VISIONEXT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 18 filings
Turnover
≈ €450,000
Estimated: probably between €230,000 and €610,000
EBIT margin
Not included in this filing
Net result
€25,422▲ 45.4%
2024 · €17,485
Working capital
€72,579▲ 13.4%
2024 · €63,983
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€40,870
▲ 69.2%
2025
20182025
Net result
€25,422
▲ 45.4%
2025
highest quarter of the sector
20182025
Equity
€82,748
▲ 7.0%
2025
middle half of the sector
20182025
Total assets
€127,402
▲ 41.2%
2025
middle half of the sector
20182025
Debt
€44,655
▲ 246%
2025
20182025
Working capital
€72,579
▲ 13.4%
2025
middle half of the sector
20182025
Solvency
64.9%
▼ 20.7pp
2025
highest quarter of the sector
20182025
Current ratio
2.63
▼ 3.33
2025
middle half of the sector
20182025
Return on assets (ROA)
20.0%
▲ 0.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.3
▲ 30.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,616-€20,333▲ 91.5%€25,938▲ 27.6%€3,569▼ 86.2%€22,107▲ 519%€16,847▼ 23.8%€24,153▲ 43.4%€40,870▲ 69.2%
Net result€10,567-€14,234▲ 34.7%€25,938within the sector's middle half▲ 82.2%€1,946below the sector's middle half▼ 92.5%€14,193within the sector's middle half▲ 629%€11,787within the sector's middle half▼ 17.0%€17,485within the sector's middle half▲ 48.3%€25,422above the sector's middle half▲ 45.4%
Equity€82,143-€96,377▲ 17.3%€77,315within the sector's middle half▼ 19.8%€50,761below the sector's middle half▼ 34.3%€57,454within the sector's middle half▲ 13.2%€59,841within the sector's middle half▲ 4.2%€77,326within the sector's middle half▲ 29.2%€82,748within the sector's middle half▲ 7.0%
Total assets€98,690-€108,104▲ 9.5%€135,001below the sector's middle half▲ 24.9%€86,171below the sector's middle half▼ 36.2%€76,039within the sector's middle half▼ 11.8%€85,051within the sector's middle half▲ 11.9%€90,250within the sector's middle half▲ 6.1%€127,402within the sector's middle half▲ 41.2%
Debt€16,547-€11,727▼ 29.1%€57,686▲ 392%€35,410▼ 38.6%€18,585▼ 47.5%€25,210▲ 35.6%€12,924▼ 48.7%€44,655▲ 246%
Working capital€70,143-€87,577▲ 24.9%€58,958within the sector's middle half▼ 32.7%€38,439within the sector's middle half▼ 34.8%€50,367within the sector's middle half▲ 31.0%€55,589within the sector's middle half▲ 10.4%€63,983within the sector's middle half▲ 15.1%€72,579within the sector's middle half▲ 13.4%
Solvency83.2%-89.2%▲ 5.9pp57.3%above the sector's middle half▼ 31.9pp58.9%above the sector's middle half▲ 1.6pp75.6%above the sector's middle half▲ 16.7pp70.4%above the sector's middle half▼ 5.2pp85.7%above the sector's middle half▲ 15.3pp64.9%above the sector's middle half▼ 20.7pp
Current ratio5.24-8.47▲ 3.232.02within the sector's middle half▼ 6.452.09within the sector's middle half▲ 0.063.71above the sector's middle half▲ 1.623.21above the sector's middle half▼ 0.515.95above the sector's middle half▲ 2.752.63within the sector's middle half▼ 3.33
Return on assets (ROA)10.7%-13.2%▲ 2.5pp19.2%above the sector's middle half▲ 6.0pp2.3%within the sector's middle half▼ 17.0pp18.7%above the sector's middle half▲ 16.4pp13.9%above the sector's middle half▼ 4.8pp19.4%above the sector's middle half▲ 5.5pp20.0%above the sector's middle half▲ 0.6pp
Staff (FTE)1.7below the sector's middle half1.7=0.9▼ 47.1%1▲ 11.1%1.3▲ 30.0%
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 69% 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 €127,402
Fixed assets
€10,169 ▼ 23.8%
Current assets
€117,234 ▲ 52.4%
Equity and liabilities €127,402
Equity
€82,748 ▲ 7.0%
Debt
€44,655 ▲ 246%
Debt's share of the balance-sheet total rises from 14.3% to 35.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,045▲
2024 · €25,856
Cash flow
€28,596▲
2024 · €19,188
Quick ratio
2.62▼
2024 · 5.95
Debt to equity
0.54▲
2024 · 0.17
ROE
30.7%▲
2024 · 22.6%
Interest coverage
over 100▲
2024 · 99.44
Debt ≤ 1 year
€44,655▲
2024 · €12,924
Income taxes
€15,327▲
2024 · €6,408
Staff costs
€39,367▲
2024 · €37,824
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 | 2 | 1 | 1 | 2 | 2 |
| full-time | - | - | 1 | 1 | 1 |
| part-time | 2 | 1 | - | 1 | 1 |
| in full-time equivalents | 1.2 | 0.7 | 1 | 1.1 | 1.8 |
| Average over the year, in full-time equivalents | 1.7 | 1.1 | 0.9 | 1 | 1.1 |
| On a permanent contract | - | 1 | 1 | 2 | - |
| Joined | 2 | 2 | 1 | 1 | 5 |
| Left | 2 | 3 | 1 | 0 | 5 |
| Training hours | - | - | - | - | 99 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €15,046 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,035 | €5,235 | €2,835 | €1,703 | €3,174 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €45,410 | €42,990 | €38,109 | €37,824 | €39,367 | ▲ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,000 | €3,200 | €4,617 | €6,035 | €5,235 | €2,835 | €1,703 | €3,174 | ▲ 86.4% |
| Other operating charges640/8 | - | - | - | €1,947 | €784 | €854 | €869 | €949 | ▲ 9.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €7,530 | - |
| Gross operating margin9900 | €61,495 | €23,558 | €30,662 | €56,961 | €71,115 | €58,645 | €64,548 | €91,891 | ▲ 42.4% |
| Operating profit (loss)9901 | €10,616 | €20,333 | €25,938 | €3,569 | €22,107 | €16,847 | €24,153 | €40,870 | ▲ 69.2% |
| Financial income75/76B | - | - | - | €944 | - | €0 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | €944 | - | €0 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €520 | €483 | €291 | €260 | €122 | ▼ 53.2% |
| Recurring financial charges65 | €49 | - | - | €520 | €483 | €291 | €260 | €122 | ▼ 53.2% |
| Profit (loss) for the period before taxes9903 | €10,567 | €20,333 | €25,938 | €3,994 | €21,624 | €16,556 | €23,893 | €40,749 | ▲ 70.5% |
| Income taxes67/77 | - | €6,099 | - | €2,048 | €7,431 | €4,770 | €6,408 | €15,327 | ▲ 139% |
| Profit (loss) for the period9904 | €10,567 | €14,234 | €25,938 | €1,946 | €14,193 | €11,787 | €17,485 | €25,422 | ▲ 45.4% |
| Profit (loss) for the period to be appropriated9905 | €10,567 | €14,234 | €25,938 | €1,946 | €14,193 | €11,787 | €17,485 | €25,422 | ▲ 45.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,690 | €108,104 | €135,001 | €86,171 | €76,039 | €85,051 | €90,250 | €127,402 | ▲ 41.2% |
| Fixed assets21/28 | €12,000 | €8,800 | €18,356 | €12,322 | €7,087 | €4,252 | €13,343 | €10,169 | ▼ 23.8% |
| Tangible fixed assets22/27 | €12,000 | €8,800 | €18,356 | €12,322 | €7,087 | €4,252 | €13,343 | €10,169 | ▼ 23.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €826 | €413 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €12,322 | €7,087 | €4,252 | €12,517 | €9,756 | ▼ 22.1% |
| Current assets29/58 | €86,690 | €99,304 | €116,645 | €73,849 | €68,953 | €80,799 | €76,907 | €117,234 | ▲ 52.4% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €29 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €29 | - |
| Amounts receivable within one year40/41 | €35,148 | €32,637 | €35,960 | €41,870 | €39,445 | €37,810 | €35,775 | €27,555 | ▼ 23.0% |
| Trade receivables40 | - | - | - | €26,351 | €23,614 | €25,604 | €24,265 | €16,964 | ▼ 30.1% |
| Other amounts receivable41 | - | - | - | €15,519 | €15,831 | €12,206 | €11,510 | €10,591 | ▼ 8.0% |
| Cash at bank and in hand54/58 | €51,542 | €66,667 | €80,685 | €31,979 | €29,508 | €42,989 | €41,132 | €89,650 | ▲ 118% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,690 | €108,104 | €135,001 | €86,171 | €76,039 | €85,051 | €90,250 | €127,402 | ▲ 41.2% |
| Equity10/15 | €82,143 | €96,377 | €77,315 | €50,761 | €57,454 | €59,841 | €77,326 | €82,748 | ▲ 7.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €67,883 | €82,117 | €63,055 | €36,501 | €43,194 | €45,581 | €63,066 | €68,488 | ▲ 8.6% |
| Amounts payable17/49 | €16,547 | €11,727 | €57,686 | €35,410 | €18,585 | €25,210 | €12,924 | €44,655 | ▲ 246% |
| Amounts payable within one year42/48 | €16,547 | €11,727 | €57,686 | €35,410 | €18,585 | €25,210 | €12,924 | €44,655 | ▲ 246% |
| Trade debts44 | €903 | - | €2,671 | €1,152 | €6,077 | €3,869 | €4,079 | €421 | ▼ 89.7% |
| Suppliers440/4 | - | - | - | €1,152 | €6,077 | €3,869 | €4,079 | €421 | ▼ 89.7% |
| Taxes, remuneration and social security45 | - | - | - | €5,759 | €5,009 | €13,841 | €8,845 | €24,233 | ▲ 174% |
| Taxes450/3 | - | - | - | €5,759 | €3,879 | €11,309 | €8,845 | €19,139 | ▲ 116% |
| Remuneration and social security454/9 | - | - | - | - | €1,130 | €2,532 | - | €5,094 | - |
| Other amounts payable47/48 | - | - | - | €28,500 | €7,500 | €7,500 | - | €20,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,567 | €14,234 | €25,938 | €1,946 | €14,193 | €11,787 | €17,485 | €25,422 | ▲ 45.4% |
| + Depreciation and write-downs630 | €4,000 | €3,200 | €4,617 | €6,035 | €5,235 | €2,835 | €1,703 | €3,174 | ▲ 86.4% |
| Operating cash flow (approximation) | €14,567 | €17,434 | €30,555 | €7,981 | €19,428 | €14,622 | €19,188 | €28,596 | ▲ 49.0% |
| Investment in fixed assets (approximation) | - | €0 | -€14,174 | €0 | €0 | €0 | -€10,794 | €0 | - |
| Change in cash | - | €15,125 | €14,018 | -€48,706 | -€2,471 | €13,481 | -€1,857 | €48,518 | - |
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, 34,693 companies had the same profile as VISIONEXT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VISIONEXT 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 34,693 companies, not a prediction for VISIONEXT. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261458 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00242265 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00276744 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00263777 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20393925 | |
| 31-12-2020 | full format | 31-07-2021 | 2021-44800150 | |
| 31-12-2019 | full format | 31-10-2020 | 2020-68300333 | |
| 31-12-2018 | full format | 07-07-2019 | 2019-29900264 | |
| 31-12-2017 | full format | 05-07-2018 | 2018-30600414 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-50300174 |