VITROVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 6 filings
Turnover
≈ €370,000
Estimated: probably between €280,000 and €470,000
Total assets
€797,676▼ 3.1%
2024 · €823,448
Net result
€25,948▼ 57.2%
2024 · €60,651
Working capital
€62,995▼ 33.9%
2024 · €95,237
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€45,515
▼ 48.5%
2025
20202025
Net result
€25,948
▼ 57.2%
2025
middle half of the sector
20202025
Equity
€341,138
=
2025
highest quarter of the sector
20202025
Total assets
€797,676
▼ 3.1%
2025
highest quarter of the sector
20202025
Debt
€456,538
▼ 5.4%
2025
20202025
Working capital
€62,995
▼ 33.9%
2025
middle half of the sector
20202025
Solvency
42.8%
▲ 1.3pp
2025
middle half of the sector
20202025
Current ratio
1.41
▼ 0.31
2025
middle half of the sector
20202025
Return on assets (ROA)
3.3%
▼ 4.1pp
2025
middle half of the sector
20202025
Staff (FTE)
1
=
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€82,106-€83,459▲ 1.6%€117,370▲ 40.6%€96,968▼ 17.4%€88,336▼ 8.9%€45,515▼ 48.5%
Net result€61,172above the sector's middle half-€56,723above the sector's middle half▼ 7.3%€83,161above the sector's middle half▲ 46.6%€66,835above the sector's middle half▼ 19.6%€60,651above the sector's middle half▼ 9.3%€25,948within the sector's middle half▼ 57.2%
Equity€157,067above the sector's middle half-€212,189above the sector's middle half▲ 35.1%€270,952above the sector's middle half▲ 27.7%€336,187above the sector's middle half▲ 24.1%€341,090above the sector's middle half▲ 1.5%€341,138above the sector's middle half=
Total assets€406,893above the sector's middle half-€432,067above the sector's middle half▲ 6.2%€491,211above the sector's middle half▲ 13.7%€555,161above the sector's middle half▲ 13.0%€823,448above the sector's middle half▲ 48.3%€797,676above the sector's middle half▼ 3.1%
Debt€249,826-€219,878▼ 12.0%€220,259▲ 0.2%€218,975▼ 0.6%€482,358▲ 120%€456,538▼ 5.4%
Working capital€87,093within the sector's middle half-€114,247above the sector's middle half▲ 31.2%€149,351above the sector's middle half▲ 30.7%€180,662above the sector's middle half▲ 21.0%€95,237within the sector's middle half▼ 47.3%€62,995within the sector's middle half▼ 33.9%
Solvency38.6%within the sector's middle half-49.1%within the sector's middle half▲ 10.5pp55.2%within the sector's middle half▲ 6.0pp60.6%within the sector's middle half▲ 5.4pp41.4%within the sector's middle half▼ 19.1pp42.8%within the sector's middle half▲ 1.3pp
Current ratio2.44within the sector's middle half-2.65within the sector's middle half▲ 0.212.99within the sector's middle half▲ 0.343.87within the sector's middle half▲ 0.881.72within the sector's middle half▼ 2.151.41within the sector's middle half▼ 0.31
Return on assets (ROA)15.0%within the sector's middle half-13.1%within the sector's middle half▼ 1.9pp16.9%within the sector's middle half▲ 3.8pp12.0%within the sector's middle half▼ 4.9pp7.4%within the sector's middle half▼ 4.7pp3.3%within the sector's middle half▼ 4.1pp
Staff (FTE)0.91.2▲ 33.3%1▼ 16.7%1=
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 48% lower than in 2024 and the lowest since 2021. It is the third 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 €797,676
Fixed assets
€581,479 ▼ 2.6%
Current assets
€216,197 ▼ 4.6%
Equity and liabilities €797,676
Equity
€341,138 =
Debt
€456,538 ▼ 5.4%
Debt's share of the balance-sheet total falls from 58.6% to 57.2%. Debt is lower.
Key figures and ratios
EBITDA
€110,195▼
2024 · €147,407
Cash flow
€90,628▼
2024 · €119,723
Quick ratio
1.22▼
2024 · 1.55
Debt to equity
1.34▼
2024 · 1.41
ROE
7.6%▼
2024 · 17.8%
Interest coverage
9.91▼
2024 · 22.01
Debt ≤ 1 year
€153,202▲
2024 · €131,404
Debt > 1 year
€297,986▼
2024 · €350,954
Income taxes
€12,643▼
2024 · €23,156
Staff costs
€66,220▲
2024 · €59,154
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 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.9 | 1.2 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | 1 | 2 | - |
| Left | 0 | 1 | 2 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | €50,000 | €50,000 |
| Mortgage mandates | €154,000 | €154,000 | €154,000 | €374,000 | €374,000 |
| Carrying value of the mortgaged assets | €236,277 | €228,856 | €218,380 | €465,112 | €477,945 |
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 | €10,595 | €42,012 | €84,930 | €362,437 | €49,352 |
| Depreciation and write-downs of the year | €21,309 | €23,958 | €40,056 | €59,072 | €64,680 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €75 awarded · €75 paidAnnual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €42,404 | €54,809 | €59,154 | €66,220 | ▲ 11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,305 | €21,309 | €23,958 | €40,056 | €59,072 | €64,680 | ▲ 9.5% |
| Other operating charges640/8 | - | €2,242 | €3,324 | €1,984 | €3,366 | €5,049 | ▲ 50.0% |
| Non-recurring operating charges66A | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | €123,650 | €107,010 | €187,055 | €193,816 | €209,927 | €181,464 | ▼ 13.6% |
| Operating profit (loss)9901 | €82,106 | €83,459 | €117,370 | €96,968 | €88,336 | €45,515 | ▼ 48.5% |
| Financial income75/76B | - | €379 | €348 | €358 | €2,170 | €4,195 | ▲ 93.3% |
| Recurring financial income75 | €471 | €379 | €348 | €358 | €2,170 | €4,195 | ▲ 93.3% |
| Financial charges65/66B | - | €4,185 | €2,951 | €3,838 | €6,698 | €11,119 | ▲ 66.0% |
| Recurring financial charges65 | €3,197 | €4,185 | €2,951 | €3,838 | €6,698 | €11,119 | ▲ 66.0% |
| Profit (loss) for the period before taxes9903 | €79,381 | €79,653 | €114,767 | €93,488 | €83,807 | €38,591 | ▼ 54.0% |
| Income taxes67/77 | €18,209 | €22,930 | €31,606 | €26,653 | €23,156 | €12,643 | ▼ 45.4% |
| Profit (loss) for the period9904 | €61,172 | €56,723 | €83,161 | €66,835 | €60,651 | €25,948 | ▼ 57.2% |
| Profit (loss) for the period to be appropriated9905 | €61,172 | €56,723 | €83,161 | €66,835 | €60,651 | €25,948 | ▼ 57.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €406,893 | €432,067 | €491,211 | €555,161 | €823,448 | €797,676 | ▼ 3.1% |
| Fixed assets21/28 | €259,342 | €248,627 | €266,682 | €311,556 | €596,807 | €581,479 | ▼ 2.6% |
| Tangible fixed assets22/27 | €259,342 | €248,627 | €266,682 | €311,556 | €596,807 | €581,479 | ▼ 2.6% |
| Land and buildings22 | - | €227,477 | €220,056 | €209,580 | €456,312 | €469,145 | ▲ 2.8% |
| Plant, machinery and equipment23 | - | €4,184 | €12,252 | €7,349 | €21,458 | €16,209 | ▼ 24.5% |
| Furniture and vehicles24 | - | €16,966 | €34,374 | €94,627 | €119,036 | €96,125 | ▼ 19.2% |
| Current assets29/58 | €147,551 | €183,440 | €224,529 | €243,606 | €226,641 | €216,197 | ▼ 4.6% |
| Stocks and contracts in progress3 | €24,358 | €35,891 | €28,391 | €17,185 | €22,891 | €29,534 | ▲ 29.0% |
| Stocks30/36 | - | €35,891 | €28,391 | €17,185 | €22,891 | €29,534 | ▲ 29.0% |
| Amounts receivable within one year40/41 | €19,511 | €35,691 | €45,448 | €32,715 | €64,650 | €61,028 | ▼ 5.6% |
| Trade receivables40 | - | €27,613 | €36,398 | €19,066 | €45,925 | €52,552 | ▲ 14.4% |
| Other amounts receivable41 | - | €8,078 | €9,050 | €13,649 | €18,725 | €8,476 | ▼ 54.7% |
| Current investments50/53 | - | - | - | - | €60,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €103,507 | €100,304 | €150,690 | €191,713 | €78,611 | €121,732 | ▲ 54.9% |
| Deferred charges and accrued income490/1 | - | €11,554 | €0 | €1,993 | €490 | €3,904 | ▲ 697% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €406,893 | €432,067 | €491,211 | €555,161 | €823,448 | €797,676 | ▼ 3.1% |
| Equity10/15 | €157,067 | €212,189 | €270,952 | €336,187 | €341,090 | €341,138 | = |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €154,067 | €209,189 | €267,952 | €333,187 | €338,090 | €338,138 | = |
| Non-distributable reserves130/1 | - | €300 | €300 | €300 | €300 | €300 | = |
| Reserves not available under the articles1311 | - | €300 | €300 | €300 | €300 | €0 | ▼ 100% |
| Other1319 | - | - | - | - | - | €300 | - |
| Distributable reserves133 | - | €208,889 | €267,652 | €332,887 | €337,790 | €337,838 | = |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €249,826 | €219,878 | €220,259 | €218,975 | €482,358 | €456,538 | ▼ 5.4% |
| Amounts payable after more than one year17 | €189,368 | €150,685 | €145,081 | €156,030 | €350,954 | €297,986 | ▼ 15.1% |
| Financial debts170/4 | - | €150,685 | €145,081 | €156,030 | €350,954 | €297,986 | ▼ 15.1% |
| Amounts payable within one year42/48 | €60,458 | €69,193 | €75,178 | €62,944 | €131,404 | €153,202 | ▲ 16.6% |
| Current portion of amounts payable after more than one year42 | - | €18,683 | €21,415 | €26,997 | €55,780 | €52,968 | ▼ 5.0% |
| Financial debts43 | - | €5,000 | €5,000 | €0 | - | - | - |
| Credit institutions430/8 | - | €5,000 | €5,000 | €0 | - | - | - |
| Trade debts44 | €32,603 | €34,315 | €13,536 | €10,350 | €24,000 | €45,956 | ▲ 91.5% |
| Suppliers440/4 | - | €34,315 | €13,536 | €10,350 | €24,000 | €45,956 | ▲ 91.5% |
| Taxes, remuneration and social security45 | - | €9,562 | €23,627 | €24,478 | €14,404 | €12,045 | ▼ 16.4% |
| Taxes450/3 | - | €8,662 | €20,824 | €23,087 | €11,565 | €12,045 | ▲ 4.1% |
| Remuneration and social security454/9 | - | €900 | €2,803 | €1,391 | €2,838 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €1,633 | €11,600 | €1,120 | €37,220 | €42,234 | ▲ 13.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €5,350 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,172 | €56,723 | €83,161 | €66,835 | €60,651 | €25,948 | ▼ 57.2% |
| + Depreciation and write-downs630 | €27,305 | €21,309 | €23,958 | €40,056 | €59,072 | €64,680 | ▲ 9.5% |
| Operating cash flow (approximation) | €88,477 | €78,032 | €107,119 | €106,891 | €119,723 | €90,628 | ▼ 24.3% |
| Investment in fixed assets (approximation) | - | -€10,595 | -€42,012 | -€84,930 | -€344,322 | -€49,352 | ▲ 85.7% |
| Change in cash | - | -€3,202 | €50,386 | €41,023 | -€113,102 | €43,121 | - |
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, 10,904 companies had the same profile as VITROVAN has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VITROVAN 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 10,904 companies, not a prediction for VITROVAN. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00327945 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185889 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00285464 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00254363 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20094354 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-36400195 |