VM VALUE
Annual accounts 2025
abbreviated format, filed on 23-02-2026, 66 days before the deadlineTurnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €180,000. Estimated: probably between €150,000 and €230,000.
Balance sheet
balance sheet total €2.7m on 30-09-2025in €m
in euro
Position in the sector
50.8%
Higher than 49% of 10,858 companies in 2025.
3.17
Higher than 70% of 10,480 companies in 2025.
23.0%
Higher than 84% of 10,727 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
2.7m | 2.3m | 2.2m | 592,573 | 593,934 | 617,647 | 570,995 | 510,065 | 455,469 | 424,675 | 438,261 | 454,193 | 151,573 | 17,993 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | 333 | 667 | |
21/28 |
1.9m | 1.9m | 1.9m | 369,810 | 370,516 | 368,939 | 369,125 | 368,754 | 368,924 | 379,044 | 388,652 | 399,598 | 42,099 | 8,621 | |
22/27 |
1,507 | 624 | 350 | 1,056 | 1,762 | 186 | 371 | - | 171 | 10,291 | 19,898 | 30,844 | 41,766 | 7,954 | |
24 |
1,507 | 624 | 350 | 1,056 | 1,762 | 186 | 371 | - | 171 | 10,291 | 19,898 | 30,844 | 41,766 | 7,954 | |
28 |
1.9m | 1.9m | 1.9m | 368,754 | 368,754 | 368,754 | 368,754 | 368,754 | 368,754 | 368,754 | 368,754 | 368,754 | - | - | |
29/58 |
805,336 | 365,017 | 242,549 | 222,763 | 223,418 | 248,708 | 201,870 | 141,312 | 86,544 | 45,631 | 49,609 | 54,595 | 109,474 | 9,372 | |
29 |
0 | 42,665 | 45,624 | 111,232 | 154,050 | 194,177 | 160,283 | 97,919 | 39,560 | - | - | - | - | - | |
291 |
0 | 42,665 | 45,624 | 111,232 | 154,050 | 194,177 | 160,283 | 97,919 | 39,560 | - | - | - | - | - | |
3 |
- | - | - | - | - | - | - | - | 932 | 1,013 | - | - | - | - | |
30/36 |
- | - | - | - | - | - | - | - | 932 | 1,013 | - | - | - | - | |
40/41 |
451,468 | 22,272 | 14,852 | 3,932 | 9,900 | - | - | 1,923 | 5,663 | 11,435 | 18,435 | 25,193 | 18,570 | 1,311 | |
40 |
0 | 372 | 352 | 231 | - | - | - | 1,923 | 5,663 | 11,358 | 18,424 | 23,371 | 18,566 | 1,184 | |
41 |
451,468 | 21,900 | 14,500 | 3,701 | 9,900 | - | - | - | - | 77 | 11 | 1,822 | 5 | 127 | |
54/58 |
345,067 | 298,500 | 180,837 | 106,330 | 59,391 | 54,531 | 40,689 | 39,965 | 36,872 | 30,104 | 30,676 | 26,493 | 90,136 | 8,024 | |
490/1 |
8,801 | 1,580 | 1,235 | 1,269 | 77 | 0 | 898 | 1,504 | 3,518 | 3,079 | 498 | 2,910 | 767 | 37 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
2.7m | 2.3m | 2.2m | 592,573 | 593,934 | 617,647 | 570,995 | 510,065 | 455,469 | 424,675 | 438,261 | 454,193 | 151,573 | 17,993 | |
10/15 |
1.4m | 757,530 | 572,489 | 511,742 | 506,177 | 514,802 | 486,444 | 381,713 | 315,287 | 239,930 | 205,366 | 169,817 | 74,928 | 7,871 | |
10/11 |
74,400 | 74,400 | 74,400 | 68,300 | 68,300 | 68,300 | 68,300 | 68,300 | 68,300 | 68,300 | 68,300 | 68,300 | 12,500 | 12,500 | |
100 |
- | - | - | - | - | - | 74,400 | 74,400 | 74,400 | 74,400 | 74,400 | 74,400 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | 6,100 | |
13 |
7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 1,860 | - | |
130/1 |
- | 0 | 7,440 | 7,440 | 7,440 | 7,440 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 7,440 | 1,860 | - | |
1311 |
- | 0 | 7,440 | 7,440 | 7,440 | 7,440 | - | - | - | - | - | - | - | - | |
133 |
7,440 | 7,440 | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
1.3m | 675,690 | 490,649 | 436,002 | 430,437 | 439,062 | 410,704 | 305,973 | 239,547 | 164,190 | 129,626 | 94,077 | 60,568 | -4,629 | |
17/49 |
1.3m | 1.5m | 1.6m | 80,831 | 87,757 | 102,845 | 84,551 | 128,353 | 140,182 | 184,746 | 232,895 | 284,376 | 76,645 | 10,122 | |
17 |
1.1m | 1.3m | 1.4m | - | - | - | - | - | 36,395 | 87,753 | 140,991 | 193,491 | 22,223 | 4,877 | |
170/4 |
285,714 | 357,143 | 428,571 | - | - | - | - | - | 36,395 | 87,753 | 140,991 | 193,491 | 22,223 | 4,877 | |
178/9 |
800,000 | 950,000 | 1.0m | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
254,432 | 217,214 | 160,592 | 80,831 | 87,757 | 102,845 | 84,551 | 128,353 | 103,787 | 96,993 | 91,812 | 90,885 | 54,369 | 5,244 | |
42 |
221,429 | 121,429 | 121,429 | - | - | - | - | 40,396 | 47,458 | 53,239 | 52,500 | 51,909 | 11,550 | 4,316 | |
43 |
6,746 | 11,889 | 11,877 | 11,743 | 6,315 | 6,330 | 7,551 | 7,547 | 5,034 | - | - | - | - | - | |
430/8 |
6,746 | 11,889 | 11,877 | 11,743 | 6,315 | 6,330 | 7,551 | 7,547 | - | - | - | - | - | - | |
439 |
- | - | - | - | - | - | - | - | 5,034 | - | - | - | - | - | |
44 |
1,764 | 1,023 | 1,785 | 1,205 | 2,529 | 2,162 | 5,695 | 5,921 | 6,796 | 4,244 | 148 | 3,917 | 2,620 | 336 | |
440/4 |
1,764 | 1,023 | 1,785 | 1,205 | 2,529 | 2,162 | 5,695 | 5,921 | 6,796 | 4,244 | 148 | 3,917 | 2,620 | 336 | |
45 |
24,494 | 24,866 | 21,940 | 13,383 | 18,823 | 36,270 | 39,909 | 37,663 | 35,970 | 36,369 | 39,114 | 35,054 | 39,683 | 201 | |
450/3 |
19,894 | 24,866 | 17,340 | 13,383 | 14,723 | 32,170 | 39,909 | 37,663 | 35,970 | 36,369 | 39,114 | 34,321 | 39,683 | 201 | |
454/9 |
4,600 | 0 | 4,600 | 0 | 4,100 | 4,100 | - | - | - | - | - | 733 | - | - | |
47/48 |
0 | 58,009 | 3,561 | 54,500 | 60,090 | 58,083 | 31,396 | 36,826 | 8,529 | 3,142 | 50 | 6 | 516 | 391 | |
492/3 |
18 | 2,508 | - | - | - | - | - | - | - | - | 92 | - | 54 | - | |
| Income statement | |||||||||||||||
9900 |
112,176 | 86,045 | 79,244 | 125,074 | 71,333 | 114,368 | 180,916 | 153,297 | 121,299 | 71,747 | 80,031 | 72,895 | 115,301 | 1,105 | |
630 |
356 | 482 | 706 | 706 | 542 | 186 | 186 | 171 | 171 | 10,120 | 10,946 | 11,255 | 11,255 | 4,251 | |
640/8 |
1,566 | 1,097 | 793 | 659 | 348 | 348 | 348 | 348 | 466 | 754 | 751 | 812 | 5,518 | 1,060 | |
66A |
- | - | - | - | - | - | - | 932 | - | - | - | - | - | - | |
9901 |
110,253 | 84,466 | 77,745 | 123,709 | 70,443 | 113,835 | 180,383 | 151,847 | 120,662 | 60,873 | 68,335 | 60,828 | 98,529 | -4,206 | |
75/76B |
564,595 | 300,889 | 1,625 | 1,280 | 1,804 | 3,521 | 1,591 | 1,854 | 507 | 88 | 85 | 900 | 519 | 57 | |
75 |
564,595 | 300,889 | 1,625 | 1,280 | 1,804 | 3,521 | 1,591 | 1,854 | 507 | 88 | 85 | 900 | 519 | 57 | |
65/66B |
25,392 | 26,823 | 3,859 | 2,390 | 2,706 | 3,098 | 2,168 | 3,272 | 4,336 | 5,081 | 6,441 | 2,586 | 746 | 480 | |
65 |
25,392 | 26,823 | 3,859 | 2,390 | 2,706 | 3,098 | 2,168 | 3,272 | 4,336 | 5,081 | 6,441 | 2,586 | 746 | 480 | |
9903 |
649,456 | 358,533 | 75,511 | 122,598 | 69,542 | 114,258 | 179,806 | 150,429 | 116,833 | 55,879 | 61,979 | 59,142 | 98,301 | -4,629 | |
67/77 |
21,555 | 13,107 | 20,863 | 32,033 | 18,167 | 35,901 | 55,075 | 53,003 | 41,475 | 21,316 | 26,430 | 20,053 | 31,245 | - | |
9904 |
627,901 | 345,425 | 54,648 | 90,565 | 51,375 | 78,357 | 124,732 | 97,426 | 75,358 | 34,564 | 35,549 | 39,089 | 67,057 | -4,629 | |
9905 |
627,901 | 345,425 | 54,648 | 90,565 | 51,375 | 78,357 | 124,732 | 97,426 | 75,358 | 34,564 | 35,549 | 39,089 | 67,057 | -4,629 | |
| Appropriation of the result | |||||||||||||||
9906 |
1.3m | 836,075 | 490,649 | 521,002 | 490,437 | 489,062 | 430,704 | 336,973 | 239,547 | 164,190 | 129,626 | 99,657 | 62,428 | -4,629 | |
14P |
675,690 | 490,649 | 436,002 | 430,437 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 5,580 | 1,860 | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 5,580 | 1,860 | - | |
694/7 |
0 | 160,385 | 0 | 85,000 | 60,000 | 50,000 | 20,000 | 31,000 | - | - | - | - | - | - | |
694 |
0 | 160,385 | 0 | 85,000 | 60,000 | 50,000 | 20,000 | 31,000 | - | - | - | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 23-02-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 23-02-2026 | 2026-00041923 | |
| 30-09-2024 | abbreviated format | 17-02-2025 | 2025-00035288 | |
| 30-09-2023 | abbreviated format | 14-03-2024 | 2024-00043818 | |
| 30-09-2022 | micro format | 17-02-2023 | 2023-00029279 | |
| 30-09-2021 | micro format | 23-02-2022 | 2022-06200479 | |
| 30-09-2020 | micro format | 24-02-2021 | 2021-06100273 | |
| 30-09-2019 | micro format | 24-01-2020 | 2020-02300314 | |
| 30-09-2018 | micro format | 12-02-2019 | 2019-05000011 | |
| 30-09-2017 | micro format | 22-02-2018 | 2018-05400072 | |
| 30-09-2016 | abbreviated format | 21-02-2017 | 2017-05200555 | |
| 30-09-2015 | abbreviated format | 29-02-2016 | 2016-05500079 | |
| 30-09-2014 | abbreviated format | 27-02-2015 | 2015-05600529 | |
| 30-09-2013 | abbreviated format | 21-03-2014 | 2014-07100347 | |
| 30-09-2012 | abbreviated format | 21-03-2013 | 2013-06900403 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 110,609 | 84,948 | 78,451 | 124,415 | 70,986 | 114,020 | 180,569 | 152,018 | 120,833 | 70,993 | 79,281 | 72,083 | 109,784 | 45 | ||
| 628,257 | 345,907 | 55,354 | 91,271 | 51,917 | 78,543 | 124,917 | 97,596 | 75,528 | 44,684 | 46,495 | 50,344 | 78,311 | -378 | ||
| 1,239 | 756 | 1.6m | 0 | 2,119 | 0 | 557 | 0 | -9,949 | 512 | 0 | 368,754 | 52,687 | 11,872 | ||
| 46,566 | 117,663 | 74,508 | 46,939 | 4,860 | 13,841 | 724 | 3,094 | 6,767 | -572 | 4,183 | -63,643 | 82,112 | - | ||
| 550,903 | 147,803 | 81,957 | 141,932 | 135,661 | 145,862 | 117,319 | 12,959 | -17,243 | -51,362 | -42,203 | -36,290 | 55,105 | 4,128 | ||
| 50.8% | 33.2% | 26.5% | 86.4% | 85.2% | 83.3% | 85.2% | 74.8% | 69.2% | 56.5% | 46.9% | 37.4% | 49.4% | 43.7% | ||
| 3.17 | 1.68 | 1.51 | 2.76 | 2.55 | 2.42 | 2.39 | 1.10 | 0.83 | 0.47 | 0.54 | 0.60 | 2.01 | 1.79 | ||
| 3.17 | 1.68 | 1.51 | 2.76 | 2.55 | 2.42 | 2.39 | 1.10 | 0.82 | 0.46 | 0.54 | 0.60 | 2.01 | 1.79 | ||
| 0.97 | 2.02 | 2.78 | 0.16 | 0.17 | 0.20 | 0.17 | 0.34 | 0.44 | 0.77 | 1.13 | 1.67 | 1.02 | 1.29 | ||
| 45.3% | 45.6% | 9.5% | 17.7% | 10.1% | 15.2% | 25.6% | 25.5% | 23.9% | 14.4% | 17.3% | 23.0% | 89.5% | -58.8% | ||
| 23.0% | 15.1% | 2.5% | 15.3% | 8.6% | 12.7% | 21.8% | 19.1% | 16.5% | 8.1% | 8.1% | 8.6% | 44.2% | -25.7% | ||
| 4.36 | 3.17 | 20.33 | 52.05 | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Securities and guarantees
on own assets and for others| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €357,143 | €500,000 | €500,000 | - |
| Pledge on other assets, amount secured | €500,000 | €500,000 | €500,000 | - |
| Carrying value of the other pledged assets | €1.9m | €1.9m | €1.9m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €1,239 | €756 | - | - |
| Financial fixed assets | - | - | €1.6m | - |
| €356 | €482 | €706 | €706 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on VM VALUE
The operating result for 2025 is 31% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 66.8% to 49.2%. Equity is higher and debt is lower.