VITRIEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-01-2026 PDF all 11 filings
Turnover
≈ €100,000
Estimated: probably between €50,000 and €210,000
Total assets
€150,163▲ 7.3%
2024 · €139,992
Net result
€17,700▼ 49.9%
2024 · €35,362
Working capital
€139,190▲ 15.5%
2024 · €120,496
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,959
▼ 12.0%
2025
20192025
Net result
€17,700
▼ 49.9%
2025
middle half of the sector
20192025
Equity
€140,298
▲ 14.4%
2025
middle half of the sector
20192025
Total assets
€150,163
▲ 7.3%
2025
middle half of the sector
20192025
Debt
€9,865
▼ 43.3%
2025
20192025
Working capital
€139,190
▲ 15.5%
2025
highest quarter of the sector
20192025
Solvency
93.4%
▲ 5.9pp
2025
highest quarter of the sector
20192025
Current ratio
15.11
▲ 7.18
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.8%
▼ 13.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€41,651-€21,325▼ 48.8%€25,456▲ 19.4%€28,308▲ 11.2%€10,820▼ 61.8%€23,809▲ 120%€20,959▼ 12.0%
Net result€32,837-€13,503within the sector's middle half▼ 58.9%€22,018within the sector's middle half▲ 63.1%€25,521within the sector's middle half▲ 15.9%-€7,805below the sector's middle half€35,362within the sector's middle half€17,700within the sector's middle half▼ 49.9%
Equity€179,025-€192,529within the sector's middle half▲ 7.5%€214,547within the sector's middle half▲ 11.4%€126,217within the sector's middle half▼ 41.2%€118,412within the sector's middle half▼ 6.2%€122,598within the sector's middle half▲ 3.5%€140,298within the sector's middle half▲ 14.4%
Total assets€196,754-€203,887within the sector's middle half▲ 3.6%€226,368within the sector's middle half▲ 11.0%€245,618within the sector's middle half▲ 8.5%€131,090within the sector's middle half▼ 46.6%€139,992within the sector's middle half▲ 6.8%€150,163within the sector's middle half▲ 7.3%
Debt€17,729-€11,358▼ 35.9%€11,821▲ 4.1%€119,401▲ 910%€12,678▼ 89.4%€17,394▲ 37.2%€9,865▼ 43.3%
Working capital€174,293-€189,328above the sector's middle half▲ 8.6%€210,624above the sector's middle half▲ 11.2%€121,109within the sector's middle half▼ 42.5%€114,976within the sector's middle half▼ 5.1%€120,496within the sector's middle half▲ 4.8%€139,190above the sector's middle half▲ 15.5%
Solvency91.0%-94.4%above the sector's middle half▲ 3.4pp94.8%above the sector's middle half▲ 0.3pp51.4%within the sector's middle half▼ 43.4pp90.3%above the sector's middle half▲ 38.9pp87.6%above the sector's middle half▼ 2.8pp93.4%above the sector's middle half▲ 5.9pp
Current ratio10.83-17.67above the sector's middle half▲ 6.8418.82above the sector's middle half▲ 1.152.01within the sector's middle half▼ 16.8010.07above the sector's middle half▲ 8.057.93above the sector's middle half▼ 2.1415.11above the sector's middle half▲ 7.18
Return on assets (ROA)16.7%-6.6%within the sector's middle half▼ 10.1pp9.7%within the sector's middle half▲ 3.1pp10.4%within the sector's middle half▲ 0.7pp-6.0%below the sector's middle half▼ 16.3pp25.3%within the sector's middle half▲ 31.2pp11.8%within the sector's middle half▼ 13.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 12% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €150,163
Fixed assets
€1,107 ▼ 47.3%
Current assets
€149,055 ▲ 8.1%
Equity and liabilities €150,163
Equity
€140,298 ▲ 14.4%
Debt
€9,865 ▼ 43.3%
Debt's share of the balance-sheet total falls from 12.4% to 6.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,953▼
2024 · €25,143
Cash flow
€18,694▼
2024 · €36,697
Debt to equity
0.07▼
2024 · 0.14
ROE
12.6%▼
2024 · 28.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€9,865▼
2024 · €17,394
Income taxes
€4,727▲
2024 · -€9,925
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,199 | €1,065 | - | - |
| Depreciation and write-downs of the year | €2,012 | €2,737 | €1,334 | €995 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,531 | €1,531 | €1,452 | €2,012 | €2,737 | €1,334 | €995 | ▼ 25.5% |
| Other operating charges640/8 | - | - | - | €348 | €397 | €384 | €387 | ▲ 0.8% |
| Gross operating margin9900 | €43,586 | €22,921 | €27,255 | €30,668 | €13,954 | €25,528 | €22,340 | ▼ 12.5% |
| Operating profit (loss)9901 | €41,651 | €21,325 | €25,456 | €28,308 | €10,820 | €23,809 | €20,959 | ▼ 12.0% |
| Financial income75/76B | - | - | - | €216 | €116 | €1,698 | €1,550 | ▼ 8.7% |
| Recurring financial income75 | €85 | €1,429 | €109 | €216 | €116 | €1,698 | €1,550 | ▼ 8.7% |
| Financial charges65/66B | - | - | - | €48 | €49 | €70 | €82 | ▲ 16.7% |
| Recurring financial charges65 | €4 | €6 | €20 | €48 | €49 | €70 | €82 | ▲ 16.7% |
| Profit (loss) for the period before taxes9903 | €41,731 | €22,748 | €25,545 | €28,476 | €10,887 | €25,437 | €22,427 | ▼ 11.8% |
| Income taxes67/77 | €8,894 | €9,244 | €3,527 | €2,956 | €18,692 | -€9,925 | €4,727 | - |
| Profit (loss) for the period9904 | €32,837 | €13,503 | €22,018 | €25,521 | -€7,805 | €35,362 | €17,700 | ▼ 49.9% |
| Profit (loss) for the period to be appropriated9905 | €32,837 | €13,503 | €22,018 | €25,521 | -€7,805 | €35,362 | €17,700 | ▼ 49.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €196,754 | €203,887 | €226,368 | €245,618 | €131,090 | €139,992 | €150,163 | ▲ 7.3% |
| Fixed assets21/28 | €4,732 | €3,201 | €3,923 | €5,109 | €3,436 | €2,102 | €1,107 | ▼ 47.3% |
| Tangible fixed assets22/27 | €4,732 | €3,201 | €3,923 | €5,109 | €3,436 | €2,102 | €1,107 | ▼ 47.3% |
| Plant, machinery and equipment23 | - | - | - | €2,131 | €1,098 | €404 | €49 | ▼ 87.9% |
| Furniture and vehicles24 | - | - | - | €2,978 | €2,338 | €1,698 | €1,059 | ▼ 37.7% |
| Current assets29/58 | €192,022 | €200,686 | €222,446 | €240,509 | €127,654 | €137,890 | €149,055 | ▲ 8.1% |
| Amounts receivable after more than one year29 | - | - | - | €35,634 | €30,234 | €26,294 | €27,844 | ▲ 5.9% |
| Other amounts receivable291 | - | - | - | €35,634 | €30,234 | €26,294 | €27,844 | ▲ 5.9% |
| Amounts receivable within one year40/41 | €29,987 | €15,730 | €16,259 | €13,372 | €30,355 | €29,716 | €21,803 | ▼ 26.6% |
| Trade receivables40 | - | - | - | €13,372 | €15,809 | €29,591 | €16,281 | ▼ 45.0% |
| Other amounts receivable41 | - | - | - | - | €14,547 | €125 | €5,523 | ▲ 44× |
| Cash at bank and in hand54/58 | €103,564 | €132,236 | €163,467 | €191,503 | €66,826 | €81,302 | €98,832 | ▲ 21.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €239 | €578 | €576 | ▼ 0.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €196,754 | €203,887 | €226,368 | €245,618 | €131,090 | €139,992 | €150,163 | ▲ 7.3% |
| Equity10/15 | €179,025 | €192,529 | €214,547 | €126,217 | €118,412 | €122,598 | €140,298 | ▲ 14.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €78,579 | €78,579 | €78,579 | €78,579 | €78,579 | €104,048 | €121,748 | ▲ 17.0% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Distributable reserves133 | - | - | - | €76,724 | €76,724 | €102,193 | €119,893 | ▲ 17.3% |
| Profit (loss) carried forward14 | €88,047 | €101,550 | €123,568 | €29,089 | €21,283 | - | - | - |
| Amounts payable17/49 | €17,729 | €11,358 | €11,821 | €119,401 | €12,678 | €17,394 | €9,865 | ▼ 43.3% |
| Amounts payable within one year42/48 | €17,729 | €11,358 | €11,821 | €119,401 | €12,678 | €17,394 | €9,865 | ▼ 43.3% |
| Trade debts44 | €1,874 | €729 | €1,168 | €1,274 | €1,513 | €747 | €1,379 | ▲ 84.6% |
| Suppliers440/4 | - | - | - | €1,274 | €1,513 | €747 | €1,379 | ▲ 84.6% |
| Taxes, remuneration and social security45 | - | - | - | €8,127 | €11,164 | €16,364 | €4,240 | ▼ 74.1% |
| Taxes450/3 | - | - | - | €8,127 | €6,960 | €12,160 | €4,240 | ▼ 65.1% |
| Remuneration and social security454/9 | - | - | - | - | €4,204 | €4,204 | - | - |
| Other amounts payable47/48 | - | - | - | €110,000 | - | €282 | €4,246 | ▲ 15× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,837 | €13,503 | €22,018 | €25,521 | -€7,805 | €35,362 | €17,700 | ▼ 49.9% |
| + Depreciation and write-downs630 | €1,531 | €1,531 | €1,452 | €2,012 | €2,737 | €1,334 | €995 | ▼ 25.5% |
| Operating cash flow (approximation) | €34,368 | €15,035 | €23,470 | €27,533 | -€5,068 | €36,697 | €18,694 | ▼ 49.1% |
| Investment in fixed assets (approximation) | - | €0 | -€2,174 | -€3,199 | -€1,065 | €0 | €0 | - |
| Change in cash | - | €28,673 | €31,230 | €28,037 | -€124,678 | €14,476 | €17,530 | ▲ 21.1% |
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 VITRIEL 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 VITRIEL 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 VITRIEL. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 20-01-2026 | 2026-00011193 | |
| 30-06-2024 | micro format | 06-02-2025 | 2025-00030414 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00012987 | |
| 30-06-2022 | micro format | 02-12-2022 | 2022-20534303 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02300383 | |
| 30-06-2020 | micro format | 28-12-2020 | 2020-77100154 | |
| 30-06-2019 | micro format | 24-12-2019 | 2019-77200130 | |
| 30-06-2018 | micro format | 14-01-2019 | 2019-01000312 | |
| 30-06-2017 | micro format | 29-11-2017 | 2017-70400467 | |
| 30-06-2016 | abbreviated format | 26-12-2016 | 2016-72000253 |