VOSE SOFTWARE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 17 filings
Turnover
≈ €2.8m
Estimated: probably between €1.6m and €4.2m
Total assets
€871,374▲ 16.9%
2024 · €745,294
Net result
€205,241▲ 22.9%
2024 · €166,994
Working capital
€743,246▲ 44.4%
2024 · €514,878
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€290,010
▲ 24.2%
2025
20192025
Net result
€205,241
▲ 22.9%
2025
highest quarter of the sector
20192025
Equity
€774,274
▲ 34.6%
2025
highest quarter of the sector
20192025
Total assets
€871,374
▲ 16.9%
2025
highest quarter of the sector
20192025
Debt
€97,100
▼ 42.9%
2025
20192025
Working capital
€743,246
▲ 44.4%
2025
highest quarter of the sector
20192025
Solvency
88.9%
▲ 11.7pp
2025
highest quarter of the sector
20192025
Current ratio
9.56
▲ 5.20
2025
highest quarter of the sector
20192025
Return on assets (ROA)
23.6%
▲ 1.1pp
2025
highest quarter of the sector
20192025
Staff (FTE)
4.6
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€49,982-€7,343▼ 85.3%€103,819▲ 14×€133,046▲ 28.2%€154,383▲ 16.0%€233,539▲ 51.3%€290,010▲ 24.2%
Net result€41,722-€3,842within the sector's middle half▼ 90.8%€85,277above the sector's middle half▲ 22×€100,421above the sector's middle half▲ 17.8%€102,827above the sector's middle half▲ 2.4%€166,994above the sector's middle half▲ 62.4%€205,241above the sector's middle half▲ 22.9%
Equity€115,928-€119,770above the sector's middle half▲ 3.3%€205,047above the sector's middle half▲ 71.2%€305,468above the sector's middle half▲ 49.0%€408,295above the sector's middle half▲ 33.7%€575,289above the sector's middle half▲ 40.9%€774,274above the sector's middle half▲ 34.6%
Total assets€303,121-€287,982within the sector's middle half▼ 5.0%€361,440above the sector's middle half▲ 25.5%€491,056above the sector's middle half▲ 35.9%€564,947above the sector's middle half▲ 15.0%€745,294above the sector's middle half▲ 31.9%€871,374above the sector's middle half▲ 16.9%
Debt€187,193-€168,212▼ 10.1%€156,393▼ 7.0%€185,588▲ 18.7%€156,651▼ 15.6%€170,005▲ 8.5%€97,100▼ 42.9%
Working capital-€7,642--€95,940below the sector's middle half▼ 1,155%€32,012within the sector's middle half€148,047above the sector's middle half▲ 362%€305,364above the sector's middle half▲ 106%€514,878above the sector's middle half▲ 68.6%€743,246above the sector's middle half▲ 44.4%
Solvency38.2%-41.6%within the sector's middle half▲ 3.3pp56.7%within the sector's middle half▲ 15.1pp62.2%above the sector's middle half▲ 5.5pp72.3%above the sector's middle half▲ 10.1pp77.2%above the sector's middle half▲ 4.9pp88.9%above the sector's middle half▲ 11.7pp
Current ratio0.94-0.43below the sector's middle half▼ 0.511.20within the sector's middle half▲ 0.781.80within the sector's middle half▲ 0.593.28above the sector's middle half▲ 1.484.37above the sector's middle half▲ 1.099.56above the sector's middle half▲ 5.20
Return on assets (ROA)13.8%-1.3%within the sector's middle half▼ 12.4pp23.6%above the sector's middle half▲ 22.3pp20.5%above the sector's middle half▼ 3.1pp18.2%above the sector's middle half▼ 2.2pp22.4%above the sector's middle half▲ 4.2pp23.6%above the sector's middle half▲ 1.1pp
Staff (FTE)1.1-0.5below the sector's middle half▼ 54.5%0.5=1▲ 100%1.5▲ 50.0%4.6▲ 207%4.6=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 24% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €871,374
Fixed assets
€41,325 ▼ 46.7%
Current assets
€830,050 ▲ 24.3%
Equity and liabilities €871,374
Equity
€774,274 ▲ 34.6%
Debt
€97,100 ▼ 42.9%
Debt's share of the balance-sheet total falls from 22.8% to 11.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€331,311▲
2024 · €285,419
Cash flow
€246,542▲
2024 · €218,874
Debt to equity
0.13▼
2024 · 0.30
ROE
26.5%▼
2024 · 29.0%
Interest coverage
22.60▲
2024 · 22.48
Debt ≤ 1 year
€86,804▼
2024 · €152,949
Debt > 1 year
€10,296▼
2024 · €16,497
Income taxes
€70,776▲
2024 · €58,750
Staff costs
€362,038▲
2024 · €323,914
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 5 | 5 | 5 |
| full-time | - | 4 | 4 | 4 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.6 | 4.6 | 4.6 | - |
| Average over the year, in full-time equivalents | 0.5 | 1.5 | 4.6 | 4.6 |
| On a permanent contract | 1 | 5 | 5 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,395 | €40,545 | €1,391 | €2,809 |
| Intangible fixed assets | €52,873 | - | - | - |
| Financial fixed assets | - | €4,500 | €2,550 | €2,350 |
| Depreciation and write-downs of the year | €70,881 | €77,060 | €51,880 | €41,301 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
1 project · €246,250 EU contributionProgrammes
Projects
SafeConsumE: Safer food through changed consumer behavior: Effective tools and products, communication strategies, education and a food safety policy reducing health burden from foodborne illnesses
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €38,258 | €105,116 | €323,914 | €362,038 | ▲ 11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,634 | €69,387 | €72,951 | €70,881 | €77,060 | €51,880 | €41,301 | ▼ 20.4% |
| Other operating charges640/8 | - | - | - | €469 | €555 | €548 | €812 | ▲ 48.1% |
| Gross operating margin9900 | €163,953 | €112,352 | €210,090 | €242,654 | €337,113 | €609,881 | €694,161 | ▲ 13.8% |
| Operating profit (loss)9901 | €49,982 | €7,343 | €103,819 | €133,046 | €154,383 | €233,539 | €290,010 | ▲ 24.2% |
| Financial income75/76B | - | - | - | €4,427 | €730 | €4,904 | €667 | ▼ 86.4% |
| Recurring financial income75 | €147 | €3 | €435 | €4,427 | €730 | €4,904 | €667 | ▼ 86.4% |
| Financial charges65/66B | - | - | - | €2,795 | €16,074 | €12,699 | €14,660 | ▲ 15.4% |
| Recurring financial charges65 | €8,397 | €3,505 | €4,844 | €2,795 | €16,074 | €12,699 | €14,660 | ▲ 15.4% |
| Profit (loss) for the period before taxes9903 | €41,731 | €3,842 | €99,410 | €134,678 | €139,039 | €225,744 | €276,017 | ▲ 22.3% |
| Income taxes67/77 | €9 | - | €14,133 | €34,257 | €36,211 | €58,750 | €70,776 | ▲ 20.5% |
| Profit (loss) for the period9904 | €41,722 | €3,842 | €85,277 | €100,421 | €102,827 | €166,994 | €205,241 | ▲ 22.9% |
| Profit (loss) for the period to be appropriated9905 | €41,722 | €3,842 | €85,277 | €100,421 | €102,827 | €166,994 | €205,241 | ▲ 22.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €303,121 | €287,982 | €361,440 | €491,056 | €564,947 | €745,294 | €871,374 | ▲ 16.9% |
| Fixed assets21/28 | €177,570 | €215,710 | €173,035 | €157,421 | €125,406 | €77,467 | €41,325 | ▼ 46.7% |
| Intangible fixed assets21 | €173,607 | €213,418 | €171,631 | €154,740 | €83,955 | €46,009 | €18,817 | ▼ 59.1% |
| Tangible fixed assets22/27 | €3,963 | €2,292 | €1,403 | €2,681 | €36,952 | €24,407 | €13,108 | ▼ 46.3% |
| Plant, machinery and equipment23 | - | - | - | €2,681 | €4,806 | €3,872 | €4,183 | ▲ 8.0% |
| Furniture and vehicles24 | - | - | - | - | €32,146 | €20,535 | €8,924 | ▼ 56.5% |
| Financial fixed assets28 | - | - | - | - | €4,500 | €7,050 | €9,400 | ▲ 33.3% |
| Current assets29/58 | €125,551 | €72,272 | €188,406 | €333,635 | €439,541 | €667,827 | €830,050 | ▲ 24.3% |
| Amounts receivable within one year40/41 | €59,480 | €38,168 | €63,731 | €69,624 | €106,337 | €199,338 | €234,463 | ▲ 17.6% |
| Trade receivables40 | - | - | - | €55,026 | €54,068 | €127,311 | €147,099 | ▲ 15.5% |
| Other amounts receivable41 | - | - | - | €14,598 | €52,269 | €72,027 | €87,363 | ▲ 21.3% |
| Cash at bank and in hand54/58 | €65,558 | €33,581 | €124,144 | €263,475 | €331,783 | €465,563 | €591,797 | ▲ 27.1% |
| Deferred charges and accrued income490/1 | - | - | - | €536 | €1,421 | €2,926 | €3,790 | ▲ 29.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €303,121 | €287,982 | €361,440 | €491,056 | €564,947 | €745,294 | €871,374 | ▲ 16.9% |
| Equity10/15 | €115,928 | €119,770 | €205,047 | €305,468 | €408,295 | €575,289 | €774,274 | ▲ 34.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €95,468 | €99,310 | €184,587 | €285,008 | €387,835 | €554,829 | €753,814 | ▲ 35.9% |
| Amounts payable17/49 | €187,193 | €168,212 | €156,393 | €185,588 | €156,651 | €170,005 | €97,100 | ▼ 42.9% |
| Amounts payable after more than one year17 | €54,000 | - | - | - | €22,474 | €16,497 | €10,296 | ▼ 37.6% |
| Financial debts170/4 | - | - | - | - | €22,474 | €16,497 | €10,296 | ▼ 37.6% |
| Amounts payable within one year42/48 | €133,193 | €168,212 | €156,393 | €185,588 | €134,177 | €152,949 | €86,804 | ▼ 43.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,762 | €5,977 | €6,201 | ▲ 3.7% |
| Financial debts43 | - | - | - | €125,000 | €100,000 | €100,000 | - | - |
| Credit institutions430/8 | - | - | - | €125,000 | €100,000 | €100,000 | - | - |
| Trade debts44 | €15,208 | €4,771 | €13,404 | €48,714 | €10,685 | €19,442 | €39,469 | ▲ 103% |
| Suppliers440/4 | - | - | - | €48,714 | €10,685 | €19,442 | €39,469 | ▲ 103% |
| Taxes, remuneration and social security45 | - | - | - | €2,455 | €9,731 | €27,530 | €34,878 | ▲ 26.7% |
| Taxes450/3 | - | - | - | - | €26 | - | €776 | - |
| Remuneration and social security454/9 | - | - | - | €2,455 | €9,705 | €27,530 | €34,102 | ▲ 23.9% |
| Other amounts payable47/48 | - | - | - | €9,419 | €7,999 | - | €6,256 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €559 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,722 | €3,842 | €85,277 | €100,421 | €102,827 | €166,994 | €205,241 | ▲ 22.9% |
| + Depreciation and write-downs630 | €58,634 | €69,387 | €72,951 | €70,881 | €77,060 | €51,880 | €41,301 | ▼ 20.4% |
| Operating cash flow (approximation) | €100,356 | €73,229 | €158,228 | €171,302 | €179,887 | €218,874 | €246,542 | ▲ 12.6% |
| Investment in fixed assets (approximation) | - | -€107,527 | -€30,275 | -€55,267 | -€45,045 | -€3,941 | -€5,159 | ▼ 30.9% |
| Change in cash | - | -€31,977 | €90,563 | €139,331 | €68,308 | €133,780 | €126,234 | ▼ 5.6% |
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, 34,693 companies had the same profile as VOSE SOFTWARE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of VOSE SOFTWARE 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 34,693 companies, not a prediction for VOSE SOFTWARE. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00022726 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00021975 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00016110 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00019182 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03300450 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-03000303 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03600126 | |
| 30-06-2018 | abbreviated format | 28-02-2019 | 2019-06200493 | |
| 30-06-2017 | abbreviated format | 21-02-2018 | 2018-05400397 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03800258 |