VISION
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 49 filings
Turnover
≈ €260,000
Estimated: probably between €150,000 and €510,000
EBIT margin
Not included in this filing
Net result
-€112▲ 95.9%
2024 · -€2,718
Working capital
€66,518
2024 · -€9,756
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,551
2025
20182025
Net result
-€112
▲ 95.9%
2025
middle half of the sector
20182025
Equity
€474,296
=
2025
highest quarter of the sector
20182025
Total assets
€704,049
▼ 2.6%
2025
highest quarter of the sector
20182025
Debt
€124,980
▼ 8.1%
2025
20182025
Working capital
€66,518
2025
middle half of the sector
20182025
Solvency
67.4%
▲ 1.7pp
2025
middle half of the sector
20182025
Current ratio
2.68
▲ 1.93
2025
middle half of the sector
20182025
Return on assets (ROA)
0.0%
▲ 0.4pp
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-€7,080--€4,962▲ 29.9%-€18,242▼ 268%-€10,466▲ 42.6%€785-€4,844-€12,410▼ 156%€1,551
Net result-€558--€12,034▼ 2,055%-€16,404below the sector's middle half▼ 36.3%-€6,611below the sector's middle half▲ 59.7%-€1,272below the sector's middle half▲ 80.8%-€5,730below the sector's middle half▼ 350%-€2,718within the sector's middle half▲ 52.6%-€112within the sector's middle half▲ 95.9%
Equity€512,261-€500,227▼ 2.3%€483,824within the sector's middle half▼ 3.3%€477,213within the sector's middle half▼ 1.4%€482,856within the sector's middle half▲ 1.2%€477,125above the sector's middle half▼ 1.2%€474,407above the sector's middle half▼ 0.6%€474,296above the sector's middle half=
Total assets€870,594-€842,115▼ 3.3%€808,278within the sector's middle half▼ 4.0%€771,137below the sector's middle half▼ 4.6%€781,387below the sector's middle half▲ 1.3%€752,059above the sector's middle half▼ 3.8%€722,742above the sector's middle half▼ 3.9%€704,049above the sector's middle half▼ 2.6%
Debt€182,841-€177,766▼ 2.8%€168,696▼ 5.1%€149,034▼ 11.7%€170,883▲ 14.7%€154,910▼ 9.3%€135,936▼ 12.2%€124,980▼ 8.1%
Working capital-€12,664--€8,985▲ 29.0%-€12,586below the sector's middle half▼ 40.1%-€7,887below the sector's middle half▲ 37.3%-€30,580below the sector's middle half▼ 288%-€16,911below the sector's middle half▲ 44.7%-€9,756below the sector's middle half▲ 42.3%€66,518within the sector's middle half
Solvency58.8%-59.4%▲ 0.6pp59.9%within the sector's middle half▲ 0.5pp61.9%above the sector's middle half▲ 2.0pp61.8%above the sector's middle half▼ 0.1pp63.4%within the sector's middle half▲ 1.6pp65.6%within the sector's middle half▲ 2.2pp67.4%within the sector's middle half▲ 1.7pp
Current ratio0.59-0.75▲ 0.150.65below the sector's middle half▼ 0.100.68below the sector's middle half▲ 0.030.44below the sector's middle half▼ 0.240.66below the sector's middle half▲ 0.210.75below the sector's middle half▲ 0.092.68within the sector's middle half▲ 1.93
Return on assets (ROA)-0.1%--1.4%▼ 1.4pp-2.0%below the sector's middle half▼ 0.6pp-0.9%below the sector's middle half▲ 1.2pp-0.2%below the sector's middle half▲ 0.7pp-0.8%within the sector's middle half▼ 0.6pp-0.4%within the sector's middle half▲ 0.4pp0.0%within the sector's middle half▲ 0.4pp
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 2025 is a profit of €1,551, after a loss of €12,410 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €704,049
Fixed assets
€597,947 ▼ 13.9%
Current assets
€106,102 ▲ 271%
Equity and liabilities €704,049
Equity
€474,296 =
Provisions
€104,773 ▼ 6.8%
Debt
€124,980 ▼ 8.1%
Debt's share of the balance-sheet total falls from 18.8% to 17.8%. Debt is lower.
Key figures and ratios
EBITDA
€39,464▲
2024 · €24,848
Cash flow
€37,801▲
2024 · €34,541
Debt to equity
0.26▼
2024 · 0.29
ROE
0.0%▲
2024 · -0.6%
Interest coverage
17.41▲
2024 · 10.10
Debt ≤ 1 year
€39,584▲
2024 · €38,346
Debt > 1 year
€82,306▼
2024 · €93,150
Income taxes
€10,631▲
2024 · €6,719
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €127,700 | €117,821 | - | - | - |
| Mortgages, amount registered | €161,250 | €161,250 | €50,000 | €50,000 | €50,000 |
| Mortgage mandates | - | - | €111,250 | €111,250 | €111,250 |
| Carrying value of the mortgaged assets | €207,188 | €197,059 | €139,532 | €131,812 | €24,789 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,508 | €34,946 | - | €4,400 | €9,308 |
| Financial fixed assets | €2,420 | €2,904 | - | - | €0 |
| Depreciation and write-downs of the year | €34,312 | €35,304 | €37,336 | €37,259 | €37,913 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €34 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,074 | €36,503 | €34,005 | €34,312 | €35,304 | €37,336 | €37,259 | €37,913 | ▲ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €16,149 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €7,720 | €8,141 | €8,713 | €9,108 | €9,340 | ▲ 2.5% |
| Gross operating margin9900 | €36,924 | €38,496 | €23,332 | €31,566 | €44,229 | €41,205 | €50,105 | €48,804 | ▼ 2.6% |
| Operating profit (loss)9901 | -€7,080 | -€4,962 | -€18,242 | -€10,466 | €785 | -€4,844 | -€12,410 | €1,551 | - |
| Financial income75/76B | - | - | - | - | €115 | €0 | €11,247 | €3,610 | ▼ 67.9% |
| Recurring financial income75 | €4 | €0 | - | - | €115 | €0 | €11,247 | €3,610 | ▼ 67.9% |
| Financial charges65/66B | - | - | - | €3,170 | €3,170 | €2,679 | €2,460 | €2,267 | ▼ 7.8% |
| Recurring financial charges65 | €2,699 | €3,590 | €3,363 | €3,170 | €3,170 | €2,679 | €2,460 | €2,267 | ▼ 7.8% |
| Profit (loss) for the period before taxes9903 | -€9,776 | -€8,552 | -€21,605 | -€13,636 | -€2,270 | -€7,524 | -€3,624 | €2,894 | - |
| Transfer from deferred taxes780 | - | - | - | €10,868 | €10,326 | €7,625 | €7,625 | €7,625 | = |
| Income taxes67/77 | €2,152 | €14,852 | €3,162 | €3,843 | €9,329 | €5,832 | €6,719 | €10,631 | ▲ 58.2% |
| Profit (loss) for the period9904 | -€558 | -€12,034 | -€16,404 | -€6,611 | -€1,272 | -€5,730 | -€2,718 | -€112 | ▲ 95.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €32,605 | €20,054 | €22,875 | €22,875 | €22,875 | = |
| Profit (loss) for the period to be appropriated9905 | €21,523 | €10,047 | €8,685 | €25,994 | €18,781 | €17,145 | €20,157 | €22,763 | ▲ 12.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €870,594 | €842,115 | €808,278 | €771,137 | €781,387 | €752,059 | €722,742 | €704,049 | ▼ 2.6% |
| Fixed assets21/28 | €852,309 | €815,806 | €784,988 | €754,490 | €757,037 | €719,701 | €694,152 | €597,947 | ▼ 13.9% |
| Tangible fixed assets22/27 | €797,415 | €760,912 | €726,907 | €697,103 | €696,746 | €659,410 | €626,552 | €597,947 | ▼ 4.6% |
| Land and buildings22 | - | - | - | €697,103 | €696,746 | €659,410 | €622,066 | €594,446 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €4,485 | €3,501 | ▼ 22.0% |
| Financial fixed assets28 | €54,894 | €54,894 | €58,081 | €57,387 | €60,291 | €60,291 | €67,601 | €0 | ▼ 100% |
| Current assets29/58 | €18,285 | €26,309 | €23,291 | €16,647 | €24,350 | €32,358 | €28,590 | €106,102 | ▲ 271% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €71,779 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €71,779 | - |
| Amounts receivable within one year40/41 | €6,859 | €13,286 | €15,123 | €11,550 | €15,724 | €21,345 | €11,910 | €6,913 | ▼ 42.0% |
| Trade receivables40 | - | - | - | €2,377 | €3,647 | €9,268 | €11,642 | €6,047 | ▼ 48.1% |
| Other amounts receivable41 | - | - | - | €9,173 | €12,077 | €12,077 | €269 | €865 | ▲ 222% |
| Cash at bank and in hand54/58 | €11,426 | €13,023 | €8,168 | €5,097 | €8,627 | €11,013 | €16,095 | €25,165 | ▲ 56.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €584 | €2,245 | ▲ 284% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €870,594 | €842,115 | €808,278 | €771,137 | €781,387 | €752,059 | €722,742 | €704,049 | ▼ 2.6% |
| Equity10/15 | €512,261 | €500,227 | €483,824 | €477,213 | €482,856 | €477,125 | €474,407 | €474,296 | = |
| Contributions10/11 | €21,071 | €21,071 | - | €21,071 | €21,071 | €21,071 | €21,071 | €21,071 | = |
| Reserves13 | €368,969 | €346,888 | €321,799 | €289,194 | €276,056 | €253,181 | €230,306 | €230,194 | = |
| Non-distributable reserves130/1 | - | - | - | €2,107 | €2,107 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,107 | €2,107 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €260,854 | €247,716 | €224,841 | €201,966 | €179,091 | ▼ 11.3% |
| Distributable reserves133 | - | - | - | €26,233 | €26,233 | €28,340 | €28,340 | €51,103 | ▲ 80.3% |
| Profit (loss) carried forward14 | €122,221 | €132,269 | €140,954 | €166,947 | €185,729 | €202,873 | €223,030 | €223,030 | = |
| Provisions and deferred taxes16 | €175,491 | €164,121 | €155,758 | €144,890 | €127,648 | €120,023 | €112,398 | €104,773 | ▼ 6.8% |
| Deferred taxes168 | - | - | - | €144,890 | €127,648 | €120,023 | €112,398 | €104,773 | ▼ 6.8% |
| Amounts payable17/49 | €182,841 | €177,766 | €168,696 | €149,034 | €170,883 | €154,910 | €135,936 | €124,980 | ▼ 8.1% |
| Amounts payable after more than one year17 | €151,893 | €142,472 | €132,820 | €124,501 | €114,088 | €103,745 | €93,150 | €82,306 | ▼ 11.6% |
| Financial debts170/4 | - | - | - | €117,821 | €107,708 | €97,365 | €86,770 | €75,926 | ▼ 12.5% |
| Other amounts payable178/9 | - | - | - | €6,680 | €6,380 | €6,380 | €6,380 | €6,380 | = |
| Amounts payable within one year42/48 | €30,949 | €35,294 | €35,876 | €24,534 | €54,930 | €49,269 | €38,346 | €39,584 | ▲ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,879 | €10,112 | €10,344 | €10,595 | €10,844 | ▲ 2.4% |
| Trade debts44 | €4,659 | €8,379 | €14,767 | €3,859 | €8,906 | €8,999 | €1,580 | €1,897 | ▲ 20.0% |
| Suppliers440/4 | - | - | - | €3,859 | €8,906 | €8,999 | €1,580 | €1,897 | ▲ 20.0% |
| Taxes, remuneration and social security45 | - | - | - | €7,444 | €14,373 | €8,388 | €4,633 | €5,305 | ▲ 14.5% |
| Taxes450/3 | - | - | - | €7,444 | €14,373 | €8,388 | €4,633 | €5,305 | ▲ 14.5% |
| Other amounts payable47/48 | - | - | - | €3,352 | €21,539 | €21,539 | €21,539 | €21,539 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,865 | €1,896 | €4,440 | €3,090 | ▼ 30.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€558 | -€12,034 | -€16,404 | -€6,611 | -€1,272 | -€5,730 | -€2,718 | -€112 | ▲ 95.9% |
| + Depreciation and write-downs630 | €38,074 | €36,503 | €34,005 | €34,312 | €35,304 | €37,336 | €37,259 | €37,913 | ▲ 1.8% |
| Operating cash flow (approximation) | €37,516 | €24,469 | €17,601 | €27,701 | €34,031 | €31,605 | €34,541 | €37,801 | ▲ 9.4% |
| Investment in fixed assets (approximation) | - | €0 | -€3,187 | -€3,814 | -€37,850 | €0 | -€11,710 | €58,292 | - |
| Change in cash | - | €1,597 | -€4,855 | -€3,071 | €3,530 | €2,386 | €5,083 | €9,070 | ▲ 78.4% |
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, 8,617 companies had the same profile as VISION has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VISION 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 8,617 companies, not a prediction for VISION. 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 | micro format | 30-07-2026 | 2026-00357865 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00254964 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00230606 | |
| 31-12-2022 | full format | 17-07-2023 | 2023-00242101 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20114375 | |
| 31-12-2020 | full format | 03-08-2021 | 2021-45700441 | |
| 31-12-2019 | full format | 15-09-2020 | 2020-53800167 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-40100104 | |
| 31-12-2017 | full format | 24-07-2018 | 2018-38400477 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-38900493 |