VAREA
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00435667.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 33 filings
Turnover
≈ €420,000
Estimated: probably between €290,000 and €660,000
EBIT margin
Not included in this filing
Net result
€83,562
2024 · -€73,040
Working capital
€229,941▼ 32.5%
2024 · €340,629
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€108,339
2025
20182025
Net result
€83,562
2025
middle half of the sector
20182025
Equity
€242,940
▲ 52.4%
2025
middle half of the sector
20182025
Total assets
€1.2m
▼ 20.3%
2025
middle half of the sector
20182025
Debt
€946,425
▼ 29.0%
2025
20182025
Working capital
€229,941
▼ 32.5%
2025
middle half of the sector
20182025
Solvency
20.4%
▲ 9.7pp
2025
middle half of the sector
20182025
Current ratio
1.24
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
7.0%
▲ 11.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.004m▼ 78.9%€0.03m▲ 594%€0.002m▼ 93.9%€0.06m▲ 35×€0.03m▼ 59.1%-€0.05m€0.1m
Net result€0.005m-€16▼ 99.7%€0.01mwithin the sector's middle half▲ 861×-€0.02mbelow the sector's middle half€0.03mwithin the sector's middle half€0.004mwithin the sector's middle half▼ 87.3%-€0.07mbelow the sector's middle half€0.08mwithin the sector's middle half
Equity€0.2m-€0.2m=€0.2mwithin the sector's middle half▲ 6.9%€0.2mwithin the sector's middle half▼ 7.2%€0.2mwithin the sector's middle half▲ 16.2%€0.2mwithin the sector's middle half▲ 1.8%€0.2mwithin the sector's middle half▼ 31.4%€0.2mwithin the sector's middle half▲ 52.4%
Total assets€0.7m-€1.1m▲ 45.6%€0.9mwithin the sector's middle half▼ 14.7%€1.2mwithin the sector's middle half▲ 29.4%€1.4mwithin the sector's middle half▲ 17.6%€1.7mwithin the sector's middle half▲ 24.9%€1.5mwithin the sector's middle half▼ 12.4%€1.2mwithin the sector's middle half▼ 20.3%
Debt€0.5m-€0.9m▲ 62.8%€0.7m▼ 19.8%€1.0m▲ 40.7%€1.1m▲ 17.8%€1.5m▲ 29.5%€1.3m▼ 9.3%€0.9m▼ 29.0%
Working capital€0.4m-€0.4m▲ 1.0%€0.4mwithin the sector's middle half▲ 0.3%€0.4mwithin the sector's middle half▼ 12.7%€0.4mwithin the sector's middle half▲ 8.4%€0.4mwithin the sector's middle half▲ 2.9%€0.3mwithin the sector's middle half▼ 16.5%€0.2mwithin the sector's middle half▼ 32.5%
Solvency27.4%-18.8%▼ 8.6pp23.6%within the sector's middle half▲ 4.8pp16.9%below the sector's middle half▼ 6.7pp16.7%below the sector's middle half▼ 0.2pp13.6%below the sector's middle half▼ 3.1pp10.7%below the sector's middle half▼ 3.0pp20.4%within the sector's middle half▲ 9.7pp
Current ratio2.50-1.69▼ 0.811.96within the sector's middle half▲ 0.271.48within the sector's middle half▼ 0.481.42within the sector's middle half▼ 0.051.32within the sector's middle half▼ 0.101.30within the sector's middle half▼ 0.021.24within the sector's middle half▼ 0.06
Return on assets (ROA)0.7%-0.0%▼ 0.7pp1.5%within the sector's middle half▲ 1.5pp-1.3%below the sector's middle half▼ 2.8pp2.3%within the sector's middle half▲ 3.7pp0.2%within the sector's middle half▼ 2.1pp-4.9%below the sector's middle half▼ 5.1pp7.0%within the sector's middle half▲ 11.9pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €108,339, after a loss of €52,961 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€12,999 ▼ 23.7%
Current assets
€1.2m ▼ 20.3%
Equity and liabilities €1.2m
Equity
€242,940 ▲ 52.4%
Debt
€946,425 ▼ 29.0%
Debt's share of the balance-sheet total falls from 89.3% to 79.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€112,377▲
2024 · -€45,819
Cash flow
€87,600▲
2024 · -€65,898
Quick ratio
0.21▼
2024 · 0.38
Debt to equity
3.90▼
2024 · 8.36
ROE
34.4%▲
2024 · -45.8%
Interest coverage
8.67▲
2024 · -2.14
Debt ≤ 1 year
€946,425▼
2024 · €1.1m
Income taxes
€13,751▲
2024 · €140
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €0 | - |
| Debts guaranteed by Belgian public bodies | - | - | €198,288 | - | - |
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 | - | €11,812 | - | €1,313 | - |
| Depreciation and write-downs of the year | €13,043 | €10,252 | €7,514 | €7,142 | €4,038 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,885 | €8,939 | €11,531 | €13,043 | €10,252 | €7,514 | €7,142 | €4,038 | ▼ 43.5% |
| Other operating charges640/8 | - | - | - | €6,715 | €5,687 | €12,071 | €12,197 | €7,522 | ▼ 38.3% |
| Gross operating margin9900 | €44,464 | €23,402 | €47,261 | €21,521 | €77,319 | €44,691 | -€33,622 | €119,899 | - |
| Operating profit (loss)9901 | €19,861 | €4,187 | €29,058 | €1,764 | €61,379 | €25,107 | -€52,961 | €108,339 | - |
| Financial income75/76B | - | - | - | €244 | €2,540 | €2,141 | €1,517 | €1,934 | ▲ 27.5% |
| Recurring financial income75 | €17 | €1,274 | €810 | €244 | €2,540 | €2,141 | €1,517 | €1,934 | ▲ 27.5% |
| Financial charges65/66B | - | - | - | €17,066 | €23,150 | €25,347 | €21,456 | €12,960 | ▼ 39.6% |
| Recurring financial charges65 | €11,176 | €4,329 | €9,761 | €17,066 | €23,150 | €25,347 | €21,456 | €12,960 | ▼ 39.6% |
| Profit (loss) for the period before taxes9903 | €8,702 | €1,131 | €20,107 | -€15,058 | €40,770 | €1,900 | -€72,900 | €97,313 | - |
| Income taxes67/77 | €3,344 | €1,116 | €6,482 | €234 | €8,934 | -€2,157 | €140 | €13,751 | ▲ 99× |
| Profit (loss) for the period9904 | €5,358 | €16 | €13,626 | -€15,292 | €31,836 | €4,058 | -€73,040 | €83,562 | - |
| Profit (loss) for the period to be appropriated9905 | €5,358 | €16 | €13,626 | -€15,292 | €31,836 | €4,058 | -€73,040 | €83,562 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €1.1m | €0.9m | €1.2m | €1.4m | €1.7m | €1.5m | €1.2m | ▼ 20.3% |
| Formation expenses20 | - | - | - | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €0.03m | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 23.7% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 24.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 16.5% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.009m | €0.005m | €0.002m | €0.001m | ▼ 69.4% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €477 | €477 | €477 | €477 | = |
| Current assets29/58 | €0.7m | €1.0m | €0.9m | €1.1m | €1.3m | €1.7m | €1.5m | €1.2m | ▼ 20.3% |
| Stocks and contracts in progress3 | €0.6m | €0.9m | €0.3m | €0.8m | €1.0m | €1.3m | €1.0m | €1.0m | ▼ 5.8% |
| Stocks30/36 | - | - | - | €0.8m | €1.0m | €1.3m | €1.0m | €1.0m | ▼ 5.8% |
| Contracts in progress37 | - | - | - | - | - | €0.04m | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.2m | €0.4m | €0.01m | - | €0.03m | €0.001m | ▼ 95.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.001m | - | €0.03m | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.01m | - | - | €0.001m | - |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.3m | €0.02m | €0.3m | €0.4m | €0.4m | €0.2m | ▼ 53.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.003m | €0.003m | €0.003m | €0.004m | ▲ 39.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €1.1m | €0.9m | €1.2m | €1.4m | €1.7m | €1.5m | €1.2m | ▼ 20.3% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 52.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 85.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.09m | €0.2m | ▲ 91.6% |
| Amounts payable17/49 | €0.5m | €0.9m | €0.7m | €1.0m | €1.1m | €1.5m | €1.3m | €0.9m | ▼ 29.0% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.6m | €0.4m | €0.8m | €0.9m | €1.3m | €1.1m | €0.9m | ▼ 16.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | - | - | - | - | - |
| Financial debts43 | - | - | - | €0.4m | €0.2m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.4m | €0.2m | - | - | - | - |
| Trade debts44 | €0.1m | €0.1m | €0.06m | €0.1m | €0.03m | €0.02m | €0.05m | €0.01m | ▼ 79.2% |
| Suppliers440/4 | - | - | - | €0.1m | €0.03m | €0.02m | €0.05m | €0.01m | ▼ 79.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.03m | €0.06m | €0.07m | €0.006m | ▼ 91.8% |
| Taxes450/3 | - | - | - | €0.05m | €0.03m | €0.06m | €0.07m | €0.006m | ▼ 91.5% |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.002m | €351 | €0.002m | €4 | ▼ 99.8% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.7m | €1.2m | €1.0m | €0.9m | ▼ 8.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,358 | €16 | €13,626 | -€15,292 | €31,836 | €4,058 | -€73,040 | €83,562 | - |
| + Depreciation and write-downs630 | €8,885 | €8,939 | €11,531 | €13,043 | €10,252 | €7,514 | €7,142 | €4,038 | ▼ 43.5% |
| Operating cash flow (approximation) | €14,243 | €8,955 | €25,156 | -€2,249 | €42,088 | €11,571 | -€65,898 | €87,600 | - |
| Investment in fixed assets (approximation) | - | -€4,318 | -€24,018 | €0 | -€11,412 | €0 | -€1,313 | €0 | - |
| Change in cash | - | €4,528 | €258,552 | -€254,120 | €316,130 | €22,930 | €47,825 | -€215,824 | - |
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, 2,613 companies had the same profile as VAREA has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VAREA 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 2,613 companies, not a prediction for VAREA. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00435667 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00435865 | |
| 31-12-2023 | abbreviated format | 26-08-2024 | 2024-00386441 | |
| 31-12-2022 | abbreviated format | 19-06-2023 | 2023-00136125 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20425677 | |
| 31-12-2020 | abbreviated format | 26-08-2021 | 2021-53900316 | |
| 31-12-2019 | abbreviated format | 02-10-2020 | 2020-58300143 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-57300068 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-50100210 | |
| 31-12-2016 | abbreviated format | 11-08-2017 | 2017-43500584 |