Victrol
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00541623.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 49 filings
Turnover
€1.9m▲ 152%
2023 · €735,495
EBIT margin
19.5%▼ 5.5pp
2023 · 24.9%
Net result
€121,763▼ 16.8%
2024 · €146,274
Working capital
€2.9m▼ 5.3%
2024 · €3.0m
Multi-year overview
2019 to 2025, 8 financial yearsTurnover
no figure
2025
20192025
Operating result
€334,672
▼ 7.3%
2025
20192025
Net result
€121,763
▼ 16.8%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€4.0m
▲ 3.2%
2025
middle half of the sector
20192025
Total assets
€7.1m
▼ 2.2%
2025
middle half of the sector
20192025
Debt
€3.1m
▼ 8.3%
2025
20192025
Working capital
€2.9m
▼ 5.3%
2025
highest quarter of the sector
20192025
Solvency
55.8%
▲ 2.9pp
2025
middle half of the sector
20192025
Current ratio
1.94
▼ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
1.7%
▼ 0.3pp
2025
middle half of the sector
20192025
Staff (FTE)
1.1
▼ 45.0%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202320242025
Turnover€2.0m-€1.6m▼ 17.5%€1.5m▼ 9.2%€1.5m▲ 1.4%€1.9m▲ 24.4%€0.7m-€1.9m▲ 152%
Operating result€0.4m-€0.3m▼ 19.9%€0.4m▲ 29.9%€0.3m▼ 14.0%€0.5m▲ 47.3%€0.2m-€0.4m▲ 96.8%€0.3m▼ 7.3%
Net result€0.2m-€0.2m▼ 12.7%€0.2mabove the sector's middle half▲ 27.9%€0.09mwithin the sector's middle half▼ 55.8%€0.2mabove the sector's middle half▲ 161%€0.09mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 55.1%€0.1mwithin the sector's middle half▼ 16.8%
EBIT margin18.2%-17.7%▼ 0.5pp25.3%▲ 7.6pp21.5%▼ 3.8pp25.4%▲ 4.0pp24.9%-19.5%▼ 5.5pp
Equity€2.8m-€3.0m▲ 5.8%€3.2mabove the sector's middle half▲ 7.0%€3.3mabove the sector's middle half▲ 3.6%€3.6mabove the sector's middle half▲ 7.3%€3.7mabove the sector's middle half-€3.8mabove the sector's middle half▲ 4.0%€4.0mwithin the sector's middle half▲ 3.2%
Total assets€5.8m-€6.9m▲ 19.3%€6.8mabove the sector's middle half▼ 1.3%€6.7mabove the sector's middle half▼ 1.7%€6.9mabove the sector's middle half▲ 3.5%€7.0mabove the sector's middle half-€7.2mabove the sector's middle half▲ 3.3%€7.1mwithin the sector's middle half▼ 2.2%
Debt€3.0m-€3.9m▲ 32.4%€3.6m▼ 7.8%€3.4m▼ 6.6%€3.4m▼ 0.2%€3.3m-€3.4m▲ 2.6%€3.1m▼ 8.3%
Working capital€1.9m-€2.6m▲ 38.9%€2.6mabove the sector's middle half▲ 1.2%€3.0mabove the sector's middle half▲ 12.3%€3.0mabove the sector's middle half▲ 3.1%€3.1mabove the sector's middle half-€3.0mabove the sector's middle half▼ 1.4%€2.9mabove the sector's middle half▼ 5.3%
Solvency49.1%-43.6%▼ 5.6pp47.2%within the sector's middle half▲ 3.7pp49.8%within the sector's middle half▲ 2.6pp51.6%within the sector's middle half▲ 1.8pp52.6%within the sector's middle half-52.9%within the sector's middle half▲ 0.3pp55.8%within the sector's middle half▲ 2.9pp
Current ratio1.64-1.83▲ 0.181.91within the sector's middle half▲ 0.082.06within the sector's middle half▲ 0.162.08within the sector's middle half▲ 0.022.09within the sector's middle half-2.02within the sector's middle half▼ 0.061.94within the sector's middle half▼ 0.08
Return on assets (ROA)3.3%-2.4%▼ 0.9pp3.1%within the sector's middle half▲ 0.7pp1.4%within the sector's middle half▼ 1.7pp3.5%within the sector's middle half▲ 2.1pp1.3%within the sector's middle half-2.0%within the sector's middle half▲ 0.7pp1.7%within the sector's middle half▼ 0.3pp
Staff (FTE)5.7-4.8▼ 15.8%3.8within the sector's middle half▼ 20.8%3.9within the sector's middle half▲ 2.6%3.9within the sector's middle half=3.2within the sector's middle half-2within the sector's middle half▼ 37.5%1.1below the sector's middle half▼ 45.0%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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.
Several financial years end in the same calendar year, so there is no annual trend.
Large changes and their cause
- 2024 Turnover +152% on 2023. The previous financial year ran 6 months, this one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.1m
Fixed assets
€1.1m ▼ 7.8%
Current assets
€5.9m ▼ 1.1%
Equity and liabilities €7.1m
Equity
€4.0m ▲ 3.2%
Debt
€3.1m ▼ 8.3%
Debt's share of the balance-sheet total falls from 47.1% to 44.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€570,831▼
2024 · €590,161
Cash flow
€357,922▼
2024 · €375,549
Debt to equity
0.79▼
2024 · 0.89
ROE
3.1%▼
2024 · 3.8%
Interest coverage
2.89▲
2024 · 2.79
Debt ≤ 1 year
€3.1m▲
2024 · €3.0m
Income taxes
€47,181▲
2024 · €44,591
Staff costs
€83,577▼
2024 · €127,693
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 3 | 2 | 1 |
| full-time | 3 | 3 | 2 | 1 | - |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3.7 | 3.7 | 2.7 | 1.7 | 0.7 |
| Average over the year, in full-time equivalents | 3.9 | 3.9 | 3.2 | 2 | 1.1 |
| On a permanent contract | 4 | 4 | 3 | 2 | 1 |
| Joined | - | 2 | 2 | 0 | 0 |
| Left | - | 2 | 2 | 1 | 1 |
| Training hours | 0 | 0 | 0 | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €800,000 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,151 | €311,187 | €140,843 | €337,646 | €139,309 |
| Depreciation and write-downs of the year | €239,246 | €216,054 | €108,855 | €229,275 | €236,160 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 10 entries · €172,142 awarded · €96,721 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €167 | €167 |
| 2024 | 2 | €1,421 | €46,311 |
| 2023 | 2 | €165,629 | €45,414 |
| 2022 | 3 | €4,925 | €4,829 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €2.0m | €1.6m | €1.5m | €1.5m | €1.9m | €0.7m | €1.9m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.8m | €0.9m | €0.4m | €1.2m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.3m | €0.1m | €0.1m | €0.08m | ▼ 34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 3.0% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.008m | €0.005m | €0.009m | €0.01m | ▲ 22.8% |
| Gross operating margin9900 | €0.8m | €0.8m | €0.9m | €0.8m | €1.0m | €0.4m | €0.7m | €0.7m | ▼ 8.4% |
| Operating profit (loss)9901 | €0.4m | €0.3m | €0.4m | €0.3m | €0.5m | €0.2m | €0.4m | €0.3m | ▼ 7.3% |
| Financial income75/76B | - | - | - | €0.001m | €0 | €0.01m | €0.04m | €0.03m | ▼ 23.0% |
| Recurring financial income75 | - | €0.005m | - | €0.001m | €0 | €0.01m | €0.04m | €0.03m | ▼ 23.0% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.07m | €0.2m | €0.2m | ▼ 6.5% |
| Recurring financial charges65 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | €0.2m | €0.2m | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | €0.1m | €0.2m | €0.2m | ▼ 11.5% |
| Income taxes67/77 | €0.09m | €0.01m | €0.04m | €0.1m | €0.1m | €0.02m | €0.04m | €0.05m | ▲ 5.8% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.2m | €0.09m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 16.8% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.2m | €0.09m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 16.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.8m | €6.9m | €6.8m | €6.7m | €6.9m | €7.0m | €7.2m | €7.1m | ▼ 2.2% |
| Fixed assets21/28 | €1.0m | €1.2m | €1.3m | €1.0m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 7.8% |
| Tangible fixed assets22/27 | €0.8m | €1.2m | €1.3m | €1.0m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 7.8% |
| Land and buildings22 | - | - | - | €0.06m | €0.2m | €0.3m | €0.6m | €0.7m | ▲ 10.4% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 26.8% |
| Other tangible fixed assets26 | - | - | - | €0.8m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 23.8% |
| Financial fixed assets28 | €0.2m | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €4.8m | €5.7m | €5.5m | €5.7m | €5.9m | €5.9m | €6.0m | €5.9m | ▼ 1.1% |
| Amounts receivable within one year40/41 | €3.8m | €4.0m | €1.8m | €3.6m | €4.0m | €4.4m | €3.5m | €3.4m | ▼ 2.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.5m | €0.05m | €0.6m | €0.5m | ▼ 13.4% |
| Other amounts receivable41 | - | - | - | €3.4m | €3.5m | €4.4m | €2.9m | €2.9m | ▼ 0.6% |
| Current investments50/53 | - | - | - | - | €1.0m | €1.0m | €2.0m | €2.2m | ▲ 10.0% |
| Cash at bank and in hand54/58 | €0.9m | €1.7m | €3.6m | €2.1m | €0.7m | €0.2m | €0.3m | €0.3m | ▼ 5.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.2m | €0.3m | €0.2m | €0.02m | ▼ 87.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.8m | €6.9m | €6.8m | €6.7m | €6.9m | €7.0m | €7.2m | €7.1m | ▼ 2.2% |
| Equity10/15 | €2.8m | €3.0m | €3.2m | €3.3m | €3.6m | €3.7m | €3.8m | €4.0m | ▲ 3.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €2.8m | €3.0m | €3.2m | €3.3m | €3.5m | €3.6m | €3.8m | €3.9m | ▲ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €3.3m | €3.5m | €3.6m | €3.8m | €3.9m | ▲ 3.2% |
| Amounts payable17/49 | €3.0m | €3.9m | €3.6m | €3.4m | €3.4m | €3.3m | €3.4m | €3.1m | ▼ 8.3% |
| Amounts payable after more than one year17 | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | €0.4m | - | - |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.4m | €0.4m | - | - |
| Amounts payable within one year42/48 | €2.9m | €3.1m | €2.9m | €2.8m | €2.8m | €2.8m | €3.0m | €3.1m | ▲ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | - | - |
| Trade debts44 | €0.07m | €0.1m | €0.04m | €0.1m | €0.1m | €0.06m | €0.1m | €0.3m | ▲ 148% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.06m | €0.1m | €0.3m | ▲ 148% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 20.5% |
| Taxes450/3 | - | - | - | €0.06m | €0.09m | €0.08m | €0.09m | €0.08m | ▼ 8.1% |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.02m | €0.02m | €0.01m | - | - |
| Other amounts payable47/48 | - | - | - | €2.5m | €2.5m | €2.6m | €2.6m | €2.6m | ▼ 0.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.06m | €0.05m | €0.09m | €0.07m | ▼ 21.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.2m | €0.09m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 16.8% |
| + Depreciation and write-downs630 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 3.0% |
| Operating cash flow (approximation) | €0.3m | €0.3m | €0.4m | €0.3m | €0.5m | €0.2m | €0.4m | €0.4m | ▼ 4.7% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.3m | €0.07m | -€0.3m | - | -€0.4m | -€0.1m | ▲ 62.3% |
| Change in cash | - | €0.8m | €1.9m | -€1.6m | -€1.4m | - | €0.1m | -€0.02m | - |
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, 17,041 companies had the same profile as Victrol has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Victrol itself: 0.3% 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 17,041 companies, not a prediction for Victrol. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-09-2026 | 2026-00541623 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00336494 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00286813 | |
| 30-06-2023 | abbreviated format | 28-12-2023 | 2023-00538373 | |
| 30-06-2022 | abbreviated format | 16-12-2022 | 2022-20538404 | |
| 30-06-2021 | abbreviated format | 31-12-2021 | 2021-82200274 | |
| 30-06-2020 | abbreviated format | 13-01-2021 | 2021-00800485 | |
| 30-06-2019 | abbreviated format | 30-12-2019 | 2019-77800395 | |
| 30-06-2018 | abbreviated format | 10-01-2019 | 2019-00700505 | |
| 30-06-2017 | abbreviated format | 22-12-2017 | 2017-72600303 |