VERBACOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 14 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €180,000
Total assets
€216,834▲ 19.8%
2024 · €180,925
Net result
€44,095▲ 23.0%
2024 · €35,855
Working capital
€171,954▲ 26.6%
2024 · €135,824
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,716
▲ 24.2%
2025
20182025
Net result
€44,095
▲ 23.0%
2025
middle half of the sector
20182025
Equity
€192,594
▲ 20.6%
2025
middle half of the sector
20182025
Total assets
€216,834
▲ 19.8%
2025
middle half of the sector
20182025
Debt
€24,240
▲ 14.3%
2025
20182025
Working capital
€171,954
▲ 26.6%
2025
highest quarter of the sector
20182025
Solvency
88.8%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
8.11
▲ 0.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
20.3%
▲ 0.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,153-€15,247▼ 39.4%€18,081▲ 18.6%€55,549▲ 207%€28,200▼ 49.2%€48,034▲ 70.3%€49,700▲ 3.5%€61,716▲ 24.2%
Net result€16,446-€11,183▼ 32.0%€12,375within the sector's middle half▲ 10.7%€38,982within the sector's middle half▲ 215%€21,972within the sector's middle half▼ 43.6%€34,853within the sector's middle half▲ 58.6%€35,855within the sector's middle half▲ 2.9%€44,095within the sector's middle half▲ 23.0%
Equity€53,146-€48,704▼ 8.4%€59,479within the sector's middle half▲ 22.1%€96,861within the sector's middle half▲ 62.8%€107,600within the sector's middle half▲ 11.1%€125,535within the sector's middle half▲ 16.7%€159,724within the sector's middle half▲ 27.2%€192,594within the sector's middle half▲ 20.6%
Total assets€77,840-€85,367▲ 9.7%€79,469below the sector's middle half▼ 6.9%€135,388within the sector's middle half▲ 70.4%€163,671within the sector's middle half▲ 20.9%€158,264within the sector's middle half▼ 3.3%€180,925within the sector's middle half▲ 14.3%€216,834within the sector's middle half▲ 19.8%
Debt€24,695-€36,663▲ 48.5%€19,989▼ 45.5%€38,526▲ 92.7%€56,071▲ 45.5%€32,729▼ 41.6%€21,201▼ 35.2%€24,240▲ 14.3%
Working capital€52,056-€48,504▼ 6.8%€54,849within the sector's middle half▲ 13.1%€94,554within the sector's middle half▲ 72.4%€73,821within the sector's middle half▼ 21.9%€94,390within the sector's middle half▲ 27.9%€135,824within the sector's middle half▲ 43.9%€171,954above the sector's middle half▲ 26.6%
Solvency68.3%-57.1%▼ 11.2pp74.8%within the sector's middle half▲ 17.8pp71.5%within the sector's middle half▼ 3.3pp65.7%within the sector's middle half▼ 5.8pp79.3%above the sector's middle half▲ 13.6pp88.3%above the sector's middle half▲ 9.0pp88.8%above the sector's middle half▲ 0.5pp
Current ratio3.11-2.32▼ 0.783.74within the sector's middle half▲ 1.423.45within the sector's middle half▼ 0.292.32within the sector's middle half▼ 1.143.89within the sector's middle half▲ 1.578.07above the sector's middle half▲ 4.188.11above the sector's middle half▲ 0.03
Return on assets (ROA)21.1%-13.1%▼ 8.0pp15.6%within the sector's middle half▲ 2.5pp28.8%above the sector's middle half▲ 13.2pp13.4%within the sector's middle half▼ 15.4pp22.0%within the sector's middle half▲ 8.6pp19.8%within the sector's middle half▼ 2.2pp20.3%within the sector's middle half▲ 0.5pp
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 24% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €216,834
Fixed assets
€20,679 ▼ 20.1%
Current assets
€196,155 ▲ 26.5%
Equity and liabilities €216,834
Equity
€192,594 ▲ 20.6%
Debt
€24,240 ▲ 14.3%
Debt's share of the balance-sheet total falls from 11.7% to 11.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€66,932▲
2024 · €54,989
Cash flow
€49,311▲
2024 · €41,144
Debt to equity
0.13▼
2024 · 0.13
ROE
22.9%▲
2024 · 22.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€24,201▲
2024 · €19,205
Income taxes
€18,046▲
2024 · €14,657
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €37,041 | €2,251 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,323 | €5,530 | €4,885 | €5,289 | €5,216 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,090 | €1,090 | €216 | €2,323 | €5,530 | €4,885 | €5,289 | €5,216 | ▼ 1.4% |
| Other operating charges640/8 | - | - | - | €928 | €1,152 | €1,088 | €1,724 | €1,515 | ▼ 12.1% |
| Gross operating margin9900 | €27,408 | €17,431 | €19,338 | €58,800 | €34,882 | €54,006 | €56,713 | €68,447 | ▲ 20.7% |
| Operating profit (loss)9901 | €25,153 | €15,247 | €18,081 | €55,549 | €28,200 | €48,034 | €49,700 | €61,716 | ▲ 24.2% |
| Financial income75/76B | - | - | - | - | €1,038 | €963 | €896 | €515 | ▼ 42.6% |
| Recurring financial income75 | €0 | €1,466 | €0 | - | €1,038 | €963 | €896 | €515 | ▼ 42.6% |
| Financial charges65/66B | - | - | - | €201 | €140 | €55 | €85 | €90 | ▲ 6.5% |
| Recurring financial charges65 | €744 | €694 | €246 | €201 | €140 | €55 | €85 | €90 | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | €24,409 | €16,019 | €17,835 | €55,348 | €29,098 | €48,942 | €50,511 | €62,141 | ▲ 23.0% |
| Income taxes67/77 | €7,963 | €4,837 | €5,461 | €16,366 | €7,126 | €14,089 | €14,657 | €18,046 | ▲ 23.1% |
| Profit (loss) for the period9904 | €16,446 | €11,183 | €12,375 | €38,982 | €21,972 | €34,853 | €35,855 | €44,095 | ▲ 23.0% |
| Profit (loss) for the period to be appropriated9905 | €16,446 | €11,183 | €12,375 | €38,982 | €21,972 | €34,853 | €35,855 | €44,095 | ▲ 23.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €77,840 | €85,367 | €79,469 | €135,388 | €163,671 | €158,264 | €180,925 | €216,834 | ▲ 19.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1,090 | €200 | €4,631 | €2,307 | €33,818 | €31,184 | €25,895 | €20,679 | ▼ 20.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,090 | €0 | €4,431 | €2,107 | €33,618 | €30,984 | €25,695 | €20,479 | ▼ 20.3% |
| Plant, machinery and equipment23 | - | - | - | - | €559 | €348 | €137 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €2,107 | €0 | €2,206 | €1,755 | €1,305 | ▼ 25.6% |
| Other tangible fixed assets26 | - | - | - | - | €33,059 | €28,431 | €23,802 | €19,174 | ▼ 19.4% |
| Financial fixed assets28 | €0 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €76,751 | €85,167 | €74,838 | €133,080 | €129,853 | €127,080 | €155,030 | €196,155 | ▲ 26.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €37,500 | €30,000 | €20,000 | €20,000 | = |
| Other amounts receivable291 | - | - | - | - | €37,500 | €30,000 | €20,000 | €20,000 | = |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,693 | €22,659 | €28,869 | €31,088 | €19,839 | €43,836 | €22,260 | €33,010 | ▲ 48.3% |
| Trade receivables40 | - | - | - | €31,088 | €10,966 | €41,925 | €18,417 | €28,056 | ▲ 52.3% |
| Other amounts receivable41 | - | - | - | €0 | €8,874 | €1,911 | €3,843 | €4,954 | ▲ 28.9% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €60,525 | €61,958 | €45,446 | €101,992 | €71,219 | €51,699 | €111,483 | €142,040 | ▲ 27.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €1,295 | €1,545 | €1,286 | €1,104 | ▼ 14.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €77,840 | €85,367 | €79,469 | €135,388 | €163,671 | €158,264 | €180,925 | €216,834 | ▲ 19.8% |
| Equity10/15 | €53,146 | €48,704 | €59,479 | €96,861 | €107,600 | €125,535 | €159,724 | €192,594 | ▲ 20.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €40,746 | €36,304 | €47,079 | €84,461 | €95,200 | €113,135 | €147,324 | €180,194 | ▲ 22.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €82,601 | €93,340 | €111,275 | €145,464 | €180,194 | ▲ 23.9% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €24,695 | €36,663 | €19,989 | €38,526 | €56,071 | €32,729 | €21,201 | €24,240 | ▲ 14.3% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €24,695 | €36,663 | €19,989 | €38,526 | €56,032 | €32,690 | €19,205 | €24,201 | ▲ 26.0% |
| Financial debts43 | - | - | - | - | - | €146 | €149 | €199 | ▲ 34.2% |
| Credit institutions430/8 | - | - | - | - | - | €146 | €149 | €199 | ▲ 34.2% |
| Trade debts44 | €871 | €4,654 | €1,470 | €1,316 | €7,924 | €1,168 | €3,070 | €683 | ▼ 77.7% |
| Suppliers440/4 | - | - | - | €1,316 | €7,924 | €1,168 | €3,070 | €683 | ▼ 77.7% |
| Taxes, remuneration and social security45 | - | - | - | €32,056 | €30,109 | €13,768 | €11,882 | €14,598 | ▲ 22.9% |
| Taxes450/3 | - | - | - | €32,056 | €30,109 | €13,768 | €11,882 | €14,598 | ▲ 22.9% |
| Other amounts payable47/48 | - | - | - | €5,154 | €17,999 | €17,608 | €4,105 | €8,720 | ▲ 112% |
| Accrued charges and deferred income492/3 | - | - | - | - | €39 | €39 | €1,995 | €39 | ▼ 98.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,446 | €11,183 | €12,375 | €38,982 | €21,972 | €34,853 | €35,855 | €44,095 | ▲ 23.0% |
| + Depreciation and write-downs630 | €1,090 | €1,090 | €216 | €2,323 | €5,530 | €4,885 | €5,289 | €5,216 | ▼ 1.4% |
| Operating cash flow (approximation) | €17,536 | €12,273 | €12,590 | €41,306 | €27,502 | €39,738 | €41,144 | €49,311 | ▲ 19.8% |
| Investment in fixed assets (approximation) | - | -€200 | -€4,646 | €0 | -€37,041 | -€2,251 | €0 | €0 | - |
| Change in cash | - | €1,433 | -€16,513 | €56,547 | -€30,774 | -€19,520 | €59,784 | €30,557 | ▼ 48.9% |
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, 34,693 companies had the same profile as VERBACOM has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VERBACOM 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 34,693 companies, not a prediction for VERBACOM. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00368689 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00286041 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00363590 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00299050 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20250942 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44400261 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-23600105 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40200156 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41400214 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38900116 |