VRIBO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Turnover
≈ €120,000
Estimated: probably between €72,000 and €150,000
Total assets
€1.1m▼ 8.8%
2024 · €1.2m
Net result
€966▼ 89.4%
2024 · €9,114
Working capital
-€594,269▼ 18.7%
2024 · -€500,545
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,700
2025
20182025
Net result
€966
▼ 89.4%
2025
middle half of the sector
20182025
Equity
€273,226
▼ 14.6%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 8.8%
2025
middle half of the sector
20182025
Debt
€779,337
▼ 6.6%
2025
20182025
Working capital
-€594,269
▼ 18.7%
2025
lowest quarter of the sector
20182025
Solvency
25.6%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
0.05
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.1%
▼ 0.7pp
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€0.05m-€0.04m▼ 19.3%€0.04m▼ 0.1%€0.07m▲ 73.6%-€0.05m€0.1m€0.03m▼ 73.1%-€0.004m
Net result€0.03m-€0.02m▼ 43.3%€0.02mwithin the sector's middle half▲ 19.3%-€0.02mbelow the sector's middle half€0.005mwithin the sector's middle half€0.07mabove the sector's middle half▲ 14×€0.009mwithin the sector's middle half▼ 87.2%€0.001mwithin the sector's middle half▼ 89.4%
Equity€0.4m-€0.3m▼ 2.8%€0.3mabove the sector's middle half▲ 0.5%€0.3mabove the sector's middle half▼ 6.1%€0.3mabove the sector's middle half▲ 1.5%€0.3mabove the sector's middle half▼ 4.8%€0.3mabove the sector's middle half▲ 2.2%€0.3mwithin the sector's middle half▼ 14.6%
Total assets€1.2m-€1.2m▼ 2.8%€1.2mabove the sector's middle half▼ 1.2%€1.1mabove the sector's middle half▼ 6.6%€1.2mabove the sector's middle half▲ 5.9%€1.1mabove the sector's middle half▼ 3.3%€1.2mabove the sector's middle half▲ 5.2%€1.1mwithin the sector's middle half▼ 8.8%
Debt€0.9m-€0.8m▼ 5.8%€0.8m▼ 1.7%€0.7m▼ 6.9%€0.8m▲ 8.3%€0.8m▼ 2.5%€0.8m▲ 6.8%€0.8m▼ 6.6%
Working capital-€0.2m--€0.2m▲ 15.6%-€0.2mbelow the sector's middle half▲ 1.6%-€0.3mbelow the sector's middle half▼ 43.7%-€0.3mbelow the sector's middle half▼ 17.7%-€0.4mbelow the sector's middle half▼ 22.8%-€0.5mbelow the sector's middle half▼ 29.0%-€0.6mbelow the sector's middle half▼ 18.7%
Solvency29.2%-29.2%=29.6%within the sector's middle half▲ 0.5pp29.8%within the sector's middle half▲ 0.2pp28.6%within the sector's middle half▼ 1.2pp28.1%within the sector's middle half▼ 0.5pp27.3%within the sector's middle half▼ 0.8pp25.6%within the sector's middle half▼ 1.7pp
Current ratio0.39-0.47▲ 0.080.52below the sector's middle half▲ 0.050.28below the sector's middle half▼ 0.240.18below the sector's middle half▼ 0.100.06below the sector's middle half▼ 0.120.02below the sector's middle half▼ 0.040.05below the sector's middle half▲ 0.03
Return on assets (ROA)2.6%-1.5%▼ 1.1pp1.9%within the sector's middle half▲ 0.3pp-1.9%below the sector's middle half▼ 3.8pp0.4%within the sector's middle half▲ 2.4pp6.4%within the sector's middle half▲ 6.0pp0.8%within the sector's middle half▼ 5.6pp0.1%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 €3,700, after a profit of €26,485 in 2024.
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 €1.1m
Fixed assets
€1.0m ▼ 10.5%
Current assets
€28,831 ▲ 186%
Equity and liabilities €1.1m
Equity
€273,226 ▼ 14.6%
Provisions
€16,334 ▼ 9.4%
Debt
€779,337 ▼ 6.6%
Debt's share of the balance-sheet total rises from 71.2% to 72.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€31,771▼
2024 · €65,786
Cash flow
€36,437▼
2024 · €48,415
Debt to equity
2.85▲
2024 · 2.61
ROE
0.4%▼
2024 · 2.9%
Interest coverage
2.15▼
2024 · 4.67
Debt ≤ 1 year
€623,100▲
2024 · €510,621
Debt > 1 year
€155,629▼
2024 · €323,036
Income taxes
€3,108▼
2024 · €7,295
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 | €45,215 | €142,197 | €36,288 | €111,061 | €3,545 |
| Depreciation and write-downs of the year | €25,921 | €44,487 | €28,330 | €39,300 | €35,471 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €23,137 awarded · €23,137 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €23,137 |
| 2022 | 1 | €23,137 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €45,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,263 | €56,263 | €50,933 | €25,921 | €44,487 | €28,330 | €39,300 | €35,471 | ▼ 9.7% |
| Other operating charges640/8 | - | - | - | €12,427 | €162,372 | €13,672 | €14,378 | €14,738 | ▲ 2.5% |
| Gross operating margin9900 | €118,568 | €109,256 | €104,930 | €108,981 | €154,215 | €140,562 | €80,164 | €46,509 | ▼ 42.0% |
| Operating profit (loss)9901 | €50,460 | €40,702 | €40,678 | €70,633 | -€52,644 | €98,560 | €26,485 | -€3,700 | - |
| Financial income75/76B | - | - | - | €1,275 | - | €0 | €2,314 | €20,832 | ▲ 800% |
| Recurring financial income75 | €2,989 | €1,114 | €1,128 | €1,275 | - | €0 | €2,314 | €20,832 | ▲ 800% |
| Financial charges65/66B | - | - | - | €77,339 | -€55,901 | €11,702 | €14,076 | €14,744 | ▲ 4.7% |
| Recurring financial charges65 | €15,763 | €12,608 | €8,776 | €77,339 | -€55,901 | €11,702 | €14,076 | €14,744 | ▲ 4.7% |
| Profit (loss) for the period before taxes9903 | €37,687 | €29,208 | €33,030 | -€5,431 | €3,257 | €86,859 | €14,723 | €2,388 | ▼ 83.8% |
| Transfer from deferred taxes780 | - | - | - | €1,686 | €1,686 | €1,686 | €1,686 | €1,686 | = |
| Income taxes67/77 | €5,674 | €12,748 | €13,060 | €17,435 | -€3 | €17,446 | €7,295 | €3,108 | ▼ 57.4% |
| Profit (loss) for the period9904 | €32,012 | €18,146 | €21,656 | -€21,180 | €4,946 | €71,099 | €9,114 | €966 | ▼ 89.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €5,058 | €5,058 | €5,058 | €5,058 | €5,058 | = |
| Profit (loss) for the period to be appropriated9905 | €38,756 | €23,204 | €26,714 | -€16,122 | €10,004 | €76,156 | €14,172 | €6,024 | ▼ 57.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.2m | €1.1m | €1.2m | €1.1m | €1.2m | €1.1m | ▼ 8.8% |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.2m | €1.0m | ▼ 10.5% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.2m | €1.0m | ▼ 10.5% |
| Land and buildings22 | - | - | - | €1.0m | €1.1m | €1.1m | €1.2m | €1.0m | ▼ 10.5% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 36.2% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €0.1m | €0.07m | €0.02m | €0.01m | €0.03m | ▲ 186% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.07m | €0.01m | - | €0.001m | €0.001m | ▲ 52.1% |
| Trade receivables40 | - | - | - | - | - | - | €276 | - | - |
| Other amounts receivable41 | - | - | - | €0.07m | €0.01m | - | €0.001m | €0.001m | ▲ 118% |
| Cash at bank and in hand54/58 | €0.02m | €0.05m | €0.08m | €0.03m | €0.05m | €0.02m | €0.008m | €0.03m | ▲ 217% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.004m | - | €0.001m | €0.001m | ▼ 11.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.2m | €1.1m | €1.2m | €1.1m | €1.2m | €1.1m | ▼ 8.8% |
| Equity10/15 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 14.6% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 12.9% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.06m | €0.06m | €0.05m | €0.05m | ▼ 9.4% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 17.5% |
| Profit (loss) carried forward14 | - | - | - | -€0.009m | - | - | - | - | - |
| Investment grants15 | - | - | - | - | - | - | €0.02m | - | - |
| Provisions and deferred taxes16 | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 9.4% |
| Deferred taxes168 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 9.4% |
| Amounts payable17/49 | €0.9m | €0.8m | €0.8m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 6.6% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 51.8% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 51.8% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 22.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.05m | €0.05m | €0.05m | €0.02m | ▼ 50.7% |
| Financial debts43 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 30.2% |
| Credit institutions430/8 | - | - | - | €0.004m | - | - | - | - | - |
| Other loans439 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 30.2% |
| Trade debts44 | €0.001m | - | €0.001m | €0.008m | €0.02m | €0.004m | €100 | €0.007m | ▲ 68× |
| Suppliers440/4 | - | - | - | €0.008m | €0.02m | €0.004m | €100 | €0.007m | ▲ 68× |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | - | €0.02m | €0.007m | €0.003m | ▼ 57.4% |
| Taxes450/3 | - | - | - | €0.007m | - | €0.02m | €0.007m | €0.003m | ▼ 57.4% |
| Other amounts payable47/48 | - | - | - | €0.003m | €0.002m | €0.02m | €0.03m | €0.03m | ▲ 15.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,012 | €18,146 | €21,656 | -€21,180 | €4,946 | €71,099 | €9,114 | €966 | ▼ 89.4% |
| + Depreciation and write-downs630 | €56,263 | €56,263 | €50,933 | €25,921 | €44,487 | €28,330 | €39,300 | €35,471 | ▼ 9.7% |
| Operating cash flow (approximation) | €88,275 | €74,409 | €72,589 | €4,741 | €49,433 | €99,429 | €48,415 | €36,437 | ▼ 24.7% |
| Investment in fixed assets (approximation) | - | €0 | -€6,075 | -€45,215 | -€142,197 | -€36,288 | -€111,061 | €86,455 | - |
| Change in cash | - | €29,654 | €32,384 | -€51,644 | €21,943 | -€30,847 | -€15,005 | €18,357 | - |
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, 4,107 companies had the same profile as VRIBO has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VRIBO 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 4,107 companies, not a prediction for VRIBO. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00375804 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00238203 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00224218 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00214939 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20208316 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33800439 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-26200323 | |
| 31-12-2018 | micro format | 18-06-2019 | 2019-20000192 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25400490 | |
| 31-12-2016 | micro format | 12-06-2017 | 2017-15700281 |