VRECKOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 25 filings
Turnover
≈ €73,000
Estimated: probably between €48,000 and €110,000
Total assets
€491,914▼ 1.4%
2024 · €498,924
Net result
-€21,376
2024 · €1,076
Working capital
-€321,406▼ 3.8%
2024 · -€309,755
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€21,223
2025
20192025
Net result
-€21,376
2025
lowest quarter of the sector
20192025
Equity
€36,351
▼ 37.0%
2025
middle half of the sector
20192025
Total assets
€491,914
▼ 1.4%
2025
middle half of the sector
20192025
Debt
€455,563
▲ 3.3%
2025
20192025
Working capital
-€321,406
▼ 3.8%
2025
lowest quarter of the sector
20192025
Solvency
7.4%
▼ 4.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.29
▼ 0.01
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.3%
▼ 4.6pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
3
▲ 42.9%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€27,286--€23,239▲ 14.8%-€7,688▲ 66.9%-€45,254▼ 489%-€25,154▲ 44.4%€1,178-€21,223
Net result-€28,128--€23,622below the sector's middle half▲ 16.0%-€8,114below the sector's middle half▲ 65.7%-€45,755below the sector's middle half▼ 464%-€25,373below the sector's middle half▲ 44.5%€1,076within the sector's middle half-€21,376below the sector's middle half
Equity€144,239-€120,617within the sector's middle half▼ 16.4%€127,779within the sector's middle half▲ 5.9%€82,024within the sector's middle half▼ 35.8%€56,651within the sector's middle half▼ 30.9%€57,727within the sector's middle half▲ 1.9%€36,351within the sector's middle half▼ 37.0%
Total assets€499,428-€505,667within the sector's middle half▲ 1.2%€513,565within the sector's middle half▲ 1.6%€496,039within the sector's middle half▼ 3.4%€505,665within the sector's middle half▲ 1.9%€498,924within the sector's middle half▼ 1.3%€491,914within the sector's middle half▼ 1.4%
Debt€355,190-€385,051▲ 8.4%€385,786▲ 0.2%€414,015▲ 7.3%€449,014▲ 8.5%€441,197▼ 1.7%€455,563▲ 3.3%
Working capital-€265,223--€276,051below the sector's middle half▼ 4.1%-€290,633below the sector's middle half▼ 5.3%-€328,840below the sector's middle half▼ 13.1%-€329,637below the sector's middle half▼ 0.2%-€309,755below the sector's middle half▲ 6.0%-€321,406below the sector's middle half▼ 3.8%
Solvency28.9%-23.9%within the sector's middle half▼ 5.0pp24.9%within the sector's middle half▲ 1.0pp16.5%within the sector's middle half▼ 8.3pp11.2%within the sector's middle half▼ 5.3pp11.6%within the sector's middle half▲ 0.4pp7.4%below the sector's middle half▼ 4.2pp
Current ratio0.25-0.26below the sector's middle half=0.25below the sector's middle half▼ 0.010.21below the sector's middle half▼ 0.040.26below the sector's middle half▲ 0.060.29below the sector's middle half▲ 0.030.29below the sector's middle half▼ 0.01
Return on assets (ROA)-5.6%--4.7%below the sector's middle half▲ 1.0pp-1.6%within the sector's middle half▲ 3.1pp-9.2%below the sector's middle half▼ 7.6pp-5.0%below the sector's middle half▲ 4.2pp0.2%within the sector's middle half▲ 5.2pp-4.3%below the sector's middle half▼ 4.6pp
Staff (FTE)2.13▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 a loss of €21,223, after a profit of €1,178 in 2024.
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 €491,914
Fixed assets
€363,394 ▼ 2.2%
Current assets
€128,519 ▲ 1.0%
Equity and liabilities €491,914
Equity
€36,351 ▼ 37.0%
Debt
€455,563 ▲ 3.3%
Debt's share of the balance-sheet total rises from 88.4% to 92.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6,118▼
2024 · €29,695
Cash flow
€5,965▼
2024 · €29,593
Quick ratio
0.18=
2024 · 0.18
Debt to equity
12.53▲
2024 · 7.64
ROE
-58.8%▼
2024 · 1.9%
Interest coverage
27.59▼
2024 · over 100
Debt ≤ 1 year
€449,925▲
2024 · €437,034
Staff costs
€18,183▲
2024 · €18,148
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 | 30-09-2025 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 3 |
| part-time | 3 | 3 |
| in full-time equivalents | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.5 | 0.7 |
| Joined | 5 | - |
| Left | 2 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,244 | €3,987 | €12,485 | €19,091 |
| Depreciation and write-downs of the year | €26,545 | €27,421 | €28,517 | €27,341 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €3,060 awarded · €3,060 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €720 | €720 |
| 2024 | 1 | €1,600 | €1,600 |
| 2023 | 1 | €220 | €220 |
| 2022 | 1 | €520 | €520 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,550 | €1,192 | €1,157 | €3,760 | ▲ 225% |
| Remuneration, social security and pensions62 | - | - | - | - | - | €18,148 | €18,183 | ▲ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,137 | €28,872 | €27,378 | €26,545 | €27,421 | €28,517 | €27,341 | ▼ 4.1% |
| Other operating charges640/8 | - | - | - | €3,443 | €2,926 | €2,387 | €2,731 | ▲ 14.4% |
| Gross operating margin9900 | €1,475 | €7,754 | €52,693 | -€15,266 | €5,193 | €50,231 | €27,032 | ▼ 46.2% |
| Operating profit (loss)9901 | -€27,286 | -€23,239 | -€7,688 | -€45,254 | -€25,154 | €1,178 | -€21,223 | - |
| Financial income75/76B | - | - | - | €0 | €21 | €60 | €69 | ▲ 14.4% |
| Recurring financial income75 | €13 | €0 | €301 | €0 | €21 | €60 | €69 | ▲ 14.4% |
| Financial charges65/66B | - | - | - | €502 | €240 | €162 | €222 | ▲ 37.1% |
| Recurring financial charges65 | €855 | €383 | €728 | €502 | €240 | €162 | €222 | ▲ 37.1% |
| Profit (loss) for the period before taxes9903 | -€28,128 | -€23,622 | -€8,114 | -€45,755 | -€25,373 | €1,076 | -€21,376 | - |
| Profit (loss) for the period9904 | -€28,128 | -€23,622 | -€8,114 | -€45,755 | -€25,373 | €1,076 | -€21,376 | - |
| Profit (loss) for the period to be appropriated9905 | -€28,128 | -€23,622 | -€8,114 | -€45,755 | -€25,373 | €1,076 | -€21,376 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €499,428 | €505,667 | €513,565 | €496,039 | €505,665 | €498,924 | €491,914 | ▼ 1.4% |
| Fixed assets21/28 | €409,461 | €410,944 | €418,412 | €411,111 | €387,677 | €371,644 | €363,394 | ▼ 2.2% |
| Intangible fixed assets21 | - | - | €2,768 | €2,198 | €1,628 | €1,058 | €488 | ▼ 53.9% |
| Tangible fixed assets22/27 | €409,461 | €410,944 | €415,644 | €408,913 | €386,049 | €370,586 | €362,906 | ▼ 2.1% |
| Land and buildings22 | - | - | - | €390,519 | €370,027 | €353,851 | €341,811 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €9,449 | €7,519 | €7,048 | €4,361 | ▼ 38.1% |
| Furniture and vehicles24 | - | - | - | €8,945 | €8,502 | €9,688 | €16,734 | ▲ 72.7% |
| Current assets29/58 | €89,967 | €94,723 | €95,153 | €84,928 | €117,988 | €127,280 | €128,519 | ▲ 1.0% |
| Stocks and contracts in progress3 | €52,989 | €49,633 | €58,723 | €60,015 | €52,186 | €49,326 | €48,250 | ▼ 2.2% |
| Stocks30/36 | - | - | - | €60,015 | €52,186 | €49,326 | €48,250 | ▼ 2.2% |
| Amounts receivable within one year40/41 | €624 | €4,533 | €1,200 | €3,752 | €13,457 | €15,779 | €22,646 | ▲ 43.5% |
| Trade receivables40 | - | - | - | €1,092 | €13,457 | €15,775 | €22,636 | ▲ 43.5% |
| Other amounts receivable41 | - | - | - | €2,660 | - | €5 | €10 | ▲ 101% |
| Cash at bank and in hand54/58 | €12,680 | €18,464 | €8,719 | €12,445 | €42,590 | €54,966 | €49,498 | ▼ 9.9% |
| Deferred charges and accrued income490/1 | - | - | - | €8,716 | €9,754 | €7,208 | €8,126 | ▲ 12.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €499,428 | €505,667 | €513,565 | €496,039 | €505,665 | €498,924 | €491,914 | ▼ 1.4% |
| Equity10/15 | €144,239 | €120,617 | €127,779 | €82,024 | €56,651 | €57,727 | €36,351 | ▼ 37.0% |
| Contributions10/11 | €380,000 | €380,000 | €380,000 | €380,000 | €380,000 | €380,000 | €380,000 | = |
| Capital10 | - | - | - | €380,000 | €380,000 | €380,000 | €380,000 | = |
| Issued capital100 | - | - | - | €380,000 | €380,000 | €380,000 | €380,000 | = |
| Profit (loss) carried forward14 | -€235,761 | -€259,383 | -€252,221 | -€297,976 | -€323,349 | -€322,273 | -€343,649 | ▼ 6.6% |
| Amounts payable17/49 | €355,190 | €385,051 | €385,786 | €414,015 | €449,014 | €441,197 | €455,563 | ▲ 3.3% |
| Amounts payable within one year42/48 | €355,190 | €370,774 | €385,786 | €413,768 | €447,625 | €437,034 | €449,925 | ▲ 2.9% |
| Trade debts44 | €10,895 | €10,862 | €20,131 | €27,090 | €24,367 | €11,875 | €27,012 | ▲ 127% |
| Suppliers440/4 | - | - | - | €27,090 | €24,367 | €11,875 | €27,012 | ▲ 127% |
| Advances received on contracts in progress46 | - | - | - | €1,181 | €1,287 | €8,925 | €9,169 | ▲ 2.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,224 | €4,011 | €3,272 | €2,631 | ▼ 19.6% |
| Taxes450/3 | - | - | - | €2,224 | €4,011 | €1,758 | €1,973 | ▲ 12.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,513 | €658 | ▼ 56.5% |
| Other amounts payable47/48 | - | - | - | €383,274 | €417,960 | €412,963 | €411,113 | ▼ 0.4% |
| Accrued charges and deferred income492/3 | - | - | - | €247 | €1,389 | €4,163 | €5,637 | ▲ 35.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€28,128 | -€23,622 | -€8,114 | -€45,755 | -€25,373 | €1,076 | -€21,376 | - |
| + Depreciation and write-downs630 | €26,137 | €28,872 | €27,378 | €26,545 | €27,421 | €28,517 | €27,341 | ▼ 4.1% |
| Operating cash flow (approximation) | -€1,991 | €5,250 | €19,264 | -€19,210 | €2,048 | €29,593 | €5,965 | ▼ 79.8% |
| Investment in fixed assets (approximation) | - | -€30,355 | -€34,846 | -€19,244 | -€3,987 | -€12,485 | -€19,091 | ▼ 52.9% |
| Change in cash | - | €5,784 | -€9,745 | €3,726 | €30,145 | €12,376 | -€5,468 | - |
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, 974 companies had the same profile as VRECKOM has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VRECKOM itself is lower: 0.1% within 12 months. It rests on far more data about VRECKOM than the profile alone.
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 974 companies, not a prediction for VRECKOM. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00092327 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00088407 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00071783 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00077090 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09800313 | |
| 30-09-2020 | micro format | 19-05-2021 | 2021-14400560 | |
| 30-09-2019 | micro format | 12-05-2020 | 2020-12300031 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08600363 | |
| 30-09-2017 | micro format | 04-04-2018 | 2018-09000493 | |
| 30-09-2016 | abbreviated format | 05-04-2017 | 2017-09000517 |