VCVD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-01-2026 PDF all 10 filings
Turnover
≈ €520,000
Estimated: probably between €350,000 and €800,000
Total assets
€434,950▲ 25.5%
2024 · €346,578
Net result
€100,179▲ 20.4%
2024 · €83,238
Working capital
€403,744▲ 27.5%
2024 · €316,557
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€133,521
▲ 23.4%
2025
20192025
Net result
€100,179
▲ 20.4%
2025
highest quarter of the sector
20192025
Equity
€409,732
▲ 26.5%
2025
highest quarter of the sector
20192025
Total assets
€434,950
▲ 25.5%
2025
highest quarter of the sector
20192025
Debt
€25,218
▲ 11.1%
2025
20192025
Working capital
€403,744
▲ 27.5%
2025
highest quarter of the sector
20192025
Solvency
94.2%
▲ 0.8pp
2025
highest quarter of the sector
20192025
Current ratio
17.42
▲ 1.70
2025
highest quarter of the sector
20192025
Return on assets (ROA)
23.0%
▼ 1.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1.3
▲ 18.2%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€27,844-€54,078▲ 94.2%€81,235▲ 50.2%€75,741▼ 6.8%€91,440▲ 20.7%€108,191▲ 18.3%€133,521▲ 23.4%
Net result€20,920-€38,259above the sector's middle half▲ 82.9%€58,231above the sector's middle half▲ 52.2%€54,894above the sector's middle half▼ 5.7%€67,154above the sector's middle half▲ 22.3%€83,238above the sector's middle half▲ 24.0%€100,179above the sector's middle half▲ 20.4%
Equity€49,946-€88,206within the sector's middle half▲ 76.6%€146,437above the sector's middle half▲ 66.0%€186,331above the sector's middle half▲ 27.2%€253,484above the sector's middle half▲ 36.0%€323,872above the sector's middle half▲ 27.8%€409,732above the sector's middle half▲ 26.5%
Total assets€161,686-€142,765within the sector's middle half▼ 11.7%€176,601within the sector's middle half▲ 23.7%€220,993within the sector's middle half▲ 25.1%€271,442within the sector's middle half▲ 22.8%€346,578within the sector's middle half▲ 27.7%€434,950above the sector's middle half▲ 25.5%
Debt€111,739-€54,559▼ 51.2%€30,164▼ 44.7%€34,663▲ 14.9%€17,958▼ 48.2%€22,705▲ 26.4%€25,218▲ 11.1%
Working capital-€3,050-€49,072within the sector's middle half€117,663above the sector's middle half▲ 140%€165,283above the sector's middle half▲ 40.5%€235,527above the sector's middle half▲ 42.5%€316,557above the sector's middle half▲ 34.4%€403,744above the sector's middle half▲ 27.5%
Solvency30.9%-61.8%above the sector's middle half▲ 30.9pp82.9%above the sector's middle half▲ 21.1pp84.3%above the sector's middle half▲ 1.4pp93.4%above the sector's middle half▲ 9.1pp93.4%above the sector's middle half▲ 0.1pp94.2%above the sector's middle half▲ 0.8pp
Current ratio0.97-1.91within the sector's middle half▲ 0.935.05above the sector's middle half▲ 3.145.84above the sector's middle half▲ 0.8014.58above the sector's middle half▲ 8.7315.73above the sector's middle half▲ 1.1517.42above the sector's middle half▲ 1.70
Return on assets (ROA)12.9%-26.8%above the sector's middle half▲ 13.9pp33.0%above the sector's middle half▲ 6.2pp24.8%above the sector's middle half▼ 8.1pp24.7%above the sector's middle half▼ 0.1pp24.0%above the sector's middle half▼ 0.7pp23.0%above the sector's middle half▼ 1.0pp
Staff (FTE)1.9-1.4within the sector's middle half▼ 26.3%0.7▼ 50.0%1▲ 42.9%1=1.1▲ 10.0%1.3▲ 18.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 23% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €434,950
Fixed assets
€6,621 ▼ 22.3%
Current assets
€428,329 ▲ 26.7%
Equity and liabilities €434,950
Equity
€409,732 ▲ 26.5%
Debt
€25,218 ▲ 11.1%
Debt's share of the balance-sheet total falls from 6.6% to 5.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€139,050▲
2024 · €118,231
Cash flow
€105,708▲
2024 · €93,279
Quick ratio
17.02▲
2024 · 15.19
Debt to equity
0.06▼
2024 · 0.07
ROE
24.4%▼
2024 · 25.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€24,585▲
2024 · €21,496
Income taxes
€41,152▲
2024 · €33,037
Staff costs
€65,856▲
2024 · €56,085
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 1 | 2 |
| full-time | - | 1 | - | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.6 | 1.6 | 0.6 | 1.6 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.1 | 1.3 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 5 | 4 | 4 | 4 |
| Left | 5 | 3 | 4 | 3 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,336 | €6,225 | - | €3,625 |
| Depreciation and write-downs of the year | €10,618 | €9,235 | €10,041 | €5,529 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €32,322 | €51,470 | €56,085 | €65,856 | ▲ 17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,995 | €17,683 | €10,771 | €10,618 | €9,235 | €10,041 | €5,529 | ▼ 44.9% |
| Other operating charges640/8 | - | - | - | €2,192 | €2,173 | €1,973 | €2,024 | ▲ 2.6% |
| Gross operating margin9900 | €111,644 | €119,368 | €138,897 | €120,873 | €154,317 | €176,290 | €206,931 | ▲ 17.4% |
| Operating profit (loss)9901 | €27,844 | €54,078 | €81,235 | €75,741 | €91,440 | €108,191 | €133,521 | ▲ 23.4% |
| Financial income75/76B | - | - | - | €497 | €1,686 | €8,152 | €7,885 | ▼ 3.3% |
| Recurring financial income75 | €382 | €351 | €387 | €497 | €1,686 | €8,152 | €7,885 | ▼ 3.3% |
| Financial charges65/66B | - | - | - | €273 | €100 | €67 | €75 | ▲ 11.9% |
| Recurring financial charges65 | €267 | €626 | €758 | €273 | €100 | €67 | €75 | ▲ 11.9% |
| Profit (loss) for the period before taxes9903 | €27,908 | €53,803 | €81,029 | €75,965 | €93,025 | €116,275 | €141,331 | ▲ 21.5% |
| Income taxes67/77 | €6,989 | €15,544 | €22,798 | €21,070 | €25,872 | €33,037 | €41,152 | ▲ 24.6% |
| Profit (loss) for the period9904 | €20,920 | €38,259 | €58,231 | €54,894 | €67,154 | €83,238 | €100,179 | ▲ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €20,920 | €38,259 | €58,231 | €54,894 | €67,154 | €83,238 | €100,179 | ▲ 20.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €161,686 | €142,765 | €176,601 | €220,993 | €271,442 | €346,578 | €434,950 | ▲ 25.5% |
| Fixed assets21/28 | €54,247 | €39,579 | €29,858 | €21,576 | €18,566 | €8,525 | €6,621 | ▼ 22.3% |
| Intangible fixed assets21 | €40,625 | €33,125 | €25,625 | €18,125 | €10,625 | €3,125 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €13,622 | €6,454 | €4,233 | €3,451 | €7,941 | €5,400 | €6,621 | ▲ 22.6% |
| Plant, machinery and equipment23 | - | - | - | €3,451 | €5,674 | €3,598 | €5,284 | ▲ 46.8% |
| Other tangible fixed assets26 | - | - | - | - | €2,267 | €1,802 | €1,337 | ▼ 25.8% |
| Current assets29/58 | €107,439 | €103,186 | €146,743 | €199,418 | €252,876 | €338,052 | €428,329 | ▲ 26.7% |
| Stocks and contracts in progress3 | €10,812 | €4,769 | €8,835 | €16,194 | €12,290 | €11,555 | €9,828 | ▼ 14.9% |
| Stocks30/36 | - | - | - | €16,194 | €12,290 | €11,555 | €9,828 | ▼ 14.9% |
| Amounts receivable within one year40/41 | €1,094 | €2,392 | €380 | €2,375 | €2,382 | €4,833 | €4,902 | ▲ 1.4% |
| Trade receivables40 | - | - | - | €2,317 | €1,589 | €4,673 | €2,027 | ▼ 56.6% |
| Other amounts receivable41 | - | - | - | €58 | €794 | €159 | €2,875 | ▲ 18× |
| Current investments50/53 | - | - | - | - | €210,000 | €100,000 | €345,000 | ▲ 245% |
| Cash at bank and in hand54/58 | €91,814 | €92,176 | €135,581 | €178,775 | €26,760 | €217,294 | €66,641 | ▼ 69.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,074 | €1,444 | €4,371 | €1,958 | ▼ 55.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €161,686 | €142,765 | €176,601 | €220,993 | €271,442 | €346,578 | €434,950 | ▲ 25.5% |
| Equity10/15 | €49,946 | €88,206 | €146,437 | €186,331 | €253,484 | €323,872 | €409,732 | ▲ 26.5% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €43,746 | €82,006 | €140,237 | €180,131 | €247,284 | €317,672 | €403,532 | ▲ 27.0% |
| Non-distributable reserves130/1 | - | - | - | €1,515 | €1,515 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,515 | €1,515 | - | - | - |
| Distributable reserves133 | - | - | - | €178,616 | €245,769 | €317,672 | €403,532 | ▲ 27.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €111,739 | €54,559 | €30,164 | €34,663 | €17,958 | €22,705 | €25,218 | ▲ 11.1% |
| Amounts payable after more than one year17 | €1,250 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €110,489 | €54,114 | €29,080 | €34,135 | €17,349 | €21,496 | €24,585 | ▲ 14.4% |
| Trade debts44 | €8,158 | €15,727 | €10,122 | €5,983 | €5,868 | €7,935 | €3,824 | ▼ 51.8% |
| Suppliers440/4 | - | - | - | €5,983 | €5,868 | €7,935 | €3,824 | ▼ 51.8% |
| Advances received on contracts in progress46 | - | - | - | €269 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €12,575 | €10,867 | €12,167 | €20,761 | ▲ 70.6% |
| Taxes450/3 | - | - | - | €6,173 | €8,465 | €9,992 | €12,557 | ▲ 25.7% |
| Remuneration and social security454/9 | - | - | - | €6,401 | €2,401 | €2,175 | €8,204 | ▲ 277% |
| Other amounts payable47/48 | - | - | - | €15,307 | €614 | €1,394 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €528 | €609 | €1,209 | €633 | ▼ 47.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,920 | €38,259 | €58,231 | €54,894 | €67,154 | €83,238 | €100,179 | ▲ 20.4% |
| + Depreciation and write-downs630 | €23,995 | €17,683 | €10,771 | €10,618 | €9,235 | €10,041 | €5,529 | ▼ 44.9% |
| Operating cash flow (approximation) | €44,915 | €55,943 | €69,002 | €65,512 | €76,388 | €93,279 | €105,708 | ▲ 13.3% |
| Investment in fixed assets (approximation) | - | -€3,016 | -€1,050 | -€2,336 | -€6,225 | €0 | -€3,625 | - |
| Change in cash | - | €362 | €43,405 | €43,194 | -€152,015 | €190,534 | -€150,652 | - |
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, 34,693 companies had the same profile as VCVD has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VCVD 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 34,693 companies, not a prediction for VCVD. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 06-01-2026 | 2026-00001929 | |
| 30-06-2024 | micro format | 04-11-2024 | 2024-00526256 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00542690 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20541846 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81000451 | |
| 30-06-2020 | micro format | 05-01-2021 | 2021-00300206 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03500225 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-03400353 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03000399 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03500340 |