Summary
VIVALDI is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €423,832 and a net result of €53,892. Equity is growing by about 8.7% per year across the filed financial years. Its solvency ranks better than 49% of 9,736 sector peers (NACE 64, financial year 2025). The company has been active since 1991 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
2025 annual accounts filed late (26 days) Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00427120.
Equity
€423,832▲ 12.4%
2024 · €376,993
Net result
€53,892▼ 50.7%
2024 · €109,359
Total assets
€846,267▲ 35.4%
2024 · €624,968
Solvency
50.1%▼ 10.2pp
2024 · 60.3%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 38% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€99,165
2025
Net result€53,892
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€846,267
2025
Equity€423,832
2025
Debt€422,435
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€160,407
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)6.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency50.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.79
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€103,767-€25,120▼ 75.8%-€5,180€19,461€28,798▲ 48.0%€160,084▲ 456%€99,165▼ 38.1%
Net result€33,922-€14,712within the sector's middle half▼ 56.6%€7,053within the sector's middle half▼ 52.1%€11,175within the sector's middle half▲ 58.4%€20,108within the sector's middle half▲ 79.9%€109,359above the sector's middle half▲ 444%€53,892within the sector's middle half▼ 50.7%
Equity€248,507-€263,220within the sector's middle half▲ 5.9%€270,273within the sector's middle half▲ 2.7%€281,448within the sector's middle half▲ 4.1%€267,634within the sector's middle half▼ 4.9%€376,993within the sector's middle half▲ 40.9%€423,832above the sector's middle half▲ 12.4%
Total assets€791,896-€754,381within the sector's middle half▼ 4.7%€723,471within the sector's middle half▼ 4.1%€685,282within the sector's middle half▼ 5.3%€654,685within the sector's middle half▼ 4.5%€624,968within the sector's middle half▼ 4.5%€846,267above the sector's middle half▲ 35.4%
Debt€543,389-€491,161▼ 9.6%€453,198▼ 7.7%€403,834▼ 10.9%€387,051▼ 4.2%€247,975▼ 35.9%€422,435▲ 70.4%
Working capital€162,405-€164,804above the sector's middle half▲ 1.5%€175,885above the sector's middle half▲ 6.7%€178,045above the sector's middle half▲ 1.2%€198,318above the sector's middle half▲ 11.4%€305,029above the sector's middle half▲ 53.8%€160,407above the sector's middle half▼ 47.4%
Solvency31.4%-34.9%within the sector's middle half▲ 3.5pp37.4%within the sector's middle half▲ 2.5pp41.1%within the sector's middle half▲ 3.7pp40.9%within the sector's middle half▼ 0.2pp60.3%within the sector's middle half▲ 19.4pp50.1%within the sector's middle half▼ 10.2pp
Current ratio1.68-1.70within the sector's middle half▲ 0.031.78within the sector's middle half▲ 0.071.86within the sector's middle half▲ 0.092.05within the sector's middle half▲ 0.195.14above the sector's middle half▲ 3.092.79within the sector's middle half▼ 2.35
Return on assets (ROA)4.3%-2.0%within the sector's middle half▼ 2.3pp1.0%below the sector's middle half▼ 1.0pp1.6%within the sector's middle half▲ 0.7pp3.1%within the sector's middle half▲ 1.4pp17.5%within the sector's middle half▲ 14.4pp6.4%within the sector's middle half▼ 11.1pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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 €846,267
Fixed assets
€596,255 ▲ 142%
Current assets
€250,011 ▼ 34.0%
Equity and liabilities €846,267
Equity
€423,832 ▲ 12.4%
Debt
€422,435 ▲ 70.4%
Debt's share of the balance-sheet total rises from 39.7% to 49.9%. Equity and debt are higher.
Key figures and ratios
ROE
12.7%▼
2024 · 29.0%
Debt ≤ 1 year
€89,604▲
2024 · €73,667
Debt > 1 year
€332,831▲
2024 · €174,309
Income taxes
€27,510▼
2024 · €45,188
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,541 | €40,955 | €35,290 | €32,932 | €32,922 | €24,548 | €44,049 | ▲ 79.4% |
| Other operating charges640/8 | - | - | €5,397 | €5,653 | €6,119 | €25,619 | €10,641 | ▼ 58.5% |
| Gross operating margin9900 | €157,521 | €75,915 | €35,507 | €58,045 | €67,839 | €210,251 | €153,855 | ▼ 26.8% |
| Operating profit (loss)9901 | €103,767 | €25,120 | -€5,180 | €19,461 | €28,798 | €160,084 | €99,165 | ▼ 38.1% |
| Financial income75/76B | - | - | - | €1 | €97 | - | €151 | - |
| Recurring financial income75 | €0 | €54 | - | €1 | €97 | - | €151 | - |
| Financial charges65/66B | - | - | €7,957 | €7,175 | €6,525 | €5,537 | €17,914 | ▲ 224% |
| Recurring financial charges65 | €15,491 | €8,461 | €7,957 | €7,175 | €6,525 | €5,537 | €17,914 | ▲ 224% |
| Profit (loss) for the period before taxes9903 | €88,277 | €16,712 | -€13,137 | €12,286 | €22,370 | €154,547 | €81,401 | ▼ 47.3% |
| Income taxes67/77 | €54,354 | €2,000 | -€20,190 | €1,111 | €2,262 | €45,188 | €27,510 | ▼ 39.1% |
| Profit (loss) for the period9904 | €33,922 | €14,712 | €7,053 | €11,175 | €20,108 | €109,359 | €53,892 | ▼ 50.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €34,760 | - |
| Profit (loss) for the period to be appropriated9905 | €33,922 | €14,712 | €7,053 | €11,175 | €20,108 | €109,359 | €88,652 | ▼ 18.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €791,896 | €754,381 | €723,471 | €685,282 | €654,685 | €624,968 | €846,267 | ▲ 35.4% |
| Fixed assets21/28 | €390,121 | €355,582 | €320,908 | €301,124 | €268,203 | €246,273 | €596,255 | ▲ 142% |
| Tangible fixed assets22/27 | €389,721 | €355,182 | €320,508 | €300,724 | €267,803 | €245,873 | €596,255 | ▲ 143% |
| Land and buildings22 | - | - | €279,376 | €262,399 | €245,881 | €229,364 | €568,432 | ▲ 148% |
| Plant, machinery and equipment23 | - | - | €31,730 | €23,730 | €14,290 | €11,140 | €25,282 | ▲ 127% |
| Furniture and vehicles24 | - | - | - | €9,895 | €7,632 | €5,369 | €2,541 | ▼ 52.7% |
| Leasing and similar rights25 | - | - | €9,402 | €4,701 | - | - | - | - |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €0 | ▼ 100% |
| Current assets29/58 | €401,776 | €398,799 | €402,563 | €384,158 | €386,483 | €378,696 | €250,011 | ▼ 34.0% |
| Stocks and contracts in progress3 | €945 | €15,770 | €771 | €1,499 | €1,835 | €2,046 | €2,070 | ▲ 1.2% |
| Stocks30/36 | - | - | €771 | €1,499 | €1,835 | €2,046 | €2,070 | ▲ 1.2% |
| Amounts receivable within one year40/41 | €337,068 | €346,149 | €364,010 | €303,637 | €341,140 | €229,516 | €227,835 | ▼ 0.7% |
| Trade receivables40 | - | - | €320,230 | €264,495 | €287,631 | €207,488 | €189,169 | ▼ 8.8% |
| Other amounts receivable41 | - | - | €43,780 | €39,142 | €53,509 | €22,028 | €38,666 | ▲ 75.5% |
| Cash at bank and in hand54/58 | €63,335 | €34,740 | €35,607 | €77,365 | €41,649 | €144,658 | €18,972 | ▼ 86.9% |
| Deferred charges and accrued income490/1 | - | - | €2,176 | €1,656 | €1,858 | €2,475 | €1,134 | ▼ 54.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €791,896 | €754,381 | €723,471 | €685,282 | €654,685 | €624,968 | €846,267 | ▲ 35.4% |
| Equity10/15 | €248,507 | €263,220 | €270,273 | €281,448 | €267,634 | €376,993 | €423,832 | ▲ 12.4% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €75,499 | €75,499 | €82,553 | €93,728 | €79,914 | €189,273 | €229,294 | ▲ 21.1% |
| Non-distributable reserves130/1 | - | - | €6,817 | €6,817 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €6,817 | €6,817 | - | - | - | - |
| Tax-exempt reserves132 | - | - | €34,760 | €34,760 | €34,760 | €34,760 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | €40,975 | €52,151 | €45,154 | €154,513 | €229,294 | ▲ 48.4% |
| Profit (loss) carried forward14 | €154,416 | €169,128 | €169,128 | €169,128 | €169,128 | €169,128 | €175,945 | ▲ 4.0% |
| Amounts payable17/49 | €543,389 | €491,161 | €453,198 | €403,834 | €387,051 | €247,975 | €422,435 | ▲ 70.4% |
| Amounts payable after more than one year17 | €296,835 | €256,643 | €226,520 | €197,721 | €198,887 | €174,309 | €332,831 | ▲ 90.9% |
| Financial debts170/4 | - | - | €226,520 | €197,721 | €198,887 | €174,309 | €332,831 | ▲ 90.9% |
| Amounts payable within one year42/48 | €239,371 | €233,994 | €226,678 | €206,113 | €188,164 | €73,667 | €89,604 | ▲ 21.6% |
| Current portion of amounts payable after more than one year42 | - | - | €55,358 | €56,857 | €27,007 | €24,578 | €45,492 | ▲ 85.1% |
| Financial debts43 | - | - | €19,616 | €19,437 | €24,590 | €23,443 | €12,678 | ▼ 45.9% |
| Credit institutions430/8 | - | - | €19,616 | €19,437 | €24,590 | €23,443 | €12,678 | ▼ 45.9% |
| Trade debts44 | €9,385 | €3,560 | €16,970 | €14,706 | €20,606 | €14,710 | €23,366 | ▲ 58.8% |
| Suppliers440/4 | - | - | €16,970 | €14,706 | €20,606 | €14,710 | €23,366 | ▲ 58.8% |
| Taxes, remuneration and social security45 | - | - | €712 | €1,118 | €2,011 | €10,936 | €1,014 | ▼ 90.7% |
| Taxes450/3 | - | - | €712 | €1,118 | €2,011 | €10,936 | €1,014 | ▼ 90.7% |
| Other amounts payable47/48 | - | - | €134,021 | €113,996 | €113,950 | - | €7,053 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,922 | €14,712 | €7,053 | €11,175 | €20,108 | €109,359 | €53,892 | ▼ 50.7% |
| + Depreciation and write-downs630 | €48,541 | €40,955 | €35,290 | €32,932 | €32,922 | €24,548 | €44,049 | ▲ 79.4% |
| Operating cash flow (approximation) | €82,464 | €55,667 | €42,343 | €44,107 | €53,030 | €133,907 | €97,941 | ▼ 26.9% |
| Investment in fixed assets (approximation) | - | -€6,416 | -€616 | -€13,148 | €0 | -€2,618 | -€394,032 | ▼ 14,952% |
| Change in cash | - | -€28,596 | €867 | €41,759 | -€35,716 | €103,009 | -€125,686 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00427120 |
| 30-09-2024 | micro format | 16-05-2025 | 2025-00097293 |
| 30-09-2023 | micro format | 14-05-2025 | 2025-00094175 |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00073786 |
| 30-09-2021 | micro format | 02-05-2022 | 2022-20015827 |
| 30-09-2020 | micro format | 06-05-2021 | 2021-13500364 |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10600164 |
| 30-09-2018 | micro format | 11-06-2019 | 2019-17600031 |
| 30-09-2017 | micro format | 07-05-2018 | 2018-12300074 |
| 30-09-2016 | abbreviated format | 23-05-2017 | 2017-13100410 |
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Of the 24,456 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,093. 13,863 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.