VEJO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-12-2025 PDF all 4 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €260,000
Total assets
€547,371▼ 25.4%
2024 · €733,253
Net result
€27,905▲ 24.6%
2024 · €22,403
Working capital
€443,921▼ 1.2%
2024 · €449,273
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€39,683
▲ 22.4%
2025
20222025
Net result
€27,905
▲ 24.6%
2025
middle half of the sector
20222025
Equity
€82,041
▲ 51.5%
2025
middle half of the sector
20222025
Total assets
€547,371
▼ 25.4%
2025
middle half of the sector
20222025
Debt
€465,330
▼ 31.5%
2025
20222025
Working capital
€443,921
▼ 1.2%
2025
highest quarter of the sector
20222025
Solvency
15.0%
▲ 7.6pp
2025
middle half of the sector
20222025
Current ratio
13.28
▲ 9.98
2025
highest quarter of the sector
20222025
Return on assets (ROA)
5.1%
▲ 2.0pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€3,494-€21,030€32,426▲ 54.2%€39,683▲ 22.4%
Net result-€27,152below the sector's middle half-€4,667within the sector's middle half€22,403within the sector's middle half▲ 380%€27,905within the sector's middle half▲ 24.6%
Equity€188,447within the sector's middle half-€193,114within the sector's middle half▲ 2.5%€54,136within the sector's middle half▼ 72.0%€82,041within the sector's middle half▲ 51.5%
Total assets€891,670above the sector's middle half-€763,124above the sector's middle half▼ 14.4%€733,253above the sector's middle half▼ 3.9%€547,371within the sector's middle half▼ 25.4%
Debt€703,223-€570,010▼ 18.9%€679,117▲ 19.1%€465,330▼ 31.5%
Working capital€776,761above the sector's middle half-€682,718above the sector's middle half▼ 12.1%€449,273above the sector's middle half▼ 34.2%€443,921above the sector's middle half▼ 1.2%
Solvency21.1%within the sector's middle half-25.3%within the sector's middle half▲ 4.2pp7.4%below the sector's middle half▼ 17.9pp15.0%within the sector's middle half▲ 7.6pp
Current ratio16.56above the sector's middle half-21.15above the sector's middle half▲ 4.583.29above the sector's middle half▼ 17.8513.28above the sector's middle half▲ 9.98
Return on assets (ROA)-3.0%below the sector's middle half-0.6%within the sector's middle half▲ 3.7pp3.1%within the sector's middle half▲ 2.4pp5.1%within the sector's middle half▲ 2.0pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 22% higher than in 2024 and the highest since 2022. It is the third rise in a row.
Turnover and EBIT margin are not published. The micro 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 €547,371
Fixed assets
€67,286 ▼ 23.7%
Current assets
€480,085 ▼ 25.6%
Equity and liabilities €547,371
Equity
€82,041 ▲ 51.5%
Debt
€465,330 ▼ 31.5%
Debt's share of the balance-sheet total falls from 92.6% to 85.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€61,168▲
2024 · €47,082
Cash flow
€49,390▲
2024 · €37,059
Debt to equity
5.67▼
2024 · 12.54
ROE
34.0%▼
2024 · 41.4%
Interest coverage
5.62▲
2024 · 3.95
Debt ≤ 1 year
€36,164▼
2024 · €195,813
Debt > 1 year
€193,684▼
2024 · €225,965
Income taxes
€2,651▲
2024 · €126
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Carrying value of the mortgaged assets | €0 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €198,926 | - | €59,640 | €972 |
| Depreciation and write-downs of the year | €38,045 | €18,482 | €14,656 | €21,485 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,738 | €0 | - | €2,067 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,045 | €18,482 | €14,656 | €21,485 | ▲ 46.6% |
| Other operating charges640/8 | €3,011 | €3,893 | €2,848 | €3,339 | ▲ 17.2% |
| Non-recurring operating charges66A | - | - | €443 | €367 | ▼ 17.1% |
| Gross operating margin9900 | €37,563 | €43,406 | €50,373 | €64,874 | ▲ 28.8% |
| Operating profit (loss)9901 | -€3,494 | €21,030 | €32,426 | €39,683 | ▲ 22.4% |
| Financial income75/76B | €611 | €0 | €2,030 | €1,750 | ▼ 13.8% |
| Recurring financial income75 | €611 | €0 | €2,030 | €1,750 | ▼ 13.8% |
| Financial charges65/66B | €24,269 | €16,238 | €11,927 | €10,876 | ▼ 8.8% |
| Recurring financial charges65 | €24,269 | €16,238 | €11,927 | €10,876 | ▼ 8.8% |
| Profit (loss) for the period before taxes9903 | -€27,152 | €4,792 | €22,529 | €30,556 | ▲ 35.6% |
| Income taxes67/77 | €0 | €126 | €126 | €2,651 | ▲ 21× |
| Profit (loss) for the period9904 | -€27,152 | €4,667 | €22,403 | €27,905 | ▲ 24.6% |
| Profit (loss) for the period to be appropriated9905 | -€27,152 | €4,667 | €22,403 | €27,905 | ▲ 24.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €891,670 | €763,124 | €733,253 | €547,371 | ▼ 25.4% |
| Fixed assets21/28 | €65,000 | €46,518 | €88,167 | €67,286 | ▼ 23.7% |
| Tangible fixed assets22/27 | €65,000 | €46,518 | €88,167 | €67,286 | ▼ 23.7% |
| Plant, machinery and equipment23 | - | - | - | €795 | - |
| Furniture and vehicles24 | €6,857 | €5,071 | €56,342 | €43,879 | ▼ 22.1% |
| Other tangible fixed assets26 | €58,143 | €41,447 | €31,825 | €22,612 | ▼ 28.9% |
| Current assets29/58 | €826,670 | €716,607 | €645,086 | €480,085 | ▼ 25.6% |
| Stocks and contracts in progress3 | €2,758 | €0 | - | - | - |
| Stocks30/36 | €2,758 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €5,839 | €10,771 | €8,236 | €5,484 | ▼ 33.4% |
| Trade receivables40 | €4,872 | €9,020 | €7,164 | €4,813 | ▼ 32.8% |
| Other amounts receivable41 | €967 | €1,751 | €1,071 | €671 | ▼ 37.4% |
| Cash at bank and in hand54/58 | €817,956 | €705,350 | €636,586 | €474,507 | ▼ 25.5% |
| Deferred charges and accrued income490/1 | €117 | €485 | €264 | €94 | ▼ 64.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €891,670 | €763,124 | €733,253 | €547,371 | ▼ 25.4% |
| Equity10/15 | €188,447 | €193,114 | €54,136 | €82,041 | ▲ 51.5% |
| Contributions10/11 | €43,084 | €43,084 | €43,084 | €43,084 | = |
| Reserves13 | €175,131 | €175,131 | €13,750 | €38,957 | ▲ 183% |
| Non-distributable reserves130/1 | €13,750 | €13,750 | €13,750 | €13,750 | = |
| Reserves not available under the articles1311 | €13,750 | €13,750 | €13,750 | €13,750 | = |
| Distributable reserves133 | €161,381 | €161,381 | €0 | €25,207 | - |
| Profit (loss) carried forward14 | -€29,768 | -€25,102 | -€2,698 | €0 | - |
| Amounts payable17/49 | €703,223 | €570,010 | €679,117 | €465,330 | ▼ 31.5% |
| Amounts payable after more than one year17 | €354,241 | €258,246 | €225,965 | €193,684 | ▼ 14.3% |
| Financial debts170/4 | €354,241 | €258,246 | €225,965 | €193,684 | ▼ 14.3% |
| Amounts payable within one year42/48 | €49,909 | €33,889 | €195,813 | €36,164 | ▼ 81.5% |
| Current portion of amounts payable after more than one year42 | €48,209 | €32,281 | €32,281 | €32,281 | = |
| Trade debts44 | €383 | €1,166 | €835 | €374 | ▼ 55.2% |
| Suppliers440/4 | €383 | €1,166 | €835 | €374 | ▼ 55.2% |
| Taxes, remuneration and social security45 | €1,150 | €276 | €1,150 | €3,276 | ▲ 185% |
| Taxes450/3 | €150 | €276 | €150 | €2,276 | ▲ 15× |
| Remuneration and social security454/9 | €1,000 | €0 | €1,000 | €1,000 | = |
| Other amounts payable47/48 | €166 | €166 | €161,547 | €233 | ▼ 99.9% |
| Accrued charges and deferred income492/3 | €299,074 | €277,876 | €257,339 | €235,481 | ▼ 8.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,152 | €4,667 | €22,403 | €27,905 | ▲ 24.6% |
| + Depreciation and write-downs630 | €38,045 | €18,482 | €14,656 | €21,485 | ▲ 46.6% |
| Operating cash flow (approximation) | €10,894 | €23,149 | €37,059 | €49,390 | ▲ 33.3% |
| Investment in fixed assets (approximation) | - | €0 | -€56,305 | -€604 | ▲ 98.9% |
| Change in cash | - | -€112,606 | -€68,764 | -€162,079 | ▼ 136% |
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, 2,609 companies had the same profile as VEJO has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of VEJO 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 2,609 companies, not a prediction for VEJO. 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.