VITUS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 30 days after the deadline Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00453455.
Annual accounts 2025 filed on 30-08-2026 at the NBB all 36 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €4,100
Estimated: probably between €2,400 and €9,200
Total assets
€9,512▼ 27.6%
2024 · €13,138
Net result
€1,092▼ 41.2%
2024 · €1,858
Working capital
€4,157
2024 · -€20,682
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€302
▼ 85.9%
2025
20182025
Net result
€1,092
▼ 41.2%
2025
middle half of the sector
20182025
Equity
-€31,990
▲ 3.3%
2025
lowest quarter of the sector
20182025
Total assets
€9,512
▼ 27.6%
2025
lowest quarter of the sector
20182025
Debt
€41,502
▼ 10.2%
2025
20182025
Working capital
€4,157
2025
middle half of the sector
20182025
Solvency
-336.3%
▼ 84.5pp
2025
lowest quarter of the sector
20182025
Current ratio
2.01
▲ 1.66
2025
middle half of the sector
20182025
Return on assets (ROA)
11.5%
▼ 2.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€15,322--€7,651▲ 50.1%-€11,073▼ 44.7%€6,949€17,160▲ 147%€10,136▼ 40.9%€2,139▼ 78.9%€302▼ 85.9%
Net result-€17,221--€9,124▲ 47.0%-€11,432below the sector's middle half▼ 25.3%€6,717within the sector's middle half€17,061within the sector's middle half▲ 154%€10,056within the sector's middle half▼ 41.1%€1,858within the sector's middle half▼ 81.5%€1,092within the sector's middle half▼ 41.2%
Equity-€48,218--€57,342▼ 18.9%-€68,775below the sector's middle half▼ 19.9%-€62,058below the sector's middle half▲ 9.8%-€44,996below the sector's middle half▲ 27.5%-€34,940below the sector's middle half▲ 22.3%-€33,082below the sector's middle half▲ 5.3%-€31,990below the sector's middle half▲ 3.3%
Total assets€15,384-€5,855▼ 61.9%€2,828below the sector's middle half▼ 51.7%€5,818below the sector's middle half▲ 106%€7,625below the sector's middle half▲ 31.1%€9,001below the sector's middle half▲ 18.1%€13,138below the sector's middle half▲ 46.0%€9,512below the sector's middle half▼ 27.6%
Debt€63,603-€63,197▼ 0.6%€71,602▲ 13.3%€67,876▼ 5.2%€52,621▼ 22.5%€43,941▼ 16.5%€46,220▲ 5.2%€41,502▼ 10.2%
Working capital-€34,668--€43,122▼ 24.4%-€54,555below the sector's middle half▼ 26.5%-€47,838below the sector's middle half▲ 12.3%-€30,776below the sector's middle half▲ 35.7%-€21,728below the sector's middle half▲ 29.4%-€20,682below the sector's middle half▲ 4.8%€4,157within the sector's middle half
Solvency-313.4%--979.4%▼ 666.0pp-590.1%below the sector's middle half-388.2%below the sector's middle half▲ 202.0pp-251.8%below the sector's middle half▲ 136.4pp-336.3%below the sector's middle half▼ 84.5pp
Current ratio0.30-0.12▼ 0.180.11below the sector's middle half0.19below the sector's middle half▲ 0.090.26below the sector's middle half▲ 0.070.35below the sector's middle half▲ 0.092.01within the sector's middle half▲ 1.66
Return on assets (ROA)-111.9%--155.8%▼ 43.9pp115.5%above the sector's middle half223.8%above the sector's middle half▲ 108.3pp111.7%above the sector's middle half▼ 112.0pp14.1%within the sector's middle half▼ 97.6pp11.5%within the sector's middle half▼ 2.7pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 86% 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 €9,512
Fixed assets
€1,253 ▼ 37.3%
Current assets
€8,259 ▼ 25.8%
Equity and liabilities
Equity-€31,990
Debt€41,502
Equity is negative. Debt (€41,502) exceeds the balance-sheet total (€9,512).
Key figures and ratios
EBITDA
€1,049▼
2024 · €2,499
Cash flow
€1,839▼
2024 · €2,217
Interest coverage
2.87▼
2024 · 8.89
Debt ≤ 1 year
€4,102▼
2024 · €31,820
Debt > 1 year
€37,400▲
2024 · €14,400
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,069 | €1,172 | - |
| Depreciation and write-downs of the year | - | - | €62 | €360 | €747 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €707 | €0 | - | - | - | €62 | €360 | €747 | ▲ 108% |
| Other operating charges640/8 | - | - | - | €852 | €457 | €784 | €727 | €180 | ▼ 75.3% |
| Gross operating margin9900 | -€14,172 | -€7,177 | -€10,973 | €7,801 | €17,618 | €10,981 | €3,226 | €1,229 | ▼ 61.9% |
| Operating profit (loss)9901 | -€15,322 | -€7,651 | -€11,073 | €6,949 | €17,160 | €10,136 | €2,139 | €302 | ▼ 85.9% |
| Financial income75/76B | - | - | - | - | €35 | €97 | - | €1,156 | - |
| Recurring financial income75 | €98 | €1 | €0 | - | €35 | €97 | - | €1,156 | - |
| Financial charges65/66B | - | - | - | €232 | €134 | €177 | €281 | €366 | ▲ 30.1% |
| Recurring financial charges65 | €1,917 | €1,396 | €183 | €232 | €134 | €177 | €281 | €366 | ▲ 30.1% |
| Profit (loss) for the period before taxes9903 | -€17,142 | -€9,045 | -€11,256 | €6,717 | €17,061 | €10,056 | €1,858 | €1,092 | ▼ 41.2% |
| Income taxes67/77 | €79 | €78 | €176 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€17,221 | -€9,124 | -€11,432 | €6,717 | €17,061 | €10,056 | €1,858 | €1,092 | ▼ 41.2% |
| Profit (loss) for the period to be appropriated9905 | -€17,221 | -€9,124 | -€11,432 | €6,717 | €17,061 | €10,056 | €1,858 | €1,092 | ▼ 41.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15,384 | €5,855 | €2,828 | €5,818 | €7,625 | €9,001 | €13,138 | €9,512 | ▼ 27.6% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €850 | €180 | €180 | €180 | €180 | €1,188 | €2,000 | €1,253 | ▼ 37.3% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | - | - | €1,008 | €1,820 | €1,073 | ▼ 41.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,169 | €778 | ▼ 33.4% |
| Furniture and vehicles24 | - | - | - | - | - | €1,008 | €651 | €295 | ▼ 54.7% |
| Financial fixed assets28 | €850 | €180 | €180 | €180 | €180 | €180 | €180 | €180 | = |
| Current assets29/58 | €14,534 | €5,675 | €2,648 | €5,638 | €7,445 | €7,814 | €11,138 | €8,259 | ▼ 25.8% |
| Stocks and contracts in progress3 | €8,782 | €2,562 | €2,562 | €0 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €4,940 | €3,068 | €27 | €5,518 | €7,083 | €2,766 | €11,078 | €8,259 | ▼ 25.4% |
| Trade receivables40 | - | - | - | €5,518 | €7,083 | €2,766 | €11,078 | €5,655 | ▼ 49.0% |
| Other amounts receivable41 | - | - | - | - | €0 | - | - | €2,605 | - |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €49 | €44 | €59 | €120 | €362 | €5,048 | €60 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15,384 | €5,855 | €2,828 | €5,818 | €7,625 | €9,001 | €13,138 | €9,512 | ▼ 27.6% |
| Equity10/15 | -€48,218 | -€57,342 | -€68,775 | -€62,058 | -€44,996 | -€34,940 | -€33,082 | -€31,990 | ▲ 3.3% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | €2,300 | = |
| Non-distributable reserves130/1 | - | - | - | €236 | €236 | €236 | €236 | €236 | = |
| Reserves not available under the articles1311 | - | - | - | €236 | €236 | €236 | €236 | €236 | = |
| Distributable reserves133 | - | - | - | €2,064 | €2,064 | €2,064 | €2,064 | €2,064 | = |
| Profit (loss) carried forward14 | -€69,110 | -€78,234 | -€89,667 | -€82,950 | -€65,888 | -€55,832 | -€53,974 | -€52,882 | ▲ 2.0% |
| Amounts payable17/49 | €63,603 | €63,197 | €71,602 | €67,876 | €52,621 | €43,941 | €46,220 | €41,502 | ▼ 10.2% |
| Amounts payable after more than one year17 | €14,400 | €14,400 | €14,400 | €14,400 | €14,400 | €14,400 | €14,400 | €37,400 | ▲ 160% |
| Financial debts170/4 | - | - | - | €14,400 | €14,400 | €14,400 | €14,400 | €14,400 | = |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €23,000 | - |
| Amounts payable within one year42/48 | €49,203 | €48,797 | €57,202 | €53,476 | €38,221 | €29,541 | €31,820 | €4,102 | ▼ 87.1% |
| Financial debts43 | - | - | - | - | - | - | - | €140 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €140 | - |
| Trade debts44 | €2,445 | €7,278 | €8,268 | €11,660 | €7,481 | €17,800 | €12,242 | €2,845 | ▼ 76.8% |
| Suppliers440/4 | - | - | - | €11,660 | €7,481 | €17,800 | €12,242 | €2,845 | ▼ 76.8% |
| Advances received on contracts in progress46 | - | - | - | €3,016 | €3,875 | - | €8,501 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,342 | €2,626 | €2,846 | €2,223 | €606 | ▼ 72.7% |
| Taxes450/3 | - | - | - | €2,342 | €2,626 | €2,846 | €2,223 | €606 | ▼ 72.7% |
| Other amounts payable47/48 | - | - | - | €36,457 | €24,238 | €8,895 | €8,854 | €510 | ▼ 94.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,221 | -€9,124 | -€11,432 | €6,717 | €17,061 | €10,056 | €1,858 | €1,092 | ▼ 41.2% |
| + Depreciation and write-downs630 | €707 | €0 | - | - | - | €62 | €360 | €747 | ▲ 108% |
| Operating cash flow (approximation) | -€16,514 | -€9,124 | -€11,432 | €6,717 | €17,061 | €10,118 | €2,217 | €1,839 | ▼ 17.1% |
| Investment in fixed assets (approximation) | - | €670 | €0 | €0 | €0 | -€1,069 | -€1,172 | €0 | - |
| Change in cash | - | -€5 | €14 | €61 | €242 | €4,686 | -€4,987 | - | - |
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, 3,794 companies had the same profile as VITUS has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VITUS itself: 1.6% 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 3,794 companies, not a prediction for VITUS. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-08-2026 | 2026-00453455 | |
| 31-12-2024 | micro format | 18-09-2025 | 2025-00494619 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00502803 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00362487 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20345437 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62800139 | |
| 31-12-2019 | micro format | 25-09-2020 | 2020-55400340 | |
| 31-12-2018 | micro format | 03-09-2019 | 2019-61800552 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-55100395 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-34600347 |