VOK PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-11-2025 PDF all 7 filings
Turnover
≈ €220,000
Estimated: probably between €120,000 and €390,000
Total assets
€186,109▲ 0.6%
2024 · €184,926
Net result
€10,655▲ 4.8%
2024 · €10,168
Working capital
€60,971▲ 18.6%
2024 · €51,413
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€16,357
▲ 10.3%
2025
20192025
Net result
€10,655
▲ 4.8%
2025
middle half of the sector
20192025
Equity
€105,192
▲ 11.3%
2025
middle half of the sector
20192025
Total assets
€186,109
▲ 0.6%
2025
middle half of the sector
20192025
Debt
€80,917
▼ 10.5%
2025
20192025
Working capital
€60,971
▲ 18.6%
2025
middle half of the sector
20192025
Solvency
56.5%
▲ 5.4pp
2025
middle half of the sector
20192025
Current ratio
4.81
▲ 1.17
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.7%
▲ 0.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,207-€19,942▲ 31.1%€19,254▼ 3.5%€34,656▲ 80.0%€22,377▼ 35.4%€14,834▼ 33.7%€16,357▲ 10.3%
Net result€7,193-€15,016within the sector's middle half▲ 109%€14,658within the sector's middle half▼ 2.4%€23,900within the sector's middle half▲ 63.1%€17,402within the sector's middle half▼ 27.2%€10,168within the sector's middle half▼ 41.6%€10,655within the sector's middle half▲ 4.8%
Equity€13,393-€28,409within the sector's middle half▲ 112%€43,067within the sector's middle half▲ 51.6%€66,967within the sector's middle half▲ 55.5%€84,369within the sector's middle half▲ 26.0%€94,537within the sector's middle half▲ 12.1%€105,192within the sector's middle half▲ 11.3%
Total assets€28,108-€46,741below the sector's middle half▲ 66.3%€162,064within the sector's middle half▲ 247%€173,065within the sector's middle half▲ 6.8%€193,910within the sector's middle half▲ 12.0%€184,926within the sector's middle half▼ 4.6%€186,109within the sector's middle half▲ 0.6%
Debt€14,715-€18,332▲ 24.6%€118,997▲ 549%€106,098▼ 10.8%€109,541▲ 3.2%€90,389▼ 17.5%€80,917▼ 10.5%
Working capital€8,166-€24,319within the sector's middle half▲ 198%€35,144within the sector's middle half▲ 44.5%€26,946within the sector's middle half▼ 23.3%€38,054within the sector's middle half▲ 41.2%€51,413within the sector's middle half▲ 35.1%€60,971within the sector's middle half▲ 18.6%
Solvency47.6%-60.8%within the sector's middle half▲ 13.1pp26.6%within the sector's middle half▼ 34.2pp38.7%within the sector's middle half▲ 12.1pp43.5%within the sector's middle half▲ 4.8pp51.1%within the sector's middle half▲ 7.6pp56.5%within the sector's middle half▲ 5.4pp
Current ratio1.55-2.33within the sector's middle half▲ 0.772.41within the sector's middle half▲ 0.082.15within the sector's middle half▼ 0.262.16within the sector's middle half▲ 0.013.64above the sector's middle half▲ 1.484.81above the sector's middle half▲ 1.17
Return on assets (ROA)25.6%-32.1%above the sector's middle half▲ 6.5pp9.0%within the sector's middle half▼ 23.1pp13.8%within the sector's middle half▲ 4.8pp9.0%within the sector's middle half▼ 4.8pp5.5%within the sector's middle half▼ 3.5pp5.7%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 10% higher than in 2024. It is a recovery after the fall 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 €186,109
Fixed assets
€109,144 ▼ 4.3%
Current assets
€76,965 ▲ 8.6%
Equity and liabilities €186,109
Equity
€105,192 ▲ 11.3%
Debt
€80,917 ▼ 10.5%
Debt's share of the balance-sheet total falls from 48.9% to 43.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27,339▲
2024 · €25,449
Cash flow
€21,637▲
2024 · €20,783
Quick ratio
4.69▲
2024 · 3.28
Debt to equity
0.77▼
2024 · 0.96
ROE
10.1%▼
2024 · 10.8%
Interest coverage
20.39▲
2024 · 17.97
Debt ≤ 1 year
€15,994▼
2024 · €19,480
Debt > 1 year
€64,923▼
2024 · €70,909
Income taxes
€4,366▲
2024 · €3,691
Staff costs
€2,055▲
2024 · €1,245
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €29,127 | €10,930 | €1,524 | €6,093 |
| Depreciation and write-downs of the year | €8,406 | €10,450 | €10,615 | €10,982 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €218 awarded · €218 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €218 |
| 2023 | 1 | €218 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €22,051 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1,010 | €2,092 | €1,245 | €2,055 | ▲ 65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,093 | €2,279 | €11,578 | €8,406 | €10,450 | €10,615 | €10,982 | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €474 | €1,661 | €1,760 | €1,379 | ▼ 21.6% |
| Gross operating margin9900 | €23,116 | €24,160 | €36,865 | €44,546 | €36,580 | €28,454 | €30,773 | ▲ 8.1% |
| Operating profit (loss)9901 | €15,207 | €19,942 | €19,254 | €34,656 | €22,377 | €14,834 | €16,357 | ▲ 10.3% |
| Financial income75/76B | - | - | - | - | €11 | €441 | €5 | ▼ 98.9% |
| Recurring financial income75 | €179 | €23 | €279 | - | €11 | €441 | €5 | ▼ 98.9% |
| Financial charges65/66B | - | - | - | €1,499 | €1,480 | €1,416 | €1,341 | ▼ 5.3% |
| Recurring financial charges65 | €685 | €171 | €785 | €1,499 | €1,480 | €1,416 | €1,341 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | €14,701 | €19,794 | €18,748 | €33,157 | €20,908 | €13,859 | €15,021 | ▲ 8.4% |
| Income taxes67/77 | €7,508 | €4,778 | €4,090 | €9,257 | €3,506 | €3,691 | €4,366 | ▲ 18.3% |
| Profit (loss) for the period9904 | €7,193 | €15,016 | €14,658 | €23,900 | €17,402 | €10,168 | €10,655 | ▲ 4.8% |
| Profit (loss) for the period to be appropriated9905 | €7,193 | €15,016 | €14,658 | €23,900 | €17,402 | €10,168 | €10,655 | ▲ 4.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €28,108 | €46,741 | €162,064 | €173,065 | €193,910 | €184,926 | €186,109 | ▲ 0.6% |
| Fixed assets21/28 | €5,227 | €4,090 | €101,923 | €122,644 | €123,124 | €114,033 | €109,144 | ▼ 4.3% |
| Tangible fixed assets22/27 | €5,227 | €4,090 | €101,923 | €122,644 | €123,124 | €114,033 | €109,144 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €103,978 | €101,134 | €98,290 | €95,447 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €4,759 | €7,682 | €6,733 | €4,704 | ▼ 30.1% |
| Furniture and vehicles24 | - | - | - | €13,907 | €14,308 | €9,010 | €8,993 | ▼ 0.2% |
| Current assets29/58 | €22,881 | €42,651 | €60,141 | €50,421 | €70,786 | €70,893 | €76,965 | ▲ 8.6% |
| Stocks and contracts in progress3 | - | - | - | - | €7,046 | €6,986 | €1,986 | ▼ 71.6% |
| Stocks30/36 | - | - | - | - | €2,046 | €1,986 | €1,986 | = |
| Contracts in progress37 | - | - | - | - | €5,000 | €5,000 | - | - |
| Amounts receivable within one year40/41 | €21,393 | €29,421 | €22,879 | €28,704 | €39,836 | €48,624 | €67,647 | ▲ 39.1% |
| Trade receivables40 | - | - | - | €27,344 | €30,233 | €27,239 | €26,345 | ▼ 3.3% |
| Other amounts receivable41 | - | - | - | €1,360 | €9,603 | €21,385 | €41,302 | ▲ 93.1% |
| Cash at bank and in hand54/58 | €1,488 | €12,679 | €34,458 | €19,167 | €21,091 | €10,625 | €4,735 | ▼ 55.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,550 | €2,813 | €4,658 | €2,597 | ▼ 44.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €28,108 | €46,741 | €162,064 | €173,065 | €193,910 | €184,926 | €186,109 | ▲ 0.6% |
| Equity10/15 | €13,393 | €28,409 | €43,067 | €66,967 | €84,369 | €94,537 | €105,192 | ▲ 11.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - |
| Reserves13 | €7,193 | €22,209 | €36,867 | €36,867 | €36,867 | €36,867 | €98,992 | ▲ 169% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €35,007 | €36,867 | €36,867 | €98,992 | ▲ 169% |
| Profit (loss) carried forward14 | - | - | - | €23,900 | €41,302 | €51,470 | - | - |
| Amounts payable17/49 | €14,715 | €18,332 | €118,997 | €106,098 | €109,541 | €90,389 | €80,917 | ▼ 10.5% |
| Amounts payable after more than one year17 | - | - | €94,000 | €82,623 | €76,809 | €70,909 | €64,923 | ▼ 8.4% |
| Financial debts170/4 | - | - | - | €82,623 | €76,809 | €70,909 | €64,923 | ▼ 8.4% |
| Amounts payable within one year42/48 | €14,715 | €18,332 | €24,997 | €23,475 | €32,732 | €19,480 | €15,994 | ▼ 17.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,730 | €5,814 | €5,900 | €5,986 | ▲ 1.5% |
| Trade debts44 | €1,843 | €4,547 | €18,847 | €7,071 | €20,834 | €7,116 | €3,072 | ▼ 56.8% |
| Suppliers440/4 | - | - | - | €7,071 | €20,834 | €7,116 | €3,072 | ▼ 56.8% |
| Advances received on contracts in progress46 | - | - | - | €3,500 | €3,500 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,174 | €2,584 | €6,464 | €6,936 | ▲ 7.3% |
| Taxes450/3 | - | - | - | €5,638 | €2,584 | €6,385 | €5,106 | ▼ 20.0% |
| Remuneration and social security454/9 | - | - | - | €1,536 | - | €79 | €1,830 | ▲ 23× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,193 | €15,016 | €14,658 | €23,900 | €17,402 | €10,168 | €10,655 | ▲ 4.8% |
| + Depreciation and write-downs630 | €4,093 | €2,279 | €11,578 | €8,406 | €10,450 | €10,615 | €10,982 | ▲ 3.5% |
| Operating cash flow (approximation) | €11,286 | €17,295 | €26,236 | €32,306 | €27,852 | €20,783 | €21,637 | ▲ 4.1% |
| Investment in fixed assets (approximation) | - | -€1,142 | -€109,411 | -€29,127 | -€10,930 | -€1,524 | -€6,093 | ▼ 300% |
| Change in cash | - | €11,191 | €21,779 | -€15,291 | €1,924 | -€10,466 | -€5,890 | ▲ 43.7% |
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, 26,972 companies had the same profile as VOK PROJECTS has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VOK PROJECTS itself: 1.2% 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 26,972 companies, not a prediction for VOK PROJECTS. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 26-11-2025 | 2025-00570681 | |
| 30-06-2024 | micro format | 17-12-2024 | 2024-00618938 | |
| 30-06-2023 | micro format | 21-12-2023 | 2023-00537952 | |
| 30-06-2022 | micro format | 29-12-2022 | 2023-20551172 | |
| 30-06-2021 | micro format | 22-12-2021 | 2021-81800389 | |
| 30-06-2020 | micro format | 28-12-2020 | 2020-77300036 | |
| 30-06-2019 | micro format | 09-12-2019 | 2019-75600220 |