VDA Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 20 filings
Turnover
≈ €380,000
Estimated: probably between €270,000 and €670,000
Total assets
€1.3m▲ 18.6%
2024 · €1.1m
Net result
€12,450▼ 76.0%
2024 · €51,855
Working capital
-€967,304▼ 22.7%
2024 · -€788,066
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,075
▼ 78.2%
2025
20182025
Net result
€12,450
▼ 76.0%
2025
middle half of the sector
20182025
Equity
€221,226
▲ 6.0%
2025
highest quarter of the sector
20182025
Total assets
€1.3m
▲ 18.6%
2025
highest quarter of the sector
20182025
Debt
€1.0m
▲ 21.7%
2025
20182025
Working capital
-€967,304
▼ 22.7%
2025
lowest quarter of the sector
20182025
Solvency
17.6%
▼ 2.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.07
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.0%
▼ 3.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.02m▼ 79.5%€0.004m▼ 79.6%€439▼ 88.5%-€0.04m-€0.03m▲ 20.2%€0.06m€0.01m▼ 78.2%
Net result€0.05m-€0.007m▼ 87.4%-€0.004mbelow the sector's middle half-€0.004mbelow the sector's middle half▼ 11.5%-€0.04mbelow the sector's middle half▼ 832%-€0.03mbelow the sector's middle half▲ 19.8%€0.05mabove the sector's middle half€0.01mwithin the sector's middle half▼ 76.0%
Equity€0.2m-€0.2m▲ 2.9%€0.2mabove the sector's middle half▼ 1.7%€0.2mabove the sector's middle half▼ 1.9%€0.2mabove the sector's middle half▼ 18.0%€0.2mabove the sector's middle half▼ 17.6%€0.2mabove the sector's middle half▲ 33.0%€0.2mabove the sector's middle half▲ 6.0%
Total assets€0.5m-€0.5m▼ 0.7%€0.4mabove the sector's middle half▼ 2.2%€0.5mabove the sector's middle half▲ 2.1%€0.8mabove the sector's middle half▲ 72.7%€1.1mabove the sector's middle half▲ 39.6%€1.1mabove the sector's middle half▼ 2.5%€1.3mabove the sector's middle half▲ 18.6%
Debt€0.2m-€0.2m▼ 4.5%€0.2m▼ 2.9%€0.2m▲ 6.6%€0.6m▲ 169%€0.9m▲ 58.1%€0.9m▼ 8.5%€1.0m▲ 21.7%
Working capital-€0.05m--€0.1m▼ 128%-€0.2mbelow the sector's middle half▼ 36.7%-€0.1mbelow the sector's middle half▲ 5.6%-€0.5mbelow the sector's middle half▼ 250%-€0.9mbelow the sector's middle half▼ 71.2%-€0.8mbelow the sector's middle half▲ 9.6%-€1.0mbelow the sector's middle half▼ 22.7%
Solvency51.4%-53.3%▲ 1.9pp53.6%within the sector's middle half▲ 0.3pp51.5%within the sector's middle half▼ 2.1pp24.4%within the sector's middle half▼ 27.0pp14.4%below the sector's middle half▼ 10.0pp19.7%within the sector's middle half▲ 5.3pp17.6%below the sector's middle half▼ 2.1pp
Current ratio0.71-0.30▼ 0.420.25below the sector's middle half▼ 0.040.34below the sector's middle half▲ 0.090.14below the sector's middle half▼ 0.200.06below the sector's middle half▼ 0.070.07below the sector's middle half▲ 0.010.07below the sector's middle half▼ 0.01
Return on assets (ROA)12.0%-1.5%▼ 10.5pp-0.9%below the sector's middle half▼ 2.4pp-1.0%below the sector's middle half▼ 0.1pp-5.4%below the sector's middle half▼ 4.4pp-3.1%below the sector's middle half▲ 2.3pp4.9%within the sector's middle half▲ 8.0pp1.0%within the sector's middle half▼ 3.9pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 78% lower than in 2024.
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 €1.3m
Fixed assets
€1.2m ▲ 19.2%
Current assets
€68,925 ▲ 8.3%
Equity and liabilities €1.3m
Equity
€221,226 ▲ 6.0%
Debt
€1.0m ▲ 21.7%
Debt's share of the balance-sheet total rises from 80.3% to 82.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€66,334▼
2024 · €86,986
Cash flow
€66,710▼
2024 · €83,327
Quick ratio
0.02▲
2024 · 0.02
Debt to equity
4.68▲
2024 · 4.08
ROE
5.6%▼
2024 · 24.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.0m▲
2024 · €851,699
Income taxes
€419▼
2024 · €3,659
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,475 | €411,559 | €396,305 | - | €245,948 |
| Depreciation and write-downs of the year | €16,634 | €89,765 | €67,412 | €31,471 | €54,260 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €195 awarded · €195 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €51 | €51 |
| 2024 | 1 | €50 | €50 |
| 2023 | 1 | €48 | €48 |
| 2022 | 1 | €46 | €46 |
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 | €26,375 | €35,131 | €16,782 | €16,634 | €89,765 | €67,412 | €31,471 | €54,260 | ▲ 72.4% |
| Other operating charges640/8 | - | - | - | €1,337 | €3,023 | €3,583 | €4,717 | €5,669 | ▲ 20.2% |
| Gross operating margin9900 | €118,340 | €55,950 | €22,680 | €18,409 | €51,386 | €37,938 | €91,704 | €72,003 | ▼ 21.5% |
| Operating profit (loss)9901 | €90,659 | €18,628 | €3,801 | €439 | -€41,402 | -€33,056 | €55,515 | €12,075 | ▼ 78.2% |
| Financial income75/76B | - | - | - | - | - | €3 | €3 | €920 | ▲ 299× |
| Recurring financial income75 | €65 | €0 | - | - | - | €3 | €3 | €12 | ▲ 293% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €908 | - |
| Financial charges65/66B | - | - | - | €110 | €75 | €120 | €4 | €125 | ▲ 31× |
| Recurring financial charges65 | €7,253 | €2,834 | €7,441 | €110 | €75 | €120 | €4 | €125 | ▲ 31× |
| Profit (loss) for the period before taxes9903 | €83,471 | €15,794 | -€3,641 | €329 | -€41,477 | -€33,174 | €55,514 | €12,869 | ▼ 76.8% |
| Income taxes67/77 | €28,927 | €8,935 | €390 | €4,821 | €390 | €419 | €3,659 | €419 | ▼ 88.6% |
| Profit (loss) for the period9904 | €54,544 | €6,858 | -€4,030 | -€4,492 | -€41,867 | -€33,593 | €51,855 | €12,450 | ▼ 76.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €54,544 | €6,858 | -€4,030 | €14,258 | -€41,867 | -€33,593 | €51,855 | €12,450 | ▼ 76.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.4m | €0.5m | €0.8m | €1.1m | €1.1m | €1.3m | ▲ 18.6% |
| Fixed assets21/28 | €0.3m | €0.4m | €0.4m | €0.4m | €0.7m | €1.0m | €1.0m | €1.2m | ▲ 19.2% |
| Tangible fixed assets22/27 | €0.3m | €0.4m | €0.4m | €0.4m | €0.7m | €1.0m | €1.0m | €1.2m | ▲ 19.2% |
| Land and buildings22 | - | - | - | €0.4m | €0.7m | €1.0m | €1.0m | €1.2m | ▲ 19.6% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.003m | ▼ 13.9% |
| Furniture and vehicles24 | - | - | - | €0.001m | €362 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.008m | €0.006m | €0.004m | €0.002m | ▼ 50.0% |
| Current assets29/58 | €0.1m | €0.05m | €0.05m | €0.07m | €0.08m | €0.06m | €0.06m | €0.07m | ▲ 8.3% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Stocks30/36 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Amounts receivable within one year40/41 | €0.02m | €0.003m | €0.006m | €0.02m | €0.02m | €0.003m | €0.002m | €0.01m | ▲ 587% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | €0.003m | €44 | €0.009m | ▲ 213× |
| Other amounts receivable41 | - | - | - | €0.001m | - | €281 | €0.002m | €0.005m | ▲ 143% |
| Cash at bank and in hand54/58 | €0.06m | €0.003m | €0.003m | €0.006m | €0.006m | €0.004m | €0.01m | €0.003m | ▼ 68.2% |
| Deferred charges and accrued income490/1 | - | - | - | €446 | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.4m | €0.5m | €0.8m | €1.1m | €1.1m | €1.3m | ▲ 18.6% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.07m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.07m | €0.07m | €0.08m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.06m | €0.06m | €0.06m | €0.06m | €0.01m | -€0.02m | €76 | €0.01m | ▲ 165× |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €0.2m | €0.6m | €0.9m | €0.9m | €1.0m | ▲ 21.7% |
| Amounts payable after more than one year17 | €0.05m | €0.05m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.6m | €0.9m | €0.9m | €1.0m | ▲ 21.7% |
| Trade debts44 | €0.001m | €0.01m | €0.004m | €159 | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 56.0% |
| Suppliers440/4 | - | - | - | €159 | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 56.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.01m | €0.001m | €0.001m | €0.001m | ▲ 18.3% |
| Taxes450/3 | - | - | - | €0.005m | €0.01m | €0.001m | €0.001m | €0.001m | ▲ 18.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.6m | €0.9m | €0.8m | €1.0m | ▲ 21.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,544 | €6,858 | -€4,030 | -€4,492 | -€41,867 | -€33,593 | €51,855 | €12,450 | ▼ 76.0% |
| + Depreciation and write-downs630 | €26,375 | €35,131 | €16,782 | €16,634 | €89,765 | €67,412 | €31,471 | €54,260 | ▲ 72.4% |
| Operating cash flow (approximation) | €80,919 | €41,989 | €12,751 | €12,142 | €47,898 | €33,819 | €83,327 | €66,710 | ▼ 19.9% |
| Investment in fixed assets (approximation) | - | -€106,588 | -€2,297 | -€3,475 | -€411,559 | -€396,305 | €0 | -€245,948 | - |
| Change in cash | - | -€55,504 | -€2 | €3,215 | €473 | -€2,037 | €5,739 | -€6,929 | - |
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, 4,685 companies had the same profile as VDA Projects has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of VDA Projects 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 4,685 companies, not a prediction for VDA 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00168083 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00359573 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00190875 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00207450 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20117139 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58800201 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-50300121 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61500303 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60700207 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59300348 |