VDC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 14 filings
Turnover
≈ €110,000
Estimated: probably between €56,000 and €210,000
Total assets
€66,719▼ 3.3%
2024 · €68,965
Net result
€1,080▼ 93.7%
2024 · €17,035
Working capital
€32,009▼ 10.1%
2024 · €35,621
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,291
▼ 80.6%
2025
20182025
Net result
€1,080
▼ 93.7%
2025
middle half of the sector
20182025
Equity
€42,543
▲ 2.6%
2025
middle half of the sector
20182025
Total assets
€66,719
▼ 3.3%
2025
middle half of the sector
20182025
Debt
€24,176
▼ 12.1%
2025
20182025
Working capital
€32,009
▼ 10.1%
2025
middle half of the sector
20182025
Solvency
63.8%
▲ 3.6pp
2025
middle half of the sector
20182025
Current ratio
2.32
▲ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▼ 23.1pp
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€13,873--€3,245€19,874€8,187▼ 58.8%-€21,706€12,355€22,085▲ 78.8%€4,291▼ 80.6%
Net result€9,143--€5,326€13,077within the sector's middle half€3,217within the sector's middle half▼ 75.4%-€24,782below the sector's middle half€11,485within the sector's middle half€17,035within the sector's middle half▲ 48.3%€1,080within the sector's middle half▼ 93.7%
Equity€26,758-€21,432▼ 19.9%€34,508within the sector's middle half▲ 61.0%€37,726within the sector's middle half▲ 9.3%€12,943below the sector's middle half▼ 65.7%€24,428within the sector's middle half▲ 88.7%€41,463within the sector's middle half▲ 69.7%€42,543within the sector's middle half▲ 2.6%
Total assets€116,053-€108,559▼ 6.5%€127,200within the sector's middle half▲ 17.2%€96,059within the sector's middle half▼ 24.5%€83,055within the sector's middle half▼ 13.5%€87,601within the sector's middle half▲ 5.5%€68,965within the sector's middle half▼ 21.3%€66,719within the sector's middle half▼ 3.3%
Debt€89,296-€87,128▼ 2.4%€92,692▲ 6.4%€58,334▼ 37.1%€70,111▲ 20.2%€63,173▼ 9.9%€27,502▼ 56.5%€24,176▼ 12.1%
Working capital€17,628-€29,314▲ 66.3%€34,260within the sector's middle half▲ 16.9%€27,343within the sector's middle half▼ 20.2%€8,123within the sector's middle half▼ 70.3%€21,346within the sector's middle half▲ 163%€35,621within the sector's middle half▲ 66.9%€32,009within the sector's middle half▼ 10.1%
Solvency23.1%-19.7%▼ 3.3pp27.1%within the sector's middle half▲ 7.4pp39.3%within the sector's middle half▲ 12.1pp15.6%below the sector's middle half▼ 23.7pp27.9%within the sector's middle half▲ 12.3pp60.1%within the sector's middle half▲ 32.2pp63.8%within the sector's middle half▲ 3.6pp
Current ratio1.41-1.84▲ 0.441.55within the sector's middle half▼ 0.291.53within the sector's middle half▼ 0.031.12within the sector's middle half▼ 0.411.34within the sector's middle half▲ 0.222.30within the sector's middle half▲ 0.962.32within the sector's middle half▲ 0.03
Return on assets (ROA)7.9%--4.9%▼ 12.8pp10.3%within the sector's middle half▲ 15.2pp3.3%within the sector's middle half▼ 6.9pp-29.8%below the sector's middle half▼ 33.2pp13.1%within the sector's middle half▲ 42.9pp24.7%above the sector's middle half▲ 11.6pp1.6%within the sector's middle half▼ 23.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 81% 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 €66,719
Fixed assets
€10,534 ▲ 80.3%
Current assets
€56,185 ▼ 11.0%
Equity and liabilities €66,719
Equity
€42,543 ▲ 2.6%
Debt
€24,176 ▼ 12.1%
Debt's share of the balance-sheet total falls from 39.9% to 36.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6,868▼
2024 · €23,295
Cash flow
€3,657▼
2024 · €18,245
Quick ratio
2.11▲
2024 · 1.97
Debt to equity
0.57▼
2024 · 0.66
ROE
2.5%▼
2024 · 41.1%
Interest coverage
3.49▼
2024 · 28.14
Debt ≤ 1 year
€24,176▼
2024 · €27,502
Income taxes
€1,253▼
2024 · €4,228
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 | €829 | €3,263 | - | €3,799 | €7,069 |
| Financial fixed assets | €171 | €265 | - | €171 | €200 |
| Depreciation and write-downs of the year | €15,066 | €15,366 | €1,619 | €1,210 | €2,577 |
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 | €14,428 | €14,808 | €15,248 | €15,066 | €15,366 | €1,619 | €1,210 | €2,577 | ▲ 113% |
| Other operating charges640/8 | - | - | - | €380 | €402 | €422 | €453 | €1,116 | ▲ 146% |
| Gross operating margin9900 | €29,804 | €12,238 | €35,503 | €23,632 | -€5,938 | €14,396 | €23,748 | €7,985 | ▼ 66.4% |
| Operating profit (loss)9901 | €13,873 | -€3,245 | €19,874 | €8,187 | -€21,706 | €12,355 | €22,085 | €4,291 | ▼ 80.6% |
| Financial income75/76B | - | - | - | €0 | €0 | €4 | €6 | €9 | ▲ 64.2% |
| Recurring financial income75 | €0 | €5 | €0 | €0 | €0 | €4 | €6 | €9 | ▲ 64.2% |
| Financial charges65/66B | - | - | - | €1,660 | €1,057 | €792 | €828 | €1,967 | ▲ 138% |
| Recurring financial charges65 | €1,555 | €2,087 | €2,114 | €1,660 | €1,057 | €792 | €828 | €1,967 | ▲ 138% |
| Profit (loss) for the period before taxes9903 | €12,215 | -€5,326 | €17,760 | €6,527 | -€22,763 | €11,567 | €21,263 | €2,333 | ▼ 89.0% |
| Income taxes67/77 | €3,072 | €0 | €4,683 | €3,310 | €2,019 | €82 | €4,228 | €1,253 | ▼ 70.4% |
| Profit (loss) for the period9904 | €9,143 | -€5,326 | €13,077 | €3,217 | -€24,782 | €11,485 | €17,035 | €1,080 | ▼ 93.7% |
| Profit (loss) for the period to be appropriated9905 | €9,143 | -€5,326 | €13,077 | €3,217 | -€24,782 | €11,485 | €17,035 | €1,080 | ▼ 93.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €116,053 | €108,559 | €127,200 | €96,059 | €83,055 | €87,601 | €68,965 | €66,719 | ▼ 3.3% |
| Fixed assets21/28 | €55,269 | €44,513 | €30,724 | €16,659 | €4,821 | €3,082 | €5,842 | €10,534 | ▲ 80.3% |
| Tangible fixed assets22/27 | €55,113 | €44,371 | €30,452 | €16,215 | €4,112 | €2,493 | €5,082 | €9,575 | ▲ 88.4% |
| Plant, machinery and equipment23 | - | - | - | €1,358 | €3,141 | €2,024 | €2,059 | €2,125 | ▲ 3.2% |
| Furniture and vehicles24 | - | - | - | €14,857 | €971 | €469 | €3,024 | €7,449 | ▲ 146% |
| Financial fixed assets28 | €156 | €141 | €272 | €444 | €709 | €589 | €760 | €959 | ▲ 26.3% |
| Current assets29/58 | €60,784 | €64,047 | €96,476 | €79,400 | €78,234 | €84,520 | €63,123 | €56,185 | ▼ 11.0% |
| Stocks and contracts in progress3 | €5,973 | €5,571 | €12,110 | €12,110 | €11,955 | €9,013 | €9,013 | €5,220 | ▼ 42.1% |
| Stocks30/36 | - | - | - | €12,110 | €11,955 | €9,013 | €9,013 | €5,220 | ▼ 42.1% |
| Amounts receivable within one year40/41 | €32,838 | €32,420 | €49,399 | €47,530 | €54,237 | €66,956 | €37,036 | €45,403 | ▲ 22.6% |
| Trade receivables40 | - | - | - | €44,966 | €51,297 | €63,925 | €31,207 | €41,357 | ▲ 32.5% |
| Other amounts receivable41 | - | - | - | €2,563 | €2,940 | €3,031 | €5,829 | €4,045 | ▼ 30.6% |
| Cash at bank and in hand54/58 | €2,427 | €11,880 | €19,279 | €11,910 | €4,128 | €326 | €9,605 | €4,230 | ▼ 56.0% |
| Deferred charges and accrued income490/1 | - | - | - | €7,851 | €7,914 | €8,224 | €7,468 | €1,333 | ▼ 82.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €116,053 | €108,559 | €127,200 | €96,059 | €83,055 | €87,601 | €68,965 | €66,719 | ▼ 3.3% |
| Equity10/15 | €26,758 | €21,432 | €34,508 | €37,726 | €12,943 | €24,428 | €41,463 | €42,543 | ▲ 2.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €8,360 | €8,360 | €18,360 | €18,360 | €18,360 | €18,360 | €35,360 | €35,360 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €16,500 | €16,500 | €18,360 | €35,360 | €35,360 | = |
| Profit (loss) carried forward14 | €12,198 | €6,872 | €9,948 | €13,166 | -€11,617 | -€132 | -€97 | €983 | - |
| Amounts payable17/49 | €89,296 | €87,128 | €92,692 | €58,334 | €70,111 | €63,173 | €27,502 | €24,176 | ▼ 12.1% |
| Amounts payable after more than one year17 | €46,139 | €52,395 | €29,093 | €6,276 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €6,276 | - | - | - | - | - |
| Amounts payable within one year42/48 | €43,157 | €34,733 | €62,215 | €52,058 | €70,111 | €63,173 | €27,502 | €24,176 | ▼ 12.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,816 | €6,276 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €6,095 | €176 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €6,095 | €176 | - | - |
| Trade debts44 | €17,456 | €2,956 | €21,111 | €1,503 | €40,734 | €31,366 | €3,945 | €14,357 | ▲ 264% |
| Suppliers440/4 | - | - | - | €1,503 | €40,734 | €31,366 | €3,945 | €14,357 | ▲ 264% |
| Taxes, remuneration and social security45 | - | - | - | €12,285 | €3,489 | €571 | €9,830 | €9,819 | ▼ 0.1% |
| Taxes450/3 | - | - | - | €9,759 | €3,489 | €571 | €7,305 | €7,294 | ▼ 0.1% |
| Remuneration and social security454/9 | - | - | - | €2,525 | - | - | €2,525 | €2,525 | = |
| Other amounts payable47/48 | - | - | - | €15,454 | €19,612 | €25,142 | €13,550 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,143 | -€5,326 | €13,077 | €3,217 | -€24,782 | €11,485 | €17,035 | €1,080 | ▼ 93.7% |
| + Depreciation and write-downs630 | €14,428 | €14,808 | €15,248 | €15,066 | €15,366 | €1,619 | €1,210 | €2,577 | ▲ 113% |
| Operating cash flow (approximation) | €23,571 | €9,482 | €28,325 | €18,283 | -€9,416 | €13,104 | €18,245 | €3,657 | ▼ 80.0% |
| Investment in fixed assets (approximation) | - | -€4,051 | -€1,460 | -€1,000 | -€3,528 | €120 | -€3,970 | -€7,269 | ▼ 83.1% |
| Change in cash | - | €9,453 | €7,399 | -€7,370 | -€7,782 | -€3,802 | €9,279 | -€5,376 | - |
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, 10,904 companies had the same profile as VDC has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VDC itself: 0.4% 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 10,904 companies, not a prediction for VDC. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00347612 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00338806 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00286770 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00348563 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20345951 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-40800505 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59200581 | |
| 31-12-2018 | micro format | 16-08-2019 | 2019-46700204 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-35000331 | |
| 31-12-2016 | micro format | 17-08-2017 | 2017-43700486 |