VNFF (0541.987.005): financials and annual accounts

VNFF

Brussels ·KBO/BCE: BE 0541.987.005

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Balance sheet: assets
Total assets`20/58`	34.4m	36.8m	36.7m	53.8m	56.5m	56.1m	59.2m	58.3m	58.8m	30.2m	29.2m	27.5m
Fixed assets`21/28`	12.9m	17.8m	19.7m	23.2m	22.1m	22.6m	22.1m	17.7m	14.1m	29.7m	29.2m	27.3m
Tangible fixed assets`22/27`	340,823	364,236	383,697	406,735	429,773	452,812	424,304	211,994	548	1,095	-	-
Land and buildings`22`	340,823	364,236	383,697	406,735	429,773	452,812	419,050	-	-	-	-	-
Plant, machinery and equipment`23`	-	-	-	-	-	-	729	1,458	548	1,095	-	-
Furniture and vehicles`24`	-	-	-	-	-	-	4,525	9,048	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	201,488	-	-	-	-
Financial fixed assets`28`	12.6m	17.5m	19.3m	22.8m	21.7m	22.2m	21.7m	17.5m	14.1m	29.7m	29.2m	27.3m
Current assets`29/58`	21.5m	19.0m	17.0m	30.6m	34.5m	33.5m	37.1m	40.7m	44.7m	488,304	48,008	257,530
Amounts receivable after more than one year`29`	3.2m	3.6m	1.5m	11.6m	11.2m	9.3m	8.0m	7.7m	6.4m	225,000	-	-
Trade receivables`290`	-	-	-	-	-	-	-	-	-	225,000	-	-
Other amounts receivable`291`	3.2m	3.6m	1.5m	11.6m	11.2m	9.3m	8.0m	7.7m	6.4m	-	-	-
Amounts receivable within one year`40/41`	170,663	31,909	8,253	34,084	817,072	344,581	296,217	4,534	-	45,000	45,000	207,808
Trade receivables`40`	425	-	-	-	3,000	-	25,965	-	-	45,000	45,000	199,591
Other amounts receivable`41`	170,238	31,909	8,253	34,084	814,072	344,581	270,252	4,534	-	-	-	8,218
Current investments`50/53`	14.9m	10.4m	13.5m	13.7m	15.9m	15.0m	21.0m	24.2m	33.6m	-	-	-
Cash at bank and in hand`54/58`	3.0m	4.8m	1.5m	4.7m	6.1m	8.6m	7.4m	8.5m	4.5m	215,787	2,751	47,813
Deferred charges and accrued income`490/1`	206,078	145,848	441,976	666,587	445,964	307,587	409,879	232,936	130,402	2,517	257	1,909
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	34.4m	36.8m	36.7m	53.8m	56.5m	56.1m	59.2m	58.3m	58.8m	30.2m	29.2m	27.5m
Equity`10/15`	33.2m	36.7m	36.7m	53.7m	56.4m	55.8m	58.9m	56.6m	55.7m	26.2m	27.4m	27.4m
Contributions`10/11`	28.8m	28.8m	28.8m	28.8m	28.8m	27.3m	27.3m	27.3m	27.3m	27.3m	27.3m	27.3m
Issued capital`100`	-	-	-	-	-	-	27.3m	27.3m	27.3m	27.3m	27.3m	27.3m
Uncalled capital`101`	-	-	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400
Reserves`13`	11.6m	13.8m	13.8m	28.6m	28.6m	29.5m	29.5m	27.5m	26.6m	171,668	171,668	100,217
Non-distributable reserves`130/1`	-	-	-	-	-	1.5m	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1.5m	1.5m	1.5m	8,583	8,583	5,011
Reserves not available under the articles`1311`	-	-	-	-	-	1.5m	-	-	-	-	-	-
Distributable reserves`133`	11.6m	13.8m	13.8m	28.6m	28.6m	28.0m	28.0m	26.0m	25.2m	163,084	163,084	95,206
Profit (loss) carried forward`14`	-7.2m	-5.9m	-6.0m	-3.7m	-945,705	-945,712	2.2m	1.8m	1.8m	-1.2m	-	-
Provisions and deferred taxes`16`	180,000	-	-	-	-	-	-	-	-	1.5m	-	-
Provisions for liabilities and charges`160/5`	180,000	-	-	-	-	-	-	-	-	1.5m	-	-
Other liabilities and charges`164/5`	180,000	-	-	-	-	-	-	-	-	1.5m	-	-
Amounts payable`17/49`	974,790	93,976	55,957	78,447	108,397	269,106	258,453	1.8m	3.1m	2.5m	1.8m	151,114
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	80,000	120,000	1.9m	1.3m	-
Financial debts`170/4`	-	-	-	-	-	-	-	80,000	120,000	1.9m	1.3m	-
Amounts payable within one year`42/48`	959,372	53,380	34,886	64,124	96,756	269,106	257,797	1.7m	2.9m	611,476	456,207	151,114
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	40,000	40,000	40,000	-	-
Trade debts`44`	4,433	48,877	30,603	1,602	27,025	64,664	47,231	48,545	85,625	5,500	1,947	75,355
Suppliers`440/4`	4,433	48,877	30,603	1,602	27,025	64,664	47,231	48,545	85,625	5,500	1,947	75,355
Taxes, remuneration and social security`45`	3,380	4,087	3,867	62,105	68,122	204,026	210,566	1.6m	1.5m	142,215	48,804	75,759
Taxes`450/3`	3,380	4,087	3,867	62,105	68,122	204,026	210,566	1.6m	1.5m	142,215	48,804	75,759
Other amounts payable`47/48`	951,559	416	416	416	1,610	416	-	-	1.3m	423,761	405,456	-
Accrued charges and deferred income`492/3`	15,418	40,595	21,071	14,323	11,640	-	656	565	3,429	5,772	4,138	-
Income statement
Non-recurring operating income`76A`	-	10,860	-	-	-	-	-	-	31.3m	-	-	-
Gross operating margin`9900`	-144,115	-135,340	-177,475	-106,571	-215,457	-224,698	-174,213	-201,275	31.0m	156,533	164,898	167,533
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	23,413	23,205	23,038	23,038	23,038	27,128	81,765	5,800	547	547	-	6,686
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	180,000	-	-	-	-	-	-	-	-1.5m	1.5m	-	-
Other operating charges`640/8`	13,071	12,286	12,860	22,696	20,271	1,139	1,690	1,672	1,656	1,853	3,060	4,940
Non-recurring operating charges`66A`	-	-	-	-	69,343	3.0m	-	9,989	1.5m	-	-	-
Operating profit (loss)`9901`	-360,599	-170,831	-213,373	-152,305	-328,108	-252,964	-257,668	-218,735	31.0m	-1.3m	161,838	155,907
Financial income`75/76B`	2.6m	1.7m	2.2m	873,782	1.1m	896,689	1.2m	3.0m	488,285	339,353	25	203
Recurring financial income`75`	2.6m	1.7m	2.2m	873,782	1.1m	896,689	1.2m	3.0m	488,285	339,353	25	203
Financial charges`65/66B`	3.5m	1.4m	4.3m	3.4m	54,751	3.8m	-1.6m	1.8m	499,963	103,532	50,240	1,736
Recurring financial charges`65`	83,318	679,359	466,704	2.9m	54,751	760,004	-1.6m	1.8m	499,963	103,532	50,240	1,736
Non-recurring financial charges`66B`	3.4m	758,392	3.8m	500,000	-	3.0m	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	-1.3m	53,983	-2.3m	-2.7m	699,031	-3.1m	2.6m	921,073	31.0m	-1.1m	111,623	154,374
Income taxes`67/77`	-31,757	-27,403	52,060	52,424	69,124	-3,591	209,710	84,081	1.5m	134,467	40,172	54,158
Profit (loss) for the period`9904`	-1.3m	81,386	-2.3m	-2.7m	629,907	-3.1m	2.4m	836,991	29.5m	-1.2m	71,451	100,217
Profit (loss) for the period to be appropriated`9905`	-1.3m	81,386	-2.3m	-2.7m	629,907	-3.1m	2.4m	836,991	29.5m	-1.2m	71,451	100,217
Appropriation of the result
Profit (loss) to be appropriated`9906`	-7.2m	-5.9m	-6.0m	-3.7m	-315,805	-945,712	4.2m	2.6m	28.3m	-1.2m	71,451	100,217
Profit (loss) brought forward from the previous period`14P`	-5.9m	-6.0m	-3.7m	-945,705	-945,712	-	-	-	-	-	-	-
Transfer from equity`791/2`	2.2m	-	14.7m	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	629,900	-	2.0m	831,850	26.5m	-	71,451	100,217
To the legal reserve`6920`	-	-	-	-	-	-	-	41,850	1.5m	-	3,573	5,011
To other reserves`6921`	-	-	-	-	629,900	-	2.0m	790,000	25.0m	-	67,879	95,206
Profit to be distributed`694/7`	2.2m	-	14.7m	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	2.2m	-	14.7m	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	06-07-2026	2026-00254453	PDF
31-12-2024	full format	10-07-2025	2025-00252456	PDF
31-12-2023	full format	15-07-2024	2024-00250106	PDF
31-12-2022	full format	10-07-2023	2023-00226227	PDF
31-12-2021	full format	24-08-2022	2022-20320016	PDF
31-12-2020	full format	08-04-2021	2021-10000106	PDF
31-12-2019	full format	06-10-2020	2020-59200130	PDF
31-12-2018	full format	29-08-2019	2019-54800573	PDF
31-12-2017	full format	19-09-2018	2018-63400522	PDF
31-12-2016	full format	31-08-2017	2017-54700308	PDF
31-12-2015	full format	12-09-2016	2016-59500106	PDF
31-12-2014	full format	26-08-2015	2015-47300583	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
EBITDA	-337,186	-147,626	-190,335	-129,267	-305,070	-225,836	-175,903	-212,935	31.0m	-1.3m	-	162,593
Cash flow	-1.3m	104,591	-2.3m	-2.7m	652,945	-3.1m	2.4m	842,791	29.5m	-1.2m	-	106,903
Investment in fixed assets	639,998	1.1m	958,500	2.1m	633,445	3.8m	4.5m	3.5m	12.7m	542,642	1.9m	27.3m
Change in cash	-1.8m	3.3m	-3.1m	-1.4m	-2.5m	1.1m	-1.1m	4.0m	4.3m	213,036	-45,063	-
Working capital	20.5m	19.0m	17.0m	30.5m	34.4m	33.2m	36.8m	39.0m	41.7m	-123,173	-408,200	106,417
Solvency	96.6%	99.7%	99.8%	99.9%	99.8%	99.5%	99.6%	97.0%	94.8%	86.7%	93.9%	99.5%
Current ratio	22.39	-	-	-	-	-	-	24.21	15.15	0.80	0.11	1.70
Debt to equity	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.06	0.10	0.07	0.01
ROE	-3.9%	0.2%	-6.3%	-5.1%	1.1%	-5.6%	4.0%	1.5%	53.0%	-4.7%	0.3%	0.4%
ROA	-3.8%	0.2%	-6.3%	-5.1%	1.1%	-5.6%	4.0%	1.4%	50.2%	-4.1%	0.2%	0.4%
Interest coverage	-4.05	-0.22	-0.41	-0.04	-5.57	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€3,744	-	-	-
Financial fixed assets	€639,998	€1.1m	€958,500	€2.1m	€633,445
Depreciation and write-downs of the year	€23,413	€23,205	€23,038	€23,038	€23,038

VNFF

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on VNFF

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