VIB PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-09-2026 at the NBB all 5 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €180,000
Total assets
€393,236▲ 94.3%
2024 · €202,370
Net result
€160,917▲ 726%
2024 · €19,481
Working capital
-€19,615
2024 · €5,638
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€37,644
▲ 0.7%
2025
20212025
Net result
€160,917
▲ 726%
2025
highest quarter of the sector
20212025
Equity
€253,924
▲ 173%
2025
highest quarter of the sector
20212025
Total assets
€393,236
▲ 94.3%
2025
middle half of the sector
20212025
Debt
€139,311
▲ 27.4%
2025
20212025
Working capital
-€19,615
2025
lowest quarter of the sector
20212025
Solvency
64.6%
▲ 18.6pp
2025
middle half of the sector
20212025
Current ratio
0.68
▼ 0.47
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
40.9%
▲ 31.3pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€418-€48,631€48,131▼ 1.0%€37,383▼ 22.3%€37,644▲ 0.7%
Net result-€422below the sector's middle half-€37,742within the sector's middle half€31,206within the sector's middle half▼ 17.3%€19,481within the sector's middle half▼ 37.6%€160,917above the sector's middle half▲ 726%
Equity€4,578below the sector's middle half-€42,320within the sector's middle half▲ 824%€73,526within the sector's middle half▲ 73.7%€93,007within the sector's middle half▲ 26.5%€253,924above the sector's middle half▲ 173%
Total assets€5,176below the sector's middle half-€120,431within the sector's middle half▲ 23×€210,093within the sector's middle half▲ 74.5%€202,370within the sector's middle half▼ 3.7%€393,236within the sector's middle half▲ 94.3%
Debt€598-€78,111▲ 131×€136,567▲ 74.8%€109,363▼ 19.9%€139,311▲ 27.4%
Working capital€3,193within the sector's middle half-€35,099within the sector's middle half▲ 999%€28,120within the sector's middle half▼ 19.9%€5,638within the sector's middle half▼ 79.9%-€19,615below the sector's middle half
Solvency88.5%above the sector's middle half-35.1%within the sector's middle half▼ 53.3pp35.0%within the sector's middle half▼ 0.1pp46.0%within the sector's middle half▲ 11.0pp64.6%within the sector's middle half▲ 18.6pp
Current ratio6.34above the sector's middle half-2.02within the sector's middle half▼ 4.322.11within the sector's middle half▲ 0.081.15within the sector's middle half▼ 0.960.68below the sector's middle half▼ 0.47
Return on assets (ROA)-8.2%below the sector's middle half-31.3%above the sector's middle half▲ 39.5pp14.9%within the sector's middle half▼ 16.5pp9.6%within the sector's middle half▼ 5.2pp40.9%above the sector's middle half▲ 31.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 1% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Net result +726% on 2024. The 2025 profit included a one-off income of €137,782.
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 €393,236
Fixed assets
€350,777 ▲ 120%
Current assets
€42,459 ▼ 1.6%
Equity and liabilities €393,236
Equity
€253,924 ▲ 173%
Debt
€139,311 ▲ 27.4%
Debt's share of the balance-sheet total falls from 54.0% to 35.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€63,452▲
2024 · €51,066
Cash flow
€186,725▲
2024 · €33,164
Debt to equity
0.55▼
2024 · 1.18
ROE
63.4%▲
2024 · 20.9%
Interest coverage
14.71▲
2024 · 10.29
Debt ≤ 1 year
€62,074▲
2024 · €37,507
Debt > 1 year
€77,237▲
2024 · €71,856
Income taxes
€10,195▼
2024 · €12,938
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 | - | €53,689 | €13,145 | €16,301 | €104,625 |
| Intangible fixed assets | €1,456 | - | - | - | - |
| Financial fixed assets | - | - | €101,818 | - | €239,600 |
| Depreciation and write-downs of the year | €71 | €4,027 | €9,404 | €13,683 | €25,808 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71 | €4,027 | €9,404 | €13,683 | €25,808 | ▲ 88.6% |
| Other operating charges640/8 | - | €6,639 | €1,310 | €1,044 | €1,010 | ▼ 3.2% |
| Non-recurring operating charges66A | - | - | - | - | €4,047 | - |
| Gross operating margin9900 | -€348 | €59,297 | €58,846 | €52,110 | €68,509 | ▲ 31.5% |
| Operating profit (loss)9901 | -€418 | €48,631 | €48,131 | €37,383 | €37,644 | ▲ 0.7% |
| Financial income75/76B | - | - | €0 | - | €137,782 | - |
| Recurring financial income75 | - | - | €0 | - | €0 | - |
| Non-recurring financial income76B | - | - | - | - | €137,782 | - |
| Financial charges65/66B | €4 | €1,090 | €5,925 | €4,964 | €4,313 | ▼ 13.1% |
| Recurring financial charges65 | €4 | €1,090 | €5,925 | €4,964 | €4,313 | ▼ 13.1% |
| Profit (loss) for the period before taxes9903 | -€422 | €47,542 | €42,206 | €32,419 | €171,113 | ▲ 428% |
| Income taxes67/77 | - | €9,800 | €11,000 | €12,938 | €10,195 | ▼ 21.2% |
| Profit (loss) for the period9904 | -€422 | €37,742 | €31,206 | €19,481 | €160,917 | ▲ 726% |
| Profit (loss) for the period to be appropriated9905 | -€422 | €37,742 | €31,206 | €19,481 | €160,917 | ▲ 726% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5,176 | €120,431 | €210,093 | €202,370 | €393,236 | ▲ 94.3% |
| Fixed assets21/28 | €1,385 | €51,047 | €156,607 | €159,225 | €350,777 | ▲ 120% |
| Intangible fixed assets21 | €1,385 | €900 | €415 | - | - | - |
| Tangible fixed assets22/27 | - | €50,147 | €54,374 | €57,407 | €111,177 | ▲ 93.7% |
| Plant, machinery and equipment23 | - | - | €5,759 | €9,086 | €6,464 | ▼ 28.9% |
| Furniture and vehicles24 | - | €1,039 | €7,009 | €4,370 | €2,644 | ▼ 39.5% |
| Leasing and similar rights25 | - | €49,109 | €41,606 | €34,104 | €93,233 | ▲ 173% |
| Other tangible fixed assets26 | - | - | - | €9,846 | €8,836 | ▼ 10.3% |
| Financial fixed assets28 | - | - | €101,818 | €101,818 | €239,600 | ▲ 135% |
| Current assets29/58 | €3,790 | €69,383 | €53,486 | €43,145 | €42,459 | ▼ 1.6% |
| Amounts receivable within one year40/41 | €497 | €34,740 | €28,422 | €4,000 | €28,272 | ▲ 607% |
| Trade receivables40 | €303 | €30,540 | €20,222 | - | €23,472 | - |
| Other amounts receivable41 | €194 | €4,200 | €8,200 | €4,000 | €4,800 | ▲ 20.0% |
| Cash at bank and in hand54/58 | €3,294 | €33,893 | €24,252 | €38,144 | €10,845 | ▼ 71.6% |
| Deferred charges and accrued income490/1 | - | €750 | €812 | €1,001 | €3,342 | ▲ 234% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5,176 | €120,431 | €210,093 | €202,370 | €393,236 | ▲ 94.3% |
| Equity10/15 | €4,578 | €42,320 | €73,526 | €93,007 | €253,924 | ▲ 173% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€422 | €37,320 | €68,526 | €88,007 | €248,924 | ▲ 183% |
| Amounts payable17/49 | €598 | €78,111 | €136,567 | €109,363 | €139,311 | ▲ 27.4% |
| Amounts payable after more than one year17 | - | €43,826 | €111,202 | €71,856 | €77,237 | ▲ 7.5% |
| Financial debts170/4 | - | €43,826 | €111,202 | €71,856 | €77,237 | ▲ 7.5% |
| Amounts payable within one year42/48 | €598 | €34,285 | €25,366 | €37,507 | €62,074 | ▲ 65.5% |
| Current portion of amounts payable after more than one year42 | - | €5,832 | €6,038 | €6,251 | €24,689 | ▲ 295% |
| Trade debts44 | €598 | €13,701 | €4,570 | €486 | €5,739 | ▲ 12× |
| Suppliers440/4 | €598 | €13,701 | €4,570 | €486 | €5,739 | ▲ 12× |
| Taxes, remuneration and social security45 | - | €13,503 | €12,829 | €25,600 | €26,226 | ▲ 2.4% |
| Taxes450/3 | - | €13,503 | €12,829 | €25,600 | €26,226 | ▲ 2.4% |
| Other amounts payable47/48 | - | €1,249 | €1,929 | €5,170 | €5,420 | ▲ 4.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€422 | €37,742 | €31,206 | €19,481 | €160,917 | ▲ 726% |
| + Depreciation and write-downs630 | €71 | €4,027 | €9,404 | €13,683 | €25,808 | ▲ 88.6% |
| Operating cash flow (approximation) | -€352 | €41,769 | €40,610 | €33,164 | €186,725 | ▲ 463% |
| Investment in fixed assets (approximation) | - | -€53,689 | -€114,963 | -€16,301 | -€217,360 | ▼ 1,233% |
| Change in cash | - | €30,600 | -€9,641 | €13,892 | -€27,299 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-09-2026 | 2026-00523949 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00297661 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00296042 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00285078 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20111498 |