VF-Construct
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 13 filings
Turnover
≈ €350,000
Estimated: probably between €230,000 and €540,000
Total assets
€495,687▼ 9.7%
2024 · €548,800
Net result
€26,745▲ 42.3%
2024 · €18,788
Working capital
€3,936
2024 · -€21,986
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€47,322
▲ 80.4%
2025
20192025
Net result
€26,745
▲ 42.3%
2025
middle half of the sector
20192025
Equity
€242,503
▲ 12.4%
2025
highest quarter of the sector
20192025
Total assets
€495,687
▼ 9.7%
2025
highest quarter of the sector
20192025
Debt
€253,184
▼ 24.0%
2025
20192025
Working capital
€3,936
2025
middle half of the sector
20192025
Solvency
48.9%
▲ 9.6pp
2025
middle half of the sector
20192025
Current ratio
1.05
▲ 0.21
2025
middle half of the sector
20192025
Return on assets (ROA)
5.4%
▲ 2.0pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€49,272-€41,732▼ 15.3%€24,465▼ 41.4%€11,475▼ 53.1%€26,420▲ 130%€26,231▼ 0.7%€47,322▲ 80.4%
Net result€36,876-€26,084within the sector's middle half▼ 29.3%€10,926within the sector's middle half▼ 58.1%€4,367within the sector's middle half▼ 60.0%€13,660within the sector's middle half▲ 213%€18,788within the sector's middle half▲ 37.5%€26,745within the sector's middle half▲ 42.3%
Equity€141,933-€168,017within the sector's middle half▲ 18.4%€178,943above the sector's middle half▲ 6.5%€183,309above the sector's middle half▲ 2.4%€196,970above the sector's middle half▲ 7.5%€215,758above the sector's middle half▲ 9.5%€242,503above the sector's middle half▲ 12.4%
Total assets€202,160-€198,586within the sector's middle half▼ 1.8%€460,293above the sector's middle half▲ 132%€440,268above the sector's middle half▼ 4.4%€466,729above the sector's middle half▲ 6.0%€548,800above the sector's middle half▲ 17.6%€495,687above the sector's middle half▼ 9.7%
Debt€60,227-€30,569▼ 49.2%€281,351▲ 820%€256,958▼ 8.7%€269,759▲ 5.0%€333,042▲ 23.5%€253,184▼ 24.0%
Working capital€105,787-€137,332above the sector's middle half▲ 29.8%€72,625within the sector's middle half▼ 47.1%€57,844within the sector's middle half▼ 20.4%€74,040within the sector's middle half▲ 28.0%-€21,986below the sector's middle half€3,936within the sector's middle half
Solvency70.2%-84.6%above the sector's middle half▲ 14.4pp38.9%within the sector's middle half▼ 45.7pp41.6%within the sector's middle half▲ 2.8pp42.2%within the sector's middle half▲ 0.6pp39.3%within the sector's middle half▼ 2.9pp48.9%within the sector's middle half▲ 9.6pp
Current ratio3.13-6.70above the sector's middle half▲ 3.572.94within the sector's middle half▼ 3.762.84within the sector's middle half▼ 0.102.22within the sector's middle half▼ 0.610.84below the sector's middle half▼ 1.381.05within the sector's middle half▲ 0.21
Return on assets (ROA)18.2%-13.1%above the sector's middle half▼ 5.1pp2.4%within the sector's middle half▼ 10.8pp1.0%within the sector's middle half▼ 1.4pp2.9%within the sector's middle half▲ 1.9pp3.4%within the sector's middle half▲ 0.5pp5.4%within the sector's middle half▲ 2.0pp
Staff (FTE)0.5-0.3below the sector's middle half▼ 40.0%1▲ 233%1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 80% higher than in 2024 and the highest since 2021. It is a recovery after the fall 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 €495,687
Fixed assets
€414,628 ▼ 3.7%
Current assets
€81,059 ▼ 31.5%
Equity and liabilities €495,687
Equity
€242,503 ▲ 12.4%
Debt
€253,184 ▼ 24.0%
Debt's share of the balance-sheet total falls from 60.7% to 51.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€91,555▲
2024 · €61,858
Cash flow
€70,977▲
2024 · €54,415
Quick ratio
0.74▼
2024 · 0.77
Debt to equity
1.04▼
2024 · 1.54
ROE
11.0%▲
2024 · 8.7%
Interest coverage
28.94▲
2024 · 21.37
Debt ≤ 1 year
€77,123▼
2024 · €140,294
Debt > 1 year
€176,061▼
2024 · €192,748
Income taxes
€17,414▲
2024 · €4,843
Staff costs
€45,511▲
2024 · €45,287
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | - | - | 2 | - |
| Left | - | - | 2 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €37,831 | €11,500 | €129,744 | €28,368 |
| Depreciation and write-downs of the year | €37,136 | €30,297 | €35,627 | €44,232 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €36,746 | €44,520 | €45,287 | €45,511 | ▲ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,714 | €21,737 | €22,211 | €37,136 | €30,297 | €35,627 | €44,232 | ▲ 24.2% |
| Other operating charges640/8 | - | - | - | €6,873 | €1,272 | €1,612 | €1,455 | ▼ 9.7% |
| Gross operating margin9900 | €91,801 | €78,612 | €112,859 | €92,229 | €102,509 | €108,757 | €138,521 | ▲ 27.4% |
| Operating profit (loss)9901 | €49,272 | €41,732 | €24,465 | €11,475 | €26,420 | €26,231 | €47,322 | ▲ 80.4% |
| Financial income75/76B | - | - | - | €271 | €402 | €295 | - | - |
| Recurring financial income75 | €944 | €411 | €542 | €271 | €402 | €295 | - | - |
| Financial charges65/66B | - | - | - | €3,398 | €3,693 | €2,895 | €3,163 | ▲ 9.3% |
| Recurring financial charges65 | €306 | €1,042 | €670 | €3,398 | €3,693 | €2,895 | €3,163 | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | €49,910 | €41,101 | €24,337 | €8,348 | €23,129 | €23,631 | €44,159 | ▲ 86.9% |
| Income taxes67/77 | €13,034 | €15,017 | €13,410 | €3,981 | €9,469 | €4,843 | €17,414 | ▲ 260% |
| Profit (loss) for the period9904 | €36,876 | €26,084 | €10,926 | €4,367 | €13,660 | €18,788 | €26,745 | ▲ 42.3% |
| Profit (loss) for the period to be appropriated9905 | €36,876 | €26,084 | €10,926 | €4,367 | €13,660 | €18,788 | €26,745 | ▲ 42.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €202,160 | €198,586 | €460,293 | €440,268 | €466,729 | €548,800 | €495,687 | ▼ 9.7% |
| Fixed assets21/28 | €46,641 | €37,159 | €350,250 | €350,945 | €332,148 | €430,492 | €414,628 | ▼ 3.7% |
| Tangible fixed assets22/27 | €46,641 | €37,159 | €350,250 | €350,945 | €332,148 | €430,492 | €414,628 | ▼ 3.7% |
| Land and buildings22 | - | - | - | €292,210 | €281,649 | €380,905 | €365,756 | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €45,492 | €41,284 | €28,310 | €31,512 | ▲ 11.3% |
| Furniture and vehicles24 | - | - | - | €13,242 | €9,215 | €21,277 | €17,360 | ▼ 18.4% |
| Current assets29/58 | €155,518 | €161,427 | €110,044 | €89,323 | €134,581 | €118,308 | €81,059 | ▼ 31.5% |
| Stocks and contracts in progress3 | €8,019 | €2,519 | €3,164 | €11,439 | €9,672 | €10,847 | €23,834 | ▲ 120% |
| Stocks30/36 | - | - | - | €3,939 | €5,172 | €5,847 | €6,334 | ▲ 8.3% |
| Contracts in progress37 | - | - | - | €7,500 | €4,500 | €5,000 | €17,500 | ▲ 250% |
| Amounts receivable within one year40/41 | €28,651 | €38,117 | €37,572 | €18,791 | €57,118 | €19,493 | €35,771 | ▲ 83.5% |
| Trade receivables40 | - | - | - | €12,330 | €43,618 | €14,060 | €32,077 | ▲ 128% |
| Other amounts receivable41 | - | - | - | €6,461 | €13,500 | €5,433 | €3,695 | ▼ 32.0% |
| Cash at bank and in hand54/58 | €111,049 | €76,491 | €69,307 | €59,093 | €67,791 | €87,968 | €21,454 | ▼ 75.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €202,160 | €198,586 | €460,293 | €440,268 | €466,729 | €548,800 | €495,687 | ▼ 9.7% |
| Equity10/15 | €141,933 | €168,017 | €178,943 | €183,309 | €196,970 | €215,758 | €242,503 | ▲ 12.4% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €49,397 | €49,397 | €49,397 | €49,397 | €49,397 | €49,397 | €49,397 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | - | - | - | €47,397 | €47,397 | €49,397 | €49,397 | = |
| Profit (loss) carried forward14 | €72,536 | €98,620 | €109,546 | €113,913 | €127,573 | €146,361 | €173,106 | ▲ 18.3% |
| Amounts payable17/49 | €60,227 | €30,569 | €281,351 | €256,958 | €269,759 | €333,042 | €253,184 | ▼ 24.0% |
| Amounts payable after more than one year17 | €10,495 | €6,474 | €243,932 | €225,479 | €209,218 | €192,748 | €176,061 | ▼ 8.7% |
| Financial debts170/4 | - | - | - | €225,479 | €209,218 | €192,748 | €176,061 | ▼ 8.7% |
| Amounts payable within one year42/48 | €49,732 | €24,095 | €37,418 | €31,479 | €60,541 | €140,294 | €77,123 | ▼ 45.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,453 | €16,261 | €16,470 | €16,687 | ▲ 1.3% |
| Trade debts44 | €36,566 | €15,574 | €10,993 | €6,561 | €35,483 | €113,604 | €17,232 | ▼ 84.8% |
| Suppliers440/4 | - | - | - | €6,561 | €35,483 | €113,604 | €17,232 | ▼ 84.8% |
| Taxes, remuneration and social security45 | - | - | - | €6,465 | €8,797 | €10,220 | €9,994 | ▼ 2.2% |
| Taxes450/3 | - | - | - | €273 | €843 | €935 | - | - |
| Remuneration and social security454/9 | - | - | - | €6,192 | €7,954 | €9,285 | €9,994 | ▲ 7.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €33,210 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,876 | €26,084 | €10,926 | €4,367 | €13,660 | €18,788 | €26,745 | ▲ 42.3% |
| + Depreciation and write-downs630 | €21,714 | €21,737 | €22,211 | €37,136 | €30,297 | €35,627 | €44,232 | ▲ 24.2% |
| Operating cash flow (approximation) | €58,591 | €47,821 | €33,138 | €41,503 | €43,958 | €54,415 | €70,977 | ▲ 30.4% |
| Investment in fixed assets (approximation) | - | -€12,255 | -€335,302 | -€37,831 | -€11,500 | -€133,972 | -€28,368 | ▲ 78.8% |
| Change in cash | - | -€34,558 | -€7,183 | -€10,215 | €8,699 | €20,177 | -€66,514 | - |
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, 34,693 companies had the same profile as VF-Construct has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VF-Construct itself: 0.2% 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 34,693 companies, not a prediction for VF-Construct. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00095448 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00088815 | |
| 30-09-2023 | micro format | 05-04-2024 | 2024-00057832 | |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00069554 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09800109 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12600411 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11100371 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08700172 | |
| 30-09-2017 | micro format | 29-03-2018 | 2018-08500510 | |
| 30-09-2016 | abbreviated format | 30-03-2017 | 2017-08300417 |