VIGAN ENGINEERING
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-05-2026 PDF all 48 filings
Turnover
€44.9m▲ 6.8%
2024 · €42.1m
EBIT margin
-4.7%▼ 8.8pp
2024 · 4.1%
Net result
-€1.9m
2024 · €1.7m
Working capital
€6.0m▼ 47.7%
2024 · €11.5m
In the rankings
#1 company by total assets in Walloon Brabant, Fabricated metal products sector#2 company by equity in Walloon Brabant, Fabricated metal products sector#3 employer in Walloon Brabant, Fabricated metal products sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€44.9m
▲ 6.8%
2025
20182025
Operating result
-€2.1m
2025
20182025
Net result
-€1.9m
2025
lowest quarter of the sector
20182025
EBIT margin
-4.7%
▼ 8.8pp
2025
20182025
Equity
€4.4m
▼ 30.3%
2025
highest quarter of the sector
20182025
Total assets
€49.4m
▼ 4.1%
2025
highest quarter of the sector
20182025
Debt
€44.6m
▼ 0.4%
2025
20182025
Working capital
€6.0m
▼ 47.7%
2025
highest quarter of the sector
20182025
Solvency
9.0%
▼ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.15
▼ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.9%
▼ 7.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
33.9
▲ 5.9%
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
Turnover€26.9m-€31.7m▲ 17.8%€12.9m▼ 59.2%€22.9m▲ 77.4%€26.7m▲ 16.7%€34.2m▲ 27.9%€42.1m▲ 23.1%€44.9m▲ 6.8%
Operating result€0.4m-€0.5m▲ 26.7%-€1.4m€0.7m€1.7m▲ 137%€0.9m▼ 45.2%€1.7m▲ 88.6%-€2.1m
Net result€0.1m-€0.1m▲ 42.1%-€1.4mbelow the sector's middle half€0.6mabove the sector's middle half€1.3mabove the sector's middle half▲ 133%€1.0mabove the sector's middle half▼ 20.8%€1.7mabove the sector's middle half▲ 63.0%-€1.9mbelow the sector's middle half
EBIT margin1.5%-1.7%▲ 0.1pp-11.2%▼ 12.8pp3.1%▲ 14.3pp6.3%▲ 3.2pp2.7%▼ 3.6pp4.1%▲ 1.4pp-4.7%▼ 8.8pp
Equity€3.0m-€3.2m▲ 4.9%€1.8mwithin the sector's middle half▼ 43.7%€2.3mwithin the sector's middle half▲ 31.5%€3.6mabove the sector's middle half▲ 55.8%€4.7mabove the sector's middle half▲ 28.4%€6.4mabove the sector's middle half▲ 36.0%€4.4mabove the sector's middle half▼ 30.3%
Total assets€18.1m-€18.9m▲ 4.6%€19.3mabove the sector's middle half▲ 2.3%€22.3mabove the sector's middle half▲ 15.4%€26.2mabove the sector's middle half▲ 17.5%€36.2mabove the sector's middle half▲ 38.0%€51.5mabove the sector's middle half▲ 42.3%€49.4mabove the sector's middle half▼ 4.1%
Debt€14.8m-€15.4m▲ 4.3%€17.4m▲ 13.0%€19.7m▲ 13.3%€22.3m▲ 13.0%€31.2m▲ 39.7%€44.8m▲ 43.6%€44.6m▼ 0.4%
Working capital€9.1m-€9.7m▲ 7.4%€9.8mabove the sector's middle half▲ 0.8%€6.2mabove the sector's middle half▼ 36.8%€8.2mabove the sector's middle half▲ 32.6%€7.9mabove the sector's middle half▼ 4.4%€11.5mabove the sector's middle half▲ 46.3%€6.0mabove the sector's middle half▼ 47.7%
Solvency16.7%-16.7%▲ 0.1pp9.2%below the sector's middle half▼ 7.5pp10.5%below the sector's middle half▲ 1.3pp13.9%below the sector's middle half▲ 3.4pp12.9%below the sector's middle half▼ 1.0pp12.4%below the sector's middle half▼ 0.6pp9.0%below the sector's middle half▼ 3.4pp
Current ratio2.06-2.10▲ 0.042.05within the sector's middle half▼ 0.051.39within the sector's middle half▼ 0.661.46within the sector's middle half▲ 0.071.28within the sector's middle half▼ 0.181.29within the sector's middle half▲ 0.011.15below the sector's middle half▼ 0.14
Return on assets (ROA)0.6%-0.8%▲ 0.2pp-7.2%below the sector's middle half▼ 7.9pp2.5%within the sector's middle half▲ 9.7pp5.0%within the sector's middle half▲ 2.5pp2.9%within the sector's middle half▼ 2.1pp3.3%within the sector's middle half▲ 0.4pp-3.9%below the sector's middle half▼ 7.2pp
Staff (FTE)26.7-26.4▼ 1.1%23.3within the sector's middle half▼ 11.7%22.5within the sector's middle half▼ 3.4%25.8within the sector's middle half▲ 14.7%28.8within the sector's middle half▲ 11.6%32within the sector's middle half▲ 11.1%33.9within the sector's middle half▲ 5.9%
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 a loss of €2.1m, after a profit of €1.7m in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49.4m
Fixed assets
€2.3m ▲ 13×
Current assets
€47.1m ▼ 8.2%
Equity and liabilities €49.4m
Equity
€4.4m ▼ 30.3%
Provisions
€356,073 ▼ 6.2%
Debt
€44.6m ▼ 0.4%
Debt's share of the balance-sheet total rises from 86.9% to 90.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€2.0m▼
2024 · €1.9m
Cash flow
-€1.8m▼
2024 · €1.8m
Debt to equity
10.05▲
2024 · 7.04
ROE
-43.4%▼
2024 · 26.5%
Interest coverage
-8.16▼
2024 · 11.10
Debt ≤ 1 year
€41.1m▲
2024 · €39.8m
Debt > 1 year
€1,183=
2024 · €1,183
Customer credit
114 days▼
2024 · 193 days
Supplier credit
295 days▼
2024 · 346 days
Staff costs
€3.3m▲
2024 · €3.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 24 | 28 | 33 | 33 | 37 |
| full-time | 21 | 23 | 28 | 29 | 34 |
| part-time | 3 | 5 | 5 | 4 | 3 |
| in full-time equivalents | 23.1 | 26.8 | 31.9 | 32.3 | 36.5 |
| Average over the year, in full-time equivalents | 22.5 | 25.8 | 28.8 | 32 | 33.9 |
| On a permanent contract | 24 | 28 | 33 | 33 | 37 |
| Joined | 3 | 7 | 7 | 3 | 4 |
| Left | 1 | 3 | 2 | 3 | 0 |
| Agency workers, average number | 0.1 | 0.1 | 0.8 | 0.4 | 0.2 |
| Training hours | 312 | 136 | 216 | 199 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,695 | €121,256 | €58,868 | €158,068 | €82,985 |
| Intangible fixed assets | - | - | - | - | €2.1m |
| Depreciation and write-downs of the year | €71,303 | €83,573 | €87,535 | €139,833 | €89,124 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €5,599 | €7,500 | €7,500 | €7,500 | €7,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €22.9m | €26.8m | €34.2m | €42.1m | €47.2m | ▲ 11.9% |
| Turnover70 | €26.9m | €31.7m | €12.9m | €22.9m | €26.7m | €34.2m | €42.1m | €44.9m | ▲ 6.8% |
| Own construction capitalised72 | - | - | - | - | - | - | - | €2.1m | - |
| Other operating income74 | - | - | - | €0.02m | €0.03m | €0.04m | €0.05m | €0.1m | ▲ 149% |
| Non-recurring operating income76A | - | - | - | €0.001m | €0.005m | €166 | €0.004m | €0.009m | ▲ 138% |
| Operating charges60/66A | - | - | - | €22.2m | €25.1m | €33.3m | €40.4m | €49.3m | ▲ 21.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €17.4m | €19.2m | €25.6m | €32.7m | €37.8m | ▲ 15.6% |
| Purchases600/8 | - | - | - | €17.4m | €19.2m | €25.6m | €32.7m | €37.8m | ▲ 15.6% |
| Services and other goods61 | - | - | - | €3.0m | €3.7m | €5.0m | €4.4m | €6.6m | ▲ 49.7% |
| Remuneration, social security and pensions62 | - | - | - | €1.7m | €2.1m | €2.5m | €3.1m | €3.3m | ▲ 6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.1m | €0.07m | €0.08m | €0.09m | €0.1m | €0.09m | ▼ 36.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1.5m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.1m | €0.04m | €0.07m | €0.04m | -€0.02m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.005m | €0.01m | €0.008m | €0.005m | ▼ 42.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €129 | - | - | - |
| Operating profit (loss)9901 | €0.4m | €0.5m | -€1.4m | €0.7m | €1.7m | €0.9m | €1.7m | -€2.1m | - |
| Financial income75/76B | - | - | - | €0.02m | €0.07m | €0.7m | €0.8m | €0.4m | ▼ 48.1% |
| Recurring financial income75 | €0.04m | €0.2m | €0.2m | €0.02m | €0.07m | €0.7m | €0.8m | €0.4m | ▼ 48.1% |
| Income from current assets751 | - | - | - | - | €0.05m | €0.7m | €0.7m | €0.4m | ▼ 39.8% |
| Other financial income752/9 | - | - | - | €0.02m | €0.02m | €0.005m | €0.1m | €0.008m | ▼ 93.8% |
| Financial charges65/66B | - | - | - | €0.2m | €0.07m | €0.2m | €0.2m | €0.2m | ▲ 46.5% |
| Recurring financial charges65 | €0.2m | €0.4m | €0.3m | €0.2m | €0.07m | €0.2m | €0.2m | €0.2m | ▲ 46.5% |
| Debt charges650 | €0.001m | - | - | - | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €0.2m | €0.07m | €0.2m | €0.2m | €0.2m | ▲ 46.5% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.3m | -€1.5m | €0.6m | €1.7m | €1.4m | €2.4m | -€1.9m | - |
| Income taxes67/77 | €0.1m | €0.1m | -€0.1m | - | €0.4m | €0.4m | €0.7m | - | - |
| Taxes670/3 | - | - | - | - | €0.4m | €0.4m | €0.7m | - | - |
| Profit (loss) for the period9904 | €0.1m | €0.1m | -€1.4m | €0.6m | €1.3m | €1.0m | €1.7m | -€1.9m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | -€1.4m | €0.6m | €1.3m | €1.0m | €1.7m | -€1.9m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €18.1m | €18.9m | €19.3m | €22.3m | €26.2m | €36.2m | €51.5m | €49.4m | ▼ 4.1% |
| Fixed assets21/28 | €0.5m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €2.3m | ▲ 13× |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €2.1m | - |
| Tangible fixed assets22/27 | €0.5m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.01m | €0.01m | ▼ 20.4% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 6.4% |
| Other tangible fixed assets26 | - | - | - | €0.07m | €0.05m | €0.03m | €0.01m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.001m | €0.001m | €191 | €191 | €191 | €191 | €191 | €191 | = |
| Other financial fixed assets284/8 | - | - | - | €191 | €191 | €191 | €191 | €191 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €191 | €191 | €191 | €191 | €191 | = |
| Current assets29/58 | €17.6m | €18.6m | €19.2m | €22.2m | €26.0m | €36.1m | €51.4m | €47.1m | ▼ 8.2% |
| Amounts receivable within one year40/41 | €16.4m | €17.3m | €17.7m | €21.4m | €23.0m | €34.5m | €49.6m | €43.0m | ▼ 13.2% |
| Trade receivables40 | - | - | - | €10.0m | €7.2m | €11.4m | €22.3m | €14.0m | ▼ 37.3% |
| Other amounts receivable41 | - | - | - | €11.4m | €15.8m | €23.1m | €27.3m | €29.1m | ▲ 6.3% |
| Current investments50/53 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Other investments51/53 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Cash at bank and in hand54/58 | €1.0m | €1.2m | €1.4m | €0.7m | €2.8m | €0.6m | €0.5m | €3.1m | ▲ 571% |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.2m | €0.9m | €1.3m | €1.0m | ▼ 20.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €18.1m | €18.9m | €19.3m | €22.3m | €26.2m | €36.2m | €51.5m | €49.4m | ▼ 4.1% |
| Equity10/15 | €3.0m | €3.2m | €1.8m | €2.3m | €3.6m | €4.7m | €6.4m | €4.4m | ▼ 30.3% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €1.9m | €2.0m | €2.2m | €0.8m | €1.3m | €2.6m | €3.7m | €3.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.7m | €1.2m | €2.5m | €3.6m | €3.6m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | -€1.4m | €0.6m | €1.3m | €1.0m | €1.7m | -€0.2m | - |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 6.2% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 6.2% |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 6.2% |
| Amounts payable17/49 | €14.8m | €15.4m | €17.4m | €19.7m | €22.3m | €31.2m | €44.8m | €44.6m | ▼ 0.4% |
| Amounts payable after more than one year17 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Financial debts170/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Unsubordinated bonds171 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts payable within one year42/48 | €8.5m | €8.8m | €9.3m | €16.0m | €17.8m | €28.2m | €39.8m | €41.1m | ▲ 3.2% |
| Trade debts44 | €6.8m | €6.5m | €3.9m | €7.5m | €8.6m | €14.9m | €31.0m | €30.6m | ▼ 1.2% |
| Suppliers440/4 | - | - | - | €7.5m | €8.6m | €14.9m | €31.0m | €30.6m | ▼ 1.2% |
| Advances received on contracts in progress46 | - | - | - | €8.2m | €8.4m | €12.3m | €7.4m | €9.3m | ▲ 24.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.8m | €1.0m | €1.4m | €1.3m | ▼ 12.8% |
| Taxes450/3 | - | - | - | €0.06m | €0.5m | €0.7m | €1.0m | €0.8m | ▼ 19.0% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 1.3% |
| Other amounts payable47/48 | - | - | - | €82 | €224 | €169 | - | €0.003m | - |
| Accrued charges and deferred income492/3 | - | - | - | €3.8m | €4.5m | €3.0m | €4.9m | €3.5m | ▼ 29.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | -€1.4m | €0.6m | €1.3m | €1.0m | €1.7m | -€1.9m | - |
| + Depreciation and write-downs630 | €0.3m | €0.2m | €0.1m | €0.07m | €0.08m | €0.09m | €0.1m | €0.09m | ▼ 36.3% |
| Operating cash flow (approximation) | €0.4m | €0.3m | -€1.2m | €0.6m | €1.4m | €1.1m | €1.8m | -€1.8m | - |
| Investment in fixed assets (approximation) | - | -€0.04m | -€0.003m | -€0.05m | -€0.1m | -€0.06m | -€0.2m | -€2.2m | ▼ 1,287% |
| Change in cash | - | €0.3m | €0.2m | -€0.6m | €2.1m | -€2.2m | -€0.2m | €2.6m | - |
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, 1,104 companies had the same profile as VIGAN ENGINEERING has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VIGAN ENGINEERING itself: 0.8% 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 1,104 companies, not a prediction for VIGAN 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.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-05-2026 | 2026-00120921 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00135770 | |
| 31-12-2023 | full format | 14-05-2024 | 2024-00092346 | |
| 31-12-2022 | full format | 16-05-2023 | 2023-00089353 | |
| 31-12-2021 | full format | 25-05-2022 | 2022-20036653 | |
| 31-12-2020 | full format | 01-06-2021 | 2021-16800411 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41500220 | |
| 31-12-2018 | full format | 04-07-2019 | 2019-29600207 | |
| 31-12-2017 | full format | 06-07-2018 | 2018-30100374 | |
| 31-12-2016 | full format | 08-06-2017 | 2017-16600044 |