VDS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 19 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €1,550, after a profit of €13,844 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €40,586 | - | - | €46,764 | - |
| Financial fixed assets | €13,837 | - | - | - | - |
| Depreciation and write-downs of the year | €7,048 | €6,983 | €6,983 | €16,279 | €16,275 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3,275 | - | €150 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,302 | €14,296 | €7,823 | €7,048 | €6,983 | €6,983 | €16,279 | €16,275 | = |
| Other operating charges640/8 | - | - | - | €2,327 | €2,240 | €2,561 | €1,663 | €2,294 | ▲ 37.9% |
| Gross operating margin9900 | €21,362 | €18,849 | €15,797 | €19,756 | €16,611 | €11,752 | €31,786 | €17,018 | ▼ 46.5% |
| Operating profit (loss)9901 | -€4,330 | €1,631 | €5,564 | €10,382 | €7,388 | €2,208 | €13,844 | -€1,550 | - |
| Financial income75/76B | - | - | - | €54 | €236 | €178 | €163 | €127 | ▼ 22.0% |
| Recurring financial income75 | €8 | - | €582 | €54 | €236 | €178 | €163 | €127 | ▼ 22.0% |
| Financial charges65/66B | - | - | - | €1,369 | €1,612 | €1,470 | €2,006 | €1,598 | ▼ 20.3% |
| Recurring financial charges65 | €2,784 | €2,049 | €1,287 | €1,369 | €1,612 | €1,470 | €2,006 | €1,598 | ▼ 20.3% |
| Profit (loss) for the period before taxes9903 | -€7,113 | -€418 | €4,860 | €9,067 | €6,013 | €916 | €12,001 | -€3,021 | - |
| Profit (loss) for the period9904 | -€7,113 | -€418 | €4,860 | €9,067 | €6,013 | €916 | €12,001 | -€3,021 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,113 | -€418 | €4,860 | €9,067 | €6,013 | €916 | €12,001 | -€3,021 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €139,408 | €124,562 | €112,358 | €162,569 | €140,266 | €137,470 | €171,171 | €158,653 | ▼ 7.3% |
| Fixed assets21/28 | €131,625 | €117,629 | €109,806 | €157,182 | €136,361 | €129,378 | €159,863 | €143,589 | ▼ 10.2% |
| Tangible fixed assets22/27 | €131,625 | €117,629 | €109,806 | €143,344 | €136,361 | €129,378 | €159,863 | €143,589 | ▼ 10.2% |
| Land and buildings22 | - | - | - | €143,344 | €136,301 | €129,378 | €122,455 | €115,533 | ▼ 5.7% |
| Furniture and vehicles24 | - | - | - | - | €60 | - | €37,408 | €28,056 | ▼ 25.0% |
| Financial fixed assets28 | - | - | - | €13,837 | - | - | - | - | - |
| Current assets29/58 | €7,783 | €6,933 | €2,552 | €5,387 | €3,905 | €8,092 | €11,308 | €15,065 | ▲ 33.2% |
| Amounts receivable within one year40/41 | €4,333 | €4,974 | - | €2,710 | €2,092 | €2,344 | €8,088 | €4,824 | ▼ 40.4% |
| Trade receivables40 | - | - | - | €2,041 | €852 | €691 | €5,817 | €3,007 | ▼ 48.3% |
| Other amounts receivable41 | - | - | - | €669 | €1,240 | €1,653 | €2,271 | €1,817 | ▼ 20.0% |
| Current investments50/53 | €1 | €1 | €1 | €1 | €1 | €1 | €1 | €1 | = |
| Cash at bank and in hand54/58 | €978 | €269 | €2,551 | €2,676 | €1,812 | €5,747 | €2,747 | €10,240 | ▲ 273% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €471 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €139,408 | €124,562 | €112,358 | €162,569 | €140,266 | €137,470 | €171,171 | €158,653 | ▼ 7.3% |
| Equity10/15 | €75,285 | €74,866 | €79,726 | €88,793 | €94,805 | €95,721 | €107,722 | €104,701 | ▼ 2.8% |
| Contributions10/11 | €125,141 | €125,141 | - | €125,141 | €125,141 | €125,141 | €125,141 | €125,141 | = |
| Reserves13 | - | - | €243 | €1,150 | €1,450 | €1,496 | €1,496 | €1,496 | = |
| Non-distributable reserves130/1 | - | - | - | €1,150 | €1,450 | €1,496 | €1,496 | €1,496 | = |
| Reserves not available under the articles1311 | - | - | - | €1,150 | €1,450 | €1,496 | €1,496 | €1,496 | = |
| Profit (loss) carried forward14 | -€49,856 | -€50,275 | -€45,658 | -€37,498 | -€31,786 | -€30,916 | -€18,915 | -€21,936 | ▼ 16.0% |
| Amounts payable17/49 | €64,123 | €49,695 | €32,632 | €73,776 | €45,461 | €41,749 | €63,449 | €53,953 | ▼ 15.0% |
| Amounts payable after more than one year17 | €33,060 | €16,346 | €8,000 | €55,702 | €43,036 | €33,479 | €50,923 | €40,517 | ▼ 20.4% |
| Financial debts170/4 | - | - | - | €55,702 | €43,036 | €33,479 | €50,923 | €40,517 | ▼ 20.4% |
| Amounts payable within one year42/48 | €31,063 | €33,349 | €24,632 | €17,842 | €2,222 | €6,824 | €12,526 | €13,436 | ▲ 7.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,031 | - | €5,643 | €12,286 | €12,128 | ▼ 1.3% |
| Trade debts44 | €603 | €1,712 | - | €1,063 | €185 | €966 | €8 | €512 | ▲ 63× |
| Suppliers440/4 | - | - | - | €1,063 | €185 | €966 | €8 | €512 | ▲ 63× |
| Other amounts payable47/48 | - | - | - | €11,748 | €2,036 | €215 | €232 | €796 | ▲ 243% |
| Accrued charges and deferred income492/3 | - | - | - | €231 | €204 | €1,445 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,113 | -€418 | €4,860 | €9,067 | €6,013 | €916 | €12,001 | -€3,021 | - |
| + Depreciation and write-downs630 | €23,302 | €14,296 | €7,823 | €7,048 | €6,983 | €6,983 | €16,279 | €16,275 | = |
| Operating cash flow (approximation) | €16,188 | €13,878 | €12,683 | €16,114 | €12,996 | €7,899 | €28,279 | €13,253 | ▼ 53.1% |
| Investment in fixed assets (approximation) | - | -€300 | €0 | -€54,424 | €13,837 | €0 | -€46,764 | €0 | - |
| Change in cash | - | -€708 | €2,281 | €125 | -€863 | €3,935 | -€3,000 | €7,492 | - |
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, 12,322 companies had the same profile as VDS has now. Two years later, 0.7% had gone bankrupt and 90.3% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VDS itself: 0.5% 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 12,322 companies, not a prediction for VDS. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00251557 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00301844 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00374092 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00297127 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20418741 | |
| 31-12-2020 | micro format | 26-07-2021 | 2021-39900037 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39400439 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51300374 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-68500555 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55500046 |