VERTALON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 19 filings
Turnover
≈ €84,000
Estimated: probably between €42,000 and €170,000
Total assets
€210,406▲ 11.3%
2024 · €189,081
Net result
€6,260▼ 64.4%
2024 · €17,572
Working capital
-€22,695▼ 2.6%
2024 · -€22,111
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,189
▼ 53.9%
2025
20182025
Net result
€6,260
▼ 64.4%
2025
middle half of the sector
20182025
Equity
€78,432
▲ 8.7%
2025
middle half of the sector
20182025
Total assets
€210,406
▲ 11.3%
2025
middle half of the sector
20182025
Debt
€131,974
▲ 12.9%
2025
20182025
Working capital
-€22,695
▼ 2.6%
2025
lowest quarter of the sector
20182025
Solvency
37.3%
▼ 0.9pp
2025
middle half of the sector
20182025
Current ratio
0.75
▲ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.0%
▼ 6.3pp
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€8,164-€15,388▲ 88.5%€17,714▲ 15.1%€19,279▲ 8.8%€17,261▼ 10.5%-€5,057€26,463€12,189▼ 53.9%
Net result€2,000-€8,392▲ 320%€8,509within the sector's middle half▲ 1.4%€9,934within the sector's middle half▲ 16.7%€6,362within the sector's middle half▼ 36.0%-€9,664below the sector's middle half€17,572within the sector's middle half€6,260within the sector's middle half▼ 64.4%
Equity€31,068-€39,460▲ 27.0%€47,968within the sector's middle half▲ 21.6%€57,902within the sector's middle half▲ 20.7%€64,264within the sector's middle half▲ 11.0%€54,600within the sector's middle half▼ 15.0%€72,172within the sector's middle half▲ 32.2%€78,432within the sector's middle half▲ 8.7%
Total assets€191,501-€180,455▼ 5.8%€184,986within the sector's middle half▲ 2.5%€187,866within the sector's middle half▲ 1.6%€175,434within the sector's middle half▼ 6.6%€166,670within the sector's middle half▼ 5.0%€189,081within the sector's middle half▲ 13.4%€210,406within the sector's middle half▲ 11.3%
Debt€160,433-€140,995▼ 12.1%€137,018▼ 2.8%€129,964▼ 5.1%€111,170▼ 14.5%€112,071▲ 0.8%€116,909▲ 4.3%€131,974▲ 12.9%
Working capital-€27,303--€26,741▲ 2.1%-€21,104below the sector's middle half▲ 21.1%-€18,910below the sector's middle half▲ 10.4%-€17,723below the sector's middle half▲ 6.3%-€33,310below the sector's middle half▼ 87.9%-€22,111below the sector's middle half▲ 33.6%-€22,695below the sector's middle half▼ 2.6%
Solvency16.2%-21.9%▲ 5.6pp25.9%within the sector's middle half▲ 4.1pp30.8%within the sector's middle half▲ 4.9pp36.6%within the sector's middle half▲ 5.8pp32.8%within the sector's middle half▼ 3.9pp38.2%within the sector's middle half▲ 5.4pp37.3%within the sector's middle half▼ 0.9pp
Current ratio0.39-0.29▼ 0.090.48below the sector's middle half▲ 0.180.59below the sector's middle half▲ 0.110.52below the sector's middle half▼ 0.070.31below the sector's middle half▼ 0.210.65below the sector's middle half▲ 0.340.75below the sector's middle half▲ 0.09
Return on assets (ROA)1.0%-4.7%▲ 3.6pp4.6%within the sector's middle half▼ 0.1pp5.3%within the sector's middle half▲ 0.7pp3.6%within the sector's middle half▼ 1.7pp-5.8%below the sector's middle half▼ 9.4pp9.3%within the sector's middle half▲ 15.1pp3.0%within the sector's middle half▼ 6.3pp
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 54% lower than in 2024.
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 €210,406
Fixed assets
€143,120 ▼ 2.9%
Current assets
€67,286 ▲ 61.7%
Equity and liabilities €210,406
Equity
€78,432 ▲ 8.7%
Debt
€131,974 ▲ 12.9%
Debt's share of the balance-sheet total rises from 61.8% to 62.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,529▼
2024 · €30,803
Cash flow
€10,600▼
2024 · €21,912
Debt to equity
1.68▲
2024 · 1.62
ROE
8.0%▼
2024 · 24.3%
Interest coverage
5.00▼
2024 · 8.46
Debt ≤ 1 year
€89,981▲
2024 · €63,732
Debt > 1 year
€41,993▼
2024 · €53,177
Income taxes
€2,652▼
2024 · €5,250
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €175,000 | €175,000 |
| Carrying value of the mortgaged assets | - | - | - | €147,460 | €143,120 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
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 | €4,854 | €4,854 | €5,010 | €5,010 | €4,654 | €4,340 | €4,340 | €4,340 | = |
| Other operating charges640/8 | - | - | - | €1,397 | €2,051 | €1,614 | €2,681 | €1,721 | ▼ 35.8% |
| Gross operating margin9900 | €13,929 | €21,573 | €24,111 | €25,686 | €23,967 | €896 | €33,484 | €18,250 | ▼ 45.5% |
| Operating profit (loss)9901 | €8,164 | €15,388 | €17,714 | €19,279 | €17,261 | -€5,057 | €26,463 | €12,189 | ▼ 53.9% |
| Financial income75/76B | - | - | - | €0 | €8 | €0 | - | €32 | - |
| Recurring financial income75 | - | €375 | - | €0 | €8 | €0 | - | €32 | - |
| Financial charges65/66B | - | - | - | €5,611 | €5,564 | €3,870 | €3,641 | €3,308 | ▼ 9.1% |
| Recurring financial charges65 | €5,599 | €5,036 | €6,105 | €5,611 | €5,564 | €3,870 | €3,641 | €3,308 | ▼ 9.1% |
| Profit (loss) for the period before taxes9903 | €2,565 | €10,728 | €11,609 | €13,667 | €11,704 | -€8,927 | €22,822 | €8,912 | ▼ 60.9% |
| Income taxes67/77 | €565 | €2,336 | €3,100 | €3,734 | €5,342 | €738 | €5,250 | €2,652 | ▼ 49.5% |
| Profit (loss) for the period9904 | €2,000 | €8,392 | €8,509 | €9,934 | €6,362 | -€9,664 | €17,572 | €6,260 | ▼ 64.4% |
| Profit (loss) for the period to be appropriated9905 | €2,000 | €8,392 | €8,509 | €9,934 | €6,362 | -€9,664 | €17,572 | €6,260 | ▼ 64.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €191,501 | €180,455 | €184,986 | €187,866 | €175,434 | €166,670 | €189,081 | €210,406 | ▲ 11.3% |
| Fixed assets21/28 | €174,292 | €169,438 | €165,804 | €160,794 | €156,140 | €151,800 | €147,460 | €143,120 | ▼ 2.9% |
| Tangible fixed assets22/27 | €174,106 | €169,252 | €165,804 | €160,794 | €156,140 | €151,800 | €147,460 | €143,120 | ▼ 2.9% |
| Land and buildings22 | - | - | - | €160,479 | €156,140 | €151,800 | €147,460 | €143,120 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €315 | €0 | - | - | - | - |
| Financial fixed assets28 | €186 | €186 | - | - | - | - | - | - | - |
| Current assets29/58 | €17,209 | €11,017 | €19,182 | €27,072 | €19,294 | €14,871 | €41,621 | €67,286 | ▲ 61.7% |
| Amounts receivable within one year40/41 | €11,085 | €8,971 | €17,854 | €26,281 | €18,351 | €14,322 | €41,119 | €66,395 | ▲ 61.5% |
| Trade receivables40 | - | - | - | €26,281 | €16,262 | €11,067 | €2,924 | €1,800 | ▼ 38.4% |
| Other amounts receivable41 | - | - | - | - | €2,088 | €3,256 | €38,196 | €64,595 | ▲ 69.1% |
| Cash at bank and in hand54/58 | €3,061 | €1,778 | €1,015 | €456 | €391 | €139 | €33 | €549 | ▲ 17× |
| Deferred charges and accrued income490/1 | - | - | - | €335 | €553 | €409 | €469 | €342 | ▼ 27.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €191,501 | €180,455 | €184,986 | €187,866 | €175,434 | €166,670 | €189,081 | €210,406 | ▲ 11.3% |
| Equity10/15 | €31,068 | €39,460 | €47,968 | €57,902 | €64,264 | €54,600 | €72,172 | €78,432 | ▲ 8.7% |
| Contributions10/11 | €17,030 | €17,030 | - | €17,030 | €17,030 | €17,030 | €17,030 | €17,030 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €12,178 | €20,570 | €29,078 | €39,012 | €45,374 | €35,710 | €53,282 | €59,542 | ▲ 11.7% |
| Amounts payable17/49 | €160,433 | €140,995 | €137,018 | €129,964 | €111,170 | €112,071 | €116,909 | €131,974 | ▲ 12.9% |
| Amounts payable after more than one year17 | €115,921 | €103,238 | €96,732 | €83,983 | €74,153 | €63,890 | €53,177 | €41,993 | ▼ 21.0% |
| Financial debts170/4 | - | - | - | €83,983 | €74,153 | €63,890 | €53,177 | €41,993 | ▼ 21.0% |
| Amounts payable within one year42/48 | €44,512 | €37,758 | €40,286 | €45,982 | €37,017 | €48,180 | €63,732 | €89,981 | ▲ 41.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,511 | €9,830 | €10,262 | €10,713 | €11,184 | ▲ 4.4% |
| Financial debts43 | - | - | - | €3,023 | €0 | - | - | €1,695 | - |
| Other loans439 | - | - | - | €3,023 | €0 | - | - | €1,695 | - |
| Trade debts44 | €589 | €309 | €2,470 | €1,486 | €1,123 | €1,288 | €1,320 | €17,012 | ▲ 13× |
| Suppliers440/4 | - | - | - | €1,486 | €1,123 | €1,288 | €1,320 | €17,012 | ▲ 13× |
| Taxes, remuneration and social security45 | - | - | - | €4,876 | €7,135 | €7,204 | €13,170 | €8,014 | ▼ 39.1% |
| Taxes450/3 | - | - | - | €4,876 | €7,135 | €7,204 | €13,170 | €8,014 | ▼ 39.1% |
| Other amounts payable47/48 | - | - | - | €24,087 | €18,929 | €29,426 | €38,529 | €52,076 | ▲ 35.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,000 | €8,392 | €8,509 | €9,934 | €6,362 | -€9,664 | €17,572 | €6,260 | ▼ 64.4% |
| + Depreciation and write-downs630 | €4,854 | €4,854 | €5,010 | €5,010 | €4,654 | €4,340 | €4,340 | €4,340 | = |
| Operating cash flow (approximation) | €6,854 | €13,245 | €13,519 | €14,944 | €11,017 | -€5,325 | €21,912 | €10,600 | ▼ 51.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1,376 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,283 | -€763 | -€559 | -€65 | -€252 | -€106 | €515 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00362359 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00314905 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00204505 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00215137 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20136546 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24500142 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22100450 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54800576 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-30100592 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56400276 |