VITUR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 20 filings
Equity
€485▼ 94.9%
2024 · €9,433
Total assets
€4,918▼ 50.8%
2024 · €10,000
Net result
-€8,948▼ 8.8%
2024 · -€8,225
Working capital
€485▼ 94.9%
2024 · €9,433
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€8,889
▼ 9.4%
2025
20182025
Net result
-€8,948
▼ 8.8%
2025
lowest quarter of the sector
20182025
Equity
€485
▼ 94.9%
2025
lowest quarter of the sector
20182025
Total assets
€4,918
▼ 50.8%
2025
lowest quarter of the sector
20182025
Debt
€4,433
▲ 681%
2025
20182025
Working capital
€485
▼ 94.9%
2025
middle half of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
no figure
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920212022202320242025
Operating result€14,776-€4,428▼ 70.0%-€31-€799-€125-€8,125▼ 6,400%-€8,889▼ 9.4%
Net result€6,605-€1,575▼ 76.2%-€6,388below the sector's middle half--€4,281below the sector's middle half▲ 33.0%-€125within the sector's middle half▲ 97.1%-€8,225below the sector's middle half▼ 6,480%-€8,948below the sector's middle half▼ 8.8%
Equity€17,157-€18,732▲ 9.2%€22,063within the sector's middle half-€17,783below the sector's middle half▼ 19.4%€17,658within the sector's middle half▼ 0.7%€9,433within the sector's middle half▼ 46.6%€485below the sector's middle half▼ 94.9%
Total assets€56,754-€144,893▲ 155%€31,866below the sector's middle half-€24,860below the sector's middle half▼ 22.0%€23,500below the sector's middle half▼ 5.5%€10,000below the sector's middle half▼ 57.4%€4,918below the sector's middle half▼ 50.8%
Debt€39,597-€126,161▲ 219%€9,803-€7,077▼ 27.8%€5,842▼ 17.4%€567▼ 90.3%€4,433▲ 681%
Working capital€4,375-€7,174▲ 64.0%€8,563within the sector's middle half-€4,283below the sector's middle half▼ 50.0%€4,158within the sector's middle half▼ 2.9%€9,433within the sector's middle half▲ 127%€485within the sector's middle half▼ 94.9%
Solvency30.2%-12.9%▼ 17.3pp69.2%above the sector's middle half-71.5%above the sector's middle half▲ 2.3pp75.1%above the sector's middle half▲ 3.6pp94.3%above the sector's middle half▲ 19.2pp
Current ratio1.11-1.06▼ 0.051.87within the sector's middle half-1.61within the sector's middle half▼ 0.271.71within the sector's middle half▲ 0.1117.63above the sector's middle half▲ 15.91
Return on assets (ROA)11.6%-1.1%▼ 10.6pp-20.0%below the sector's middle half--17.2%below the sector's middle half▲ 2.8pp-0.5%within the sector's middle half▲ 16.7pp-82.3%below the sector's middle half▼ 81.7pp
Staff (FTE)2.8-4.3▲ 53.6%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €8,889, larger than the loss of €8,125 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €4,918
Equity
€485 ▼ 94.9%
Debt
€4,433 ▲ 681%
Debt's share of the balance-sheet total rises from 5.7% to 90.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt ≤ 1 year
€4,433▲
2024 · €567
The ratios are withheld because a balance sheet total of €4,918 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | -€1,304 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,226 | €3,091 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | €978 | €50 | €125 | €250 | €2,468 | ▲ 887% |
| Non-recurring operating charges66A | - | - | - | - | - | €7,875 | €0 | ▼ 100% |
| Gross operating margin9900 | €103,475 | €168,723 | -€356 | €849 | €0 | - | -€6,421 | - |
| Operating profit (loss)9901 | €14,776 | €4,428 | -€31 | €799 | -€125 | -€8,125 | -€8,889 | ▼ 9.4% |
| Financial income75/76B | - | - | - | €303 | €0 | - | - | - |
| Recurring financial income75 | - | €2 | - | €303 | €0 | - | - | - |
| Non-recurring financial income76B | - | - | - | €303 | €0 | - | - | - |
| Financial charges65/66B | - | - | €37 | €40 | €0 | €100 | €59 | ▼ 41.2% |
| Recurring financial charges65 | €59 | €2,855 | €37 | €40 | €0 | €100 | €59 | ▼ 41.2% |
| Profit (loss) for the period before taxes9903 | €14,717 | €1,575 | -€67 | €1,062 | -€125 | -€8,225 | -€8,948 | ▼ 8.8% |
| Income taxes67/77 | €8,112 | - | €6,320 | €5,342 | €0 | - | - | - |
| Profit (loss) for the period9904 | €6,605 | €1,575 | -€6,388 | -€4,281 | -€125 | -€8,225 | -€8,948 | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €6,605 | €1,575 | -€6,388 | -€4,281 | -€125 | -€8,225 | -€8,948 | ▼ 8.8% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €56,754 | €144,893 | €31,866 | €24,860 | €23,500 | €10,000 | €4,918 | ▼ 50.8% |
| Fixed assets21/28 | €12,782 | €11,558 | €13,500 | €13,500 | €13,500 | €0 | - | - |
| Tangible fixed assets22/27 | €12,782 | €11,558 | - | - | - | - | - | - |
| Financial fixed assets28 | - | - | €13,500 | €13,500 | €13,500 | €0 | - | - |
| Current assets29/58 | €43,972 | €133,335 | €18,366 | €11,360 | €10,000 | €10,000 | €4,918 | ▼ 50.8% |
| Amounts receivable within one year40/41 | €17,504 | €131,279 | €18,344 | €10,000 | €10,000 | €10,000 | €0 | ▼ 100% |
| Trade receivables40 | - | - | €1,344 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | €17,000 | €10,000 | €10,000 | €10,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €26,468 | €2,057 | €22 | €1,360 | €0 | - | €4,918 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €56,754 | €144,893 | €31,866 | €24,860 | €23,500 | €10,000 | €4,918 | ▼ 50.8% |
| Equity10/15 | €17,157 | €18,732 | €22,063 | €17,783 | €17,658 | €9,433 | €485 | ▼ 94.9% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | €4,757 | €6,332 | €9,663 | €5,383 | €5,258 | -€2,967 | -€11,915 | ▼ 302% |
| Amounts payable17/49 | €39,597 | €126,161 | €9,803 | €7,077 | €5,842 | €567 | €4,433 | ▲ 681% |
| Amounts payable within one year42/48 | €39,597 | €126,161 | €9,803 | €7,077 | €5,842 | €567 | €4,433 | ▲ 681% |
| Trade debts44 | €28,218 | €70,345 | €303 | €50 | €125 | €250 | €1,893 | ▲ 657% |
| Suppliers440/4 | - | - | €303 | €50 | €125 | €250 | €1,893 | ▲ 657% |
| Taxes, remuneration and social security45 | - | - | - | €278 | €278 | €278 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €278 | €278 | €278 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €9,500 | €6,749 | €5,439 | €39 | €2,539 | ▲ 64× |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,605 | €1,575 | -€6,388 | -€4,281 | -€125 | -€8,225 | -€8,948 | ▼ 8.8% |
| + Depreciation and write-downs630 | €3,226 | €3,091 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €9,831 | €4,666 | -€6,388 | -€4,281 | -€125 | -€8,225 | -€8,948 | ▼ 8.8% |
| Investment in fixed assets (approximation) | - | -€1,867 | - | €0 | €0 | €13,500 | - | - |
| Change in cash | - | -€24,411 | - | €1,337 | -€1,360 | - | - | - |
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, 540 companies had the same profile as VITUR has now. Two years later, 85.9% were still going and 5.2% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
85.9%
was still going
8.3%
stopped otherwise
5.2%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VITUR itself: 1.4% 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 540 companies, not a prediction for VITUR. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00245968 | |
| 31-12-2024 | micro format | 18-09-2025 | 2025-00498575 | |
| 31-12-2023 | micro format | 14-02-2025 | 2025-00035226 | |
| 31-12-2022 | abbreviated format | 14-02-2025 | 2025-00035227 | |
| 31-12-2021 | micro format | 30-12-2022 | 2023-20553035 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45000263 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-50900034 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45300165 | |
| 31-12-2016 | micro format | 11-07-2017 | 2017-31000005 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-57800465 |