VDW
ActiveFinancials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 30 April 2026 The financial year closed on 30 September 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 2 November 2026.
Annual accounts 2024 filed on 11-08-2025 PDF all 21 filings
Turnover
≈ €330,000
Estimated: probably between €260,000 and €420,000
Total assets
€3.3m▼ 19.5%
2023 · €4.1m
Net result
-€684,848▼ 107%
2023 · -€330,815
Working capital
-€1.9m▼ 177%
2023 · -€672,830
Multi-year overview
2019 to 2024, 6 financial yearsOperating result
-€477,111
▼ 94.7%
2024
20192024
Net result
-€684,848
▼ 107%
2024
lowest quarter of the sector
20192024
Equity
-€453,822
2024
lowest quarter of the sector
20192024
Total assets
€3.3m
▼ 19.5%
2024
highest quarter of the sector
20192024
Debt
€3.7m
▼ 3.1%
2024
20192024
Working capital
-€1.9m
▼ 177%
2024
lowest quarter of the sector
20192024
Solvency
-13.7%
▼ 19.3pp
2024
lowest quarter of the sector
20192024
Current ratio
0.26
▼ 0.16
2024
lowest quarter of the sector
20192024
Return on assets (ROA)
-20.6%
▼ 12.6pp
2024
lowest quarter of the sector
20192024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232024
Operating result-€0.1m-€0.04m€0.2m▲ 460%€0.03m▼ 83.1%-€0.2m-€0.5m▼ 94.7%
Net result-€0.1m--€1.2mbelow the sector's middle half▼ 811%€0.2mabove the sector's middle half€0.006mwithin the sector's middle half▼ 96.9%-€0.3mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 107%
Equity€1.5m-€0.4mwithin the sector's middle half▼ 75.8%€0.6mwithin the sector's middle half▲ 51.6%€0.6mwithin the sector's middle half▲ 1.0%€0.2mwithin the sector's middle half▼ 58.9%-€0.5mbelow the sector's middle half
Total assets€3.9m-€2.7mabove the sector's middle half▼ 30.3%€2.9mabove the sector's middle half▲ 7.3%€7.0mabove the sector's middle half▲ 140%€4.1mabove the sector's middle half▼ 41.2%€3.3mabove the sector's middle half▼ 19.5%
Debt€2.3m-€2.3m▼ 1.5%€2.3m▲ 0.5%€6.4m▲ 176%€3.8m▼ 40.0%€3.7m▼ 3.1%
Working capital€0.5m--€0.6mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 59.9%-€0.3mbelow the sector's middle half▼ 35.3%-€0.7mbelow the sector's middle half▼ 110%-€1.9mbelow the sector's middle half▼ 177%
Solvency38.8%-13.4%below the sector's middle half▼ 25.3pp19.0%below the sector's middle half▲ 5.5pp8.0%below the sector's middle half▼ 11.0pp5.6%below the sector's middle half▼ 2.4pp-13.7%below the sector's middle half▼ 19.3pp
Current ratio1.53-0.45below the sector's middle half▼ 1.080.75within the sector's middle half▲ 0.300.91within the sector's middle half▲ 0.160.42below the sector's middle half▼ 0.490.26below the sector's middle half▼ 0.16
Return on assets (ROA)-3.2%--42.2%below the sector's middle half▼ 38.9pp6.5%within the sector's middle half▲ 48.6pp0.1%below the sector's middle half▼ 6.4pp-8.0%below the sector's middle half▼ 8.1pp-20.6%below the sector's middle half▼ 12.6pp
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 2024 is a loss of €477,111, larger than the loss of €245,091 in 2023. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.3m
Fixed assets
€2.7m ▼ 26.8%
Current assets
€658,670 ▲ 35.1%
Equity and liabilities
Equity-€453,822
Debt€3.7m
Equity is negative. Debt (€3.7m) exceeds the balance-sheet total (€3.3m).
Key figures and ratios
EBITDA
-€212,188▼
2023 · €16,138
Cash flow
-€419,925▼
2023 · -€69,586
Interest coverage
-0.99▼
2023 · 0.19
Debt ≤ 1 year
€2.5m▲
2023 · €1.2m
Debt > 1 year
€1.2m▼
2023 · €2.7m
Income taxes
€90▼
2023 · €187
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 |
|---|---|---|---|
| Debts secured on the company's own assets | €3.1m | €2.9m | €1.6m |
Source: notes to the 2022 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 |
|---|---|---|---|
| Tangible fixed assets | €1.9m | €117,916 | €214,279 |
| Depreciation and write-downs of the year | €247,951 | €261,229 | €264,923 |
Source: notes to the 2022 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.01m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 1.4% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.008m | €0.009m | ▲ 9.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.4m | - |
| Gross operating margin9900 | €0.03m | €0.2m | €0.4m | €0.3m | €0.02m | €0.2m | ▲ 741% |
| Operating profit (loss)9901 | -€0.1m | €0.04m | €0.2m | €0.03m | -€0.2m | -€0.5m | ▼ 94.7% |
| Financial income75/76B | - | - | - | €0.1m | - | €0.007m | - |
| Recurring financial income75 | €0.09m | €66 | €0.004m | €0.1m | - | €0.007m | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.2m | ▲ 151% |
| Recurring financial charges65 | €0.06m | €0.06m | €0.02m | €0.1m | €0.09m | €0.2m | ▲ 151% |
| Profit (loss) for the period before taxes9903 | -€0.1m | -€1.2m | €0.2m | €0.006m | -€0.3m | -€0.7m | ▼ 107% |
| Income taxes67/77 | €2 | €173 | €270 | €214 | €187 | €90 | ▼ 51.7% |
| Profit (loss) for the period9904 | -€0.1m | -€1.2m | €0.2m | €0.006m | -€0.3m | -€0.7m | ▼ 107% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | -€1.2m | €0.2m | €0.006m | -€0.3m | -€0.7m | ▼ 107% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €3.9m | €2.7m | €2.9m | €7.0m | €4.1m | €3.3m | ▼ 19.5% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.2m | €3.8m | €3.6m | €2.7m | ▼ 26.8% |
| Tangible fixed assets22/27 | €1.6m | €2.2m | €2.2m | €3.8m | €3.6m | €2.6m | ▼ 27.0% |
| Land and buildings22 | - | - | - | €3.2m | €3.0m | €2.0m | ▼ 34.8% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.5m | €0.5m | ▼ 14.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.05m | €0.2m | ▲ 344% |
| Financial fixed assets28 | €0.7m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €1.6m | €0.5m | €0.7m | €3.2m | €0.5m | €0.7m | ▲ 35.1% |
| Amounts receivable within one year40/41 | €1.5m | €0.4m | €0.6m | €2.7m | €0.4m | €0.6m | ▲ 33.9% |
| Trade receivables40 | - | - | - | €2.3m | €0.08m | €0.2m | ▲ 192% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.3m | ▼ 2.3% |
| Cash at bank and in hand54/58 | €0.02m | €0.08m | €0.09m | €0.5m | €0.05m | €0.07m | ▲ 44.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.003m | ▲ 69.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €3.9m | €2.7m | €2.9m | €7.0m | €4.1m | €3.3m | ▼ 19.5% |
| Equity10/15 | €1.5m | €0.4m | €0.6m | €0.6m | €0.2m | -€0.5m | - |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.3m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | ▲ 0.3% |
| Profit (loss) carried forward14 | €0.2m | -€0.2m | -€0.03m | -€0.02m | -€0.4m | -€1.0m | ▼ 194% |
| Provisions and deferred taxes16 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Deferred taxes168 | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €2.3m | €2.3m | €2.3m | €6.4m | €3.8m | €3.7m | ▼ 3.1% |
| Amounts payable after more than one year17 | €1.3m | €1.2m | €1.4m | €2.9m | €2.7m | €1.2m | ▼ 55.0% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | ▼ 10.8% |
| Advances received on contracts in progress176 | - | - | - | €2.5m | €2.3m | €0.8m | ▼ 65.6% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.2m | €0.3m | ▲ 36.9% |
| Amounts payable within one year42/48 | €1.0m | €1.1m | €0.9m | €3.5m | €1.2m | €2.5m | ▲ 117% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.4m | ▲ 43.6% |
| Trade debts44 | €0.06m | €0.07m | €0.2m | €2.7m | €0.1m | €0.4m | ▲ 153% |
| Suppliers440/4 | - | - | - | €2.7m | €0.1m | €0.4m | ▲ 153% |
| Taxes, remuneration and social security45 | - | - | - | €255 | - | €0.004m | - |
| Taxes450/3 | - | - | - | €255 | - | €0.004m | - |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.8m | €1.8m | ▲ 135% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€1.2m | €0.2m | €0.006m | -€0.3m | -€0.7m | ▼ 107% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 1.4% |
| Operating cash flow (approximation) | €0.05m | -€1.0m | €0.4m | €0.3m | -€0.07m | -€0.4m | ▼ 503% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.2m | -€1.9m | -€0.08m | €0.7m | - |
| Change in cash | - | €0.06m | €0.02m | €0.4m | -€0.5m | €0.02m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2024 | abbreviated format | 11-08-2025 | 2025-00380720 | |
| 30-09-2023 | abbreviated format | 29-04-2024 | 2024-00071795 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00076242 | |
| 30-09-2021 | abbreviated format | 08-12-2021 | 2021-79700066 | |
| 30-09-2020 | abbreviated format | 29-04-2021 | 2021-11900118 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-10700596 | |
| 30-09-2018 | abbreviated format | 20-05-2019 | 2019-13700217 | |
| 30-09-2017 | abbreviated format | 08-05-2018 | 2018-12400387 | |
| 30-09-2016 | abbreviated format | 29-05-2017 | 2017-13700375 | |
| 30-09-2015 | abbreviated format | 31-05-2016 | 2016-14500202 |