VRAMACO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 24 filings
Turnover
≈ €350,000
Estimated: probably between €280,000 and €460,000
Total assets
€497,727▲ 23.9%
2024 · €401,591
Net result
€18,103▲ 964%
2024 · €1,702
Working capital
€97,597▲ 67.6%
2024 · €58,230
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€186,910
▲ 35.2%
2025
20182025
Net result
€18,103
▲ 964%
2025
middle half of the sector
20182025
Equity
€116,138
▲ 18.5%
2025
middle half of the sector
20182025
Total assets
€497,727
▲ 23.9%
2025
middle half of the sector
20182025
Debt
€381,589
▲ 25.7%
2025
20182025
Working capital
€97,597
▲ 67.6%
2025
middle half of the sector
20182025
Solvency
23.3%
▼ 1.1pp
2025
middle half of the sector
20182025
Current ratio
1.35
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
3.6%
▲ 3.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,555--€4,269€48,781€127,100▲ 161%€135,725▲ 6.8%€112,439▼ 17.2%€138,230▲ 22.9%€186,910▲ 35.2%
Net result-€4,414--€9,851▼ 123%€30,564within the sector's middle half€8,490within the sector's middle half▼ 72.2%€202below the sector's middle half▼ 97.6%€4,755within the sector's middle half▲ 24×€1,702below the sector's middle half▼ 64.2%€18,103within the sector's middle half▲ 964%
Equity€67,774-€57,923▼ 14.5%€82,887below the sector's middle half▲ 43.1%€91,377below the sector's middle half▲ 10.2%€91,579below the sector's middle half▲ 0.2%€96,334below the sector's middle half▲ 5.2%€98,036below the sector's middle half▲ 1.8%€116,138within the sector's middle half▲ 18.5%
Total assets€151,721-€145,215▼ 4.3%€140,300below the sector's middle half▼ 3.4%€211,735below the sector's middle half▲ 50.9%€209,063below the sector's middle half▼ 1.3%€187,067below the sector's middle half▼ 10.5%€401,591within the sector's middle half▲ 115%€497,727within the sector's middle half▲ 23.9%
Debt€83,947-€87,291▲ 4.0%€57,412▼ 34.2%€120,358▲ 110%€117,484▼ 2.4%€90,733▼ 22.8%€303,556▲ 235%€381,589▲ 25.7%
Working capital€93,892-€92,550▼ 1.4%€90,391within the sector's middle half▼ 2.3%€78,053within the sector's middle half▼ 13.6%€80,265within the sector's middle half▲ 2.8%€79,902within the sector's middle half▼ 0.5%€58,230within the sector's middle half▼ 27.1%€97,597within the sector's middle half▲ 67.6%
Solvency44.7%-39.9%▼ 4.8pp59.1%within the sector's middle half▲ 19.2pp43.2%within the sector's middle half▼ 15.9pp43.8%within the sector's middle half▲ 0.6pp51.5%within the sector's middle half▲ 7.7pp24.4%below the sector's middle half▼ 27.1pp23.3%within the sector's middle half▼ 1.1pp
Current ratio5.09-3.76▼ 1.323.94above the sector's middle half▲ 0.171.65within the sector's middle half▼ 2.291.68within the sector's middle half▲ 0.031.88within the sector's middle half▲ 0.201.29within the sector's middle half▼ 0.591.35within the sector's middle half▲ 0.06
Return on assets (ROA)-2.9%--6.8%▼ 3.9pp21.8%above the sector's middle half▲ 28.6pp4.0%within the sector's middle half▼ 17.8pp0.1%below the sector's middle half▼ 3.9pp2.5%within the sector's middle half▲ 2.4pp0.4%below the sector's middle half▼ 2.1pp3.6%within the sector's middle half▲ 3.2pp
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 35% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or 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 €497,727
Fixed assets
€118,541 ▼ 15.2%
Current assets
€379,185 ▲ 44.8%
Equity and liabilities €497,727
Equity
€116,138 ▲ 18.5%
Debt
€381,589 ▲ 25.7%
Debt's share of the balance-sheet total rises from 75.6% to 76.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€218,942▲
2024 · €146,939
Cash flow
€50,135▲
2024 · €10,410
Debt to equity
3.29▲
2024 · 3.10
ROE
15.6%▲
2024 · 1.7%
Interest coverage
1.43▲
2024 · 1.41
Debt ≤ 1 year
€281,589▲
2024 · €203,556
Debt > 1 year
€100,000=
2024 · €100,000
Income taxes
€17,494▼
2024 · €32,635
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 | €5,700 | €1,978 | €10,041 | €230,354 | €11,953 |
| Depreciation and write-downs of the year | €11,496 | €3,988 | €4,924 | €8,708 | €32,032 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €16,307 | €15,671 | €11,719 | €11,496 | €3,988 | €4,924 | €8,708 | €32,032 | ▲ 268% |
| Other operating charges640/8 | - | - | - | €1,602 | €1,559 | €1,179 | €1,169 | €907 | ▼ 22.4% |
| Gross operating margin9900 | €19,342 | €12,980 | €62,144 | €140,198 | €141,272 | €118,541 | €148,108 | €219,849 | ▲ 48.4% |
| Operating profit (loss)9901 | €1,555 | -€4,269 | €48,781 | €127,100 | €135,725 | €112,439 | €138,230 | €186,910 | ▲ 35.2% |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €397 | €1,763 | ▲ 344% |
| Recurring financial income75 | €25 | €6 | €8 | €0 | €0 | €0 | €397 | €1,763 | ▲ 344% |
| Financial charges65/66B | - | - | - | €106,241 | €125,863 | €93,455 | €104,291 | €153,077 | ▲ 46.8% |
| Recurring financial charges65 | €2,725 | €2,518 | €1,764 | €106,241 | €125,863 | €93,455 | €104,291 | €153,077 | ▲ 46.8% |
| Profit (loss) for the period before taxes9903 | -€1,146 | -€6,781 | €47,025 | €20,859 | €9,862 | €18,984 | €34,336 | €35,596 | ▲ 3.7% |
| Income taxes67/77 | €3,269 | €3,069 | €16,461 | €12,369 | €9,660 | €14,230 | €32,635 | €17,494 | ▼ 46.4% |
| Profit (loss) for the period9904 | -€4,414 | -€9,851 | €30,564 | €8,490 | €202 | €4,755 | €1,702 | €18,103 | ▲ 964% |
| Profit (loss) for the period to be appropriated9905 | -€4,414 | -€9,851 | €30,564 | €8,490 | €202 | €4,755 | €1,702 | €18,103 | ▲ 964% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,721 | €145,215 | €140,300 | €211,735 | €209,063 | €187,067 | €401,591 | €497,727 | ▲ 23.9% |
| Fixed assets21/28 | €34,862 | €19,192 | €19,119 | €13,324 | €11,314 | €16,432 | €139,806 | €118,541 | ▼ 15.2% |
| Tangible fixed assets22/27 | €34,831 | €19,161 | €19,088 | €13,293 | €11,283 | €16,401 | €139,775 | €118,541 | ▼ 15.2% |
| Plant, machinery and equipment23 | - | - | - | €5,475 | €3,849 | €8,942 | €15,985 | €17,292 | ▲ 8.2% |
| Furniture and vehicles24 | - | - | - | €7,818 | €5,489 | €5,908 | €122,635 | €101,250 | ▼ 17.4% |
| Leasing and similar rights25 | - | - | - | - | €1,945 | €1,550 | €1,154 | - | - |
| Financial fixed assets28 | €31 | €31 | €31 | €31 | €31 | €31 | €31 | - | - |
| Current assets29/58 | €116,859 | €126,023 | €121,180 | €198,411 | €197,749 | €170,635 | €261,785 | €379,185 | ▲ 44.8% |
| Amounts receivable within one year40/41 | €112,819 | €69,485 | €79,217 | €178,616 | €140,837 | €76,013 | €182,110 | €205,934 | ▲ 13.1% |
| Trade receivables40 | - | - | - | €133,810 | €104,718 | €72,903 | €108,878 | €121,415 | ▲ 11.5% |
| Other amounts receivable41 | - | - | - | €44,806 | €36,120 | €3,110 | €73,232 | €84,518 | ▲ 15.4% |
| Current investments50/53 | €2,000 | €50,000 | €40,000 | €15,000 | €55,000 | €85,000 | €70,000 | €145,000 | ▲ 107% |
| Cash at bank and in hand54/58 | €516 | €6,288 | €1,963 | €4,795 | €663 | €2,014 | €5,885 | €4,531 | ▼ 23.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,249 | €7,609 | €3,791 | €23,721 | ▲ 526% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,721 | €145,215 | €140,300 | €211,735 | €209,063 | €187,067 | €401,591 | €497,727 | ▲ 23.9% |
| Equity10/15 | €67,774 | €57,923 | €82,887 | €91,377 | €91,579 | €96,334 | €98,036 | €116,138 | ▲ 18.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €61,574 | €51,723 | €64,287 | €72,777 | €72,979 | €77,734 | €79,436 | €97,538 | ▲ 22.8% |
| Tax-exempt reserves132 | - | - | - | €9,538 | €9,538 | €9,538 | €9,538 | €9,538 | = |
| Distributable reserves133 | - | - | - | €63,239 | €63,441 | €68,196 | €69,897 | €88,000 | ▲ 25.9% |
| Amounts payable17/49 | €83,947 | €87,291 | €57,412 | €120,358 | €117,484 | €90,733 | €303,556 | €381,589 | ▲ 25.7% |
| Amounts payable after more than one year17 | €60,980 | €53,818 | €26,623 | - | - | - | €100,000 | €100,000 | = |
| Other amounts payable178/9 | - | - | - | - | - | - | €100,000 | €100,000 | = |
| Amounts payable within one year42/48 | €22,967 | €33,473 | €30,789 | €120,358 | €117,484 | €90,733 | €203,556 | €281,589 | ▲ 38.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,623 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €28 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €28 | - |
| Trade debts44 | €5,662 | €9,242 | €8,693 | €41,879 | €25,252 | €25,626 | €27,614 | €125 | ▼ 99.5% |
| Suppliers440/4 | - | - | - | €41,879 | €25,252 | €25,626 | €27,614 | €125 | ▼ 99.5% |
| Taxes, remuneration and social security45 | - | - | - | €17,613 | €17,383 | €30,744 | €78,254 | €116,412 | ▲ 48.8% |
| Taxes450/3 | - | - | - | €7,613 | €17,383 | €30,744 | €78,254 | €116,412 | ▲ 48.8% |
| Remuneration and social security454/9 | - | - | - | €10,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €54,242 | €74,849 | €34,363 | €97,688 | €165,024 | ▲ 68.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,414 | -€9,851 | €30,564 | €8,490 | €202 | €4,755 | €1,702 | €18,103 | ▲ 964% |
| + Depreciation and write-downs630 | €16,307 | €15,671 | €11,719 | €11,496 | €3,988 | €4,924 | €8,708 | €32,032 | ▲ 268% |
| Operating cash flow (approximation) | €11,893 | €5,820 | €42,283 | €19,985 | €4,190 | €9,679 | €10,410 | €50,135 | ▲ 382% |
| Investment in fixed assets (approximation) | - | €0 | -€11,647 | -€5,700 | -€1,978 | -€10,041 | -€132,083 | -€10,767 | ▲ 91.8% |
| Change in cash | - | €5,772 | -€4,325 | €2,832 | -€4,132 | €1,351 | €3,871 | -€1,353 | - |
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, 4,685 companies had the same profile as VRAMACO has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of VRAMACO 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 4,685 companies, not a prediction for VRAMACO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00212666 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00276837 | |
| 31-12-2023 | abbreviated format | 29-06-2024 | 2024-00183101 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00159878 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20105760 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-28800228 | |
| 31-12-2019 | abbreviated format | 23-06-2020 | 2020-20800434 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22700323 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24100222 | |
| 31-12-2016 | micro format | 28-06-2017 | 2017-23400417 |