VANTON
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00026455.
Annual accounts 2025 filed on 02-02-2026 PDF all 11 filings
Turnover
≈ €150,000
Estimated: probably between €65,000 and €310,000
Total assets
€58,025▼ 51.8%
2024 · €120,454
Net result
€1,406▼ 95.0%
2024 · €28,267
Working capital
€5,891▼ 70.1%
2024 · €19,713
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€4,869
▼ 87.5%
2025
20192025
Net result
€1,406
▼ 95.0%
2025
middle half of the sector
20192025
Equity
€28,821
▼ 27.6%
2025
middle half of the sector
20192025
Total assets
€58,025
▼ 51.8%
2025
middle half of the sector
20192025
Debt
€29,204
▼ 63.8%
2025
20192025
Working capital
€5,891
▼ 70.1%
2025
middle half of the sector
20192025
Solvency
49.7%
▲ 16.6pp
2025
middle half of the sector
20192025
Current ratio
1.20
▼ 0.05
2025
middle half of the sector
20192025
Return on assets (ROA)
2.4%
▼ 21.0pp
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€6,039-€5,471▼ 9.4%-€4,096-€3,246▲ 20.8%€9,372€38,960▲ 316%€4,869▼ 87.5%
Net result-€284-€50below the sector's middle half-€6,650below the sector's middle half-€5,904below the sector's middle half▲ 11.2%€6,739within the sector's middle half€28,267above the sector's middle half▲ 319%€1,406within the sector's middle half▼ 95.0%
Equity€60,913-€60,964within the sector's middle half▲ 0.1%€54,313within the sector's middle half▼ 10.9%€48,409within the sector's middle half▼ 10.9%€55,148within the sector's middle half▲ 13.9%€39,815within the sector's middle half▼ 27.8%€28,821within the sector's middle half▼ 27.6%
Total assets€112,382-€115,490within the sector's middle half▲ 2.8%€115,914within the sector's middle half▲ 0.4%€96,813within the sector's middle half▼ 16.5%€85,752within the sector's middle half▼ 11.4%€120,454within the sector's middle half▲ 40.5%€58,025within the sector's middle half▼ 51.8%
Debt€51,468-€54,527▲ 5.9%€61,601▲ 13.0%€48,404▼ 21.4%€30,604▼ 36.8%€80,639▲ 163%€29,204▼ 63.8%
Working capital€46,740-€54,350within the sector's middle half▲ 16.3%€39,037within the sector's middle half▼ 28.2%€34,301within the sector's middle half▼ 12.1%€40,129within the sector's middle half▲ 17.0%€19,713within the sector's middle half▼ 50.9%€5,891within the sector's middle half▼ 70.1%
Solvency54.2%-52.8%within the sector's middle half▼ 1.4pp46.9%within the sector's middle half▼ 5.9pp50.0%within the sector's middle half▲ 3.1pp64.3%within the sector's middle half▲ 14.3pp33.1%within the sector's middle half▼ 31.3pp49.7%within the sector's middle half▲ 16.6pp
Current ratio2.48-2.18within the sector's middle half▼ 0.302.05within the sector's middle half▼ 0.132.04within the sector's middle half▼ 0.012.72above the sector's middle half▲ 0.691.25within the sector's middle half▼ 1.471.20within the sector's middle half▼ 0.05
Return on assets (ROA)-0.3%-0.0%below the sector's middle half▲ 0.3pp-5.7%below the sector's middle half▼ 5.8pp-6.1%below the sector's middle half▼ 0.4pp7.9%within the sector's middle half▲ 14.0pp23.5%above the sector's middle half▲ 15.6pp2.4%within the sector's middle half▼ 21.0pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 88% 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 €58,025
Fixed assets
€22,930 ▲ 8.3%
Current assets
€35,095 ▼ 64.7%
Equity and liabilities €58,025
Equity
€28,821 ▼ 27.6%
Debt
€29,204 ▼ 63.8%
Debt's share of the balance-sheet total falls from 66.9% to 50.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€17,363▼
2024 · €51,499
Cash flow
€13,901▼
2024 · €40,806
Debt to equity
1.01▼
2024 · 2.03
ROE
4.9%▼
2024 · 71.0%
Interest coverage
7.00▼
2024 · 25.50
Debt ≤ 1 year
€29,204▼
2024 · €79,577
Income taxes
€993▼
2024 · €8,677
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,196 | €6,909 | €11,379 | €16,755 |
| Depreciation and write-downs of the year | €13,470 | €14,010 | €12,539 | €12,495 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €6,182 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,869 | €18,260 | €12,546 | €13,470 | €14,010 | €12,539 | €12,495 | ▼ 0.4% |
| Other operating charges640/8 | - | - | - | €1,290 | €1,749 | €450 | €1,671 | ▲ 271% |
| Gross operating margin9900 | €34,123 | €26,841 | €11,357 | €17,695 | €25,131 | €51,949 | €19,034 | ▼ 63.4% |
| Operating profit (loss)9901 | €6,039 | €5,471 | -€4,096 | -€3,246 | €9,372 | €38,960 | €4,869 | ▼ 87.5% |
| Financial income75/76B | - | - | - | €1,045 | €912 | €4 | €12 | ▲ 190% |
| Recurring financial income75 | €615 | €1,157 | €1,241 | €1,045 | €912 | €4 | €12 | ▲ 190% |
| Financial charges65/66B | - | - | - | €3,570 | €3,420 | €2,020 | €2,481 | ▲ 22.8% |
| Recurring financial charges65 | €4,746 | €4,843 | €3,164 | €3,570 | €3,420 | €2,020 | €2,481 | ▲ 22.8% |
| Profit (loss) for the period before taxes9903 | €1,909 | €1,786 | -€6,020 | -€5,771 | €6,864 | €36,944 | €2,399 | ▼ 93.5% |
| Income taxes67/77 | €2,193 | €1,736 | €631 | €133 | €126 | €8,677 | €993 | ▼ 88.6% |
| Profit (loss) for the period9904 | -€284 | €50 | -€6,650 | -€5,904 | €6,739 | €28,267 | €1,406 | ▼ 95.0% |
| Profit (loss) for the period to be appropriated9905 | -€284 | €50 | -€6,650 | -€5,904 | €6,739 | €28,267 | €1,406 | ▼ 95.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €112,382 | €115,490 | €115,914 | €96,813 | €85,752 | €120,454 | €58,025 | ▼ 51.8% |
| Fixed assets21/28 | €33,990 | €15,029 | €39,699 | €29,426 | €22,324 | €21,164 | €22,930 | ▲ 8.3% |
| Tangible fixed assets22/27 | €33,832 | €14,871 | €39,542 | €29,268 | €22,167 | €21,007 | €22,772 | ▲ 8.4% |
| Plant, machinery and equipment23 | - | - | - | €3,130 | €3,576 | €3,969 | €2,238 | ▼ 43.6% |
| Furniture and vehicles24 | - | - | - | €23,049 | €18,590 | €17,037 | €20,535 | ▲ 20.5% |
| Leasing and similar rights25 | - | - | - | €3,090 | - | - | - | - |
| Financial fixed assets28 | €157 | €157 | €157 | €157 | €157 | €157 | €157 | = |
| Current assets29/58 | €78,392 | €100,462 | €76,215 | €67,388 | €63,428 | €99,290 | €35,095 | ▼ 64.7% |
| Amounts receivable after more than one year29 | - | - | - | €45,848 | €45,848 | €45,848 | - | - |
| Other amounts receivable291 | - | - | - | €45,848 | €45,848 | €45,848 | - | - |
| Amounts receivable within one year40/41 | €18,058 | €39,964 | €17,351 | €21,186 | €17,408 | €51,741 | €33,042 | ▼ 36.1% |
| Trade receivables40 | - | - | - | €20,472 | €16,244 | €38,620 | €27,741 | ▼ 28.2% |
| Other amounts receivable41 | - | - | - | €714 | €1,164 | €13,122 | €5,301 | ▼ 59.6% |
| Cash at bank and in hand54/58 | - | - | - | - | - | €1,403 | €1,962 | ▲ 39.8% |
| Deferred charges and accrued income490/1 | - | - | - | €354 | €172 | €298 | €91 | ▼ 69.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €112,382 | €115,490 | €115,914 | €96,813 | €85,752 | €120,454 | €58,025 | ▼ 51.8% |
| Equity10/15 | €60,913 | €60,964 | €54,313 | €48,409 | €55,148 | €39,815 | €28,821 | ▼ 27.6% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €18,600 | €6,200 | ▼ 66.7% |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Profit (loss) carried forward14 | €52,853 | €52,904 | €46,253 | €40,349 | €47,088 | €21,215 | €22,621 | ▲ 6.6% |
| Amounts payable17/49 | €51,468 | €54,527 | €61,601 | €48,404 | €30,604 | €80,639 | €29,204 | ▼ 63.8% |
| Amounts payable after more than one year17 | €19,816 | €8,415 | €24,423 | €15,318 | €7,305 | €1,062 | - | - |
| Financial debts170/4 | - | - | - | €15,318 | €7,305 | €1,062 | - | - |
| Amounts payable within one year42/48 | €31,652 | €46,112 | €37,178 | €33,086 | €23,299 | €79,577 | €29,204 | ▼ 63.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,105 | €8,013 | €6,243 | €1,062 | ▼ 83.0% |
| Financial debts43 | - | - | - | €13,417 | €7,630 | - | €6,496 | - |
| Credit institutions430/8 | - | - | - | €13,417 | €7,630 | - | €6,496 | - |
| Trade debts44 | €3,218 | €2,858 | €4,696 | €1,688 | €1,201 | €1,007 | €1,536 | ▲ 52.6% |
| Suppliers440/4 | - | - | - | €1,688 | €1,201 | €1,007 | €1,536 | ▲ 52.6% |
| Taxes, remuneration and social security45 | - | - | - | €533 | €4,826 | €16,327 | €17,195 | ▲ 5.3% |
| Taxes450/3 | - | - | - | €533 | €776 | €9,527 | €7,395 | ▼ 22.4% |
| Remuneration and social security454/9 | - | - | - | - | €4,050 | €6,800 | €9,800 | ▲ 44.1% |
| Other amounts payable47/48 | - | - | - | €8,342 | €1,630 | €56,000 | €2,915 | ▼ 94.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€284 | €50 | -€6,650 | -€5,904 | €6,739 | €28,267 | €1,406 | ▼ 95.0% |
| + Depreciation and write-downs630 | €21,869 | €18,260 | €12,546 | €13,470 | €14,010 | €12,539 | €12,495 | ▼ 0.4% |
| Operating cash flow (approximation) | €21,585 | €18,310 | €5,895 | €7,566 | €20,749 | €40,806 | €13,901 | ▼ 65.9% |
| Investment in fixed assets (approximation) | - | €701 | -€37,216 | -€3,196 | -€6,909 | -€11,379 | -€14,261 | ▼ 25.3% |
| Change in cash | - | - | - | - | - | - | €559 | - |
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, 10,904 companies had the same profile as VANTON has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VANTON itself: 0.6% 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 10,904 companies, not a prediction for VANTON. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00026455 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00019696 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00016629 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013439 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-05000550 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03800052 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-04300194 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04300099 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04500233 | |
| 30-06-2016 | full format | 24-01-2017 | 2017-02100078 |