VEE EXPRESS
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00459521.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 33 filings
Turnover
€409,641
EBIT margin
12.6%
Net result
€35,037
2024 · -€13,577
Working capital
-€719,477▲ 3.1%
2024 · -€742,622
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€409,641
2025
20182025
Operating result
€51,579
▲ 577%
2025
20182025
Net result
€35,037
2025
middle half of the sector
20182025
EBIT margin
12.6%
2025
20182025
Equity
-€356,796
▲ 8.9%
2025
lowest quarter of the sector
20182025
Total assets
€497,617
▲ 3.1%
2025
lowest quarter of the sector
20182025
Debt
€854,413
▼ 2.3%
2025
20182025
Working capital
-€719,477
▲ 3.1%
2025
lowest quarter of the sector
20182025
Solvency
-71.7%
▲ 9.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.16
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
7.0%
▲ 9.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.4m
Operating result-€0.2m--€0.08m▲ 50.0%€0.003m€0.01m▲ 234%-€0.1m€0.1m€0.008m▼ 93.2%€0.05m▲ 577%
Net result-€0.2m--€0.09m▲ 52.8%-€0.005mbelow the sector's middle half▲ 93.8%-€0.01mbelow the sector's middle half▼ 101%-€0.1mbelow the sector's middle half▼ 1,119%€0.09mwithin the sector's middle half-€0.01mbelow the sector's middle half€0.04mwithin the sector's middle half
EBIT margin12.6%
Equity-€0.2m--€0.3m▼ 37.0%-€0.3mbelow the sector's middle half▼ 1.7%-€0.3mbelow the sector's middle half▼ 3.3%-€0.5mbelow the sector's middle half▼ 38.9%-€0.4mbelow the sector's middle half▲ 19.0%-€0.4mbelow the sector's middle half▼ 3.6%-€0.4mbelow the sector's middle half▲ 8.9%
Total assets€1.2m-€1.1m▼ 4.9%€1.1mwithin the sector's middle half=€1.0mwithin the sector's middle half▼ 6.0%€0.9mwithin the sector's middle half▼ 9.3%€0.2mbelow the sector's middle half▼ 83.9%€0.5mbelow the sector's middle half▲ 219%€0.5mbelow the sector's middle half▲ 3.1%
Debt€1.4m-€1.4m▲ 2.1%€1.4m▲ 0.4%€1.4m▼ 3.9%€1.4m▲ 2.6%€0.5m▼ 62.3%€0.9m▲ 65.2%€0.9m▼ 2.3%
Working capital-€0.8m--€0.9m▼ 11.5%-€0.9mbelow the sector's middle half▲ 0.6%-€0.9mbelow the sector's middle half▼ 0.3%-€1.0mbelow the sector's middle half▼ 10.7%-€0.4mbelow the sector's middle half▲ 56.0%-€0.7mbelow the sector's middle half▼ 68.4%-€0.7mbelow the sector's middle half▲ 3.1%
Solvency-20.2%--29.1%▼ 8.9pp-29.6%below the sector's middle half▼ 0.5pp-32.5%below the sector's middle half▼ 2.9pp-49.8%below the sector's middle half▼ 17.3pp-250.1%below the sector's middle half▼ 200.3pp-81.2%below the sector's middle half▲ 168.9pp-71.7%below the sector's middle half▲ 9.5pp
Current ratio0.38-0.31▼ 0.070.33below the sector's middle half▲ 0.020.32below the sector's middle half▼ 0.020.27below the sector's middle half▼ 0.050.17below the sector's middle half▼ 0.100.15below the sector's middle half▼ 0.020.16below the sector's middle half▲ 0.01
Return on assets (ROA)-15.8%--7.9%▲ 8.0pp-0.5%below the sector's middle half▲ 7.4pp-1.0%below the sector's middle half▼ 0.6pp-13.9%below the sector's middle half▼ 12.9pp58.7%above the sector's middle half▲ 72.7pp-2.8%below the sector's middle half▼ 61.5pp7.0%within the sector's middle half▲ 9.9pp
Staff (FTE)1-0.8▼ 20.0%
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 6.8 times that of 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €497,617
Fixed assets
€362,681 ▲ 3.4%
Current assets
€134,936 ▲ 2.3%
Equity and liabilities
Equity-€356,796
Debt€854,413
Equity is negative. Debt (€854,413) exceeds the balance-sheet total (€497,617).
Key figures and ratios
EBITDA
€94,377▲
2024 · €17,335
Cash flow
€77,836▲
2024 · -€3,863
Quick ratio
0.11=
2024 · 0.11
Interest coverage
over 100▲
2024 · 2.53
Debt ≤ 1 year
€854,413▼
2024 · €874,525
Income taxes
€16,556▲
2024 · €14,352
Customer credit
13 days
Supplier credit
160 days
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.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €836,049 | - | - | - | - |
| Mortgages, amount registered | €836,049 | - | - | - | - |
| Carrying value of the mortgaged assets | €595,072 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €53,238 | €297,770 | €54,691 |
| Depreciation and write-downs of the year | €35,841 | €33,788 | €7,815 | €9,714 | €42,799 |
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 | - | - | - | - | - | - | - | €409,641 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €265,367 | - |
| Remuneration, social security and pensions62 | - | - | €5,082 | €179 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,212 | €46,084 | €39,100 | €35,841 | €33,788 | €7,815 | €9,714 | €42,799 | ▲ 341% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €22,176 | - | - | - | - | €49,500 | - |
| Other operating charges640/8 | - | - | €253 | - | €1,645 | €1,773 | €1,097 | €397 | ▼ 63.8% |
| Gross operating margin9900 | -€47,157 | €24,592 | €69,863 | €46,869 | -€65,337 | €121,034 | €18,432 | €144,274 | ▲ 683% |
| Operating profit (loss)9901 | -€163,399 | -€81,749 | €3,252 | €10,849 | -€100,770 | €111,446 | €7,621 | €51,579 | ▲ 577% |
| Financial income75/76B | - | - | €14,798 | €182 | €121 | €121 | - | €57 | - |
| Recurring financial income75 | €116 | €15,958 | €14,798 | €182 | €121 | €121 | - | €57 | - |
| Financial charges65/66B | - | - | €23,347 | €21,410 | €26,420 | €22,656 | €6,846 | €44 | ▼ 99.4% |
| Recurring financial charges65 | €19,844 | €20,882 | €23,347 | €21,410 | €26,420 | €22,656 | €6,846 | €44 | ▼ 99.4% |
| Profit (loss) for the period before taxes9903 | -€183,127 | -€86,384 | -€5,297 | -€10,379 | -€127,069 | €88,911 | €775 | €51,593 | ▲ 67× |
| Income taxes67/77 | €35 | €36 | €36 | €362 | €3,820 | €102 | €14,352 | €16,556 | ▲ 15.4% |
| Profit (loss) for the period9904 | -€183,162 | -€86,420 | -€5,333 | -€10,741 | -€130,889 | €88,809 | -€13,577 | €35,037 | - |
| Profit (loss) for the period to be appropriated9905 | -€183,162 | -€86,420 | -€5,333 | -€10,741 | -€130,889 | €88,809 | -€13,577 | €35,037 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.1m | €1.0m | €0.9m | €0.2m | €0.5m | €0.5m | ▲ 3.1% |
| Fixed assets21/28 | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | €0.06m | €0.4m | €0.4m | ▲ 3.4% |
| Intangible fixed assets21 | €0.03m | €0.03m | €0.02m | €0.01m | €0.009m | €0.003m | - | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | €0.06m | €0.4m | €0.4m | ▲ 3.4% |
| Land and buildings22 | - | - | €0.6m | €0.6m | €0.5m | €0.05m | €0.3m | €0.3m | ▲ 5.2% |
| Plant, machinery and equipment23 | - | - | €0.01m | €0.01m | €0.009m | €0.007m | €0.04m | €0.03m | ▼ 12.0% |
| Furniture and vehicles24 | - | - | €0.004m | €0.001m | - | - | - | - | - |
| Leasing and similar rights25 | - | - | €0.05m | €0.03m | €0.02m | - | - | - | - |
| Current assets29/58 | €0.5m | €0.4m | €0.5m | €0.4m | €0.4m | €0.09m | €0.1m | €0.1m | ▲ 2.3% |
| Stocks and contracts in progress3 | €0.05m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 15.1% |
| Stocks30/36 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 15.1% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.05m | €0.08m | €0.05m | ▼ 36.4% |
| Trade receivables40 | - | - | €0.05m | €0.02m | €0.02m | €0.05m | €0.05m | €0.01m | ▼ 68.5% |
| Other amounts receivable41 | - | - | €0.4m | €0.4m | €0.3m | €0.004m | €0.03m | €0.04m | ▲ 10.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.002m | €0.02m | €35 | - | €0.002m | €0.02m | €0.04m | ▲ 128% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.004m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.1m | €1.0m | €0.9m | €0.2m | €0.5m | €0.5m | ▲ 3.1% |
| Equity10/15 | -€0.2m | -€0.3m | -€0.3m | -€0.3m | -€0.5m | -€0.4m | -€0.4m | -€0.4m | ▲ 8.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Issued capital100 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.4m | -€0.4m | -€0.4m | -€0.5m | -€0.4m | -€0.5m | -€0.4m | ▲ 7.6% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €0.5m | €0.9m | €0.9m | ▼ 2.3% |
| Amounts payable after more than one year17 | €0.07m | €0.1m | €0.07m | €0.04m | €0.04m | - | - | - | - |
| Financial debts170/4 | - | - | €0.07m | €0.04m | €0.04m | - | - | - | - |
| Amounts payable within one year42/48 | €1.3m | €1.3m | €1.4m | €1.3m | €1.4m | €0.5m | €0.9m | €0.9m | ▼ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.03m | €0.009m | - | - | - | - |
| Financial debts43 | - | - | €0.8m | €0.8m | €0.8m | - | - | - | - |
| Credit institutions430/8 | - | - | €0.8m | €0.8m | €0.8m | - | - | - | - |
| Trade debts44 | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 14.7% |
| Suppliers440/4 | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 14.7% |
| Taxes, remuneration and social security45 | - | - | €143 | €143 | €143 | €143 | €143 | €0.02m | ▲ 107× |
| Taxes450/3 | - | - | €143 | €143 | €143 | €143 | €143 | €0.02m | ▲ 107× |
| Other amounts payable47/48 | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.7m | €0.7m | ▼ 2.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€183,162 | -€86,420 | -€5,333 | -€10,741 | -€130,889 | €88,809 | -€13,577 | €35,037 | - |
| + Depreciation and write-downs630 | €28,212 | €46,084 | €39,100 | €35,841 | €33,788 | €7,815 | €9,714 | €42,799 | ▲ 341% |
| Operating cash flow (approximation) | -€154,950 | -€40,336 | €33,767 | €25,100 | -€97,101 | €96,624 | -€3,863 | €77,836 | - |
| Investment in fixed assets (approximation) | - | -€82,500 | €1 | €0 | €0 | €505,652 | -€297,770 | -€54,691 | ▲ 81.6% |
| Change in cash | - | -€105,202 | €20,689 | -€22,407 | - | - | €16,139 | €22,711 | ▲ 40.7% |
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, 317 companies had the same profile as VEE EXPRESS has now. Two years later, 91.8% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.1%
stopped otherwise
1.6%
went bankrupt
Another 2.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VEE EXPRESS itself: 1.2% 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 317 companies, not a prediction for VEE EXPRESS. 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 | full format | 28-08-2026 | 2026-00459521 | |
| 31-12-2024 | abbreviated format | 15-12-2025 | 2025-00582378 | |
| 31-12-2023 | abbreviated format | 30-06-2025 | 2025-00204491 | |
| 31-12-2022 | abbreviated format | 02-07-2024 | 2024-00194460 | |
| 31-12-2021 | abbreviated format | 13-03-2023 | 2023-00038607 | |
| 31-12-2020 | abbreviated format | 13-03-2023 | 2023-00038600 | |
| 31-12-2019 | abbreviated format | 06-08-2021 | 2021-46800599 | |
| 31-12-2018 | abbreviated format | 28-08-2020 | 2020-47400132 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58400018 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-57500095 |