VIVALDI
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline 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, 2026-00426577.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 30 filings
Equity
-€26,373
2024 · €24,611
Total assets
€61,473▼ 67.2%
2024 · €187,279
Net result
-€50,984▼ 1,100%
2024 · -€4,248
Working capital
-€34,430
2024 · €13,001
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€51,305
▼ 876%
2025
20182025
Net result
-€50,984
▼ 1,100%
2025
lowest quarter of the sector
20182025
Equity
-€26,373
2025
lowest quarter of the sector
20182025
Total assets
€61,473
▼ 67.2%
2025
lowest quarter of the sector
20182025
Debt
€87,846
▼ 46.0%
2025
20182025
Working capital
-€34,430
2025
lowest quarter of the sector
20182025
Solvency
-42.9%
▼ 56.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.61
▼ 0.47
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-82.9%
▼ 80.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,587--€9,417▼ 43.0%-€11,398▼ 21.0%€3,360€921▼ 72.6%-€294-€5,259▼ 1,686%-€51,305▼ 876%
Net result-€6,963--€8,539▼ 22.6%-€10,559within the sector's middle half▼ 23.7%€3,949within the sector's middle half€1,416within the sector's middle half▼ 64.1%€179within the sector's middle half▼ 87.4%-€4,248within the sector's middle half-€50,984below the sector's middle half▼ 1,100%
Equity€42,413-€33,873▼ 20.1%€23,314within the sector's middle half▼ 31.2%€27,264within the sector's middle half▲ 16.9%€28,680within the sector's middle half▲ 5.2%€28,859within the sector's middle half▲ 0.6%€24,611within the sector's middle half▼ 14.7%-€26,373below the sector's middle half
Total assets€154,123-€146,948▼ 4.7%€133,731within the sector's middle half▼ 9.0%€116,531within the sector's middle half▼ 12.9%€151,407within the sector's middle half▲ 29.9%€148,654within the sector's middle half▼ 1.8%€187,279within the sector's middle half▲ 26.0%€61,473below the sector's middle half▼ 67.2%
Debt€111,710-€113,074▲ 1.2%€110,417▼ 2.4%€89,267▼ 19.2%€122,727▲ 37.5%€119,795▼ 2.4%€162,668▲ 35.8%€87,846▼ 46.0%
Working capital€37,013-€28,473▼ 23.1%€17,914within the sector's middle half▼ 37.1%€4,997within the sector's middle half▼ 72.1%€9,966within the sector's middle half▲ 99.4%€14,156within the sector's middle half▲ 42.1%€13,001within the sector's middle half▼ 8.2%-€34,430below the sector's middle half
Solvency27.5%-23.1%▼ 4.5pp17.4%within the sector's middle half▼ 5.6pp23.4%within the sector's middle half▲ 6.0pp18.9%within the sector's middle half▼ 4.5pp19.4%within the sector's middle half▲ 0.5pp13.1%within the sector's middle half▼ 6.3pp-42.9%below the sector's middle half▼ 56.0pp
Current ratio1.33-1.25▼ 0.081.16within the sector's middle half▼ 0.091.06within the sector's middle half▼ 0.111.08within the sector's middle half▲ 0.031.12within the sector's middle half▲ 0.041.08within the sector's middle half▼ 0.040.61below the sector's middle half▼ 0.47
Return on assets (ROA)-4.5%--5.8%▼ 1.3pp-7.9%below the sector's middle half▼ 2.1pp3.4%within the sector's middle half▲ 11.3pp0.9%within the sector's middle half▼ 2.5pp0.1%within the sector's middle half▼ 0.8pp-2.3%within the sector's middle half▼ 2.4pp-82.9%below the sector's middle half▼ 80.7pp
above
within
below
The sector band is the middle half of the companies in Water transport (NACE 50). 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 €51,305, larger than the loss of €5,259 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61,473
Fixed assets
€8,057 ▼ 30.6%
Current assets
€53,416 ▼ 69.6%
Equity and liabilities
Equity-€26,373
Debt€87,846
Equity is negative. Debt (€87,846) exceeds the balance-sheet total (€61,473).
Key figures and ratios
EBITDA
-€47,752▼
2024 · -€1,706
Cash flow
-€47,432▼
2024 · -€696
Interest coverage
-70.87▼
2024 · -2.60
Debt ≤ 1 year
€87,846▼
2024 · €162,668
Staff costs
€120
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 | €17,762 | - | - | - | - |
| Depreciation and write-downs of the year | €895 | €3,552 | €3,552 | €3,552 | €3,552 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €19 | €30 | - | €120 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,966 | - | - | €895 | €3,552 | €3,552 | €3,552 | €3,552 | = |
| Other operating charges640/8 | - | - | - | €1,188 | €2,483 | €2,271 | €2,387 | €1,704 | ▼ 28.6% |
| Gross operating margin9900 | -€997 | -€7,723 | -€9,790 | €5,444 | €6,974 | €5,560 | €680 | -€45,929 | - |
| Operating profit (loss)9901 | -€6,587 | -€9,417 | -€11,398 | €3,360 | €921 | -€294 | -€5,259 | -€51,305 | ▼ 876% |
| Financial income75/76B | - | - | - | €1,282 | €1,192 | €1,118 | €1,667 | €994 | ▼ 40.4% |
| Recurring financial income75 | €1,746 | €2,100 | €1,469 | €1,282 | €1,192 | €1,118 | €1,667 | €994 | ▼ 40.4% |
| Financial charges65/66B | - | - | - | €693 | €696 | €645 | €656 | €674 | ▲ 2.6% |
| Recurring financial charges65 | €2,123 | €1,222 | €630 | €693 | €696 | €645 | €656 | €674 | ▲ 2.6% |
| Profit (loss) for the period before taxes9903 | -€6,963 | -€8,539 | -€10,559 | €3,949 | €1,416 | €179 | -€4,248 | -€50,984 | ▼ 1,100% |
| Profit (loss) for the period9904 | -€6,963 | -€8,539 | -€10,559 | €3,949 | €1,416 | €179 | -€4,248 | -€50,984 | ▼ 1,100% |
| Profit (loss) for the period to be appropriated9905 | -€6,963 | -€8,539 | -€10,559 | €3,949 | €1,416 | €179 | -€4,248 | -€50,984 | ▼ 1,100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €154,123 | €146,948 | €133,731 | €116,531 | €151,407 | €148,654 | €187,279 | €61,473 | ▼ 67.2% |
| Fixed assets21/28 | €5,400 | €5,400 | €5,400 | €22,267 | €18,714 | €15,162 | €11,609 | €8,057 | ▼ 30.6% |
| Tangible fixed assets22/27 | - | - | - | €16,867 | €13,314 | €9,762 | €6,209 | €2,657 | ▼ 57.2% |
| Furniture and vehicles24 | - | - | - | €16,867 | €13,314 | €9,762 | €6,209 | €2,657 | ▼ 57.2% |
| Financial fixed assets28 | €5,400 | €5,400 | €5,400 | €5,400 | €5,400 | €5,400 | €5,400 | €5,400 | = |
| Current assets29/58 | €148,723 | €141,548 | €128,331 | €94,264 | €132,692 | €133,492 | €175,669 | €53,416 | ▼ 69.6% |
| Amounts receivable within one year40/41 | €136,550 | €140,704 | €123,319 | €91,772 | €113,878 | €130,129 | €173,877 | €52,145 | ▼ 70.0% |
| Trade receivables40 | - | - | - | €22,770 | €26,150 | €58,961 | €99,353 | - | - |
| Other amounts receivable41 | - | - | - | €69,002 | €87,728 | €71,167 | €74,524 | €52,145 | ▼ 30.0% |
| Cash at bank and in hand54/58 | €11,875 | €532 | €1,282 | €1,238 | €18,223 | €2,392 | €795 | €216 | ▼ 72.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,255 | €591 | €972 | €998 | €1,055 | ▲ 5.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €154,123 | €146,948 | €133,731 | €116,531 | €151,407 | €148,654 | €187,279 | €61,473 | ▼ 67.2% |
| Equity10/15 | €42,413 | €33,873 | €23,314 | €27,264 | €28,680 | €28,859 | €24,611 | -€26,373 | - |
| Contributions10/11 | €49,331 | €49,331 | - | €49,331 | €49,331 | €49,331 | €49,331 | €49,331 | = |
| Reserves13 | €5,448 | €5,448 | €5,448 | €5,448 | €5,448 | €5,448 | €5,448 | €5,448 | = |
| Distributable reserves133 | - | - | - | €5,448 | €5,448 | €5,448 | €5,448 | €5,448 | = |
| Profit (loss) carried forward14 | -€12,366 | -€20,906 | -€31,465 | -€27,515 | -€26,099 | -€25,920 | -€30,168 | -€81,152 | ▼ 169% |
| Amounts payable17/49 | €111,710 | €113,074 | €110,417 | €89,267 | €122,727 | €119,795 | €162,668 | €87,846 | ▼ 46.0% |
| Amounts payable within one year42/48 | €111,710 | €113,074 | €110,417 | €89,267 | €122,727 | €119,336 | €162,668 | €87,846 | ▼ 46.0% |
| Trade debts44 | €24,911 | €60,093 | €51,859 | €29,610 | €68,016 | €64,025 | €106,746 | €25,796 | ▼ 75.8% |
| Suppliers440/4 | - | - | - | €29,610 | €68,016 | €64,025 | €106,746 | €25,796 | ▼ 75.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €5,000 | - |
| Other amounts payable47/48 | - | - | - | €59,657 | €54,711 | €55,310 | €55,922 | €57,051 | ▲ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €460 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,963 | -€8,539 | -€10,559 | €3,949 | €1,416 | €179 | -€4,248 | -€50,984 | ▼ 1,100% |
| + Depreciation and write-downs630 | €3,966 | - | - | €895 | €3,552 | €3,552 | €3,552 | €3,552 | = |
| Operating cash flow (approximation) | -€2,997 | -€8,539 | -€10,559 | €4,845 | €4,969 | €3,731 | -€696 | -€47,432 | ▼ 6,719% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€17,762 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€11,343 | €750 | -€44 | €16,986 | -€15,832 | -€1,597 | -€579 | ▲ 63.8% |
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, 6,619 companies had the same profile as VIVALDI has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VIVALDI itself: 1.5% 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 6,619 companies, not a prediction for VIVALDI. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00426577 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00409635 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00362554 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00266102 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20320905 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-52500204 | |
| 31-12-2019 | micro format | 26-08-2020 | 2020-44400220 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-50700404 | |
| 31-12-2017 | micro format | 13-08-2018 | 2018-44900279 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43300315 |