VH Engineering
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 9 filings
Turnover
≈ €240,000
Estimated: probably between €160,000 and €410,000
Total assets
€244,744▲ 44.8%
2024 · €169,072
Net result
€6,007▲ 865%
2024 · €622
Working capital
-€3,185▲ 22.6%
2024 · -€4,117
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€38,226
▲ 323%
2025
20182025
Net result
€6,007
▲ 865%
2025
middle half of the sector
20182025
Equity
€57,415
▲ 11.7%
2025
middle half of the sector
20182025
Total assets
€244,744
▲ 44.8%
2025
middle half of the sector
20182025
Debt
€187,330
▲ 59.2%
2025
20182025
Working capital
-€3,185
▲ 22.6%
2025
lowest quarter of the sector
20182025
Solvency
23.5%
▼ 6.9pp
2025
middle half of the sector
20182025
Current ratio
0.98
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
2.5%
▲ 2.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,810-€2,020▼ 79.4%€5,202▲ 157%€3,924▼ 24.6%€19,414▲ 395%€13,686▼ 29.5%€9,045▼ 33.9%€38,226▲ 323%
Net result€4,682-€194▼ 95.9%€4,991within the sector's middle half▲ 26×€1,876within the sector's middle half▼ 62.4%€11,309within the sector's middle half▲ 503%€7,185within the sector's middle half▼ 36.5%€622within the sector's middle half▼ 91.3%€6,007within the sector's middle half▲ 865%
Equity€20,166-€21,019▲ 4.2%€26,409within the sector's middle half▲ 25.6%€28,485within the sector's middle half▲ 7.9%€43,600within the sector's middle half▲ 53.1%€50,785within the sector's middle half▲ 16.5%€51,407within the sector's middle half▲ 1.2%€57,415within the sector's middle half▲ 11.7%
Total assets€61,822-€76,771▲ 24.2%€75,493below the sector's middle half▼ 1.7%€90,942below the sector's middle half▲ 20.5%€138,970within the sector's middle half▲ 52.8%€161,327within the sector's middle half▲ 16.1%€169,072within the sector's middle half▲ 4.8%€244,744within the sector's middle half▲ 44.8%
Debt€41,657-€55,753▲ 33.8%€49,084▼ 12.0%€62,457▲ 27.2%€95,371▲ 52.7%€110,542▲ 15.9%€117,665▲ 6.4%€187,330▲ 59.2%
Working capital€9,014-€13,869▲ 53.8%€20,536within the sector's middle half▲ 48.1%€20,270within the sector's middle half▼ 1.3%€28,030within the sector's middle half▲ 38.3%€16,702within the sector's middle half▼ 40.4%-€4,117below the sector's middle half-€3,185below the sector's middle half▲ 22.6%
Solvency32.6%-27.4%▼ 5.2pp35.0%within the sector's middle half▲ 7.6pp31.3%within the sector's middle half▼ 3.7pp31.4%within the sector's middle half▲ 0.1pp31.5%within the sector's middle half▲ 0.1pp30.4%within the sector's middle half▼ 1.1pp23.5%within the sector's middle half▼ 6.9pp
Current ratio1.22-1.51▲ 0.301.75within the sector's middle half▲ 0.241.55within the sector's middle half▼ 0.211.35within the sector's middle half▼ 0.201.16within the sector's middle half▼ 0.190.97below the sector's middle half▼ 0.190.98within the sector's middle half▲ 0.02
Return on assets (ROA)7.6%-0.3%▼ 7.3pp6.6%within the sector's middle half▲ 6.4pp2.1%within the sector's middle half▼ 4.5pp8.1%within the sector's middle half▲ 6.1pp4.5%within the sector's middle half▼ 3.7pp0.4%within the sector's middle half▼ 4.1pp2.5%within the sector's middle half▲ 2.1pp
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 over 4.2 times that of 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 €244,744
Fixed assets
€60,600 ▲ 9.1%
Current assets
€184,144 ▲ 62.2%
Equity and liabilities €244,744
Equity
€57,415 ▲ 11.7%
Debt
€187,330 ▲ 59.2%
Debt's share of the balance-sheet total rises from 69.6% to 76.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€60,672▲
2024 · €27,129
Cash flow
€28,454▲
2024 · €18,707
Quick ratio
0.38▼
2024 · 0.63
Debt to equity
3.26▲
2024 · 2.29
ROE
10.5%▲
2024 · 1.2%
Interest coverage
3.34▼
2024 · 3.83
Debt ≤ 1 year
€187,330▲
2024 · €117,665
Income taxes
€14,399▲
2024 · €2,297
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 | €16,677 | €10,280 | €25,744 | €35,521 | €27,523 |
| Depreciation and write-downs of the year | €10,853 | €13,302 | €18,191 | €18,084 | €22,446 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €6,000 | €1,351 | ▼ 77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,429 | €19,720 | €10,457 | €10,853 | €13,302 | €18,191 | €18,084 | €22,446 | ▲ 24.1% |
| Other operating charges640/8 | - | - | - | €1,252 | €7,269 | €7,798 | €8,035 | €17,689 | ▲ 120% |
| Gross operating margin9900 | €21,679 | €23,538 | €17,082 | €16,028 | €39,985 | €39,675 | €35,164 | €78,361 | ▲ 123% |
| Operating profit (loss)9901 | €9,810 | €2,020 | €5,202 | €3,924 | €19,414 | €13,686 | €9,045 | €38,226 | ▲ 323% |
| Financial income75/76B | - | - | - | €974 | €1,127 | €1,209 | €950 | €361 | ▼ 62.0% |
| Recurring financial income75 | €15 | €665 | €1,974 | €974 | €1,127 | €1,209 | €950 | €361 | ▼ 62.0% |
| Financial charges65/66B | - | - | - | €2,796 | €4,362 | €3,336 | €7,075 | €18,181 | ▲ 157% |
| Recurring financial charges65 | €2,889 | €2,369 | €2,140 | €2,796 | €4,362 | €3,336 | €7,075 | €18,181 | ▲ 157% |
| Profit (loss) for the period before taxes9903 | €6,936 | €316 | €5,036 | €2,101 | €16,179 | €11,559 | €2,920 | €20,406 | ▲ 599% |
| Income taxes67/77 | €2,254 | €122 | €46 | €226 | €4,870 | €4,374 | €2,297 | €14,399 | ▲ 527% |
| Profit (loss) for the period9904 | €4,682 | €194 | €4,991 | €1,876 | €11,309 | €7,185 | €622 | €6,007 | ▲ 865% |
| Profit (loss) for the period to be appropriated9905 | €4,682 | €194 | €4,991 | €1,876 | €11,309 | €7,185 | €622 | €6,007 | ▲ 865% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61,822 | €76,771 | €75,493 | €90,942 | €138,970 | €161,327 | €169,072 | €244,744 | ▲ 44.8% |
| Fixed assets21/28 | €11,151 | €35,873 | €27,732 | €33,556 | €30,534 | €38,087 | €55,524 | €60,600 | ▲ 9.1% |
| Tangible fixed assets22/27 | €11,151 | €35,873 | €27,732 | €33,556 | €30,534 | €38,087 | €55,524 | €60,600 | ▲ 9.1% |
| Plant, machinery and equipment23 | - | - | - | €2,237 | €8,839 | €17,694 | €33,000 | €45,906 | ▲ 39.1% |
| Furniture and vehicles24 | - | - | - | - | €1,649 | €7,177 | €8,620 | €5,675 | ▼ 34.2% |
| Leasing and similar rights25 | - | - | - | €31,319 | €20,046 | €8,773 | €5,789 | €2,805 | ▼ 51.6% |
| Other tangible fixed assets26 | - | - | - | - | - | €4,443 | €8,115 | €6,214 | ▼ 23.4% |
| Current assets29/58 | €50,671 | €40,899 | €47,761 | €57,386 | €108,436 | €123,240 | €113,548 | €184,144 | ▲ 62.2% |
| Stocks and contracts in progress3 | - | €2,500 | €18,500 | €26,800 | €8,551 | €50,776 | €40,000 | €113,378 | ▲ 183% |
| Stocks30/36 | - | - | - | €6,800 | €8,551 | €27,854 | €18,000 | €91,800 | ▲ 410% |
| Contracts in progress37 | - | - | - | €20,000 | - | €22,923 | €22,000 | €21,578 | ▼ 1.9% |
| Amounts receivable within one year40/41 | €46,277 | €36,548 | €27,218 | €25,041 | €93,068 | €50,051 | €63,153 | €45,178 | ▼ 28.5% |
| Trade receivables40 | - | - | - | €7,709 | €76,546 | €23,294 | €59,449 | €40,490 | ▼ 31.9% |
| Other amounts receivable41 | - | - | - | €17,331 | €16,522 | €26,757 | €3,703 | €4,688 | ▲ 26.6% |
| Cash at bank and in hand54/58 | €4,394 | €1,392 | €1,209 | €4,529 | €5,562 | €21,298 | €6,674 | €21,789 | ▲ 226% |
| Deferred charges and accrued income490/1 | - | - | - | €1,017 | €1,256 | €1,115 | €3,721 | €3,800 | ▲ 2.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61,822 | €76,771 | €75,493 | €90,942 | €138,970 | €161,327 | €169,072 | €244,744 | ▲ 44.8% |
| Equity10/15 | €20,166 | €21,019 | €26,409 | €28,485 | €43,600 | €50,785 | €51,407 | €57,415 | ▲ 11.7% |
| Contributions10/11 | €13,535 | €14,194 | - | €14,794 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €4,771 | €4,965 | €9,955 | €11,831 | €23,140 | €30,325 | €30,947 | €36,955 | ▲ 19.4% |
| Amounts payable17/49 | €41,657 | €55,753 | €49,084 | €62,457 | €95,371 | €110,542 | €117,665 | €187,330 | ▲ 59.2% |
| Amounts payable after more than one year17 | - | €28,723 | €21,858 | €25,341 | €14,964 | €4,005 | - | - | - |
| Financial debts170/4 | - | - | - | €25,341 | €14,964 | €4,005 | - | - | - |
| Amounts payable within one year42/48 | €41,657 | €27,030 | €27,225 | €37,116 | €80,406 | €106,538 | €117,665 | €187,330 | ▲ 59.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,014 | €10,377 | €10,960 | €4,005 | - | - |
| Financial debts43 | - | - | - | - | - | - | €21,197 | €43,380 | ▲ 105% |
| Credit institutions430/8 | - | - | - | - | - | - | €21,197 | €43,380 | ▲ 105% |
| Trade debts44 | €29,127 | €17,757 | €19,599 | €26,380 | €56,029 | €66,826 | €78,536 | €115,329 | ▲ 46.8% |
| Suppliers440/4 | - | - | - | €26,380 | €56,029 | €66,826 | €78,536 | €115,329 | ▲ 46.8% |
| Taxes, remuneration and social security45 | - | - | - | €722 | €14,001 | €10,473 | €10,862 | €26,603 | ▲ 145% |
| Taxes450/3 | - | - | - | €722 | €14,001 | €10,473 | €10,862 | €26,603 | ▲ 145% |
| Other amounts payable47/48 | - | - | - | - | - | €18,279 | €3,066 | €2,018 | ▼ 34.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,682 | €194 | €4,991 | €1,876 | €11,309 | €7,185 | €622 | €6,007 | ▲ 865% |
| + Depreciation and write-downs630 | €10,429 | €19,720 | €10,457 | €10,853 | €13,302 | €18,191 | €18,084 | €22,446 | ▲ 24.1% |
| Operating cash flow (approximation) | €15,111 | €19,914 | €15,448 | €12,728 | €24,610 | €25,376 | €18,707 | €28,454 | ▲ 52.1% |
| Investment in fixed assets (approximation) | - | -€44,442 | -€2,316 | -€16,677 | -€10,280 | -€25,744 | -€35,521 | -€27,523 | ▲ 22.5% |
| Change in cash | - | -€3,003 | -€183 | €3,320 | €1,033 | €15,736 | -€14,623 | €15,115 | - |
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, 4,508 companies had the same profile as VH Engineering has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of VH Engineering 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 4,508 companies, not a prediction for VH Engineering. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00249427 | |
| 31-12-2024 | micro format | 29-06-2025 | 2025-00193727 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00192878 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00173845 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20154863 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30400069 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-22700160 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-30400150 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-43200495 |