VM COMPUTERS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 26 filings
Turnover
≈ €330,000
Estimated: probably between €170,000 and €580,000
Total assets
€187,788▼ 7.1%
2024 · €202,103
Net result
€1,242▲ 220%
2024 · €388
Working capital
€7,256▼ 49.8%
2024 · €14,453
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€11,770
▼ 16.5%
2025
20192025
Net result
€1,242
▲ 220%
2025
middle half of the sector
20192025
Equity
-€6,444
▲ 16.2%
2025
lowest quarter of the sector
20192025
Total assets
€187,788
▼ 7.1%
2025
middle half of the sector
20192025
Debt
€194,231
▼ 7.4%
2025
20192025
Working capital
€7,256
▼ 49.8%
2025
middle half of the sector
20192025
Solvency
-3.4%
▲ 0.4pp
2025
lowest quarter of the sector
20192025
Current ratio
1.04
▼ 0.04
2025
middle half of the sector
20192025
Return on assets (ROA)
0.7%
▲ 0.5pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€6,550--€4,582€3,603-€12,401€5,487€14,101▲ 157%€11,770▼ 16.5%
Net result-€4,573--€12,359below the sector's middle half▼ 170%-€5,166below the sector's middle half▲ 58.2%-€21,454below the sector's middle half▼ 315%-€5,495below the sector's middle half▲ 74.4%€388within the sector's middle half€1,242within the sector's middle half▲ 220%
Equity€36,401-€24,042within the sector's middle half▼ 34.0%€18,876within the sector's middle half▼ 21.5%-€2,578below the sector's middle half-€8,073below the sector's middle half▼ 213%-€7,685below the sector's middle half▲ 4.8%-€6,444below the sector's middle half▲ 16.2%
Total assets€257,584-€256,584within the sector's middle half▼ 0.4%€217,859within the sector's middle half▼ 15.1%€200,253within the sector's middle half▼ 8.1%€211,500within the sector's middle half▲ 5.6%€202,103within the sector's middle half▼ 4.4%€187,788within the sector's middle half▼ 7.1%
Debt€221,183-€232,541▲ 5.1%€198,983▼ 14.4%€202,831▲ 1.9%€219,573▲ 8.3%€209,788▼ 4.5%€194,231▼ 7.4%
Working capital€52,756-€24,520within the sector's middle half▼ 53.5%€19,113within the sector's middle half▼ 22.1%-€2,108within the sector's middle half€10,089within the sector's middle half€14,453within the sector's middle half▲ 43.3%€7,256within the sector's middle half▼ 49.8%
Solvency14.1%-9.4%within the sector's middle half▼ 4.8pp8.7%within the sector's middle half▼ 0.7pp-1.3%below the sector's middle half▼ 10.0pp-3.8%below the sector's middle half▼ 2.5pp-3.8%below the sector's middle half=-3.4%below the sector's middle half▲ 0.4pp
Current ratio1.26-1.11within the sector's middle half▼ 0.161.10within the sector's middle half▼ 0.010.99within the sector's middle half▼ 0.111.05within the sector's middle half▲ 0.061.08within the sector's middle half▲ 0.031.04within the sector's middle half▼ 0.04
Return on assets (ROA)-1.8%--4.8%below the sector's middle half▼ 3.0pp-2.4%below the sector's middle half▲ 2.4pp-10.7%below the sector's middle half▼ 8.3pp-2.6%within the sector's middle half▲ 8.1pp0.2%within the sector's middle half▲ 2.8pp0.7%within the sector's middle half▲ 0.5pp
Staff (FTE)1.2-
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 17% lower than in 2024.
Turnover and EBIT margin are 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 €187,788
Fixed assets
€3,431 ▼ 24.1%
Current assets
€184,357 ▼ 6.7%
Equity and liabilities
Equity-€6,444
Debt€194,231
Equity is negative. Debt (€194,231) exceeds the balance-sheet total (€187,788).
Key figures and ratios
EBITDA
€12,862▼
2024 · €15,037
Cash flow
€2,334▲
2024 · €1,325
Quick ratio
0.09▼
2024 · 0.16
Interest coverage
1.23▲
2024 · 1.11
Debt ≤ 1 year
€177,101▼
2024 · €183,127
Debt > 1 year
€17,004▼
2024 · €24,574
Income taxes
€141▼
2024 · €296
Staff costs
€47,445▲
2024 · €45,088
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 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €5,460 | - |
| Depreciation and write-downs of the year | - | - | €937 | €1,092 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €21,041 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €38,613 | €44,023 | €45,088 | €47,445 | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,716 | €3,599 | €216 | - | - | €937 | €1,092 | ▲ 16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €134 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,284 | €2,781 | €2,253 | €1,701 | ▼ 24.5% |
| Non-recurring operating charges66A | - | - | - | €59 | - | - | - | - |
| Gross operating margin9900 | €54,618 | €39,739 | €45,245 | €28,689 | €52,291 | €62,379 | €62,008 | ▼ 0.6% |
| Operating profit (loss)9901 | €6,550 | -€4,582 | €3,603 | -€12,401 | €5,487 | €14,101 | €11,770 | ▼ 16.5% |
| Financial income75/76B | - | - | - | €27 | - | €84 | €56 | ▼ 33.1% |
| Recurring financial income75 | €422 | €113 | €217 | €27 | - | €84 | €56 | ▼ 33.1% |
| Financial charges65/66B | - | - | - | €8,658 | €10,286 | €13,500 | €10,443 | ▼ 22.6% |
| Recurring financial charges65 | €11,544 | €6,790 | €8,340 | €8,658 | €10,286 | €13,500 | €10,443 | ▼ 22.6% |
| Profit (loss) for the period before taxes9903 | -€4,573 | -€11,259 | -€4,520 | -€21,032 | -€4,799 | €685 | €1,383 | ▲ 102% |
| Income taxes67/77 | - | €1,099 | €646 | €422 | €697 | €296 | €141 | ▼ 52.3% |
| Profit (loss) for the period9904 | -€4,573 | -€12,359 | -€5,166 | -€21,454 | -€5,495 | €388 | €1,242 | ▲ 220% |
| Profit (loss) for the period to be appropriated9905 | -€4,573 | -€12,359 | -€5,166 | -€21,454 | -€5,495 | €388 | €1,242 | ▲ 220% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €257,584 | €256,584 | €217,859 | €200,253 | €211,500 | €202,103 | €187,788 | ▼ 7.1% |
| Fixed assets21/28 | €5,145 | €1,546 | €59 | - | - | €4,523 | €3,431 | ▼ 24.1% |
| Tangible fixed assets22/27 | €5,086 | €1,487 | - | - | - | €4,523 | €3,431 | ▼ 24.1% |
| Other tangible fixed assets26 | - | - | - | - | - | €4,523 | €3,431 | ▼ 24.1% |
| Financial fixed assets28 | €59 | €59 | €59 | - | - | - | - | - |
| Current assets29/58 | €252,439 | €255,037 | €217,800 | €200,253 | €211,500 | €197,580 | €184,357 | ▼ 6.7% |
| Stocks and contracts in progress3 | €197,740 | €192,797 | €178,636 | €174,170 | €169,816 | €168,967 | €168,122 | ▼ 0.5% |
| Stocks30/36 | - | - | - | €174,170 | €169,816 | €168,967 | €168,122 | ▼ 0.5% |
| Amounts receivable within one year40/41 | €48,224 | €49,259 | €24,588 | €15,378 | €19,546 | €17,510 | €9,274 | ▼ 47.0% |
| Trade receivables40 | - | - | - | €15,378 | €19,546 | €17,493 | €9,274 | ▼ 47.0% |
| Other amounts receivable41 | - | - | - | - | - | €17 | - | - |
| Cash at bank and in hand54/58 | €6,475 | €11,265 | €12,345 | €7,087 | €1,896 | €6,839 | €2,446 | ▼ 64.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,618 | €20,242 | €4,264 | €4,515 | ▲ 5.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €257,584 | €256,584 | €217,859 | €200,253 | €211,500 | €202,103 | €187,788 | ▼ 7.1% |
| Equity10/15 | €36,401 | €24,042 | €18,876 | -€2,578 | -€8,073 | -€7,685 | -€6,444 | ▲ 16.2% |
| Contributions10/11 | €70,000 | - | - | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €7,176 | €7,176 | €7,176 | €7,176 | €7,176 | €5,316 | €5,316 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €5,316 | €5,316 | €5,316 | €5,316 | = |
| Profit (loss) carried forward14 | -€40,775 | -€53,133 | -€58,300 | -€79,754 | -€85,249 | -€83,002 | -€81,760 | ▲ 1.5% |
| Amounts payable17/49 | €221,183 | €232,541 | €198,983 | €202,831 | €219,573 | €209,788 | €194,231 | ▼ 7.4% |
| Amounts payable after more than one year17 | €21,500 | - | - | - | - | €24,574 | €17,004 | ▼ 30.8% |
| Financial debts170/4 | - | - | - | - | - | €24,574 | €17,004 | ▼ 30.8% |
| Amounts payable within one year42/48 | €199,683 | €230,517 | €198,687 | €202,361 | €201,410 | €183,127 | €177,101 | ▼ 3.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €7,375 | €8,148 | ▲ 10.5% |
| Financial debts43 | - | - | - | €93,841 | €90,369 | €31,273 | €25,756 | ▼ 17.6% |
| Credit institutions430/8 | - | - | - | €93,841 | €90,369 | €31,273 | €25,756 | ▼ 17.6% |
| Trade debts44 | €89,601 | €83,038 | €29,123 | €39,096 | €37,731 | €34,204 | €34,280 | ▲ 0.2% |
| Suppliers440/4 | - | - | - | €39,096 | €37,731 | €34,204 | €34,280 | ▲ 0.2% |
| Advances received on contracts in progress46 | - | - | - | €669 | €1,775 | €3,662 | €4,519 | ▲ 23.4% |
| Taxes, remuneration and social security45 | - | - | - | €11,897 | €17,109 | €17,557 | €13,600 | ▼ 22.5% |
| Taxes450/3 | - | - | - | €4,824 | €9,723 | €9,448 | €6,020 | ▼ 36.3% |
| Remuneration and social security454/9 | - | - | - | €7,073 | €7,386 | €8,108 | €7,581 | ▼ 6.5% |
| Other amounts payable47/48 | - | - | - | €56,858 | €54,427 | €89,057 | €90,797 | ▲ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | €470 | €18,163 | €2,087 | €127 | ▼ 93.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,573 | -€12,359 | -€5,166 | -€21,454 | -€5,495 | €388 | €1,242 | ▲ 220% |
| + Depreciation and write-downs630 | €3,716 | €3,599 | €216 | - | - | €937 | €1,092 | ▲ 16.6% |
| Operating cash flow (approximation) | -€857 | -€8,759 | -€4,950 | -€21,454 | -€5,495 | €1,325 | €2,334 | ▲ 76.1% |
| Investment in fixed assets (approximation) | - | €0 | €1,271 | - | - | - | €0 | - |
| Change in cash | - | €4,790 | €1,081 | -€5,258 | -€5,191 | €4,943 | -€4,393 | - |
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, 1,449 companies had the same profile as VM COMPUTERS has now. Two years later, 92.3% were still going and 2.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
92.3%
was still going
4.8%
stopped otherwise
2.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VM COMPUTERS itself: 0.5% 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 1,449 companies, not a prediction for VM COMPUTERS. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00020325 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00018557 | |
| 30-06-2023 | micro format | 29-01-2024 | 2024-00009245 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00005922 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02800367 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-02500439 | |
| 30-06-2019 | micro format | 15-01-2020 | 2020-00900360 | |
| 30-06-2018 | micro format | 28-02-2019 | 2019-06200581 | |
| 30-06-2017 | micro format | 06-04-2018 | 2018-09500370 | |
| 30-06-2016 | abbreviated format | 16-12-2016 | 2016-70400434 |