VECE
Annual accounts 2025
abbreviated format, filed on 18-08-2026, 18 days lateTurnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.2m. Estimated: probably between €1.3m and €3.7m.
Amounts without an identifiable currency are taken as euros.
Money flows
no detail for 2025Balance sheet
balance sheet total €4.1m on 31-12-2025in €m
in euro
Position in the sector
65.4%
Higher than 69% of 310 companies in 2025.
1.44
Higher than 44% of 307 companies in 2025.
9.2%
Higher than 38% of 309 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff
€81,306
Staff costs divided by the average number of full-time equivalents.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
4.1m | 3.8m | 3.9m | 3.4m | 3.4m | 3.4m | 2.7m | 1.8m | 1.5m | 1.3m | 1.3m | 899,946 | 911,376 | 694,845 | 579,382 | 227,225 | 179,882 | |
21/28 |
2.6m | 2.7m | 2.7m | 2.2m | 1.8m | 1.5m | 1.4m | 596,928 | 601,230 | 617,110 | 652,901 | 615,543 | 567,314 | 471,697 | 374,791 | 24,148 | 28,319 | |
22/27 |
2.5m | 2.7m | 2.7m | 2.2m | 1.8m | 1.5m | 1.4m | 578,330 | 582,632 | 598,512 | 634,303 | 615,543 | 567,314 | 471,697 | 374,791 | 24,148 | 28,319 | |
22 |
2.5m | 2.6m | 2.5m | 2.1m | 1.6m | 1.3m | 1.3m | 537,205 | 530,208 | 530,940 | 575,966 | 560,839 | 554,134 | 459,609 | 360,966 | - | - | |
23 |
30,748 | 40,253 | 40,765 | 23,019 | 21,066 | 24,393 | 33,048 | 26,189 | 32,080 | 22,524 | 30,681 | 9,502 | 9,947 | 8,736 | 2,659 | 2,488 | 489 | |
24 |
51,204 | 77,224 | 103,420 | 64,915 | 98,549 | 132,183 | 35,360 | 14,936 | 20,344 | 45,049 | 27,656 | 45,202 | 3,233 | 3,352 | 11,166 | 21,660 | 27,830 | |
28 |
14,198 | 14,198 | 14,198 | 16,058 | 16,058 | 16,058 | 18,598 | 18,598 | 18,598 | 18,598 | 18,598 | - | - | - | - | - | - | |
29/58 |
1.5m | 1.1m | 1.2m | 1.2m | 1.6m | 1.9m | 1.3m | 1.2m | 930,357 | 699,619 | 631,398 | 284,404 | 344,062 | 223,148 | 204,591 | 203,077 | 151,563 | |
3 |
1,200 | - | - | - | - | 21,250 | 18,750 | - | - | - | - | - | - | - | - | - | - | |
30/36 |
1,200 | - | - | - | - | 21,250 | 18,750 | - | - | - | - | - | - | - | - | - | - | |
40/41 |
747,843 | 776,863 | 870,377 | 841,559 | 728,427 | 733,478 | 648,957 | 693,992 | 547,087 | 560,758 | 602,102 | 140,650 | 204,803 | 147,170 | 159,145 | 133,801 | 141,563 | |
40 |
742,089 | 737,579 | 870,037 | 784,954 | 686,793 | 721,779 | 613,402 | 667,880 | 543,604 | 432,890 | 341,653 | 33,349 | 26,553 | - | - | - | - | |
41 |
5,754 | 39,284 | 340 | 56,605 | 41,634 | 11,699 | 35,556 | 26,112 | 3,483 | 127,868 | 260,449 | 107,301 | 178,250 | 147,170 | 159,145 | 133,801 | 141,563 | |
54/58 |
769,393 | 280,392 | 331,629 | 351,863 | 907,609 | 1.2m | 592,905 | 476,722 | 382,173 | 137,544 | 28,022 | 141,863 | 139,259 | 75,978 | 45,446 | 69,276 | 10,000 | |
490/1 |
2,851 | 3,203 | 1,200 | 1,322 | 2,794 | 2,044 | 1,887 | 1,911 | 1,097 | 1,318 | 1,274 | 1,890 | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
4.1m | 3.8m | 3.9m | 3.4m | 3.4m | 3.4m | 2.7m | 1.8m | 1.5m | 1.3m | 1.3m | 899,946 | 911,376 | 694,845 | 579,382 | 227,225 | 179,882 | |
10/15 |
2.7m | 2.9m | 2.6m | 2.3m | 2.1m | 2.1m | 1.7m | 1.5m | 1.1m | 806,864 | 628,115 | 381,266 | 311,443 | 192,579 | 127,494 | 86,962 | 40,233 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
13 |
2.7m | 2.9m | 2.6m | 2.3m | 2.1m | 2.1m | 1.7m | 1.5m | 1.1m | 794,464 | 615,715 | 368,866 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 14,260 | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
1319 |
- | - | - | - | - | - | 14,260 | - | - | - | - | - | - | - | - | - | - | |
132 |
- | 1,376 | 9,519 | 17,663 | 25,806 | 33,950 | - | - | - | - | - | - | - | - | - | - | - | |
133 |
2.7m | 2.9m | 2.6m | 2.3m | 2.1m | 2.0m | 1.7m | 1.5m | 1.1m | 792,604 | 613,855 | 367,006 | - | - | - | - | - | |
14 |
- | - | - | - | - | - | - | - | - | - | - | - | 297,183 | 178,319 | 113,234 | 72,702 | 25,973 | |
16 |
- | 459 | 3,173 | 5,888 | 8,602 | 11,317 | - | - | - | - | - | - | - | - | - | - | - | |
168 |
- | 459 | 3,173 | 5,888 | 8,602 | 11,317 | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
1.4m | 848,808 | 1.3m | 1.1m | 1.3m | 1.3m | 914,951 | 288,616 | 459,529 | 509,866 | 656,183 | 518,680 | 599,933 | 502,266 | 451,888 | 140,263 | 139,649 | |
17 |
353,890 | 432,463 | 523,896 | 547,222 | 634,602 | 738,912 | 747,222 | 133,333 | 170,000 | 206,667 | 193,333 | 242,440 | 233,333 | 253,333 | 284,915 | 22,765 | 44,000 | |
170/4 |
353,890 | 432,463 | 523,896 | 547,222 | 634,602 | 738,912 | 747,222 | 133,333 | 170,000 | 206,667 | 193,333 | 242,440 | 233,333 | 253,333 | 284,915 | 22,765 | 44,000 | |
42/48 |
1.1m | 416,345 | 799,381 | 532,004 | 643,807 | 561,335 | 167,135 | 153,987 | 286,323 | 297,687 | 457,533 | 272,068 | 366,600 | 248,933 | 166,973 | 117,498 | 95,649 | |
42 |
78,574 | 91,432 | 91,432 | 87,380 | 104,310 | 104,310 | 66,667 | 36,667 | 36,667 | 36,667 | 49,107 | 51,304 | 36,000 | 58,582 | 78,143 | 39,802 | 26,500 | |
43 |
- | - | - | - | - | - | - | - | 90,000 | 80,000 | 80,000 | - | - | - | - | - | 2,931 | |
430/8 |
- | - | - | - | - | - | - | - | 90,000 | 80,000 | 80,000 | - | - | - | - | - | 2,931 | |
44 |
20,178 | 31,042 | 59,758 | 79,423 | 66,016 | 29,682 | 2,035 | 8,958 | 4,672 | 7,337 | 7,885 | 32,881 | 79,083 | 7,957 | 3,937 | 2,132 | 3,762 | |
440/4 |
20,178 | 31,042 | 59,758 | 79,423 | 66,016 | 29,682 | 2,035 | 8,958 | 4,672 | 7,337 | 7,885 | 32,881 | 79,083 | 7,957 | 3,937 | 2,132 | 3,762 | |
45 |
154,242 | 186,045 | 252,841 | 112,766 | 150,869 | 114,908 | 17,079 | 94,059 | 94,306 | 50,724 | 91,428 | 75,631 | 79,915 | 14,356 | 51,404 | 45,377 | 15,926 | |
450/3 |
154,242 | 180,923 | 249,607 | 110,899 | 150,869 | 114,908 | 16,813 | 93,228 | 93,593 | 50,014 | 90,552 | 74,466 | 79,915 | 14,356 | 51,404 | 39,377 | 15,926 | |
454/9 |
- | 5,122 | 3,234 | 1,867 | - | - | 266 | 831 | 713 | 710 | 877 | 1,165 | - | - | - | 6,000 | - | |
47/48 |
803,826 | 107,825 | 395,350 | 252,435 | 322,612 | 312,435 | 81,355 | 14,303 | 60,678 | 122,959 | 229,112 | 112,251 | 171,602 | 168,038 | 33,489 | 30,187 | 46,531 | |
492/3 |
- | - | - | - | - | - | 593 | 1,296 | 3,206 | 5,513 | 5,317 | 4,173 | - | - | - | - | - | |
| Income statement | ||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 216,073 | |
76A |
38,752 | 2,650 | - | - | - | 54,290 | 0 | 46,581 | - | - | - | - | - | - | - | - | - | |
9900 |
923,708 | 790,708 | 928,673 | 867,539 | 677,687 | 744,784 | 694,671 | 682,554 | 561,768 | 449,444 | 533,179 | 214,898 | 270,838 | 145,992 | 143,001 | 88,398 | 71,255 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 144,818 | |
62 |
81,306 | 79,524 | 73,398 | 44,609 | 5,028 | 2,530 | 4,754 | 7,352 | 7,241 | 8,154 | 8,574 | 6,765 | - | - | - | - | - | |
630 |
181,400 | 223,584 | 154,506 | 125,001 | 109,541 | 92,035 | 175,969 | 66,611 | 93,108 | 103,871 | 83,935 | 82,557 | 48,712 | 41,209 | 67,962 | 12,616 | 19,066 | |
631/4 |
1,017 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
640/8 |
97,067 | 7,183 | 9,821 | 23,051 | 4,479 | 4,021 | 4,681 | 2,056 | 2,188 | 1,801 | 2,364 | 2,250 | 2,390 | 2,161 | 2,215 | 3,921 | 1,314 | |
66A |
- | - | - | - | - | 1,070 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
562,918 | 480,417 | 690,948 | 674,879 | 558,638 | 646,198 | 509,268 | 606,535 | 459,231 | 335,618 | 438,307 | 123,327 | 219,736 | 102,622 | 72,824 | 71,861 | 50,875 | |
75/76B |
1,369 | 1,441 | 225,451 | 775 | 10 | 219,546 | 0 | 9,954 | 168 | 12 | 49 | 615 | 668 | 985 | 1,370 | 14 | 28 | |
75 |
1,369 | 441 | 225,451 | 775 | 10 | 219,546 | - | - | 168 | 12 | 49 | 615 | 668 | 985 | 1,370 | 14 | 28 | |
76B |
- | 1,000 | - | - | - | - | 0 | 9,954 | - | - | - | - | - | - | - | - | - | |
65/66B |
21,892 | 11,702 | 12,474 | 11,213 | 13,238 | 15,458 | 11,165 | 9,048 | 13,083 | 16,729 | 17,089 | 15,844 | 10,981 | 12,236 | 6,064 | 1,695 | 143 | |
65 |
21,892 | 11,702 | 12,474 | 11,213 | 13,238 | 14,389 | 11,165 | 9,048 | 13,083 | 16,729 | 17,089 | 15,844 | 10,981 | 12,236 | 6,064 | 1,695 | 143 | |
66B |
- | - | - | - | - | 1,070 | - | - | - | - | - | - | - | - | - | - | - | |
9903 |
542,395 | 470,156 | 903,925 | 664,440 | 545,411 | 850,286 | 498,104 | 607,441 | 446,316 | 318,901 | 421,267 | 108,097 | 209,423 | 91,371 | 68,130 | 70,180 | 50,759 | |
780 |
459 | 2,714 | 2,714 | 2,714 | 2,714 | - | - | - | - | - | - | - | - | - | - | - | - | |
67/77 |
167,959 | 150,429 | 240,789 | 212,823 | 162,700 | 199,959 | 165,602 | 198,562 | 181,122 | 140,152 | 174,418 | 38,275 | 65,559 | 26,286 | 27,598 | 23,451 | 15,926 | |
9904 |
374,895 | 322,442 | 665,850 | 454,331 | 385,426 | 639,010 | 332,501 | 408,878 | 265,194 | 178,748 | 246,850 | 69,823 | 143,864 | 65,085 | 40,532 | 46,729 | 34,833 | |
789 |
1,376 | 8,143 | 8,143 | 8,143 | 8,143 | 6,767 | - | - | - | - | - | - | - | - | - | - | - | |
689 |
- | - | - | - | - | 40,717 | - | - | - | - | - | - | - | - | - | - | - | |
9905 |
376,271 | 330,585 | 673,994 | 462,474 | 393,569 | 605,060 | 332,501 | 408,878 | 265,194 | 178,748 | 246,850 | 69,823 | 143,864 | 65,085 | 40,532 | 46,729 | 34,833 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
376,271 | 330,585 | 673,994 | 462,474 | 393,569 | 605,060 | 332,501 | 408,878 | 265,194 | 178,748 | 246,850 | 367,006 | 322,183 | 178,319 | 113,234 | 72,702 | 34,833 | |
791/2 |
605,060 | - | 408,878 | 265,194 | 322,612 | 311,935 | 69,823 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
376,271 | 330,585 | 673,994 | 462,474 | 393,569 | 605,060 | 332,501 | 408,878 | 265,194 | 178,748 | 246,850 | 367,006 | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
376,271 | 330,585 | 673,994 | 462,474 | 393,569 | 605,060 | 332,501 | 408,878 | 265,194 | 178,748 | 246,850 | 367,006 | - | - | - | - | - | |
694/7 |
605,060 | - | 408,878 | 265,194 | 322,612 | 311,935 | 69,823 | - | - | - | - | - | 25,000 | - | - | - | 7,000 | |
694 |
605,060 | - | 408,878 | 265,194 | 322,612 | 311,935 | 69,823 | - | - | - | - | - | - | - | - | - | 7,000 | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | 25,000 | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||
9087 |
1 | 1.1 | - | - | - | - | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | - | - | - | - | - | |
Hours worked1013 |
1,756 | 1,891 | - | - | - | - | 273 | 483 | 483 | 654 | 624 | 527 | - | - | - | - | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 18-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 18 days after the deadline. Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00409901.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-08-2026 | 2026-00409901 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00469755 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00308961 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00178919 | |
| 31-12-2021 | abbreviated format | 30-09-2022 | 2022-20447732 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-61000152 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-21900586 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-56800434 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-33100439 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-34300119 | |
| 31-12-2015 | abbreviated format | 04-07-2016 | 2016-27300597 | |
| 31-12-2014 | abbreviated format | 06-08-2015 | 2015-40200554 | |
| 31-12-2013 | abbreviated format | 11-07-2014 | 2014-30100564 | |
| 31-12-2012 | abbreviated format | 19-07-2013 | 2013-33200052 | |
| 31-12-2011 | abbreviated format | 13-07-2012 | 2012-31900020 | |
| 31-12-2010 | abbreviated format | 08-06-2011 | 2011-16000088 | |
| 31-12-2009 | abbreviated format | 06-07-2010 | 2010-28300379 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 744,318 | 704,001 | 845,454 | 799,880 | 668,180 | 738,232 | 685,237 | 673,146 | 552,338 | 439,489 | 522,242 | 205,884 | 268,448 | 143,831 | 140,786 | 84,477 | 69,941 | ||
| 556,295 | 546,025 | 820,356 | 579,332 | 494,967 | 731,045 | 508,470 | 475,489 | 358,302 | 282,620 | 330,785 | 152,380 | 192,576 | 106,294 | 108,494 | 59,345 | 53,899 | ||
| 13,098 | 211,590 | 646,212 | 556,326 | 420,863 | 170,191 | 975,108 | 15,728 | 87,547 | 68,081 | 121,293 | 130,785 | 125,263 | 138,115 | 418,605 | 8,445 | 47,385 | ||
| 489,000 | -51,236 | -20,235 | -555,746 | -247,510 | 562,214 | 116,183 | 94,549 | 244,628 | 109,522 | -113,841 | 2,604 | 63,281 | 30,532 | -23,830 | 59,276 | - | ||
| 464,467 | 644,114 | 403,825 | 662,740 | 995,023 | 1.4m | 1.1m | 1.0m | 644,034 | 401,933 | 173,865 | 12,336 | -22,538 | -25,785 | 37,618 | 85,579 | 55,914 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 23.5% | ||
| 65.4% | 77.4% | 66.0% | 68.2% | 62.4% | 61.2% | 65.6% | 83.7% | 70.0% | 61.3% | 48.9% | 42.4% | 34.2% | 27.7% | 22.0% | 38.3% | 22.4% | ||
| 1.44 | 2.55 | 1.51 | 2.25 | 2.55 | 3.41 | 7.55 | 7.62 | 3.25 | 2.35 | 1.38 | 1.05 | 0.94 | 0.90 | 1.23 | 1.73 | 1.58 | ||
| 1.44 | 2.55 | 1.51 | 2.25 | 2.55 | 3.37 | 7.44 | 7.62 | 3.25 | 2.35 | 1.38 | 1.05 | 0.94 | 0.90 | 1.23 | 1.73 | 1.58 | ||
| 0.53 | 0.29 | 0.51 | 0.46 | 0.60 | 0.63 | 0.52 | 0.19 | 0.43 | 0.63 | 1.04 | 1.36 | 1.93 | 2.61 | 3.54 | 1.61 | 3.47 | ||
| 14.0% | 11.1% | 25.8% | 19.6% | 18.1% | 30.9% | 19.1% | 27.6% | 24.7% | 22.2% | 39.3% | 18.3% | 46.2% | 33.8% | 31.8% | 53.7% | 86.6% | ||
| 9.2% | 8.6% | 17.0% | 13.3% | 11.3% | 18.9% | 12.5% | 23.1% | 17.3% | 13.6% | 19.2% | 7.8% | 15.8% | 9.4% | 7.0% | 20.6% | 19.4% | ||
| 34.00 | 60.16 | 67.78 | 71.33 | 50.47 | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 239 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| in full-time equivalents | 1 | 1 |
| 1 | 1.1 | |
| On a permanent contract | 1 | 1 |
| Joined | - | 2 |
| Left | - | 2 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,098 | €211,590 | €646,212 | €556,326 | €420,863 |
| €181,400 | €223,584 | €154,506 | €125,001 | €109,541 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on VECE
The operating result for 2025 is 17% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 22.6% to 34.6%. Equity is lower and debt is higher.