Vlaned
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 11 filings
Equity
-€212,527▼ 15.2%
2024 · -€184,460
Total assets
€30,132▼ 0.1%
2024 · €30,177
Net result
-€28,068▼ 51.5%
2024 · -€18,521
Working capital
-€221,252▼ 14.2%
2024 · -€193,685
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€25,472
▼ 48.2%
2025
20182025
Net result
-€28,068
▼ 51.5%
2025
lowest quarter of the sector
20182025
Equity
-€212,527
▼ 15.2%
2025
lowest quarter of the sector
20182025
Total assets
€30,132
▼ 0.1%
2025
lowest quarter of the sector
20182025
Debt
€242,660
▲ 13.1%
2025
20182025
Working capital
-€221,252
▼ 14.2%
2025
lowest quarter of the sector
20182025
Solvency
-705.3%
▼ 94.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.09
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-93.1%
▼ 31.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€10,904-€2,418€25,449▲ 952%-€10,137-€80,690▼ 696%-€90,597▼ 12.3%-€17,190▲ 81.0%-€25,472▼ 48.2%
Net result-€9,049-€4,153€20,835within the sector's middle half▲ 402%-€12,304below the sector's middle half-€81,468below the sector's middle half▼ 562%-€91,907below the sector's middle half▼ 12.8%-€18,521below the sector's middle half▲ 79.8%-€28,068below the sector's middle half▼ 51.5%
Equity-€5,248--€1,095▲ 79.1%€19,740below the sector's middle half€7,436below the sector's middle half▼ 62.3%-€74,032below the sector's middle half-€165,939below the sector's middle half▼ 124%-€184,460below the sector's middle half▼ 11.2%-€212,527below the sector's middle half▼ 15.2%
Total assets€158,860-€168,779▲ 6.2%€159,847below the sector's middle half▼ 5.3%€290,910below the sector's middle half▲ 82.0%€163,048below the sector's middle half▼ 44.0%€46,601below the sector's middle half▼ 71.4%€30,177below the sector's middle half▼ 35.2%€30,132below the sector's middle half▼ 0.1%
Debt€164,108-€169,874▲ 3.5%€140,107▼ 17.5%€283,474▲ 102%€237,080▼ 16.4%€212,540▼ 10.4%€214,637▲ 1.0%€242,660▲ 13.1%
Working capital-€17,115--€7,030▲ 58.9%€7,319below the sector's middle half-€10,647below the sector's middle half-€86,041below the sector's middle half▼ 708%-€177,713below the sector's middle half▼ 107%-€193,685below the sector's middle half▼ 9.0%-€221,252below the sector's middle half▼ 14.2%
Solvency-3.3%--0.6%▲ 2.7pp12.3%below the sector's middle half▲ 13.0pp2.6%below the sector's middle half▼ 9.8pp-45.4%below the sector's middle half▼ 48.0pp-356.1%below the sector's middle half▼ 310.7pp-611.3%below the sector's middle half▼ 255.2pp-705.3%below the sector's middle half▼ 94.1pp
Current ratio0.90-0.96▲ 0.061.08below the sector's middle half▲ 0.120.96below the sector's middle half▼ 0.120.60below the sector's middle half▼ 0.360.13below the sector's middle half▼ 0.480.10below the sector's middle half▼ 0.030.09below the sector's middle half▼ 0.01
Return on assets (ROA)-5.7%-2.5%▲ 8.2pp13.0%above the sector's middle half▲ 10.6pp-4.2%below the sector's middle half▼ 17.3pp-50.0%below the sector's middle half▼ 45.7pp-197.2%below the sector's middle half▼ 147.3pp-61.4%below the sector's middle half▲ 135.9pp-93.1%below the sector's middle half▼ 31.8pp
Staff (FTE)4.9within the sector's middle half3.9within the sector's middle half▼ 20.4%1within the sector's middle half▼ 74.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €25,472, larger than the loss of €17,190 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30,132
Fixed assets
€8,724 ▼ 5.4%
Current assets
€21,408 ▲ 2.2%
Equity and liabilities
Equity-€212,527
Debt€242,660
Equity is negative. Debt (€242,660) exceeds the balance-sheet total (€30,132).
Key figures and ratios
EBITDA
-€23,902▼
2024 · -€5,148
Cash flow
-€26,498▼
2024 · -€6,479
Quick ratio
0.04▼
2024 · 0.04
Interest coverage
-9.71▼
2024 · -4.46
Debt ≤ 1 year
€242,660▲
2024 · €214,637
Income taxes
€152▼
2024 · €176
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 6 | 1 | 1 |
| full-time | 6 | 1 | 1 |
| in full-time equivalents | 6 | 1 | 1 |
| Average over the year, in full-time equivalents | 4.9 | 3.9 | 1 |
| On a permanent contract | 6 | 1 | 1 |
| Joined | 7 | 0 | 0 |
| Left | 1 | 5 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €45,541 | €33,624 | €21,544 | €9,296 | - |
| Pledge on other assets, amount secured | €45,541 | €33,624 | €33,624 | €33,624 | - |
| Carrying value of the other pledged assets | €44,153 | €32,111 | €20,070 | €8,028 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €8,614 |
| Financial fixed assets | €6,450 | - | - | €198 | €482 |
| Depreciation and write-downs of the year | €12,704 | €12,704 | €12,483 | €12,042 | €1,570 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €701 awarded · €667 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €147,772 | €150,395 | €27,595 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,933 | €5,933 | €4,235 | €12,704 | €12,704 | €12,483 | €12,042 | €1,570 | ▼ 87.0% |
| Other operating charges640/8 | - | - | - | €1,313 | €1,680 | €2,794 | €244 | €583 | ▲ 139% |
| Gross operating margin9900 | -€3,679 | €9,465 | €30,718 | €151,653 | €84,089 | -€47,724 | -€4,904 | -€23,319 | ▼ 376% |
| Operating profit (loss)9901 | -€10,904 | €2,418 | €25,449 | -€10,137 | -€80,690 | -€90,597 | -€17,190 | -€25,472 | ▼ 48.2% |
| Financial income75/76B | - | - | - | €451 | €623 | €3 | €0 | €19 | - |
| Recurring financial income75 | €3,070 | €3,424 | €69 | €451 | €623 | €3 | €0 | €19 | - |
| Financial charges65/66B | - | - | - | €2,209 | €1,175 | €1,030 | €1,155 | €2,463 | ▲ 113% |
| Recurring financial charges65 | €1,215 | €1,689 | €1,126 | €2,209 | €1,175 | €1,030 | €1,155 | €2,463 | ▲ 113% |
| Profit (loss) for the period before taxes9903 | -€9,049 | €4,153 | €24,391 | -€11,895 | -€81,242 | -€91,624 | -€18,344 | -€27,916 | ▼ 52.2% |
| Income taxes67/77 | - | - | €3,556 | €409 | €226 | €283 | €176 | €152 | ▼ 13.8% |
| Profit (loss) for the period9904 | -€9,049 | €4,153 | €20,835 | -€12,304 | -€81,468 | -€91,907 | -€18,521 | -€28,068 | ▼ 51.5% |
| Profit (loss) for the period to be appropriated9905 | -€9,049 | €4,153 | €20,835 | -€12,304 | -€81,468 | -€91,907 | -€18,521 | -€28,068 | ▼ 51.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €158,860 | €168,779 | €159,847 | €290,910 | €163,048 | €46,601 | €30,177 | €30,132 | ▼ 0.1% |
| Fixed assets21/28 | €11,867 | €5,935 | €57,962 | €51,707 | €33,553 | €21,070 | €9,226 | €8,724 | ▼ 5.4% |
| Tangible fixed assets22/27 | €11,867 | €5,935 | €57,962 | €45,257 | €32,553 | €20,070 | €8,028 | €7,044 | ▼ 12.3% |
| Plant, machinery and equipment23 | - | - | - | €1,104 | €442 | - | - | €7,044 | - |
| Furniture and vehicles24 | - | - | - | €44,153 | €32,111 | €20,070 | €8,028 | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | - | €6,450 | €1,000 | €1,000 | €1,198 | €1,680 | ▲ 40.2% |
| Current assets29/58 | €146,992 | €162,844 | €101,886 | €239,203 | €129,495 | €25,531 | €20,951 | €21,408 | ▲ 2.2% |
| Stocks and contracts in progress3 | €23,500 | €11,500 | €11,500 | €11,500 | €11,500 | €11,500 | €11,500 | €11,500 | = |
| Stocks30/36 | - | - | - | €11,500 | €11,500 | €11,500 | €11,500 | €11,500 | = |
| Amounts receivable within one year40/41 | €82,574 | €124,833 | €6,376 | €201,009 | €99,147 | €3,565 | €0 | €1,101 | - |
| Trade receivables40 | - | - | - | €184,935 | €71,004 | €3,565 | €0 | €1,101 | - |
| Other amounts receivable41 | - | - | - | €16,074 | €28,143 | - | - | - | - |
| Cash at bank and in hand54/58 | €40,648 | €26,215 | €83,903 | €23,861 | €17,981 | €10,466 | €9,451 | €7,849 | ▼ 17.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,833 | €867 | - | - | €958 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €158,860 | €168,779 | €159,847 | €290,910 | €163,048 | €46,601 | €30,177 | €30,132 | ▼ 0.1% |
| Equity10/15 | -€5,248 | -€1,095 | €19,740 | €7,436 | -€74,032 | -€165,939 | -€184,460 | -€212,527 | ▼ 15.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €13,540 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Other1319 | - | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€13,308 | -€9,155 | - | -€624 | -€82,092 | -€173,999 | -€192,520 | -€220,587 | ▼ 14.6% |
| Amounts payable17/49 | €164,108 | €169,874 | €140,107 | €283,474 | €237,080 | €212,540 | €214,637 | €242,660 | ▲ 13.1% |
| Amounts payable after more than one year17 | - | - | €45,541 | €33,624 | €21,544 | €9,296 | €0 | - | - |
| Financial debts170/4 | - | - | - | €33,624 | €21,544 | €9,296 | €0 | - | - |
| Amounts payable within one year42/48 | €164,108 | €169,874 | €94,566 | €249,850 | €215,536 | €203,244 | €214,637 | €242,660 | ▲ 13.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,917 | €12,081 | €12,247 | €9,296 | €0 | ▼ 100% |
| Trade debts44 | €14,122 | €24,354 | €33,647 | €62,624 | €178,409 | €14,023 | €2,943 | €2,277 | ▼ 22.6% |
| Suppliers440/4 | - | - | - | €62,624 | €178,409 | €14,023 | €2,943 | €2,277 | ▼ 22.6% |
| Advances received on contracts in progress46 | - | - | - | €1,560 | €6,625 | €2,798 | €2,298 | €2,298 | = |
| Taxes, remuneration and social security45 | - | - | - | €31,802 | €5,965 | €698 | €573 | €517 | ▼ 9.7% |
| Taxes450/3 | - | - | - | €8,345 | €415 | €698 | €573 | €517 | ▼ 9.7% |
| Remuneration and social security454/9 | - | - | - | €23,457 | €5,550 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €141,947 | €12,457 | €173,478 | €199,527 | €237,567 | ▲ 19.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,049 | €4,153 | €20,835 | -€12,304 | -€81,468 | -€91,907 | -€18,521 | -€28,068 | ▼ 51.5% |
| + Depreciation and write-downs630 | €5,933 | €5,933 | €4,235 | €12,704 | €12,704 | €12,483 | €12,042 | €1,570 | ▼ 87.0% |
| Operating cash flow (approximation) | -€3,116 | €10,086 | €25,070 | €401 | -€68,764 | -€79,424 | -€6,479 | -€26,498 | ▼ 309% |
| Investment in fixed assets (approximation) | - | €0 | -€56,262 | -€6,450 | €5,450 | €0 | -€198 | -€1,068 | ▼ 440% |
| Change in cash | - | -€14,434 | €57,689 | -€60,042 | -€5,880 | -€7,515 | -€1,015 | -€1,602 | ▼ 57.9% |
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, 6,907 companies had the same profile as Vlaned has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Vlaned itself: 2.5% 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 6,907 companies, not a prediction for Vlaned. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00325984 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00453753 | |
| 31-12-2023 | abbreviated format | 13-08-2024 | 2024-00343020 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00236993 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20259855 | |
| 31-12-2020 | abbreviated format | 02-07-2021 | 2021-31000578 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-18200075 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52300568 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-22400228 | |
| 31-12-2016 | abbreviated format | 08-06-2017 | 2017-16400495 |