VICORE
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 21-09-2026 at the NBB all 25 filings
Turnover
≈ €110,000
Estimated: probably between €80,000 and €150,000
Total assets
€34,996▼ 26.7%
2025 · €47,772
Net result
€16,242
2025 · -€33,447
Working capital
-€90,411▲ 23.5%
2025 · -€118,143
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€16,992
2026
20192026
Net result
€16,242
2026
20192026
Equity
-€65,412
▲ 19.9%
2026
20192026
Total assets
€34,996
▼ 26.7%
2026
20192026
Debt
€100,408
▼ 22.4%
2026
20192026
Working capital
-€90,411
▲ 23.5%
2026
20192026
Solvency
-186.9%
▼ 16.0pp
2026
20192026
Current ratio
0.10
▲ 0.01
2026
20192026
Return on assets (ROA)
46.4%
▲ 116.4pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€16,123--€23,186▼ 43.8%-€8,786▲ 62.1%-€15,233▼ 73.4%€1,111-€8,732-€32,704▼ 275%€16,992
Net result-€17,353--€24,374▼ 40.5%-€9,437below the sector's middle half▲ 61.3%-€15,913below the sector's middle half▼ 68.6%€384below the sector's middle half-€9,465below the sector's middle half-€33,447below the sector's middle half▼ 253%€16,242
Equity€10,599--€13,775-€23,213below the sector's middle half▼ 68.5%-€39,125below the sector's middle half▼ 68.6%-€38,742below the sector's middle half▲ 1.0%-€48,206below the sector's middle half▼ 24.4%-€81,654below the sector's middle half▼ 69.4%-€65,412▲ 19.9%
Total assets€29,963-€11,267▼ 62.4%€11,951below the sector's middle half▲ 6.1%€8,098below the sector's middle half▼ 32.2%€21,833below the sector's middle half▲ 170%€53,660below the sector's middle half▲ 146%€47,772below the sector's middle half▼ 11.0%€34,996▼ 26.7%
Debt€19,364-€25,042▲ 29.3%€35,164▲ 40.4%€47,223▲ 34.3%€60,574▲ 28.3%€101,866▲ 68.2%€129,425▲ 27.1%€100,408▼ 22.4%
Working capital-€6,137--€23,053▼ 276%-€27,667below the sector's middle half▼ 20.0%-€39,621below the sector's middle half▼ 43.2%-€38,821below the sector's middle half▲ 2.0%-€94,749below the sector's middle half▼ 144%-€118,143below the sector's middle half▼ 24.7%-€90,411▲ 23.5%
Solvency35.4%--122.3%▼ 157.6pp-194.2%below the sector's middle half▼ 72.0pp-483.2%below the sector's middle half▼ 288.9pp-177.4%below the sector's middle half▲ 305.7pp-89.8%below the sector's middle half▲ 87.6pp-170.9%below the sector's middle half▼ 81.1pp-186.9%▼ 16.0pp
Current ratio0.66-0.08▼ 0.580.21below the sector's middle half▲ 0.130.16below the sector's middle half▼ 0.050.36below the sector's middle half▲ 0.200.07below the sector's middle half▼ 0.290.09below the sector's middle half▲ 0.020.10▲ 0.01
Return on assets (ROA)-57.9%--216.3%▼ 158.4pp-79.0%below the sector's middle half▲ 137.4pp-196.5%below the sector's middle half▼ 117.5pp1.8%below the sector's middle half▲ 198.3pp-17.6%below the sector's middle half▼ 19.4pp-70.0%below the sector's middle half▼ 52.4pp46.4%▲ 116.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 profit of €16,992, after a loss of €32,704 in 2025. It is the highest result since 2022.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €34,996
Fixed assets
€24,999 ▼ 31.5%
Current assets
€9,997 ▼ 11.4%
Equity and liabilities
Equity-€65,412
Debt€100,408
Equity is negative. Debt (€100,408) exceeds the balance-sheet total (€34,996).
Key figures and ratios
EBITDA
€28,482▲
2025 · -€21,529
Cash flow
€27,732▲
2025 · -€22,272
Interest coverage
over 100▲
2025 · -371.45
Debt ≤ 1 year
€100,408▼
2025 · €129,425
Income taxes
€684▼
2025 · €685
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | €54,591 | €1,122 | - |
| Depreciation and write-downs of the year | €3,959 | €416 | €8,128 | €11,175 | €11,490 |
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 | €10,568 | €8,911 | €4,823 | €3,959 | €416 | €8,128 | €11,175 | €11,490 | ▲ 2.8% |
| Other operating charges640/8 | - | - | - | €1,291 | €1,460 | €1,569 | €1,517 | €1,311 | ▼ 13.6% |
| Gross operating margin9900 | -€3,803 | -€12,888 | -€2,443 | -€9,983 | €2,986 | €965 | -€20,012 | €29,794 | - |
| Operating profit (loss)9901 | -€16,123 | -€23,186 | -€8,786 | -€15,233 | €1,111 | -€8,732 | -€32,704 | €16,992 | - |
| Financial income75/76B | - | - | - | €0 | €2 | - | - | €19 | - |
| Recurring financial income75 | €2 | - | €0 | €0 | €2 | - | - | €19 | - |
| Financial charges65/66B | - | - | - | €67 | €72 | €63 | €58 | €85 | ▲ 46.2% |
| Recurring financial charges65 | €519 | €507 | €78 | €67 | €72 | €63 | €58 | €85 | ▲ 46.2% |
| Profit (loss) for the period before taxes9903 | -€16,640 | -€23,692 | -€8,863 | -€15,300 | €1,041 | -€8,796 | -€32,762 | €16,926 | - |
| Income taxes67/77 | €713 | €682 | €574 | €612 | €657 | €669 | €685 | €684 | ▼ 0.1% |
| Profit (loss) for the period9904 | -€17,353 | -€24,374 | -€9,437 | -€15,913 | €384 | -€9,465 | -€33,447 | €16,242 | - |
| Profit (loss) for the period to be appropriated9905 | -€17,353 | -€24,374 | -€9,437 | -€15,913 | €384 | -€9,465 | -€33,447 | €16,242 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,963 | €11,267 | €11,951 | €8,098 | €21,833 | €53,660 | €47,772 | €34,996 | ▼ 26.7% |
| Fixed assets21/28 | €18,188 | €9,277 | €4,455 | €496 | €80 | €46,542 | €36,489 | €24,999 | ▼ 31.5% |
| Tangible fixed assets22/27 | €18,188 | €9,277 | €4,455 | €496 | €80 | €46,542 | €36,489 | €24,999 | ▼ 31.5% |
| Land and buildings22 | - | - | - | €496 | €80 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | €46,542 | €36,489 | €24,999 | ▼ 31.5% |
| Current assets29/58 | €11,775 | €1,990 | €7,496 | €7,602 | €21,753 | €7,118 | €11,283 | €9,997 | ▼ 11.4% |
| Amounts receivable within one year40/41 | €8,675 | €251 | €3,000 | - | - | €3,630 | - | €6,000 | - |
| Trade receivables40 | - | - | - | - | - | €3,630 | - | €6,000 | - |
| Cash at bank and in hand54/58 | €1,695 | €312 | €3,051 | €6,139 | €12,586 | €3,320 | €11,125 | €3,836 | ▼ 65.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,464 | €9,167 | €168 | €157 | €161 | ▲ 2.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,963 | €11,267 | €11,951 | €8,098 | €21,833 | €53,660 | €47,772 | €34,996 | ▼ 26.7% |
| Equity10/15 | €10,599 | -€13,775 | -€23,213 | -€39,125 | -€38,742 | -€48,206 | -€81,654 | -€65,412 | ▲ 19.9% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Profit (loss) carried forward14 | -€50,901 | -€75,275 | -€84,713 | -€100,625 | -€100,242 | -€109,706 | -€143,154 | -€126,912 | ▲ 11.3% |
| Amounts payable17/49 | €19,364 | €25,042 | €35,164 | €47,223 | €60,574 | €101,866 | €129,425 | €100,408 | ▼ 22.4% |
| Amounts payable after more than one year17 | €1,452 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €17,912 | €25,042 | €35,164 | €47,223 | €60,574 | €101,866 | €129,425 | €100,408 | ▼ 22.4% |
| Trade debts44 | €524 | €367 | €418 | €2,103 | €2,792 | €597 | €640 | €305 | ▼ 52.4% |
| Suppliers440/4 | - | - | - | €2,103 | €2,792 | €597 | €640 | €305 | ▼ 52.4% |
| Taxes, remuneration and social security45 | - | - | - | €2,597 | €4,130 | €3,587 | €4,471 | €5,305 | ▲ 18.6% |
| Taxes450/3 | - | - | - | €2,597 | €4,130 | €3,587 | €4,471 | €5,305 | ▲ 18.6% |
| Other amounts payable47/48 | - | - | - | €42,524 | €53,652 | €97,682 | €124,314 | €94,798 | ▼ 23.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,353 | -€24,374 | -€9,437 | -€15,913 | €384 | -€9,465 | -€33,447 | €16,242 | - |
| + Depreciation and write-downs630 | €10,568 | €8,911 | €4,823 | €3,959 | €416 | €8,128 | €11,175 | €11,490 | ▲ 2.8% |
| Operating cash flow (approximation) | -€6,785 | -€15,463 | -€4,615 | -€11,954 | €800 | -€1,336 | -€22,272 | €27,732 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€54,591 | -€1,122 | €0 | - |
| Change in cash | - | -€1,383 | €2,739 | €3,088 | €6,447 | -€9,266 | €7,805 | -€7,289 | - |
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, 3,794 companies had the same profile as VICORE has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VICORE itself is lower: 0.2% within 12 months. It rests on far more data about VICORE than the profile alone.
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 3,794 companies, not a prediction for VICORE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 21-09-2026 | 2026-00518033 | |
| 31-03-2025 | micro format | 07-10-2025 | 2025-00532954 | |
| 31-03-2024 | micro format | 25-09-2024 | 2024-00475660 | |
| 31-03-2023 | micro format | 27-09-2023 | 2023-00458543 | |
| 31-03-2022 | micro format | 30-09-2022 | 2022-20441497 | |
| 31-03-2021 | micro format | 08-10-2021 | 2021-71500512 | |
| 31-03-2020 | micro format | 01-10-2020 | 2020-57800009 | |
| 31-03-2019 | micro format | 19-09-2019 | 2019-64900568 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-70700321 | |
| 31-03-2017 | micro format | 25-10-2017 | 2017-67800260 |