VKtronics
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 17 filings
Turnover
€238,966▲ 1.7%
2024 · €235,016
EBIT margin
-2.4%▼ 3.9pp
2024 · 1.5%
Net result
-€7,054
2024 · €2,033
Working capital
-€60,790▼ 19.4%
2024 · -€50,915
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€238,966
▲ 1.7%
2025
20182025
Operating result
-€5,664
2025
20182025
Net result
-€7,054
2025
lowest quarter of the sector
20182025
EBIT margin
-2.4%
▼ 3.9pp
2025
20182025
Equity
-€28,845
▼ 32.4%
2025
lowest quarter of the sector
20182025
Total assets
€97,744
▼ 18.3%
2025
middle half of the sector
20182025
Debt
€126,589
▼ 10.5%
2025
20182025
Working capital
-€60,790
▼ 19.4%
2025
lowest quarter of the sector
20182025
Solvency
-29.5%
▼ 11.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.47
▼ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.2%
▼ 8.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€346,002-€316,715▼ 8.5%€194,171▼ 38.7%€244,392▲ 25.9%€250,408▲ 2.5%€232,417▼ 7.2%€235,016▲ 1.1%€238,966▲ 1.7%
Operating result-€15,995--€21,835▼ 36.5%-€11,334▲ 48.1%-€23,253▼ 105%€19,785€498▼ 97.5%€3,586▲ 620%-€5,664
Net result-€17,510--€25,406▼ 45.1%-€12,964below the sector's middle half▲ 49.0%-€28,455below the sector's middle half▼ 119%€20,338within the sector's middle half-€1,462below the sector's middle half€2,033within the sector's middle half-€7,054below the sector's middle half
EBIT margin-4.6%--6.9%▼ 2.3pp-5.8%▲ 1.1pp-9.5%▼ 3.7pp7.9%▲ 17.4pp0.2%▼ 7.7pp1.5%▲ 1.3pp-2.4%▼ 3.9pp
Equity€24,126--€1,280-€14,244below the sector's middle half▼ 1,013%-€42,699below the sector's middle half▼ 200%-€22,362below the sector's middle half▲ 47.6%-€23,824below the sector's middle half▼ 6.5%-€21,791below the sector's middle half▲ 8.5%-€28,845below the sector's middle half▼ 32.4%
Total assets€267,460-€240,039▼ 10.3%€208,524within the sector's middle half▼ 13.1%€182,471within the sector's middle half▼ 12.5%€174,079within the sector's middle half▼ 4.6%€145,954within the sector's middle half▼ 16.2%€119,690within the sector's middle half▼ 18.0%€97,744within the sector's middle half▼ 18.3%
Debt€243,334-€241,319▼ 0.8%€222,768▼ 7.7%€225,170▲ 1.1%€196,441▼ 12.8%€169,778▼ 13.6%€141,481▼ 16.7%€126,589▼ 10.5%
Working capital-€39,860--€68,014▼ 70.6%-€60,181below the sector's middle half▲ 11.5%-€84,649below the sector's middle half▼ 40.7%-€57,867below the sector's middle half▲ 31.6%-€53,828below the sector's middle half▲ 7.0%-€50,915below the sector's middle half▲ 5.4%-€60,790below the sector's middle half▼ 19.4%
Solvency9.0%--0.5%▼ 9.6pp-6.8%below the sector's middle half▼ 6.3pp-23.4%below the sector's middle half▼ 16.6pp-12.8%below the sector's middle half▲ 10.6pp-16.3%below the sector's middle half▼ 3.5pp-18.2%below the sector's middle half▼ 1.9pp-29.5%below the sector's middle half▼ 11.3pp
Current ratio0.64-0.50▼ 0.140.49below the sector's middle half▼ 0.010.40below the sector's middle half▼ 0.090.56below the sector's middle half▲ 0.160.55below the sector's middle half▼ 0.010.54below the sector's middle half▼ 0.010.47below the sector's middle half▼ 0.07
Return on assets (ROA)-6.5%--10.6%▼ 4.0pp-6.2%below the sector's middle half▲ 4.4pp-15.6%below the sector's middle half▼ 9.4pp11.7%within the sector's middle half▲ 27.3pp-1.0%below the sector's middle half▼ 12.7pp1.7%within the sector's middle half▲ 2.7pp-7.2%below the sector's middle half▼ 8.9pp
Staff (FTE)1.1-1.1=1within the sector's middle half▼ 9.1%1=1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 €5,664, after a profit of €3,586 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €97,744
Fixed assets
€44,403 ▼ 25.3%
Current assets
€53,341 ▼ 11.5%
Equity and liabilities
Equity-€28,845
Debt€126,589
Equity is negative. Debt (€126,589) exceeds the balance-sheet total (€97,744).
Key figures and ratios
EBITDA
€9,380▼
2024 · €25,353
Cash flow
€7,990▼
2024 · €23,800
Quick ratio
0.08▼
2024 · 0.15
Interest coverage
6.66▼
2024 · 16.20
Debt ≤ 1 year
€114,131▲
2024 · €111,158
Debt > 1 year
€12,458▼
2024 · €30,323
Customer credit
7 days▼
2024 · 7 days
Supplier credit
8 days▲
2024 · 5 days
Staff costs
€22,952▲
2024 · €21,067
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.8 | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - | - |
| Left | 1 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,440 | €1,123 | - |
| Depreciation and write-downs of the year | €25,226 | €24,700 | €22,023 | €21,767 | €15,044 |
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 | €346,002 | €316,715 | €194,171 | €244,392 | €250,408 | €232,417 | €235,016 | €238,966 | ▲ 1.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €241,252 | €200,690 | €213,283 | €211,142 | €206,477 | ▼ 2.2% |
| Remuneration, social security and pensions62 | - | - | - | €17,764 | €17,856 | €21,443 | €21,067 | €22,952 | ▲ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,344 | €27,671 | €25,279 | €25,226 | €24,700 | €22,023 | €21,767 | €15,044 | ▼ 30.9% |
| Other operating charges640/8 | - | - | - | €3,084 | €5,950 | €833 | €770 | €784 | ▲ 1.8% |
| Gross operating margin9900 | €59,858 | €59,493 | €25,983 | €22,821 | €68,291 | €44,797 | €47,190 | €33,116 | ▼ 29.8% |
| Operating profit (loss)9901 | -€15,995 | -€21,835 | -€11,334 | -€23,253 | €19,785 | €498 | €3,586 | -€5,664 | - |
| Financial income75/76B | - | - | - | €982 | €121 | €44 | €12 | €19 | ▲ 58.3% |
| Recurring financial income75 | €1,767 | €205 | €1,640 | €982 | €121 | €44 | €12 | €19 | ▲ 58.3% |
| Financial charges65/66B | - | - | - | €3,184 | €2,568 | €2,004 | €1,565 | €1,409 | ▼ 10.0% |
| Recurring financial charges65 | €3,282 | €3,776 | €3,270 | €3,184 | €2,568 | €2,004 | €1,565 | €1,409 | ▼ 10.0% |
| Profit (loss) for the period before taxes9903 | -€17,510 | -€25,406 | -€12,964 | -€25,455 | €17,338 | -€1,462 | €2,033 | -€7,054 | - |
| Income taxes67/77 | - | - | - | €3,000 | -€3,000 | - | - | - | - |
| Profit (loss) for the period9904 | -€17,510 | -€25,406 | -€12,964 | -€28,455 | €20,338 | -€1,462 | €2,033 | -€7,054 | - |
| Profit (loss) for the period to be appropriated9905 | -€17,510 | -€25,406 | -€12,964 | -€28,455 | €20,338 | -€1,462 | €2,033 | -€7,054 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €267,460 | €240,039 | €208,524 | €182,471 | €174,079 | €145,954 | €119,690 | €97,744 | ▼ 18.3% |
| Fixed assets21/28 | €196,468 | €171,397 | €150,600 | €125,374 | €100,674 | €80,091 | €59,447 | €44,403 | ▼ 25.3% |
| Tangible fixed assets22/27 | €184,131 | €159,060 | €138,263 | €113,037 | €88,337 | €67,754 | €47,110 | €32,066 | ▼ 31.9% |
| Land and buildings22 | - | - | - | €25,235 | €17,009 | €9,783 | €2,557 | €2,019 | ▼ 21.0% |
| Plant, machinery and equipment23 | - | - | - | €86,803 | €70,729 | €56,167 | €42,125 | €28,084 | ▼ 33.3% |
| Furniture and vehicles24 | - | - | - | €999 | €599 | €1,804 | €2,428 | €1,963 | ▼ 19.2% |
| Financial fixed assets28 | €12,337 | €12,337 | €12,337 | €12,337 | €12,337 | €12,337 | €12,337 | €12,337 | = |
| Current assets29/58 | €70,992 | €68,642 | €57,924 | €57,097 | €73,405 | €65,863 | €60,243 | €53,341 | ▼ 11.5% |
| Stocks and contracts in progress3 | €43,112 | €43,918 | €33,639 | €41,752 | €43,855 | €48,088 | €43,177 | €43,858 | ▲ 1.6% |
| Stocks30/36 | - | - | - | €41,752 | €43,855 | €48,088 | €43,177 | €43,858 | ▲ 1.6% |
| Amounts receivable within one year40/41 | €26,787 | €24,069 | €19,238 | €12,290 | €11,367 | €13,417 | €6,352 | €5,518 | ▼ 13.1% |
| Trade receivables40 | - | - | - | €9,012 | €10,052 | €12,444 | €4,779 | €4,781 | = |
| Other amounts receivable41 | - | - | - | €3,278 | €1,315 | €973 | €1,573 | €737 | ▼ 53.1% |
| Current investments50/53 | €4 | €4 | €4 | €4 | €4 | €4 | €4 | €4 | = |
| Cash at bank and in hand54/58 | €1,089 | €651 | €5,043 | €3,051 | €18,179 | €1,169 | €10,710 | €3,961 | ▼ 63.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €3,185 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €267,460 | €240,039 | €208,524 | €182,471 | €174,079 | €145,954 | €119,690 | €97,744 | ▼ 18.3% |
| Equity10/15 | €24,126 | -€1,280 | -€14,244 | -€42,699 | -€22,362 | -€23,824 | -€21,791 | -€28,845 | ▼ 32.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €17,926 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | - | -€9,340 | -€22,304 | -€50,759 | -€30,422 | -€31,884 | -€29,851 | -€36,905 | ▼ 23.6% |
| Amounts payable17/49 | €243,334 | €241,319 | €222,768 | €225,170 | €196,441 | €169,778 | €141,481 | €126,589 | ▼ 10.5% |
| Amounts payable after more than one year17 | €132,482 | €104,663 | €104,663 | €83,424 | €65,169 | €47,892 | €30,323 | €12,458 | ▼ 58.9% |
| Financial debts170/4 | - | - | - | €80,011 | €61,756 | €44,479 | €26,910 | €9,045 | ▼ 66.4% |
| Other amounts payable178/9 | - | - | - | €3,413 | €3,413 | €3,413 | €3,413 | €3,413 | = |
| Amounts payable within one year42/48 | €110,852 | €136,656 | €118,105 | €141,746 | €131,272 | €119,691 | €111,158 | €114,131 | ▲ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €28,247 | €26,715 | €17,277 | €17,569 | €17,865 | ▲ 1.7% |
| Trade debts44 | €13,358 | €11,408 | €2,389 | €10,080 | €6,242 | €6,469 | €3,009 | €4,760 | ▲ 58.2% |
| Suppliers440/4 | - | - | - | €10,080 | €6,242 | €6,469 | €3,009 | €4,760 | ▲ 58.2% |
| Taxes, remuneration and social security45 | - | - | - | €5,664 | €4,718 | €2,927 | €8,207 | €7,510 | ▼ 8.5% |
| Taxes450/3 | - | - | - | €3,267 | €2,157 | €72 | €5,298 | €4,488 | ▼ 15.3% |
| Remuneration and social security454/9 | - | - | - | €2,397 | €2,561 | €2,855 | €2,909 | €3,022 | ▲ 3.9% |
| Other amounts payable47/48 | - | - | - | €97,755 | €93,597 | €93,018 | €82,373 | €83,996 | ▲ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,195 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,510 | -€25,406 | -€12,964 | -€28,455 | €20,338 | -€1,462 | €2,033 | -€7,054 | - |
| + Depreciation and write-downs630 | €27,344 | €27,671 | €25,279 | €25,226 | €24,700 | €22,023 | €21,767 | €15,044 | ▼ 30.9% |
| Operating cash flow (approximation) | €9,834 | €2,265 | €12,315 | -€3,229 | €45,038 | €20,561 | €23,800 | €7,990 | ▼ 66.4% |
| Investment in fixed assets (approximation) | - | -€2,600 | -€4,482 | €0 | €0 | -€1,440 | -€1,123 | €0 | - |
| Change in cash | - | -€438 | €4,392 | -€1,992 | €15,128 | -€17,010 | €9,541 | -€6,749 | - |
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, 2,333 companies had the same profile as VKtronics has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VKtronics itself: 1.2% 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 2,333 companies, not a prediction for VKtronics. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00142215 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00117822 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00133694 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00138170 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20134829 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21300450 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17900085 | |
| 31-12-2018 | micro format | 18-06-2019 | 2019-19600451 | |
| 31-12-2017 | micro format | 01-07-2018 | 2018-26900584 | |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19300430 |