VDF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 13 filings
Turnover
≈ €560,000
Estimated: probably between €370,000 and €860,000
Total assets
€710,723▼ 4.2%
2024 · €742,137
Net result
€99,764▲ 6.2%
2024 · €93,932
Working capital
€280,363▲ 5.7%
2024 · €265,332
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€146,095
▲ 5.3%
2025
20192025
Net result
€99,764
▲ 6.2%
2025
20192025
Equity
€624,327
▲ 3.3%
2025
20192025
Total assets
€710,723
▼ 4.2%
2025
20192025
Debt
€86,396
▼ 37.2%
2025
20192025
Working capital
€280,363
▲ 5.7%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€93,291-€95,565▲ 2.4%€90,711▼ 5.1%€87,130▼ 3.9%€110,942▲ 27.3%€138,730▲ 25.0%€146,095▲ 5.3%
Net result€62,898-€63,541▲ 1.0%€61,494▼ 3.2%€58,248▼ 5.3%€74,702▲ 28.2%€93,932▲ 25.7%€99,764▲ 6.2%
Equity€363,885-€418,426▲ 15.0%€456,869▲ 9.2%€465,930▲ 2.0%€540,632▲ 16.0%€604,564▲ 11.8%€624,327▲ 3.3%
Total assets€688,872-€736,790▲ 7.0%€659,242▼ 10.5%€655,368▼ 0.6%€672,217▲ 2.6%€742,137▲ 10.4%€710,723▼ 4.2%
Debt€324,987-€318,363▼ 2.0%€202,373▼ 36.4%€189,439▼ 6.4%€131,586▼ 30.5%€137,574▲ 4.6%€86,396▼ 37.2%
Working capital€47,241-€122,860▲ 160%€141,129▲ 14.9%€159,228▲ 12.8%€215,221▲ 35.2%€265,332▲ 23.3%€280,363▲ 5.7%
The operating result for 2025 is 5% 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 €710,723
Fixed assets
€363,087 ▼ 5.3%
Current assets
€347,636 ▼ 3.1%
Equity and liabilities €710,723
Equity
€624,327 ▲ 3.3%
Debt
€86,396 ▼ 37.2%
Debt's share of the balance-sheet total falls from 18.5% to 12.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€218,049▲
2024 · €198,081
Cash flow
€171,718▲
2024 · €153,282
Current ratio
5.17▲
2024 · 3.84
Quick ratio
4.84▲
2024 · 3.57
Debt to equity
0.14▼
2024 · 0.23
ROE
16.0%▲
2024 · 15.5%
ROA
14.0%▲
2024 · 12.7%
Interest coverage
over 100▲
2024 · 75.75
Debt ≤ 1 year
€67,273▼
2024 · €93,318
Debt > 1 year
€19,123▼
2024 · €44,200
Income taxes
€45,993▲
2024 · €43,952
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €105,000 | €105,000 | €105,000 | €105,000 | €105,000 |
| Carrying value of the mortgaged assets | €396,550 | €360,297 | €367,313 | €334,892 | €300,917 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,375 | €21,370 | €49,199 | €48,394 | €51,553 |
| Depreciation and write-downs of the year | €45,008 | €52,846 | €54,396 | €59,350 | €71,954 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,299 | €85 | €0 | - | €13,789 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,056 | €45,178 | €45,008 | €52,846 | €54,396 | €59,350 | €71,954 | ▲ 21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€2,795 | - | - | €1,116 | -€1,116 | - |
| Other operating charges640/8 | - | - | €4,356 | €4,297 | €5,033 | €4,958 | €5,117 | ▲ 3.2% |
| Gross operating margin9900 | €141,821 | €147,791 | €137,280 | €144,274 | €170,371 | €204,154 | €222,050 | ▲ 8.8% |
| Operating profit (loss)9901 | €93,291 | €95,565 | €90,711 | €87,130 | €110,942 | €138,730 | €146,095 | ▲ 5.3% |
| Financial income75/76B | - | - | €388 | €513 | €921 | €1,769 | €1,368 | ▼ 22.7% |
| Recurring financial income75 | €238 | €379 | €388 | €513 | €921 | €1,769 | €1,368 | ▼ 22.7% |
| Financial charges65/66B | - | - | €3,810 | €3,299 | €2,870 | €2,615 | €1,706 | ▼ 34.8% |
| Recurring financial charges65 | €4,625 | €4,665 | €3,810 | €3,299 | €2,870 | €2,615 | €1,706 | ▼ 34.8% |
| Profit (loss) for the period before taxes9903 | €88,904 | €91,278 | €87,288 | €84,344 | €108,993 | €137,884 | €145,757 | ▲ 5.7% |
| Income taxes67/77 | €26,006 | €27,738 | €25,795 | €26,096 | €34,291 | €43,952 | €45,993 | ▲ 4.6% |
| Profit (loss) for the period9904 | €62,898 | €63,541 | €61,494 | €58,248 | €74,702 | €93,932 | €99,764 | ▲ 6.2% |
| Profit (loss) for the period to be appropriated9905 | €62,898 | €63,541 | €61,494 | €58,248 | €74,702 | €93,932 | €99,764 | ▲ 6.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €688,872 | €736,790 | €659,242 | €655,368 | €672,217 | €742,137 | €710,723 | ▼ 4.2% |
| Fixed assets21/28 | €477,669 | €434,317 | €431,684 | €399,642 | €394,445 | €383,488 | €363,087 | ▼ 5.3% |
| Tangible fixed assets22/27 | €477,519 | €434,167 | €431,534 | €399,492 | €394,295 | €383,338 | €362,937 | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | €25,111 | €31,656 | €21,777 | €38,188 | €55,682 | ▲ 45.8% |
| Furniture and vehicles24 | - | - | €9,872 | €7,538 | €5,204 | €10,258 | €6,339 | ▼ 38.2% |
| Other tangible fixed assets26 | - | - | €396,550 | €360,297 | €367,313 | €334,892 | €300,917 | ▼ 10.1% |
| Financial fixed assets28 | €150 | €150 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €211,203 | €302,473 | €227,559 | €255,727 | €277,772 | €358,649 | €347,636 | ▼ 3.1% |
| Amounts receivable after more than one year29 | - | - | - | - | €22,000 | €30,000 | €30,000 | = |
| Other amounts receivable291 | - | - | - | - | €22,000 | €30,000 | €30,000 | = |
| Stocks and contracts in progress3 | €19,303 | €15,260 | €23,530 | €20,823 | €22,734 | €25,673 | €22,088 | ▼ 14.0% |
| Stocks30/36 | - | - | €23,530 | €20,823 | €22,734 | €25,673 | €22,088 | ▼ 14.0% |
| Amounts receivable within one year40/41 | €24,616 | €18,457 | €23,918 | €25,540 | €13,359 | €19,363 | €16,883 | ▼ 12.8% |
| Trade receivables40 | - | - | €13,484 | €17,186 | €11,449 | €17,888 | €10,900 | ▼ 39.1% |
| Other amounts receivable41 | - | - | €10,434 | €8,354 | €1,910 | €1,476 | €5,983 | ▲ 305% |
| Current investments50/53 | - | - | - | - | - | €50,000 | €50,000 | = |
| Cash at bank and in hand54/58 | €165,869 | €267,016 | €178,345 | €207,348 | €217,686 | €228,932 | €222,802 | ▼ 2.7% |
| Deferred charges and accrued income490/1 | - | - | €1,765 | €2,015 | €1,993 | €4,681 | €5,864 | ▲ 25.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €688,872 | €736,790 | €659,242 | €655,368 | €672,217 | €742,137 | €710,723 | ▼ 4.2% |
| Equity10/15 | €363,885 | €418,426 | €456,869 | €465,930 | €540,632 | €604,564 | €624,327 | ▲ 3.3% |
| Contributions10/11 | €113,500 | - | €113,500 | €113,500 | €113,500 | €83,500 | €3,500 | ▼ 95.8% |
| Reserves13 | €248,134 | €302,675 | €341,117 | €350,178 | €424,880 | €518,812 | €618,576 | ▲ 19.2% |
| Non-distributable reserves130/1 | - | - | €13,500 | €13,500 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €13,500 | €13,500 | €0 | - | - | - |
| Distributable reserves133 | - | - | €327,617 | €336,678 | €424,880 | €518,812 | €618,576 | ▲ 19.2% |
| Profit (loss) carried forward14 | €2,252 | €2,252 | €2,252 | €2,252 | €2,252 | €2,252 | €2,252 | = |
| Amounts payable17/49 | €324,987 | €318,363 | €202,373 | €189,439 | €131,586 | €137,574 | €86,396 | ▼ 37.2% |
| Amounts payable after more than one year17 | €161,025 | €138,750 | €115,944 | €92,593 | €68,686 | €44,200 | €19,123 | ▼ 56.7% |
| Financial debts170/4 | - | - | €115,944 | €92,593 | €68,686 | €44,200 | €19,123 | ▼ 56.7% |
| Amounts payable within one year42/48 | €163,962 | €179,613 | €86,429 | €96,499 | €62,552 | €93,318 | €67,273 | ▼ 27.9% |
| Current portion of amounts payable after more than one year42 | - | - | €22,806 | €23,351 | €23,906 | €24,486 | €25,077 | ▲ 2.4% |
| Trade debts44 | €9,377 | €11,544 | €31,509 | €15,372 | €23,435 | €18,977 | €18,989 | ▲ 0.1% |
| Suppliers440/4 | - | - | €31,509 | €15,372 | €23,435 | €18,977 | €18,989 | ▲ 0.1% |
| Taxes, remuneration and social security45 | - | - | €10,216 | €13,634 | €15,211 | €20,951 | €22,119 | ▲ 5.6% |
| Taxes450/3 | - | - | €10,216 | €11,413 | €11,301 | €17,101 | €18,269 | ▲ 6.8% |
| Remuneration and social security454/9 | - | - | - | €2,222 | €3,910 | €3,851 | €3,851 | = |
| Other amounts payable47/48 | - | - | €21,898 | €44,141 | €0 | €28,903 | €1,088 | ▼ 96.2% |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €348 | €56 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €62,898 | €63,541 | €61,494 | €58,248 | €74,702 | €93,932 | €99,764 | ▲ 6.2% |
| + Depreciation and write-downs630 | €45,056 | €45,178 | €45,008 | €52,846 | €54,396 | €59,350 | €71,954 | ▲ 21.2% |
| Operating cash flow (approximation) | €107,954 | €108,719 | €106,502 | €111,094 | €129,098 | €153,282 | €171,718 | ▲ 12.0% |
| Investment in fixed assets (approximation) | - | -€1,826 | -€42,375 | -€20,804 | -€49,199 | -€48,394 | -€51,553 | ▼ 6.5% |
| Change in cash | - | €101,147 | -€88,672 | €29,004 | €10,338 | €11,246 | -€6,130 | - |
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, 17,811 companies had the same profile as VDF has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of VDF 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 17,811 companies, not a prediction for VDF. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00099538 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00078917 | |
| 30-09-2023 | micro format | 25-04-2024 | 2024-00068780 | |
| 30-09-2022 | micro format | 20-04-2023 | 2023-00062017 | |
| 30-09-2021 | micro format | 11-04-2022 | 2022-20002047 | |
| 30-09-2020 | micro format | 22-04-2021 | 2021-10800549 | |
| 30-09-2019 | micro format | 24-04-2020 | 2020-09600340 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08300474 | |
| 30-09-2017 | micro format | 27-04-2018 | 2018-10600470 | |
| 30-09-2016 | abbreviated format | 05-04-2017 | 2017-09100293 |