VR&CO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 7 filings
Turnover
≈ €78,000
Estimated: probably between €46,000 and €110,000
Total assets
€175,354▼ 8.3%
2024 · €191,317
Net result
€10,713▼ 69.8%
2024 · €35,455
Working capital
€4,081
2024 · -€71
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,987
▼ 61.1%
2025
20192025
Net result
€10,713
▼ 69.8%
2025
middle half of the sector
20192025
Equity
€143,208
▲ 8.1%
2025
middle half of the sector
20192025
Total assets
€175,354
▼ 8.3%
2025
middle half of the sector
20192025
Debt
€32,147
▼ 45.3%
2025
20192025
Working capital
€4,081
2025
middle half of the sector
20192025
Solvency
81.7%
▲ 12.4pp
2025
highest quarter of the sector
20192025
Current ratio
1.18
▲ 0.19
2025
middle half of the sector
20192025
Return on assets (ROA)
6.1%
▼ 12.4pp
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€7,483-€32,619▲ 336%€37,255▲ 14.2%€51,297▲ 37.7%€27,727▼ 45.9%€53,970▲ 94.6%€20,987▼ 61.1%
Net result€1,596-€19,686within the sector's middle half▲ 12×€21,907within the sector's middle half▲ 11.3%€33,049within the sector's middle half▲ 50.9%€14,601within the sector's middle half▼ 55.8%€35,455within the sector's middle half▲ 143%€10,713within the sector's middle half▼ 69.8%
Equity€7,796-€27,482within the sector's middle half▲ 253%€49,389within the sector's middle half▲ 79.7%€82,439within the sector's middle half▲ 66.9%€97,040within the sector's middle half▲ 17.7%€132,495within the sector's middle half▲ 36.5%€143,208within the sector's middle half▲ 8.1%
Total assets€18,483-€56,156below the sector's middle half▲ 204%€214,813within the sector's middle half▲ 283%€209,402within the sector's middle half▼ 2.5%€185,120within the sector's middle half▼ 11.6%€191,317within the sector's middle half▲ 3.3%€175,354within the sector's middle half▼ 8.3%
Debt€10,686-€28,674▲ 168%€165,424▲ 477%€126,963▼ 23.2%€88,080▼ 30.6%€58,822▼ 33.2%€32,147▼ 45.3%
Working capital€5,316-€23,837within the sector's middle half▲ 348%-€64,696below the sector's middle half-€52,280below the sector's middle half▲ 19.2%-€26,764below the sector's middle half▲ 48.8%-€71below the sector's middle half▲ 99.7%€4,081within the sector's middle half
Solvency42.2%-48.9%within the sector's middle half▲ 6.8pp23.0%below the sector's middle half▼ 25.9pp39.4%within the sector's middle half▲ 16.4pp52.4%within the sector's middle half▲ 13.1pp69.3%within the sector's middle half▲ 16.8pp81.7%above the sector's middle half▲ 12.4pp
Current ratio1.50-1.83within the sector's middle half▲ 0.330.31below the sector's middle half▼ 1.530.32below the sector's middle half▲ 0.010.61below the sector's middle half▲ 0.291.00below the sector's middle half▲ 0.391.18within the sector's middle half▲ 0.19
Return on assets (ROA)8.6%-35.1%above the sector's middle half▲ 26.4pp10.2%within the sector's middle half▼ 24.9pp15.8%within the sector's middle half▲ 5.6pp7.9%within the sector's middle half▼ 7.9pp18.5%within the sector's middle half▲ 10.6pp6.1%within the sector's middle half▼ 12.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 61% lower than in 2024 and the lowest since 2019.
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 €175,354
Fixed assets
€149,195 ▼ 0.8%
Current assets
€26,159 ▼ 36.0%
Equity and liabilities €175,354
Equity
€143,208 ▲ 8.1%
Debt
€32,147 ▼ 45.3%
Debt's share of the balance-sheet total falls from 30.7% to 18.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,924▼
2024 · €57,296
Cash flow
€13,650▼
2024 · €38,781
Debt to equity
0.22▼
2024 · 0.44
ROE
7.5%▼
2024 · 26.8%
Interest coverage
4.91▼
2024 · 14.23
Debt ≤ 1 year
€22,078▼
2024 · €40,962
Debt > 1 year
€10,068▼
2024 · €17,860
Income taxes
€5,402▼
2024 · €14,489
Staff costs
€2,695▲
2024 · €1,824
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,184 | €100,044 | €2,007 | €9,772 | €1,705 |
| Financial fixed assets | €178,380 | - | - | - | - |
| Depreciation and write-downs of the year | €2,815 | €2,482 | €2,818 | €3,326 | €2,937 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €1,824 | €2,695 | ▲ 47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,172 | €1,551 | €2,815 | €2,482 | €2,818 | €3,326 | €2,937 | ▼ 11.7% |
| Other operating charges640/8 | - | - | €4,476 | €2,882 | €5,053 | €2,467 | €523 | ▼ 78.8% |
| Gross operating margin9900 | €11,420 | €37,894 | €44,545 | €56,660 | €35,597 | €61,587 | €27,141 | ▼ 55.9% |
| Operating profit (loss)9901 | €7,483 | €32,619 | €37,255 | €51,297 | €27,727 | €53,970 | €20,987 | ▼ 61.1% |
| Financial income75/76B | - | - | - | - | €0 | - | - | - |
| Recurring financial income75 | - | - | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | €5,479 | €3,442 | €3,492 | €4,026 | €4,872 | ▲ 21.0% |
| Recurring financial charges65 | €1,824 | €3,147 | €5,479 | €3,442 | €3,492 | €4,026 | €4,872 | ▲ 21.0% |
| Profit (loss) for the period before taxes9903 | €5,659 | €29,472 | €31,776 | €47,855 | €24,234 | €49,944 | €16,115 | ▼ 67.7% |
| Income taxes67/77 | €4,062 | €9,786 | €9,869 | €14,805 | €9,633 | €14,489 | €5,402 | ▼ 62.7% |
| Profit (loss) for the period9904 | €1,596 | €19,686 | €21,907 | €33,049 | €14,601 | €35,455 | €10,713 | ▼ 69.8% |
| Profit (loss) for the period to be appropriated9905 | €1,596 | €19,686 | €21,907 | €33,049 | €14,601 | €35,455 | €10,713 | ▼ 69.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €18,483 | €56,156 | €214,813 | €209,402 | €185,120 | €191,317 | €175,354 | ▼ 8.3% |
| Fixed assets21/28 | €2,481 | €3,646 | €186,394 | €185,291 | €143,981 | €150,426 | €149,195 | ▼ 0.8% |
| Tangible fixed assets22/27 | €2,481 | €3,646 | €8,014 | €6,911 | €6,101 | €12,546 | €11,315 | ▼ 9.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,417 | - |
| Furniture and vehicles24 | - | - | €8,014 | €6,911 | €6,101 | €12,546 | €9,897 | ▼ 21.1% |
| Financial fixed assets28 | - | - | €178,380 | €178,380 | €137,880 | €137,880 | €137,880 | = |
| Current assets29/58 | €16,002 | €52,511 | €28,418 | €24,110 | €41,139 | €40,891 | €26,159 | ▼ 36.0% |
| Amounts receivable within one year40/41 | €1,614 | €25,084 | €14,662 | €9,869 | €32,369 | €14,367 | €20,669 | ▲ 43.9% |
| Trade receivables40 | - | - | €9,662 | €9,869 | €19,869 | €8,470 | €10,000 | ▲ 18.1% |
| Other amounts receivable41 | - | - | €5,000 | - | €12,500 | €5,898 | €10,669 | ▲ 80.9% |
| Cash at bank and in hand54/58 | €9,916 | €21,577 | €11,309 | €13,038 | €3,527 | €21,767 | €3,295 | ▼ 84.9% |
| Deferred charges and accrued income490/1 | - | - | €2,448 | €1,204 | €5,243 | €4,757 | €2,196 | ▼ 53.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €18,483 | €56,156 | €214,813 | €209,402 | €185,120 | €191,317 | €175,354 | ▼ 8.3% |
| Equity10/15 | €7,796 | €27,482 | €49,389 | €82,439 | €97,040 | €132,495 | €143,208 | ▲ 8.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €6,200 | €6,200 | - | - |
| Other1109/19 | - | - | - | - | €6,200 | €6,200 | - | - |
| Reserves13 | €80 | €80 | €80 | €80 | €14,681 | €39,881 | €50,594 | ▲ 26.9% |
| Non-distributable reserves130/1 | - | - | €80 | €80 | €80 | €80 | €80 | = |
| Legal reserve130 | - | - | €80 | €80 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €80 | €80 | €80 | = |
| Distributable reserves133 | - | - | - | - | €14,601 | €39,801 | €50,514 | ▲ 26.9% |
| Profit (loss) carried forward14 | €1,516 | €21,202 | €43,109 | €76,159 | €76,159 | €86,413 | €86,413 | = |
| Amounts payable17/49 | €10,686 | €28,674 | €165,424 | €126,963 | €88,080 | €58,822 | €32,147 | ▼ 45.3% |
| Amounts payable after more than one year17 | - | - | €72,309 | €50,572 | €20,177 | €17,860 | €10,068 | ▼ 43.6% |
| Financial debts170/4 | - | - | €72,309 | €50,572 | €20,177 | €17,860 | €10,068 | ▼ 43.6% |
| Amounts payable within one year42/48 | €10,686 | €28,674 | €93,115 | €76,391 | €67,903 | €40,962 | €22,078 | ▼ 46.1% |
| Current portion of amounts payable after more than one year42 | - | - | €16,226 | €10,242 | €9,089 | €17,553 | €14,344 | ▼ 18.3% |
| Trade debts44 | €4,006 | €11,986 | €2,307 | €3,135 | €3,735 | €2,872 | €2,751 | ▼ 4.2% |
| Suppliers440/4 | - | - | €2,307 | €3,135 | €3,735 | €2,872 | €2,751 | ▼ 4.2% |
| Taxes, remuneration and social security45 | - | - | €10,792 | €9,598 | €14,198 | €2,520 | €1,071 | ▼ 57.5% |
| Taxes450/3 | - | - | €10,792 | €9,598 | €13,438 | €2,520 | €1,071 | ▼ 57.5% |
| Remuneration and social security454/9 | - | - | - | - | €760 | - | - | - |
| Other amounts payable47/48 | - | - | €63,789 | €53,416 | €40,881 | €18,017 | €3,912 | ▼ 78.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,596 | €19,686 | €21,907 | €33,049 | €14,601 | €35,455 | €10,713 | ▼ 69.8% |
| + Depreciation and write-downs630 | €2,172 | €1,551 | €2,815 | €2,482 | €2,818 | €3,326 | €2,937 | ▼ 11.7% |
| Operating cash flow (approximation) | €3,769 | €21,238 | €24,722 | €35,531 | €17,419 | €38,781 | €13,650 | ▼ 64.8% |
| Investment in fixed assets (approximation) | - | -€2,716 | -€185,564 | -€1,379 | €38,493 | -€9,772 | -€1,705 | ▲ 82.5% |
| Change in cash | - | €11,662 | -€10,269 | €1,729 | -€9,511 | €18,240 | -€18,472 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00263174 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00357265 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00380842 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00396482 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315127 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63400526 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66600345 |