VIMIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 13 filings
Turnover
≈ €280,000
Estimated: probably between €130,000 and €540,000
Total assets
€117,566▲ 5.1%
2024 · €111,913
Net result
€3,418▼ 73.4%
2024 · €12,830
Working capital
€5,701▼ 81.0%
2024 · €29,961
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,483
▼ 70.8%
2025
20182025
Net result
€3,418
▼ 73.4%
2025
middle half of the sector
20182025
Equity
€65,425
▲ 5.5%
2025
middle half of the sector
20182025
Total assets
€117,566
▲ 5.1%
2025
lowest quarter of the sector
20182025
Debt
€52,142
▲ 4.5%
2025
20182025
Working capital
€5,701
▼ 81.0%
2025
lowest quarter of the sector
20182025
Solvency
55.6%
▲ 0.2pp
2025
middle half of the sector
20182025
Current ratio
1.21
▼ 1.02
2025
middle half of the sector
20182025
Return on assets (ROA)
2.9%
▼ 8.6pp
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€11,076-€17,884▲ 61.5%€9,694▼ 45.8%€3,392▼ 65.0%€1,139▼ 66.4%€23,070▲ 20×€22,182▼ 3.9%€6,483▼ 70.8%
Net result€7,404-€11,219▲ 51.5%€4,226within the sector's middle half▼ 62.3%€932within the sector's middle half▼ 77.9%-€2,375below the sector's middle half€15,047within the sector's middle half€12,830within the sector's middle half▼ 14.7%€3,418within the sector's middle half▼ 73.4%
Equity€26,129-€37,348▲ 42.9%€35,573within the sector's middle half▼ 4.8%€36,505within the sector's middle half▲ 2.6%€34,130within the sector's middle half▼ 6.5%€49,177within the sector's middle half▲ 44.1%€62,006within the sector's middle half▲ 26.1%€65,425within the sector's middle half▲ 5.5%
Total assets€77,524-€91,244▲ 17.7%€156,164within the sector's middle half▲ 71.2%€124,375within the sector's middle half▼ 20.4%€117,101within the sector's middle half▼ 5.8%€104,964within the sector's middle half▼ 10.4%€111,913within the sector's middle half▲ 6.6%€117,566below the sector's middle half▲ 5.1%
Debt€51,395-€53,896▲ 4.9%€120,591▲ 124%€87,870▼ 27.1%€82,972▼ 5.6%€55,788▼ 32.8%€49,907▼ 10.5%€52,142▲ 4.5%
Working capital-€4,295-€6,332€12,090within the sector's middle half▲ 90.9%€14,422within the sector's middle half▲ 19.3%€20,828within the sector's middle half▲ 44.4%€26,396within the sector's middle half▲ 26.7%€29,961within the sector's middle half▲ 13.5%€5,701below the sector's middle half▼ 81.0%
Solvency33.7%-40.9%▲ 7.2pp22.8%within the sector's middle half▼ 18.2pp29.4%within the sector's middle half▲ 6.6pp29.1%within the sector's middle half▼ 0.2pp46.9%within the sector's middle half▲ 17.7pp55.4%within the sector's middle half▲ 8.6pp55.6%within the sector's middle half▲ 0.2pp
Current ratio0.78-1.19▲ 0.411.27within the sector's middle half▲ 0.081.58within the sector's middle half▲ 0.311.61within the sector's middle half▲ 0.032.32within the sector's middle half▲ 0.722.23within the sector's middle half▼ 0.091.21within the sector's middle half▼ 1.02
Return on assets (ROA)9.6%-12.3%▲ 2.7pp2.7%within the sector's middle half▼ 9.6pp0.7%within the sector's middle half▼ 2.0pp-2.0%below the sector's middle half▼ 2.8pp14.3%within the sector's middle half▲ 16.4pp11.5%within the sector's middle half▼ 2.9pp2.9%within the sector's middle half▼ 8.6pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 71% lower than in 2024. It is the second fall in a row.
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
2025 in colour, 2024 as the grey bar beneath
Assets €117,566
Fixed assets
€85,345 ▲ 48.0%
Current assets
€32,221 ▼ 40.6%
Equity and liabilities €117,566
Equity
€65,425 ▲ 5.5%
Debt
€52,142 ▲ 4.5%
Debt's share of the balance-sheet total falls from 44.6% to 44.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€21,768▼
2024 · €35,145
Cash flow
€18,703▼
2024 · €25,793
Quick ratio
0.71▼
2024 · 2.23
Debt to equity
0.80▼
2024 · 0.80
ROE
5.2%▼
2024 · 20.7%
Interest coverage
25.56▲
2024 · 18.32
Debt ≤ 1 year
€26,521▲
2024 · €24,285
Debt > 1 year
€25,621=
2024 · €25,621
Income taxes
€2,272▼
2024 · €7,434
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 | €10,018 | - | €10,021 | €11,990 | €42,963 |
| Depreciation and write-downs of the year | €23,007 | €23,007 | €13,388 | €12,963 | €15,285 |
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 | €15,492 | €16,027 | €18,980 | €23,007 | €23,007 | €13,388 | €12,963 | €15,285 | ▲ 17.9% |
| Other operating charges640/8 | - | - | - | €1,101 | €1,123 | €1,218 | €430 | €934 | ▲ 117% |
| Non-recurring operating charges66A | - | - | - | €47 | - | - | - | - | - |
| Gross operating margin9900 | €28,722 | €36,148 | €29,815 | €27,548 | €25,269 | €37,675 | €35,575 | €22,702 | ▼ 36.2% |
| Operating profit (loss)9901 | €11,076 | €17,884 | €9,694 | €3,392 | €1,139 | €23,070 | €22,182 | €6,483 | ▼ 70.8% |
| Financial income75/76B | - | - | - | €734 | €27 | €38 | €1 | €59 | ▲ 55× |
| Recurring financial income75 | €51 | €45 | €9 | €734 | €27 | €38 | €1 | €59 | ▲ 55× |
| Financial charges65/66B | - | - | - | €415 | €1,921 | €1,007 | €1,919 | €852 | ▼ 55.6% |
| Recurring financial charges65 | €1,117 | €669 | €1,705 | €415 | €1,921 | €1,007 | €1,919 | €852 | ▼ 55.6% |
| Profit (loss) for the period before taxes9903 | €10,010 | €17,260 | €7,998 | €3,712 | -€755 | €22,100 | €20,264 | €5,690 | ▼ 71.9% |
| Income taxes67/77 | €2,606 | €6,041 | €3,773 | €2,780 | €1,620 | €7,053 | €7,434 | €2,272 | ▼ 69.4% |
| Profit (loss) for the period9904 | €7,404 | €11,219 | €4,226 | €932 | -€2,375 | €15,047 | €12,830 | €3,418 | ▼ 73.4% |
| Profit (loss) for the period to be appropriated9905 | €7,404 | €11,219 | €4,226 | €932 | -€2,375 | €15,047 | €12,830 | €3,418 | ▼ 73.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €77,524 | €91,244 | €156,164 | €124,375 | €117,101 | €104,964 | €111,913 | €117,566 | ▲ 5.1% |
| Fixed assets21/28 | €62,385 | €52,236 | €99,703 | €85,014 | €62,006 | €58,640 | €57,666 | €85,345 | ▲ 48.0% |
| Tangible fixed assets22/27 | €62,385 | €52,236 | €99,703 | €85,014 | €62,006 | €58,640 | €57,666 | €85,345 | ▲ 48.0% |
| Land and buildings22 | - | - | - | €18,031 | €17,520 | €17,008 | €16,497 | €16,162 | ▼ 2.0% |
| Plant, machinery and equipment23 | - | - | - | €3,494 | €2,776 | €2,058 | €1,713 | €1,368 | ▼ 20.1% |
| Furniture and vehicles24 | - | - | - | €24,100 | €9,931 | €8,655 | €6,333 | €11,720 | ▲ 85.1% |
| Leasing and similar rights25 | - | - | - | €17,738 | €12,788 | €7,838 | €2,888 | - | - |
| Other tangible fixed assets26 | - | - | - | €21,651 | €18,993 | €23,081 | €30,236 | €56,095 | ▲ 85.5% |
| Current assets29/58 | €15,139 | €39,008 | €56,461 | €39,362 | €55,095 | €46,324 | €54,247 | €32,221 | ▼ 40.6% |
| Stocks and contracts in progress3 | - | - | €13,830 | - | €8,620 | - | - | €13,350 | - |
| Contracts in progress37 | - | - | - | - | €8,620 | - | - | €13,350 | - |
| Amounts receivable within one year40/41 | €13,607 | €16,921 | €23,660 | €21,368 | €19,315 | €16,912 | €22,852 | €10,188 | ▼ 55.4% |
| Trade receivables40 | - | - | - | €10,935 | €5,874 | €9,821 | €13,633 | €2,324 | ▼ 83.0% |
| Other amounts receivable41 | - | - | - | €10,433 | €13,442 | €7,091 | €9,219 | €7,863 | ▼ 14.7% |
| Cash at bank and in hand54/58 | €1,319 | €21,874 | €18,971 | €17,994 | €27,160 | €29,413 | €31,394 | €8,683 | ▼ 72.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €77,524 | €91,244 | €156,164 | €124,375 | €117,101 | €104,964 | €111,913 | €117,566 | ▲ 5.1% |
| Equity10/15 | €26,129 | €37,348 | €35,573 | €36,505 | €34,130 | €49,177 | €62,006 | €65,425 | ▲ 5.5% |
| Contributions10/11 | €9,100 | - | €3,100 | €3,100 | €3,100 | €3,100 | €3,100 | €3,100 | = |
| Capital10 | - | - | - | €3,100 | €3,100 | €3,100 | €3,100 | €3,100 | = |
| Issued capital100 | - | - | - | €12,600 | €12,600 | €12,600 | €12,600 | €12,600 | = |
| Uncalled capital101 | - | - | - | €9,500 | €9,500 | €9,500 | €9,500 | €9,500 | = |
| Reserves13 | €17,029 | €28,248 | €32,473 | €33,405 | €31,030 | €46,077 | €58,906 | €62,325 | ▲ 5.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €31,545 | €29,170 | €44,217 | €57,046 | €60,465 | ▲ 6.0% |
| Amounts payable17/49 | €51,395 | €53,896 | €120,591 | €87,870 | €82,972 | €55,788 | €49,907 | €52,142 | ▲ 4.5% |
| Amounts payable after more than one year17 | €31,961 | €21,221 | €76,220 | €62,930 | €48,705 | €35,859 | €25,621 | €25,621 | = |
| Financial debts170/4 | - | - | - | €62,930 | €48,705 | €35,859 | €25,621 | €25,621 | = |
| Amounts payable within one year42/48 | €19,434 | €32,676 | €44,371 | €24,940 | €34,267 | €19,928 | €24,285 | €26,521 | ▲ 9.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,451 | €12,982 | €12,256 | €11,953 | €1,704 | ▼ 85.7% |
| Trade debts44 | €2,343 | €2,924 | €240 | €461 | - | €1,337 | €1,413 | €1,441 | ▲ 1.9% |
| Suppliers440/4 | - | - | - | €461 | - | €1,337 | €1,413 | €1,441 | ▲ 1.9% |
| Advances received on contracts in progress46 | - | - | - | - | €5,736 | €3,801 | €3,801 | €9,207 | ▲ 142% |
| Taxes, remuneration and social security45 | - | - | - | €1,900 | €9,430 | €2,534 | €7,118 | €10,949 | ▲ 53.8% |
| Taxes450/3 | - | - | - | €1,000 | €8,530 | €2,534 | €7,118 | €10,949 | ▲ 53.8% |
| Remuneration and social security454/9 | - | - | - | €900 | €900 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €6,128 | €6,119 | - | - | €3,219 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,404 | €11,219 | €4,226 | €932 | -€2,375 | €15,047 | €12,830 | €3,418 | ▼ 73.4% |
| + Depreciation and write-downs630 | €15,492 | €16,027 | €18,980 | €23,007 | €23,007 | €13,388 | €12,963 | €15,285 | ▲ 17.9% |
| Operating cash flow (approximation) | €22,895 | €27,246 | €23,205 | €23,939 | €20,632 | €28,435 | €25,793 | €18,703 | ▼ 27.5% |
| Investment in fixed assets (approximation) | - | -€5,878 | -€66,447 | -€8,318 | €0 | -€10,021 | -€11,990 | -€42,963 | ▼ 258% |
| Change in cash | - | €20,555 | -€2,903 | -€978 | €9,166 | €2,253 | €1,982 | -€22,711 | - |
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, 10,904 companies had the same profile as VIMIS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VIMIS itself: 0.5% 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 10,904 companies, not a prediction for VIMIS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00238744 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00199673 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00210350 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00236344 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20138412 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26900300 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24200385 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-22200356 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29000365 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-38500127 |