VB Maintenance
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 5 filings
Turnover
≈ €620,000
Estimated: probably between €490,000 and €830,000
EBIT margin
Not included in this filing
Net result
€23,416▼ 65.6%
2024 · €68,127
Working capital
€25,933▼ 74.6%
2024 · €102,271
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€40,405
▼ 64.2%
2025
20212025
Net result
€23,416
▼ 65.6%
2025
middle half of the sector
20212025
Equity
€137,347
▼ 37.5%
2025
middle half of the sector
20212025
Total assets
€858,194
▲ 29.8%
2025
middle half of the sector
20212025
Debt
€720,847
▲ 63.2%
2025
20212025
Working capital
€25,933
▼ 74.6%
2025
middle half of the sector
20212025
Solvency
16.0%
▼ 17.2pp
2025
lowest quarter of the sector
20212025
Current ratio
1.06
▼ 0.28
2025
middle half of the sector
20212025
Return on assets (ROA)
2.7%
▼ 7.6pp
2025
middle half of the sector
20212025
Staff (FTE)
1.2
▲ 20.0%
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€48,853-€85,999▲ 76.0%€57,615▼ 33.0%€112,829▲ 95.8%€40,405▼ 64.2%
Net result€38,727within the sector's middle half-€67,106within the sector's middle half▲ 73.3%€38,171within the sector's middle half▼ 43.1%€68,127within the sector's middle half▲ 78.5%€23,416within the sector's middle half▼ 65.6%
Equity€48,727within the sector's middle half-€115,833within the sector's middle half▲ 138%€154,004within the sector's middle half▲ 33.0%€219,631within the sector's middle half▲ 42.6%€137,347within the sector's middle half▼ 37.5%
Total assets€374,094within the sector's middle half-€598,985within the sector's middle half▲ 60.1%€667,300within the sector's middle half▲ 11.4%€661,360within the sector's middle half▼ 0.9%€858,194within the sector's middle half▲ 29.8%
Debt€325,367-€483,152▲ 48.5%€513,296▲ 6.2%€441,729▼ 13.9%€720,847▲ 63.2%
Working capital-€19,256below the sector's middle half-€25,648within the sector's middle half€34,014within the sector's middle half▲ 32.6%€102,271within the sector's middle half▲ 201%€25,933within the sector's middle half▼ 74.6%
Solvency13.0%below the sector's middle half-19.3%within the sector's middle half▲ 6.3pp23.1%within the sector's middle half▲ 3.7pp33.2%within the sector's middle half▲ 10.1pp16.0%below the sector's middle half▼ 17.2pp
Current ratio0.92below the sector's middle half-1.08within the sector's middle half▲ 0.151.10within the sector's middle half▲ 0.021.34within the sector's middle half▲ 0.241.06within the sector's middle half▼ 0.28
Return on assets (ROA)10.4%above the sector's middle half-11.2%above the sector's middle half▲ 0.9pp5.7%within the sector's middle half▼ 5.5pp10.3%within the sector's middle half▲ 4.6pp2.7%within the sector's middle half▼ 7.6pp
Staff (FTE)1below the sector's middle half-1below the sector's middle half=0.8below the sector's middle half▼ 20.0%1below the sector's middle half▲ 25.0%1.2below the sector's middle half▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 64% lower than in 2024 and the lowest 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 €858,194
Fixed assets
€386,037 ▲ 48.5%
Current assets
€472,157 ▲ 17.6%
Equity and liabilities €858,194
Equity
€137,347 ▼ 37.5%
Debt
€720,847 ▲ 63.2%
Debt's share of the balance-sheet total rises from 66.8% to 84.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€139,873▼
2024 · €171,936
Cash flow
€122,883▼
2024 · €127,234
Quick ratio
0.55▼
2024 · 0.77
Debt to equity
5.25▲
2024 · 2.01
ROE
17.0%▼
2024 · 31.0%
Interest coverage
10.67▲
2024 · 7.76
Debt ≤ 1 year
€446,225▲
2024 · €299,068
Debt > 1 year
€267,973▲
2024 · €129,550
Income taxes
€3,883▼
2024 · €22,536
Staff costs
€59,247▲
2024 · €48,834
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 2 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | - | - | 0 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1.5 |
| Average over the year, in full-time equivalents | 1 | 1 | 0.8 | 1 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 1 | 2 |
| Joined | 2 | - | 1 | - | 2 |
| Left | 1 | - | 1 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €114,203 | €112,553 | €105,330 | €38,010 | €30,591 |
| Pledge on the business | €162,000 | €162,000 | €162,000 | €162,000 | €162,000 |
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 | €174,450 | €153,127 | €113,279 | €35,954 | €225,483 |
| Financial fixed assets | €500 | - | - | - | €0 |
| Depreciation and write-downs of the year | €36,478 | €45,343 | €70,999 | €59,107 | €99,468 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €42,790 | €44,912 | €34,624 | €48,834 | €59,247 | ▲ 21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,478 | €45,343 | €70,999 | €59,107 | €99,468 | ▲ 68.3% |
| Other operating charges640/8 | €6,050 | €13,649 | €4,275 | €9,231 | €6,018 | ▼ 34.8% |
| Gross operating margin9900 | €134,172 | €189,903 | €167,513 | €230,000 | €205,138 | ▼ 10.8% |
| Operating profit (loss)9901 | €48,853 | €85,999 | €57,615 | €112,829 | €40,405 | ▼ 64.2% |
| Financial income75/76B | €42 | €14 | - | - | - | - |
| Recurring financial income75 | €42 | €14 | - | - | - | - |
| Financial charges65/66B | €2,345 | €5,517 | €9,002 | €22,165 | €13,107 | ▼ 40.9% |
| Recurring financial charges65 | €2,345 | €5,517 | €9,002 | €22,165 | €13,107 | ▼ 40.9% |
| Profit (loss) for the period before taxes9903 | €46,550 | €80,497 | €48,613 | €90,663 | €27,299 | ▼ 69.9% |
| Income taxes67/77 | €7,823 | €13,391 | €10,441 | €22,536 | €3,883 | ▼ 82.8% |
| Profit (loss) for the period9904 | €38,727 | €67,106 | €38,171 | €68,127 | €23,416 | ▼ 65.6% |
| Profit (loss) for the period to be appropriated9905 | €38,727 | €67,106 | €38,171 | €68,127 | €23,416 | ▼ 65.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €374,094 | €598,985 | €667,300 | €661,360 | €858,194 | ▲ 29.8% |
| Fixed assets21/28 | €139,788 | €240,895 | €283,175 | €260,022 | €386,037 | ▲ 48.5% |
| Tangible fixed assets22/27 | €139,288 | €240,395 | €282,675 | €259,522 | €385,537 | ▲ 48.6% |
| Land and buildings22 | €44,633 | €42,824 | €60,661 | €57,040 | €56,359 | ▼ 1.2% |
| Plant, machinery and equipment23 | €60,214 | €57,200 | €52,066 | €46,212 | €38,861 | ▼ 15.9% |
| Furniture and vehicles24 | €34,441 | €140,371 | €169,948 | €156,270 | €290,318 | ▲ 85.8% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €234,306 | €358,089 | €384,125 | €401,339 | €472,157 | ▲ 17.6% |
| Stocks and contracts in progress3 | €89,960 | €216,230 | €166,550 | €170,713 | €225,065 | ▲ 31.8% |
| Stocks30/36 | €89,960 | €216,230 | €166,550 | €170,713 | €225,065 | ▲ 31.8% |
| Amounts receivable within one year40/41 | €114,955 | €100,643 | €126,258 | €159,595 | €131,085 | ▼ 17.9% |
| Trade receivables40 | €111,663 | €84,022 | €121,699 | €154,757 | €114,968 | ▼ 25.7% |
| Other amounts receivable41 | €3,292 | €16,621 | €4,559 | €4,839 | €16,117 | ▲ 233% |
| Cash at bank and in hand54/58 | €25,797 | €38,146 | €88,366 | €68,470 | €114,281 | ▲ 66.9% |
| Deferred charges and accrued income490/1 | €3,594 | €3,070 | €2,951 | €2,561 | €1,726 | ▼ 32.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €374,094 | €598,985 | €667,300 | €661,360 | €858,194 | ▲ 29.8% |
| Equity10/15 | €48,727 | €115,833 | €154,004 | €219,631 | €137,347 | ▼ 37.5% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €38,700 | €105,700 | €143,800 | €209,400 | €127,100 | ▼ 39.3% |
| Distributable reserves133 | €38,700 | €105,700 | €143,800 | €209,400 | €127,100 | ▼ 39.3% |
| Profit (loss) carried forward14 | €27 | €133 | €204 | €231 | €247 | ▲ 6.8% |
| Amounts payable17/49 | €325,367 | €483,152 | €513,296 | €441,729 | €720,847 | ▲ 63.2% |
| Amounts payable after more than one year17 | €71,804 | €148,310 | €162,769 | €129,550 | €267,973 | ▲ 107% |
| Financial debts170/4 | €71,804 | €148,310 | €162,769 | €129,550 | €267,973 | ▲ 107% |
| Amounts payable within one year42/48 | €253,562 | €332,441 | €350,111 | €299,068 | €446,225 | ▲ 49.2% |
| Current portion of amounts payable after more than one year42 | €20,072 | €43,055 | €53,448 | €49,443 | €81,377 | ▲ 64.6% |
| Financial debts43 | €60,000 | €60,000 | €60,000 | €0 | €60,000 | - |
| Credit institutions430/8 | €60,000 | €60,000 | €60,000 | €0 | €60,000 | - |
| Trade debts44 | €33,235 | €70,462 | €45,815 | €69,403 | €36,099 | ▼ 48.0% |
| Suppliers440/4 | €33,235 | €70,462 | €45,815 | €69,403 | €36,099 | ▼ 48.0% |
| Taxes, remuneration and social security45 | €10,093 | €14,407 | €20,920 | €22,463 | €66,648 | ▲ 197% |
| Taxes450/3 | €3,645 | €7,568 | €15,766 | €15,762 | €53,574 | ▲ 240% |
| Remuneration and social security454/9 | €6,448 | €6,839 | €5,153 | €6,701 | €13,074 | ▲ 95.1% |
| Other amounts payable47/48 | €130,163 | €144,517 | €169,928 | €157,758 | €202,101 | ▲ 28.1% |
| Accrued charges and deferred income492/3 | - | €2,400 | €417 | €13,112 | €6,650 | ▼ 49.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,727 | €67,106 | €38,171 | €68,127 | €23,416 | ▼ 65.6% |
| + Depreciation and write-downs630 | €36,478 | €45,343 | €70,999 | €59,107 | €99,468 | ▲ 68.3% |
| Operating cash flow (approximation) | €75,205 | €112,449 | €109,171 | €127,234 | €122,883 | ▼ 3.4% |
| Investment in fixed assets (approximation) | - | -€146,450 | -€113,279 | -€35,954 | -€225,483 | ▼ 527% |
| Change in cash | - | €12,349 | €50,219 | -€19,895 | €45,811 | - |
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, 3,274 companies had the same profile as VB Maintenance has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VB Maintenance 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 3,274 companies, not a prediction for VB Maintenance. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00297739 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00421487 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00390684 | |
| 31-12-2022 | full format | 22-08-2023 | 2023-00340104 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20345462 |