VENIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-04-2026 PDF all 23 filings
Turnover
≈ €280,000
Estimated: probably between €210,000 and €440,000
Total assets
€317,745▼ 8.0%
2024 · €345,299
Net result
-€21,555▼ 618%
2024 · -€3,004
Working capital
€117,429▼ 16.4%
2024 · €140,393
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€15,650
2025
20192025
Net result
-€21,555
▼ 618%
2025
lowest quarter of the sector
20192025
Equity
€164,922
▼ 11.6%
2025
highest quarter of the sector
20192025
Total assets
€317,745
▼ 8.0%
2025
highest quarter of the sector
20192025
Debt
€152,823
▼ 3.8%
2025
20192025
Working capital
€117,429
▼ 16.4%
2025
highest quarter of the sector
20192025
Solvency
51.9%
▼ 2.1pp
2025
middle half of the sector
20192025
Current ratio
2.84
▼ 1.20
2025
middle half of the sector
20192025
Return on assets (ROA)
-6.8%
▼ 5.9pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€26,972-€31,798▲ 17.9%€17,433▼ 45.2%€33,567▲ 92.5%€37,354▲ 11.3%€1,439▼ 96.1%-€15,650
Net result€23,956-€27,369above the sector's middle half▲ 14.2%€15,559within the sector's middle half▼ 43.2%€27,419within the sector's middle half▲ 76.2%€26,115within the sector's middle half▼ 4.8%-€3,004below the sector's middle half-€21,555below the sector's middle half▼ 618%
Equity€116,021-€128,389above the sector's middle half▲ 10.7%€139,948above the sector's middle half▲ 9.0%€163,367above the sector's middle half▲ 16.7%€189,482above the sector's middle half▲ 16.0%€186,478above the sector's middle half▼ 1.6%€164,922above the sector's middle half▼ 11.6%
Total assets€184,456-€173,459within the sector's middle half▼ 6.0%€225,569within the sector's middle half▲ 30.0%€230,162within the sector's middle half▲ 2.0%€247,810within the sector's middle half▲ 7.7%€345,299above the sector's middle half▲ 39.3%€317,745above the sector's middle half▼ 8.0%
Debt€68,435-€45,070▼ 34.1%€85,621▲ 90.0%€66,795▼ 22.0%€58,329▼ 12.7%€158,821▲ 172%€152,823▼ 3.8%
Working capital€102,447-€115,658above the sector's middle half▲ 12.9%€120,152above the sector's middle half▲ 3.9%€138,250above the sector's middle half▲ 15.1%€167,931above the sector's middle half▲ 21.5%€140,393above the sector's middle half▼ 16.4%€117,429above the sector's middle half▼ 16.4%
Solvency62.9%-74.0%above the sector's middle half▲ 11.1pp62.0%within the sector's middle half▼ 12.0pp71.0%above the sector's middle half▲ 8.9pp76.5%above the sector's middle half▲ 5.5pp54.0%within the sector's middle half▼ 22.5pp51.9%within the sector's middle half▼ 2.1pp
Current ratio2.72-3.91above the sector's middle half▲ 1.203.31above the sector's middle half▼ 0.614.28above the sector's middle half▲ 0.975.18above the sector's middle half▲ 0.904.03above the sector's middle half▼ 1.152.84within the sector's middle half▼ 1.20
Return on assets (ROA)13.0%-15.8%within the sector's middle half▲ 2.8pp6.9%within the sector's middle half▼ 8.9pp11.9%within the sector's middle half▲ 5.0pp10.5%within the sector's middle half▼ 1.4pp-0.9%below the sector's middle half▼ 11.4pp-6.8%below the sector's middle half▼ 5.9pp
Staff (FTE)2within the sector's middle half11=1
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €15,650, after a profit of €1,439 in 2024. It is the lowest result since 2021.
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 €317,745
Fixed assets
€136,338 ▼ 14.0%
Current assets
€181,407 ▼ 2.8%
Equity and liabilities €317,745
Equity
€164,922 ▼ 11.6%
Debt
€152,823 ▼ 3.8%
Debt's share of the balance-sheet total rises from 46.0% to 48.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,604▼
2024 · €20,983
Cash flow
€5,699▼
2024 · €16,540
Quick ratio
1.76▼
2024 · 2.50
Debt to equity
0.93▲
2024 · 0.85
ROE
-13.1%▼
2024 · -1.6%
Interest coverage
1.93▼
2024 · 4.77
Debt ≤ 1 year
€63,978▲
2024 · €46,314
Debt > 1 year
€86,326▼
2024 · €109,062
Income taxes
€0▼
2024 · €64
Staff costs
€57,075▲
2024 · €55,624
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 |
| On a permanent contract | - | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,066 | €4,003 | €138,421 | €5,000 |
| Depreciation and write-downs of the year | €13,715 | €14,012 | €19,544 | €27,254 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €49,032 | €55,943 | €55,624 | €57,075 | ▲ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,699 | €16,914 | €12,265 | €13,715 | €14,012 | €19,544 | €27,254 | ▲ 39.5% |
| Other operating charges640/8 | - | - | - | €1,096 | €1,667 | €1,620 | €1,848 | ▲ 14.1% |
| Gross operating margin9900 | €134,566 | €136,487 | €74,186 | €97,411 | €108,976 | €78,228 | €70,526 | ▼ 9.8% |
| Operating profit (loss)9901 | €26,972 | €31,798 | €17,433 | €33,567 | €37,354 | €1,439 | -€15,650 | - |
| Financial income75/76B | - | - | - | €1,634 | €80 | €18 | €119 | ▲ 573% |
| Recurring financial income75 | €80 | €137 | €46 | €1,634 | €80 | €18 | €119 | ▲ 573% |
| Financial charges65/66B | - | - | - | €1,985 | €1,390 | €4,397 | €6,024 | ▲ 37.0% |
| Recurring financial charges65 | €1,929 | €1,321 | €1,868 | €1,985 | €1,390 | €4,397 | €6,024 | ▲ 37.0% |
| Profit (loss) for the period before taxes9903 | €25,122 | €30,613 | €15,612 | €33,217 | €36,044 | -€2,940 | -€21,555 | ▼ 633% |
| Income taxes67/77 | €1,167 | €3,245 | €53 | €5,798 | €9,929 | €64 | €0 | ▼ 99.9% |
| Profit (loss) for the period9904 | €23,956 | €27,369 | €15,559 | €27,419 | €26,115 | -€3,004 | -€21,555 | ▼ 618% |
| Profit (loss) for the period to be appropriated9905 | €23,956 | €27,369 | €15,559 | €27,419 | €26,115 | -€3,004 | -€21,555 | ▼ 618% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €184,456 | €173,459 | €225,569 | €230,162 | €247,810 | €345,299 | €317,745 | ▼ 8.0% |
| Fixed assets21/28 | €22,400 | €18,122 | €53,373 | €49,724 | €39,715 | €158,592 | €136,338 | ▼ 14.0% |
| Tangible fixed assets22/27 | €22,350 | €18,072 | €53,323 | €49,674 | €39,665 | €158,542 | €136,288 | ▼ 14.0% |
| Plant, machinery and equipment23 | - | - | - | €43,908 | €35,349 | €155,413 | €134,346 | ▼ 13.6% |
| Furniture and vehicles24 | - | - | - | €5,503 | €4,316 | €3,130 | €1,943 | ▼ 37.9% |
| Other tangible fixed assets26 | - | - | - | €263 | - | - | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €162,055 | €155,337 | €172,196 | €180,438 | €208,095 | €186,707 | €181,407 | ▼ 2.8% |
| Stocks and contracts in progress3 | €61,376 | €69,729 | €90,684 | €84,243 | €80,558 | €70,725 | €69,093 | ▼ 2.3% |
| Stocks30/36 | - | - | - | €84,243 | €80,558 | €70,725 | €69,093 | ▼ 2.3% |
| Amounts receivable within one year40/41 | €89,929 | €76,109 | €68,419 | €83,277 | €116,277 | €80,201 | €89,066 | ▲ 11.1% |
| Trade receivables40 | - | - | - | €69,310 | €108,535 | €64,153 | €80,301 | ▲ 25.2% |
| Other amounts receivable41 | - | - | - | €13,968 | €7,741 | €16,049 | €8,765 | ▼ 45.4% |
| Cash at bank and in hand54/58 | €5,801 | €7,974 | €9,102 | €4,086 | €3,578 | €31,230 | €18,845 | ▼ 39.7% |
| Deferred charges and accrued income490/1 | - | - | - | €8,832 | €7,683 | €4,550 | €4,402 | ▼ 3.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €184,456 | €173,459 | €225,569 | €230,162 | €247,810 | €345,299 | €317,745 | ▼ 8.0% |
| Equity10/15 | €116,021 | €128,389 | €139,948 | €163,367 | €189,482 | €186,478 | €164,922 | ▼ 11.6% |
| Contributions10/11 | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | = |
| Capital10 | - | - | - | €16,700 | €16,700 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €1,900 | €1,900 | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €16,700 | €16,700 | = |
| Other1109/19 | - | - | - | - | - | €16,700 | €16,700 | = |
| Reserves13 | €99,280 | €111,680 | €123,180 | €146,580 | €172,780 | €169,730 | €148,220 | ▼ 12.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €6,040 | €6,040 | €6,040 | €6,040 | = |
| Distributable reserves133 | - | - | - | €138,680 | €164,880 | €163,690 | €142,180 | ▼ 13.1% |
| Profit (loss) carried forward14 | €41 | €9 | €68 | €87 | €2 | €48 | €2 | ▼ 95.0% |
| Amounts payable17/49 | €68,435 | €45,070 | €85,621 | €66,795 | €58,329 | €158,821 | €152,823 | ▼ 3.8% |
| Amounts payable after more than one year17 | €8,827 | €4,445 | €32,630 | €23,661 | €14,544 | €109,062 | €86,326 | ▼ 20.8% |
| Financial debts170/4 | - | - | - | €23,661 | €14,544 | €109,062 | €86,326 | ▼ 20.8% |
| Amounts payable within one year42/48 | €59,608 | €39,679 | €52,044 | €42,187 | €40,164 | €46,314 | €63,978 | ▲ 38.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,969 | €9,117 | €26,023 | €22,735 | ▼ 12.6% |
| Trade debts44 | €18,673 | €18,042 | €22,372 | €19,592 | €16,252 | €18,295 | €29,056 | ▲ 58.8% |
| Suppliers440/4 | - | - | - | €19,592 | €16,252 | €18,295 | €29,056 | ▲ 58.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,391 | €2,760 | €1,995 | €1,762 | ▼ 11.7% |
| Taxes450/3 | - | - | - | - | €929 | €101 | €203 | ▲ 100% |
| Remuneration and social security454/9 | - | - | - | €1,391 | €1,830 | €1,894 | €1,559 | ▼ 17.7% |
| Other amounts payable47/48 | - | - | - | €12,235 | €12,035 | - | €10,424 | - |
| Accrued charges and deferred income492/3 | - | - | - | €946 | €3,621 | €3,446 | €2,519 | ▼ 26.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,956 | €27,369 | €15,559 | €27,419 | €26,115 | -€3,004 | -€21,555 | ▼ 618% |
| + Depreciation and write-downs630 | €15,699 | €16,914 | €12,265 | €13,715 | €14,012 | €19,544 | €27,254 | ▲ 39.5% |
| Operating cash flow (approximation) | €39,655 | €44,283 | €27,824 | €41,134 | €40,126 | €16,540 | €5,699 | ▼ 65.5% |
| Investment in fixed assets (approximation) | - | -€12,635 | -€47,516 | -€10,066 | -€4,003 | -€138,421 | -€5,000 | ▲ 96.4% |
| Change in cash | - | €2,173 | €1,128 | -€5,017 | -€508 | €27,653 | -€12,385 | - |
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, 12,322 companies had the same profile as VENIC has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VENIC itself: 0.5% 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 12,322 companies, not a prediction for VENIC. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 24-04-2026 | 2026-00089341 | |
| 30-09-2024 | micro format | 08-04-2025 | 2025-00068229 | |
| 30-09-2023 | micro format | 25-04-2024 | 2024-00079702 | |
| 30-09-2022 | micro format | 14-04-2023 | 2023-00060684 | |
| 30-09-2021 | micro format | 24-03-2022 | 2022-08900014 | |
| 30-09-2020 | micro format | 15-04-2021 | 2021-10500235 | |
| 30-09-2019 | micro format | 04-05-2020 | 2020-11200315 | |
| 30-09-2018 | micro format | 27-03-2019 | 2019-08200362 | |
| 30-09-2017 | micro format | 09-03-2018 | 2018-06700418 | |
| 30-09-2016 | abbreviated format | 27-03-2017 | 2017-08000119 |