VESOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 32 filings
Equity
€6,493▼ 75.0%
2024 · €25,948
Total assets
€55,357▼ 41.4%
2024 · €94,539
Net result
-€19,455
2024 · €767
Working capital
€40,081▼ 28.7%
2024 · €56,252
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€18,380
2025
20192025
Net result
-€19,455
2025
lowest quarter of the sector
20192025
Equity
€6,493
▼ 75.0%
2025
lowest quarter of the sector
20192025
Total assets
€55,357
▼ 41.4%
2025
lowest quarter of the sector
20192025
Debt
€48,864
▼ 28.8%
2025
20192025
Working capital
€40,081
▼ 28.7%
2025
middle half of the sector
20192025
Solvency
11.7%
▼ 15.7pp
2025
lowest quarter of the sector
20192025
Current ratio
4.11
▲ 1.50
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-35.1%
▼ 36.0pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€1,789--€2,643▼ 47.8%€1,275-€679€7,800€3,234▼ 58.5%-€18,380
Net result-€26-€2,071within the sector's middle half€627below the sector's middle half▼ 69.7%€15,524within the sector's middle half▲ 25×€5,206within the sector's middle half▼ 66.5%€767within the sector's middle half▼ 85.3%-€19,455below the sector's middle half
Equity€48,275-€50,346within the sector's middle half▲ 4.3%€50,973within the sector's middle half▲ 1.2%€21,724within the sector's middle half▼ 57.4%€25,181within the sector's middle half▲ 15.9%€25,948within the sector's middle half▲ 3.0%€6,493below the sector's middle half▼ 75.0%
Total assets€160,065-€154,824within the sector's middle half▼ 3.3%€165,188within the sector's middle half▲ 6.7%€113,722within the sector's middle half▼ 31.2%€126,113within the sector's middle half▲ 10.9%€94,539within the sector's middle half▼ 25.0%€55,357below the sector's middle half▼ 41.4%
Debt€111,790-€104,478▼ 6.5%€114,215▲ 9.3%€91,997▼ 19.5%€100,932▲ 9.7%€68,591▼ 32.0%€48,864▼ 28.8%
Working capital€157,304-€151,624above the sector's middle half▼ 3.6%€140,821above the sector's middle half▼ 7.1%€85,778within the sector's middle half▼ 39.1%€98,299above the sector's middle half▲ 14.6%€56,252within the sector's middle half▼ 42.8%€40,081within the sector's middle half▼ 28.7%
Solvency30.2%-32.5%within the sector's middle half▲ 2.4pp30.9%within the sector's middle half▼ 1.7pp19.1%below the sector's middle half▼ 11.8pp20.0%below the sector's middle half▲ 0.9pp27.4%within the sector's middle half▲ 7.5pp11.7%below the sector's middle half▼ 15.7pp
Current ratio57.98-48.76above the sector's middle half▼ 9.237.14above the sector's middle half▼ 41.624.66above the sector's middle half▼ 2.484.77above the sector's middle half▲ 0.112.61within the sector's middle half▼ 2.164.11above the sector's middle half▲ 1.50
Return on assets (ROA)0.0%-1.3%within the sector's middle half▲ 1.4pp0.4%below the sector's middle half▼ 1.0pp13.7%within the sector's middle half▲ 13.3pp4.1%within the sector's middle half▼ 9.5pp0.8%within the sector's middle half▼ 3.3pp-35.1%below the sector's middle half▼ 36.0pp
Staff (FTE)1.32▲ 53.8%2=1.1▼ 45.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 loss of €18,380, after a profit of €3,234 in 2024. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,357
Fixed assets
€2,406 ▼ 28.6%
Current assets
€52,951 ▼ 41.9%
Equity and liabilities €55,357
Equity
€6,493 ▼ 75.0%
Debt
€48,864 ▼ 28.8%
Debt's share of the balance-sheet total rises from 72.6% to 88.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€17,442▼
2024 · €4,815
Cash flow
-€18,517▼
2024 · €2,349
Debt to equity
7.53▲
2024 · 2.64
ROE
-299.6%▼
2024 · 3.0%
Interest coverage
-16.23▼
2024 · 3.77
Debt ≤ 1 year
€12,871▼
2024 · €34,918
Debt > 1 year
€35,994▲
2024 · €33,428
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | - |
| full-time | 2 | 2 | - |
| part-time | 0 | 0 | - |
| in full-time equivalents | 2 | 2 | - |
| Average over the year, in full-time equivalents | 2 | 2 | 1.1 |
| On a permanent contract | 2 | 2 | - |
| Joined | - | - | 0 |
| Left | - | - | 2 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,900 | - | €3,200 | - |
| Depreciation and write-downs of the year | €1,829 | €2,748 | €1,582 | €938 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,000 | €0 | €539 | €54 | ▼ 90.0% |
| Remuneration, social security and pensions62 | - | - | - | €65,289 | €72,757 | €35,517 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €129 | - | €88 | €1,829 | €2,748 | €1,582 | €938 | ▼ 40.7% |
| Other operating charges640/8 | - | - | - | €1,513 | €1,519 | €2,009 | €2,301 | ▲ 14.5% |
| Gross operating margin9900 | -€1,200 | -€1,020 | €27,036 | €67,952 | €84,825 | €42,341 | -€15,141 | - |
| Operating profit (loss)9901 | -€1,789 | -€2,643 | €1,275 | -€679 | €7,800 | €3,234 | -€18,380 | - |
| Financial income75/76B | - | - | - | €20,632 | €35 | €0 | - | - |
| Recurring financial income75 | €4,564 | €4,737 | €4,639 | €20,632 | €35 | €0 | - | - |
| Financial charges65/66B | - | - | - | €2,904 | €2,284 | €2,390 | €1,075 | ▼ 55.0% |
| Recurring financial charges65 | €2,802 | €24 | €3,066 | €2,904 | €2,284 | €1,276 | €1,075 | ▼ 15.7% |
| Non-recurring financial charges66B | - | - | - | - | - | €1,114 | - | - |
| Profit (loss) for the period before taxes9903 | -€26 | €2,071 | €2,848 | €17,049 | €5,552 | €844 | -€19,455 | - |
| Income taxes67/77 | - | - | €2,221 | €1,524 | €346 | €77 | - | - |
| Profit (loss) for the period9904 | -€26 | €2,071 | €627 | €15,524 | €5,206 | €767 | -€19,455 | - |
| Profit (loss) for the period to be appropriated9905 | -€26 | €2,071 | €627 | €15,524 | €5,206 | €767 | -€19,455 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €160,065 | €154,824 | €165,188 | €113,722 | €126,113 | €94,539 | €55,357 | ▼ 41.4% |
| Fixed assets21/28 | - | €25 | €1,428 | €4,499 | €1,751 | €3,369 | €2,406 | ▼ 28.6% |
| Tangible fixed assets22/27 | - | - | €1,403 | €4,474 | €1,726 | €3,344 | €2,406 | ▼ 28.1% |
| Plant, machinery and equipment23 | - | - | - | €4,474 | €1,726 | €508 | €210 | ▼ 58.7% |
| Furniture and vehicles24 | - | - | - | - | - | €2,836 | €2,196 | ▼ 22.6% |
| Financial fixed assets28 | - | €25 | €25 | €25 | €25 | €25 | - | - |
| Current assets29/58 | €160,065 | €154,799 | €163,760 | €109,222 | €124,362 | €91,170 | €52,951 | ▼ 41.9% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €3,275 | €3,383 | €15,004 | €28,532 | €52,925 | €29,301 | €6,541 | ▼ 77.7% |
| Trade receivables40 | - | - | - | €26,689 | €49,475 | €27,936 | €6,000 | ▼ 78.5% |
| Other amounts receivable41 | - | - | - | €1,843 | €3,450 | €1,365 | €541 | ▼ 60.3% |
| Cash at bank and in hand54/58 | €9,215 | €7,224 | €8,012 | €10,140 | €8,027 | €8,318 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €70,550 | €63,410 | €53,550 | €46,410 | ▼ 13.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €160,065 | €154,824 | €165,188 | €113,722 | €126,113 | €94,539 | €55,357 | ▼ 41.4% |
| Equity10/15 | €48,275 | €50,346 | €50,973 | €21,724 | €25,181 | €25,948 | €6,493 | ▼ 75.0% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €59,845 | €44,146 | €44,773 | €15,524 | €18,981 | €19,748 | €19,748 | = |
| Distributable reserves133 | - | - | - | €15,524 | €18,981 | €19,748 | €19,748 | = |
| Profit (loss) carried forward14 | -€17,770 | - | - | €0 | €0 | €0 | -€19,455 | - |
| Amounts payable17/49 | €111,790 | €104,478 | €114,215 | €91,997 | €100,932 | €68,591 | €48,864 | ▼ 28.8% |
| Amounts payable after more than one year17 | €109,030 | €101,130 | €91,276 | €68,379 | €70,675 | €33,428 | €35,994 | ▲ 7.7% |
| Financial debts170/4 | - | - | - | €68,379 | €70,675 | €33,428 | €35,994 | ▲ 7.7% |
| Amounts payable within one year42/48 | €2,761 | €3,175 | €22,939 | €23,444 | €26,063 | €34,918 | €12,871 | ▼ 63.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,303 | €3,303 | €4,503 | €4,503 | = |
| Trade debts44 | €2,761 | €2,656 | €11,697 | €14,816 | €10,531 | €15,678 | €3,752 | ▼ 76.1% |
| Suppliers440/4 | - | - | - | €14,816 | €10,531 | €15,678 | €3,752 | ▼ 76.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €1,000 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,672 | €8,243 | €13,737 | €4,575 | ▼ 66.7% |
| Taxes450/3 | - | - | - | €1,802 | €2,598 | €4,452 | €4,575 | ▲ 2.8% |
| Remuneration and social security454/9 | - | - | - | €3,870 | €5,645 | €9,285 | - | - |
| Other amounts payable47/48 | - | - | - | €653 | €3,985 | €0 | €41 | - |
| Accrued charges and deferred income492/3 | - | - | - | €174 | €4,194 | €245 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€26 | €2,071 | €627 | €15,524 | €5,206 | €767 | -€19,455 | - |
| + Depreciation and write-downs630 | €129 | - | €88 | €1,829 | €2,748 | €1,582 | €938 | ▼ 40.7% |
| Operating cash flow (approximation) | €103 | €2,071 | €715 | €17,353 | €7,955 | €2,349 | -€18,517 | - |
| Investment in fixed assets (approximation) | - | - | -€1,491 | -€4,900 | €0 | -€3,200 | €25 | - |
| Change in cash | - | -€1,991 | €788 | €2,128 | -€2,113 | €291 | - | - |
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, 1,221 companies had the same profile as VESOR has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VESOR itself: 1.9% 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 1,221 companies, not a prediction for VESOR. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014746 | |
| 30-06-2024 | micro format | 10-12-2024 | 2024-00612812 | |
| 30-06-2023 | micro format | 25-01-2024 | 2024-00006138 | |
| 30-06-2022 | micro format | 26-01-2023 | 2023-00004504 | |
| 30-06-2021 | micro format | 09-12-2021 | 2021-79800018 | |
| 30-06-2020 | micro format | 22-01-2021 | 2021-01400246 | |
| 30-06-2019 | micro format | 19-01-2020 | 2020-02100290 | |
| 30-06-2018 | micro format | 18-01-2019 | 2019-01800103 | |
| 30-06-2017 | micro format | 03-04-2018 | 2018-09400299 | |
| 30-06-2016 | abbreviated format | 02-01-2017 | 2017-00300423 |