VECOPLAST
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-05-2026 PDF all 33 filings
Turnover
≈ €340,000
Estimated: probably between €300,000 and €370,000
Total assets
€2.4m▼ 4.5%
2024 · €2.5m
Net result
€187,282▼ 22.8%
2024 · €242,612
Working capital
€440,630▲ 4.1%
2024 · €423,243
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€240,365
▼ 2.0%
2025
20182025
Net result
€187,282
▼ 22.8%
2025
highest quarter of the sector
20182025
Equity
€2.2m
▼ 0.6%
2025
highest quarter of the sector
20182025
Total assets
€2.4m
▼ 4.5%
2025
middle half of the sector
20182025
Debt
€207,783
▼ 32.2%
2025
20182025
Working capital
€440,630
▲ 4.1%
2025
highest quarter of the sector
20182025
Solvency
91.2%
▲ 3.6pp
2025
highest quarter of the sector
20182025
Current ratio
3.12
▲ 0.74
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.9%
▼ 1.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m--€0.04m▼ 22.1%-€0.04m▲ 14.8%-€0.06m▼ 60.5%-€0.07m▼ 24.5%€0.2m€0.2m▲ 42.3%€0.2m▼ 2.0%
Net result€0.007m--€0.008m-€0.009mwithin the sector's middle half▼ 13.2%-€0.04mbelow the sector's middle half▼ 351%-€0.06mbelow the sector's middle half▼ 34.7%€0.2mabove the sector's middle half€0.2mabove the sector's middle half▲ 27.0%€0.2mabove the sector's middle half▼ 22.8%
Equity€2.2m-€2.2m▼ 0.4%€2.2mabove the sector's middle half▼ 0.4%€2.1mabove the sector's middle half▼ 5.5%€2.0mabove the sector's middle half▼ 2.7%€2.2mabove the sector's middle half▲ 9.4%€2.2mabove the sector's middle half▼ 2.6%€2.2mabove the sector's middle half▼ 0.6%
Total assets€2.4m-€2.3m▼ 4.5%€2.2mwithin the sector's middle half▼ 4.3%€2.2mwithin the sector's middle half▼ 2.0%€2.1mwithin the sector's middle half▼ 5.0%€2.3mwithin the sector's middle half▲ 9.9%€2.5mwithin the sector's middle half▲ 8.7%€2.4mwithin the sector's middle half▼ 4.5%
Debt€0.2m-€0.1m▼ 49.6%€0.01m▼ 87.1%€0.09m▲ 572%€0.04m▼ 59.2%€0.05m▲ 39.9%€0.3m▲ 500%€0.2m▼ 32.2%
Working capital€1.3m-€1.1m▼ 8.8%€1.1mabove the sector's middle half▼ 0.9%€1.0mabove the sector's middle half▼ 10.7%€1.0mabove the sector's middle half▼ 5.5%€0.6mabove the sector's middle half▼ 37.6%€0.4mwithin the sector's middle half▼ 29.1%€0.4mabove the sector's middle half▲ 4.1%
Solvency91.6%-95.6%▲ 4.0pp99.4%above the sector's middle half▲ 3.8pp95.9%above the sector's middle half▼ 3.5pp98.2%above the sector's middle half▲ 2.3pp97.8%above the sector's middle half▼ 0.5pp87.6%above the sector's middle half▼ 10.1pp91.2%above the sector's middle half▲ 3.6pp
Current ratio13.36-12.23▼ 1.1386.23above the sector's middle half▲ 74.0012.33above the sector's middle half▼ 73.9027.23above the sector's middle half▲ 14.9012.69above the sector's middle half▼ 14.542.38within the sector's middle half▼ 10.313.12above the sector's middle half▲ 0.74
Return on assets (ROA)0.3%--0.3%▼ 0.6pp-0.4%within the sector's middle half▼ 0.1pp-1.9%below the sector's middle half▼ 1.5pp-2.7%below the sector's middle half▼ 0.8pp8.4%above the sector's middle half▲ 11.1pp9.8%above the sector's middle half▲ 1.4pp7.9%above the sector's middle half▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€1.7m ▼ 1.7%
Current assets
€648,325 ▼ 11.2%
Equity and liabilities €2.4m
Equity
€2.2m ▼ 0.6%
Debt
€207,783 ▼ 32.2%
Debt's share of the balance-sheet total falls from 12.4% to 8.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€270,382▼
2024 · €271,440
Cash flow
€217,299▼
2024 · €268,718
Debt to equity
0.10▼
2024 · 0.14
ROE
8.7%▼
2024 · 11.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€207,694▼
2024 · €306,594
Income taxes
€67,617▲
2024 · €24,500
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €574,961 | €142,711 | - |
| Depreciation and write-downs of the year | - | - | €23,876 | €26,106 | €30,017 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €23,876 | €26,106 | €30,017 | ▲ 15.0% |
| Other operating charges640/8 | - | - | - | €24,554 | €25,129 | €38,761 | €29,476 | €30,401 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €14,860 | - | - | - |
| Gross operating margin9900 | -€12,662 | -€19,919 | -€11,916 | -€33,717 | -€47,433 | €249,853 | €300,916 | €300,782 | = |
| Operating profit (loss)9901 | -€34,886 | -€42,581 | -€36,295 | -€58,271 | -€72,562 | €172,356 | €245,334 | €240,365 | ▼ 2.0% |
| Financial income75/76B | - | - | - | €18,057 | €18,292 | €18,705 | €21,852 | €14,609 | ▼ 33.1% |
| Recurring financial income75 | €45,659 | €36,159 | €27,323 | €18,057 | €18,292 | €18,705 | €21,852 | €14,609 | ▼ 33.1% |
| Financial charges65/66B | - | - | - | €1,316 | €1,671 | €61 | €74 | €75 | ▲ 2.0% |
| Recurring financial charges65 | €3,782 | €1,715 | €235 | €1,316 | €1,671 | €61 | €74 | €75 | ▲ 2.0% |
| Profit (loss) for the period before taxes9903 | €6,992 | -€8,137 | -€9,207 | -€41,530 | -€55,941 | €191,000 | €267,112 | €254,899 | ▼ 4.6% |
| Income taxes67/77 | - | - | - | - | - | - | €24,500 | €67,617 | ▲ 176% |
| Profit (loss) for the period9904 | €6,992 | -€8,137 | -€9,207 | -€41,530 | -€55,941 | €191,000 | €242,612 | €187,282 | ▼ 22.8% |
| Profit (loss) for the period to be appropriated9905 | €6,992 | -€8,137 | -€9,207 | -€41,530 | -€55,941 | €191,000 | €242,612 | €187,282 | ▼ 22.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.4m | €2.3m | €2.2m | €2.2m | €2.1m | €2.3m | €2.5m | €2.4m | ▼ 4.5% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.6m | €1.7m | €1.7m | ▼ 1.7% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.6m | €1.7m | €1.7m | ▼ 1.7% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.6m | €1.7m | €1.7m | ▼ 1.7% |
| Current assets29/58 | €1.4m | €1.2m | €1.1m | €1.1m | €1.0m | €0.6m | €0.7m | €0.6m | ▼ 11.2% |
| Amounts receivable after more than one year29 | - | - | - | €0.08m | - | €0.4m | €0.4m | €0.4m | ▲ 3.6% |
| Other amounts receivable291 | - | - | - | €0.08m | - | €0.4m | €0.4m | €0.4m | ▲ 3.6% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.3m | €0.3m | €0.7m | €0.2m | €0.3m | €0.002m | ▼ 99.5% |
| Trade receivables40 | - | - | - | - | - | €0.01m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.3m | €0.7m | €0.2m | €0.3m | €0.002m | ▼ 99.5% |
| Current investments50/53 | - | - | €0.5m | - | - | - | - | €0.3m | - |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.06m | €0.8m | €0.3m | €0.06m | €0.02m | €0.003m | ▼ 89.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.004m | €0.002m | €0.002m | €0.003m | ▲ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.4m | €2.3m | €2.2m | €2.2m | €2.1m | €2.3m | €2.5m | €2.4m | ▼ 4.5% |
| Equity10/15 | €2.2m | €2.2m | €2.2m | €2.1m | €2.0m | €2.2m | €2.2m | €2.2m | ▼ 0.6% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Capital10 | - | - | - | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Issued capital100 | - | - | - | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.01m | €0.01m | €0.2m | €0.09m | €0.08m | ▼ 13.6% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 28.8% |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 28.8% |
| Distributable reserves133 | - | - | - | - | - | €0.1m | €0.06m | €0.04m | ▼ 36.2% |
| Profit (loss) carried forward14 | €0.007m | - | - | €0.002m | -€0.05m | - | - | - | - |
| Amounts payable17/49 | €0.2m | €0.1m | €0.01m | €0.09m | €0.04m | €0.05m | €0.3m | €0.2m | ▼ 32.2% |
| Amounts payable after more than one year17 | €0.1m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.01m | €0.09m | €0.04m | €0.05m | €0.3m | €0.2m | ▼ 32.3% |
| Trade debts44 | €0.002m | €0.001m | €0.001m | - | - | €0.04m | - | €0.005m | - |
| Suppliers440/4 | - | - | - | - | - | €0.04m | - | €0.005m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.04m | €0.01m | €0.007m | €0.003m | ▼ 56.7% |
| Taxes450/3 | - | - | - | €0.009m | €0.04m | €0.01m | €0.007m | €0.003m | ▼ 56.7% |
| Other amounts payable47/48 | - | - | - | €0.08m | - | - | €0.3m | €0.2m | ▼ 33.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €88 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,992 | -€8,137 | -€9,207 | -€41,530 | -€55,941 | €191,000 | €242,612 | €187,282 | ▼ 22.8% |
| + Depreciation and write-downs630 | - | - | - | - | - | €23,876 | €26,106 | €30,017 | ▲ 15.0% |
| Operating cash flow (approximation) | €6,992 | -€8,137 | -€9,207 | -€41,530 | -€55,941 | €214,876 | €268,718 | €217,299 | ▼ 19.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€574,961 | -€142,711 | €0 | - |
| Change in cash | - | €118,639 | -€361,959 | €704,287 | -€482,356 | -€220,976 | -€33,183 | -€22,385 | ▲ 32.5% |
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, 20,136 companies had the same profile as VECOPLAST has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of VECOPLAST 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 20,136 companies, not a prediction for VECOPLAST. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-05-2026 | 2026-00110126 | |
| 31-12-2024 | abbreviated format | 19-05-2025 | 2025-00097596 | |
| 31-12-2023 | abbreviated format | 30-05-2024 | 2024-00100806 | |
| 31-12-2022 | abbreviated format | 16-06-2023 | 2023-00130772 | |
| 31-12-2021 | abbreviated format | 24-06-2022 | 2022-20087403 | |
| 31-12-2020 | abbreviated format | 27-05-2021 | 2021-15300230 | |
| 31-12-2019 | abbreviated format | 15-06-2020 | 2020-16900288 | |
| 31-12-2018 | abbreviated format | 22-05-2019 | 2019-13800261 | |
| 31-12-2017 | abbreviated format | 15-06-2018 | 2018-18400514 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-35200433 |