VERANCO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 35 filings
Every figure per financial year
The operating result for 2025 is 84% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 74 | 77 | 72 | 58 | 51 |
| full-time | 56 | 64 | 59 | 47 | 44 |
| part-time | 18 | 13 | 13 | 11 | 7 |
| in full-time equivalents | 70.4 | 74.3 | 69.4 | 56.1 | 49.8 |
| Average over the year, in full-time equivalents | 69.1 | 72.3 | 76.2 | 60.6 | 52.9 |
| On a permanent contract | 74 | 77 | 72 | 58 | 51 |
| Joined | 10 | 20 | 14 | 4 | 4 |
| Left | 9 | 17 | 19 | 18 | 11 |
| Agency workers, average number | 4.9 | 7 | 1.4 | - | - |
| Training hours | 81 | 103 | 56 | 135 | 239 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €228,526 | €578,966 | €697,055 | €95,144 | €147,574 |
| Intangible fixed assets | - | €81,597 | €214,770 | €122,189 | €40,724 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €255,209 | €338,425 | €377,076 | €426,705 | €406,459 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 12 entries · €123,693 awarded · €123,472 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €957 | €1,137 |
| 2024 | 3 | €2,549 | €14,799 |
| 2023 | 4 | €28,378 | €33,685 |
| 2022 | 2 | €91,809 | €73,851 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.6m | €17.5m | €16.6m | €13.9m | €12.2m | ▼ 12.0% |
| Turnover70 | €11.1m | €12.0m | €10.1m | €12.7m | €16.1m | €16.3m | €12.4m | €11.2m | ▼ 9.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.8m | €0.3m | -€1.0m | €0.3m | -€0.04m | - |
| Own construction capitalised72 | - | - | - | - | - | - | €0.03m | €0 | ▼ 100% |
| Other operating income74 | - | - | - | €1.1m | €1.0m | €1.2m | €1.2m | €1.0m | ▼ 16.7% |
| Non-recurring operating income76A | - | - | - | €0.004m | €0.01m | €0.02m | €0.001m | €413 | ▼ 60.7% |
| Operating charges60/66A | - | - | - | €14.2m | €16.9m | €15.9m | €13.2m | €11.0m | ▼ 17.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.2m | €8.8m | €6.9m | €5.6m | €4.4m | ▼ 20.4% |
| Purchases600/8 | - | - | - | €7.9m | €8.7m | €6.5m | €5.7m | €4.4m | ▼ 21.9% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.7m | €0.2m | €0.4m | -€0.08m | €0.02m | - |
| Services and other goods61 | - | - | - | €3.0m | €3.5m | €3.7m | €3.2m | €2.9m | ▼ 9.3% |
| Remuneration, social security and pensions62 | - | - | - | €3.6m | €4.1m | €4.2m | €3.6m | €3.1m | ▼ 13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.3m | €0.3m | €0.1m | ▼ 68.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.05m | €0.08m | €0.1m | -€0.002m | -€0.03m | ▼ 972% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.05m | €0.3m | €0.1m | €0.05m | ▼ 51.0% |
| Non-recurring operating charges66A | - | - | - | €0.004m | €402 | €0 | €0.003m | €0.01m | ▲ 274% |
| Operating profit (loss)9901 | -€0.02m | €0.03m | €0.04m | €0.4m | €0.6m | €0.6m | €0.7m | €1.3m | ▲ 83.9% |
| Financial income75/76B | - | - | - | €0.3m | €0.6m | €0.2m | €0.1m | €0.03m | ▼ 74.1% |
| Recurring financial income75 | €0.2m | €0.3m | €0.4m | €0.3m | €0.6m | €0.2m | €0.1m | €0.03m | ▼ 74.1% |
| Income from current assets751 | - | - | - | €0.2m | €0.5m | €0 | €0.01m | €0.01m | ▼ 10.3% |
| Other financial income752/9 | - | - | - | €0.06m | €0.06m | €0.2m | €0.1m | €0.02m | ▼ 81.2% |
| Financial charges65/66B | - | - | - | €0.07m | €0.2m | €0.009m | €0.008m | €0.01m | ▲ 22.2% |
| Recurring financial charges65 | €0.3m | -€0.04m | €0.2m | €0.07m | €0.2m | €0.009m | €0.008m | €0.01m | ▲ 22.2% |
| Debt charges650 | €0.1m | €0.06m | €0.05m | €0.05m | €0.05m | €0 | - | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.002m | -€0.02m | €0 | - | - | - |
| Other financial charges652/9 | - | - | - | €0.02m | €0.2m | €0.009m | €0.008m | €0.01m | ▲ 22.2% |
| Profit (loss) for the period before taxes9903 | -€0.08m | €0.4m | €0.2m | €0.6m | €1.0m | €0.8m | €0.8m | €1.3m | ▲ 61.5% |
| Income taxes67/77 | €0.08m | €0.1m | €0.05m | €0.2m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 23.1% |
| Taxes670/3 | - | - | - | €0.2m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 23.1% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.2m | €0.2m | €0.1m | €0.4m | €0.8m | €0.5m | €0.5m | €1.1m | ▲ 99.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.2m | €0 | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.2m | €0.1m | €0.4m | €0.8m | €0.3m | €0.5m | €0.9m | ▲ 60.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.0m | €8.4m | €8.3m | €10.4m | €8.4m | €6.9m | €5.4m | €4.9m | ▼ 9.7% |
| Fixed assets21/28 | €1.1m | €1.0m | €0.8m | €0.8m | €1.1m | €1.5m | €1.3m | €1.2m | ▼ 3.3% |
| Intangible fixed assets21 | €0.03m | €0.03m | €0.05m | €0.04m | €0.08m | €0.07m | €0.2m | €0.1m | ▼ 20.8% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €0.8m | €0.8m | €1.0m | €1.4m | €1.1m | €0.9m | ▼ 18.0% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.5m | €1.0m | €0.8m | €0.6m | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 43.9% |
| Other tangible fixed assets26 | - | - | - | €0.4m | €0.3m | €0.2m | €0.1m | €0.07m | ▼ 30.6% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.1m | - |
| Financial fixed assets28 | €0.001m | €402 | €402 | €402 | €0 | - | €0.008m | €0.2m | ▲ 27× |
| Other financial fixed assets284/8 | - | - | - | €402 | €0 | - | €0.008m | €0.2m | ▲ 27× |
| Amounts receivable and cash guarantees285/8 | - | - | - | €402 | €0 | - | €0.008m | €0.2m | ▲ 27× |
| Current assets29/58 | €7.9m | €7.3m | €7.5m | €9.6m | €7.3m | €5.4m | €4.1m | €3.6m | ▼ 11.7% |
| Stocks and contracts in progress3 | €1.7m | €1.6m | €1.5m | €3.2m | €2.0m | €1.9m | €1.7m | €1.6m | ▼ 2.2% |
| Stocks30/36 | - | - | - | €2.1m | €2.0m | €1.9m | €1.7m | €1.6m | ▼ 2.2% |
| Raw materials and consumables30/31 | - | - | - | €2.1m | €2.0m | €1.5m | €1.7m | €1.6m | ▼ 2.2% |
| Advance payments36 | - | - | - | - | - | €0.4m | €0 | - | - |
| Contracts in progress37 | - | - | - | €1.0m | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €2.1m | €1.3m | €1.2m | €1.9m | €4.5m | €2.7m | €1.4m | €0.8m | ▼ 38.9% |
| Trade receivables40 | - | - | - | €1.3m | €1.4m | €0.5m | €1.0m | €0.7m | ▼ 30.1% |
| Other amounts receivable41 | - | - | - | €0.6m | €3.1m | €2.2m | €0.4m | €0.1m | ▼ 64.6% |
| Current investments50/53 | €3.1m | €3.7m | €3.4m | €4.2m | €0 | - | €0.5m | €0.7m | ▲ 40.0% |
| Other investments51/53 | - | - | - | €4.2m | €0 | - | €0.5m | €0.7m | ▲ 40.0% |
| Cash at bank and in hand54/58 | €1.0m | €0.6m | €1.0m | €0.4m | €0.8m | €0.7m | €0.5m | €0.4m | ▼ 23.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.02m | €0.01m | €0.008m | €0.03m | ▲ 231% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.0m | €8.4m | €8.3m | €10.4m | €8.4m | €6.9m | €5.4m | €4.9m | ▼ 9.7% |
| Equity10/15 | €1.4m | €1.6m | €1.7m | €2.1m | €1.2m | €0.7m | €0.4m | €0.9m | ▲ 167% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.6m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.6m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.02m | €0.2m | €0.2m | €0.4m | ▲ 93.0% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | - | - | €0.2m | €0.2m | €0.4m | ▲ 100% |
| Distributable reserves133 | - | - | - | €0.5m | €0 | - | - | - | - |
| Profit (loss) carried forward14 | €0.1m | €0.4m | €0.5m | €0.9m | €1.1m | €0.4m | €0.03m | €0.4m | ▲ 14× |
| Investment grants15 | - | - | - | €0.04m | €0.02m | €0.007m | €0 | - | - |
| Provisions and deferred taxes16 | €1.7m | €1.4m | €1.2m | €1.3m | €1.4m | €1.5m | €1.5m | €1.4m | ▼ 1.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €1.3m | €1.4m | €1.5m | €1.5m | €1.4m | ▼ 1.8% |
| Pensions and similar obligations160 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 4.9% |
| Environmental obligations163 | - | - | - | - | €1.3m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €1.3m | - | €1.4m | €1.4m | €1.4m | ▼ 1.7% |
| Amounts payable17/49 | €5.9m | €5.3m | €5.3m | €7.0m | €5.8m | €4.7m | €3.6m | €2.5m | ▼ 30.6% |
| Amounts payable after more than one year17 | - | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable178/9 | - | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts payable within one year42/48 | €5.7m | €5.1m | €5.1m | €7.0m | €5.8m | €4.7m | €3.6m | €2.5m | ▼ 30.6% |
| Trade debts44 | €1.3m | €0.8m | €1.1m | €1.9m | €1.6m | €1.7m | €1.9m | €0.9m | ▼ 53.5% |
| Suppliers440/4 | - | - | - | €1.9m | €1.6m | €1.7m | €1.9m | €0.9m | ▼ 53.5% |
| Advances received on contracts in progress46 | - | - | - | €3.6m | €2.8m | €1.5m | €1.2m | €0.7m | ▼ 39.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 22.8% |
| Taxes450/3 | - | - | - | €0.09m | €0.07m | €0.1m | €0.1m | €0.08m | ▼ 23.0% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 22.7% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0.8m | €1.0m | €0.001m | €0.5m | ▲ 963× |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.05m | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.2m | €0.1m | €0.4m | €0.8m | €0.5m | €0.5m | €1.1m | ▲ 99.1% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 4.7% |
| Operating cash flow (approximation) | €0.1m | €0.5m | €0.4m | €0.7m | €1.2m | €0.9m | €1.0m | €1.5m | ▲ 53.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.08m | -€0.2m | -€0.7m | -€0.7m | -€0.2m | -€0.4m | ▼ 61.8% |
| Change in cash | - | -€0.3m | €0.4m | -€0.6m | €0.3m | -€0.04m | -€0.2m | -€0.1m | ▲ 28.1% |
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, 378 companies had the same profile as VERANCO has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of VERANCO 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 378 companies, not a prediction for VERANCO. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00297175 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00219629 | |
| 31-12-2023 | full format | 25-07-2024 | 2024-00284831 | |
| 31-12-2022 | full format | 18-07-2023 | 2023-00268150 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20267210 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-62800293 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-46300292 | |
| 31-12-2018 | full format | 30-10-2019 | 2019-72300488 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-56300248 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56500120 |