VCPL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-04-2026 PDF all 5 filings
Equity
€41,337▼ 54.9%
2024 · €91,581
Total assets
€137,282▼ 22.3%
2024 · €176,702
Net result
-€26,153
2024 · €24,091
Working capital
€41,337▼ 54.9%
2024 · €91,581
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€20,899
2025
20212025
Net result
-€26,153
2025
lowest quarter of the sector
20212025
Equity
€41,337
▼ 54.9%
2025
middle half of the sector
20212025
Total assets
€137,282
▼ 22.3%
2025
middle half of the sector
20212025
Debt
€95,945
▲ 12.7%
2025
20212025
Working capital
€41,337
▼ 54.9%
2025
middle half of the sector
20212025
Solvency
30.1%
▼ 21.7pp
2025
middle half of the sector
20212025
Current ratio
1.43
▼ 0.65
2025
middle half of the sector
20212025
Return on assets (ROA)
-19.1%
▼ 32.7pp
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€79,359-€71,969▼ 9.3%€85,673▲ 19.0%€35,838▼ 58.2%-€20,899
Net result€57,490within the sector's middle half-€55,842within the sector's middle half▼ 2.9%€66,636above the sector's middle half▲ 19.3%€24,091within the sector's middle half▼ 63.8%-€26,153below the sector's middle half
Equity€67,490within the sector's middle half-€122,531within the sector's middle half▲ 81.6%€134,125within the sector's middle half▲ 9.5%€91,581within the sector's middle half▼ 31.7%€41,337within the sector's middle half▼ 54.9%
Total assets€116,636within the sector's middle half-€142,802within the sector's middle half▲ 22.4%€215,848within the sector's middle half▲ 51.2%€176,702within the sector's middle half▼ 18.1%€137,282within the sector's middle half▼ 22.3%
Debt€49,147-€20,270▼ 58.8%€81,723▲ 303%€85,121▲ 4.2%€95,945▲ 12.7%
Working capital€67,490within the sector's middle half-€122,531within the sector's middle half▲ 81.6%€134,125within the sector's middle half▲ 9.5%€91,581within the sector's middle half▼ 31.7%€41,337within the sector's middle half▼ 54.9%
Solvency57.9%within the sector's middle half-85.8%above the sector's middle half▲ 27.9pp62.1%within the sector's middle half▼ 23.7pp51.8%within the sector's middle half▼ 10.3pp30.1%within the sector's middle half▼ 21.7pp
Current ratio2.37within the sector's middle half-7.04above the sector's middle half▲ 4.672.64within the sector's middle half▼ 4.402.08within the sector's middle half▼ 0.571.43within the sector's middle half▼ 0.65
Return on assets (ROA)49.3%above the sector's middle half-39.1%above the sector's middle half▼ 10.2pp30.9%above the sector's middle half▼ 8.2pp13.6%within the sector's middle half▼ 17.2pp-19.1%below the sector's middle half▼ 32.7pp
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 a loss of €20,899, after a profit of €35,838 in 2024. It is the lowest result since 2021.
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
Equity and liabilities €137,282
Equity
€41,337 ▼ 54.9%
Debt
€95,945 ▲ 12.7%
Debt's share of the balance-sheet total rises from 48.2% to 69.9%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
2.32▲
2024 · 0.93
ROE
-63.3%▼
2024 · 26.3%
Debt ≤ 1 year
€95,945▲
2024 · €85,121
Income taxes
€97▼
2024 · €7,384
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €348 | - | €460 | €499 | €1,213 | ▲ 143% |
| Non-recurring operating charges66A | - | - | €100 | €4 | €0 | ▼ 100% |
| Gross operating margin9900 | €79,706 | €71,969 | €86,233 | €36,341 | -€19,686 | - |
| Operating profit (loss)9901 | €79,359 | €71,969 | €85,673 | €35,838 | -€20,899 | - |
| Financial charges65/66B | €225 | €1,336 | €1,668 | €4,362 | €5,156 | ▲ 18.2% |
| Recurring financial charges65 | €225 | €1,336 | €1,668 | €4,362 | €5,156 | ▲ 18.2% |
| Profit (loss) for the period before taxes9903 | €79,134 | €70,633 | €84,005 | €31,476 | -€26,055 | - |
| Income taxes67/77 | €21,645 | €14,792 | €17,369 | €7,384 | €97 | ▼ 98.7% |
| Profit (loss) for the period9904 | €57,490 | €55,842 | €66,636 | €24,091 | -€26,153 | - |
| Profit (loss) for the period to be appropriated9905 | €57,490 | €55,842 | €66,636 | €24,091 | -€26,153 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €116,636 | €142,802 | €215,848 | €176,702 | €137,282 | ▼ 22.3% |
| Current assets29/58 | €116,636 | €142,802 | €215,848 | €176,702 | €137,282 | ▼ 22.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €29,874 | - |
| Other amounts receivable291 | - | - | - | - | €29,874 | - |
| Amounts receivable within one year40/41 | €15,000 | €19,200 | €17,600 | €5,346 | €5,446 | ▲ 1.9% |
| Trade receivables40 | €15,000 | €242 | €17,600 | €5,324 | €5,324 | = |
| Other amounts receivable41 | - | €18,958 | - | €22 | €122 | ▲ 456% |
| Cash at bank and in hand54/58 | €101,636 | €123,601 | €198,248 | €171,356 | €101,961 | ▼ 40.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €116,636 | €142,802 | €215,848 | €176,702 | €137,282 | ▼ 22.3% |
| Equity10/15 | €67,490 | €122,531 | €134,125 | €91,581 | €41,337 | ▼ 54.9% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €57,490 | €112,531 | €124,125 | €81,581 | €57,490 | ▼ 29.5% |
| Distributable reserves133 | €57,490 | €112,531 | €124,125 | €81,581 | €57,490 | ▼ 29.5% |
| Profit (loss) carried forward14 | - | - | - | - | -€26,153 | - |
| Amounts payable17/49 | €49,147 | €20,270 | €81,723 | €85,121 | €95,945 | ▲ 12.7% |
| Amounts payable within one year42/48 | €49,147 | €20,270 | €81,723 | €85,121 | €95,945 | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | €10,709 | - | - | - | - | - |
| Trade debts44 | €348 | €200 | €223 | €558 | €1,689 | ▲ 202% |
| Suppliers440/4 | €348 | €200 | €223 | €558 | €1,689 | ▲ 202% |
| Taxes, remuneration and social security45 | €27,898 | €1,549 | €27,056 | €7,384 | €97 | ▼ 98.7% |
| Taxes450/3 | €27,898 | €1,549 | €27,056 | €7,384 | €97 | ▼ 98.7% |
| Other amounts payable47/48 | €10,192 | €18,521 | €54,443 | €77,178 | €94,159 | ▲ 22.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,490 | €55,842 | €66,636 | €24,091 | -€26,153 | - |
| Operating cash flow (approximation) | €57,490 | €55,842 | €66,636 | €24,091 | -€26,153 | - |
| Change in cash | - | €21,965 | €74,647 | -€26,892 | -€69,394 | ▼ 158% |
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, 3,591 companies had the same profile as VCPL has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VCPL itself is lower: 0.1% within 12 months. It rests on far more data about VCPL than the profile alone.
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 3,591 companies, not a prediction for VCPL. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 19-04-2026 | 2026-00082201 | |
| 30-09-2024 | micro format | 13-04-2025 | 2025-00068559 | |
| 30-09-2023 | micro format | 08-04-2024 | 2024-00059102 | |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00068549 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013561 |