VECON
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 4 filings
Equity
-€22,306▼ 169%
2024 · -€8,293
Total assets
€60,515▼ 14.8%
2024 · €71,021
Net result
-€14,013▲ 4.6%
2024 · -€14,686
Working capital
-€42,689▼ 26.8%
2024 · -€33,671
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€13,658
▲ 4.6%
2025
20222025
Net result
-€14,013
▲ 4.6%
2025
lowest quarter of the sector
20222025
Equity
-€22,306
▼ 169%
2025
lowest quarter of the sector
20222025
Total assets
€60,515
▼ 14.8%
2025
lowest quarter of the sector
20222025
Debt
€82,821
▲ 4.4%
2025
20222025
Working capital
-€42,689
▼ 26.8%
2025
lowest quarter of the sector
20222025
Solvency
-36.9%
▼ 25.2pp
2025
lowest quarter of the sector
20222025
Current ratio
0.46
▼ 0.08
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-23.2%
▼ 2.5pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€12,635--€17,890▼ 41.6%-€14,311▲ 20.0%-€13,658▲ 4.6%
Net result-€13,118below the sector's middle half--€17,989below the sector's middle half▼ 37.1%-€14,686below the sector's middle half▲ 18.4%-€14,013below the sector's middle half▲ 4.6%
Equity€24,382within the sector's middle half-€6,393below the sector's middle half▼ 73.8%-€8,293below the sector's middle half-€22,306below the sector's middle half▼ 169%
Total assets€99,080within the sector's middle half-€80,187within the sector's middle half▼ 19.1%€71,021within the sector's middle half▼ 11.4%€60,515below the sector's middle half▼ 14.8%
Debt€74,698-€73,794▼ 1.2%€79,314▲ 7.5%€82,821▲ 4.4%
Working capital-€13,550below the sector's middle half--€24,016below the sector's middle half▼ 77.2%-€33,671below the sector's middle half▼ 40.2%-€42,689below the sector's middle half▼ 26.8%
Solvency24.6%within the sector's middle half-8.0%within the sector's middle half▼ 16.6pp-11.7%below the sector's middle half▼ 19.6pp-36.9%below the sector's middle half▼ 25.2pp
Current ratio0.80below the sector's middle half-0.63below the sector's middle half▼ 0.160.54below the sector's middle half▼ 0.090.46below the sector's middle half▼ 0.08
Return on assets (ROA)-13.2%below the sector's middle half--22.4%below the sector's middle half▼ 9.2pp-20.7%below the sector's middle half▲ 1.8pp-23.2%below the sector's middle half▼ 2.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €13,658, smaller than the loss of €14,311 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €60,515
Fixed assets
€23,596 ▼ 24.2%
Current assets
€36,919 ▼ 7.5%
Equity and liabilities
Equity-€22,306
Debt€82,821
Equity is negative. Debt (€82,821) exceeds the balance-sheet total (€60,515).
Key figures and ratios
EBITDA
-€6,135▲
2024 · -€6,790
Cash flow
-€6,490▲
2024 · -€7,165
Quick ratio
0.00▼
2024 · 0.04
Interest coverage
-17.28▲
2024 · -18.11
Debt ≤ 1 year
€79,608▲
2024 · €73,573
Debt > 1 year
€3,213▼
2024 · €5,741
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.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €16,184 | - | - | - |
| Intangible fixed assets | €30,000 | - | - | - |
| Depreciation and write-downs of the year | €21 | €7,523 | €7,521 | €7,523 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21 | €7,523 | €7,521 | €7,523 | = |
| Other operating charges640/8 | €400 | €515 | €430 | €1,746 | ▲ 306% |
| Gross operating margin9900 | -€12,214 | -€9,852 | -€6,360 | -€4,389 | ▲ 31.0% |
| Operating profit (loss)9901 | -€12,635 | -€17,890 | -€14,311 | -€13,658 | ▲ 4.6% |
| Financial charges65/66B | €483 | €99 | €375 | €355 | ▼ 5.3% |
| Recurring financial charges65 | €483 | €99 | €375 | €355 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | -€13,118 | -€17,989 | -€14,686 | -€14,013 | ▲ 4.6% |
| Profit (loss) for the period9904 | -€13,118 | -€17,989 | -€14,686 | -€14,013 | ▲ 4.6% |
| Profit (loss) for the period to be appropriated9905 | -€13,118 | -€17,989 | -€14,686 | -€14,013 | ▲ 4.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €99,080 | €80,187 | €71,021 | €60,515 | ▼ 14.8% |
| Fixed assets21/28 | €46,163 | €38,640 | €31,119 | €23,596 | ▼ 24.2% |
| Intangible fixed assets21 | €29,988 | €25,702 | €21,417 | €17,131 | ▼ 20.0% |
| Tangible fixed assets22/27 | €16,175 | €12,938 | €9,702 | €6,465 | ▼ 33.4% |
| Plant, machinery and equipment23 | €16,175 | €12,938 | €9,702 | €6,465 | ▼ 33.4% |
| Current assets29/58 | €52,917 | €41,547 | €39,902 | €36,919 | ▼ 7.5% |
| Stocks and contracts in progress3 | €40,241 | €38,821 | €37,244 | €36,537 | ▼ 1.9% |
| Stocks30/36 | €40,241 | €38,821 | €37,244 | €36,537 | ▼ 1.9% |
| Amounts receivable within one year40/41 | €8,282 | €1,920 | €2,470 | €268 | ▼ 89.1% |
| Trade receivables40 | €8,282 | €1,066 | €1,066 | - | - |
| Other amounts receivable41 | - | €854 | €1,404 | €268 | ▼ 80.9% |
| Cash at bank and in hand54/58 | €4,394 | €806 | €188 | €114 | ▼ 39.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €99,080 | €80,187 | €71,021 | €60,515 | ▼ 14.8% |
| Equity10/15 | €24,382 | €6,393 | -€8,293 | -€22,306 | ▼ 169% |
| Contributions10/11 | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Contributions outside capital11 | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Other1109/19 | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Profit (loss) carried forward14 | -€13,118 | -€31,107 | -€45,793 | -€59,806 | ▼ 30.6% |
| Amounts payable17/49 | €74,698 | €73,794 | €79,314 | €82,821 | ▲ 4.4% |
| Amounts payable after more than one year17 | €8,231 | €8,231 | €5,741 | €3,213 | ▼ 44.0% |
| Financial debts170/4 | €8,231 | €8,231 | €5,741 | €3,213 | ▼ 44.0% |
| Amounts payable within one year42/48 | €66,467 | €65,563 | €73,573 | €79,608 | ▲ 8.2% |
| Financial debts43 | €3,061 | €2,411 | €2,490 | €2,528 | ▲ 1.5% |
| Other loans439 | €3,061 | €2,411 | €2,490 | €2,528 | ▲ 1.5% |
| Trade debts44 | - | €375 | - | - | - |
| Suppliers440/4 | - | €375 | - | - | - |
| Taxes, remuneration and social security45 | €175 | - | €81 | €128 | ▲ 58.0% |
| Taxes450/3 | €175 | - | €81 | €128 | ▲ 58.0% |
| Other amounts payable47/48 | €63,231 | €62,777 | €71,002 | €76,952 | ▲ 8.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,118 | -€17,989 | -€14,686 | -€14,013 | ▲ 4.6% |
| + Depreciation and write-downs630 | €21 | €7,523 | €7,521 | €7,523 | = |
| Operating cash flow (approximation) | -€13,097 | -€10,466 | -€7,165 | -€6,490 | ▲ 9.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | -€3,588 | -€618 | -€74 | ▲ 88.0% |
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, 6,008 companies had the same profile as VECON has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VECON itself: 2.5% 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 6,008 companies, not a prediction for VECON. 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.