VDBTRANS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-02-2026 PDF all 26 filings
Turnover
€6.2m▼ 10.9%
2024 · €6.9m
EBIT margin
9.1%▼ 3.0pp
2024 · 12.1%
Net result
€476,796▼ 35.3%
2024 · €737,437
Working capital
€556,002▼ 29.7%
2024 · €790,348
In the rankings
#3 oldest company in Eeklo, Transport and storage sector#5 company by total assets in Eeklo, Transport and storage sector#9 company by equity in Eeklo, Transport and storage sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€6.2m
▼ 10.9%
2025
20192025
Operating result
€562,582
▼ 33.1%
2025
20192025
Net result
€476,796
▼ 35.3%
2025
highest quarter of the sector
20192025
EBIT margin
9.1%
▼ 3.0pp
2025
20192025
Equity
€280,188
▲ 4.4%
2025
middle half of the sector
20192025
Total assets
€2.0m
▼ 25.0%
2025
middle half of the sector
20192025
Debt
€1.8m
▼ 28.2%
2025
20192025
Working capital
€556,002
▼ 29.7%
2025
middle half of the sector
20192025
Solvency
13.7%
▲ 3.9pp
2025
lowest quarter of the sector
20192025
Current ratio
1.39
▼ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
23.4%
▼ 3.7pp
2025
highest quarter of the sector
20192025
Staff (FTE)
35
▼ 18.6%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€5.4m-€5.1m▼ 5.9%€5.5m▲ 7.7%€5.4m▼ 0.6%€6.2m▲ 13.3%€6.9m▲ 12.2%€6.2m▼ 10.9%
Operating result€0.9m-€0.3m▼ 72.2%€0.6m▲ 126%€0.3m▼ 52.4%€0.5m▲ 85.5%€0.8m▲ 61.7%€0.6m▼ 33.1%
Net result€0.8m-€0.07mwithin the sector's middle half▼ 90.7%€0.4mabove the sector's middle half▲ 477%€0.1mwithin the sector's middle half▼ 75.2%€0.3mabove the sector's middle half▲ 244%€0.7mabove the sector's middle half▲ 116%€0.5mabove the sector's middle half▼ 35.3%
EBIT margin17.4%-5.1%▼ 12.3pp10.8%▲ 5.6pp5.1%▼ 5.6pp8.4%▲ 3.3pp12.1%▲ 3.7pp9.1%▼ 3.0pp
Equity€0.6m-€0.6mwithin the sector's middle half▼ 0.8%€0.6mwithin the sector's middle half▲ 0.1%€0.09mwithin the sector's middle half▼ 85.4%€0.2mwithin the sector's middle half▲ 139%€0.3mwithin the sector's middle half▲ 18.8%€0.3mwithin the sector's middle half▲ 4.4%
Total assets€4.3m-€3.6mwithin the sector's middle half▼ 16.8%€3.5mwithin the sector's middle half▼ 1.4%€2.4mwithin the sector's middle half▼ 31.1%€2.4mwithin the sector's middle half▼ 1.2%€2.7mwithin the sector's middle half▲ 13.4%€2.0mwithin the sector's middle half▼ 25.0%
Debt€3.6m-€2.9m▼ 19.6%€2.9m▼ 1.8%€2.3m▼ 19.0%€2.2m▼ 6.9%€2.4m▲ 12.9%€1.8m▼ 28.2%
Working capital€1.2m-€1.5mabove the sector's middle half▲ 16.3%€1.6mabove the sector's middle half▲ 7.7%€1.0mabove the sector's middle half▼ 37.4%€1.0mabove the sector's middle half▲ 4.7%€0.8mwithin the sector's middle half▼ 22.9%€0.6mwithin the sector's middle half▼ 29.7%
Solvency15.1%-18.0%within the sector's middle half▲ 2.9pp18.3%within the sector's middle half▲ 0.3pp3.9%below the sector's middle half▼ 14.4pp9.4%below the sector's middle half▲ 5.5pp9.9%below the sector's middle half▲ 0.4pp13.7%below the sector's middle half▲ 3.9pp
Current ratio1.86-2.43above the sector's middle half▲ 0.572.18above the sector's middle half▼ 0.251.87within the sector's middle half▼ 0.311.80within the sector's middle half▼ 0.071.43within the sector's middle half▼ 0.371.39within the sector's middle half▼ 0.03
Return on assets (ROA)17.5%-1.9%within the sector's middle half▼ 15.5pp11.4%above the sector's middle half▲ 9.4pp4.1%within the sector's middle half▼ 7.3pp14.3%above the sector's middle half▲ 10.2pp27.1%above the sector's middle half▲ 12.9pp23.4%above the sector's middle half▼ 3.7pp
Staff (FTE)41.3-41within the sector's middle half▼ 0.7%38.5within the sector's middle half▼ 6.1%39.8within the sector's middle half▲ 3.4%41.2within the sector's middle half▲ 3.5%43within the sector's middle half▲ 4.4%35within the sector's middle half▼ 18.6%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 33% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€62,570 ▼ 12.3%
Current assets
€2.0m ▼ 25.4%
Equity and liabilities €2.0m
Equity
€280,188 ▲ 4.4%
Debt
€1.8m ▼ 28.2%
Debt's share of the balance-sheet total falls from 90.1% to 86.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€582,996▼
2024 · €891,886
Cash flow
€497,210▼
2024 · €788,226
Quick ratio
1.32▼
2024 · 1.37
Debt to equity
6.28▼
2024 · 9.13
ROE
170.2%▼
2024 · 274.8%
Interest coverage
5.57▼
2024 · 7.47
Debt ≤ 1 year
€1.4m▼
2024 · €1.9m
Debt > 1 year
€338,385▼
2024 · €593,267
Income taxes
€13,103▼
2024 · €25,704
Customer credit
58 days▼
2024 · 78 days
Supplier credit
783 days▼
2024 · 3811 days
Staff costs
€2.9m▼
2024 · €3.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 43 | 44 | 45 | 36 |
| full-time | 39 | 39 | 40 | 33 |
| part-time | 4 | 5 | 5 | 3 |
| in full-time equivalents | 41.7 | 41.9 | 42.8 | 35.3 |
| Average over the year, in full-time equivalents | 39.8 | 41.2 | 43 | 35 |
| On a permanent contract | 42 | 39 | 40 | 32 |
| Joined | 28 | 51 | 93 | 78 |
| Left | 23 | 50 | 92 | 83 |
| Agency workers, average number | 0.1 | 0.3 | - | 0.1 |
| Training hours | - | 103 | 323 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €37,000 | €20,253 |
| Depreciation and write-downs of the year | €304,277 | €225,020 | €50,789 | €20,414 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Fee for the audit | €2,700 | €3,000 | €3,000 | €3,000 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €11,207 awarded · €11,799 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,130 | €1,130 |
| 2024 | 1 | €2,125 | €2,125 |
| 2023 | 1 | €5,768 | €6,360 |
| 2022 | 1 | €2,184 | €2,184 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €5.8m | €6.6m | €7.3m | €6.8m | ▼ 7.4% |
| Turnover70 | €5.4m | €5.1m | €5.5m | €5.4m | €6.2m | €6.9m | €6.2m | ▼ 10.9% |
| Other operating income74 | - | - | - | €0.3m | €0.4m | €0.4m | €0.6m | ▲ 51.4% |
| Non-recurring operating income76A | - | - | - | - | €0.03m | - | €0.02m | - |
| Operating charges60/66A | - | - | - | €5.5m | €6.1m | €6.5m | €6.2m | ▼ 4.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.008m | €0.001m | €0.04m | €0.2m | ▲ 412% |
| Purchases600/8 | - | - | - | €0.008m | €0.001m | €0.05m | €0.2m | ▲ 370% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | -€0.004m | -€0.002m | ▲ 51.7% |
| Services and other goods61 | - | - | - | €2.4m | €2.8m | €3.1m | €3.0m | ▼ 2.6% |
| Remuneration, social security and pensions62 | - | - | - | €2.8m | €3.0m | €3.2m | €2.9m | ▼ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.6m | €0.5m | €0.3m | €0.2m | €0.05m | €0.02m | ▼ 59.8% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.007m | €0.008m | €0.02m | ▲ 172% |
| Operating profit (loss)9901 | €0.9m | €0.3m | €0.6m | €0.3m | €0.5m | €0.8m | €0.6m | ▼ 33.1% |
| Financial income75/76B | - | - | - | €0.01m | €0.03m | €0.05m | €0.04m | ▼ 20.9% |
| Recurring financial income75 | €0.01m | €0.01m | €0.01m | €0.01m | €0.03m | €0.05m | €0.04m | ▼ 20.9% |
| Income from current assets751 | - | - | - | €0.01m | €0.03m | €0.05m | €0.04m | ▼ 20.7% |
| Other financial income752/9 | - | - | - | €0 | €41 | €178 | €24 | ▼ 86.7% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 12.0% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 12.0% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 12.3% |
| Other financial charges652/9 | - | - | - | €0.003m | €0.004m | €0.005m | €0.005m | ▼ 5.2% |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.08m | €0.4m | €0.1m | €0.4m | €0.8m | €0.5m | ▼ 35.8% |
| Income taxes67/77 | €0.009m | €0.01m | €0.01m | €0.01m | €0.06m | €0.03m | €0.01m | ▼ 49.0% |
| Taxes670/3 | - | - | - | €0.01m | €0.06m | €0.03m | €0.01m | ▼ 49.0% |
| Profit (loss) for the period9904 | €0.8m | €0.07m | €0.4m | €0.1m | €0.3m | €0.7m | €0.5m | ▼ 35.3% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.06m | €0.02m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €0.07m | €0.4m | €0.1m | €0.3m | €0.7m | €0.5m | ▼ 33.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.3m | €3.6m | €3.5m | €2.4m | €2.4m | €2.7m | €2.0m | ▼ 25.0% |
| Fixed assets21/28 | €1.6m | €1.1m | €0.6m | €0.3m | €0.09m | €0.07m | €0.06m | ▼ 12.3% |
| Tangible fixed assets22/27 | €1.5m | €1.1m | €0.6m | €0.3m | €0.05m | €0.04m | €0.04m | ▼ 0.4% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.004m | €0.03m | €0.03m | ▼ 3.0% |
| Furniture and vehicles24 | - | - | - | €0.004m | €217 | €0 | €0.007m | - |
| Leasing and similar rights25 | - | - | - | €0.3m | €0.05m | €0.006m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.05m | €0.05m | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 28.2% |
| Affiliated companies280/1 | - | - | - | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 30.0% |
| Amounts receivable281 | - | - | - | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 30.0% |
| Other financial fixed assets284/8 | - | - | - | €0.006m | €0.004m | €0.005m | €0.004m | ▼ 19.9% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.006m | €0.004m | €0.005m | €0.004m | ▼ 19.9% |
| Current assets29/58 | €2.7m | €2.5m | €2.9m | €2.1m | €2.3m | €2.6m | €2.0m | ▼ 25.4% |
| Stocks and contracts in progress3 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 2.1% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 2.1% |
| Raw materials and consumables30/31 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 2.1% |
| Amounts receivable within one year40/41 | €2.5m | €2.2m | €2.7m | €1.9m | €2.1m | €2.5m | €1.8m | ▼ 27.5% |
| Trade receivables40 | - | - | - | €0.9m | €1.0m | €1.5m | €1.0m | ▼ 33.8% |
| Other amounts receivable41 | - | - | - | €1.0m | €1.1m | €1.0m | €0.8m | ▼ 18.1% |
| Cash at bank and in hand54/58 | €0.002m | €0.02m | €0.04m | €67 | €0.04m | €89 | €0.001m | ▲ 676% |
| Deferred charges and accrued income490/1 | - | - | - | €0.09m | €0.1m | €0.08m | €0.08m | ▲ 4.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.3m | €3.6m | €3.5m | €2.4m | €2.4m | €2.7m | €2.0m | ▼ 25.0% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.09m | €0.2m | €0.3m | €0.3m | ▲ 4.4% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.09m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.09m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.6m | €0.05m | €0.1m | €0.1m | €0.1m | ▲ 8.7% |
| Amounts payable17/49 | €3.6m | €2.9m | €2.9m | €2.3m | €2.2m | €2.4m | €1.8m | ▼ 28.2% |
| Amounts payable after more than one year17 | €2.2m | €1.9m | €1.6m | €1.2m | €0.9m | €0.6m | €0.3m | ▼ 43.0% |
| Financial debts170/4 | - | - | - | €1.2m | €0.9m | €0.6m | €0.3m | ▼ 43.0% |
| Leasing and similar obligations172 | - | - | - | €1.2m | €0.9m | €0.6m | €0.3m | ▼ 43.0% |
| Amounts payable within one year42/48 | €1.5m | €1.0m | €1.3m | €1.1m | €1.3m | €1.9m | €1.4m | ▼ 23.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 17.6% |
| Trade debts44 | €0.1m | €0.4m | €0.3m | €0.5m | €0.4m | €0.5m | €0.5m | ▲ 5.3% |
| Suppliers440/4 | - | - | - | €0.5m | €0.4m | €0.5m | €0.5m | ▲ 5.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 43.2% |
| Taxes450/3 | - | - | - | €0.04m | €0.1m | €0.2m | €0.08m | ▼ 61.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 25.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.7m | €0.5m | ▼ 33.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.07m | €0.4m | €0.1m | €0.3m | €0.7m | €0.5m | ▼ 35.3% |
| + Depreciation and write-downs630 | €0.6m | €0.6m | €0.5m | €0.3m | €0.2m | €0.05m | €0.02m | ▼ 59.8% |
| Operating cash flow (approximation) | €1.4m | €0.6m | €0.9m | €0.4m | €0.6m | €0.8m | €0.5m | ▼ 36.9% |
| Investment in fixed assets (approximation) | - | -€0.09m | -€0.01m | €0.004m | €0.01m | -€0.03m | -€0.01m | ▲ 65.6% |
| Change in cash | - | €0.01m | €0.02m | -€0.04m | €0.04m | -€0.04m | €0.001m | - |
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, 2,613 companies had the same profile as VDBTRANS has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
The bankruptcy probability of VDBTRANS itself is higher: 1.3% within 12 months. It rests on far more data about VDBTRANS 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 2,613 companies, not a prediction for VDBTRANS. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | full format | 23-02-2026 | 2026-00042985 | |
| 31-07-2024 | full format | 24-02-2025 | 2025-00039627 | |
| 31-07-2023 | full format | 23-02-2024 | 2024-00034415 | |
| 31-07-2022 | full format | 16-02-2023 | 2023-00028669 | |
| 31-07-2021 | full format | 01-03-2022 | 2022-06800248 | |
| 31-07-2020 | full format | 29-01-2021 | 2021-02800130 | |
| 31-07-2019 | full format | 30-01-2020 | 2020-03000311 | |
| 31-07-2018 | full format | 13-02-2019 | 2019-05000251 | |
| 31-07-2017 | full format | 23-02-2018 | 2018-05400212 | |
| 31-07-2016 | full format | 23-02-2017 | 2017-05100518 |