Vetho projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 4 filings
Every figure per financial year
The operating result for 2025 is 34% 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.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €19,181 | €1,850 | - |
| Depreciation and write-downs of the year | - | €4,081 | €6,740 | €6,764 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,081 | €6,740 | €6,764 | ▲ 0.3% |
| Other operating charges640/8 | €209 | €622 | €1,764 | €1,358 | ▼ 23.0% |
| Gross operating margin9900 | €1,211 | €15,042 | €41,966 | €30,322 | ▼ 27.7% |
| Operating profit (loss)9901 | €1,002 | €10,338 | €33,462 | €22,201 | ▼ 33.7% |
| Financial income75/76B | - | €159 | €4 | €1 | ▼ 82.0% |
| Recurring financial income75 | - | €159 | €4 | €1 | ▼ 82.0% |
| Financial charges65/66B | - | €36 | €534 | €757 | ▲ 41.6% |
| Recurring financial charges65 | - | €36 | €534 | €757 | ▲ 41.6% |
| Profit (loss) for the period before taxes9903 | €1,002 | €10,461 | €32,932 | €21,444 | ▼ 34.9% |
| Income taxes67/77 | €200 | €2,335 | €6,816 | €4,505 | ▼ 33.9% |
| Profit (loss) for the period9904 | €802 | €8,126 | €26,116 | €16,939 | ▼ 35.1% |
| Profit (loss) for the period to be appropriated9905 | €802 | €8,126 | €26,116 | €16,939 | ▼ 35.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €7,266 | €54,551 | €107,200 | €116,305 | ▲ 8.5% |
| Fixed assets21/28 | - | €15,099 | €10,209 | €3,445 | ▼ 66.3% |
| Tangible fixed assets22/27 | - | €15,099 | €10,209 | €3,445 | ▼ 66.3% |
| Plant, machinery and equipment23 | - | - | €1,503 | €1,133 | ▼ 24.6% |
| Furniture and vehicles24 | - | €15,099 | €8,706 | €2,312 | ▼ 73.4% |
| Current assets29/58 | €7,266 | €39,452 | €96,991 | €112,859 | ▲ 16.4% |
| Stocks and contracts in progress3 | - | €1,101 | €22,143 | €20,411 | ▼ 7.8% |
| Stocks30/36 | - | €1,101 | €7,143 | €11,511 | ▲ 61.1% |
| Contracts in progress37 | - | - | €15,000 | €8,900 | ▼ 40.7% |
| Amounts receivable within one year40/41 | €2,707 | €9,123 | €5,149 | €39,071 | ▲ 659% |
| Trade receivables40 | €2,707 | €9,123 | €3,683 | €33,457 | ▲ 808% |
| Other amounts receivable41 | - | - | €1,466 | €5,615 | ▲ 283% |
| Cash at bank and in hand54/58 | €4,559 | €29,228 | €69,699 | €53,377 | ▼ 23.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €7,266 | €54,551 | €107,200 | €116,305 | ▲ 8.5% |
| Equity10/15 | €4,302 | €12,428 | €38,544 | €55,483 | ▲ 43.9% |
| Contributions10/11 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Reserves13 | €802 | €8,928 | €35,044 | €51,983 | ▲ 48.3% |
| Distributable reserves133 | €802 | €8,928 | €35,044 | €51,983 | ▲ 48.3% |
| Amounts payable17/49 | €2,964 | €42,124 | €68,656 | €60,822 | ▼ 11.4% |
| Amounts payable within one year42/48 | €1,980 | €42,124 | €68,656 | €60,822 | ▼ 11.4% |
| Trade debts44 | €1,769 | €8,847 | €32,595 | €26,537 | ▼ 18.6% |
| Suppliers440/4 | €1,769 | €8,847 | €32,595 | €26,537 | ▼ 18.6% |
| Taxes, remuneration and social security45 | €211 | €6,738 | €9,286 | €7,249 | ▼ 21.9% |
| Taxes450/3 | €211 | €6,738 | €9,286 | €7,249 | ▼ 21.9% |
| Other amounts payable47/48 | - | €26,539 | €26,776 | €27,037 | ▲ 1.0% |
| Accrued charges and deferred income492/3 | €984 | - | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €802 | €8,126 | €26,116 | €16,939 | ▼ 35.1% |
| + Depreciation and write-downs630 | - | €4,081 | €6,740 | €6,764 | ▲ 0.3% |
| Operating cash flow (approximation) | €802 | €12,207 | €32,856 | €23,703 | ▼ 27.9% |
| Investment in fixed assets (approximation) | - | - | -€1,850 | €0 | - |
| Change in cash | - | €24,669 | €40,470 | -€16,322 | - |
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, 39,278 companies had the same profile as Vetho projects has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Vetho projects itself: 0.6% 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 39,278 companies, not a prediction for Vetho projects. 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.