VISION PLUS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-06-2026 PDF all 38 filings
Turnover
≈ €780,000
Estimated: probably between €530,000 and €1.5m
EBIT margin
Not included in this filing
Net result
€6,697▲ 5.3%
2024 · €6,360
Working capital
€6,883▼ 80.3%
2024 · €35,016
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,400
▲ 16.4%
2025
20182025
Net result
€6,697
▲ 5.3%
2025
middle half of the sector
20182025
Equity
€229,120
▲ 3.0%
2025
middle half of the sector
20182025
Total assets
€416,181
▼ 0.4%
2025
lowest quarter of the sector
20182025
Debt
€187,061
▼ 4.4%
2025
20182025
Working capital
€6,883
▼ 80.3%
2025
middle half of the sector
20182025
Solvency
55.1%
▲ 1.8pp
2025
middle half of the sector
20182025
Current ratio
1.06
▼ 0.32
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
4.2
▼ 2.3%
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€11,543-€11,180▼ 3.1%€2,242▼ 79.9%€2,619▲ 16.8%€15,287▲ 484%€10,787▼ 29.4%€20,106▲ 86.4%€23,400▲ 16.4%
Net result-€3,616--€4,887▼ 35.2%-€3,708below the sector's middle half▲ 24.1%€4,578within the sector's middle half€5,053within the sector's middle half▲ 10.4%-€1,583below the sector's middle half€6,360within the sector's middle half€6,697within the sector's middle half▲ 5.3%
Equity€216,610-€211,723▼ 2.3%€208,015within the sector's middle half▼ 1.8%€212,593within the sector's middle half▲ 2.2%€217,646within the sector's middle half▲ 2.4%€216,063within the sector's middle half▼ 0.7%€222,423within the sector's middle half▲ 2.9%€229,120within the sector's middle half▲ 3.0%
Total assets€489,428-€522,342▲ 6.7%€483,123within the sector's middle half▼ 7.5%€461,393within the sector's middle half▼ 4.5%€438,093within the sector's middle half▼ 5.0%€435,103below the sector's middle half▼ 0.7%€418,017below the sector's middle half▼ 3.9%€416,181below the sector's middle half▼ 0.4%
Debt€272,817-€310,618▲ 13.9%€275,107▼ 11.4%€248,799▼ 9.6%€220,447▼ 11.4%€219,040▼ 0.6%€195,594▼ 10.7%€187,061▼ 4.4%
Working capital€70,973-€59,913▼ 15.6%€46,609within the sector's middle half▼ 22.2%€52,868within the sector's middle half▲ 13.4%€63,808within the sector's middle half▲ 20.7%€40,431within the sector's middle half▼ 36.6%€35,016within the sector's middle half▼ 13.4%€6,883within the sector's middle half▼ 80.3%
Solvency44.3%-40.5%▼ 3.7pp43.1%within the sector's middle half▲ 2.5pp46.1%within the sector's middle half▲ 3.0pp49.7%within the sector's middle half▲ 3.6pp49.7%within the sector's middle half=53.2%within the sector's middle half▲ 3.6pp55.1%within the sector's middle half▲ 1.8pp
Current ratio2.44-1.59▼ 0.851.54within the sector's middle half▼ 0.051.65within the sector's middle half▲ 0.111.93within the sector's middle half▲ 0.281.45within the sector's middle half▼ 0.481.38within the sector's middle half▼ 0.071.06within the sector's middle half▼ 0.32
Return on assets (ROA)-0.7%--0.9%▼ 0.2pp-0.8%below the sector's middle half▲ 0.2pp1.0%within the sector's middle half▲ 1.8pp1.2%within the sector's middle half▲ 0.2pp-0.4%below the sector's middle half▼ 1.5pp1.5%within the sector's middle half▲ 1.9pp1.6%within the sector's middle half▲ 0.1pp
Staff (FTE)2-4▲ 100%4.5within the sector's middle half▲ 12.5%4.5within the sector's middle half=4.3within the sector's middle half▼ 4.4%4.6within the sector's middle half▲ 7.0%4.3within the sector's middle half▼ 6.5%4.2within the sector's middle half▼ 2.3%
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 16% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €416,181
Fixed assets
€299,376 ▲ 2.7%
Current assets
€116,805 ▼ 7.6%
Equity and liabilities €416,181
Equity
€229,120 ▲ 3.0%
Debt
€187,061 ▼ 4.4%
Debt's share of the balance-sheet total falls from 46.8% to 44.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,348▲
2024 · €37,920
Cash flow
€25,646▲
2024 · €24,174
Quick ratio
0.08▼
2024 · 0.25
Debt to equity
0.82▼
2024 · 0.88
ROE
2.9%▲
2024 · 2.9%
Interest coverage
2.87▲
2024 · 2.85
Debt ≤ 1 year
€109,922▲
2024 · €91,398
Debt > 1 year
€61,036▼
2024 · €86,092
Income taxes
€2,040▲
2024 · €539
Staff costs
€116,660▲
2024 · €112,408
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 5 |
| full-time | 4 | 4 | 2 | 2 |
| part-time | 1 | 1 | 3 | 3 |
| in full-time equivalents | 4.3 | 4.6 | 4.3 | 4.2 |
| Average over the year, in full-time equivalents | 4.3 | 4.6 | 4.3 | 4.2 |
| On a permanent contract | 4 | 4 | 4 | 4 |
| Joined | 1 | - | - | - |
| Left | 1 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,079 | €1,207 | €13,900 | €4,826 | €26,721 |
| Depreciation and write-downs of the year | €23,223 | €22,785 | €14,648 | €17,814 | €18,949 |
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 | - | - | - | €681 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €88,225 | €106,495 | €117,285 | €112,408 | €116,660 | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,623 | €17,867 | €15,584 | €23,223 | €22,785 | €14,648 | €17,814 | €18,949 | ▲ 6.4% |
| Other operating charges640/8 | - | - | - | €9,767 | €13,971 | €8,581 | €8,133 | €7,252 | ▼ 10.8% |
| Gross operating margin9900 | €91,527 | €147,087 | €99,659 | €123,834 | €158,538 | €151,300 | €158,462 | €166,261 | ▲ 4.9% |
| Operating profit (loss)9901 | €11,543 | €11,180 | €2,242 | €2,619 | €15,287 | €10,787 | €20,106 | €23,400 | ▲ 16.4% |
| Financial income75/76B | - | - | - | €14,581 | €1,899 | €54 | €100 | €87 | ▼ 12.5% |
| Recurring financial income75 | €122 | €46 | - | €14,581 | €1,899 | €54 | €100 | €87 | ▼ 12.5% |
| Non-recurring financial income76B | - | - | - | €14,581 | €1,899 | €54 | €100 | €87 | ▼ 12.5% |
| Financial charges65/66B | - | - | - | €12,622 | €12,133 | €12,424 | €13,307 | €14,749 | ▲ 10.8% |
| Recurring financial charges65 | €15,528 | €16,114 | €14,700 | €12,622 | €12,133 | €12,424 | €13,307 | €14,749 | ▲ 10.8% |
| Profit (loss) for the period before taxes9903 | -€3,616 | -€4,887 | -€3,708 | €4,578 | €5,053 | -€1,583 | €6,899 | €8,737 | ▲ 26.6% |
| Income taxes67/77 | - | - | - | - | - | - | €539 | €2,040 | ▲ 279% |
| Profit (loss) for the period9904 | -€3,616 | -€4,887 | -€3,708 | €4,578 | €5,053 | -€1,583 | €6,360 | €6,697 | ▲ 5.3% |
| Profit (loss) for the period to be appropriated9905 | -€3,616 | -€4,887 | -€3,708 | €4,578 | €5,053 | -€1,583 | €6,360 | €6,697 | ▲ 5.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €489,428 | €522,342 | €483,123 | €461,393 | €438,093 | €435,103 | €418,017 | €416,181 | ▼ 0.4% |
| Fixed assets21/28 | €369,256 | €360,559 | €349,979 | €326,917 | €305,339 | €304,591 | €291,603 | €299,376 | ▲ 2.7% |
| Tangible fixed assets22/27 | €369,256 | €360,559 | €349,979 | €326,917 | €305,339 | €304,591 | €291,603 | €299,376 | ▲ 2.7% |
| Land and buildings22 | - | - | - | €241,179 | €231,234 | €224,488 | €214,543 | €204,599 | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | €85,738 | €74,104 | €80,103 | €77,060 | €94,776 | ▲ 23.0% |
| Current assets29/58 | €120,172 | €161,782 | €133,143 | €134,476 | €132,754 | €130,511 | €126,414 | €116,805 | ▼ 7.6% |
| Stocks and contracts in progress3 | €25,449 | €89,611 | €88,010 | €77,854 | €98,290 | €102,678 | €103,469 | €108,422 | ▲ 4.8% |
| Stocks30/36 | - | - | - | €77,854 | €98,290 | €102,678 | €103,469 | €108,422 | ▲ 4.8% |
| Amounts receivable within one year40/41 | €30,000 | €15,893 | €727 | €3,583 | €3,278 | €2,400 | €3,500 | €3,600 | ▲ 2.9% |
| Trade receivables40 | - | - | - | €2,383 | €1,478 | - | €500 | - | - |
| Other amounts receivable41 | - | - | - | €1,200 | €1,800 | €2,400 | €3,000 | €3,600 | ▲ 20.0% |
| Cash at bank and in hand54/58 | €63,403 | €54,028 | €44,406 | €53,039 | €29,803 | €19,417 | €19,445 | €4,783 | ▼ 75.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,384 | €6,016 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €489,428 | €522,342 | €483,123 | €461,393 | €438,093 | €435,103 | €418,017 | €416,181 | ▼ 0.4% |
| Equity10/15 | €216,610 | €211,723 | €208,015 | €212,593 | €217,646 | €216,063 | €222,423 | €229,120 | ▲ 3.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €26,649 | €26,649 | €26,649 | €26,649 | €26,649 | €26,649 | €26,649 | €26,649 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Profit (loss) carried forward14 | €171,362 | €166,475 | €162,767 | €167,345 | €172,398 | €170,814 | €177,174 | €183,871 | ▲ 3.8% |
| Amounts payable17/49 | €272,817 | €310,618 | €275,107 | €248,799 | €220,447 | €219,040 | €195,594 | €187,061 | ▼ 4.4% |
| Amounts payable after more than one year17 | €219,121 | €196,291 | €184,644 | €160,756 | €136,391 | €111,506 | €86,092 | €61,036 | ▼ 29.1% |
| Financial debts170/4 | - | - | - | €160,756 | €136,391 | €111,506 | €86,092 | €61,036 | ▼ 29.1% |
| Amounts payable within one year42/48 | €49,198 | €101,869 | €86,534 | €81,608 | €68,946 | €90,081 | €91,398 | €109,922 | ▲ 20.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,858 | €24,365 | €24,884 | €25,413 | €25,597 | ▲ 0.7% |
| Financial debts43 | - | - | - | - | - | - | - | €8,747 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €8,747 | - |
| Trade debts44 | €9,025 | €43,538 | €46,376 | €42,408 | €28,748 | €24,858 | €24,949 | €17,638 | ▼ 29.3% |
| Suppliers440/4 | - | - | - | €42,408 | €28,748 | €24,858 | €24,949 | €17,638 | ▼ 29.3% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €509 | €1,023 | ▲ 101% |
| Taxes450/3 | - | - | - | - | - | - | €509 | €1,023 | ▲ 101% |
| Other amounts payable47/48 | - | - | - | €15,342 | €15,832 | €40,338 | €40,527 | €56,916 | ▲ 40.4% |
| Accrued charges and deferred income492/3 | - | - | - | €6,435 | €15,110 | €17,453 | €18,105 | €16,103 | ▼ 11.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,616 | -€4,887 | -€3,708 | €4,578 | €5,053 | -€1,583 | €6,360 | €6,697 | ▲ 5.3% |
| + Depreciation and write-downs630 | €23,623 | €17,867 | €15,584 | €23,223 | €22,785 | €14,648 | €17,814 | €18,949 | ▲ 6.4% |
| Operating cash flow (approximation) | €20,007 | €12,980 | €11,875 | €27,801 | €27,837 | €13,064 | €24,174 | €25,646 | ▲ 6.1% |
| Investment in fixed assets (approximation) | - | -€9,170 | -€5,004 | -€160 | -€1,207 | -€13,900 | -€4,826 | -€26,721 | ▼ 454% |
| Change in cash | - | -€9,376 | -€9,622 | €8,633 | -€23,236 | -€10,386 | €28 | -€14,662 | - |
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, 17,041 companies had the same profile as VISION PLUS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VISION PLUS 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 17,041 companies, not a prediction for VISION PLUS. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-06-2026 | 2026-00148316 | |
| 31-12-2024 | full format | 05-06-2025 | 2025-00126674 | |
| 31-12-2023 | full format | 10-06-2024 | 2024-00125264 | |
| 31-12-2022 | full format | 23-05-2023 | 2023-00094691 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20102021 | |
| 31-12-2020 | full format | 14-07-2021 | 2021-36600328 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-17500509 | |
| 31-12-2018 | full format | 20-06-2019 | 2019-21100308 | |
| 31-12-2017 | full format | 02-07-2018 | 2018-27800274 | |
| 31-12-2016 | full format | 24-06-2017 | 2017-21600256 |