VGS DEVELOPMENT
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 16-09-2026 at the NBB all 27 filings
Equity
€87,818▼ 4.9%
2025 · €92,334
Total assets
€159,261▲ 11.6%
2025 · €142,687
Net result
-€4,516▲ 95.3%
2025 · -€95,694
Working capital
€86,026▼ 4.4%
2025 · €89,955
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€4,700
▲ 95.1%
2026
20192026
Net result
-€4,516
▲ 95.3%
2026
20192026
Equity
€87,818
▼ 4.9%
2026
20192026
Total assets
€159,261
▲ 11.6%
2026
20192026
Debt
€71,443
▲ 41.9%
2026
20192026
Working capital
€86,026
▼ 4.4%
2026
20192026
Solvency
55.1%
▼ 9.6pp
2026
20192026
Current ratio
2.20
▼ 0.58
2026
20192026
Return on assets (ROA)
-2.8%
▲ 64.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€39,190-€13,000▼ 66.8%-€34,768-€62,052▼ 78.5%-€42,757▲ 31.1%-€112,018▼ 162%-€96,136▲ 14.2%-€4,700▲ 95.1%
Net result€20,985-€861▼ 95.9%-€35,310below the sector's middle half-€62,053below the sector's middle half▼ 75.7%-€42,817below the sector's middle half▲ 31.0%-€112,297below the sector's middle half▼ 162%-€95,694below the sector's middle half▲ 14.8%-€4,516▲ 95.3%
Equity€439,643-€440,504▲ 0.2%€405,194above the sector's middle half▼ 8.0%€343,141above the sector's middle half▼ 15.3%€300,324within the sector's middle half▼ 12.5%€188,027within the sector's middle half▼ 37.4%€92,334within the sector's middle half▼ 50.9%€87,818▼ 4.9%
Total assets€470,659-€446,677▼ 5.1%€408,585within the sector's middle half▼ 8.5%€349,439within the sector's middle half▼ 14.5%€305,345within the sector's middle half▼ 12.6%€212,607within the sector's middle half▼ 30.4%€142,687within the sector's middle half▼ 32.9%€159,261▲ 11.6%
Debt€31,016-€6,173▼ 80.1%€3,391▼ 45.1%€6,298▲ 85.7%€5,021▼ 20.3%€24,580▲ 390%€50,353▲ 105%€71,443▲ 41.9%
Working capital€263,185-€263,038▼ 0.1%€263,022above the sector's middle half=€235,663above the sector's middle half▼ 10.4%€227,540above the sector's middle half▼ 3.4%€149,498above the sector's middle half▼ 34.3%€89,955within the sector's middle half▼ 39.8%€86,026▼ 4.4%
Solvency93.4%-98.6%▲ 5.2pp99.2%above the sector's middle half▲ 0.6pp98.2%above the sector's middle half▼ 1.0pp98.4%above the sector's middle half▲ 0.2pp88.4%above the sector's middle half▼ 9.9pp64.7%above the sector's middle half▼ 23.7pp55.1%▼ 9.6pp
Current ratio9.49-43.61▲ 34.1378.56above the sector's middle half▲ 34.9538.42above the sector's middle half▼ 40.1546.32above the sector's middle half▲ 7.907.08above the sector's middle half▼ 39.242.79within the sector's middle half▼ 4.302.20▼ 0.58
Return on assets (ROA)4.5%-0.2%▼ 4.3pp-8.6%below the sector's middle half▼ 8.8pp-17.8%below the sector's middle half▼ 9.1pp-14.0%below the sector's middle half▲ 3.7pp-52.8%below the sector's middle half▼ 38.8pp-67.1%below the sector's middle half▼ 14.2pp-2.8%▲ 64.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €4,700, smaller than the loss of €96,136 in 2025.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €159,261
Fixed assets
€1,792 ▼ 24.7%
Current assets
€157,469 ▲ 12.2%
Equity and liabilities €159,261
Equity
€87,818 ▼ 4.9%
Debt
€71,443 ▲ 41.9%
Debt's share of the balance-sheet total rises from 35.3% to 44.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€4,112▲
2025 · -€95,577
Cash flow
-€3,928▲
2025 · -€95,135
Quick ratio
1.15▼
2025 · 1.71
Debt to equity
0.81▲
2025 · 0.55
ROE
-5.1%▲
2025 · -103.6%
Interest coverage
-70.36▲
2025 · -1257.59
Debt ≤ 1 year
€71,443▲
2025 · €50,353
Income taxes
€227▲
2025 · €212
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €2,938 | - |
| Depreciation and write-downs of the year | €34,694 | €34,694 | €34,254 | €559 | €588 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,354 | €40,694 | €35,294 | €34,694 | €34,694 | €34,254 | €559 | €588 | ▲ 5.2% |
| Other operating charges640/8 | - | - | - | €2,825 | €2,817 | €2,914 | €2,881 | €801 | ▼ 72.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €38,529 | - | - |
| Gross operating margin9900 | €73,991 | €56,287 | €3,078 | -€24,533 | -€5,246 | -€74,850 | -€54,167 | -€3,311 | ▲ 93.9% |
| Operating profit (loss)9901 | €39,190 | €13,000 | -€34,768 | -€62,052 | -€42,757 | -€112,018 | -€96,136 | -€4,700 | ▲ 95.1% |
| Financial income75/76B | - | - | - | €278 | €229 | €694 | €730 | €470 | ▼ 35.7% |
| Recurring financial income75 | €244 | €455 | €15 | €278 | €229 | €694 | €730 | €470 | ▼ 35.7% |
| Financial charges65/66B | - | - | - | €64 | €69 | €766 | €76 | €58 | ▼ 23.1% |
| Recurring financial charges65 | €1,493 | €533 | €81 | €64 | €69 | €766 | €76 | €58 | ▼ 23.1% |
| Profit (loss) for the period before taxes9903 | €37,941 | €12,922 | -€34,834 | -€61,838 | -€42,597 | -€112,090 | -€95,481 | -€4,288 | ▲ 95.5% |
| Income taxes67/77 | €16,956 | €12,061 | €476 | €215 | €220 | €207 | €212 | €227 | ▲ 7.2% |
| Profit (loss) for the period9904 | €20,985 | €861 | -€35,310 | -€62,053 | -€42,817 | -€112,297 | -€95,694 | -€4,516 | ▲ 95.3% |
| Profit (loss) for the period to be appropriated9905 | €20,985 | €861 | -€35,310 | -€62,053 | -€42,817 | -€112,297 | -€95,694 | -€4,516 | ▲ 95.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €470,659 | €446,677 | €408,585 | €349,439 | €305,345 | €212,607 | €142,687 | €159,261 | ▲ 11.6% |
| Fixed assets21/28 | €176,458 | €177,466 | €142,172 | €107,478 | €72,784 | €38,529 | €2,379 | €1,792 | ▼ 24.7% |
| Tangible fixed assets22/27 | €176,458 | €177,466 | €142,172 | €107,478 | €72,784 | €38,529 | €2,379 | €1,792 | ▼ 24.7% |
| Land and buildings22 | - | - | - | €90,797 | €64,443 | €38,529 | - | - | - |
| Furniture and vehicles24 | - | - | - | €16,681 | €8,341 | - | €2,379 | €1,792 | ▼ 24.7% |
| Current assets29/58 | €294,201 | €269,211 | €266,413 | €241,961 | €232,561 | €174,078 | €140,307 | €157,469 | ▲ 12.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | €12,220 | €54,416 | €75,008 | ▲ 37.8% |
| Stocks30/36 | - | - | - | - | - | €12,220 | €54,416 | €75,008 | ▲ 37.8% |
| Amounts receivable within one year40/41 | €18,682 | €13,037 | €12,825 | €5,158 | €2,139 | €10,065 | €3,958 | €2,184 | ▼ 44.8% |
| Trade receivables40 | - | - | - | - | €2,139 | €5,630 | €3,798 | - | - |
| Other amounts receivable41 | - | - | - | €5,158 | - | €4,435 | €161 | €2,184 | ▲ 14× |
| Current investments50/53 | €196,565 | €196,749 | €200,000 | €200,000 | €200,000 | €145,445 | €79,019 | €75,422 | ▼ 4.6% |
| Cash at bank and in hand54/58 | €34,966 | €9,936 | €11,556 | €13,865 | €6,719 | €5,497 | €2,421 | €4,122 | ▲ 70.3% |
| Deferred charges and accrued income490/1 | - | - | - | €22,938 | €23,703 | €851 | €494 | €734 | ▲ 48.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €470,659 | €446,677 | €408,585 | €349,439 | €305,345 | €212,607 | €142,687 | €159,261 | ▲ 11.6% |
| Equity10/15 | €439,643 | €440,504 | €405,194 | €343,141 | €300,324 | €188,027 | €92,334 | €87,818 | ▼ 4.9% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €82,500 | €83,350 | €83,350 | €83,350 | €83,350 | €81,350 | €81,350 | €81,350 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €81,350 | €81,350 | €81,350 | €81,350 | €81,350 | = |
| Profit (loss) carried forward14 | €337,143 | €337,154 | €301,844 | €239,791 | €196,974 | €86,677 | -€9,016 | -€13,532 | ▼ 50.1% |
| Amounts payable17/49 | €31,016 | €6,173 | €3,391 | €6,298 | €5,021 | €24,580 | €50,353 | €71,443 | ▲ 41.9% |
| Amounts payable within one year42/48 | €31,016 | €6,173 | €3,391 | €6,298 | €5,021 | €24,580 | €50,353 | €71,443 | ▲ 41.9% |
| Trade debts44 | €1,794 | €4,555 | €1,404 | €6,083 | €1,607 | €3,750 | €2,796 | €8,321 | ▲ 198% |
| Suppliers440/4 | - | - | - | €6,083 | €1,607 | €3,750 | €2,796 | €8,321 | ▲ 198% |
| Taxes, remuneration and social security45 | - | - | - | €215 | €384 | €207 | €177 | €86 | ▼ 51.1% |
| Taxes450/3 | - | - | - | €215 | €384 | €207 | €177 | €86 | ▼ 51.1% |
| Other amounts payable47/48 | - | - | - | - | €3,030 | €20,623 | €47,380 | €63,036 | ▲ 33.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,985 | €861 | -€35,310 | -€62,053 | -€42,817 | -€112,297 | -€95,694 | -€4,516 | ▲ 95.3% |
| + Depreciation and write-downs630 | €32,354 | €40,694 | €35,294 | €34,694 | €34,694 | €34,254 | €559 | €588 | ▲ 5.2% |
| Operating cash flow (approximation) | €53,339 | €41,555 | -€16 | -€27,359 | -€8,123 | -€78,043 | -€95,135 | -€3,928 | ▲ 95.9% |
| Investment in fixed assets (approximation) | - | -€41,702 | €0 | €0 | €0 | €1 | €35,591 | €0 | ▼ 100% |
| Change in cash | - | -€25,030 | €1,620 | €2,309 | -€7,146 | -€1,222 | -€3,076 | €1,701 | - |
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, 12,322 companies had the same profile as VGS DEVELOPMENT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VGS DEVELOPMENT 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 12,322 companies, not a prediction for VGS DEVELOPMENT. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 16-09-2026 | 2026-00514399 | |
| 31-03-2025 | micro format | 16-09-2025 | 2025-00493677 | |
| 31-03-2024 | micro format | 16-09-2024 | 2024-00463491 | |
| 31-03-2023 | micro format | 19-09-2023 | 2023-00449747 | |
| 31-03-2022 | micro format | 04-10-2022 | 2022-20451799 | |
| 31-03-2021 | micro format | 04-10-2021 | 2021-70900601 | |
| 31-03-2020 | micro format | 04-11-2020 | 2020-68500529 | |
| 31-03-2019 | micro format | 08-10-2019 | 2019-69000511 | |
| 31-03-2018 | micro format | 23-10-2018 | 2018-70000581 | |
| 31-03-2017 | micro format | 03-10-2017 | 2017-66200521 |