VGA CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-06-2026 PDF all 24 filings
Turnover
≈ €450,000
Estimated: probably between €300,000 and €820,000
EBIT margin
Not included in this filing
Net result
€29,246
2024 · -€10,690
Working capital
€20,862
2024 · -€2,649
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€41,338
2025
20182025
Net result
€29,246
2025
middle half of the sector
20182025
Equity
€66,142
▲ 79.3%
2025
middle half of the sector
20182025
Total assets
€100,521
▲ 47.2%
2025
middle half of the sector
20182025
Debt
€34,379
▲ 9.6%
2025
20182025
Working capital
€20,862
2025
middle half of the sector
20182025
Solvency
65.8%
▲ 11.8pp
2025
middle half of the sector
20182025
Current ratio
2.01
▲ 1.26
2025
middle half of the sector
20182025
Return on assets (ROA)
29.1%
▲ 44.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,189-€17,414▲ 236%-€12,258€8,554-€3,351€13,641-€8,173€41,338
Net result€4,485-€17,097▲ 281%-€11,674below the sector's middle half€8,660within the sector's middle half-€3,681below the sector's middle half€11,539within the sector's middle half-€10,690below the sector's middle half€29,246within the sector's middle half
Equity€25,644-€42,742▲ 66.7%€31,067within the sector's middle half▼ 27.3%€39,727within the sector's middle half▲ 27.9%€36,047within the sector's middle half▼ 9.3%€47,586within the sector's middle half▲ 32.0%€36,895within the sector's middle half▼ 22.5%€66,142within the sector's middle half▲ 79.3%
Total assets€38,952-€52,319▲ 34.3%€45,720below the sector's middle half▼ 12.6%€49,538below the sector's middle half▲ 8.4%€40,672below the sector's middle half▼ 17.9%€82,519within the sector's middle half▲ 103%€68,270within the sector's middle half▼ 17.3%€100,521within the sector's middle half▲ 47.2%
Debt€13,308-€9,577▼ 28.0%€14,653▲ 53.0%€9,811▼ 33.0%€4,626▼ 52.8%€34,934▲ 655%€31,375▼ 10.2%€34,379▲ 9.6%
Working capital€20,680-€38,032▲ 83.9%€27,713within the sector's middle half▼ 27.1%€21,041within the sector's middle half▼ 24.1%€10,629within the sector's middle half▼ 49.5%€1,536below the sector's middle half▼ 85.5%-€2,649below the sector's middle half€20,862within the sector's middle half
Solvency65.8%-81.7%▲ 15.9pp68.0%above the sector's middle half▼ 13.7pp80.2%above the sector's middle half▲ 12.2pp88.6%above the sector's middle half▲ 8.4pp57.7%within the sector's middle half▼ 31.0pp54.0%within the sector's middle half▼ 3.6pp65.8%within the sector's middle half▲ 11.8pp
Current ratio2.56-4.97▲ 2.412.89within the sector's middle half▼ 2.083.14above the sector's middle half▲ 0.253.30above the sector's middle half▲ 0.151.21within the sector's middle half▼ 2.090.75below the sector's middle half▼ 0.462.01within the sector's middle half▲ 1.26
Return on assets (ROA)11.5%-32.7%▲ 21.2pp-25.5%below the sector's middle half▼ 58.2pp17.5%above the sector's middle half▲ 43.0pp-9.1%below the sector's middle half▼ 26.5pp14.0%within the sector's middle half▲ 23.0pp-15.7%below the sector's middle half▼ 29.6pp29.1%above the sector's middle half▲ 44.8pp
Staff (FTE)1.4-1▼ 28.6%
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 profit of €41,338, after a loss of €8,173 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,521
Fixed assets
€59,025 ▼ 2.3%
Current assets
€41,495 ▲ 430%
Equity and liabilities €100,521
Equity
€66,142 ▲ 79.3%
Debt
€34,379 ▲ 9.6%
Debt's share of the balance-sheet total falls from 46.0% to 34.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,542▲
2024 · €10,031
Cash flow
€49,450▲
2024 · €7,514
Debt to equity
0.52▼
2024 · 0.85
ROE
44.2%▲
2024 · -29.0%
Interest coverage
31.73▲
2024 · 4.03
Debt ≤ 1 year
€20,634▲
2024 · €10,479
Debt > 1 year
€13,745▼
2024 · €20,896
Income taxes
€10,192▲
2024 · €44
Staff costs
€47,788▼
2024 · €48,042
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,898 | €13,131 | €69,239 | €4,961 | €18,789 |
| Depreciation and write-downs of the year | €2,566 | €6,400 | €10,271 | €18,204 | €20,204 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €37,686 | €43,598 | €45,887 | €48,042 | €47,788 | ▼ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,766 | €2,174 | €1,355 | €2,566 | €6,400 | €10,271 | €18,204 | €20,204 | ▲ 11.0% |
| Other operating charges640/8 | - | - | - | €449 | €527 | €1,187 | €369 | €406 | ▲ 10.0% |
| Gross operating margin9900 | €67,734 | €56,174 | €20,228 | €49,255 | €47,173 | €70,986 | €58,441 | €109,737 | ▲ 87.8% |
| Operating profit (loss)9901 | €5,189 | €17,414 | -€12,258 | €8,554 | -€3,351 | €13,641 | -€8,173 | €41,338 | - |
| Financial income75/76B | - | - | - | €721 | €1 | €4 | €15 | €39 | ▲ 169% |
| Recurring financial income75 | €213 | €20 | €971 | €721 | €1 | €4 | €15 | €39 | ▲ 169% |
| Financial charges65/66B | - | - | - | €615 | €331 | €952 | €2,488 | €1,940 | ▼ 22.0% |
| Recurring financial charges65 | €918 | €336 | €387 | €615 | €331 | €952 | €2,488 | €1,940 | ▼ 22.0% |
| Profit (loss) for the period before taxes9903 | €4,485 | €17,097 | -€11,674 | €8,660 | -€3,681 | €12,693 | -€10,647 | €39,438 | - |
| Income taxes67/77 | €0 | - | €0 | - | - | €1,154 | €44 | €10,192 | ▲ 234× |
| Profit (loss) for the period9904 | €4,485 | €17,097 | -€11,674 | €8,660 | -€3,681 | €11,539 | -€10,690 | €29,246 | - |
| Profit (loss) for the period to be appropriated9905 | €4,485 | €17,097 | -€11,674 | €8,660 | -€3,681 | €11,539 | -€10,690 | €29,246 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,952 | €52,319 | €45,720 | €49,538 | €40,672 | €82,519 | €68,270 | €100,521 | ▲ 47.2% |
| Fixed assets21/28 | €5,043 | €4,710 | €3,354 | €18,687 | €25,418 | €73,683 | €60,440 | €59,025 | ▼ 2.3% |
| Tangible fixed assets22/27 | €4,938 | €4,605 | €3,249 | €18,582 | €25,313 | €73,578 | €60,335 | €58,920 | ▼ 2.3% |
| Plant, machinery and equipment23 | - | - | - | €799 | €2,834 | €2,036 | €6,190 | €6,042 | ▼ 2.4% |
| Furniture and vehicles24 | - | - | - | €12,473 | €18,407 | €68,708 | €52,548 | €48,653 | ▼ 7.4% |
| Other tangible fixed assets26 | - | - | - | €5,309 | €4,072 | €2,834 | €1,597 | €4,225 | ▲ 165% |
| Financial fixed assets28 | €105 | €105 | €105 | €105 | €105 | €105 | €105 | €105 | = |
| Current assets29/58 | €33,909 | €47,609 | €42,366 | €30,852 | €15,255 | €8,836 | €7,831 | €41,495 | ▲ 430% |
| Amounts receivable after more than one year29 | - | - | - | €6,020 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €6,020 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €10,183 | €27,657 | €13,289 | €11,584 | €5,656 | €139 | €1,499 | €5,342 | ▲ 256% |
| Trade receivables40 | - | - | - | €4,535 | €3,950 | - | €687 | €2,421 | ▲ 252% |
| Other amounts receivable41 | - | - | - | €7,049 | €1,706 | €139 | €812 | €2,921 | ▲ 260% |
| Cash at bank and in hand54/58 | €1,346 | €10,386 | €19,064 | €11,822 | €7,232 | €6,388 | €4,495 | €33,695 | ▲ 650% |
| Deferred charges and accrued income490/1 | - | - | - | €1,425 | €2,367 | €2,309 | €1,837 | €2,458 | ▲ 33.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,952 | €52,319 | €45,720 | €49,538 | €40,672 | €82,519 | €68,270 | €100,521 | ▲ 47.2% |
| Equity10/15 | €25,644 | €42,742 | €31,067 | €39,727 | €36,047 | €47,586 | €36,895 | €66,142 | ▲ 79.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €13,399 | €13,399 | €42,645 | ▲ 218% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €13,399 | €13,399 | €42,645 | ▲ 218% |
| Profit (loss) carried forward14 | €5,184 | €22,282 | €10,607 | €19,267 | €15,587 | €15,587 | €4,896 | €4,896 | = |
| Amounts payable17/49 | €13,308 | €9,577 | €14,653 | €9,811 | €4,626 | €34,934 | €31,375 | €34,379 | ▲ 9.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | €27,634 | €20,896 | €13,745 | ▼ 34.2% |
| Financial debts170/4 | - | - | - | - | - | €27,634 | €20,896 | €13,745 | ▼ 34.2% |
| Amounts payable within one year42/48 | €13,229 | €9,577 | €14,653 | €9,811 | €4,626 | €7,300 | €10,479 | €20,634 | ▲ 96.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €6,349 | €6,738 | €7,151 | ▲ 6.1% |
| Financial debts43 | - | - | - | €1,537 | - | - | €833 | €1,578 | ▲ 89.5% |
| Credit institutions430/8 | - | - | - | €1,537 | - | - | €833 | €1,578 | ▲ 89.5% |
| Trade debts44 | €4,341 | €3,569 | €12,883 | €5,562 | €4,626 | €293 | - | €780 | - |
| Suppliers440/4 | - | - | - | €5,562 | €4,626 | €293 | - | €780 | - |
| Taxes, remuneration and social security45 | - | - | - | €512 | - | €657 | €2,083 | €11,125 | ▲ 434% |
| Taxes450/3 | - | - | - | - | - | €231 | €44 | €10,270 | ▲ 236× |
| Remuneration and social security454/9 | - | - | - | €512 | - | €426 | €2,039 | €855 | ▼ 58.1% |
| Other amounts payable47/48 | - | - | - | €2,200 | - | - | €825 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,485 | €17,097 | -€11,674 | €8,660 | -€3,681 | €11,539 | -€10,690 | €29,246 | - |
| + Depreciation and write-downs630 | €7,766 | €2,174 | €1,355 | €2,566 | €6,400 | €10,271 | €18,204 | €20,204 | ▲ 11.0% |
| Operating cash flow (approximation) | €12,251 | €19,271 | -€10,319 | €11,226 | €2,719 | €21,810 | €7,514 | €49,450 | ▲ 558% |
| Investment in fixed assets (approximation) | - | -€1,840 | €0 | -€17,898 | -€13,131 | -€58,536 | -€4,961 | -€18,789 | ▼ 279% |
| Change in cash | - | €9,040 | €8,678 | -€7,241 | -€4,591 | -€844 | -€1,893 | €29,200 | - |
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, 31,368 companies had the same profile as VGA CONSTRUCT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VGA CONSTRUCT itself: 0.1% 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 31,368 companies, not a prediction for VGA 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-06-2026 | 2026-00134896 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00116939 | |
| 31-12-2023 | micro format | 19-05-2024 | 2024-00090512 | |
| 31-12-2022 | micro format | 28-05-2023 | 2023-00096421 | |
| 31-12-2021 | micro format | 23-05-2022 | 2022-20031526 | |
| 31-12-2020 | micro format | 26-05-2021 | 2021-15300013 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-46200179 | |
| 31-12-2018 | full format | 27-05-2019 | 2019-14300191 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-20400316 | |
| 31-12-2016 | full format | 09-06-2017 | 2017-15700259 |