VERTAS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 April 2026, deadline 31 March 2026 (7 months after the close on 31 August 2025, Companies Code art. 3:10). Source: NBB, 2026-00071051.
Annual accounts 2025 filed on 02-04-2026 PDF all 22 filings
Turnover
≈ €30,000
Estimated: probably between €14,000 and €61,000
Total assets
€215,682▲ 3.6%
2024 · €208,186
Net result
€6,454
2024 · -€72,779
Working capital
€54,742▲ 13.4%
2024 · €48,287
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,514
2025
20192025
Net result
€6,454
2025
middle half of the sector
20192025
Equity
€134,771
▲ 5.0%
2025
middle half of the sector
20192025
Total assets
€215,682
▲ 3.6%
2025
middle half of the sector
20192025
Debt
€80,911
▲ 1.3%
2025
20192025
Working capital
€54,742
▲ 13.4%
2025
middle half of the sector
20192025
Solvency
62.5%
▲ 0.9pp
2025
middle half of the sector
20192025
Current ratio
2.44
▲ 0.13
2025
middle half of the sector
20192025
Return on assets (ROA)
3.0%
▲ 38.0pp
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€15,787-€38,568▲ 144%€54,908▲ 42.4%€7,627▼ 86.1%-€12,096-€72,651▼ 501%€6,514
Net result€10,677-€30,205within the sector's middle half▲ 183%€40,941within the sector's middle half▲ 35.5%-€4,749below the sector's middle half-€6,614below the sector's middle half▼ 39.3%-€72,779below the sector's middle half▼ 1,000%€6,454within the sector's middle half
Equity€66,312-€96,517within the sector's middle half▲ 45.6%€137,458within the sector's middle half▲ 42.4%€132,709within the sector's middle half▼ 3.5%€201,095within the sector's middle half▲ 51.5%€128,316within the sector's middle half▼ 36.2%€134,771within the sector's middle half▲ 5.0%
Total assets€162,343-€254,370within the sector's middle half▲ 56.7%€325,605within the sector's middle half▲ 28.0%€335,675within the sector's middle half▲ 3.1%€284,251within the sector's middle half▼ 15.3%€208,186within the sector's middle half▼ 26.8%€215,682within the sector's middle half▲ 3.6%
Debt€96,032-€157,853▲ 64.4%€188,148▲ 19.2%€202,966▲ 7.9%€83,156▼ 59.0%€79,870▼ 4.0%€80,911▲ 1.3%
Working capital€27,248-€100,869within the sector's middle half▲ 270%€170,218above the sector's middle half▲ 68.8%€174,709above the sector's middle half▲ 2.6%€121,066within the sector's middle half▼ 30.7%€48,287within the sector's middle half▼ 60.1%€54,742within the sector's middle half▲ 13.4%
Solvency40.8%-37.9%within the sector's middle half▼ 2.9pp42.2%within the sector's middle half▲ 4.3pp39.5%within the sector's middle half▼ 2.7pp70.7%within the sector's middle half▲ 31.2pp61.6%within the sector's middle half▼ 9.1pp62.5%within the sector's middle half▲ 0.9pp
Current ratio2.11-3.37within the sector's middle half▲ 1.254.70above the sector's middle half▲ 1.345.60above the sector's middle half▲ 0.904.01within the sector's middle half▼ 1.592.31within the sector's middle half▼ 1.702.44within the sector's middle half▲ 0.13
Return on assets (ROA)6.6%-11.9%within the sector's middle half▲ 5.3pp12.6%within the sector's middle half▲ 0.7pp-1.4%below the sector's middle half▼ 14.0pp-2.3%below the sector's middle half▼ 0.9pp-35.0%below the sector's middle half▼ 32.6pp3.0%within the sector's middle half▲ 38.0pp
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 a profit of €6,514, after a loss of €72,651 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 €215,682
Fixed assets
€123,000 =
Current assets
€92,682 ▲ 8.8%
Equity and liabilities €215,682
Equity
€134,771 ▲ 5.0%
Debt
€80,911 ▲ 1.3%
Debt's share of the balance-sheet total falls from 38.4% to 37.5%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.60▼
2024 · 0.62
ROE
4.8%▲
2024 · -56.7%
Debt ≤ 1 year
€37,940▲
2024 · €36,899
Debt > 1 year
€42,971=
2024 · €42,971
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-08-2022 | 31-08-2023 | 31-08-2024 | 31-08-2025 |
|---|---|---|---|---|
| Financial fixed assets | €19,000 | - | - | - |
| Depreciation and write-downs of the year | €400 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €745 | €912 | €1,423 | €400 | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €35,022 | €83,572 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €29 | - | - | - |
| Other operating charges640/8 | - | - | - | €248 | €1,298 | €636 | - | - |
| Gross operating margin9900 | €16,531 | €40,227 | €56,472 | €8,275 | €24,254 | €11,556 | €6,514 | ▼ 43.6% |
| Operating profit (loss)9901 | €15,787 | €38,568 | €54,908 | €7,627 | -€12,096 | -€72,651 | €6,514 | - |
| Financial income75/76B | - | - | - | - | €4,800 | - | - | - |
| Recurring financial income75 | - | €1 | €0 | - | €4,800 | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €4,800 | - | - | - |
| Financial charges65/66B | - | - | - | €5,462 | €325 | €127 | €59 | ▼ 53.5% |
| Recurring financial charges65 | €628 | €297 | €233 | €433 | €325 | €127 | €59 | ▼ 53.5% |
| Non-recurring financial charges66B | - | - | - | €5,029 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €13,758 | €38,273 | €54,675 | €2,165 | -€7,621 | -€72,779 | €6,454 | - |
| Income taxes67/77 | €3,081 | €8,067 | €13,734 | €6,914 | -€1,007 | - | - | - |
| Profit (loss) for the period9904 | €10,677 | €30,205 | €40,941 | -€4,749 | -€6,614 | -€72,779 | €6,454 | - |
| Profit (loss) for the period to be appropriated9905 | €10,677 | €30,205 | €40,941 | -€4,749 | -€6,614 | -€72,779 | €6,454 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €162,343 | €254,370 | €325,605 | €335,675 | €284,251 | €208,186 | €215,682 | ▲ 3.6% |
| Fixed assets21/28 | €110,564 | €110,853 | €109,429 | €123,000 | €123,000 | €123,000 | €123,000 | = |
| Tangible fixed assets22/27 | €6,564 | €6,853 | €5,429 | - | - | - | - | - |
| Financial fixed assets28 | €104,000 | €104,000 | €104,000 | €123,000 | €123,000 | €123,000 | €123,000 | = |
| Current assets29/58 | €51,779 | €143,518 | €216,176 | €212,675 | €161,251 | €85,186 | €92,682 | ▲ 8.8% |
| Amounts receivable after more than one year29 | - | - | - | €108,029 | €105,064 | - | - | - |
| Other amounts receivable291 | - | - | - | €108,029 | €105,064 | - | - | - |
| Amounts receivable within one year40/41 | €23,620 | €91,293 | €137,000 | €62,272 | €55,886 | €66,181 | €91,676 | ▲ 38.5% |
| Trade receivables40 | - | - | - | €49,210 | €4,800 | €19,473 | €33,776 | ▲ 73.5% |
| Other amounts receivable41 | - | - | - | €13,062 | €51,086 | €46,708 | €57,900 | ▲ 24.0% |
| Cash at bank and in hand54/58 | €3,160 | €1,224 | €1,676 | €155 | €300 | €19,006 | €1,006 | ▼ 94.7% |
| Deferred charges and accrued income490/1 | - | - | - | €42,219 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €162,343 | €254,370 | €325,605 | €335,675 | €284,251 | €208,186 | €215,682 | ▲ 3.6% |
| Equity10/15 | €66,312 | €96,517 | €137,458 | €132,709 | €201,095 | €128,316 | €134,771 | ▲ 5.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €93,600 | €93,600 | €93,600 | = |
| Reserves13 | €41,860 | €71,860 | €116,860 | €116,860 | €116,860 | €116,860 | €116,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €115,000 | €115,000 | €115,000 | €115,000 | = |
| Profit (loss) carried forward14 | €5,852 | €6,057 | €1,998 | -€2,751 | -€9,365 | -€82,144 | -€75,689 | ▲ 7.9% |
| Amounts payable17/49 | €96,032 | €157,853 | €188,148 | €202,966 | €83,156 | €79,870 | €80,911 | ▲ 1.3% |
| Amounts payable after more than one year17 | €46,500 | €97,500 | €124,600 | €123,000 | €42,971 | €42,971 | €42,971 | = |
| Financial debts170/4 | - | - | - | €123,000 | €42,971 | €42,971 | €42,971 | = |
| Amounts payable within one year42/48 | €24,532 | €42,649 | €45,958 | €37,966 | €40,185 | €36,899 | €37,940 | ▲ 2.8% |
| Financial debts43 | - | - | - | €5,035 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €5,035 | - | - | - | - |
| Trade debts44 | €11,901 | €10,271 | €13,668 | €1,172 | €4,117 | €727 | - | - |
| Suppliers440/4 | - | - | - | €1,172 | €4,117 | €727 | - | - |
| Other amounts payable47/48 | - | - | - | €31,759 | €36,068 | €36,172 | €37,940 | ▲ 4.9% |
| Accrued charges and deferred income492/3 | - | - | - | €42,000 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,677 | €30,205 | €40,941 | -€4,749 | -€6,614 | -€72,779 | €6,454 | - |
| + Depreciation and write-downs630 | €745 | €912 | €1,423 | €400 | - | - | - | - |
| Operating cash flow (approximation) | €11,422 | €31,117 | €42,364 | -€4,349 | -€6,614 | -€72,779 | €6,454 | - |
| Investment in fixed assets (approximation) | - | -€1,200 | €0 | -€13,971 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,935 | €452 | -€1,521 | €145 | €18,705 | -€18,000 | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | micro format | 02-04-2026 | 2026-00071051 | |
| 31-08-2024 | micro format | 02-04-2025 | 2025-00061346 | |
| 31-08-2023 | micro format | 26-03-2024 | 2024-00053500 | |
| 31-08-2022 | micro format | 30-03-2023 | 2023-00051725 | |
| 31-08-2021 | micro format | 20-01-2022 | 2022-01200407 | |
| 31-08-2020 | micro format | 12-02-2021 | 2021-05200471 | |
| 31-08-2019 | micro format | 31-03-2020 | 2020-07900198 | |
| 31-08-2018 | micro format | 22-03-2019 | 2019-07500377 | |
| 31-08-2017 | abbreviated format | 31-03-2018 | 2018-08600317 | |
| 31-08-2016 | abbreviated format | 13-02-2017 | 2017-04400032 |