VMAC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-05-2026 PDF all 18 filings
Turnover
€42,414▼ 16.0%
2024 · €50,485
EBIT margin
52.1%▼ 7.0pp
2024 · 59.1%
Net result
€20,422▼ 5.3%
2024 · €21,572
Working capital
€149,294▼ 19.8%
2024 · €186,144
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€42,414
▼ 16.0%
2025
20182025
Operating result
€22,089
▼ 26.0%
2025
20182025
Net result
€20,422
▼ 5.3%
2025
middle half of the sector
20182025
EBIT margin
52.1%
▼ 7.0pp
2025
20182025
Equity
€171,638
▼ 23.2%
2025
highest quarter of the sector
20182025
Total assets
€245,066
▲ 0.5%
2025
middle half of the sector
20182025
Debt
€73,428
▲ 263%
2025
20182025
Working capital
€149,294
▼ 19.8%
2025
highest quarter of the sector
20182025
Solvency
70.0%
▼ 21.7pp
2025
middle half of the sector
20182025
Current ratio
3.03
▼ 7.17
2025
middle half of the sector
20182025
Return on assets (ROA)
8.3%
▼ 0.5pp
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€172,659-€158,014▼ 8.5%€131,552▼ 16.7%€174,189▲ 32.4%€71,850▼ 58.8%€68,953▼ 4.0%€50,485▼ 26.8%€42,414▼ 16.0%
Operating result€49,368-€26,595▼ 46.1%€30,582▲ 15.0%€100,903▲ 230%€83,580▼ 17.2%€51,189▼ 38.8%€29,835▼ 41.7%€22,089▼ 26.0%
Net result€36,239-€18,448▼ 49.1%€22,217within the sector's middle half▲ 20.4%€73,599above the sector's middle half▲ 231%€56,897above the sector's middle half▼ 22.7%€34,880within the sector's middle half▼ 38.7%€21,572within the sector's middle half▼ 38.2%€20,422within the sector's middle half▼ 5.3%
EBIT margin28.6%-16.8%▼ 11.8pp23.2%▲ 6.4pp57.9%▲ 34.7pp116.3%▲ 58.4pp74.2%▼ 42.1pp59.1%▼ 15.1pp52.1%▼ 7.0pp
Equity€247,350-€231,941▼ 6.2%€190,735within the sector's middle half▼ 17.8%€220,054above the sector's middle half▲ 15.4%€221,827above the sector's middle half▲ 0.8%€220,468above the sector's middle half▼ 0.6%€223,591above the sector's middle half▲ 1.4%€171,638above the sector's middle half▼ 23.2%
Total assets€257,851-€273,011▲ 5.9%€260,159within the sector's middle half▼ 4.7%€266,110within the sector's middle half▲ 2.3%€278,825within the sector's middle half▲ 4.8%€262,920within the sector's middle half▼ 5.7%€243,817within the sector's middle half▼ 7.3%€245,066within the sector's middle half▲ 0.5%
Debt€10,501-€41,070▲ 291%€69,424▲ 69.0%€46,056▼ 33.7%€56,998▲ 23.8%€42,452▼ 25.5%€20,226▼ 52.4%€73,428▲ 263%
Working capital€210,040-€206,791▼ 1.5%€178,318within the sector's middle half▼ 13.8%€219,379above the sector's middle half▲ 23.0%€153,816above the sector's middle half▼ 29.9%€167,886above the sector's middle half▲ 9.1%€186,144above the sector's middle half▲ 10.9%€149,294above the sector's middle half▼ 19.8%
Solvency95.9%-85.0%▼ 11.0pp73.3%above the sector's middle half▼ 11.6pp82.7%above the sector's middle half▲ 9.4pp79.6%above the sector's middle half▼ 3.1pp83.9%above the sector's middle half▲ 4.3pp91.7%above the sector's middle half▲ 7.9pp70.0%within the sector's middle half▼ 21.7pp
Current ratio21.00-6.04▼ 14.973.57within the sector's middle half▼ 2.475.76above the sector's middle half▲ 2.193.70within the sector's middle half▼ 2.064.95above the sector's middle half▲ 1.2610.20above the sector's middle half▲ 5.253.03within the sector's middle half▼ 7.17
Return on assets (ROA)14.1%-6.8%▼ 7.3pp8.5%within the sector's middle half▲ 1.8pp27.7%within the sector's middle half▲ 19.1pp20.4%within the sector's middle half▼ 7.3pp13.3%within the sector's middle half▼ 7.1pp8.8%within the sector's middle half▼ 4.4pp8.3%within the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 26% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €245,066
Fixed assets
€22,344 ▼ 40.3%
Current assets
€222,722 ▲ 7.9%
Equity and liabilities €245,066
Equity
€171,638 ▼ 23.2%
Debt
€73,428 ▲ 263%
Debt's share of the balance-sheet total rises from 8.3% to 30.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€37,192▼
2024 · €45,353
Cash flow
€35,525▼
2024 · €37,090
Debt to equity
0.43▲
2024 · 0.09
ROE
11.9%▲
2024 · 9.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€73,428▲
2024 · €20,226
Income taxes
€9,898▼
2024 · €10,642
Customer credit
55 days▼
2024 · 65 days
Supplier credit
2 days▼
2024 · 3 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €698 | €75,284 | - | €383 | - |
| Depreciation and write-downs of the year | €12,440 | €7,948 | €15,429 | €15,518 | €15,103 |
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 | €172,659 | €158,014 | €131,552 | €174,189 | €71,850 | €68,953 | €50,485 | €42,414 | ▼ 16.0% |
| Non-recurring operating income76A | - | - | - | - | €22,624 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €51,543 | €5,079 | €10,977 | €4,627 | €4,702 | ▲ 1.6% |
| Remuneration, social security and pensions62 | - | - | - | €8,562 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,791 | €12,942 | €12,733 | €12,440 | €7,948 | €15,429 | €15,518 | €15,103 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €741 | €597 | €493 | €505 | €520 | ▲ 3.0% |
| Gross operating margin9900 | €77,545 | €71,155 | €60,068 | €122,646 | €92,125 | €67,111 | €45,858 | €37,712 | ▼ 17.8% |
| Operating profit (loss)9901 | €49,368 | €26,595 | €30,582 | €100,903 | €83,580 | €51,189 | €29,835 | €22,089 | ▼ 26.0% |
| Financial income75/76B | - | - | - | €371 | €1,067 | €833 | €2,393 | €8,271 | ▲ 246% |
| Recurring financial income75 | €138 | €328 | €264 | €371 | €1,067 | €833 | €2,393 | €8,271 | ▲ 246% |
| Financial charges65/66B | - | - | - | €38 | €1,043 | €606 | €14 | €40 | ▲ 186% |
| Recurring financial charges65 | €323 | €700 | €27 | €38 | €1,043 | €606 | €14 | €40 | ▲ 186% |
| Profit (loss) for the period before taxes9903 | €49,183 | €26,223 | €30,819 | €101,236 | €83,604 | €51,416 | €32,214 | €30,320 | ▼ 5.9% |
| Income taxes67/77 | €12,944 | €7,775 | €8,602 | €27,637 | €26,707 | €16,536 | €10,642 | €9,898 | ▼ 7.0% |
| Profit (loss) for the period9904 | €36,239 | €18,448 | €22,217 | €73,599 | €56,897 | €34,880 | €21,572 | €20,422 | ▼ 5.3% |
| Profit (loss) for the period to be appropriated9905 | €36,239 | €18,448 | €22,374 | €73,599 | €56,897 | €34,880 | €21,572 | €20,422 | ▼ 5.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €257,851 | €273,011 | €260,159 | €266,110 | €278,825 | €262,920 | €243,817 | €245,066 | ▲ 0.5% |
| Fixed assets21/28 | €37,310 | €25,150 | €12,417 | €675 | €68,011 | €52,582 | €37,447 | €22,344 | ▼ 40.3% |
| Tangible fixed assets22/27 | €37,310 | €25,150 | €12,417 | €675 | €68,011 | €52,582 | €37,447 | €22,344 | ▼ 40.3% |
| Plant, machinery and equipment23 | - | - | - | €675 | €535 | €396 | €256 | €116 | ▼ 54.7% |
| Furniture and vehicles24 | - | - | - | - | €67,476 | €52,186 | €37,191 | €22,228 | ▼ 40.2% |
| Current assets29/58 | €220,541 | €247,861 | €247,742 | €265,435 | €210,814 | €210,338 | €206,370 | €222,722 | ▲ 7.9% |
| Amounts receivable within one year40/41 | €43,729 | €28,576 | €17,745 | €33,872 | €11,505 | €20,180 | €9,269 | €6,679 | ▼ 27.9% |
| Trade receivables40 | - | - | - | €30,916 | €7,128 | €20,180 | €9,057 | €6,385 | ▼ 29.5% |
| Other amounts receivable41 | - | - | - | €2,956 | €4,377 | - | €212 | €294 | ▲ 38.7% |
| Current investments50/53 | €11,707 | €38,228 | €38,413 | €38,667 | €90,252 | €159,980 | €189,980 | €200,544 | ▲ 5.6% |
| Cash at bank and in hand54/58 | €164,614 | €180,408 | €191,053 | €192,292 | €108,643 | €29,764 | €6,676 | €15,033 | ▲ 125% |
| Deferred charges and accrued income490/1 | - | - | - | €604 | €414 | €414 | €445 | €466 | ▲ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €257,851 | €273,011 | €260,159 | €266,110 | €278,825 | €262,920 | €243,817 | €245,066 | ▲ 0.5% |
| Equity10/15 | €247,350 | €231,941 | €190,735 | €220,054 | €221,827 | €220,468 | €223,591 | €171,638 | ▼ 23.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €234,321 | €218,912 | €177,706 | €207,025 | €208,798 | €207,439 | €210,562 | €158,609 | ▼ 24.7% |
| Non-distributable reserves130/1 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Reserves not available under the articles1311 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Distributable reserves133 | - | - | - | €205,785 | €207,558 | €206,199 | €209,322 | €157,369 | ▼ 24.8% |
| Profit (loss) carried forward14 | €629 | €629 | €629 | €629 | €629 | €629 | €629 | €629 | = |
| Amounts payable17/49 | €10,501 | €41,070 | €69,424 | €46,056 | €56,998 | €42,452 | €20,226 | €73,428 | ▲ 263% |
| Amounts payable within one year42/48 | €10,501 | €41,070 | €69,424 | €46,056 | €56,998 | €42,452 | €20,226 | €73,428 | ▲ 263% |
| Trade debts44 | €122 | €292 | - | - | €168 | €76 | €38 | €26 | ▼ 31.6% |
| Suppliers440/4 | - | - | - | - | €168 | €76 | €38 | €26 | ▼ 31.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,628 | €1,707 | €6,137 | €1,740 | €1,028 | ▼ 40.9% |
| Taxes450/3 | - | - | - | €1,628 | €1,707 | €6,137 | €1,740 | €1,028 | ▼ 40.9% |
| Other amounts payable47/48 | - | - | - | €44,428 | €55,123 | €36,239 | €18,448 | €72,374 | ▲ 292% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,239 | €18,448 | €22,217 | €73,599 | €56,897 | €34,880 | €21,572 | €20,422 | ▼ 5.3% |
| + Depreciation and write-downs630 | €14,791 | €12,942 | €12,733 | €12,440 | €7,948 | €15,429 | €15,518 | €15,103 | ▼ 2.7% |
| Operating cash flow (approximation) | €51,030 | €31,390 | €34,950 | €86,039 | €64,845 | €50,309 | €37,090 | €35,525 | ▼ 4.2% |
| Investment in fixed assets (approximation) | - | -€782 | €0 | -€698 | -€75,284 | €0 | -€383 | €0 | - |
| Change in cash | - | €15,794 | €10,645 | €1,239 | -€83,649 | -€78,879 | -€23,088 | €8,357 | - |
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, 34,693 companies had the same profile as VMAC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VMAC itself: 0.1% 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 34,693 companies, not a prediction for VMAC. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-05-2026 | 2026-00112443 | |
| 31-12-2024 | micro format | 07-05-2025 | 2025-00090817 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00188833 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00125310 | |
| 31-12-2021 | micro format | 24-05-2022 | 2022-20033302 | |
| 31-12-2020 | abbreviated format | 22-05-2021 | 2021-15000270 | |
| 31-12-2019 | abbreviated format | 12-05-2020 | 2020-12000265 | |
| 31-12-2018 | abbreviated format | 24-05-2019 | 2019-14200530 | |
| 31-12-2017 | abbreviated format | 01-06-2018 | 2018-15400188 | |
| 31-12-2016 | abbreviated format | 11-06-2017 | 2017-16900489 |