VC Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 19 filings
Equity
€52,039▼ 4.3%
2024 · €54,390
Total assets
€53,572▼ 4.5%
2024 · €56,119
Net result
-€2,350
2024 · €8,846
Working capital
€49,539▼ 8.9%
2024 · €54,390
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,675
2025
20182025
Net result
-€2,350
2025
lowest quarter of the sector
20182025
Equity
€52,039
▼ 4.3%
2025
middle half of the sector
20182025
Total assets
€53,572
▼ 4.5%
2025
middle half of the sector
20182025
Debt
€1,533
▼ 11.3%
2025
20182025
Working capital
€49,539
▼ 8.9%
2025
middle half of the sector
20182025
Solvency
97.1%
▲ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
33.32
▲ 0.86
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-4.4%
▼ 20.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€4,105--€2,332▲ 43.2%-€3,362▼ 44.2%-€2,402▲ 28.6%-€1,666▲ 30.6%€7,643€9,406▲ 23.1%-€2,675
Net result-€4,320--€2,811▲ 34.9%-€3,471below the sector's middle half▼ 23.5%-€2,455below the sector's middle half▲ 29.3%-€1,468below the sector's middle half▲ 40.2%€7,158within the sector's middle half€8,846within the sector's middle half▲ 23.6%-€2,350below the sector's middle half
Equity€48,592-€45,781▼ 5.8%€42,310within the sector's middle half▼ 7.6%€39,854within the sector's middle half▼ 5.8%€38,386within the sector's middle half▼ 3.7%€45,544within the sector's middle half▲ 18.6%€54,390within the sector's middle half▲ 19.4%€52,039within the sector's middle half▼ 4.3%
Total assets€54,349-€47,163▼ 13.2%€42,458below the sector's middle half▼ 10.0%€40,069below the sector's middle half▼ 5.6%€38,615below the sector's middle half▼ 3.6%€46,392within the sector's middle half▲ 20.1%€56,119within the sector's middle half▲ 21.0%€53,572within the sector's middle half▼ 4.5%
Debt€5,757-€1,382▼ 76.0%€148▼ 89.3%€215▲ 45.0%€229▲ 6.8%€847▲ 269%€1,729▲ 104%€1,533▼ 11.3%
Working capital€41,949-€43,290▲ 3.2%€41,615within the sector's middle half▼ 3.9%€39,854within the sector's middle half▼ 4.2%€38,386within the sector's middle half▼ 3.7%€45,544within the sector's middle half▲ 18.6%€54,390within the sector's middle half▲ 19.4%€49,539within the sector's middle half▼ 8.9%
Solvency89.4%-97.1%▲ 7.7pp99.7%above the sector's middle half▲ 2.6pp99.5%above the sector's middle half▼ 0.2pp99.4%above the sector's middle half▼ 0.1pp98.2%above the sector's middle half▼ 1.2pp96.9%above the sector's middle half▼ 1.3pp97.1%above the sector's middle half▲ 0.2pp
Current ratio8.29-32.33▲ 24.0454.75above the sector's middle half32.46above the sector's middle half▼ 22.2933.32above the sector's middle half▲ 0.86
Return on assets (ROA)-7.9%--6.0%▲ 2.0pp-8.2%below the sector's middle half▼ 2.2pp-6.1%below the sector's middle half▲ 2.0pp-3.8%below the sector's middle half▲ 2.3pp15.4%within the sector's middle half▲ 19.2pp15.8%within the sector's middle half▲ 0.3pp-4.4%below the sector's middle half▼ 20.1pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 loss of €2,675, after a profit of €9,406 in 2024. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53,572
Fixed assets
€2,500
Current assets
€51,072
Equity and liabilities €53,572
Equity
€52,039 ▼ 4.3%
Debt
€1,533 ▼ 11.3%
Debt's share of the balance-sheet total falls from 3.1% to 2.9%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.03▼
2024 · 0.03
ROE
-4.5%▼
2024 · 16.3%
Debt ≤ 1 year
€1,533▼
2024 · €1,729
Income taxes
€0▼
2024 · €885
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €2,500 |
| Depreciation and write-downs of the year | €695 | €0 | - | - | - |
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 | €6,095 | €4,153 | €1,796 | €695 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €179 | €119 | €326 | €513 | €465 | ▼ 9.3% |
| Gross operating margin9900 | €2,104 | €1,937 | -€1,512 | -€1,528 | -€1,547 | €7,968 | €9,920 | -€2,209 | - |
| Operating profit (loss)9901 | -€4,105 | -€2,332 | -€3,362 | -€2,402 | -€1,666 | €7,643 | €9,406 | -€2,675 | - |
| Financial income75/76B | - | - | - | €197 | €433 | €421 | €469 | €535 | ▲ 14.2% |
| Recurring financial income75 | €22 | €10 | €60 | €197 | €433 | €421 | €469 | €535 | ▲ 14.2% |
| Financial charges65/66B | - | - | - | €251 | €236 | €190 | €145 | €211 | ▲ 45.5% |
| Recurring financial charges65 | €942 | €489 | €169 | €251 | €236 | €190 | €145 | €211 | ▲ 45.5% |
| Profit (loss) for the period before taxes9903 | -€4,320 | -€2,811 | -€3,471 | -€2,455 | -€1,468 | €7,874 | €9,730 | -€2,350 | - |
| Income taxes67/77 | €0 | - | - | - | - | €716 | €885 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€4,320 | -€2,811 | -€3,471 | -€2,455 | -€1,468 | €7,158 | €8,846 | -€2,350 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,320 | -€2,811 | -€3,471 | -€2,455 | -€1,468 | €7,158 | €8,846 | -€2,350 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €54,349 | €47,163 | €42,458 | €40,069 | €38,615 | €46,392 | €56,119 | €53,572 | ▼ 4.5% |
| Fixed assets21/28 | €6,644 | €2,491 | €695 | - | - | - | - | €2,500 | - |
| Tangible fixed assets22/27 | €6,644 | €2,491 | €695 | - | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €2,500 | - |
| Current assets29/58 | €47,706 | €44,672 | €41,763 | €40,069 | €38,615 | €46,392 | €56,119 | €51,072 | ▼ 9.0% |
| Amounts receivable within one year40/41 | €439 | €5,609 | €5,966 | €6,510 | €7,295 | €19,274 | €7,845 | €8,431 | ▲ 7.5% |
| Trade receivables40 | - | - | - | - | - | €12,000 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €6,510 | €7,295 | €7,274 | €7,845 | €8,431 | ▲ 7.5% |
| Cash at bank and in hand54/58 | €47,267 | €39,063 | €35,798 | €33,559 | €31,321 | €27,118 | €48,274 | €42,641 | ▼ 11.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €54,349 | €47,163 | €42,458 | €40,069 | €38,615 | €46,392 | €56,119 | €53,572 | ▼ 4.5% |
| Equity10/15 | €48,592 | €45,781 | €42,310 | €39,854 | €38,386 | €45,544 | €54,390 | €52,039 | ▼ 4.3% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €36,192 | €33,381 | €29,910 | €27,454 | €25,986 | €33,144 | €41,990 | €39,639 | ▼ 5.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €25,594 | €24,126 | €33,144 | €41,990 | €39,639 | ▼ 5.6% |
| Amounts payable17/49 | €5,757 | €1,382 | €148 | €215 | €229 | €847 | €1,729 | €1,533 | ▼ 11.3% |
| Amounts payable within one year42/48 | €5,757 | €1,382 | €148 | €215 | €229 | €847 | €1,729 | €1,533 | ▼ 11.3% |
| Trade debts44 | - | €964 | - | €67 | €81 | €0 | - | €503 | - |
| Suppliers440/4 | - | - | - | €67 | €81 | €0 | - | €503 | - |
| Taxes, remuneration and social security45 | - | - | - | €148 | €148 | €847 | €1,729 | €1,030 | ▼ 40.4% |
| Taxes450/3 | - | - | - | €148 | €148 | €847 | €1,729 | €1,030 | ▼ 40.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,320 | -€2,811 | -€3,471 | -€2,455 | -€1,468 | €7,158 | €8,846 | -€2,350 | - |
| + Depreciation and write-downs630 | €6,095 | €4,153 | €1,796 | €695 | €0 | - | - | - | - |
| Operating cash flow (approximation) | €1,775 | €1,341 | -€1,675 | -€1,761 | -€1,468 | €7,158 | €8,846 | -€2,350 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - | - | - | - |
| Change in cash | - | -€8,204 | -€3,265 | -€2,238 | -€2,239 | -€4,202 | €21,156 | -€5,632 | - |
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, 12,322 companies had the same profile as VC Projects has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VC Projects 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 12,322 companies, not a prediction for VC Projects. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00320420 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00257147 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00267493 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00254346 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20409101 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37400003 | |
| 31-12-2019 | micro format | 11-08-2020 | 2020-40500224 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-25200462 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58100079 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-28800494 |