VINEYARD
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 16-10-2026 at the NBB all 38 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €890,000
Estimated: probably between €350,000 and €1.6m
EBIT margin
Not included in this filing
Net result
€57,586▲ 7.4%
2025 · €53,618
Working capital
€1.6m▲ 6.0%
2025 · €1.5m
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€79,818
▲ 12.4%
2026
20192026
Net result
€57,586
▲ 7.4%
2026
20192026
Equity
€2.1m
▲ 2.8%
2026
20192026
Total assets
€2.4m
▼ 8.5%
2026
20192026
Debt
€296,098
▼ 48.8%
2026
20192026
Working capital
€1.6m
▲ 6.0%
2026
20192026
Solvency
87.8%
▲ 9.6pp
2026
20192026
Current ratio
6.32
▲ 2.75
2026
20192026
Return on assets (ROA)
2.4%
▲ 0.4pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.001m-€0.2m▲ 185×€0.09m▼ 60.3%€0.2m▲ 108%€0.2m▲ 25.4%€0.08m▼ 63.1%€0.07m▼ 15.5%€0.08m▲ 12.4%
Net result€0.003m-€0.2m▲ 51×€0.07mwithin the sector's middle half▼ 55.4%€0.1mwithin the sector's middle half▲ 88.4%€0.2mwithin the sector's middle half▲ 22.8%€0.05mwithin the sector's middle half▼ 67.2%€0.05mwithin the sector's middle half▲ 5.4%€0.06m▲ 7.4%
Equity€1.5m-€1.6m▲ 10.3%€1.7mabove the sector's middle half▲ 4.2%€1.8mabove the sector's middle half▲ 7.5%€2.0mabove the sector's middle half▲ 8.6%€2.0mabove the sector's middle half▲ 2.6%€2.1mabove the sector's middle half▲ 2.7%€2.1m▲ 2.8%
Total assets€1.5m-€1.9m▲ 26.6%€2.3mwithin the sector's middle half▲ 18.6%€3.2mabove the sector's middle half▲ 39.2%€3.0mabove the sector's middle half▼ 7.2%€2.3mwithin the sector's middle half▼ 21.7%€2.6mabove the sector's middle half▲ 14.6%€2.4m▼ 8.5%
Debt€0.04m-€0.3m▲ 583%€0.6m▲ 98.0%€1.4m▲ 133%€1.0m▼ 28.1%€0.3m▼ 70.1%€0.6m▲ 95.8%€0.3m▼ 48.8%
Working capital€1.3m-€1.4m▲ 12.0%€1.5mabove the sector's middle half▲ 4.3%€1.1mabove the sector's middle half▼ 23.8%€1.3mabove the sector's middle half▲ 17.5%€1.4mabove the sector's middle half▲ 6.0%€1.5mabove the sector's middle half▲ 4.8%€1.6m▲ 6.0%
Solvency96.2%-83.9%▼ 12.4pp73.6%above the sector's middle half▼ 10.2pp56.9%within the sector's middle half▼ 16.8pp66.6%within the sector's middle half▲ 9.7pp87.2%above the sector's middle half▲ 20.7pp78.2%above the sector's middle half▼ 9.1pp87.8%▲ 9.6pp
Current ratio30.44-5.83▼ 24.613.54above the sector's middle half▼ 2.291.84within the sector's middle half▼ 1.712.39within the sector's middle half▲ 0.556.20above the sector's middle half▲ 3.823.58above the sector's middle half▼ 2.636.32▲ 2.75
Return on assets (ROA)0.2%-7.8%▲ 7.6pp2.9%within the sector's middle half▼ 4.9pp4.0%within the sector's middle half▲ 1.0pp5.3%within the sector's middle half▲ 1.3pp2.2%within the sector's middle half▼ 3.1pp2.0%within the sector's middle half▼ 0.2pp2.4%▲ 0.4pp
Staff (FTE)0-
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 12% higher than in 2025. It is a recovery after the fall in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €2.4m
Fixed assets
€550,629 ▼ 5.6%
Current assets
€1.9m ▼ 9.3%
Equity and liabilities €2.4m
Equity
€2.1m ▲ 2.8%
Debt
€296,098 ▼ 48.8%
Debt's share of the balance-sheet total falls from 21.8% to 12.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€113,839▲
2025 · €106,410
Cash flow
€91,607▲
2025 · €89,028
Quick ratio
3.75▲
2025 · 1.91
Debt to equity
0.14▼
2025 · 0.28
ROE
2.7%▲
2025 · 2.6%
Interest coverage
over 100▲
2025 · 86.34
Debt ≤ 1 year
€296,098▼
2025 · €577,079
Income taxes
€23,489▲
2025 · €17,213
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 | €511,122 | - | €7,281 | - | €1,109 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €31,798 | €33,909 | €34,069 | €35,410 | €34,021 |
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 | €2,839 | €2,604 | €4,336 | €31,798 | €33,909 | €34,069 | €35,410 | €34,021 | ▼ 3.9% |
| Other operating charges640/8 | - | - | - | €5,205 | €6,292 | €6,787 | €7,234 | €7,259 | ▲ 0.3% |
| Gross operating margin9900 | €8,772 | €227,802 | €96,897 | €218,810 | €268,102 | €124,891 | €113,644 | €121,098 | ▲ 6.6% |
| Operating profit (loss)9901 | €1,195 | €220,435 | €87,594 | €181,807 | €227,901 | €84,035 | €71,000 | €79,818 | ▲ 12.4% |
| Financial income75/76B | - | - | - | €925 | €906 | €7,023 | €1,063 | €1,670 | ▲ 57.1% |
| Recurring financial income75 | €2,971 | €1,008 | €3,253 | €925 | €906 | €7,023 | €1,063 | €1,670 | ▲ 57.1% |
| Financial charges65/66B | - | - | - | €11,791 | €21,342 | €22,853 | €1,232 | €413 | ▼ 66.5% |
| Recurring financial charges65 | €248 | €255 | €708 | €11,791 | €21,342 | €22,853 | €1,232 | €413 | ▼ 66.5% |
| Profit (loss) for the period before taxes9903 | €3,918 | €221,188 | €90,140 | €170,941 | €207,466 | €68,205 | €70,831 | €81,076 | ▲ 14.5% |
| Transfer from deferred taxes780 | - | - | - | €13,885 | - | - | - | - | - |
| Income taxes67/77 | €981 | €70,520 | €23,000 | €58,336 | €52,113 | €17,318 | €17,213 | €23,489 | ▲ 36.5% |
| Profit (loss) for the period9904 | €2,937 | €150,668 | €67,140 | €126,490 | €155,352 | €50,887 | €53,618 | €57,586 | ▲ 7.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €32,398 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,617 | €150,348 | €67,140 | €158,888 | €155,352 | €50,887 | €53,618 | €57,586 | ▲ 7.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.9m | €2.3m | €3.2m | €3.0m | €2.3m | €2.6m | €2.4m | ▼ 8.5% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 5.6% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.7% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €88 | ▼ 86.6% |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.05m | €0.03m | €0.02m | €0.008m | ▼ 61.7% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €1.3m | €1.7m | €2.1m | €2.5m | €2.3m | €1.7m | €2.1m | €1.9m | ▼ 9.3% |
| Stocks and contracts in progress3 | €0.3m | €1.0m | €1.4m | €2.0m | €1.0m | €1.4m | €1.0m | €0.8m | ▼ 20.9% |
| Stocks30/36 | - | - | - | €2.0m | €1.0m | €1.4m | €1.0m | €0.8m | ▼ 20.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.05m | €0.06m | €0.05m | €0.9m | €0.07m | €0.9m | €0.06m | ▼ 93.3% |
| Trade receivables40 | - | - | - | €0.009m | €0.9m | - | €0.8m | €0.005m | ▼ 99.4% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.07m | €0.08m | €0.05m | ▼ 29.8% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.9m | €0.7m | €0.6m | €0.4m | €0.4m | €0.2m | €0.2m | €1.0m | ▲ 360% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.003m | €0.003m | €0.003m | €0.003m | ▲ 2.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.9m | €2.3m | €3.2m | €3.0m | €2.3m | €2.6m | €2.4m | ▼ 8.5% |
| Equity10/15 | €1.5m | €1.6m | €1.7m | €1.8m | €2.0m | €2.0m | €2.1m | €2.1m | ▲ 2.8% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €1.8m | €1.9m | €1.9m | ▲ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €1.5m | €1.7m | €1.8m | €1.8m | €1.9m | ▲ 3.2% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.01m | €0.01m | €0.01m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.04m | €0.3m | €0.6m | €1.4m | €1.0m | €0.3m | €0.6m | €0.3m | ▼ 48.8% |
| Amounts payable within one year42/48 | €0.04m | €0.3m | €0.6m | €1.4m | €1.0m | €0.3m | €0.6m | €0.3m | ▼ 48.7% |
| Trade debts44 | €0.009m | €21 | €0.001m | - | €4 | €0.003m | €30 | €177 | ▲ 493% |
| Suppliers440/4 | - | - | - | - | €4 | €0.003m | €30 | €177 | ▲ 493% |
| Advances received on contracts in progress46 | - | - | - | €0.8m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 26.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.07m | €0.004m | €0.2m | €0.004m | ▼ 97.7% |
| Taxes450/3 | - | - | - | €0.08m | €0.07m | €0.004m | €0.2m | €0.004m | ▼ 97.7% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.002m | €0.007m | €498 | ▼ 92.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.001m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,937 | €150,668 | €67,140 | €126,490 | €155,352 | €50,887 | €53,618 | €57,586 | ▲ 7.4% |
| + Depreciation and write-downs630 | €2,839 | €2,604 | €4,336 | €31,798 | €33,909 | €34,069 | €35,410 | €34,021 | ▼ 3.9% |
| Operating cash flow (approximation) | €5,776 | €153,272 | €71,476 | €158,288 | €189,261 | €84,956 | €89,028 | €91,607 | ▲ 2.9% |
| Investment in fixed assets (approximation) | - | €0 | -€10,000 | -€511,122 | €0 | -€7,281 | €0 | -€1,109 | - |
| Change in cash | - | -€204,352 | -€45,148 | -€173,359 | -€60,569 | -€169,912 | €8,780 | €821,193 | ▲ 94× |
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, 14,766 companies had the same profile as VINEYARD has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VINEYARD itself: < 0.1% 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 14,766 companies, not a prediction for VINEYARD. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 16-10-2026 | 2026-00563636 | |
| 31-03-2025 | abbreviated format | 13-11-2025 | 2025-00565985 | |
| 31-03-2024 | abbreviated format | 12-11-2024 | 2024-00532900 | |
| 31-03-2023 | abbreviated format | 27-11-2023 | 2023-00517396 | |
| 31-03-2022 | abbreviated format | 04-11-2022 | 2022-20515474 | |
| 31-03-2021 | abbreviated format | 29-10-2021 | 2021-74700282 | |
| 31-03-2020 | abbreviated format | 23-11-2020 | 2020-72000300 | |
| 31-03-2019 | abbreviated format | 04-11-2019 | 2019-73100384 | |
| 31-03-2018 | micro format | 29-10-2018 | 2018-70600553 | |
| 31-03-2017 | micro format | 08-11-2017 | 2017-69400013 |