VOLCANO
ActiveSummary
The computed 12-month bankruptcy probability of VOLCANO is 1.5% (moderate). The 2025 annual accounts show negative equity (-€87,666) and a net result of -€15,603. Equity is shrinking by about 24% per year across the filed financial years. The company has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (13 days) Filed on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399272.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€15,603▼ 42.3%
2024 · -€10,961
Working capital
€57,790
2021 · -€90,328
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €6,046 in 2025 against €2,073 in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€6,046
2025
Net result-€15,603
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€96,908
2025
Equity-€87,666
2025
Debt€184,574
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€57,790
2023
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€20,143-€8,999▼ 55.3%€12,582▲ 39.8%-€33,283-€5,710▲ 82.8%-€6,240▼ 9.3%-€2,073▲ 66.8%-€6,046▼ 192%
Net result€18,120-€6,833▼ 62.3%€11,538▲ 68.9%-€34,422-€6,428▲ 81.3%-€12,382▼ 92.6%-€10,961▲ 11.5%-€15,603▼ 42.3%
Equity-€26,242--€19,409▲ 26.0%-€7,870▲ 59.4%-€42,292▼ 437%-€48,720▼ 15.2%-€61,103▼ 25.4%-€72,063▼ 17.9%-€87,666▼ 21.7%
Total assets€102,773-€114,474▲ 11.4%€41,824▼ 63.5%€115,890▲ 177%€113,507▼ 2.1%€117,958▲ 3.9%€103,799▼ 12.0%€96,908▼ 6.6%
Debt€129,015-€133,883▲ 3.8%€49,695▼ 62.9%€158,182▲ 218%€162,227▲ 2.6%€179,061▲ 10.4%€175,862▼ 1.8%€184,574▲ 5.0%
Working capital-€72,257--€42,331▲ 41.4%-€9,388▲ 77.8%-€90,328▼ 862%€57,790
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €96,908
Fixed assets
€48,810 =
Current assets
€48,098 ▼ 12.5%
Equity and liabilities
Equity-€87,666
Debt€184,574
Equity is negative: debt (€184,574) exceeds the balance-sheet total (€96,908).
Key figures and ratios
Solvency
-90.5%▼
2024 · -69.4%
ROA
-16.1%▼
2024 · -10.6%
Debt > 1 year
€184,574▲
2024 · €175,785
Income taxes
€26▼
2024 · €55
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,003 | €23,093 | €21,405 | €1,518 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,218 | €2,805 | €2,693 | €818 | €3,154 | ▲ 286% |
| Gross operating margin9900 | €64,718 | €33,692 | €33,987 | -€28,547 | -€2,906 | -€3,547 | -€1,255 | -€2,892 | ▼ 130% |
| Operating profit (loss)9901 | €20,143 | €8,999 | €12,582 | -€33,283 | -€5,710 | -€6,240 | -€2,073 | -€6,046 | ▼ 192% |
| Financial income75/76B | - | - | - | - | €106 | €270 | €365 | €174 | ▼ 52.3% |
| Recurring financial income75 | - | - | - | - | €106 | €270 | €365 | €174 | ▼ 52.3% |
| Financial charges65/66B | - | - | - | €1,139 | €808 | €6,372 | €9,198 | €9,704 | ▲ 5.5% |
| Recurring financial charges65 | €2,023 | €2,166 | €1,044 | €1,139 | €808 | €6,372 | €9,198 | €9,704 | ▲ 5.5% |
| Profit (loss) for the period before taxes9903 | €18,120 | €6,833 | €11,538 | -€34,422 | -€6,412 | -€12,342 | -€10,906 | -€15,576 | ▼ 42.8% |
| Income taxes67/77 | - | - | - | - | €16 | €40 | €55 | €26 | ▼ 52.3% |
| Profit (loss) for the period9904 | €18,120 | €6,833 | €11,538 | -€34,422 | -€6,428 | -€12,382 | -€10,961 | -€15,603 | ▼ 42.3% |
| Profit (loss) for the period to be appropriated9905 | €18,120 | €6,833 | €11,538 | -€34,422 | -€6,428 | -€12,382 | -€10,961 | -€15,603 | ▼ 42.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €102,773 | €114,474 | €41,824 | €115,890 | €113,507 | €117,958 | €103,799 | €96,908 | ▼ 6.6% |
| Fixed assets21/28 | €46,015 | €22,923 | €1,518 | €48,181 | €48,271 | €48,500 | €48,810 | €48,810 | = |
| Tangible fixed assets22/27 | €46,015 | €22,923 | €1,518 | - | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | €48,181 | €48,271 | €48,500 | €48,810 | €48,810 | = |
| Current assets29/58 | €56,758 | €91,552 | €40,307 | €67,709 | €65,236 | €69,459 | €54,989 | €48,098 | ▼ 12.5% |
| Amounts receivable within one year40/41 | €48,432 | €66,574 | €36,033 | €63,969 | €64,121 | €64,205 | €329 | €329 | = |
| Trade receivables40 | - | - | - | €43,560 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €20,409 | €64,121 | €64,205 | €329 | €329 | = |
| Cash at bank and in hand54/58 | - | - | €4,273 | €3,740 | €1,115 | €5,253 | €54,659 | €47,621 | ▼ 12.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €148 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €102,773 | €114,474 | €41,824 | €115,890 | €113,507 | €117,958 | €103,799 | €96,908 | ▼ 6.6% |
| Equity10/15 | -€26,242 | -€19,409 | -€7,870 | -€42,292 | -€48,720 | -€61,103 | -€72,063 | -€87,666 | ▼ 21.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €245 | €245 | €245 | €245 | €245 | €245 | €245 | €245 | = |
| Non-distributable reserves130/1 | - | - | - | €245 | €245 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €245 | €245 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €245 | €245 | €245 | = |
| Profit (loss) carried forward14 | -€45,086 | -€38,253 | -€26,715 | -€61,137 | -€67,565 | -€79,947 | -€90,908 | -€106,511 | ▼ 17.2% |
| Amounts payable17/49 | €129,015 | €133,883 | €49,695 | €158,182 | €162,227 | €179,061 | €175,862 | €184,574 | ▲ 5.0% |
| Amounts payable after more than one year17 | - | - | - | - | €162,140 | €167,392 | €175,785 | €184,574 | ▲ 5.0% |
| Financial debts170/4 | - | - | - | - | €162,140 | €167,392 | €175,785 | €184,574 | ▲ 5.0% |
| Amounts payable within one year42/48 | €129,015 | €133,883 | €49,695 | €158,037 | - | €11,669 | - | - | - |
| Trade debts44 | €7,448 | €1,493 | €4,981 | €874 | - | €1,669 | - | - | - |
| Suppliers440/4 | - | - | - | €874 | - | €1,669 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,390 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €7,390 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €149,773 | - | €10,000 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €145 | €87 | - | €77 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,120 | €6,833 | €11,538 | -€34,422 | -€6,428 | -€12,382 | -€10,961 | -€15,603 | ▼ 42.3% |
| + Depreciation and write-downs630 | €32,003 | €23,093 | €21,405 | €1,518 | - | - | - | - | - |
| Operating cash flow (approximation) | €50,123 | €29,925 | €32,943 | -€32,904 | -€6,428 | -€12,382 | -€10,961 | -€15,603 | ▼ 42.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€48,181 | -€90 | -€229 | -€310 | €0 | - |
| Change in cash | - | - | - | -€534 | -€2,625 | €4,139 | €49,406 | -€7,039 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-08-2026 | 2026-00399272 |
| 31-12-2024 | full format | 04-08-2025 | 2025-00360307 |
| 31-12-2023 | full format | 08-08-2024 | 2024-00337892 |
| 31-12-2022 | full format | 18-08-2023 | 2023-00338551 |
| 31-12-2021 | full format | 30-08-2022 | 2022-20387812 |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63000464 |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74600358 |
| 31-12-2018 | micro format | 25-09-2019 | 2019-65900296 |
| 31-12-2017 | micro format | 22-11-2018 | 2018-72800400 |
| 31-12-2016 | micro format | 23-11-2017 | 2017-70000600 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.