VBS (0768.968.191): financials and annual accounts

VBS

Antwerp ·KBO/BCE: BE 0768.968.191

Line	2025	2024	2023	2022	2021
Balance sheet: assets
Total assets`20/58`	593,905	670,549	602,948	682,393	493,795
Formation expenses`20`	417	1,410	2,407	3,398	4,389
Fixed assets`21/28`	321,141	372,904	365,323	370,278	317,484
Intangible fixed assets`21`	9,033	9,608	10,185	10,758	11,331
Tangible fixed assets`22/27`	312,108	363,296	355,138	359,519	306,153
Land and buildings`22`	284,315	329,619	318,600	316,339	286,423
Plant, machinery and equipment`23`	20,309	20,537	17,726	18,728	19,730
Furniture and vehicles`24`	7,485	13,140	18,812	24,452	-
Current assets`29/58`	272,347	296,234	235,218	308,717	171,922
Stocks and contracts in progress`3`	81,162	79,148	49,980	87,683	49,277
Stocks`30/36`	81,162	79,148	49,980	87,683	49,277
Amounts receivable within one year`40/41`	177,819	199,297	176,264	214,127	90,198
Trade receivables`40`	140,754	189,057	166,024	201,058	90,198
Other amounts receivable`41`	37,065	10,240	10,240	13,068	-
Cash at bank and in hand`54/58`	13,365	17,789	8,974	6,907	29,510
Deferred charges and accrued income`490/1`	-	-	-	-	2,937
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	593,905	670,549	602,948	682,393	493,795
Equity`10/15`	109,632	109,552	96,083	72,120	31,577
Contributions`10/11`	100,000	100,000	100,000	100,000	100,000
Profit (loss) carried forward`14`	9,632	9,552	-3,917	-27,880	-68,423
Amounts payable`17/49`	484,273	560,997	506,865	610,273	462,218
Amounts payable after more than one year`17`	51,237	71,790	142,674	212,663	281,768
Financial debts`170/4`	51,237	71,790	142,674	212,663	281,768
Amounts payable within one year`42/48`	427,035	456,906	300,291	376,210	180,450
Current portion of amounts payable after more than one year`42`	85,118	70,884	69,989	69,105	68,232
Trade debts`44`	34,939	81,407	47,622	107,273	2,878
Suppliers`440/4`	34,939	81,407	47,622	107,273	2,878
Advances received on contracts in progress`46`	80,233	215,709	117,464	149,897	106,853
Taxes, remuneration and social security`45`	19,368	9,605	9,855	3,559	2,487
Taxes`450/3`	101	6,939	7,957	26	1,820
Remuneration and social security`454/9`	19,268	2,666	1,898	3,532	667
Other amounts payable`47/48`	207,376	79,302	55,362	46,376	-
Accrued charges and deferred income`492/3`	6,000	32,300	63,900	21,400	-
Income statement
Gross operating margin`9900`	224,781	81,594	77,094	141,630	-47,790
Remuneration, social security and pensions`62`	172,294	27,441	16,988	63,277	11,366
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	57,181	49,278	45,696	39,836	7,265
Other operating charges`640/8`	10,546	6,509	4,494	12,598	826
Operating profit (loss)`9901`	-15,241	-1,634	9,916	25,918	-67,247
Financial income`75/76B`	27,949	20,106	18,453	23,040	1,329
Recurring financial income`75`	27,949	20,106	18,453	23,040	1,329
Financial charges`65/66B`	10,628	5,004	4,405	8,415	2,505
Recurring financial charges`65`	10,628	5,004	4,405	8,415	2,505
Profit (loss) for the period before taxes`9903`	2,080	13,469	23,963	40,542	-68,423
Income taxes`67/77`	2,000	-	-	-	-
Profit (loss) for the period`9904`	80	13,469	23,963	40,542	-68,423
Profit (loss) for the period to be appropriated`9905`	80	13,469	23,963	40,542	-68,423
Appropriation of the result
Profit (loss) to be appropriated`9906`	9,632	9,552	-3,917	-27,880	-68,423
Profit (loss) brought forward from the previous period`14P`	9,552	-3,917	-27,880	-68,423	-
Social balance sheet
Average staff (FTE)`9087`	3.4	0.6	0.3	1.1	0.3
Hours worked`1013`	5,630	988	58,520	2,029	410
Document	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	26-10-2026	2026-00569993	PDF
31-12-2024	abbreviated format	30-10-2025	2025-00556170	PDF
31-12-2023	abbreviated format	30-09-2024	2024-00487185	PDF
31-12-2022	abbreviated format	29-09-2023	2023-00466690	PDF
31-12-2021	micro format	30-11-2022	2022-20531775	PDF

Line	2025	2024	2023	2022	2021
EBITDA	41,941	47,644	55,611	65,754	-59,982
Cash flow	57,261	62,747	69,659	80,379	-61,158
Investment in fixed assets	4,425	55,862	39,750	91,639	324,169
Change in cash	-4,423	8,815	2,066	-22,603	-
Working capital	-154,689	-160,672	-65,073	-67,493	-8,528
Solvency	18.5%	16.3%	15.9%	10.6%	6.4%
Current ratio	0.64	0.65	0.78	0.82	0.95
Quick ratio	0.45	0.48	0.62	0.59	0.68
Debt to equity	4.42	5.12	5.28	8.46	14.64
ROE	0.1%	12.3%	24.9%	56.2%	-216.7%
ROA	0.0%	2.0%	4.0%	5.9%	-13.9%
Interest coverage	3.95	9.52	12.62	7.81	-23.95

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	5	1	-	1	1
full-time	4	1	-	1	-
part-time	1	-	-	-	1
in full-time equivalents	4.8	1	-	1	0.8
Average over the year, in full-time equivalents	3.4	0.6	0.3	1.1	0.2
On a permanent contract	5	1	-	1	1
Joined	-	1	0	1	1
Left	-	0	1	1	0

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€136,356	€142,674	-	-	-
Carrying value of the other pledged assets	€284,315	€329,619	-	-	-

VBS

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency18.5%

Current ratio0.64

Return on assets0.0%

Staff

Staff cost per FTE€50,675

Joined and left

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2023, 1 entry, €971 awarded, €971 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on VBS

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€4,425	€55,862	€39,750	€91,639	€312,669
Intangible fixed assets	-	-	-	-	€11,500
Depreciation and write-downs of the year	€57,181	€49,278	€45,696	€39,836	€7,265