VESA
InactiveFinancials · financial year 2025, micro format
Equity
€23,025▼ 47.5%
2024 · €43,838
Total assets
€28,345▼ 51.8%
2024 · €58,762
Net result
-€20,813▼ 5.4%
2024 · -€19,748
Working capital
€23,025▲ 72.8%
2024 · €13,326
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €19,719 in 2025 against €18,686 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€19,719
2025
Net result-€20,813
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€28,345
2025
Equity€23,025
2025
Debt€5,319
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€23,025
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,285-€6,776▼ 49.0%-€14,810-€3,742▲ 74.7%-€1,596▲ 57.4%€3,381-€18,686-€19,719▼ 5.5%
Net result€12,781-€5,692▼ 55.5%-€17,105-€18,313▼ 7.1%-€1,943▲ 89.4%€3,222-€19,748-€20,813▼ 5.4%
Equity€92,033-€97,725▲ 6.2%€80,620▼ 17.5%€62,307▼ 22.7%€60,363▼ 3.1%€63,586▲ 5.3%€43,838▼ 31.1%€23,025▼ 47.5%
Total assets€112,328-€111,651▼ 0.6%€117,488▲ 5.2%€108,584▼ 7.6%€116,265▲ 7.1%€93,409▼ 19.7%€58,762▼ 37.1%€28,345▼ 51.8%
Debt€20,295-€13,926▼ 31.4%€36,868▲ 165%€46,278▲ 25.5%€55,902▲ 20.8%€29,823▼ 46.7%€14,924▼ 50.0%€5,319▼ 64.4%
Working capital€79,439-€75,211▼ 5.3%€41,178▼ 45.3%€28,372▼ 31.1%€29,200▲ 2.9%€32,555▲ 11.5%€13,326▼ 59.1%€23,025▲ 72.8%
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €28,345
Equity
€23,025 ▼ 47.5%
Debt
€5,319 ▼ 64.4%
Debt's share of the balance-sheet total falls from 25.4% to 18.8%. Equity and debt are lower.
Key figures and ratios
Current ratio
5.33▲
2024 · 1.89
Debt to equity
0.23▼
2024 · 0.34
ROE
-90.4%▼
2024 · -45.0%
ROA
-73.4%▼
2024 · -33.6%
Debt ≤ 1 year
€5,319▼
2024 · €14,924
Income taxes
€99▼
2024 · €114
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €9,504 | - |
| Remuneration, social security and pensions62 | - | - | - | - | €226 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,690 | €5,555 | €8,799 | €15,520 | €15,890 | €16,662 | €14,416 | - | - |
| Other operating charges640/8 | - | - | - | €931 | €811 | €929 | €372 | €184 | ▼ 50.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €777 | - | €12,333 | - |
| Gross operating margin9900 | €18,694 | €13,087 | -€5,225 | €12,709 | €15,331 | €21,749 | -€3,899 | -€7,201 | ▼ 84.7% |
| Operating profit (loss)9901 | €13,285 | €6,776 | -€14,810 | -€3,742 | -€1,596 | €3,381 | -€18,686 | -€19,719 | ▼ 5.5% |
| Financial income75/76B | - | - | - | €0 | €425 | €622 | €205 | €232 | ▲ 13.2% |
| Recurring financial income75 | €1 | €350 | - | €0 | €425 | €622 | €205 | €232 | ▲ 13.2% |
| Financial charges65/66B | - | - | - | €373 | €587 | €580 | €1,152 | €1,227 | ▲ 6.5% |
| Recurring financial charges65 | €337 | €422 | €340 | €373 | €587 | €580 | €1,152 | €1,102 | ▼ 4.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €125 | - |
| Profit (loss) for the period before taxes9903 | €12,950 | €6,703 | -€15,149 | -€4,115 | -€1,757 | €3,423 | -€19,634 | -€20,713 | ▼ 5.5% |
| Income taxes67/77 | €169 | €1,011 | €1,956 | €14,199 | €186 | €201 | €114 | €99 | ▼ 12.9% |
| Profit (loss) for the period9904 | €12,781 | €5,692 | -€17,105 | -€18,313 | -€1,943 | €3,222 | -€19,748 | -€20,813 | ▼ 5.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €63,947 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €12,781 | €5,692 | €895 | €45,634 | -€1,943 | €3,222 | -€19,748 | -€20,813 | ▼ 5.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €112,328 | €111,651 | €117,488 | €108,584 | €116,265 | €93,409 | €58,762 | €28,345 | ▼ 51.8% |
| Fixed assets21/28 | €12,594 | €22,515 | €62,007 | €50,346 | €47,163 | €37,348 | €30,513 | - | - |
| Tangible fixed assets22/27 | €12,384 | €22,304 | €61,796 | €50,135 | €46,953 | €37,137 | €30,302 | - | - |
| Plant, machinery and equipment23 | - | - | - | €24,953 | €28,647 | €25,708 | €24,355 | - | - |
| Furniture and vehicles24 | - | - | - | €2,684 | €1,962 | €1,240 | €517 | - | - |
| Leasing and similar rights25 | - | - | - | €22,498 | €16,344 | €10,190 | €5,430 | - | - |
| Financial fixed assets28 | €211 | €211 | €211 | €211 | €211 | €211 | €211 | - | - |
| Current assets29/58 | €99,734 | €89,136 | €55,481 | €58,238 | €69,102 | €56,061 | €28,249 | €28,345 | ▲ 0.3% |
| Stocks and contracts in progress3 | €28,671 | €22,864 | €21,736 | €31,734 | €18,715 | €12,249 | €6,820 | - | - |
| Stocks30/36 | - | - | - | €19,258 | €18,715 | €9,549 | €6,820 | - | - |
| Contracts in progress37 | - | - | - | €12,475 | - | €2,700 | - | - | - |
| Amounts receivable within one year40/41 | €58,705 | €33,186 | €15,896 | €18,270 | €32,850 | €18,089 | €21,021 | €15,706 | ▼ 25.3% |
| Trade receivables40 | - | - | - | €9,012 | €26,932 | €9,230 | €17,746 | €15,605 | ▼ 12.1% |
| Other amounts receivable41 | - | - | - | €9,258 | €5,919 | €8,859 | €3,275 | €101 | ▼ 96.9% |
| Cash at bank and in hand54/58 | €12,358 | €33,087 | €17,849 | €5,435 | €15,737 | €22,061 | €408 | €12,639 | ▲ 31× |
| Deferred charges and accrued income490/1 | - | - | - | €2,800 | €1,800 | €3,662 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €112,328 | €111,651 | €117,488 | €108,584 | €116,265 | €93,409 | €58,762 | €28,345 | ▼ 51.8% |
| Equity10/15 | €92,033 | €97,725 | €80,620 | €62,307 | €60,363 | €63,586 | €43,838 | €23,025 | ▼ 47.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €83,807 | €91,525 | €74,420 | €56,107 | €54,163 | €57,386 | €57,386 | €57,386 | = |
| 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 | = |
| Distributable reserves133 | - | - | - | €54,247 | €52,303 | €55,526 | €55,526 | €55,526 | = |
| Profit (loss) carried forward14 | €2,026 | - | - | - | - | - | -€19,748 | -€40,560 | ▼ 105% |
| Amounts payable17/49 | €20,295 | €13,926 | €36,868 | €46,278 | €55,902 | €29,823 | €14,924 | €5,319 | ▼ 64.4% |
| Amounts payable after more than one year17 | - | - | €22,565 | €16,411 | €16,000 | €6,318 | - | - | - |
| Financial debts170/4 | - | - | - | €16,411 | €16,000 | €6,318 | - | - | - |
| Amounts payable within one year42/48 | €20,295 | €13,926 | €14,303 | €29,867 | €39,902 | €23,505 | €14,924 | €5,319 | ▼ 64.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,641 | €9,564 | €9,683 | €6,318 | - | - |
| Trade debts44 | €5,995 | €13,357 | €8,149 | €17,235 | €11,471 | €13,823 | €7,903 | €2,786 | ▼ 64.7% |
| Suppliers440/4 | - | - | - | €17,235 | €11,471 | €13,823 | €7,903 | €2,786 | ▼ 64.7% |
| Advances received on contracts in progress46 | - | - | - | - | €18,868 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,563 | - | - | - | €597 | - |
| Taxes450/3 | - | - | - | €4,563 | - | - | - | €597 | - |
| Other amounts payable47/48 | - | - | - | €2,427 | - | - | €703 | €1,937 | ▲ 175% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,781 | €5,692 | -€17,105 | -€18,313 | -€1,943 | €3,222 | -€19,748 | -€20,813 | ▼ 5.4% |
| + Depreciation and write-downs630 | €4,690 | €5,555 | €8,799 | €15,520 | €15,890 | €16,662 | €14,416 | - | - |
| Operating cash flow (approximation) | €17,471 | €11,247 | -€8,306 | -€2,793 | €13,947 | €19,884 | -€5,332 | -€20,813 | ▼ 290% |
| Investment in fixed assets (approximation) | - | -€15,475 | -€48,291 | -€3,859 | -€12,708 | -€6,847 | -€7,580 | - | - |
| Change in cash | - | €20,728 | -€15,238 | -€12,414 | €10,302 | €6,324 | -€21,652 | €12,231 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-03-2026 | 2026-00062975 |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00176483 |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00154474 |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00131215 |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20234678 |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47200245 |
| 31-12-2019 | micro format | 12-06-2020 | 2020-16700591 |
| 31-12-2018 | micro format | 13-08-2019 | 2019-46400350 |
| 31-12-2017 | micro format | 07-08-2018 | 2018-44100260 |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55200288 |
Subsidies and aid
Flemish government
2023 · 1 entry · €116 awarded · €116 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.