VECTIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 27 filings
Turnover
€4,033▼ 24.5%
2019 · €5,340
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€13,554▼ 73.5%
2024 · -€7,812
Working capital
-€24,783
2024 · €23,017
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€12,804
▼ 69.9%
2025
20182025
Net result
-€13,554
▼ 73.5%
2025
lowest quarter of the sector
20182025
Equity
€61,670
▼ 18.0%
2025
middle half of the sector
20182025
Total assets
€96,018
▲ 18.6%
2025
middle half of the sector
20182025
Debt
€34,348
▲ 500%
2025
20182025
Working capital
-€24,783
2025
lowest quarter of the sector
20182025
Solvency
64.2%
▼ 28.7pp
2025
highest quarter of the sector
20182025
Current ratio
0.28
▼ 4.74
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-14.1%
▼ 4.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€18,125-€5,340▼ 70.5%€4,033▼ 24.5%
Operating result-€5,489--€7,834▼ 42.7%-€7,428▲ 5.2%-€8,367▼ 12.6%-€3,254▲ 61.1%-€10,624▼ 226%-€7,538▲ 29.0%-€12,804▼ 69.9%
Net result€272--€1,763-€7,274below the sector's middle half▼ 313%-€8,396below the sector's middle half▼ 15.4%-€4,162below the sector's middle half▲ 50.4%-€11,818below the sector's middle half▼ 184%-€7,812below the sector's middle half▲ 33.9%-€13,554below the sector's middle half▼ 73.5%
Equity€116,450-€114,687▼ 1.5%€107,412above the sector's middle half▼ 6.3%€99,017within the sector's middle half▼ 7.8%€94,854within the sector's middle half▼ 4.2%€83,036within the sector's middle half▼ 12.5%€75,224within the sector's middle half▼ 9.4%€61,670within the sector's middle half▼ 18.0%
Total assets€143,416-€138,445▼ 3.5%€129,282within the sector's middle half▼ 6.6%€116,280within the sector's middle half▼ 10.1%€105,109below the sector's middle half▼ 9.6%€89,020below the sector's middle half▼ 15.3%€80,953below the sector's middle half▼ 9.1%€96,018within the sector's middle half▲ 18.6%
Debt€26,966-€23,758▼ 11.9%€21,869▼ 7.9%€17,263▼ 21.1%€10,255▼ 40.6%€5,984▼ 41.6%€5,729▼ 4.3%€34,348▲ 500%
Working capital€77,472-€79,786▲ 3.0%€78,455above the sector's middle half▼ 1.7%€71,749above the sector's middle half▼ 8.5%€64,539within the sector's middle half▼ 10.0%€49,121within the sector's middle half▼ 23.9%€23,017within the sector's middle half▼ 53.1%-€24,783below the sector's middle half
Solvency81.2%-82.8%▲ 1.6pp83.1%above the sector's middle half▲ 0.2pp85.2%above the sector's middle half▲ 2.1pp90.2%above the sector's middle half▲ 5.1pp93.3%above the sector's middle half▲ 3.0pp92.9%above the sector's middle half▼ 0.4pp64.2%above the sector's middle half▼ 28.7pp
Current ratio3.91-4.39▲ 0.484.63above the sector's middle half▲ 0.245.44above the sector's middle half▲ 0.817.29above the sector's middle half▲ 1.859.21above the sector's middle half▲ 1.925.02above the sector's middle half▼ 4.190.28below the sector's middle half▼ 4.74
Return on assets (ROA)0.2%--1.3%▼ 1.5pp-5.6%below the sector's middle half▼ 4.4pp-7.2%below the sector's middle half▼ 1.6pp-4.0%below the sector's middle half▲ 3.3pp-13.3%below the sector's middle half▼ 9.3pp-9.7%below the sector's middle half▲ 3.6pp-14.1%below the sector's middle half▼ 4.5pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 €12,804, larger than the loss of €7,538 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €96,018
Fixed assets
€86,454 ▲ 65.6%
Current assets
€9,565 ▼ 66.7%
Equity and liabilities €96,018
Equity
€61,670 ▼ 18.0%
Debt
€34,348 ▲ 500%
Debt's share of the balance-sheet total rises from 7.1% to 35.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,016▼
2024 · -€1,811
Cash flow
-€3,765▼
2024 · -€2,086
Debt to equity
0.56▲
2024 · 0.08
ROE
-22.0%▼
2024 · -10.4%
Interest coverage
-7.34▼
2024 · -6.60
Debt ≤ 1 year
€34,348▲
2024 · €5,729
Income taxes
€339
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 | €6,086 | €4,654 | €7,693 | €24,018 | €44,035 |
| Depreciation and write-downs of the year | €6,947 | €2,707 | €4,093 | €5,726 | €9,788 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €18,125 | €5,340 | €4,033 | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €7,024 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,966 | €7,404 | €5,896 | €6,947 | €2,707 | €4,093 | €5,726 | €9,788 | ▲ 70.9% |
| Other operating charges640/8 | - | - | - | €783 | €804 | €1,002 | €899 | €925 | ▲ 2.9% |
| Gross operating margin9900 | €2,438 | €604 | -€752 | -€637 | €256 | -€5,528 | -€912 | -€2,091 | ▼ 129% |
| Operating profit (loss)9901 | -€5,489 | -€7,834 | -€7,428 | -€8,367 | -€3,254 | -€10,624 | -€7,538 | -€12,804 | ▼ 69.9% |
| Financial income75/76B | - | - | - | €1,406 | €1,262 | - | - | - | - |
| Recurring financial income75 | €6,869 | €7,058 | €1,534 | €1,406 | €1,262 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,290 | €2,024 | €1,045 | €274 | €411 | ▲ 49.6% |
| Recurring financial charges65 | €830 | €1,073 | €1,380 | €1,290 | €2,024 | €1,045 | €274 | €411 | ▲ 49.6% |
| Profit (loss) for the period before taxes9903 | €550 | -€1,850 | -€7,274 | -€8,250 | -€4,016 | -€11,668 | -€7,812 | -€13,215 | ▼ 69.2% |
| Income taxes67/77 | €278 | -€86 | - | €145 | €146 | €149 | - | €339 | - |
| Profit (loss) for the period9904 | €272 | -€1,763 | -€7,274 | -€8,396 | -€4,162 | -€11,818 | -€7,812 | -€13,554 | ▼ 73.5% |
| Profit (loss) for the period to be appropriated9905 | €272 | -€1,763 | -€7,274 | -€8,396 | -€4,162 | -€11,818 | -€7,812 | -€13,554 | ▼ 73.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €143,416 | €138,445 | €129,282 | €116,280 | €105,109 | €89,020 | €80,953 | €96,018 | ▲ 18.6% |
| Fixed assets21/28 | €39,328 | €35,125 | €29,229 | €28,368 | €30,316 | €33,916 | €52,207 | €86,454 | ▲ 65.6% |
| Tangible fixed assets22/27 | €39,130 | €34,927 | €29,031 | €28,170 | €30,117 | €33,717 | €52,009 | €86,255 | ▲ 65.8% |
| Land and buildings22 | - | - | - | €20,504 | €19,872 | €19,239 | €18,607 | €17,974 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €7,666 | €10,246 | €14,478 | €33,402 | €65,285 | ▲ 95.5% |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0 | €0 | €2,996 | - |
| Financial fixed assets28 | €198 | €198 | €198 | €198 | €198 | €198 | €198 | €198 | = |
| Current assets29/58 | €104,088 | €103,320 | €100,053 | €87,911 | €74,793 | €55,105 | €28,746 | €9,565 | ▼ 66.7% |
| Amounts receivable within one year40/41 | €103,125 | €94,922 | €96,170 | €84,029 | €73,704 | €14,590 | €18,006 | €6,085 | ▼ 66.2% |
| Trade receivables40 | - | - | - | €14,490 | €14,490 | €14,490 | €17,659 | €25 | ▼ 99.9% |
| Other amounts receivable41 | - | - | - | €69,539 | €59,215 | €100 | €347 | €6,061 | ▲ 17× |
| Cash at bank and in hand54/58 | - | - | - | €0 | €0 | €39,841 | €10,026 | €3,385 | ▼ 66.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,883 | €1,089 | €674 | €714 | €95 | ▼ 86.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €143,416 | €138,445 | €129,282 | €116,280 | €105,109 | €89,020 | €80,953 | €96,018 | ▲ 18.6% |
| Equity10/15 | €116,450 | €114,687 | €107,412 | €99,017 | €94,854 | €83,036 | €75,224 | €61,670 | ▼ 18.0% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €6,659 | €6,659 | €6,659 | €6,659 | €6,659 | €6,659 | €6,659 | €6,659 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €4,800 | €4,800 | €4,800 | €4,800 | €4,800 | = |
| Profit (loss) carried forward14 | €103,593 | €101,830 | €94,556 | €86,160 | €81,998 | €70,180 | €62,368 | €48,814 | ▼ 21.7% |
| Amounts payable17/49 | €26,966 | €23,758 | €21,869 | €17,263 | €10,255 | €5,984 | €5,729 | €34,348 | ▲ 500% |
| Amounts payable within one year42/48 | €26,615 | €23,533 | €21,598 | €16,163 | €10,255 | €5,984 | €5,729 | €34,348 | ▲ 500% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,048 | €3,490 | €0 | - | - | - |
| Financial debts43 | - | - | - | €7,990 | €6,696 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €7,990 | €6,696 | - | - | - | - |
| Trade debts44 | €7,004 | €0 | €1,150 | €1,125 | €69 | €263 | €171 | - | - |
| Suppliers440/4 | - | - | - | €1,125 | €69 | €263 | €171 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Taxes450/3 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €5,721 | €5,558 | €34,348 | ▲ 518% |
| Accrued charges and deferred income492/3 | - | - | - | €1,100 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €272 | -€1,763 | -€7,274 | -€8,396 | -€4,162 | -€11,818 | -€7,812 | -€13,554 | ▼ 73.5% |
| + Depreciation and write-downs630 | €6,966 | €7,404 | €5,896 | €6,947 | €2,707 | €4,093 | €5,726 | €9,788 | ▲ 70.9% |
| Operating cash flow (approximation) | €7,238 | €5,641 | -€1,378 | -€1,449 | -€1,456 | -€7,725 | -€2,086 | -€3,765 | ▼ 80.5% |
| Investment in fixed assets (approximation) | - | -€3,201 | €0 | -€6,086 | -€4,654 | -€7,693 | -€24,018 | -€44,035 | ▼ 83.3% |
| Change in cash | - | - | - | - | €0 | €39,841 | -€29,815 | -€6,641 | ▲ 77.7% |
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, 5,831 companies had the same profile as VECTIS has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VECTIS itself is lower: 0.3% within 12 months. It rests on far more data about VECTIS than the profile alone.
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 5,831 companies, not a prediction for VECTIS. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00235340 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00200006 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00202692 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00268230 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20232311 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52800246 | |
| 31-12-2019 | micro format | 13-08-2020 | 2020-41800201 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-62800500 | |
| 31-12-2016 | full format | 08-08-2017 | 2017-43400038 | |
| 31-12-2015 | full format | 02-08-2016 | 2016-40000584 |