VB&L
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-01-2026 PDF all 9 filings
Turnover
≈ €2.4m
Estimated: probably between €1.6m and €3.1m
Total assets
€1.7m▼ 55.6%
2024 · €3.8m
Net result
€938,435▲ 29×
2024 · €32,319
Working capital
€839,375
2024 · -€3.4m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1.3m
▲ 14×
2025
20192025
Net result
€938,435
▲ 29×
2025
highest quarter of the sector
20192025
Equity
€1.1m
▲ 461%
2025
highest quarter of the sector
20192025
Total assets
€1.7m
▼ 55.6%
2025
highest quarter of the sector
20192025
Debt
€215,781
▼ 93.9%
2025
20192025
Working capital
€839,375
2025
highest quarter of the sector
20192025
Solvency
68.4%
▲ 63.0pp
2025
middle half of the sector
20192025
Current ratio
4.89
▲ 4.85
2025
highest quarter of the sector
20192025
Return on assets (ROA)
56.2%
▲ 55.4pp
2025
highest 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€0.04m--€0.06m€0.07m€0.06m▼ 11.5%€0.1m▲ 51.7%€0.09m▼ 2.8%€1.3m▲ 14×
Net result€0.03m--€0.07mbelow the sector's middle half€0.07mabove the sector's middle half€0.06mwithin the sector's middle half▼ 18.7%€0.07mabove the sector's middle half▲ 25.0%€0.03mwithin the sector's middle half▼ 54.0%€0.9mabove the sector's middle half▲ 29×
Equity€0.04m--€0.02mbelow the sector's middle half€0.04mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 126%€0.2mwithin the sector's middle half▲ 69.7%€0.2mwithin the sector's middle half▲ 18.9%€1.1mabove the sector's middle half▲ 461%
Total assets€0.9m-€4.0mabove the sector's middle half▲ 358%€4.2mabove the sector's middle half▲ 4.7%€4.1mabove the sector's middle half▼ 3.6%€3.9mabove the sector's middle half▼ 4.1%€3.8mabove the sector's middle half▼ 3.2%€1.7mabove the sector's middle half▼ 55.6%
Debt€0.8m-€4.0m▲ 385%€4.2m▲ 2.9%€4.0m▼ 5.0%€3.7m▼ 6.0%€3.6m▼ 4.2%€0.2m▼ 93.9%
Working capital-€0.7m--€1.3mbelow the sector's middle half▼ 73.2%-€1.5mbelow the sector's middle half▼ 17.6%-€1.5mbelow the sector's middle half▼ 2.9%-€3.6mbelow the sector's middle half▼ 132%-€3.4mbelow the sector's middle half▲ 6.6%€0.8mabove the sector's middle half
Solvency4.9%--0.6%below the sector's middle half▼ 5.5pp1.1%below the sector's middle half▲ 1.7pp2.5%below the sector's middle half▲ 1.4pp4.4%below the sector's middle half▲ 1.9pp5.4%below the sector's middle half▲ 1.0pp68.4%within the sector's middle half▲ 63.0pp
Current ratio0.11-0.00below the sector's middle half▼ 0.110.06below the sector's middle half▲ 0.060.06below the sector's middle half▲ 0.010.03below the sector's middle half▼ 0.040.04below the sector's middle half▲ 0.014.89above the sector's middle half▲ 4.85
Return on assets (ROA)3.9%--1.7%below the sector's middle half▼ 5.6pp1.6%within the sector's middle half▲ 3.3pp1.4%below the sector's middle half▼ 0.3pp1.8%within the sector's middle half▲ 0.4pp0.9%below the sector's middle half▼ 0.9pp56.2%above the sector's middle half▲ 55.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 nearly 14 times that of 2024 and the highest since 2021. It is a recovery after the fall 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 €1.7m
Fixed assets
€614,338 ▼ 83.0%
Current assets
€1.1m ▲ 582%
Equity and liabilities €1.7m
Equity
€1.1m ▲ 461%
Provisions
€311,917
Debt
€215,781 ▼ 93.9%
Debt's share of the balance-sheet total falls from 94.6% to 12.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.3m▲
2024 · €264,024
Cash flow
€981,941▲
2024 · €201,623
Debt to equity
0.19▼
2024 · 17.50
ROE
82.2%▲
2024 · 15.9%
Interest coverage
36.97▲
2024 · 5.10
Debt ≤ 1 year
€215,781▼
2024 · €3.5m
Income taxes
€2,838▼
2024 · €10,638
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €27,500 | - |
| Mortgage mandates | - | - | €2.3m | - |
| Carrying value of the mortgaged assets | - | - | €2.0m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,098 | - | - | €3,570 |
| Depreciation and write-downs of the year | €169,293 | €169,304 | €169,304 | €43,505 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1.2m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 74.3% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.05m | €0.005m | ▼ 88.8% |
| Gross operating margin9900 | €0.07m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €1.3m | ▲ 326% |
| Operating profit (loss)9901 | €0.04m | -€0.06m | €0.07m | €0.06m | €0.1m | €0.09m | €1.3m | ▲ 14× |
| Financial income75/76B | - | - | - | - | - | - | €0.01m | - |
| Recurring financial income75 | €10 | €0 | €24 | - | - | - | €0.01m | - |
| Financial charges65/66B | - | - | - | €0.005m | €0.007m | €0.05m | €0.04m | ▼ 30.9% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.003m | €0.005m | €0.007m | €0.05m | €0.04m | ▼ 30.9% |
| Profit (loss) for the period before taxes9903 | €0.04m | -€0.07m | €0.07m | €0.06m | €0.09m | €0.04m | €1.3m | ▲ 29× |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €0.3m | - |
| Income taxes67/77 | €0.003m | €215 | - | €0.003m | €0.02m | €0.01m | €0.003m | ▼ 73.3% |
| Profit (loss) for the period9904 | €0.03m | -€0.07m | €0.07m | €0.06m | €0.07m | €0.03m | €0.9m | ▲ 29× |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.9m | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | -€0.07m | €0.07m | €0.06m | €0.07m | €0.03m | €0.003m | ▼ 91.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €4.0m | €4.2m | €4.1m | €3.9m | €3.8m | €1.7m | ▼ 55.6% |
| Fixed assets21/28 | €0.8m | €4.0m | €4.1m | €3.9m | €3.8m | €3.6m | €0.6m | ▼ 83.0% |
| Tangible fixed assets22/27 | €0.8m | €4.0m | €4.1m | €3.9m | €3.8m | €3.6m | €0.6m | ▼ 83.0% |
| Land and buildings22 | - | - | - | €3.9m | €3.7m | €3.6m | €0.6m | ▼ 83.1% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.03m | €0.02m | €0.007m | ▼ 59.4% |
| Current assets29/58 | €0.1m | €0.005m | €0.09m | €0.1m | €0.1m | €0.2m | €1.1m | ▲ 582% |
| Amounts receivable within one year40/41 | €0.09m | €0.002m | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 15.0% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.4% |
| Other amounts receivable41 | - | - | - | - | - | €0.009m | €0.04m | ▲ 319% |
| Cash at bank and in hand54/58 | €0.005m | €0.002m | €0.02m | €0.003m | €0.003m | €0.004m | €0.9m | ▲ 239× |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 6.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €4.0m | €4.2m | €4.1m | €3.9m | €3.8m | €1.7m | ▼ 55.6% |
| Equity10/15 | €0.04m | -€0.02m | €0.04m | €0.1m | €0.2m | €0.2m | €1.1m | ▲ 461% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.02m | €0.002m | €0.03m | €0.08m | €0.2m | €0.2m | €1.1m | ▲ 508% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.9m | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 1.5% |
| Profit (loss) carried forward14 | - | -€0.05m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.3m | - |
| Deferred taxes168 | - | - | - | - | - | - | €0.3m | - |
| Amounts payable17/49 | €0.8m | €4.0m | €4.2m | €4.0m | €3.7m | €3.6m | €0.2m | ▼ 93.9% |
| Amounts payable after more than one year17 | - | €2.8m | €2.5m | €2.3m | €0.01m | €0 | - | - |
| Financial debts170/4 | - | - | - | €2.3m | €0.01m | €0 | - | - |
| Amounts payable within one year42/48 | €0.8m | €1.3m | €1.6m | €1.7m | €3.7m | €3.5m | €0.2m | ▼ 93.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €2.3m | €0.01m | €0 | ▼ 100% |
| Financial debts43 | - | - | - | - | - | €2.1m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €2.1m | €0 | ▼ 100% |
| Trade debts44 | €0.06m | €0.02m | €0.08m | €0.04m | €0.04m | €0.006m | €0.006m | ▼ 7.3% |
| Suppliers440/4 | - | - | - | €0.04m | €0.04m | €0.006m | €0.006m | ▼ 7.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 37.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 37.6% |
| Other amounts payable47/48 | - | - | - | €1.4m | €1.3m | €1.3m | €0.2m | ▼ 85.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.004m | €0.05m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | -€0.07m | €0.07m | €0.06m | €0.07m | €0.03m | €0.9m | ▲ 29× |
| + Depreciation and write-downs630 | €0.03m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 74.3% |
| Operating cash flow (approximation) | €0.06m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €1.0m | ▲ 387% |
| Investment in fixed assets (approximation) | - | -€3.4m | -€0.3m | -€0.004m | €0 | €0 | €2.9m | - |
| Change in cash | - | -€0.003m | €0.02m | -€0.02m | -€0.001m | €0.001m | €0.9m | ▲ 829× |
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 VB&L 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 VB&L 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 VB&L. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 07-01-2026 | 2026-00003412 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00013141 | |
| 30-06-2023 | micro format | 11-01-2024 | 2024-00000310 | |
| 30-06-2022 | micro format | 13-01-2023 | 2023-20557810 | |
| 30-06-2021 | micro format | 14-01-2022 | 2022-01000371 | |
| 30-06-2020 | micro format | 27-01-2021 | 2021-02200191 | |
| 30-06-2019 | micro format | 26-01-2020 | 2020-02200434 | |
| 30-06-2018 | micro format | 28-01-2019 | 2019-02400379 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03600353 |