VEKAVE
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 02-07-2026 at the NBB all 33 filings
Turnover
€144,235▲ 13.3%
2025 · €127,321
EBIT margin
-11.3%▼ 162.0pp
2025 · 150.7%
Net result
-€9,166
2025 · €142,755
Working capital
€84,616▼ 23.0%
2025 · €109,844
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€144,235
▲ 13.3%
2026
20192026
Operating result
-€16,278
2026
20192026
Net result
-€9,166
2026
20192026
EBIT margin
-11.3%
▼ 162.0pp
2026
20192026
Equity
€1.1m
▼ 9.9%
2026
20192026
Total assets
€1.3m
▼ 12.9%
2026
20192026
Debt
€117,546
▼ 36.5%
2026
20192026
Working capital
€84,616
▼ 23.0%
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€0.1m-€0.1m▲ 4.1%€0.1m▲ 6.2%€0.1m▼ 0.8%€0.1m▲ 3.3%€0.1m▲ 0.7%€0.1m▼ 4.4%€0.1m▲ 13.3%
Operating result€0.03m-€0.03m▼ 21.3%€0.05m▲ 85.2%€0.6m▲ 12×-€0.01m-€0.004m▲ 69.2%€0.2m-€0.02m
Net result€0.02m-€0.01m▼ 39.1%€0.04m▲ 153%€0.5m▲ 12×-€0.004m€0.005m€0.1m▲ 27×-€0.009m
EBIT margin29.5%-22.3%▼ 7.2pp38.8%▲ 16.6pp470.5%▲ 431.7pp-10.9%▼ 481.4pp-3.3%▲ 7.5pp150.7%▲ 154.1pp-11.3%▼ 162.0pp
Equity€1.1m-€1.1m▼ 0.6%€1.1m▼ 0.8%€1.3m▲ 18.9%€1.3m▼ 0.3%€1.3m▲ 0.4%€1.3m▼ 0.8%€1.1m▼ 9.9%
Total assets€1.3m-€1.4m▲ 7.3%€1.4m▼ 1.1%€1.6m▲ 10.4%€1.5m▼ 1.7%€1.5m▼ 0.3%€1.5m▼ 0.9%€1.3m▼ 12.9%
Debt€0.2m-€0.3m▲ 69.2%€0.3m▼ 0.9%€0.2m▼ 19.3%€0.2m▼ 8.3%€0.2m▼ 3.1%€0.2m▲ 0.6%€0.1m▼ 36.5%
Working capital€0.6m-€0.3m▼ 37.7%€0.4m▲ 4.8%€0.6m▲ 70.9%€0.2m▼ 67.8%€0.1m▼ 35.1%€0.1m▼ 14.4%€0.08m▼ 23.0%
Staff (FTE)0
The operating result for 2026 is a loss of €16,278, after a profit of €191,936 in 2025. It is the lowest result since 2022.
Large changes and their cause
- 2022 Net result +1,089% on 2021. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.1m ▼ 8.4%
Current assets
€202,162 ▼ 31.4%
Equity and liabilities €1.3m
Equity
€1.1m ▼ 9.9%
Provisions
€71,029 ▼ 4.2%
Debt
€117,546 ▼ 36.5%
Debt's share of the balance-sheet total falls from 12.2% to 8.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€85,783▼
2025 · €294,144
Cash flow
€92,896▼
2025 · €244,963
Current ratio
1.72▲
2025 · 1.59
Debt to equity
0.10▼
2025 · 0.15
ROE
-0.8%▼
2025 · 11.4%
ROA
-0.7%▼
2025 · 9.4%
Interest coverage
20.25▼
2025 · over 100
Debt ≤ 1 year
€117,546▼
2025 · €185,031
Income taxes
€1,608▼
2025 · €56,892
Customer credit
16 days▼
2025 · 81 days
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 | 30-06-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €189,445 | €174,778 | - | - | - |
| Mortgages, amount registered | €25,000 | €25,000 | - | - | - |
| Mortgage mandates | €195,000 | €149,778 | - | - | - |
| Carrying value of the mortgaged assets | €295,656 | €242,301 | - | - | - |
Source: notes to the 2022 to 2026 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 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €21,038 | €456,446 | €154,384 | €15,653 | - |
| Depreciation and write-downs of the year | €62,290 | €63,358 | €98,794 | €102,208 | €102,061 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €116,692 | €121,500 | €128,981 | €128,001 | €132,189 | €133,145 | €127,321 | €144,235 | ▲ 13.3% |
| Non-recurring operating income76A | - | - | - | €575,265 | - | - | €239,568 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €23,956 | €53,928 | €38,857 | €52,901 | €43,385 | ▼ 18.0% |
| Remuneration, social security and pensions62 | - | - | - | - | - | €4,744 | €4,500 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,581 | €62,893 | €61,709 | €62,290 | €63,358 | €98,794 | €102,208 | €102,061 | ▼ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €17,338 | -€17,338 | - | - | - |
| Other operating charges640/8 | - | - | - | €14,771 | €11,939 | €12,518 | €15,344 | €15,439 | ▲ 0.6% |
| Gross operating margin9900 | €91,490 | €92,573 | €123,188 | €679,309 | €78,261 | €94,289 | €313,988 | €101,222 | ▼ 67.8% |
| Operating profit (loss)9901 | €34,376 | €27,050 | €50,101 | €602,248 | -€14,374 | -€4,430 | €191,936 | -€16,278 | - |
| Financial income75/76B | - | - | - | €137 | €4,200 | €11,484 | €4,353 | €9,832 | ▲ 126% |
| Recurring financial income75 | - | €6,703 | €1,404 | €137 | €4,200 | €27 | €4,353 | €9,832 | ▲ 126% |
| Non-recurring financial income76B | - | - | - | - | - | €11,457 | - | - | - |
| Financial charges65/66B | - | - | - | €1,662 | €2,572 | €1,479 | €1,157 | €4,235 | ▲ 266% |
| Recurring financial charges65 | €12 | €12,470 | €1,632 | €1,662 | €2,572 | €1,479 | €1,157 | €4,235 | ▲ 266% |
| Profit (loss) for the period before taxes9903 | €34,364 | €21,283 | €49,873 | €600,723 | -€12,746 | €5,575 | €195,133 | -€10,682 | - |
| Transfer from deferred taxes780 | - | - | - | €4,513 | €4,513 | €4,513 | €4,513 | €3,124 | ▼ 30.8% |
| Income taxes67/77 | €9,777 | €9,323 | €16,425 | €154,043 | -€3,832 | €4,794 | €56,892 | €1,608 | ▼ 97.2% |
| Profit (loss) for the period9904 | €24,587 | €14,982 | €37,961 | €451,193 | -€4,401 | €5,295 | €142,755 | -€9,166 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €10,531 | €10,531 | €10,531 | €10,531 | €9,373 | ▼ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €24,587 | €22,035 | €48,493 | €461,724 | €6,131 | €15,826 | €153,286 | €208 | ▼ 99.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.4m | €1.4m | €1.6m | €1.5m | €1.5m | €1.5m | €1.3m | ▼ 12.9% |
| Fixed assets21/28 | €0.6m | €1.0m | €1.0m | €0.9m | €1.3m | €1.4m | €1.2m | €1.1m | ▼ 8.4% |
| Tangible fixed assets22/27 | €0.6m | €1.0m | €1.0m | €0.9m | €1.3m | €1.4m | €1.2m | €1.1m | ▼ 8.4% |
| Land and buildings22 | - | - | - | €0.9m | €1.3m | €1.4m | €1.2m | €1.1m | ▼ 8.3% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 22.7% |
| Current assets29/58 | €0.7m | €0.4m | €0.4m | €0.6m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 31.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.06m | €0.06m | = |
| Other amounts receivable291 | - | - | - | - | - | - | €0.06m | €0.06m | = |
| Amounts receivable within one year40/41 | €0.02m | €0.2m | €0.05m | €0.04m | €0.09m | €0.06m | €0.04m | €0.01m | ▼ 74.0% |
| Trade receivables40 | - | - | - | €0.04m | €0.07m | €0.02m | €0.03m | €0.006m | ▼ 77.1% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.02m | €0.04m | €0.01m | €0.004m | ▼ 67.8% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.1m | - |
| Cash at bank and in hand54/58 | €0.6m | €0.2m | €0.4m | €0.6m | €0.1m | €0.1m | €0.2m | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.003m | €0.003m | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.4m | €1.4m | €1.6m | €1.5m | €1.5m | €1.5m | €1.3m | ▼ 12.9% |
| Equity10/15 | €1.1m | €1.1m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | €1.1m | ▼ 9.9% |
| Contributions10/11 | €0.8m | €0.8m | €0.8m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.6m | ▲ 166% |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.4% |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.4m | ▲ 854% |
| Profit (loss) carried forward14 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | - | - |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.09m | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 4.2% |
| Deferred taxes168 | - | - | - | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 4.2% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 36.5% |
| Amounts payable after more than one year17 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | - | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.06m | €0.07m | €0.03m | €0.03m | €0.04m | €0.2m | €0.1m | ▼ 36.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.01m | - | - | - |
| Trade debts44 | €0.01m | €0.01m | €234 | - | €310 | €0.005m | - | - | - |
| Suppliers440/4 | - | - | - | - | €310 | €0.005m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €234 | €0.005m | €0.001m | €68 | ▼ 90.6% |
| Taxes450/3 | - | - | - | €0.004m | €234 | €234 | €0.001m | €68 | ▼ 90.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.005m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.01m | €0.01m | €0.2m | €0.1m | ▼ 36.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,587 | €14,982 | €37,961 | €451,193 | -€4,401 | €5,295 | €142,755 | -€9,166 | - |
| + Depreciation and write-downs630 | €46,581 | €62,893 | €61,709 | €62,290 | €63,358 | €98,794 | €102,208 | €102,061 | ▼ 0.1% |
| Operating cash flow (approximation) | €71,168 | €77,875 | €99,670 | €513,483 | €58,957 | €104,089 | €244,963 | €92,896 | ▼ 62.1% |
| Investment in fixed assets (approximation) | - | -€464,142 | -€19,309 | €10,647 | -€456,264 | -€154,384 | €39,779 | €0 | ▼ 100% |
| Change in cash | - | -€340,820 | €137,615 | €228,726 | -€469,995 | -€31,057 | €82,152 | - | - |
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, 8,617 companies had the same profile as VEKAVE has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VEKAVE itself: 0.3% 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 8,617 companies, not a prediction for VEKAVE. 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 |
|---|---|---|---|---|
| 30-06-2026 | abbreviated format | 02-07-2026 | 2026-00240574 | |
| 30-06-2025 | abbreviated format | 07-07-2025 | 2025-00268455 | |
| 30-06-2024 | abbreviated format | 12-07-2024 | 2024-00257886 | |
| 30-06-2023 | abbreviated format | 15-07-2023 | 2023-00243040 | |
| 30-06-2022 | abbreviated format | 02-08-2022 | 2022-20260830 | |
| 30-06-2021 | micro format | 24-07-2021 | 2021-40300585 | |
| 30-06-2020 | micro format | 06-09-2020 | 2020-51500435 | |
| 30-06-2019 | micro format | 22-01-2020 | 2020-01900350 | |
| 30-06-2018 | micro format | 01-09-2018 | 2018-62200590 | |
| 30-06-2017 | micro format | 03-07-2017 | 2017-29000526 |