VDF
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00526399.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 6 filings
Turnover
≈ €430,000
Estimated: probably between €360,000 and €760,000
Total assets
€169,616▲ 3.6%
2024 · €163,767
Net result
€7▼ 99.8%
2024 · €3,726
Working capital
-€90,736▼ 147%
2024 · -€36,738
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€23,046
▲ 34.8%
2025
20202025
Net result
€7
▼ 99.8%
2025
lowest quarter of the sector
20202025
Equity
€12,663
▲ 0.1%
2025
lowest quarter of the sector
20202025
Total assets
€169,616
▲ 3.6%
2025
middle half of the sector
20202025
Debt
€156,952
▲ 3.9%
2025
20202025
Working capital
-€90,736
▼ 147%
2025
lowest quarter of the sector
20202025
Solvency
7.5%
▼ 0.3pp
2025
lowest quarter of the sector
20202025
Current ratio
0.42
▼ 0.33
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
0.0%
▼ 2.3pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
4.5
▼ 25.0%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€6,718-€8,721€4,605▼ 47.2%€2,161▼ 53.1%€17,102▲ 692%€23,046▲ 34.8%
Net result-€6,775below the sector's middle half-€8,587within the sector's middle half€162below the sector's middle half€3,726within the sector's middle half▲ 23×€7below the sector's middle half▼ 99.8%
Equity€180below the sector's middle half-€8,767below the sector's middle half▲ 49×€8,767below the sector's middle half=€8,930below the sector's middle half▲ 1.8%€12,656below the sector's middle half▲ 41.7%€12,663below the sector's middle half▲ 0.1%
Total assets€23,496below the sector's middle half-€30,897below the sector's middle half▲ 31.5%€59,248below the sector's middle half▲ 91.8%€128,035within the sector's middle half▲ 116%€163,767within the sector's middle half▲ 27.9%€169,616within the sector's middle half▲ 3.6%
Debt€23,315-€22,129▼ 5.1%€46,779▲ 111%€119,105▲ 155%€151,111▲ 26.9%€156,952▲ 3.9%
Working capital€180within the sector's middle half-€8,767within the sector's middle half▲ 49×€9,533within the sector's middle half▲ 8.7%-€56,660below the sector's middle half-€36,738below the sector's middle half▲ 35.2%-€90,736below the sector's middle half▼ 147%
Solvency0.8%below the sector's middle half-28.4%within the sector's middle half▲ 27.6pp14.8%below the sector's middle half▼ 13.6pp7.0%below the sector's middle half▼ 7.8pp7.7%below the sector's middle half▲ 0.8pp7.5%below the sector's middle half▼ 0.3pp
Current ratio1.01within the sector's middle half-1.40within the sector's middle half▲ 0.391.20within the sector's middle half▼ 0.190.52below the sector's middle half▼ 0.680.75below the sector's middle half▲ 0.220.42below the sector's middle half▼ 0.33
Return on assets (ROA)-28.8%below the sector's middle half-27.8%above the sector's middle half▲ 56.6pp0.1%below the sector's middle half2.3%within the sector's middle half▲ 2.1pp0.0%below the sector's middle half▼ 2.3pp
Staff (FTE)2.1above the sector's middle half-2.6▲ 23.8%3.5▲ 34.6%4.3▲ 22.9%6▲ 39.5%4.5▼ 25.0%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 35% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €169,616
Fixed assets
€103,399 ▲ 88.5%
Current assets
€66,216 ▼ 39.2%
Equity and liabilities €169,616
Equity
€12,663 ▲ 0.1%
Debt
€156,952 ▲ 3.9%
Debt's share of the balance-sheet total rises from 92.3% to 92.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€41,596▲
2024 · €28,996
Cash flow
€18,558▲
2024 · €15,621
Quick ratio
0.26▼
2024 · 0.69
Debt to equity
12.39▲
2024 · 11.94
ROE
0.1%▼
2024 · 29.4%
Interest coverage
1.79▼
2024 · 2.17
Debt ≤ 1 year
€156,952▲
2024 · €145,653
Staff costs
€261,211▼
2024 · €261,690
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 4 | 4 | 4 |
| full-time | 2 | 5 | 4 | 4 | 3 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 2 | 5 | 4 | 4 | 3.8 |
| Average over the year, in full-time equivalents | 2.6 | 3.5 | 4.3 | 6 | 4.5 |
| On a permanent contract | 2 | 3 | 4 | 4 | 4 |
| Joined | 359 | - | 884 | 671 | 569 |
| Left | 359 | - | 885 | 671 | 569 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,600 | €66,211 | €1,156 | €11,306 |
| Intangible fixed assets | - | - | - | - | €55,793 |
| Depreciation and write-downs of the year | - | €664 | €3,558 | €11,894 | €18,551 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €24,702 | - | - | - |
| Remuneration, social security and pensions62 | - | €80,218 | €152,530 | €203,678 | €261,690 | €261,211 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €664 | €3,558 | €11,894 | €18,551 | ▲ 56.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €3,702 | - | - | - | - |
| Other operating charges640/8 | - | €772 | €8,345 | €109 | €2,766 | €1,324 | ▼ 52.1% |
| Gross operating margin9900 | €24,630 | €89,711 | €169,846 | €209,506 | €293,453 | €304,131 | ▲ 3.6% |
| Operating profit (loss)9901 | -€6,718 | €8,721 | €4,605 | €2,161 | €17,102 | €23,046 | ▲ 34.8% |
| Financial income75/76B | - | - | €702 | - | - | €172 | - |
| Recurring financial income75 | - | - | €702 | - | - | €172 | - |
| Financial charges65/66B | - | €134 | €5,307 | €1,998 | €13,376 | €23,211 | ▲ 73.5% |
| Recurring financial charges65 | €57 | €134 | €5,307 | €1,998 | €13,376 | €23,211 | ▲ 73.5% |
| Profit (loss) for the period before taxes9903 | -€6,775 | €8,587 | - | €162 | €3,726 | €7 | ▼ 99.8% |
| Profit (loss) for the period9904 | -€6,775 | €8,587 | - | €162 | €3,726 | €7 | ▼ 99.8% |
| Profit (loss) for the period to be appropriated9905 | -€6,775 | €8,587 | - | €162 | €3,726 | €7 | ▼ 99.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €23,496 | €30,897 | €59,248 | €128,035 | €163,767 | €169,616 | ▲ 3.6% |
| Fixed assets21/28 | - | - | €2,936 | €65,590 | €54,851 | €103,399 | ▲ 88.5% |
| Intangible fixed assets21 | - | - | - | - | - | €50,213 | - |
| Tangible fixed assets22/27 | - | - | €2,936 | €65,590 | €54,851 | €53,186 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €35,748 | €31,609 | €37,540 | ▲ 18.8% |
| Plant, machinery and equipment23 | - | - | €2,936 | €23,241 | €18,956 | €14,889 | ▼ 21.5% |
| Furniture and vehicles24 | - | - | - | €6,600 | €4,286 | €757 | ▼ 82.3% |
| Current assets29/58 | €23,496 | €30,897 | €56,312 | €62,445 | €108,915 | €66,216 | ▼ 39.2% |
| Stocks and contracts in progress3 | €2,778 | €3,003 | €2,849 | €13,096 | €9,012 | €24,666 | ▲ 174% |
| Stocks30/36 | - | €3,003 | €2,849 | €13,096 | €9,012 | €24,666 | ▲ 174% |
| Amounts receivable within one year40/41 | €11,310 | €18,061 | €32,812 | €22,583 | €51,277 | €18,570 | ▼ 63.8% |
| Trade receivables40 | - | €15,687 | €25,199 | €10,015 | €16,949 | €3,464 | ▼ 79.6% |
| Other amounts receivable41 | - | €2,374 | €7,613 | €12,568 | €34,328 | €15,106 | ▼ 56.0% |
| Cash at bank and in hand54/58 | €9,408 | €9,833 | €20,651 | €24,353 | €48,626 | €22,262 | ▼ 54.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,414 | - | €718 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €23,496 | €30,897 | €59,248 | €128,035 | €163,767 | €169,616 | ▲ 3.6% |
| Equity10/15 | €180 | €8,767 | €8,767 | €8,930 | €12,656 | €12,663 | ▲ 0.1% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | - | €5,767 | €5,767 | €5,930 | €5,930 | = |
| Distributable reserves133 | - | - | €5,767 | €5,767 | €5,930 | €5,930 | = |
| Profit (loss) carried forward14 | -€2,820 | €5,767 | - | €162 | €3,726 | €3,734 | ▲ 0.2% |
| Provisions and deferred taxes16 | - | - | €3,702 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | €3,702 | - | - | - | - |
| Major repairs and maintenance162 | - | - | €3,702 | - | - | - | - |
| Amounts payable17/49 | €23,315 | €22,129 | €46,779 | €119,105 | €151,111 | €156,952 | ▲ 3.9% |
| Amounts payable within one year42/48 | €23,315 | €22,129 | €46,779 | €119,105 | €145,653 | €156,952 | ▲ 7.8% |
| Trade debts44 | €22,459 | €10,521 | €27,714 | €97,010 | €119,941 | €145,511 | ▲ 21.3% |
| Suppliers440/4 | - | €10,521 | €27,714 | €97,010 | €119,941 | €145,511 | ▲ 21.3% |
| Taxes, remuneration and social security45 | - | €11,608 | €19,065 | €22,095 | €25,517 | €11,397 | ▼ 55.3% |
| Taxes450/3 | - | €3,182 | €10,282 | €18,166 | €16,015 | €4,316 | ▼ 73.1% |
| Remuneration and social security454/9 | - | €8,426 | €8,783 | €3,929 | €9,503 | €7,081 | ▼ 25.5% |
| Other amounts payable47/48 | - | - | - | - | €194 | €45 | ▼ 77.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €5,458 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,775 | €8,587 | - | €162 | €3,726 | €7 | ▼ 99.8% |
| + Depreciation and write-downs630 | - | - | €664 | €3,558 | €11,894 | €18,551 | ▲ 56.0% |
| Operating cash flow (approximation) | -€6,775 | €8,587 | €664 | €3,720 | €15,621 | €18,558 | ▲ 18.8% |
| Investment in fixed assets (approximation) | - | - | - | -€66,212 | -€1,156 | -€67,098 | ▼ 5,703% |
| Change in cash | - | €425 | €10,819 | €3,702 | €24,273 | -€26,365 | - |
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, 1,375 companies had the same profile as VDF has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VDF itself is lower: 0.3% within 12 months. It rests on far more data about VDF 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 1,375 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-09-2026 | 2026-00526399 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00373178 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00310061 | |
| 31-12-2022 | micro format | 25-09-2023 | 2023-00452459 | |
| 31-12-2021 | micro format | 07-10-2022 | 2022-20454044 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-34800308 |