VEC TRANSPORT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-01-2026 PDF all 30 filings
Turnover
€1.2m
EBIT margin
5.5%
Net result
€1,592
2024 · -€38,623
Working capital
€269,292▼ 8.1%
2024 · €293,123
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€2,893
▲ 91.9%
2025
20192025
Net result
€1,592
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€352,287
▼ 5.0%
2025
highest quarter of the sector
20192025
Total assets
€504,130
▼ 4.3%
2025
highest quarter of the sector
20192025
Debt
€151,843
▼ 2.6%
2025
20192025
Working capital
€269,292
▼ 8.1%
2025
highest quarter of the sector
20192025
Solvency
69.9%
▼ 0.5pp
2025
highest quarter of the sector
20192025
Current ratio
2.79
▼ 0.09
2025
highest quarter of the sector
20192025
Return on assets (ROA)
0.3%
▲ 7.6pp
2025
middle half of the sector
20192025
Staff (FTE)
3.7
▼ 31.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.2m
Operating result€0.03m-€0.003m▼ 89.6%-€0.02m€0.07m€0.1m▲ 63.9%-€0.04m-€0.003m▲ 91.9%
Net result€0.02m-€0.002mwithin the sector's middle half▼ 90.3%-€0.02mbelow the sector's middle half€0.05mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 47.7%-€0.04mbelow the sector's middle half€0.002mwithin the sector's middle half
EBIT margin5.5%
Equity€0.3m-€0.3mwithin the sector's middle half▲ 0.7%€0.3mwithin the sector's middle half▼ 7.6%€0.3mwithin the sector's middle half▲ 19.1%€0.4mwithin the sector's middle half▲ 23.8%€0.4mwithin the sector's middle half▼ 9.4%€0.4mabove the sector's middle half▼ 5.0%
Total assets€0.6m-€0.7mwithin the sector's middle half▲ 15.8%€0.6mwithin the sector's middle half▼ 7.3%€0.7mwithin the sector's middle half▲ 6.4%€0.6mbelow the sector's middle half▼ 3.6%€0.5mbelow the sector's middle half▼ 16.6%€0.5mabove the sector's middle half▼ 4.3%
Debt€0.3m-€0.4m▲ 32.2%€0.3m▼ 7.0%€0.3m▼ 4.1%€0.2m▼ 31.4%€0.2m▼ 29.8%€0.2m▼ 2.6%
Working capital€0.3m-€0.3mwithin the sector's middle half▼ 3.9%€0.2mwithin the sector's middle half▼ 5.0%€0.2mwithin the sector's middle half▼ 1.7%€0.3mwithin the sector's middle half▲ 23.8%€0.3mwithin the sector's middle half▲ 1.4%€0.3mabove the sector's middle half▼ 8.1%
Solvency52.1%-45.3%within the sector's middle half▼ 6.8pp45.1%within the sector's middle half▼ 0.2pp50.5%within the sector's middle half▲ 5.4pp64.8%above the sector's middle half▲ 14.3pp70.4%above the sector's middle half▲ 5.6pp69.9%above the sector's middle half▼ 0.5pp
Current ratio2.56-2.05within the sector's middle half▼ 0.511.89within the sector's middle half▼ 0.161.77within the sector's middle half▼ 0.132.30within the sector's middle half▲ 0.532.88above the sector's middle half▲ 0.582.79above the sector's middle half▼ 0.09
Return on assets (ROA)3.6%-0.3%within the sector's middle half▼ 3.3pp-3.6%below the sector's middle half▼ 3.9pp8.2%within the sector's middle half▲ 11.8pp12.6%above the sector's middle half▲ 4.4pp-7.3%below the sector's middle half▼ 19.9pp0.3%within the sector's middle half▲ 7.6pp
Staff (FTE)5.8-4.2below the sector's middle half▼ 27.6%4.5below the sector's middle half▲ 7.1%6within the sector's middle half▲ 33.3%6.9within the sector's middle half▲ 15.0%5.4within the sector's middle half▼ 21.7%3.7▼ 31.5%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 a loss of €2,893, smaller than the loss of €35,745 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €504,130
Fixed assets
€84,165 ▲ 8.1%
Current assets
€419,964 ▼ 6.5%
Equity and liabilities €504,130
Equity
€352,287 ▼ 5.0%
Debt
€151,843 ▼ 2.6%
Debt's share of the balance-sheet total rises from 29.6% to 30.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€31,814▲
2024 · €14,413
Cash flow
€36,299▲
2024 · €11,536
Debt to equity
0.43▲
2024 · 0.42
ROE
0.5%▲
2024 · -10.4%
Interest coverage
6.78▲
2024 · 4.05
Debt ≤ 1 year
€150,673▼
2024 · €155,931
Income taxes
€0▼
2024 · €160
Staff costs
€211,831▲
2024 · €201,306
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 5 | 4 |
| full-time | 7 | 6 | 5 | 4 |
| part-time | - | 1 | - | 0 |
| in full-time equivalents | 7 | 6.9 | 5 | 4 |
| Average over the year, in full-time equivalents | 6 | 6.9 | 5.4 | 3.7 |
| On a permanent contract | 7 | 7 | 5 | 4 |
| Joined | 4 | 3 | 3 | 3 |
| Left | 2 | 3 | 5 | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €83,550 | €52,487 | €7,534 | €41,000 |
| Financial fixed assets | €22 | - | - | - |
| Depreciation and write-downs of the year | €78,847 | €47,560 | €50,159 | €34,707 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,028 awarded · €1,028 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €59 | €59 |
| 2022 | 1 | €969 | €969 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €1.2m | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.02m | €0.03m | €0.02m | €65 | ▼ 99.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.8m | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.08m | €0.07m | €0.08m | €0.05m | €0.05m | €0.03m | ▼ 30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.03m | - |
| Other operating charges640/8 | - | - | - | €0.09m | €0.09m | €0.06m | €0.07m | ▲ 30.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €496 | €421 | ▼ 15.1% |
| Gross operating margin9900 | €0.4m | €0.3m | €0.4m | €0.5m | €0.6m | €0.3m | €0.3m | ▲ 27.8% |
| Operating profit (loss)9901 | €0.03m | €0.003m | -€0.02m | €0.07m | €0.1m | -€0.04m | -€0.003m | ▲ 91.9% |
| Financial income75/76B | - | - | - | €0.004m | €0.003m | €0.001m | €0.009m | ▲ 988% |
| Recurring financial income75 | €0.005m | €0.002m | €0.006m | €0.004m | €0.003m | €0.001m | €0.009m | ▲ 988% |
| Financial charges65/66B | - | - | - | €0.003m | €0.004m | €0.004m | €0.005m | ▲ 31.7% |
| Recurring financial charges65 | €0.005m | €0.004m | €0.005m | €0.003m | €0.004m | €0.004m | €0.005m | ▲ 31.7% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.003m | -€0.02m | €0.07m | €0.1m | -€0.04m | €0.002m | - |
| Income taxes67/77 | €0.008m | €0.001m | €0.007m | €0.02m | €0.03m | €160 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.02m | €0.002m | -€0.02m | €0.05m | €0.08m | -€0.04m | €0.002m | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.002m | €0.02m | €0.05m | €0.08m | -€0.04m | €0.002m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €573,672 | €664,211 | €616,042 | €655,180 | €631,871 | €526,926 | €504,130 | ▼ 4.3% |
| Fixed assets21/28 | €146,933 | €176,292 | €112,195 | €116,920 | €120,497 | €77,872 | €84,165 | ▲ 8.1% |
| Tangible fixed assets22/27 | €142,714 | €171,938 | €107,842 | €112,545 | €117,471 | €74,847 | €81,140 | ▲ 8.4% |
| Furniture and vehicles24 | - | - | - | €112,545 | €117,471 | €74,847 | €81,140 | ▲ 8.4% |
| Financial fixed assets28 | €4,219 | €4,354 | €4,354 | €4,376 | €3,026 | €3,026 | €3,026 | = |
| Current assets29/58 | €426,739 | €487,919 | €503,847 | €538,260 | €511,374 | €449,054 | €419,964 | ▼ 6.5% |
| Amounts receivable within one year40/41 | €304,990 | €308,974 | €317,379 | €349,068 | €254,559 | €265,730 | €292,888 | ▲ 10.2% |
| Trade receivables40 | - | - | - | €171,117 | €96,698 | €80,206 | €131,468 | ▲ 63.9% |
| Other amounts receivable41 | - | - | - | €177,950 | €157,860 | €185,524 | €161,420 | ▼ 13.0% |
| Current investments50/53 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Cash at bank and in hand54/58 | €110,278 | €169,398 | €177,328 | €179,141 | €247,520 | €173,746 | €117,348 | ▼ 32.5% |
| Deferred charges and accrued income490/1 | - | - | - | €6,953 | €6,198 | €6,479 | €6,629 | ▲ 2.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €573,672 | €664,211 | €616,042 | €655,180 | €631,871 | €526,926 | €504,130 | ▼ 4.3% |
| Equity10/15 | €298,841 | €300,824 | €277,971 | €330,962 | €409,618 | €370,995 | €352,287 | ▼ 5.0% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €280,249 | €282,232 | €259,379 | €312,370 | €391,026 | €349,253 | €328,953 | ▼ 5.8% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €310,511 | €389,167 | €347,394 | €328,953 | ▼ 5.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | €3,150 | €4,742 | ▲ 50.5% |
| Amounts payable17/49 | €274,831 | €363,387 | €338,072 | €324,218 | €222,253 | €155,931 | €151,843 | ▼ 2.6% |
| Amounts payable after more than one year17 | €108,200 | €125,523 | €71,571 | €19,523 | - | - | - | - |
| Financial debts170/4 | - | - | - | €19,523 | - | - | - | - |
| Amounts payable within one year42/48 | €166,530 | €237,864 | €266,345 | €304,695 | €222,253 | €155,931 | €150,673 | ▼ 3.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €64,884 | €21,841 | - | - | - |
| Financial debts43 | - | - | - | €50,880 | €37,033 | €36,546 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €50,880 | €37,033 | €36,546 | €0 | ▼ 100% |
| Trade debts44 | €83,015 | €140,787 | €143,492 | €169,759 | €127,074 | €48,237 | €90,412 | ▲ 87.4% |
| Suppliers440/4 | - | - | - | €169,759 | €127,074 | €48,237 | €90,412 | ▲ 87.4% |
| Taxes, remuneration and social security45 | - | - | - | €18,372 | €35,504 | €70,896 | €24,280 | ▼ 65.8% |
| Taxes450/3 | - | - | - | - | - | €1,474 | €1,971 | ▲ 33.7% |
| Remuneration and social security454/9 | - | - | - | €18,372 | €35,504 | €69,422 | €22,309 | ▼ 67.9% |
| Other amounts payable47/48 | - | - | - | €800 | €800 | €253 | €35,981 | ▲ 142× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,170 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,385 | €1,983 | -€22,053 | €53,792 | €79,456 | -€38,623 | €1,592 | - |
| + Depreciation and write-downs630 | €108,931 | €79,824 | €66,197 | €78,847 | €47,560 | €50,159 | €34,707 | ▼ 30.8% |
| Operating cash flow (approximation) | €129,316 | €81,807 | €44,144 | €132,639 | €127,016 | €11,536 | €36,299 | ▲ 215% |
| Investment in fixed assets (approximation) | - | -€109,183 | -€2,100 | -€83,572 | -€51,137 | -€7,534 | -€41,000 | ▼ 444% |
| Change in cash | - | €59,119 | €7,931 | €1,812 | €68,379 | -€73,773 | -€56,398 | ▲ 23.6% |
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, 17,041 companies had the same profile as VEC TRANSPORT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VEC TRANSPORT 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 17,041 companies, not a prediction for VEC TRANSPORT. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-01-2026 | 2026-00007969 | |
| 30-06-2024 | abbreviated format | 07-01-2025 | 2025-00000046 | |
| 30-06-2023 | abbreviated format | 24-01-2024 | 2024-00005272 | |
| 30-06-2022 | abbreviated format | 10-01-2023 | 2023-20555802 | |
| 30-06-2021 | abbreviated format | 08-02-2022 | 2022-05100160 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-04200280 | |
| 30-06-2019 | abbreviated format | 15-01-2020 | 2020-01300578 | |
| 30-06-2018 | abbreviated format | 30-01-2019 | 2019-03400425 | |
| 30-06-2017 | abbreviated format | 12-03-2018 | 2018-06700504 | |
| 30-06-2016 | abbreviated format | 15-02-2017 | 2017-04400572 |