VMT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 4 filings
Turnover
≈ €570,000
Estimated: probably between €500,000 and €700,000
Total assets
€452,538▼ 16.5%
2024 · €541,873
Net result
-€12,446▼ 52.3%
2024 · -€8,169
Working capital
€7,528▼ 33.7%
2024 · €11,360
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€17,393
▼ 31.9%
2025
20222025
Net result
-€12,446
▼ 52.3%
2025
lowest quarter of the sector
20222025
Equity
€23,560
▼ 34.6%
2025
middle half of the sector
20222025
Total assets
€452,538
▼ 16.5%
2025
highest quarter of the sector
20222025
Debt
€428,978
▼ 15.2%
2025
20222025
Working capital
€7,528
▼ 33.7%
2025
middle half of the sector
20222025
Solvency
5.2%
▼ 1.4pp
2025
lowest quarter of the sector
20222025
Current ratio
1.02
▼ 0.01
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-2.8%
▼ 1.2pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
3.4
▼ 30.6%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€33,475-€5,431▼ 83.8%€25,528▲ 370%€17,393▼ 31.9%
Net result€25,552within the sector's middle half--€1,376below the sector's middle half-€8,169below the sector's middle half▼ 494%-€12,446below the sector's middle half▼ 52.3%
Equity€45,552within the sector's middle half-€44,176within the sector's middle half▼ 3.0%€36,006within the sector's middle half▼ 18.5%€23,560within the sector's middle half▼ 34.6%
Total assets€291,966within the sector's middle half-€564,795above the sector's middle half▲ 93.4%€541,873above the sector's middle half▼ 4.1%€452,538above the sector's middle half▼ 16.5%
Debt€246,414-€520,620▲ 111%€505,867▼ 2.8%€428,978▼ 15.2%
Working capital€16,916within the sector's middle half-€9,502within the sector's middle half▼ 43.8%€11,360within the sector's middle half▲ 19.5%€7,528within the sector's middle half▼ 33.7%
Solvency15.6%below the sector's middle half-7.8%below the sector's middle half▼ 7.8pp6.6%below the sector's middle half▼ 1.2pp5.2%below the sector's middle half▼ 1.4pp
Current ratio1.09below the sector's middle half-1.02below the sector's middle half▼ 0.071.02below the sector's middle half=1.02below the sector's middle half▼ 0.01
Return on assets (ROA)8.8%within the sector's middle half--0.2%below the sector's middle half▼ 9.0pp-1.5%below the sector's middle half▼ 1.3pp-2.8%below the sector's middle half▼ 1.2pp
Staff (FTE)1.9-5.1▲ 168%4.9▼ 3.9%3.4▼ 30.6%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 32% 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 €452,538
Fixed assets
€25,695 ▼ 39.1%
Current assets
€426,843 ▼ 14.6%
Equity and liabilities €452,538
Equity
€23,560 ▼ 34.6%
Debt
€428,978 ▼ 15.2%
Debt's share of the balance-sheet total rises from 93.4% to 94.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,874▼
2024 · €41,891
Cash flow
€4,034▼
2024 · €8,194
Quick ratio
0.83▼
2024 · 0.84
Debt to equity
18.21▲
2024 · 14.05
ROE
-52.8%▼
2024 · -22.7%
Interest coverage
1.12▼
2024 · 1.24
Debt ≤ 1 year
€419,315▼
2024 · €488,338
Debt > 1 year
€6,179▼
2024 · €17,529
Staff costs
€188,039▼
2024 · €246,585
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 4 | 3 |
| full-time | 4 | 5 | 4 | 3 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 4 | 5 | 4 | 3 |
| Average over the year, in full-time equivalents | 1.9 | 5.1 | 4.9 | 3.4 |
| On a permanent contract | 4 | 5 | 4 | 3 |
| Joined | 6 | 3 | 1 | 1 |
| Left | 2 | 2 | 2 | 2 |
| Training hours | 60 | 18 | - | 16 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €92,012 | €9,883 | €1,532 | - |
| Intangible fixed assets | - | €3,930 | - | - |
| Financial fixed assets | €1,000 | - | - | - |
| Depreciation and write-downs of the year | €9,528 | €16,356 | €16,363 | €16,481 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €1,377 awarded · €1,377 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €900 | €900 |
| 2022 | 1 | €477 | €477 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €112,813 | €243,671 | €246,585 | €188,039 | ▼ 23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,528 | €16,356 | €16,363 | €16,481 | ▲ 0.7% |
| Other operating charges640/8 | €1,166 | €2,432 | €15,973 | €33,212 | ▲ 108% |
| Non-recurring operating charges66A | - | - | €7,045 | €0 | ▼ 100% |
| Gross operating margin9900 | €156,982 | €267,890 | €311,493 | €255,125 | ▼ 18.1% |
| Operating profit (loss)9901 | €33,475 | €5,431 | €25,528 | €17,393 | ▼ 31.9% |
| Financial income75/76B | €315 | €1,861 | €99 | €404 | ▲ 309% |
| Recurring financial income75 | €315 | €1,861 | €99 | €404 | ▲ 309% |
| Financial charges65/66B | €6,539 | €8,423 | €33,796 | €30,243 | ▼ 10.5% |
| Recurring financial charges65 | €6,539 | €8,423 | €33,796 | €30,243 | ▼ 10.5% |
| Profit (loss) for the period before taxes9903 | €27,252 | -€1,131 | -€8,169 | -€12,446 | ▼ 52.3% |
| Income taxes67/77 | €1,700 | €245 | €0 | - | - |
| Profit (loss) for the period9904 | €25,552 | -€1,376 | -€8,169 | -€12,446 | ▼ 52.3% |
| Profit (loss) for the period to be appropriated9905 | €25,552 | -€1,376 | -€8,169 | -€12,446 | ▼ 52.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €291,966 | €564,795 | €541,873 | €452,538 | ▼ 16.5% |
| Fixed assets21/28 | €83,484 | €64,672 | €42,175 | €25,695 | ▼ 39.1% |
| Intangible fixed assets21 | - | €3,297 | €2,315 | €1,332 | ▼ 42.4% |
| Tangible fixed assets22/27 | €82,484 | €60,374 | €38,861 | €23,362 | ▼ 39.9% |
| Plant, machinery and equipment23 | €5,125 | €6,964 | €6,410 | €4,207 | ▼ 34.4% |
| Furniture and vehicles24 | €4,730 | €9,775 | €1,540 | €970 | ▼ 37.0% |
| Leasing and similar rights25 | €72,629 | €43,635 | €30,910 | €18,186 | ▼ 41.2% |
| Financial fixed assets28 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Current assets29/58 | €208,482 | €500,124 | €499,698 | €426,843 | ▼ 14.6% |
| Stocks and contracts in progress3 | €40,090 | €84,912 | €91,760 | €79,691 | ▼ 13.2% |
| Stocks30/36 | €40,090 | €84,912 | €91,760 | €79,691 | ▼ 13.2% |
| Amounts receivable within one year40/41 | €162,274 | €353,217 | €373,903 | €322,267 | ▼ 13.8% |
| Trade receivables40 | €109,434 | €289,606 | €317,886 | €267,968 | ▼ 15.7% |
| Other amounts receivable41 | €52,840 | €63,612 | €56,017 | €54,299 | ▼ 3.1% |
| Cash at bank and in hand54/58 | - | €56,961 | €28,739 | €17,789 | ▼ 38.1% |
| Deferred charges and accrued income490/1 | €6,118 | €5,034 | €5,296 | €7,097 | ▲ 34.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €291,966 | €564,795 | €541,873 | €452,538 | ▼ 16.5% |
| Equity10/15 | €45,552 | €44,176 | €36,006 | €23,560 | ▼ 34.6% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €25,552 | €24,176 | €16,006 | €3,560 | ▼ 77.8% |
| Distributable reserves133 | €25,552 | €24,176 | €16,006 | €3,560 | ▼ 77.8% |
| Amounts payable17/49 | €246,414 | €520,620 | €505,867 | €428,978 | ▼ 15.2% |
| Amounts payable after more than one year17 | €54,848 | €29,999 | €17,529 | €6,179 | ▼ 64.7% |
| Financial debts170/4 | €54,848 | €29,999 | €17,529 | €6,179 | ▼ 64.7% |
| Amounts payable within one year42/48 | €191,566 | €490,621 | €488,338 | €419,315 | ▼ 14.1% |
| Current portion of amounts payable after more than one year42 | €15,099 | €112,164 | €112,470 | €111,350 | ▼ 1.0% |
| Financial debts43 | €20,497 | €0 | - | - | - |
| Credit institutions430/8 | €20,497 | €0 | - | - | - |
| Trade debts44 | €148,266 | €353,511 | €356,373 | €289,819 | ▼ 18.7% |
| Suppliers440/4 | €148,266 | €353,511 | €356,373 | €289,819 | ▼ 18.7% |
| Taxes, remuneration and social security45 | €7,293 | €20,147 | €14,696 | €12,747 | ▼ 13.3% |
| Taxes450/3 | €1,903 | €1,356 | €0 | - | - |
| Remuneration and social security454/9 | €5,390 | €18,791 | €14,696 | €12,747 | ▼ 13.3% |
| Other amounts payable47/48 | €411 | €4,800 | €4,800 | €5,399 | ▲ 12.5% |
| Accrued charges and deferred income492/3 | - | - | - | €3,484 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,552 | -€1,376 | -€8,169 | -€12,446 | ▼ 52.3% |
| + Depreciation and write-downs630 | €9,528 | €16,356 | €16,363 | €16,481 | ▲ 0.7% |
| Operating cash flow (approximation) | €35,080 | €14,980 | €8,194 | €4,034 | ▼ 50.8% |
| Investment in fixed assets (approximation) | - | €2,456 | €6,133 | €0 | ▼ 100% |
| Change in cash | - | - | -€28,221 | -€10,950 | ▲ 61.2% |
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, 849 companies had the same profile as VMT has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VMT itself: 1.3% 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 849 companies, not a prediction for VMT. 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.