VIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 14 filings
Turnover
≈ €1.0m
Estimated: probably between €650,000 and €1.5m
Total assets
€304,572▼ 15.3%
2024 · €359,672
Net result
€21,008▲ 155%
2024 · €8,223
Working capital
-€22,934▲ 57.3%
2024 · -€53,720
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,965
▲ 126%
2025
20182025
Net result
€21,008
▲ 155%
2025
middle half of the sector
20182025
Equity
€41,279
▲ 104%
2025
middle half of the sector
20182025
Total assets
€304,572
▼ 15.3%
2025
middle half of the sector
20182025
Debt
€263,293
▼ 22.4%
2025
20182025
Working capital
-€22,934
▲ 57.3%
2025
lowest quarter of the sector
20182025
Solvency
13.6%
▲ 7.9pp
2025
middle half of the sector
20182025
Current ratio
0.83
▲ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.9%
▲ 4.6pp
2025
middle half of the sector
20182025
Staff (FTE)
2.1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,815-€114€21,312▲ 187×€51,623▲ 142%€4,327▼ 91.6%-€44,752€10,589€23,965▲ 126%
Net result-€6,980-€190€17,352within the sector's middle half▲ 91×€42,270above the sector's middle half▲ 144%-€2,559below the sector's middle half-€45,999below the sector's middle half▼ 1,698%€8,223within the sector's middle half€21,008within the sector's middle half▲ 155%
Equity€794-€984▲ 23.9%€18,336within the sector's middle half▲ 19×€60,605within the sector's middle half▲ 231%€58,047below the sector's middle half▼ 4.2%€12,048below the sector's middle half▼ 79.2%€20,271within the sector's middle half▲ 68.3%€41,279within the sector's middle half▲ 104%
Total assets€250,168-€343,960▲ 37.5%€365,491above the sector's middle half▲ 6.3%€415,632above the sector's middle half▲ 13.7%€340,665below the sector's middle half▼ 18.0%€375,876below the sector's middle half▲ 10.3%€359,672above the sector's middle half▼ 4.3%€304,572within the sector's middle half▼ 15.3%
Debt€249,374-€342,976▲ 37.5%€347,156▲ 1.2%€355,026▲ 2.3%€282,619▼ 20.4%€363,828▲ 28.7%€339,401▼ 6.7%€263,293▼ 22.4%
Working capital-€87,613--€141,544▼ 61.6%-€87,646below the sector's middle half▲ 38.1%-€20,286below the sector's middle half▲ 76.9%-€26,858below the sector's middle half▼ 32.4%-€70,148below the sector's middle half▼ 161%-€53,720below the sector's middle half▲ 23.4%-€22,934below the sector's middle half▲ 57.3%
Solvency0.3%-0.3%=5.0%below the sector's middle half▲ 4.7pp14.6%within the sector's middle half▲ 9.6pp17.0%within the sector's middle half▲ 2.5pp3.2%below the sector's middle half▼ 13.8pp5.6%within the sector's middle half▲ 2.4pp13.6%within the sector's middle half▲ 7.9pp
Current ratio0.56-0.51▼ 0.040.68below the sector's middle half▲ 0.160.93within the sector's middle half▲ 0.250.87below the sector's middle half▼ 0.060.68below the sector's middle half▼ 0.190.74below the sector's middle half▲ 0.060.83below the sector's middle half▲ 0.09
Return on assets (ROA)-2.8%-0.1%▲ 2.8pp4.7%within the sector's middle half▲ 4.7pp10.2%within the sector's middle half▲ 5.4pp-0.8%below the sector's middle half▼ 10.9pp-12.2%below the sector's middle half▼ 11.5pp2.3%within the sector's middle half▲ 14.5pp6.9%within the sector's middle half▲ 4.6pp
Staff (FTE)2.6-2.9▲ 11.5%2.9above the sector's middle half=5.3▲ 82.8%2.4within the sector's middle half▼ 54.7%2.3within the sector's middle half▼ 4.2%2.1▼ 8.7%2.1=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 126% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €304,572
Fixed assets
€189,443 ▼ 8.5%
Current assets
€115,129 ▼ 24.6%
Equity and liabilities €304,572
Equity
€41,279 ▲ 104%
Debt
€263,293 ▼ 22.4%
Debt's share of the balance-sheet total falls from 94.4% to 86.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,493▲
2024 · €31,789
Cash flow
€41,536▲
2024 · €29,423
Quick ratio
0.38▲
2024 · 0.19
Debt to equity
6.38▼
2024 · 16.74
ROE
50.9%▲
2024 · 40.6%
Interest coverage
19.66▲
2024 · 8.74
Debt ≤ 1 year
€138,063▼
2024 · €206,334
Debt > 1 year
€124,000▼
2024 · €131,000
Income taxes
€2,167▲
2024 · €0
Staff costs
€54,040▼
2024 · €73,356
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 | 5 | 2 | 2 | 2 | 2 |
| full-time | 1 | 0 | 0 | 0 | 0 |
| part-time | 4 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 3.2 | 1.6 | 1.6 | 1.4 | 0.9 |
| Average over the year, in full-time equivalents | 2.8 | 2.4 | 2.3 | 1.7 | 1.4 |
| On a permanent contract | 2 | 2 | 2 | 1 | 1 |
| Joined | 16 | 70 | 70 | 61 | 59 |
| Left | 18 | 73 | 70 | 61 | 59 |
| Training hours | - | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €746 | €2,461 | €84,846 | - | €2,913 |
| Intangible fixed assets | - | €9,889 | - | - | - |
| Depreciation and write-downs of the year | €9,617 | €10,368 | €14,067 | €21,200 | €20,527 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €2,000 | €2,000 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €819 | €316 | ▼ 61.4% |
| Remuneration, social security and pensions62 | - | - | - | €63,010 | €72,559 | €74,384 | €73,356 | €54,040 | ▼ 26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,861 | €12,623 | €12,108 | €9,617 | €10,368 | €14,067 | €21,200 | €20,527 | ▼ 3.2% |
| Other operating charges640/8 | - | - | - | €15,580 | €950 | €3,365 | €2,207 | €389 | ▼ 82.4% |
| Non-recurring operating charges66A | - | - | - | - | €0 | - | €260 | €0 | ▼ 100% |
| Gross operating margin9900 | €62,763 | €87,745 | €88,249 | €139,830 | €88,203 | €47,063 | €107,612 | €98,922 | ▼ 8.1% |
| Operating profit (loss)9901 | -€6,815 | €114 | €21,312 | €51,623 | €4,327 | -€44,752 | €10,589 | €23,965 | ▲ 126% |
| Financial income75/76B | - | - | - | €0 | €515 | €3,483 | €1,273 | €1,472 | ▲ 15.6% |
| Recurring financial income75 | €3,045 | €3,229 | €360 | €0 | €515 | €3,483 | €1,273 | €1,472 | ▲ 15.6% |
| Financial charges65/66B | - | - | - | €6,750 | €5,772 | €5,057 | €3,639 | €2,263 | ▼ 37.8% |
| Recurring financial charges65 | €3,041 | €3,153 | €4,320 | €6,750 | €5,772 | €5,057 | €3,639 | €2,263 | ▼ 37.8% |
| Profit (loss) for the period before taxes9903 | -€6,811 | €190 | €17,352 | €44,872 | -€930 | -€46,326 | €8,223 | €23,175 | ▲ 182% |
| Income taxes67/77 | €169 | €0 | - | €2,603 | €1,629 | -€327 | €0 | €2,167 | - |
| Profit (loss) for the period9904 | -€6,980 | €190 | €17,352 | €42,270 | -€2,559 | -€45,999 | €8,223 | €21,008 | ▲ 155% |
| Profit (loss) for the period to be appropriated9905 | -€6,980 | €190 | €17,352 | €42,270 | -€2,559 | -€45,999 | €8,223 | €21,008 | ▲ 155% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €250,168 | €343,960 | €365,491 | €415,632 | €340,665 | €375,876 | €359,672 | €304,572 | ▼ 15.3% |
| Fixed assets21/28 | €139,533 | €194,215 | €182,107 | €158,704 | €160,686 | €228,257 | €207,057 | €189,443 | ▼ 8.5% |
| Intangible fixed assets21 | €19,483 | €16,608 | €14,532 | €0 | €9,285 | €5,989 | €2,693 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €120,049 | €177,607 | €167,575 | €158,704 | €151,401 | €222,268 | €204,364 | €189,443 | ▼ 7.3% |
| Land and buildings22 | - | - | - | €4,382 | €3,209 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €215 | €1,934 | €1,103 | €324 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €152 | €0 | - | - | €2,526 | - |
| Other tangible fixed assets26 | - | - | - | €153,954 | €146,258 | €221,164 | €204,041 | €186,917 | ▼ 8.4% |
| Current assets29/58 | €110,636 | €149,745 | €183,384 | €256,928 | €179,980 | €147,619 | €152,615 | €115,129 | ▼ 24.6% |
| Stocks and contracts in progress3 | €90,606 | €125,690 | €87,427 | €143,852 | €92,870 | €88,278 | €112,959 | €62,967 | ▼ 44.3% |
| Stocks30/36 | - | - | - | €143,852 | €92,870 | €88,278 | €112,959 | €62,967 | ▼ 44.3% |
| Amounts receivable within one year40/41 | €14,372 | €4,178 | €37,994 | €43,160 | €32,983 | €34,732 | €6,151 | €2,831 | ▼ 54.0% |
| Trade receivables40 | - | - | - | €40,465 | €8,675 | €11,324 | €6,151 | €2,831 | ▼ 54.0% |
| Other amounts receivable41 | - | - | - | €2,695 | €24,308 | €23,409 | €0 | - | - |
| Cash at bank and in hand54/58 | - | - | €56,536 | €57,000 | €38,156 | €4,972 | €21,246 | €37,546 | ▲ 76.7% |
| Deferred charges and accrued income490/1 | - | - | - | €12,915 | €15,970 | €19,636 | €12,259 | €11,786 | ▼ 3.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €250,168 | €343,960 | €365,491 | €415,632 | €340,665 | €375,876 | €359,672 | €304,572 | ▼ 15.3% |
| Equity10/15 | €794 | €984 | €18,336 | €60,605 | €58,047 | €12,048 | €20,271 | €41,279 | ▲ 104% |
| Contributions10/11 | €68,600 | €68,600 | - | €68,600 | €68,600 | €68,600 | €68,600 | €68,600 | = |
| Profit (loss) carried forward14 | -€67,806 | -€67,616 | -€50,264 | -€7,995 | -€10,553 | -€56,552 | -€48,329 | -€27,321 | ▲ 43.5% |
| Amounts payable17/49 | €249,374 | €342,976 | €347,156 | €355,026 | €282,619 | €363,828 | €339,401 | €263,293 | ▼ 22.4% |
| Amounts payable after more than one year17 | €50,563 | €51,125 | €76,125 | €77,813 | €75,000 | €145,000 | €131,000 | €124,000 | ▼ 5.3% |
| Financial debts170/4 | - | - | - | €77,813 | €75,000 | €145,000 | €131,000 | €124,000 | ▼ 5.3% |
| Amounts payable within one year42/48 | €198,249 | €291,288 | €271,031 | €277,214 | €206,838 | €217,767 | €206,334 | €138,063 | ▼ 33.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,846 | €0 | €7,000 | €7,000 | = |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €50,149 | €55,567 | €32,827 | €61,678 | €30,101 | €32,967 | €40,029 | €19,980 | ▼ 50.1% |
| Suppliers440/4 | - | - | - | €61,678 | €30,101 | €32,967 | €40,029 | €19,980 | ▼ 50.1% |
| Advances received on contracts in progress46 | - | - | - | €31,886 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €15,309 | €27,129 | €42,132 | €40,166 | €31,216 | ▼ 22.3% |
| Taxes450/3 | - | - | - | €9,065 | €19,958 | €31,547 | €34,525 | €28,039 | ▼ 18.8% |
| Remuneration and social security454/9 | - | - | - | €6,244 | €7,171 | €10,585 | €5,641 | €3,178 | ▼ 43.7% |
| Other amounts payable47/48 | - | - | - | €168,340 | €143,762 | €142,668 | €119,140 | €79,868 | ▼ 33.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €781 | €1,061 | €2,067 | €1,229 | ▼ 40.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,980 | €190 | €17,352 | €42,270 | -€2,559 | -€45,999 | €8,223 | €21,008 | ▲ 155% |
| + Depreciation and write-downs630 | €9,861 | €12,623 | €12,108 | €9,617 | €10,368 | €14,067 | €21,200 | €20,527 | ▼ 3.2% |
| Operating cash flow (approximation) | €2,881 | €12,813 | €29,460 | €51,887 | €7,809 | -€31,932 | €29,423 | €41,536 | ▲ 41.2% |
| Investment in fixed assets (approximation) | - | -€67,305 | €0 | €13,786 | -€12,350 | -€81,637 | €0 | -€2,913 | - |
| Change in cash | - | - | - | €465 | -€18,844 | -€33,184 | €16,274 | €16,299 | ▲ 0.2% |
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, 5,053 companies had the same profile as VIS has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VIS 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 5,053 companies, not a prediction for VIS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-04-2026 | 2026-00089160 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00243446 | |
| 31-12-2023 | abbreviated format | 23-02-2024 | 2024-00033639 | |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00122589 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20127294 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19500520 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-15800282 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27700311 | |
| 31-12-2017 | micro format | 14-06-2018 | 2018-18700150 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56400143 |