VNFF
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 12 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €360,599, larger than the loss of €170,831 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,744 | - |
| Financial fixed assets | €633,445 | €2.1m | €958,500 | €1.1m | €639,998 |
| Depreciation and write-downs of the year | €23,038 | €23,038 | €23,038 | €23,205 | €23,413 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.01m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.006m | €0.08m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €0.2m | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 6.4% |
| Non-recurring operating charges66A | - | - | - | €0.07m | - | - | - | - | - |
| Gross operating margin9900 | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | ▼ 6.5% |
| Operating profit (loss)9901 | -€0.2m | -€0.3m | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.2m | -€0.4m | ▼ 111% |
| Financial income75/76B | - | - | - | €1.1m | €0.9m | €2.2m | €1.7m | €2.6m | ▲ 53.5% |
| Recurring financial income75 | €3.0m | €1.2m | €0.9m | €1.1m | €0.9m | €2.2m | €1.7m | €2.6m | ▲ 53.5% |
| Financial charges65/66B | - | - | - | €0.05m | €3.4m | €4.3m | €1.4m | €3.5m | ▲ 145% |
| Recurring financial charges65 | €1.8m | -€1.6m | €0.8m | €0.05m | €2.9m | €0.5m | €0.7m | €0.08m | ▼ 87.7% |
| Non-recurring financial charges66B | - | - | - | - | €0.5m | €3.8m | €0.8m | €3.4m | ▲ 353% |
| Profit (loss) for the period before taxes9903 | €0.9m | €2.6m | -€3.1m | €0.7m | -€2.7m | -€2.3m | €0.05m | -€1.3m | - |
| Income taxes67/77 | €0.08m | €0.2m | -€0.004m | €0.07m | €0.05m | €0.05m | -€0.03m | -€0.03m | ▼ 15.9% |
| Profit (loss) for the period9904 | €0.8m | €2.4m | -€3.1m | €0.6m | -€2.7m | -€2.3m | €0.08m | -€1.3m | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €2.4m | -€3.1m | €0.6m | -€2.7m | -€2.3m | €0.08m | -€1.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €58.3m | €59.2m | €56.1m | €56.5m | €53.8m | €36.7m | €36.8m | €34.4m | ▼ 6.6% |
| Fixed assets21/28 | €17.7m | €22.1m | €22.6m | €22.1m | €23.2m | €19.7m | €17.8m | €12.9m | ▼ 27.6% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 6.4% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 6.4% |
| Financial fixed assets28 | €17.5m | €21.7m | €22.2m | €21.7m | €22.8m | €19.3m | €17.5m | €12.6m | ▼ 28.0% |
| Current assets29/58 | €40.7m | €37.1m | €33.5m | €34.5m | €30.6m | €17.0m | €19.0m | €21.5m | ▲ 13.0% |
| Amounts receivable after more than one year29 | - | - | - | €11.2m | €11.6m | €1.5m | €3.6m | €3.2m | ▼ 10.6% |
| Other amounts receivable291 | - | - | - | €11.2m | €11.6m | €1.5m | €3.6m | €3.2m | ▼ 10.6% |
| Amounts receivable within one year40/41 | €0.005m | €0.3m | €0.3m | €0.8m | €0.03m | €0.008m | €0.03m | €0.2m | ▲ 435% |
| Trade receivables40 | - | - | - | €0.003m | - | - | - | €425 | - |
| Other amounts receivable41 | - | - | - | €0.8m | €0.03m | €0.008m | €0.03m | €0.2m | ▲ 434% |
| Current investments50/53 | €24.2m | €21.0m | €15.0m | €15.9m | €13.7m | €13.5m | €10.4m | €14.9m | ▲ 43.1% |
| Cash at bank and in hand54/58 | €8.5m | €7.4m | €8.6m | €6.1m | €4.7m | €1.5m | €4.8m | €3.0m | ▼ 37.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €0.7m | €0.4m | €0.1m | €0.2m | ▲ 41.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €58.3m | €59.2m | €56.1m | €56.5m | €53.8m | €36.7m | €36.8m | €34.4m | ▼ 6.6% |
| Equity10/15 | €56.6m | €58.9m | €55.8m | €56.4m | €53.7m | €36.7m | €36.7m | €33.2m | ▼ 9.5% |
| Contributions10/11 | €27.3m | €27.3m | - | €28.8m | €28.8m | €28.8m | €28.8m | €28.8m | = |
| Reserves13 | €27.5m | €29.5m | €29.5m | €28.6m | €28.6m | €13.8m | €13.8m | €11.6m | ▼ 15.9% |
| Distributable reserves133 | - | - | - | €28.6m | €28.6m | €13.8m | €13.8m | €11.6m | ▼ 15.9% |
| Profit (loss) carried forward14 | €1.8m | €2.2m | -€0.9m | -€0.9m | -€3.7m | -€6.0m | -€5.9m | -€7.2m | ▼ 22.0% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.2m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.2m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0.2m | - |
| Amounts payable17/49 | €1.8m | €0.3m | €0.3m | €0.1m | €0.08m | €0.06m | €0.09m | €1.0m | ▲ 937% |
| Amounts payable after more than one year17 | €0.08m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.7m | €0.3m | €0.3m | €0.1m | €0.06m | €0.03m | €0.05m | €1.0m | ▲ 18× |
| Trade debts44 | €0.05m | €0.05m | €0.06m | €0.03m | €0.002m | €0.03m | €0.05m | €0.004m | ▼ 90.9% |
| Suppliers440/4 | - | - | - | €0.03m | €0.002m | €0.03m | €0.05m | €0.004m | ▼ 90.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.06m | €0.004m | €0.004m | €0.003m | ▼ 17.3% |
| Taxes450/3 | - | - | - | €0.07m | €0.06m | €0.004m | €0.004m | €0.003m | ▼ 17.3% |
| Other amounts payable47/48 | - | - | - | €0.002m | €416 | €416 | €416 | €1.0m | ▲ 2,285× |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0.04m | €0.02m | ▼ 62.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €2.4m | -€3.1m | €0.6m | -€2.7m | -€2.3m | €0.08m | -€1.3m | - |
| + Depreciation and write-downs630 | €0.006m | €0.08m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.9% |
| Operating cash flow (approximation) | €0.8m | €2.4m | -€3.1m | €0.7m | -€2.7m | -€2.3m | €0.1m | -€1.3m | - |
| Investment in fixed assets (approximation) | - | -€4.5m | -€0.5m | €0.5m | -€1.1m | €3.4m | €1.9m | €4.9m | ▲ 161% |
| Change in cash | - | -€1.1m | €1.1m | -€2.5m | -€1.4m | -€3.1m | €3.3m | -€1.8m | - |
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, 249 companies had the same profile as VNFF has now. Two years later, 94.0% were still going and 0.8% had gone bankrupt.
- Large
- solvency 30% or more
- a small loss
- without age
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VNFF 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 249 companies, not a prediction for VNFF. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00254453 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00252456 | |
| 31-12-2023 | full format | 15-07-2024 | 2024-00250106 | |
| 31-12-2022 | full format | 10-07-2023 | 2023-00226227 | |
| 31-12-2021 | full format | 24-08-2022 | 2022-20320016 | |
| 31-12-2020 | full format | 08-04-2021 | 2021-10000106 | |
| 31-12-2019 | full format | 06-10-2020 | 2020-59200130 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-54800573 | |
| 31-12-2017 | full format | 19-09-2018 | 2018-63400522 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-54700308 |