VERESTATE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-04-2026 PDF all 28 filings
Turnover
≈ €520,000
Estimated: probably between €330,000 and €1.2m
Total assets
€9.1m▲ 0.5%
2024 · €9.1m
Net result
€256,431
2024 · -€359,551
Working capital
€6.9m▲ 5.4%
2024 · €6.6m
In the rankings
#3 company by equity in Keerbergen, Real estate sector#5 company by total assets in Keerbergen, Real estate sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€121,409
2025
20192025
Net result
€256,431
2025
highest quarter of the sector
20192025
Equity
€8.2m
▲ 3.2%
2025
highest quarter of the sector
20192025
Total assets
€9.1m
▲ 0.5%
2025
highest quarter of the sector
20192025
Debt
€851,861
▼ 20.1%
2025
20192025
Working capital
€6.9m
▲ 5.4%
2025
highest quarter of the sector
20192025
Solvency
90.6%
▲ 2.4pp
2025
highest quarter of the sector
20192025
Current ratio
23.87
▲ 10.17
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.8%
▲ 6.8pp
2025
middle half of the sector
20192025
Staff (FTE)
0
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€0.3m-€0.4m▲ 49.3%€0.6m▲ 33.5%€0.09m▼ 85.6%-€0.2m-€0.5m▼ 139%€0.1m
Net result€0.2m-€0.3mabove the sector's middle half▲ 35.2%€0.4mabove the sector's middle half▲ 44.3%€0.2mabove the sector's middle half▼ 42.9%-€0.09mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 315%€0.3mabove the sector's middle half
Equity€8.3m-€7.8mabove the sector's middle half▼ 6.1%€8.2mabove the sector's middle half▲ 5.6%€8.4mabove the sector's middle half▲ 3.0%€8.3mabove the sector's middle half▼ 1.0%€8.0mabove the sector's middle half▼ 4.3%€8.2mabove the sector's middle half▲ 3.2%
Total assets€9.1m-€8.6mabove the sector's middle half▼ 5.6%€9.2mabove the sector's middle half▲ 7.5%€9.4mabove the sector's middle half▲ 1.8%€9.2mabove the sector's middle half▼ 2.5%€9.1mabove the sector's middle half▼ 1.3%€9.1mabove the sector's middle half▲ 0.5%
Debt€0.9m-€0.8m▼ 0.6%€1.1m▲ 24.8%€1.0m▼ 7.2%€0.8m▼ 15.6%€1.1m▲ 29.0%€0.9m▼ 20.1%
Working capital€7.3m-€6.0mabove the sector's middle half▼ 18.6%€6.4mabove the sector's middle half▲ 6.8%€7.2mabove the sector's middle half▲ 13.2%€6.8mabove the sector's middle half▼ 5.5%€6.6mabove the sector's middle half▼ 3.6%€6.9mabove the sector's middle half▲ 5.4%
Solvency90.7%-90.2%above the sector's middle half▼ 0.5pp88.6%above the sector's middle half▼ 1.6pp89.6%above the sector's middle half▲ 1.0pp91.0%above the sector's middle half▲ 1.4pp88.2%above the sector's middle half▼ 2.8pp90.6%above the sector's middle half▲ 2.4pp
Current ratio9.61-8.05above the sector's middle half▼ 1.577.03above the sector's middle half▼ 1.0217.77above the sector's middle half▲ 10.7525.61above the sector's middle half▲ 7.8413.70above the sector's middle half▼ 11.9123.87above the sector's middle half▲ 10.17
Return on assets (ROA)2.4%-3.5%within the sector's middle half▲ 1.0pp4.7%within the sector's middle half▲ 1.2pp2.6%within the sector's middle half▼ 2.1pp-0.9%within the sector's middle half▼ 3.6pp-4.0%below the sector's middle half▼ 3.0pp2.8%within the sector's middle half▲ 6.8pp
Staff (FTE)0.8within the sector's middle half0within the sector's middle half▼ 100%0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €121,409, after a loss of €498,174 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €9.1m
Fixed assets
€1.9m ▼ 4.8%
Current assets
€7.2m ▲ 1.9%
Equity and liabilities €9.1m
Equity
€8.2m ▲ 3.2%
Debt
€851,861 ▼ 20.1%
Debt's share of the balance-sheet total falls from 11.8% to 9.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€235,394▲
2024 · -€387,038
Cash flow
€370,416▲
2024 · -€248,414
Quick ratio
17.20▲
2024 · 9.81
Debt to equity
0.10▼
2024 · 0.13
ROE
3.1%▲
2024 · -4.5%
Interest coverage
9.36▲
2024 · -11.23
Debt ≤ 1 year
€301,861▼
2024 · €515,777
Debt > 1 year
€550,000=
2024 · €550,000
Income taxes
€627▼
2024 · €3,946
Staff costs
€1,550▼
2024 · €15,073
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 |
|---|---|
| Employees at the balance-sheet date | 2 |
| full-time | 0 |
| part-time | 2 |
| in full-time equivalents | 0.8 |
| Average over the year, in full-time equivalents | 0.8 |
| On a permanent contract | 2 |
| Joined | 3 |
| Left | 3 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €112,330 | €48,076 | €432,274 | - | €19,441 |
| Financial fixed assets | - | - | €1,976 | - | - |
| Depreciation and write-downs of the year | €83,115 | €90,592 | €125,124 | €111,137 | €113,985 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,420 awarded · €2,420 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €11,767 | €14,568 | €27,604 | €15,073 | €1,550 | ▼ 89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,935 | €80,639 | €83,115 | €90,592 | €125,124 | €111,137 | €113,985 | ▲ 2.6% |
| Other operating charges640/8 | - | - | €22,943 | €750,006 | €32,210 | €4,190 | €5,808 | ▲ 38.6% |
| Non-recurring operating charges66A | - | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | €496,747 | €592,429 | €714,767 | €941,322 | -€23,762 | -€367,775 | €242,752 | - |
| Operating profit (loss)9901 | €299,433 | €446,989 | €596,942 | €86,157 | -€208,699 | -€498,174 | €121,409 | - |
| Financial income75/76B | - | - | €544 | €278,058 | €156,181 | €177,022 | €160,799 | ▼ 9.2% |
| Recurring financial income75 | €36,418 | €10,397 | €544 | €278,058 | €156,181 | €177,022 | €160,799 | ▼ 9.2% |
| Financial charges65/66B | - | - | €15,435 | €17,603 | €28,936 | €34,453 | €25,150 | ▼ 27.0% |
| Recurring financial charges65 | €5,679 | €8,196 | €15,435 | €17,603 | €28,936 | €34,453 | €25,150 | ▼ 27.0% |
| Profit (loss) for the period before taxes9903 | €330,173 | €449,189 | €582,052 | €346,611 | -€81,453 | -€355,605 | €257,058 | - |
| Income taxes67/77 | €108,735 | €149,806 | €150,134 | €99,933 | €5,099 | €3,946 | €627 | ▼ 84.1% |
| Profit (loss) for the period9904 | €221,438 | €299,383 | €431,918 | €246,679 | -€86,552 | -€359,551 | €256,431 | - |
| Profit (loss) for the period to be appropriated9905 | €221,438 | €299,383 | €431,918 | €246,679 | -€86,552 | -€359,551 | €256,431 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €9.1m | €8.6m | €9.2m | €9.4m | €9.2m | €9.1m | €9.1m | ▲ 0.5% |
| Fixed assets21/28 | €0.9m | €1.8m | €1.8m | €1.8m | €2.1m | €2.0m | €1.9m | ▼ 4.8% |
| Tangible fixed assets22/27 | €0.9m | €1.8m | €1.8m | €1.8m | €2.1m | €2.0m | €1.9m | ▼ 4.8% |
| Land and buildings22 | - | - | €1.8m | €1.7m | €1.9m | €1.8m | €1.8m | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | €0.003m | €0.002m | €248 | €113 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €0.03m | €0.01m | €0.2m | €0.1m | €0.08m | ▼ 29.5% |
| Other tangible fixed assets26 | - | - | €0.03m | €0.07m | €0.05m | €0.04m | €0.04m | ▲ 6.8% |
| Financial fixed assets28 | €260 | €260 | €260 | €0 | €0.002m | €0 | - | - |
| Current assets29/58 | €8.2m | €6.8m | €7.4m | €7.6m | €7.1m | €7.1m | €7.2m | ▲ 1.9% |
| Stocks and contracts in progress3 | €3.7m | €2.6m | €2.3m | €1.7m | €2.0m | €2.0m | €2.0m | ▲ 0.1% |
| Stocks30/36 | - | - | €2.3m | €1.7m | €2.0m | €2.0m | €2.0m | ▲ 0.1% |
| Amounts receivable within one year40/41 | €2.6m | €2.5m | €3.0m | €3.0m | €4.6m | €4.0m | €3.6m | ▼ 8.7% |
| Trade receivables40 | - | - | €0.6m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 42.9% |
| Other amounts receivable41 | - | - | €2.4m | €2.7m | €4.1m | €3.8m | €3.4m | ▼ 11.2% |
| Current investments50/53 | - | - | - | - | - | - | €0.5m | - |
| Cash at bank and in hand54/58 | €1.8m | €1.7m | €2.1m | €2.8m | €0.4m | €1.0m | €1.0m | ▲ 0.2% |
| Deferred charges and accrued income490/1 | - | - | €0.003m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 16.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €9.1m | €8.6m | €9.2m | €9.4m | €9.2m | €9.1m | €9.1m | ▲ 0.5% |
| Equity10/15 | €8.3m | €7.8m | €8.2m | €8.4m | €8.3m | €8.0m | €8.2m | ▲ 3.2% |
| Contributions10/11 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Capital10 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Issued capital100 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Revaluation surpluses12 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €8.1m | €7.6m | €8.1m | €8.3m | €8.2m | €7.9m | €8.1m | ▲ 3.3% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | €8.0m | €8.3m | €8.2m | €7.8m | €8.1m | ▲ 3.3% |
| Profit (loss) carried forward14 | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €0.9m | €0.8m | €1.1m | €1.0m | €0.8m | €1.1m | €0.9m | ▼ 20.1% |
| Amounts payable after more than one year17 | €434 | €434 | €0 | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Financial debts170/4 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Other amounts payable178/9 | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.8m | €0.8m | €1.1m | €0.4m | €0.3m | €0.5m | €0.3m | ▼ 41.5% |
| Trade debts44 | €0.3m | €0.7m | €0.6m | €0.1m | €0.2m | €0.05m | €0.09m | ▲ 90.7% |
| Suppliers440/4 | - | - | €0.6m | €0.1m | €0.2m | €0.05m | €0.09m | ▲ 90.7% |
| Taxes, remuneration and social security45 | - | - | €0.08m | €0 | €0.04m | €0.001m | €0.001m | ▲ 4.0% |
| Taxes450/3 | - | - | €0.07m | €0 | €0.04m | €0.001m | €0.001m | ▲ 4.0% |
| Remuneration and social security454/9 | - | - | €0.001m | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.4m | €0.3m | €0 | €0.5m | €0.2m | ▼ 54.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.3m | €0.4m | €0.2m | -€0.09m | -€0.4m | €0.3m | - |
| + Depreciation and write-downs630 | €0.05m | €0.08m | €0.08m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 2.6% |
| Operating cash flow (approximation) | €0.3m | €0.4m | €0.5m | €0.3m | €0.04m | -€0.2m | €0.4m | - |
| Investment in fixed assets (approximation) | - | -€0.9m | -€0.1m | -€0.05m | -€0.4m | €0.002m | -€0.02m | - |
| Change in cash | - | -€0.2m | €0.4m | €0.7m | -€2.4m | €0.6m | €0.002m | ▼ 99.6% |
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, 1,887 companies had the same profile as VERESTATE has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of VERESTATE 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 1,887 companies, not a prediction for VERESTATE. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 20-04-2026 | 2026-00082499 | |
| 30-09-2024 | abbreviated format | 03-04-2025 | 2025-00062505 | |
| 30-09-2023 | abbreviated format | 29-04-2024 | 2024-00071841 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00069525 | |
| 30-09-2021 | abbreviated format | 16-05-2022 | 2022-20026898 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-13000394 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-10800188 | |
| 30-09-2018 | abbreviated format | 30-04-2019 | 2019-11600039 | |
| 30-09-2017 | abbreviated format | 27-04-2018 | 2018-11200578 | |
| 30-09-2016 | abbreviated format | 27-03-2017 | 2017-07400148 |