VIVALDI Plus
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 8 filings
Turnover
€498,185▲ 15.9%
2024 · €429,775
EBIT margin
4.8%▲ 2.5pp
2024 · 2.3%
Net result
€20,219▲ 553%
2024 · €3,095
Working capital
-€2,182▲ 87.2%
2024 · -€17,041
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€498,185
▲ 15.9%
2025
20182025
Operating result
€23,980
▲ 138%
2025
20182025
Net result
€20,219
▲ 553%
2025
middle half of the sector
20182025
EBIT margin
4.8%
▲ 2.5pp
2025
20182025
Equity
€89,661
▲ 29.1%
2025
middle half of the sector
20182025
Total assets
€125,150
▲ 16.3%
2025
middle half of the sector
20182025
Debt
€35,488
▼ 7.1%
2025
20182025
Working capital
-€2,182
▲ 87.2%
2025
middle half of the sector
20182025
Solvency
71.6%
▲ 7.1pp
2025
highest quarter of the sector
20182025
Current ratio
0.94
▲ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
16.2%
▲ 13.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
4
=
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
Turnover€195,935-€192,371▼ 1.8%€173,522▼ 9.8%€177,338▲ 2.2%€320,618▲ 80.8%€379,704▲ 18.4%€429,775▲ 13.2%€498,185▲ 15.9%
Operating result€1,352-€12,802▲ 847%€17,941▲ 40.1%€12,469▼ 30.5%€15,372▲ 23.3%€10,381▼ 32.5%€10,065▼ 3.0%€23,980▲ 138%
Net result€809-€8,910▲ 11×€16,895above the sector's middle half▲ 89.6%€12,360within the sector's middle half▼ 26.8%€15,274within the sector's middle half▲ 23.6%€9,580within the sector's middle half▼ 37.3%€3,095within the sector's middle half▼ 67.7%€20,219within the sector's middle half▲ 553%
EBIT margin0.7%-6.7%▲ 6.0pp10.3%▲ 3.7pp7.0%▼ 3.3pp4.8%▼ 2.2pp2.7%▼ 2.1pp2.3%▼ 0.4pp4.8%▲ 2.5pp
Equity€7,009-€15,919▲ 127%€32,814within the sector's middle half▲ 106%€45,174within the sector's middle half▲ 37.7%€60,448within the sector's middle half▲ 33.8%€70,028within the sector's middle half▲ 15.8%€69,442within the sector's middle half▼ 0.8%€89,661within the sector's middle half▲ 29.1%
Total assets€36,460-€54,819▲ 50.4%€64,931within the sector's middle half▲ 18.4%€61,460within the sector's middle half▼ 5.3%€145,296within the sector's middle half▲ 136%€145,936within the sector's middle half▲ 0.4%€107,629within the sector's middle half▼ 26.2%€125,150within the sector's middle half▲ 16.3%
Debt€29,451-€38,901▲ 32.1%€32,117▼ 17.4%€16,285▼ 49.3%€84,848▲ 421%€75,908▼ 10.5%€38,187▼ 49.7%€35,488▼ 7.1%
Working capital-€18,191--€11,751▲ 35.4%-€3,662within the sector's middle half▲ 68.8%€14,645within the sector's middle half-€12,689within the sector's middle half-€36,393below the sector's middle half▼ 187%-€17,041within the sector's middle half▲ 53.2%-€2,182within the sector's middle half▲ 87.2%
Solvency19.2%-29.0%▲ 9.8pp50.5%within the sector's middle half▲ 21.5pp73.5%above the sector's middle half▲ 23.0pp41.6%within the sector's middle half▼ 31.9pp48.0%within the sector's middle half▲ 6.4pp64.5%above the sector's middle half▲ 16.5pp71.6%above the sector's middle half▲ 7.1pp
Current ratio0.38-0.70▲ 0.320.89within the sector's middle half▲ 0.191.90within the sector's middle half▲ 1.010.81within the sector's middle half▼ 1.090.49below the sector's middle half▼ 0.310.55within the sector's middle half▲ 0.060.94within the sector's middle half▲ 0.38
Return on assets (ROA)2.2%-16.3%▲ 14.0pp26.0%above the sector's middle half▲ 9.8pp20.1%within the sector's middle half▼ 5.9pp10.5%within the sector's middle half▼ 9.6pp6.6%within the sector's middle half▼ 3.9pp2.9%within the sector's middle half▼ 3.7pp16.2%above the sector's middle half▲ 13.3pp
Staff (FTE)1.4-2within the sector's middle half2=2=4▲ 100%4=4within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 138% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €125,150
Fixed assets
€91,843 ▲ 6.2%
Current assets
€33,307 ▲ 57.5%
Equity and liabilities €125,150
Equity
€89,661 ▲ 29.1%
Debt
€35,488 ▼ 7.1%
Debt's share of the balance-sheet total falls from 35.5% to 28.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,004▲
2024 · €47,418
Cash flow
€52,244▲
2024 · €40,448
Quick ratio
0.93▲
2024 · 0.54
Debt to equity
0.40▼
2024 · 0.55
ROE
22.6%▲
2024 · 4.5%
Interest coverage
over 100▲
2024 · 60.18
Debt ≤ 1 year
€35,488▼
2024 · €38,187
Income taxes
€3,680▼
2024 · €6,183
Customer credit
0 days=
2024 · 0 days
Supplier credit
6 days▼
2024 · 21 days
Staff costs
€141,103▲
2024 · €117,883
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 4 | 4 | 4 |
| full-time | 2 | 2 | 4 | 4 | 4 |
| in full-time equivalents | 2 | 2 | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 2 | 2 | 4 | 4 | 4 |
| On a permanent contract | 2 | 2 | 4 | 4 | 4 |
| Joined | 2 | 2 | 4 | 4 | 4 |
| Left | 0 | 0 | 0 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,529 | €83,079 | €41,029 | €45,721 | €42,283 |
| Depreciation and write-downs of the year | €8,475 | €20,429 | €28,370 | €37,353 | €32,025 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €195,935 | €192,371 | €173,522 | €177,338 | €320,618 | €379,704 | €429,775 | €498,185 | ▲ 15.9% |
| Non-recurring operating income76A | - | - | - | €13,500 | €3,830 | €4,279 | €3,156 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €122,032 | €226,904 | €242,004 | €266,717 | €297,418 | ▲ 11.5% |
| Remuneration, social security and pensions62 | - | - | - | €47,721 | €61,409 | €99,634 | €117,883 | €141,103 | ▲ 19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €5,694 | €8,475 | €20,429 | €28,370 | €37,353 | €32,025 | ▼ 14.3% |
| Other operating charges640/8 | - | - | - | €141 | €2,104 | €3,594 | €3,087 | €3,660 | ▲ 18.6% |
| Gross operating margin9900 | €52,194 | €62,680 | €59,523 | €68,806 | €99,314 | €141,980 | €168,388 | €200,767 | ▲ 19.2% |
| Operating profit (loss)9901 | €1,352 | €12,802 | €17,941 | €12,469 | €15,372 | €10,381 | €10,065 | €23,980 | ▲ 138% |
| Financial income75/76B | - | - | - | €4 | - | - | - | - | - |
| Recurring financial income75 | - | €2 | €2 | €4 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €112 | €99 | €801 | €788 | €81 | ▼ 89.7% |
| Recurring financial charges65 | €257 | €103 | €47 | €112 | €99 | €801 | €788 | €81 | ▼ 89.7% |
| Profit (loss) for the period before taxes9903 | €1,094 | €12,702 | €17,895 | €12,360 | €15,274 | €9,580 | €9,278 | €23,899 | ▲ 158% |
| Income taxes67/77 | €286 | €3,792 | €1,000 | €0 | - | €0 | €6,183 | €3,680 | ▼ 40.5% |
| Profit (loss) for the period9904 | €809 | €8,910 | €16,895 | €12,360 | €15,274 | €9,580 | €3,095 | €20,219 | ▲ 553% |
| Profit (loss) for the period to be appropriated9905 | €809 | €8,910 | €16,895 | €12,360 | €15,274 | €9,580 | €3,095 | €20,219 | ▲ 553% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €36,460 | €54,819 | €64,931 | €61,460 | €145,296 | €145,936 | €107,629 | €125,150 | ▲ 16.3% |
| Fixed assets21/28 | €25,200 | €27,669 | €36,476 | €30,530 | €92,486 | €110,489 | €86,483 | €91,843 | ▲ 6.2% |
| Intangible fixed assets21 | €25,000 | €26,800 | €21,440 | €16,080 | €10,720 | €5,360 | €0 | €0 | - |
| Tangible fixed assets22/27 | - | €669 | €14,836 | €14,250 | €81,566 | €104,929 | €86,283 | €91,643 | ▲ 6.2% |
| Land and buildings22 | - | - | - | - | - | - | €1,999 | €6,330 | ▲ 217% |
| Plant, machinery and equipment23 | - | - | - | €4,920 | €19,243 | €13,284 | €7,324 | €2,132 | ▼ 70.9% |
| Furniture and vehicles24 | - | - | - | €6,802 | €49,800 | €41,018 | €31,041 | €44,257 | ▲ 42.6% |
| Other tangible fixed assets26 | - | - | - | €2,528 | €12,522 | €50,628 | €45,920 | €38,924 | ▼ 15.2% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €11,260 | €27,150 | €28,455 | €30,930 | €52,810 | €35,447 | €21,146 | €33,307 | ▲ 57.5% |
| Stocks and contracts in progress3 | €1,524 | €1,524 | €725 | €619 | €514 | €723 | €598 | €292 | ▼ 51.1% |
| Stocks30/36 | - | - | - | €619 | €514 | €723 | €598 | €292 | ▼ 51.1% |
| Amounts receivable within one year40/41 | €115 | €7,775 | €1,798 | €1,754 | €8,878 | €9,344 | €1,010 | €2,844 | ▲ 182% |
| Trade receivables40 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Other amounts receivable41 | - | - | - | €1,754 | €8,878 | €9,344 | €1,010 | €2,844 | ▲ 182% |
| Cash at bank and in hand54/58 | €9,621 | €17,671 | €25,539 | €28,162 | €43,024 | €24,985 | €19,144 | €29,776 | ▲ 55.5% |
| Deferred charges and accrued income490/1 | - | - | - | €394 | €394 | €394 | €394 | €394 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €36,460 | €54,819 | €64,931 | €61,460 | €145,296 | €145,936 | €107,629 | €125,150 | ▲ 16.3% |
| Equity10/15 | €7,009 | €15,919 | €32,814 | €45,174 | €60,448 | €70,028 | €69,442 | €89,661 | ▲ 29.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €250 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €559 | €7,859 | €24,754 | €37,114 | €52,388 | €61,968 | €61,382 | €81,601 | ▲ 32.9% |
| Amounts payable17/49 | €29,451 | €38,901 | €32,117 | €16,285 | €84,848 | €75,908 | €38,187 | €35,488 | ▼ 7.1% |
| Amounts payable after more than one year17 | - | - | - | - | €19,349 | €4,068 | €0 | - | - |
| Financial debts170/4 | - | - | - | - | €19,349 | €4,068 | €0 | - | - |
| Amounts payable within one year42/48 | €29,451 | €38,901 | €32,117 | €16,285 | €65,498 | €71,839 | €38,187 | €35,488 | ▼ 7.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €15,281 | €15,281 | €4,068 | €1,405 | ▼ 65.5% |
| Trade debts44 | €14,399 | €25,503 | €27,111 | €12,435 | €19,549 | €25,784 | €15,511 | €4,992 | ▼ 67.8% |
| Suppliers440/4 | - | - | - | €12,435 | €19,549 | €25,784 | €15,511 | €4,992 | ▼ 67.8% |
| Taxes, remuneration and social security45 | - | - | - | €3,850 | €0 | €0 | €1,029 | €11,513 | ▲ 11× |
| Taxes450/3 | - | - | - | €0 | €0 | €0 | €1,029 | €3,209 | ▲ 212% |
| Remuneration and social security454/9 | - | - | - | €3,850 | €0 | €0 | €0 | €8,304 | - |
| Other amounts payable47/48 | - | - | - | €0 | €30,668 | €30,774 | €17,579 | €17,579 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €809 | €8,910 | €16,895 | €12,360 | €15,274 | €9,580 | €3,095 | €20,219 | ▲ 553% |
| + Depreciation and write-downs630 | - | - | €5,694 | €8,475 | €20,429 | €28,370 | €37,353 | €32,025 | ▼ 14.3% |
| Operating cash flow (approximation) | €809 | €8,910 | €22,589 | €20,836 | €35,703 | €37,951 | €40,448 | €52,244 | ▲ 29.2% |
| Investment in fixed assets (approximation) | - | -€2,469 | -€14,500 | -€2,529 | -€82,385 | -€46,374 | -€13,347 | -€37,384 | ▼ 180% |
| Change in cash | - | €8,050 | €7,867 | €2,624 | €14,862 | -€18,039 | -€5,840 | €10,632 | - |
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, 26,972 companies had the same profile as VIVALDI Plus has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VIVALDI Plus itself: 0.8% 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 26,972 companies, not a prediction for VIVALDI Plus. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00347892 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00348375 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00300536 | |
| 31-12-2022 | micro format | 06-08-2023 | 2023-00315103 | |
| 31-12-2021 | micro format | 07-08-2022 | 2022-20274188 | |
| 31-12-2020 | micro format | 14-09-2021 | 2021-67200403 | |
| 31-12-2019 | micro format | 18-12-2020 | 2020-76500371 | |
| 31-12-2018 | micro format | 27-12-2019 | 2019-77600068 |