
2024 · €469,670
Quick ratio
1.65▲
2024 · 0.93
Debt to equity
0.45▼
2024 · 0.59
ROE
27.0%▼
2024 · 38.9%
Interest coverage
11.98▼
2024 · 35.70
Debt ≤ 1 year
€178,043▲
2024 · €139,138
Debt > 1 year
€456,820▼
2024 · €527,787
Income taxes
€33,972▼
2024 · €148,263
Customer credit
30 days▲
2024 · 12 days
Supplier credit
26 days▲
2024 · 4 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €654,624 | €597,585 | €497,933 | €427,787 |
| Mortgages, amount registered | €200,000 | €200,000 | €200,000 | €200,000 |
| Carrying value of the mortgaged assets | €258,356 | €258,356 | €222,867 | €204,689 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €304,166 | - | €645,073 | - |
| Depreciation and write-downs of the year | €61,877 | €31,499 | €24,881 | €24,309 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €885,079 | €405,342 | ▼ 54.2% |
| Turnover70 | - | - | - | - | - | €876,000 | €394,952 | ▼ 54.9% |
| Other operating income74 | - | - | - | - | - | €9,079 | €10,390 | ▲ 14.4% |
| Operating charges60/66A | - | - | - | - | - | €273,838 | €195,137 | ▼ 28.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €111,645 | €63,000 | ▼ 43.6% |
| Purchases600/8 | - | - | - | - | - | €111,645 | €184,900 | ▲ 65.6% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | -€121,900 | - |
| Services and other goods61 | - | - | - | - | - | €134,865 | €105,328 | ▼ 21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,102 | €23,717 | €25,547 | €61,877 | €31,499 | €24,881 | €24,309 | ▼ 2.3% |
| Other operating charges640/8 | - | - | - | €2,553 | €2,292 | €2,446 | €2,499 | ▲ 2.2% |
| Gross operating margin9900 | €79,504 | €56,861 | €139,270 | €424,892 | €258,783 | - | - | - |
| Operating profit (loss)9901 | €55,315 | €31,825 | €112,609 | €360,462 | €224,991 | €611,241 | €210,206 | ▼ 65.6% |
| Financial income75/76B | - | - | - | €163,646 | €0 | €0 | €229,873 | ▲ 2,554,142× |
| Recurring financial income75 | €4 | €0 | €1 | €163,646 | €0 | €0 | €229,873 | ▲ 2,554,142× |
| Income from financial fixed assets750 | - | - | - | - | - | - | €229,873 | - |
| Other financial income752/9 | - | - | - | - | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €28,470 | €25,652 | €18,189 | €19,953 | ▲ 9.7% |
| Recurring financial charges65 | €14,812 | €19,003 | €40,363 | €28,470 | €25,652 | €18,189 | €19,953 | ▲ 9.7% |
| Debt charges650 | - | - | - | - | - | €17,820 | €19,572 | ▲ 9.8% |
| Other financial charges652/9 | - | - | - | - | - | €369 | €381 | ▲ 3.3% |
| Profit (loss) for the period before taxes9903 | €40,507 | €12,823 | €72,247 | €495,638 | €199,339 | €593,052 | €420,126 | ▼ 29.2% |
| Income taxes67/77 | €11,206 | €4,593 | €31,221 | €120,558 | €63,426 | €148,263 | €33,972 | ▼ 77.1% |
| Taxes670/3 | - | - | - | - | - | €148,263 | €47,563 | ▼ 67.9% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0 | €13,591 | - |
| Profit (loss) for the period9904 | €29,301 | €8,230 | €41,026 | €375,080 | €135,913 | €444,789 | €386,154 | ▼ 13.2% |
| Profit (loss) for the period to be appropriated9905 | €29,301 | €8,230 | €41,026 | €375,080 | €135,913 | €444,789 | €386,154 | ▼ 13.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €1.6m | €1.6m | €1.8m | €1.9m | €1.8m | €2.1m | ▲ 14.5% |
| Fixed assets21/28 | €0.5m | €1.5m | €1.5m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 1.5% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.7m | €0.6m | ▼ 3.5% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.002m | €0.001m | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.4m | €0 | - | - |
| Financial fixed assets28 | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Affiliated companies280/1 | - | - | - | - | - | €1.0m | €1.0m | = |
| Participating interests280 | - | - | - | - | - | €1.0m | €1.0m | = |
| Current assets29/58 | €0.3m | €0.08m | €0.09m | €0.06m | €0.2m | €0.1m | €0.4m | ▲ 199% |
| Stocks and contracts in progress3 | €0.1m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.1m | ▲ 813% |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.02m | €0.1m | ▲ 813% |
| Goods purchased for resale34 | - | - | - | - | - | €0.02m | €0.1m | ▲ 813% |
| Amounts receivable within one year40/41 | €0.1m | €407 | €0.03m | €0.04m | €0.2m | €0.03m | €0.08m | ▲ 164% |
| Trade receivables40 | - | - | - | €0.03m | €0.1m | €0.03m | €0.03m | ▲ 14.9% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.04m | €0 | €0.04m | - |
| Cash at bank and in hand54/58 | €0.04m | €0.05m | €0.04m | €0.004m | €0.05m | €0.1m | €0.2m | ▲ 119% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 0.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €1.6m | €1.6m | €1.8m | €1.9m | €1.8m | €2.1m | ▲ 14.5% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.6m | €0.7m | €1.1m | €1.4m | ▲ 25.1% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.1m | €0.2m | €0.5m | €0.7m | €1.1m | €1.4m | ▲ 25.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €1.1m | €1.4m | ▲ 25.6% |
| Profit (loss) carried forward14 | €0.001m | €0.001m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.6m | €1.4m | €1.4m | €1.2m | €1.2m | €0.7m | €0.6m | ▼ 3.8% |
| Amounts payable after more than one year17 | €0.4m | €1.3m | €1.1m | €1.1m | €1.0m | €0.5m | €0.5m | ▼ 13.4% |
| Financial debts170/4 | - | - | - | €1.0m | €0.9m | €0.4m | €0.4m | ▼ 16.6% |
| Leasing and similar obligations172 | - | - | - | - | - | €0 | - | - |
| Credit institutions173 | - | - | - | - | - | €0.4m | €0.4m | ▼ 16.6% |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.2m | €0.09m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 28.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.1m | €0.07m | ▼ 29.4% |
| Trade debts44 | €0.1m | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 320% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 320% |
| Advances received on contracts in progress46 | - | - | - | - | €0.1m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.03m | €0.006m | ▼ 83.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.03m | €0.006m | ▼ 83.9% |
| Remuneration and social security454/9 | - | - | - | €0 | €0.003m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.003m | €0.001m | €0.003m | €0.1m | ▲ 30× |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.01m | €0.004m | €0.01m | ▲ 165% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.008m | €0.04m | €0.4m | €0.1m | €0.4m | €0.4m | ▼ 13.2% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.03m | €0.06m | €0.03m | €0.02m | €0.02m | ▼ 2.3% |
| Operating cash flow (approximation) | €0.05m | €0.03m | €0.07m | €0.4m | €0.2m | €0.5m | €0.4m | ▼ 12.6% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.02m | -€0.3m | €0 | €0 | €0 | - |
| Change in cash | - | €0.01m | -€0.006m | -€0.04m | €0.05m | €0.04m | €0.1m | ▲ 164% |
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, 17,811 companies had the same profile as VANTHO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of VANTHO 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 17,811 companies, not a prediction for VANTHO. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 30-03-2026 | 2026-00066613 | |
| 30-09-2024 | full format | 15-04-2025 | 2025-00069665 | |
| 30-09-2023 | abbreviated format | 26-03-2024 | 2024-00050819 | |
| 30-09-2022 | abbreviated format | 18-04-2023 | 2023-00060450 | |
| 30-09-2021 | micro format | 28-03-2022 | 2022-08800232 | |
| 30-09-2020 | abbreviated format | 23-03-2021 | 2021-08200286 | |
| 30-09-2019 | micro format | 14-04-2020 | 2020-09100363 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11500578 | |
| 30-09-2017 | micro format | 20-03-2018 | 2018-07000561 | |
| 30-09-2016 | abbreviated format | 28-03-2017 | 2017-07300061 |