VENTEGO

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Private limited companyfounded 2009active for 17 yearsHerman Teirlincklaan(Kok) 2 AGV1, 8670 Koksijde, BelgiumKBO/BCE: BE 0809.220.817

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VENTEGOActiveChecked score 95/100

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Financials · financial year 2025, micro format

Annual accounts 2025 filed on 28-03-2026 PDF all 16 filings

Turnover

≈ €280,000

Estimated: probably between €230,000 and €330,000

Total assets

€583,391▲ 7.3%

2024 · €543,690

Net result

€62,251▲ 45.9%

2024 · €42,665

Working capital

€154,311▲ 145%

2024 · €62,979

Multi-year overview

2019 to 2025, 7 financial years

Operating result

€105,727

▲ 38.0% 2025

20192025

Net result

€62,251

▲ 45.9% 2025

middle half of the sector

20192025

Equity

€252,947

▲ 30.6% 2025

highest quarter of the sector

20192025

Total assets

€583,391

▲ 7.3% 2025

highest quarter of the sector

20192025

Debt

€330,443

▼ 5.6% 2025

20192025

Working capital

€154,311

▲ 145% 2025

highest quarter of the sector

20192025

Solvency

43.4%

▲ 7.7pp 2025

middle half of the sector

20192025

Current ratio

1.92

▲ 0.54 2025

middle half of the sector

20192025

Return on assets (ROA)

10.7%

▲ 2.8pp 2025

middle half of the sector

20192025

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line2019202020212022202320242025

Operating result€40,404-€45,038▲ 11.5%€29,923▼ 33.6%€31,975▲ 6.9%€39,486▲ 23.5%€76,590▲ 94.0%€105,727▲ 38.0%

Net result€22,092-€26,425▲ 19.6%€15,087▼ 42.9%€17,218▲ 14.1%€19,993▲ 16.1%€42,665▲ 113%€62,251▲ 45.9%

Equity€203,510-€229,935▲ 13.0%€225,022▼ 2.1%€207,040▼ 8.0%€227,032▲ 9.7%€193,697▼ 14.7%€252,947▲ 30.6%

Total assets€631,182-€611,461▼ 3.1%€571,451▼ 6.5%€520,554▼ 8.9%€517,284▼ 0.6%€543,690▲ 5.1%€583,391▲ 7.3%

Debt€427,672-€381,526▼ 10.8%€346,429▼ 9.2%€313,514▼ 9.5%€290,252▼ 7.4%€349,994▲ 20.6%€330,443▼ 5.6%

Working capital€51,866-€93,467▲ 80.2%€99,523▲ 6.5%€97,854▼ 1.7%€71,901▼ 26.5%€62,979▼ 12.4%€154,311▲ 145%

Solvency32.2%-37.6%▲ 5.4pp39.4%▲ 1.8pp39.8%▲ 0.4pp43.9%▲ 4.1pp35.6%▼ 8.3pp43.4%▲ 7.7pp

Current ratio1.43-1.93▲ 0.502.08▲ 0.152.15▲ 0.071.87▼ 0.281.37▼ 0.501.92▲ 0.54

Return on assets (ROA)3.5%-4.3%▲ 0.8pp2.6%▼ 1.7pp3.3%▲ 0.7pp3.9%▲ 0.6pp7.8%▲ 4.0pp10.7%▲ 2.8pp

above within below The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 38% higher than in 2024 and the highest since 2021. It is the fourth 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 €583,391

44.6%

55.4%

Fixed assets €260,478 ▼ 16.2%

Current assets €322,913 ▲ 38.8%

Equity and liabilities €583,391

43.4%

56.6%

Equity €252,947 ▲ 30.6%

Debt €330,443 ▼ 5.6%

Debt's share of the balance-sheet total falls from 64.4% to 56.6%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€156,226▲

2024 · €131,901

Cash flow

€112,750▲

2024 · €97,975

Debt to equity

1.31▼

2024 · 1.81

ROE

24.6%▲

2024 · 22.0%

Interest coverage

9.51▲

2024 · 8.12

Debt ≤ 1 year

€168,602▼

2024 · €169,734

Debt > 1 year

€150,204▼

2024 · €176,281

Income taxes

€27,048▲

2024 · €17,680

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired

Item	30-09-2021	30-09-2022	30-09-2023	30-09-2024	30-09-2025
Tangible fixed assets	€3,315	-	€70,115	€3,203	-
Depreciation and write-downs of the year	€41,236	€42,311	€44,569	€55,311	€50,499

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines

Balance sheet Code20242025

Assets

Total assets20/58€543,690€583,391▲

Fixed assets21/28€310,977€260,478▼

Tangible fixed assets22/27€310,977€260,478▼

Land and buildings22€252,275€219,504▼

Plant, machinery and equipment23€3,867€1,020▼

Furniture and vehicles24€54,835€39,954▼

Current assets29/58€232,713€322,913▲

Amounts receivable within one year40/41€42,674€63,646▲

Trade receivables40€27,755€46,977▲

Other amounts receivable41€14,920€16,669▲

Current investments50/53€75,000€95,000▲

Cash at bank and in hand54/58€115,039€162,323▲

Deferred charges and accrued income490/1-€1,944

Equity and liabilities

Total equity and liabilities10/49€543,690€583,391▲

Equity10/15€193,697€252,947▲

Contributions10/11€18,600€18,600=

Reserves13€175,097€234,347▲

Distributable reserves133€175,097€234,347▲

Amounts payable17/49€349,994€330,443▼

Amounts payable after more than one year17€176,281€150,204▼

Financial debts170/4€176,281€150,204▼

Amounts payable within one year42/48€169,734€168,602▼

Current portion of amounts payable after more than one year42€26,264€26,077▼

Trade debts44€3,933€5,737▲

Suppliers440/4€3,933€5,737▲

Taxes, remuneration and social security45€11,130€12,607▲

Taxes450/3€7,680€4,907▼

Remuneration and social security454/9€3,450€7,700▲

Other amounts payable47/48€128,408€124,181▼

Accrued charges and deferred income492/3€3,979€11,637▲

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€55,311€50,499▼

Other operating charges640/8€7,592€5,641▼

Gross operating margin9900€139,493€161,867▲

Operating profit (loss)9901€76,590€105,727▲

Financial charges65/66B€16,246€16,428▲

Recurring financial charges65€16,246€16,428▲

Profit (loss) for the period before taxes9903€60,344€89,299▲

Income taxes67/77€17,680€27,048▲

Profit (loss) for the period9904€42,665€62,251▲

Profit (loss) for the period to be appropriated9905€42,665€62,251▲

Appropriation of the result

Profit (loss) to be appropriated9906€42,665€62,251▲

Transfer from equity791/2€74,000-

Transfer to equity691/2€40,665€59,251▲

To other reserves6921€40,665€59,251▲

Profit to be distributed694/7€76,000€3,000▼

Return on contributions (dividend)694€74,000-

Directors or managers695€2,000€3,000▲

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 28-03-2026.

Line	2019	2020	2021	2022	2023	2024	2025	Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€51,082	€41,603	€41,236	€42,311	€44,569	€55,311	€50,499	▼ 8.7%
Other operating charges640/8	-	-	€6,747	€6,523	€8,859	€7,592	€5,641	▼ 25.7%
Gross operating margin9900	€98,122	€93,376	€77,906	€80,808	€92,913	€139,493	€161,867	▲ 16.0%
Operating profit (loss)9901	€40,404	€45,038	€29,923	€31,975	€39,486	€76,590	€105,727	▲ 38.0%
Recurring financial income75	€193	-	-	-	-	-	-	-
Financial charges65/66B	-	-	€7,846	€6,511	€14,321	€16,246	€16,428	▲ 1.1%
Recurring financial charges65	€10,197	€8,762	€7,846	€6,511	€14,321	€16,246	€16,428	▲ 1.1%
Profit (loss) for the period before taxes9903	€30,400	€36,276	€22,076	€25,463	€25,165	€60,344	€89,299	▲ 48.0%
Income taxes67/77	€8,308	€9,851	€6,990	€8,245	€5,172	€17,680	€27,048	▲ 53.0%
Profit (loss) for the period9904	€22,092	€26,425	€15,087	€17,218	€19,993	€42,665	€62,251	▲ 45.9%
Profit (loss) for the period to be appropriated9905	€22,092	€26,425	€15,087	€17,218	€19,993	€42,665	€62,251	▲ 45.9%

Line	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€631,182	€611,461	€571,451	€520,554	€517,284	€543,690	€583,391	▲ 7.3%
Fixed assets21/28	€459,375	€417,772	€379,850	€337,539	€363,085	€310,977	€260,478	▼ 16.2%
Tangible fixed assets22/27	€459,375	€417,772	€379,850	€337,539	€363,085	€310,977	€260,478	▼ 16.2%
Land and buildings22	-	-	€340,693	€307,267	€285,046	€252,275	€219,504	▼ 13.0%
Plant, machinery and equipment23	-	-	€12,329	€11,578	€6,714	€3,867	€1,020	▼ 73.6%
Furniture and vehicles24	-	-	€26,828	€18,695	€71,325	€54,835	€39,954	▼ 27.1%
Current assets29/58	€171,807	€193,689	€191,601	€183,014	€154,199	€232,713	€322,913	▲ 38.8%
Amounts receivable within one year40/41	€12,557	€31,152	€23,999	€39,480	€53,431	€42,674	€63,646	▲ 49.1%
Trade receivables40	-	-	€20,471	€33,857	€37,389	€27,755	€46,977	▲ 69.3%
Other amounts receivable41	-	-	€3,528	€5,623	€16,042	€14,920	€16,669	▲ 11.7%
Current investments50/53	-	-	-	-	-	€75,000	€95,000	▲ 26.7%
Cash at bank and in hand54/58	€159,250	€162,537	€167,602	€143,535	€100,768	€115,039	€162,323	▲ 41.1%
Deferred charges and accrued income490/1	-	-	-	-	-	-	€1,944	-
Equity and liabilities
Total equity and liabilities10/49	€631,182	€611,461	€571,451	€520,554	€517,284	€543,690	€583,391	▲ 7.3%
Equity10/15	€203,510	€229,935	€225,022	€207,040	€227,032	€193,697	€252,947	▲ 30.6%
Contributions10/11	€18,600	-	€18,600	€18,600	€18,600	€18,600	€18,600	=
Reserves13	€184,910	€211,335	€206,422	€188,440	€208,432	€175,097	€234,347	▲ 33.8%
Non-distributable reserves130/1	-	-	€1,860	€1,860	-	-	-	-
Reserves not available under the articles1311	-	-	€1,860	€1,860	-	-	-	-
Distributable reserves133	-	-	€204,562	€186,580	€208,432	€175,097	€234,347	▲ 33.8%
Amounts payable17/49	€427,672	€381,526	€346,429	€313,514	€290,252	€349,994	€330,443	▼ 5.6%
Amounts payable after more than one year17	€306,273	€280,325	€254,352	€228,354	€202,330	€176,281	€150,204	▼ 14.8%
Financial debts170/4	-	-	€254,352	€228,354	€202,330	€176,281	€150,204	▼ 14.8%
Amounts payable within one year42/48	€119,942	€100,222	€92,078	€85,160	€82,298	€169,734	€168,602	▼ 0.7%
Current portion of amounts payable after more than one year42	-	-	€25,973	€25,998	€26,023	€26,264	€26,077	▼ 0.7%
Trade debts44	€1,760	€2,693	€1,254	€429	€6,343	€3,933	€5,737	▲ 45.9%
Suppliers440/4	-	-	€1,254	€429	€6,343	€3,933	€5,737	▲ 45.9%
Taxes, remuneration and social security45	-	-	€3,516	€10,605	€3,165	€11,130	€12,607	▲ 13.3%
Taxes450/3	-	-	€2,778	€4,980	€1,440	€7,680	€4,907	▼ 36.1%
Remuneration and social security454/9	-	-	€738	€5,625	€1,725	€3,450	€7,700	▲ 123%
Other amounts payable47/48	-	-	€61,334	€48,127	€46,766	€128,408	€124,181	▼ 3.3%
Accrued charges and deferred income492/3	-	-	-	-	€5,624	€3,979	€11,637	▲ 192%

Line	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€22,092	€26,425	€15,087	€17,218	€19,993	€42,665	€62,251	▲ 45.9%
+ Depreciation and write-downs630	€51,082	€41,603	€41,236	€42,311	€44,569	€55,311	€50,499	▼ 8.7%
Operating cash flow (approximation)	€73,174	€68,028	€56,323	€59,529	€64,561	€97,975	€112,750	▲ 15.1%
Investment in fixed assets (approximation)	-	€0	-€3,315	€0	-€70,115	-€3,203	€0	-
Change in cash	-	€3,286	€5,065	-€24,067	-€42,767	€14,271	€47,285	▲ 231%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 17,811 companies had the same profile as VENTEGO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.

Small
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

96.5% was still going

3.1% stopped otherwise

0.3% went bankrupt

That fits the bankruptcy probability of VENTEGO 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 17,811 companies, not a prediction for VENTEGO. 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 16 filings with the National Bank

Financial year	Type	Filed	Reference	Document
30-09-2025	micro format	28-03-2026	2026-00064804	PDF
30-09-2024	micro format	29-04-2025	2025-00079416	PDF
30-09-2023	micro format	30-04-2024	2024-00073934	PDF
30-09-2022	micro format	24-04-2023	2023-00063702	PDF
30-09-2021	micro format	30-04-2022	2022-20015057	PDF
30-09-2020	micro format	05-04-2021	2021-10100551	PDF
30-09-2019	micro format	13-04-2020	2020-08900497	PDF
30-09-2018	micro format	16-04-2019	2019-09900197	PDF
30-09-2017	micro format	08-05-2018	2018-12400512	PDF
30-09-2016	abbreviated format	29-03-2017	2017-08800164	PDF

Show all 16 filings

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