VITRO-FLEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 8 filings
Turnover
≈ €450,000
Estimated: probably between €270,000 and €810,000
Total assets
€158,076▼ 8.8%
2024 · €173,372
Net result
€7,877▲ 3.8%
2024 · €7,585
Working capital
€5,343▼ 51.4%
2024 · €10,990
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,735
▼ 8.7%
2025
20182025
Net result
€7,877
▲ 3.8%
2025
middle half of the sector
20182025
Equity
€20,537
▼ 21.2%
2025
middle half of the sector
20182025
Total assets
€158,076
▼ 8.8%
2025
middle half of the sector
20182025
Debt
€137,539
▼ 6.6%
2025
20182025
Working capital
€5,343
▼ 51.4%
2025
middle half of the sector
20182025
Solvency
13.0%
▼ 2.0pp
2025
lowest quarter of the sector
20182025
Current ratio
1.05
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
5.0%
▲ 0.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1.5
▼ 11.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€45,438-€26,321▼ 42.1%-€12,477€35,224€31,556▼ 10.4%€42,456▲ 34.5%€19,435▼ 54.2%€17,735▼ 8.7%
Net result€31,573-€15,869▼ 49.7%-€16,014below the sector's middle half€24,774within the sector's middle half€20,806within the sector's middle half▼ 16.0%€25,783above the sector's middle half▲ 23.9%€7,585within the sector's middle half▼ 70.6%€7,877within the sector's middle half▲ 3.8%
Equity€31,173-€45,709▲ 46.6%€28,342within the sector's middle half▼ 38.0%€51,782within the sector's middle half▲ 82.7%€71,255within the sector's middle half▲ 37.6%€38,475within the sector's middle half▼ 46.0%€26,060within the sector's middle half▼ 32.3%€20,537within the sector's middle half▼ 21.2%
Total assets€77,379-€97,425▲ 25.9%€92,850within the sector's middle half▼ 4.7%€180,990within the sector's middle half▲ 94.9%€128,325within the sector's middle half▼ 29.1%€217,557within the sector's middle half▲ 69.5%€173,372within the sector's middle half▼ 20.3%€158,076within the sector's middle half▼ 8.8%
Debt€46,205-€51,716▲ 11.9%€64,508▲ 24.7%€129,208▲ 100%€57,069▼ 55.8%€179,082▲ 214%€147,312▼ 17.7%€137,539▼ 6.6%
Working capital€28,054-€43,379▲ 54.6%€45,236within the sector's middle half▲ 4.3%€57,123within the sector's middle half▲ 26.3%€61,513within the sector's middle half▲ 7.7%€18,423within the sector's middle half▼ 70.0%€10,990within the sector's middle half▼ 40.3%€5,343within the sector's middle half▼ 51.4%
Solvency40.3%-46.9%▲ 6.6pp30.5%within the sector's middle half▼ 16.4pp28.6%within the sector's middle half▼ 1.9pp55.5%within the sector's middle half▲ 26.9pp17.7%within the sector's middle half▼ 37.8pp15.0%below the sector's middle half▼ 2.7pp13.0%below the sector's middle half▼ 2.0pp
Current ratio1.61-1.84▲ 0.232.04within the sector's middle half▲ 0.201.52within the sector's middle half▼ 0.522.08within the sector's middle half▲ 0.561.15within the sector's middle half▼ 0.931.10within the sector's middle half▼ 0.051.05within the sector's middle half▼ 0.05
Return on assets (ROA)40.8%-16.3%▼ 24.5pp-17.2%below the sector's middle half▼ 33.5pp13.7%within the sector's middle half▲ 30.9pp16.2%within the sector's middle half▲ 2.5pp11.9%within the sector's middle half▼ 4.4pp4.4%within the sector's middle half▼ 7.5pp5.0%within the sector's middle half▲ 0.6pp
Staff (FTE)2.1-2.3▲ 9.5%2.5within the sector's middle half▲ 8.7%1.8▼ 28.0%1.7▼ 5.6%2▲ 17.6%1.7▼ 15.0%1.5▼ 11.8%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 9% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
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 €158,076
Fixed assets
€36,891 ▼ 30.0%
Current assets
€121,184 ▲ 0.4%
Equity and liabilities €158,076
Equity
€20,537 ▼ 21.2%
Debt
€137,539 ▼ 6.6%
Debt's share of the balance-sheet total rises from 85.0% to 87.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€34,321▼
2024 · €39,654
Cash flow
€24,463▼
2024 · €27,804
Debt to equity
6.70▲
2024 · 5.65
ROE
38.4%▲
2024 · 29.1%
Interest coverage
5.64▲
2024 · 5.46
Debt ≤ 1 year
€115,842▲
2024 · €109,677
Debt > 1 year
€21,697▼
2024 · €37,635
Income taxes
€3,767▼
2024 · €4,588
Staff costs
€95,071▲
2024 · €94,607
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 | 3 | 3 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 2 | 2 | 1 | 1 |
| in full-time equivalents | 1.5 | 1.8 | 1.8 | 1.5 | 1.5 |
| Average over the year, in full-time equivalents | 1.8 | 1.7 | 1.8 | 1.7 | 1.5 |
| On a permanent contract | 2 | 3 | 3 | 2 | 2 |
| Joined | 0 | 1 | - | 0 | - |
| Left | 1 | 0 | - | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,164 | €1,600 | €97,130 | - | €773 |
| Depreciation and write-downs of the year | €4,713 | €5,430 | €11,489 | €20,219 | €16,587 |
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 | - | - | - | - | - | €36 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €91,061 | €95,874 | €106,126 | €94,607 | €95,071 | ▲ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,704 | €1,102 | €1,386 | €4,713 | €5,430 | €11,489 | €20,219 | €16,587 | ▼ 18.0% |
| Other operating charges640/8 | - | - | - | €1,447 | €2,932 | €3,438 | €7,838 | €9,759 | ▲ 24.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €576 | - | - | - |
| Gross operating margin9900 | €209,421 | €125,851 | €105,634 | €132,445 | €135,792 | €164,085 | €142,099 | €139,151 | ▼ 2.1% |
| Operating profit (loss)9901 | €45,438 | €26,321 | -€12,477 | €35,224 | €31,556 | €42,456 | €19,435 | €17,735 | ▼ 8.7% |
| Financial income75/76B | - | - | - | €1 | €10 | €41 | - | - | - |
| Recurring financial income75 | €71 | €10 | €0 | €1 | €10 | €41 | - | - | - |
| Financial charges65/66B | - | - | - | €2,828 | €2,564 | €4,958 | €7,261 | €6,090 | ▼ 16.1% |
| Recurring financial charges65 | €2,958 | €2,970 | €3,242 | €2,828 | €2,564 | €4,958 | €7,261 | €6,090 | ▼ 16.1% |
| Profit (loss) for the period before taxes9903 | €42,551 | €23,362 | -€15,719 | €32,397 | €29,002 | €37,539 | €12,173 | €11,644 | ▼ 4.3% |
| Income taxes67/77 | €10,978 | €7,493 | €295 | €7,624 | €8,195 | €11,755 | €4,588 | €3,767 | ▼ 17.9% |
| Profit (loss) for the period9904 | €31,573 | €15,869 | -€16,014 | €24,774 | €20,806 | €25,783 | €7,585 | €7,877 | ▲ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €31,573 | €15,869 | -€16,014 | €24,774 | €20,806 | €25,783 | €7,585 | €7,877 | ▲ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €77,379 | €97,425 | €92,850 | €180,990 | €128,325 | €217,557 | €173,372 | €158,076 | ▼ 8.8% |
| Fixed assets21/28 | €3,119 | €2,330 | €4,131 | €13,582 | €9,752 | €72,924 | €52,705 | €36,891 | ▼ 30.0% |
| Tangible fixed assets22/27 | €3,119 | €2,330 | €4,131 | €13,582 | €9,752 | €72,924 | €52,705 | €36,891 | ▼ 30.0% |
| Plant, machinery and equipment23 | - | - | - | €2,623 | €1,759 | €980 | €315 | €633 | ▲ 101% |
| Furniture and vehicles24 | - | - | - | €10,959 | €7,993 | €71,944 | €52,390 | €36,258 | ▼ 30.8% |
| Current assets29/58 | €74,260 | €95,095 | €88,719 | €167,407 | €118,573 | €144,633 | €120,667 | €121,184 | ▲ 0.4% |
| Amounts receivable within one year40/41 | €42,853 | €47,523 | €49,894 | €117,158 | €62,218 | €68,771 | €85,977 | €91,472 | ▲ 6.4% |
| Trade receivables40 | - | - | - | €116,250 | €53,309 | €62,406 | €81,942 | €81,248 | ▼ 0.8% |
| Other amounts receivable41 | - | - | - | €908 | €8,909 | €6,365 | €4,035 | €10,224 | ▲ 153% |
| Cash at bank and in hand54/58 | €30,293 | €45,934 | €37,689 | €47,945 | €54,685 | €72,008 | €30,139 | €26,183 | ▼ 13.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,305 | €1,670 | €3,854 | €4,551 | €3,529 | ▼ 22.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €77,379 | €97,425 | €92,850 | €180,990 | €128,325 | €217,557 | €173,372 | €158,076 | ▼ 8.8% |
| Equity10/15 | €31,173 | €45,709 | €28,342 | €51,782 | €71,255 | €38,475 | €26,060 | €20,537 | ▼ 21.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| 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 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €16,913 | €31,449 | €14,082 | €37,522 | €56,995 | €18,015 | €5,600 | €77 | ▼ 98.6% |
| Amounts payable17/49 | €46,205 | €51,716 | €64,508 | €129,208 | €57,069 | €179,082 | €147,312 | €137,539 | ▼ 6.6% |
| Amounts payable after more than one year17 | - | - | €21,026 | €18,923 | - | €52,872 | €37,635 | €21,697 | ▼ 42.3% |
| Financial debts170/4 | - | - | - | €18,923 | - | €52,872 | €37,635 | €21,697 | ▼ 42.3% |
| Amounts payable within one year42/48 | €46,205 | €51,716 | €43,482 | €110,284 | €57,060 | €126,210 | €109,677 | €115,842 | ▲ 5.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,447 | €10,163 | €14,568 | €15,238 | €15,938 | ▲ 4.6% |
| Trade debts44 | €4,363 | €10,186 | €22,251 | €27,718 | €27,277 | €26,338 | €46,794 | €54,257 | ▲ 15.9% |
| Suppliers440/4 | - | - | - | €27,718 | €27,277 | €26,338 | €46,794 | €54,257 | ▲ 15.9% |
| Advances received on contracts in progress46 | - | - | - | €51,566 | - | €1,664 | - | €579 | - |
| Taxes, remuneration and social security45 | - | - | - | €13,083 | €6,765 | - | €9,470 | €470 | ▼ 95.0% |
| Taxes450/3 | - | - | - | €7,673 | €400 | - | €9,470 | €470 | ▼ 95.0% |
| Remuneration and social security454/9 | - | - | - | €5,410 | €6,365 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €4,470 | €12,855 | €83,640 | €38,176 | €44,599 | ▲ 16.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €9 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,573 | €15,869 | -€16,014 | €24,774 | €20,806 | €25,783 | €7,585 | €7,877 | ▲ 3.8% |
| + Depreciation and write-downs630 | €2,704 | €1,102 | €1,386 | €4,713 | €5,430 | €11,489 | €20,219 | €16,587 | ▼ 18.0% |
| Operating cash flow (approximation) | €34,277 | €16,971 | -€14,628 | €29,486 | €26,237 | €37,272 | €27,804 | €24,463 | ▼ 12.0% |
| Investment in fixed assets (approximation) | - | -€313 | -€3,187 | -€14,164 | -€1,600 | -€74,660 | €0 | -€773 | - |
| Change in cash | - | €15,641 | -€8,245 | €10,256 | €6,740 | €17,323 | -€41,869 | -€3,956 | ▲ 90.6% |
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, 3,274 companies had the same profile as VITRO-FLEX has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VITRO-FLEX itself: 0.7% 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 3,274 companies, not a prediction for VITRO-FLEX. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00237289 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00352828 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00444448 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00420471 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20398270 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65600015 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48100466 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58200263 |