Vonque
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 5 days after the deadline Filed on 5 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00106849.
Annual accounts 2025 filed on 05-05-2026 PDF all 26 filings
Turnover
≈ €130,000
Estimated: probably between €97,000 and €190,000
EBIT margin
Not included in this filing
Net result
€14,163▼ 58.6%
2024 · €34,176
Working capital
€1,156
2024 · -€10,370
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€19,275
▼ 60.2%
2025
20192025
Net result
€14,163
▼ 58.6%
2025
middle half of the sector
20192025
Equity
€140,255
▲ 11.2%
2025
middle half of the sector
20192025
Total assets
€426,595
▲ 45.1%
2025
lowest quarter of the sector
20192025
Debt
€286,340
▲ 70.5%
2025
20192025
Working capital
€1,156
2025
lowest quarter of the sector
20192025
Solvency
32.9%
▼ 10.0pp
2025
middle half of the sector
20192025
Current ratio
1.01
▲ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.3%
▼ 8.3pp
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€253-€0.007m▲ 26×€0.02m▲ 254%€0.01m▼ 39.1%€0.03m▲ 102%€0.05m▲ 68.9%€0.02m▼ 60.2%
Net result€0.004m-€0.002mwithin the sector's middle half▼ 43.6%€0.01mwithin the sector's middle half▲ 449%€0.01mwithin the sector's middle half▼ 27.7%€0.02mwithin the sector's middle half▲ 104%€0.03mwithin the sector's middle half▲ 71.7%€0.01mwithin the sector's middle half▼ 58.6%
Equity€0.05m-€0.05mwithin the sector's middle half▲ 5.3%€0.06mwithin the sector's middle half▲ 27.6%€0.07mwithin the sector's middle half▲ 15.6%€0.09mwithin the sector's middle half▲ 27.6%€0.1mwithin the sector's middle half▲ 37.2%€0.1mwithin the sector's middle half▲ 11.2%
Total assets€0.5m-€0.9mwithin the sector's middle half▲ 86.1%€1.0mwithin the sector's middle half▲ 14.8%€1.1mwithin the sector's middle half▲ 12.2%€0.3mbelow the sector's middle half▼ 75.0%€0.3mbelow the sector's middle half▲ 5.1%€0.4mbelow the sector's middle half▲ 45.1%
Debt€0.4m-€0.8m▲ 95.0%€0.9m▲ 14.1%€1.0m▲ 12.0%€0.2m▼ 82.0%€0.2m▼ 10.6%€0.3m▲ 70.5%
Working capital€0.03m--€0.03mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 55.5%-€0.02mbelow the sector's middle half▼ 27.0%-€0.001mbelow the sector's middle half▲ 97.4%-€0.01mbelow the sector's middle half▼ 1,942%€0.001mbelow the sector's middle half
Solvency9.9%-5.6%below the sector's middle half▼ 4.3pp6.3%below the sector's middle half▲ 0.6pp6.4%below the sector's middle half▲ 0.2pp32.8%within the sector's middle half▲ 26.4pp42.9%within the sector's middle half▲ 10.0pp32.9%within the sector's middle half▼ 10.0pp
Current ratio1.07-0.96below the sector's middle half▼ 0.110.98below the sector's middle half▲ 0.030.98below the sector's middle half=1.00below the sector's middle half▲ 0.020.92below the sector's middle half▼ 0.081.01below the sector's middle half▲ 0.09
Return on assets (ROA)0.9%-0.3%within the sector's middle half▼ 0.7pp1.4%within the sector's middle half▲ 1.1pp0.9%within the sector's middle half▼ 0.5pp7.1%within the sector's middle half▲ 6.2pp11.6%within the sector's middle half▲ 4.5pp3.3%within the sector's middle half▼ 8.3pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 60% lower than in 2024 and the lowest since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €426,595
Fixed assets
€201,743 ▲ 13.8%
Current assets
€224,852 ▲ 92.6%
Equity and liabilities €426,595
Equity
€140,255 ▲ 11.2%
Debt
€286,340 ▲ 70.5%
Debt's share of the balance-sheet total rises from 57.1% to 67.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€58,194▼
2024 · €73,385
Cash flow
€53,082▼
2024 · €59,080
Debt to equity
2.04▲
2024 · 1.33
ROE
10.1%▼
2024 · 27.1%
Interest coverage
over 100▲
2024 · 68.63
Debt ≤ 1 year
€223,696▲
2024 · €127,115
Debt > 1 year
€50,644▲
2024 · €8,830
Income taxes
€6,097▼
2024 · €13,415
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €43,778 | €52,941 | €18,307 | €63,938 | €63,370 |
| Depreciation and write-downs of the year | €23,139 | €22,290 | €22,330 | €24,904 | €38,919 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,129 | €20,476 | €23,139 | €22,290 | €22,330 | €24,904 | €38,919 | ▲ 56.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €5,415 | - | - |
| Other operating charges640/8 | - | - | €10,392 | €1,838 | €6,259 | €409 | €189 | ▼ 53.9% |
| Gross operating margin9900 | €35,771 | €28,066 | €56,866 | €38,343 | €57,292 | €79,208 | €58,382 | ▼ 26.3% |
| Operating profit (loss)9901 | €253 | €6,591 | €23,334 | €14,214 | €28,702 | €48,480 | €19,275 | ▼ 60.2% |
| Financial income75/76B | - | - | €4 | €1 | - | €180 | €1,388 | ▲ 672% |
| Recurring financial income75 | €1,050 | - | €4 | €1 | - | €180 | €1,388 | ▲ 672% |
| Financial charges65/66B | - | - | €164 | €193 | €723 | €1,069 | €403 | ▼ 62.3% |
| Recurring financial charges65 | €587 | €2,005 | €164 | €193 | €723 | €1,069 | €403 | ▼ 62.3% |
| Profit (loss) for the period before taxes9903 | €5,375 | €4,586 | €23,174 | €14,022 | €27,979 | €47,591 | €20,259 | ▼ 57.4% |
| Income taxes67/77 | €1,027 | €2,133 | €9,709 | €4,284 | €8,071 | €13,415 | €6,097 | ▼ 54.6% |
| Profit (loss) for the period9904 | €4,348 | €2,453 | €13,465 | €9,738 | €19,908 | €34,176 | €14,163 | ▼ 58.6% |
| Profit (loss) for the period to be appropriated9905 | €4,348 | €2,453 | €13,465 | €9,738 | €19,908 | €34,176 | €14,163 | ▼ 58.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.9m | €1.0m | €1.1m | €0.3m | €0.3m | €0.4m | ▲ 45.1% |
| Fixed assets21/28 | €0.03m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 13.8% |
| Tangible fixed assets22/27 | €0.03m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 13.8% |
| Plant, machinery and equipment23 | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 17.9% |
| Furniture and vehicles24 | - | - | €0.001m | - | - | €0.02m | €0.07m | ▲ 324% |
| Current assets29/58 | €0.4m | €0.8m | €0.9m | €1.0m | €0.1m | €0.1m | €0.2m | ▲ 92.6% |
| Amounts receivable within one year40/41 | €0.4m | €0.8m | €0.9m | €1.0m | €0.1m | €0.03m | €0.2m | ▲ 517% |
| Trade receivables40 | - | - | €0.9m | €1.0m | €0.1m | €0.03m | €0.2m | ▲ 474% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.01m | - |
| Cash at bank and in hand54/58 | €0.02m | €0.01m | €0.003m | €0.005m | €0.003m | €0.08m | €0.01m | ▼ 84.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.9m | €1.0m | €1.1m | €0.3m | €0.3m | €0.4m | ▲ 45.1% |
| Equity10/15 | €0.05m | €0.05m | €0.06m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 11.2% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.04m | €0.05m | €0.07m | €0.1m | €0.1m | ▲ 13.4% |
| Amounts payable17/49 | €0.4m | €0.8m | €0.9m | €1.0m | €0.2m | €0.2m | €0.3m | ▲ 70.5% |
| Amounts payable after more than one year17 | €0.01m | €0.007m | €0.002m | €0.02m | €0.01m | €0.009m | €0.05m | ▲ 474% |
| Financial debts170/4 | - | - | €0.002m | €0.02m | €0.01m | €0.009m | €0.05m | ▲ 474% |
| Amounts payable within one year42/48 | €0.4m | €0.8m | €0.9m | €1.0m | €0.1m | €0.1m | €0.2m | ▲ 76.0% |
| Current portion of amounts payable after more than one year42 | - | - | €0.005m | €0.007m | €0.005m | €0.005m | €0.02m | ▲ 226% |
| Trade debts44 | €0.3m | €0.7m | €0.8m | €0.9m | €0.06m | €0.04m | €0.1m | ▲ 196% |
| Suppliers440/4 | - | - | €0.8m | €0.9m | €0.06m | €0.04m | €0.1m | ▲ 196% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.02m | ▼ 6.7% |
| Taxes450/3 | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.02m | ▼ 6.7% |
| Other amounts payable47/48 | - | - | €0.07m | €0.07m | €0.06m | €0.06m | €0.06m | ▲ 1.3% |
| Accrued charges and deferred income492/3 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.01m | ▼ 62.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,348 | €2,453 | €13,465 | €9,738 | €19,908 | €34,176 | €14,163 | ▼ 58.6% |
| + Depreciation and write-downs630 | €13,129 | €20,476 | €23,139 | €22,290 | €22,330 | €24,904 | €38,919 | ▲ 56.3% |
| Operating cash flow (approximation) | €17,477 | €22,930 | €36,604 | €32,028 | €42,239 | €59,080 | €53,082 | ▼ 10.2% |
| Investment in fixed assets (approximation) | - | -€80,795 | -€43,778 | -€52,941 | -€18,307 | -€63,938 | -€63,370 | ▲ 0.9% |
| Change in cash | - | -€995 | -€11,941 | €2,105 | -€2,011 | €79,699 | -€69,554 | - |
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, 17,041 companies had the same profile as Vonque has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Vonque itself: 0.2% 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 17,041 companies, not a prediction for Vonque. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 05-05-2026 | 2026-00106849 | |
| 30-09-2024 | full format | 25-08-2025 | 2025-00397847 | |
| 30-09-2023 | full format | 30-05-2024 | 2024-00100988 | |
| 30-09-2022 | full format | 15-03-2023 | 2023-00039584 | |
| 30-09-2021 | full format | 23-05-2022 | 2022-20031900 | |
| 30-09-2020 | full format | 30-04-2021 | 2021-12900225 | |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10300183 | |
| 30-09-2018 | micro format | 18-03-2019 | 2019-07200106 | |
| 30-09-2017 | micro format | 28-05-2018 | 2018-14300186 | |
| 30-09-2016 | abbreviated format | 15-05-2017 | 2017-12100346 |