VANZO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00385805.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 15 filings
Turnover
≈ €800,000
Estimated: probably between €390,000 and €1.5m
Total assets
€208,264▼ 7.7%
2024 · €225,681
Net result
€1,863▼ 5.6%
2024 · €1,973
Working capital
€120,276▲ 0.6%
2024 · €119,531
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,473
▼ 1.7%
2025
20182025
Net result
€1,863
▼ 5.6%
2025
middle half of the sector
20182025
Equity
€124,732
▲ 1.5%
2025
middle half of the sector
20182025
Total assets
€208,264
▼ 7.7%
2025
middle half of the sector
20182025
Debt
€83,532
▼ 18.8%
2025
20182025
Working capital
€120,276
▲ 0.6%
2025
middle half of the sector
20182025
Solvency
59.9%
▲ 5.4pp
2025
middle half of the sector
20182025
Current ratio
2.44
▲ 0.28
2025
middle half of the sector
20182025
Return on assets (ROA)
0.9%
=
2025
middle half of the sector
20182025
Staff (FTE)
2
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,427-€13,823▼ 45.6%€9,266▼ 33.0%€5,248▼ 43.4%€15,618▲ 198%€14,465▼ 7.4%€8,623▼ 40.4%€8,473▼ 1.7%
Net result€8,483-€3,214▼ 62.1%€1,074within the sector's middle half▼ 66.6%€455within the sector's middle half▼ 57.7%€6,326within the sector's middle half▲ 14×€4,961within the sector's middle half▼ 21.6%€1,973within the sector's middle half▼ 60.2%€1,863within the sector's middle half▼ 5.6%
Equity€104,867-€108,081▲ 3.1%€109,155within the sector's middle half▲ 1.0%€109,609within the sector's middle half▲ 0.4%€115,935within the sector's middle half▲ 5.8%€120,896within the sector's middle half▲ 4.3%€122,869within the sector's middle half▲ 1.6%€124,732within the sector's middle half▲ 1.5%
Total assets€293,922-€284,245▼ 3.3%€207,181within the sector's middle half▼ 27.1%€219,107within the sector's middle half▲ 5.8%€255,182within the sector's middle half▲ 16.5%€272,627within the sector's middle half▲ 6.8%€225,681within the sector's middle half▼ 17.2%€208,264within the sector's middle half▼ 7.7%
Debt€189,055-€176,164▼ 6.8%€98,027▼ 44.4%€109,498▲ 11.7%€139,247▲ 27.2%€151,731▲ 9.0%€102,812▼ 32.2%€83,532▼ 18.8%
Working capital€101,983-€105,294▲ 3.2%€105,604above the sector's middle half▲ 0.3%€103,857within the sector's middle half▼ 1.7%€108,609within the sector's middle half▲ 4.6%€115,844within the sector's middle half▲ 6.7%€119,531within the sector's middle half▲ 3.2%€120,276within the sector's middle half▲ 0.6%
Solvency35.7%-38.0%▲ 2.3pp52.7%within the sector's middle half▲ 14.7pp50.0%within the sector's middle half▼ 2.7pp45.4%within the sector's middle half▼ 4.6pp44.3%within the sector's middle half▼ 1.1pp54.4%within the sector's middle half▲ 10.1pp59.9%within the sector's middle half▲ 5.4pp
Current ratio1.54-1.60▲ 0.062.08within the sector's middle half▲ 0.481.95within the sector's middle half▼ 0.131.78within the sector's middle half▼ 0.171.76within the sector's middle half▼ 0.022.16within the sector's middle half▲ 0.402.44within the sector's middle half▲ 0.28
Return on assets (ROA)2.9%-1.1%▼ 1.8pp0.5%within the sector's middle half▼ 0.6pp0.2%within the sector's middle half▼ 0.3pp2.5%within the sector's middle half▲ 2.3pp1.8%within the sector's middle half▼ 0.7pp0.9%within the sector's middle half▼ 0.9pp0.9%within the sector's middle half=
Staff (FTE)1.9-2.1▲ 10.5%2.3above the sector's middle half▲ 9.5%2.1▼ 8.7%1.9▼ 9.5%2▲ 5.3%2
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 2% lower than in 2024 and the lowest since 2021. It is the third 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 €208,264
Fixed assets
€4,456 ▲ 33.5%
Current assets
€203,807 ▼ 8.3%
Equity and liabilities €208,264
Equity
€124,732 ▲ 1.5%
Debt
€83,532 ▼ 18.8%
Debt's share of the balance-sheet total falls from 45.6% to 40.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11,373▼
2024 · €12,033
Cash flow
€4,762▼
2024 · €5,383
Quick ratio
0.78▼
2024 · 1.19
Debt to equity
0.67▼
2024 · 0.84
ROE
1.5%▼
2024 · 1.6%
Interest coverage
6.02▲
2024 · 5.34
Debt ≤ 1 year
€83,532▼
2024 · €102,812
Income taxes
€4,995▲
2024 · €4,444
Staff costs
€149,384▲
2024 · €144,442
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 2 |
| full-time | 1 | 2 | 2 | 2 |
| part-time | 2 | - | - | - |
| in full-time equivalents | 2.1 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.1 | 1.9 | 2 | 2 |
| On a permanent contract | 3 | 2 | 2 | 2 |
| Joined | 1 | 0 | - | - |
| Left | 2 | 1 | - | - |
| Training hours | - | - | - | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,187 | €4,520 | €1,832 | €1,696 | €4,018 |
| Depreciation and write-downs of the year | €2,986 | €2,946 | €4,106 | €3,410 | €2,900 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €114,260 | €110,409 | €142,833 | €144,442 | €149,384 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,784 | €4,127 | €1,731 | €2,986 | €2,946 | €4,106 | €3,410 | €2,900 | ▼ 15.0% |
| Other operating charges640/8 | - | - | - | €799 | - | - | €1,930 | - | - |
| Gross operating margin9900 | €105,787 | €100,287 | €69,786 | €123,293 | €128,973 | €161,404 | €158,405 | €160,757 | ▲ 1.5% |
| Operating profit (loss)9901 | €25,427 | €13,823 | €9,266 | €5,248 | €15,618 | €14,465 | €8,623 | €8,473 | ▼ 1.7% |
| Financial income75/76B | - | - | - | €1,482 | €4 | €137 | €47 | €272 | ▲ 483% |
| Recurring financial income75 | €184 | €1 | €302 | €1,482 | €4 | €137 | €47 | €272 | ▲ 483% |
| Financial charges65/66B | - | - | - | €3,271 | €2,581 | €3,259 | €2,253 | €1,888 | ▼ 16.2% |
| Recurring financial charges65 | €1,536 | €2,227 | €5,069 | €3,271 | €2,581 | €3,259 | €2,253 | €1,888 | ▼ 16.2% |
| Profit (loss) for the period before taxes9903 | €20,769 | €11,597 | €4,500 | €3,460 | €13,040 | €11,343 | €6,417 | €6,858 | ▲ 6.9% |
| Income taxes67/77 | €12,286 | €8,383 | €3,426 | €3,005 | €6,714 | €6,382 | €4,444 | €4,995 | ▲ 12.4% |
| Profit (loss) for the period9904 | €8,483 | €3,214 | €1,074 | €455 | €6,326 | €4,961 | €1,973 | €1,863 | ▼ 5.6% |
| Profit (loss) for the period to be appropriated9905 | €8,483 | €3,214 | €1,074 | €455 | €6,326 | €4,961 | €1,973 | €1,863 | ▼ 5.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €293,922 | €284,245 | €207,181 | €219,107 | €255,182 | €272,627 | €225,681 | €208,264 | ▼ 7.7% |
| Fixed assets21/28 | €2,884 | €2,786 | €3,551 | €5,752 | €7,326 | €5,052 | €3,338 | €4,456 | ▲ 33.5% |
| Tangible fixed assets22/27 | €2,884 | €2,786 | €3,551 | €5,752 | €7,326 | €5,052 | €3,338 | €4,456 | ▲ 33.5% |
| Plant, machinery and equipment23 | - | - | - | €1,213 | €903 | €594 | €284 | - | - |
| Furniture and vehicles24 | - | - | - | €4,539 | €6,422 | €4,458 | €3,054 | €4,456 | ▲ 45.9% |
| Current assets29/58 | €291,037 | €281,459 | €203,630 | €213,355 | €247,857 | €267,575 | €222,343 | €203,807 | ▼ 8.3% |
| Stocks and contracts in progress3 | €93,096 | €92,191 | €78,344 | €88,927 | €94,799 | €102,265 | €99,737 | €138,572 | ▲ 38.9% |
| Stocks30/36 | - | - | - | €88,927 | €94,799 | €102,265 | €99,737 | €138,572 | ▲ 38.9% |
| Amounts receivable within one year40/41 | €188,348 | €170,503 | €100,988 | €89,482 | €131,570 | €159,178 | €104,357 | €55,211 | ▼ 47.1% |
| Trade receivables40 | - | - | - | €74,639 | €126,475 | €142,727 | €92,431 | €48,705 | ▼ 47.3% |
| Other amounts receivable41 | - | - | - | €14,843 | €5,095 | €16,451 | €11,926 | €6,506 | ▼ 45.4% |
| Cash at bank and in hand54/58 | €9,593 | €18,213 | €24,298 | €34,946 | €18,589 | €3,327 | €13,697 | €8,075 | ▼ 41.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,899 | €2,805 | €4,551 | €1,950 | ▼ 57.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €293,922 | €284,245 | €207,181 | €219,107 | €255,182 | €272,627 | €225,681 | €208,264 | ▼ 7.7% |
| Equity10/15 | €104,867 | €108,081 | €109,155 | €109,609 | €115,935 | €120,896 | €122,869 | €124,732 | ▲ 1.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €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 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €84,407 | €87,621 | €88,695 | €89,149 | €95,475 | €100,436 | €102,409 | €104,272 | ▲ 1.8% |
| Amounts payable17/49 | €189,055 | €176,164 | €98,027 | €109,498 | €139,247 | €151,731 | €102,812 | €83,532 | ▼ 18.8% |
| Amounts payable within one year42/48 | €189,055 | €176,164 | €98,027 | €109,498 | €139,247 | €151,731 | €102,812 | €83,532 | ▼ 18.8% |
| Trade debts44 | €162,912 | €130,733 | €89,854 | €98,488 | €102,458 | €114,344 | €41,531 | €12,729 | ▼ 69.4% |
| Suppliers440/4 | - | - | - | €98,488 | €102,458 | €114,344 | €41,531 | €12,729 | ▼ 69.4% |
| Taxes, remuneration and social security45 | - | - | - | €10,203 | €8,266 | €12,531 | €42,281 | €32,603 | ▼ 22.9% |
| Taxes450/3 | - | - | - | €5,249 | - | €150 | €27,742 | €19,682 | ▼ 29.1% |
| Remuneration and social security454/9 | - | - | - | €4,954 | €8,266 | €12,381 | €14,539 | €12,920 | ▼ 11.1% |
| Other amounts payable47/48 | - | - | - | €807 | €28,523 | €24,856 | €19,000 | €38,200 | ▲ 101% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,483 | €3,214 | €1,074 | €455 | €6,326 | €4,961 | €1,973 | €1,863 | ▼ 5.6% |
| + Depreciation and write-downs630 | €2,784 | €4,127 | €1,731 | €2,986 | €2,946 | €4,106 | €3,410 | €2,900 | ▼ 15.0% |
| Operating cash flow (approximation) | €11,267 | €7,340 | €2,805 | €3,440 | €9,272 | €9,067 | €5,383 | €4,762 | ▼ 11.5% |
| Investment in fixed assets (approximation) | - | -€4,028 | -€2,496 | -€5,187 | -€4,520 | -€1,832 | -€1,696 | -€4,018 | ▼ 137% |
| Change in cash | - | €8,620 | €6,084 | €10,648 | -€16,357 | -€15,262 | €10,371 | -€5,623 | - |
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 VANZO has now. Two years later, 95.2% 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
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VANZO itself: 0.2% 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 VANZO. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00385805 | |
| 31-12-2024 | micro format | 11-08-2025 | 2025-00373783 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00369119 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00352482 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20326749 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57600200 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49200077 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-60400382 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51900596 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51500465 |