VHP PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 15 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €210,000
Total assets
€301,426▲ 44.8%
2024 · €208,123
Net result
€43,194▲ 2.2%
2024 · €42,263
Working capital
€143,461▲ 11.6%
2024 · €128,539
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€57,468
▼ 11.3%
2025
20182025
Net result
€43,194
▲ 2.2%
2025
middle half of the sector
20182025
Equity
€175,747
▲ 23.3%
2025
highest quarter of the sector
20182025
Total assets
€301,426
▲ 44.8%
2025
middle half of the sector
20182025
Debt
€125,679
▲ 91.7%
2025
20182025
Working capital
€143,461
▲ 11.6%
2025
highest quarter of the sector
20182025
Solvency
58.3%
▼ 10.2pp
2025
middle half of the sector
20182025
Current ratio
2.81
▼ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
14.3%
▼ 6.0pp
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€13,503-€18,683▲ 38.4%€12,266▼ 34.3%€8,534▼ 30.4%€17,049▲ 99.8%€37,587▲ 120%€64,821▲ 72.5%€57,468▼ 11.3%
Net result€11,428-€13,564▲ 18.7%€9,021within the sector's middle half▼ 33.5%€4,865within the sector's middle half▼ 46.1%€11,676within the sector's middle half▲ 140%€25,354within the sector's middle half▲ 117%€42,263within the sector's middle half▲ 66.7%€43,194within the sector's middle half▲ 2.2%
Equity€45,809-€59,373▲ 29.6%€68,395within the sector's middle half▲ 15.2%€73,260within the sector's middle half▲ 7.1%€84,936within the sector's middle half▲ 15.9%€110,291within the sector's middle half▲ 29.9%€142,553within the sector's middle half▲ 29.3%€175,747above the sector's middle half▲ 23.3%
Total assets€64,633-€94,765▲ 46.6%€88,233within the sector's middle half▼ 6.9%€95,776within the sector's middle half▲ 8.5%€116,082within the sector's middle half▲ 21.2%€151,028within the sector's middle half▲ 30.1%€208,123within the sector's middle half▲ 37.8%€301,426within the sector's middle half▲ 44.8%
Debt€18,825-€35,391▲ 88.0%€19,839▼ 43.9%€22,516▲ 13.5%€31,146▲ 38.3%€40,738▲ 30.8%€65,570▲ 61.0%€125,679▲ 91.7%
Working capital€42,449-€57,748▲ 36.0%€68,119within the sector's middle half▲ 18.0%€73,260within the sector's middle half▲ 7.5%€78,142within the sector's middle half▲ 6.7%€96,639within the sector's middle half▲ 23.7%€128,539above the sector's middle half▲ 33.0%€143,461above the sector's middle half▲ 11.6%
Solvency70.9%-62.7%▼ 8.2pp77.5%above the sector's middle half▲ 14.9pp76.5%above the sector's middle half▼ 1.0pp73.2%within the sector's middle half▼ 3.3pp73.0%within the sector's middle half▼ 0.1pp68.5%within the sector's middle half▼ 4.5pp58.3%within the sector's middle half▼ 10.2pp
Current ratio3.25-2.63▼ 0.624.43above the sector's middle half▲ 1.804.25above the sector's middle half▼ 0.183.51within the sector's middle half▼ 0.744.73above the sector's middle half▲ 1.223.23within the sector's middle half▼ 1.502.81within the sector's middle half▼ 0.42
Return on assets (ROA)17.7%-14.3%▼ 3.4pp10.2%within the sector's middle half▼ 4.1pp5.1%within the sector's middle half▼ 5.1pp10.1%within the sector's middle half▲ 5.0pp16.8%within the sector's middle half▲ 6.7pp20.3%within the sector's middle half▲ 3.5pp14.3%within the sector's middle half▼ 6.0pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 11% 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €301,426
Fixed assets
€78,556 ▲ 259%
Current assets
€222,870 ▲ 19.7%
Equity and liabilities €301,426
Equity
€175,747 ▲ 23.3%
Debt
€125,679 ▲ 91.7%
Debt's share of the balance-sheet total rises from 31.5% to 41.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,301▼
2024 · €72,015
Cash flow
€53,027▲
2024 · €49,456
Debt to equity
0.72▲
2024 · 0.46
ROE
24.6%▼
2024 · 29.6%
Interest coverage
41.51▼
2024 · 57.29
Debt ≤ 1 year
€79,409▲
2024 · €57,705
Debt > 1 year
€46,271▲
2024 · €7,865
Income taxes
€17,839▼
2024 · €22,205
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 | - | €7,984 | €27,466 | €578 | €66,511 |
| Depreciation and write-downs of the year | - | €1,190 | €5,766 | €7,193 | €9,834 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,955 | €1,735 | €1,350 | - | €1,190 | €5,766 | €7,193 | €9,834 | ▲ 36.7% |
| Other operating charges640/8 | - | - | - | €1,662 | €1,435 | €2,883 | €1,688 | €3,384 | ▲ 100% |
| Gross operating margin9900 | €24,825 | €32,052 | €18,735 | €10,196 | €19,675 | €46,235 | €73,703 | €70,685 | ▼ 4.1% |
| Operating profit (loss)9901 | €13,503 | €18,683 | €12,266 | €8,534 | €17,049 | €37,587 | €64,821 | €57,468 | ▼ 11.3% |
| Financial income75/76B | - | - | - | €412 | €350 | €1,774 | €904 | €5,186 | ▲ 474% |
| Recurring financial income75 | €782 | €8 | €1 | €412 | €350 | €534 | €904 | €936 | ▲ 3.6% |
| Non-recurring financial income76B | - | - | - | - | - | €1,240 | - | €4,250 | - |
| Financial charges65/66B | - | - | - | €1,645 | €475 | €2,583 | €1,257 | €1,621 | ▲ 29.0% |
| Recurring financial charges65 | €244 | €1,518 | €698 | €1,370 | €475 | €2,583 | €1,257 | €1,621 | ▲ 29.0% |
| Non-recurring financial charges66B | - | - | - | €275 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €12,428 | €17,173 | €11,570 | €7,300 | €16,924 | €36,778 | €64,468 | €61,033 | ▼ 5.3% |
| Income taxes67/77 | €1,000 | €3,609 | €2,548 | €2,435 | €5,247 | €11,423 | €22,205 | €17,839 | ▼ 19.7% |
| Profit (loss) for the period9904 | €11,428 | €13,564 | €9,021 | €4,865 | €11,676 | €25,354 | €42,263 | €43,194 | ▲ 2.2% |
| Profit (loss) for the period to be appropriated9905 | €11,428 | €13,564 | €9,021 | €4,865 | €11,676 | €25,354 | €42,263 | €43,194 | ▲ 2.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €64,633 | €94,765 | €88,233 | €95,776 | €116,082 | €151,028 | €208,123 | €301,426 | ▲ 44.8% |
| Fixed assets21/28 | €3,360 | €1,625 | €275 | - | €6,794 | €28,495 | €21,879 | €78,556 | ▲ 259% |
| Tangible fixed assets22/27 | €3,360 | €1,625 | €275 | - | €6,794 | €28,495 | €21,879 | €78,556 | ▲ 259% |
| Furniture and vehicles24 | - | - | - | - | - | €23,297 | €18,279 | €76,552 | ▲ 319% |
| Other tangible fixed assets26 | - | - | - | - | €6,794 | €5,197 | €3,601 | €2,004 | ▼ 44.3% |
| Current assets29/58 | €61,273 | €93,140 | €87,958 | €95,776 | €109,288 | €122,534 | €186,244 | €222,870 | ▲ 19.7% |
| Stocks and contracts in progress3 | €3,780 | €1,660 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,951 | €52,589 | €20,082 | €52,968 | €50,400 | €34,779 | €42,101 | €10,023 | ▼ 76.2% |
| Trade receivables40 | - | - | - | €48,421 | €42,965 | €10,907 | €32,344 | €9,295 | ▼ 71.3% |
| Other amounts receivable41 | - | - | - | €4,547 | €7,435 | €23,872 | €9,757 | €728 | ▼ 92.5% |
| Cash at bank and in hand54/58 | €31,823 | €37,967 | €67,877 | €42,750 | €58,559 | €87,221 | €143,456 | €212,555 | ▲ 48.2% |
| Deferred charges and accrued income490/1 | - | - | - | €58 | €330 | €534 | €687 | €292 | ▼ 57.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €64,633 | €94,765 | €88,233 | €95,776 | €116,082 | €151,028 | €208,123 | €301,426 | ▲ 44.8% |
| Equity10/15 | €45,809 | €59,373 | €68,395 | €73,260 | €84,936 | €110,291 | €142,553 | €175,747 | ▲ 23.3% |
| Contributions10/11 | €8,280 | €8,280 | €8,280 | €8,280 | €8,280 | €8,280 | €8,280 | €8,280 | = |
| Reserves13 | €36,100 | €46,100 | €54,600 | €59,100 | €70,600 | €95,600 | €125,600 | €155,600 | ▲ 23.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €57,240 | €68,740 | €95,600 | €125,600 | €155,600 | ▲ 23.9% |
| Profit (loss) carried forward14 | €1,428 | €4,993 | €5,514 | €5,880 | €6,056 | €6,410 | €8,673 | €11,867 | ▲ 36.8% |
| Amounts payable17/49 | €18,825 | €35,391 | €19,839 | €22,516 | €31,146 | €40,738 | €65,570 | €125,679 | ▲ 91.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | €14,843 | €7,865 | €46,271 | ▲ 488% |
| Financial debts170/4 | - | - | - | - | - | €14,843 | €7,865 | €46,271 | ▲ 488% |
| Amounts payable within one year42/48 | €18,825 | €35,391 | €19,839 | €22,516 | €31,146 | €25,895 | €57,705 | €79,409 | ▲ 37.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €6,718 | €6,978 | €18,287 | ▲ 162% |
| Trade debts44 | €11,609 | €26,511 | €9,148 | €20,081 | €18,556 | €6,003 | €9,722 | €11,412 | ▲ 17.4% |
| Suppliers440/4 | - | - | - | €20,081 | €18,556 | €6,003 | €9,722 | €11,412 | ▲ 17.4% |
| Taxes, remuneration and social security45 | - | - | - | €2,435 | €12,591 | €13,173 | €41,005 | €49,709 | ▲ 21.2% |
| Taxes450/3 | - | - | - | €2,435 | €10,841 | €11,423 | €39,255 | €47,959 | ▲ 22.2% |
| Remuneration and social security454/9 | - | - | - | - | €1,750 | €1,750 | €1,750 | €1,750 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,428 | €13,564 | €9,021 | €4,865 | €11,676 | €25,354 | €42,263 | €43,194 | ▲ 2.2% |
| + Depreciation and write-downs630 | €1,955 | €1,735 | €1,350 | - | €1,190 | €5,766 | €7,193 | €9,834 | ▲ 36.7% |
| Operating cash flow (approximation) | €13,384 | €15,299 | €10,371 | €4,865 | €12,866 | €31,120 | €49,456 | €53,027 | ▲ 7.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | -€27,466 | -€578 | -€66,511 | ▼ 11,413% |
| Change in cash | - | €6,144 | €29,910 | -€25,127 | €15,809 | €28,662 | €56,235 | €69,099 | ▲ 22.9% |
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 VHP PROJECTS 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 VHP PROJECTS 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 34,693 companies, not a prediction for VHP 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00291229 | |
| 31-12-2024 | micro format | 05-09-2025 | 2025-00487490 | |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00183304 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00273037 | |
| 31-12-2021 | micro format | 06-10-2022 | 2022-20452547 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41400116 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57200178 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41500436 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-29500349 | |
| 31-12-2016 | micro format | 28-06-2017 | 2017-23300519 |