VDFA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00434201.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 8 filings
Turnover
≈ €75,000
Estimated: probably between €58,000 and €110,000
Total assets
€244,459▲ 7.7%
2024 · €226,935
Net result
€5,333▼ 47.4%
2024 · €10,145
Working capital
€95,172▼ 17.6%
2024 · €115,567
In the rankings
#8 company by total assets in Sambreville, Other services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€16,566
▼ 39.5%
2025
20192025
Net result
€5,333
▼ 47.4%
2025
middle half of the sector
20192025
Equity
€133,915
▼ 6.2%
2025
middle half of the sector
20192025
Total assets
€244,459
▲ 7.7%
2025
lowest quarter of the sector
20192025
Debt
€110,544
▲ 31.2%
2025
20192025
Working capital
€95,172
▼ 17.6%
2025
middle half of the sector
20192025
Solvency
54.8%
▼ 8.1pp
2025
middle half of the sector
20192025
Current ratio
1.86
▼ 0.51
2025
middle half of the sector
20192025
Return on assets (ROA)
2.2%
▼ 2.3pp
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
Operating result€90,011-€45,688▼ 49.2%€3,769▼ 91.8%-€14,947€42,629€27,381▼ 35.8%€16,566▼ 39.5%
Net result€67,560-€34,838above the sector's middle half▼ 48.4%€3,709within the sector's middle half▼ 89.4%-€19,521below the sector's middle half€24,349within the sector's middle half€10,145within the sector's middle half▼ 58.3%€5,333within the sector's middle half▼ 47.4%
Equity€89,180-€124,018above the sector's middle half▲ 39.1%€127,727above the sector's middle half▲ 3.0%€108,206within the sector's middle half▼ 15.3%€132,555above the sector's middle half▲ 22.5%€142,700above the sector's middle half▲ 7.7%€133,915within the sector's middle half▼ 6.2%
Total assets€240,852-€256,608within the sector's middle half▲ 6.5%€214,434within the sector's middle half▼ 16.4%€188,641within the sector's middle half▼ 12.0%€234,945within the sector's middle half▲ 24.5%€226,935within the sector's middle half▼ 3.4%€244,459below the sector's middle half▲ 7.7%
Debt€151,671-€132,590▼ 12.6%€86,708▼ 34.6%€80,435▼ 7.2%€102,390▲ 27.3%€84,235▼ 17.7%€110,544▲ 31.2%
Working capital€8,410-€57,768within the sector's middle half▲ 587%€75,799above the sector's middle half▲ 31.2%€81,333above the sector's middle half▲ 7.3%€109,534above the sector's middle half▲ 34.7%€115,567above the sector's middle half▲ 5.5%€95,172within the sector's middle half▼ 17.6%
Solvency37.0%-48.3%within the sector's middle half▲ 11.3pp59.6%within the sector's middle half▲ 11.2pp57.4%within the sector's middle half▼ 2.2pp56.4%within the sector's middle half▼ 0.9pp62.9%within the sector's middle half▲ 6.5pp54.8%within the sector's middle half▼ 8.1pp
Current ratio1.06-1.44within the sector's middle half▲ 0.381.87within the sector's middle half▲ 0.442.01within the sector's middle half▲ 0.142.07within the sector's middle half▲ 0.062.37within the sector's middle half▲ 0.301.86within the sector's middle half▼ 0.51
Return on assets (ROA)28.1%-13.6%above the sector's middle half▼ 14.5pp1.7%within the sector's middle half▼ 11.8pp-10.3%below the sector's middle half▼ 12.1pp10.4%within the sector's middle half▲ 20.7pp4.5%within the sector's middle half▼ 5.9pp2.2%within the sector's middle half▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 39% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €244,459
Fixed assets
€38,743 ▲ 42.8%
Current assets
€205,716 ▲ 3.0%
Equity and liabilities €244,459
Equity
€133,915 ▼ 6.2%
Debt
€110,544 ▲ 31.2%
Debt's share of the balance-sheet total rises from 37.1% to 45.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€24,363▼
2024 · €37,326
Cash flow
€13,130▼
2024 · €20,090
Debt to equity
0.83▲
2024 · 0.59
ROE
4.0%▼
2024 · 7.1%
Interest coverage
12.37▲
2024 · 9.84
Debt ≤ 1 year
€110,544▲
2024 · €84,235
Income taxes
€9,805▼
2024 · €13,543
Staff costs
€306
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,801 | €6,761 | €20,479 | €9,096 | €19,407 |
| Intangible fixed assets | - | - | - | €10,140 | - |
| Depreciation and write-downs of the year | €29,777 | €31,816 | €14,559 | €9,945 | €7,797 |
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 | - | - | - | - | €2,563 | €17,322 | - | - |
| Remuneration, social security and pensions62 | - | - | €798 | €5,365 | - | - | €306 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,263 | €26,691 | €29,777 | €31,816 | €14,559 | €9,945 | €7,797 | ▼ 21.6% |
| Other operating charges640/8 | - | - | €4,532 | €7,311 | €12,349 | €13,879 | €4,847 | ▼ 65.1% |
| Non-recurring operating charges66A | - | - | €346 | - | €1,134 | - | - | - |
| Gross operating margin9900 | €143,954 | €87,004 | €39,223 | €29,545 | €70,671 | €51,205 | €29,516 | ▼ 42.4% |
| Operating profit (loss)9901 | €90,011 | €45,688 | €3,769 | -€14,947 | €42,629 | €27,381 | €16,566 | ▼ 39.5% |
| Financial income75/76B | - | - | €702 | €380 | €1,052 | €99 | €542 | ▲ 445% |
| Recurring financial income75 | €153 | €971 | €702 | €380 | €1,052 | €99 | €542 | ▲ 445% |
| Financial charges65/66B | - | - | €1,310 | €845 | €1,312 | €3,792 | €1,970 | ▼ 48.0% |
| Recurring financial charges65 | €1,573 | €1,191 | €1,310 | €845 | €1,312 | €3,792 | €1,970 | ▼ 48.0% |
| Profit (loss) for the period before taxes9903 | €88,591 | €45,467 | €3,161 | -€15,413 | €42,369 | €23,689 | €15,138 | ▼ 36.1% |
| Income taxes67/77 | €21,031 | €10,630 | -€548 | €4,108 | €18,021 | €13,543 | €9,805 | ▼ 27.6% |
| Profit (loss) for the period9904 | €67,560 | €34,838 | €3,709 | -€19,521 | €24,349 | €10,145 | €5,333 | ▼ 47.4% |
| Profit (loss) for the period to be appropriated9905 | €67,560 | €34,838 | €3,709 | -€19,521 | €24,349 | €10,145 | €5,333 | ▼ 47.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €240,852 | €256,608 | €214,434 | €188,641 | €234,945 | €226,935 | €244,459 | ▲ 7.7% |
| Fixed assets21/28 | €80,771 | €66,250 | €51,928 | €26,873 | €23,021 | €27,133 | €38,743 | ▲ 42.8% |
| Intangible fixed assets21 | €69,362 | €46,857 | €24,353 | €1,848 | - | €9,018 | €8,004 | ▼ 11.2% |
| Tangible fixed assets22/27 | €10,009 | €17,993 | €26,175 | €23,624 | €21,621 | €16,715 | €29,339 | ▲ 75.5% |
| Plant, machinery and equipment23 | - | - | €1,832 | €1,502 | €1,172 | €785 | €597 | ▼ 23.9% |
| Furniture and vehicles24 | - | - | €14,659 | €11,495 | €11,562 | €9,218 | €22,169 | ▲ 140% |
| Other tangible fixed assets26 | - | - | €9,685 | €10,628 | €8,887 | €6,712 | €6,573 | ▼ 2.1% |
| Financial fixed assets28 | €1,400 | €1,400 | €1,400 | €1,400 | €1,400 | €1,400 | €1,400 | = |
| Current assets29/58 | €160,081 | €190,358 | €162,506 | €161,769 | €211,924 | €199,802 | €205,716 | ▲ 3.0% |
| Amounts receivable within one year40/41 | €61,812 | €57,130 | €22,739 | €45,024 | €64,738 | €57,976 | €41,623 | ▼ 28.2% |
| Trade receivables40 | - | - | €22,621 | €44,556 | €64,269 | €57,976 | €41,452 | ▼ 28.5% |
| Other amounts receivable41 | - | - | €117 | €468 | €468 | - | €171 | - |
| Cash at bank and in hand54/58 | €98,269 | €131,781 | €139,768 | €116,745 | €145,552 | €141,825 | €161,873 | ▲ 14.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,634 | - | €2,220 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €240,852 | €256,608 | €214,434 | €188,641 | €234,945 | €226,935 | €244,459 | ▲ 7.7% |
| Equity10/15 | €89,180 | €124,018 | €127,727 | €108,206 | €132,555 | €142,700 | €133,915 | ▼ 6.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €68,720 | €103,558 | €107,267 | €87,746 | €112,095 | €122,240 | €113,455 | ▼ 7.2% |
| Amounts payable17/49 | €151,671 | €132,590 | €86,708 | €80,435 | €102,390 | €84,235 | €110,544 | ▲ 31.2% |
| Amounts payable within one year42/48 | €151,671 | €132,590 | €86,708 | €80,435 | €102,390 | €84,235 | €110,544 | ▲ 31.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €748 | - | - | - |
| Trade debts44 | €20,872 | €26,397 | €10,084 | €17,343 | €24,001 | €9,114 | €35,802 | ▲ 293% |
| Suppliers440/4 | - | - | €10,084 | €17,343 | €24,001 | €9,114 | €35,802 | ▲ 293% |
| Taxes, remuneration and social security45 | - | - | €2,468 | €4,604 | €22,584 | €21,912 | €20,829 | ▼ 4.9% |
| Taxes450/3 | - | - | €2,468 | €4,604 | €22,584 | €21,912 | €20,829 | ▼ 4.9% |
| Other amounts payable47/48 | - | - | €74,156 | €58,488 | €55,057 | €53,209 | €53,913 | ▲ 1.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €67,560 | €34,838 | €3,709 | -€19,521 | €24,349 | €10,145 | €5,333 | ▼ 47.4% |
| + Depreciation and write-downs630 | €26,263 | €26,691 | €29,777 | €31,816 | €14,559 | €9,945 | €7,797 | ▼ 21.6% |
| Operating cash flow (approximation) | €93,822 | €61,528 | €33,486 | €12,295 | €38,907 | €20,090 | €13,130 | ▼ 34.6% |
| Investment in fixed assets (approximation) | - | -€12,170 | -€15,455 | -€6,761 | -€10,706 | -€14,057 | -€19,407 | ▼ 38.1% |
| Change in cash | - | €33,512 | €7,986 | -€23,023 | €28,808 | -€3,727 | €20,048 | - |
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, 5,047 companies had the same profile as VDFA has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VDFA itself is lower: 0.1% within 12 months. It rests on far more data about VDFA 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 5,047 companies, not a prediction for VDFA. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00434201 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00221005 | |
| 30-09-2023 | micro format | 26-03-2024 | 2024-00049670 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00079749 | |
| 30-09-2021 | micro format | 12-05-2022 | 2022-20028532 | |
| 30-09-2020 | micro format | 20-05-2021 | 2021-15300297 | |
| 30-09-2019 | micro format | 27-04-2020 | 2020-10900010 | |
| 30-09-2018 | micro format | 22-03-2019 | 2019-07900523 |