VS
Annual accounts 2025
abbreviated format, filed on 10-06-2026, 51 days before the deadlineTurnover 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
balance sheet total €858,639 on 31-12-2025in euro
in euro
Position in the sector
73.9%
Higher than 71% of 6,708 companies in 2025.
17.0%
Higher than 83% of 6,673 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
858,639 | 785,852 | 747,845 | 702,968 | 675,344 | 698,658 | 667,250 | 670,980 | 629,294 | 630,269 | 622,669 | 624,762 | 639,234 | 624,200 | 623,117 | 632,555 | 624,189 | 622,777 | 627,994 | 632,132 | |
21/28 |
618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | |
28 |
618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | 618,908 | |
29/58 |
239,732 | 166,945 | 128,937 | 84,061 | 56,437 | 79,751 | 48,343 | 52,073 | 10,386 | 11,361 | 3,762 | 5,855 | 20,326 | 5,293 | 4,209 | 13,647 | 5,282 | 3,869 | 9,086 | 13,224 | |
40/41 |
12,947 | 12,947 | 12,947 | 12,947 | 12,947 | 29,957 | 12,947 | 12,947 | - | - | - | - | - | - | 1,058 | 300 | 1,346 | 618 | 413 | 425 | |
40 |
12,947 | 12,947 | 12,947 | 12,947 | 12,947 | 12,947 | 12,947 | 12,947 | - | - | - | - | - | - | - | - | - | - | - | - | |
41 |
- | - | - | - | - | 17,010 | - | - | - | - | - | - | - | - | 1,058 | 300 | 1,346 | 618 | 413 | 425 | |
54/58 |
226,785 | 153,998 | 115,990 | 71,114 | 43,490 | 49,794 | 35,396 | 39,126 | 10,386 | 11,361 | 3,762 | 5,855 | 20,326 | 5,293 | 3,152 | 13,347 | 3,936 | 3,251 | 8,673 | 12,799 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
858,639 | 785,852 | 747,845 | 702,968 | 675,344 | 698,658 | 667,250 | 670,980 | 629,294 | 630,269 | 622,669 | 624,762 | 639,234 | 624,200 | 623,117 | 632,555 | 624,189 | 622,777 | 627,994 | 632,132 | |
10/15 |
634,431 | 672,418 | 635,995 | 581,703 | 541,414 | 495,753 | 388,809 | 493,330 | 416,641 | 358,635 | 316,730 | 278,738 | 248,263 | 240,370 | 211,221 | 192,138 | 167,011 | 149,562 | 129,961 | 110,460 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 186,200 | 186,200 | 186,200 | 186,200 | 186,200 | 186,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 198,600 | 198,600 | 198,600 | 198,600 | 198,600 | 198,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
612,528 | 650,515 | 614,092 | 559,799 | 519,511 | 473,850 | 366,906 | 291,427 | 214,738 | 156,732 | 114,827 | 50,336 | 19,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
19,860 | 19,860 | 19,860 | 19,860 | 19,860 | 19,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 19,860 | 19,860 | 19,860 | 19,860 | 19,860 | 19,860 | 19,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
19,860 | 19,860 | 19,860 | 19,860 | 19,860 | 19,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
592,668 | 630,655 | 594,232 | 539,939 | 499,651 | 453,990 | 347,046 | 271,567 | 194,878 | 136,872 | 94,967 | 30,476 | - | - | - | - | - | - | - | - | |
14 |
15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 15,703 | 42,203 | 42,203 | 232,310 | 203,161 | 184,078 | 158,951 | 141,502 | 121,901 | 102,400 | |
17/49 |
224,208 | 113,434 | 111,849 | 121,266 | 133,930 | 202,905 | 278,441 | 177,650 | 212,653 | 271,634 | 305,939 | 346,024 | 390,971 | 383,830 | 411,896 | 440,417 | 457,178 | 473,215 | 498,032 | 521,672 | |
17 |
- | - | - | - | - | - | 44,221 | 87,557 | 130,025 | 173,219 | 212,578 | 257,346 | 300,500 | 322,099 | 355,928 | 388,501 | 417,384 | 444,806 | 470,842 | 495,562 | |
170/4 |
- | - | - | - | - | - | 44,221 | 87,557 | 130,025 | 173,219 | 212,578 | 257,346 | 300,500 | 322,099 | 355,928 | 388,501 | 417,384 | 444,806 | 470,842 | 495,562 | |
42/48 |
220,608 | 109,834 | 108,249 | 117,666 | 131,830 | 202,505 | 217,270 | 87,894 | 80,427 | 96,215 | 91,161 | 82,078 | 88,230 | 60,826 | 55,253 | 41,403 | 29,794 | 28,409 | 27,190 | 26,110 | |
42 |
- | - | - | - | - | 44,221 | 43,336 | 44,822 | 63,973 | 41,727 | 47,139 | 45,519 | 43,965 | 36,196 | 34,928 | 31,243 | 29,794 | 28,409 | 27,090 | 26,010 | |
44 |
- | 11,325 | 12,008 | 10,293 | 11,904 | 8,070 | - | 6,264 | 20 | 8,387 | - | - | - | - | - | - | - | - | - | - | |
440/4 |
- | 11,325 | 12,008 | 10,293 | 11,904 | 8,070 | - | 6,264 | 20 | 8,387 | - | - | - | - | - | - | - | - | - | - | |
45 |
41,042 | 21,782 | 21,436 | 23,224 | 20,333 | 19,095 | 8,798 | 6,808 | 6,435 | 8,600 | 11,372 | 3,484 | 1,777 | 4,418 | 190 | 91 | - | - | - | - | |
450/3 |
41,042 | 21,782 | 21,436 | 23,224 | 20,333 | 19,095 | 8,798 | 6,808 | 6,435 | 8,600 | 11,372 | 3,484 | 1,777 | 4,418 | 190 | 91 | - | - | - | - | |
47/48 |
179,566 | 76,727 | 74,805 | 84,148 | 99,594 | 131,120 | 165,137 | 30,000 | 10,000 | 37,500 | 32,650 | 33,075 | 42,489 | 20,212 | 20,135 | 10,069 | - | - | 100 | 100 | |
492/3 |
3,600 | 3,600 | 3,600 | 3,600 | 2,100 | 400 | 16,950 | 2,200 | 2,200 | 2,200 | 2,200 | 6,600 | 2,241 | 905 | 715 | 10,513 | 10,000 | - | - | - | |
| Income statement | |||||||||||||||||||||
9900 |
206,590 | 161,763 | 160,645 | 171,983 | 146,701 | 154,020 | 109,864 | 110,293 | 95,293 | 74,522 | 74,454 | 58,537 | 56,655 | 55,962 | 45,995 | 59,215 | 47,495 | 51,846 | 52,407 | 54,407 | |
640/8 |
208 | 182 | 385 | 159 | 156 | 155 | 336 | 166 | 162 | 248 | 247 | 246 | 153 | 123 | 144 | 139 | 141 | 134 | 133 | 298 | |
9901 |
206,383 | 161,581 | 160,260 | 171,824 | 146,545 | 153,866 | 109,529 | 110,126 | 95,130 | 74,275 | 74,208 | 58,292 | 56,503 | 55,838 | 45,852 | 59,076 | 47,354 | 51,712 | 52,274 | 54,109 | |
75/76B |
1,013 | - | - | - | - | - | - | - | - | - | 10 | - | 34 | 21 | 90 | 90 | 45 | 118 | 276 | 96 | |
75 |
1,013 | - | - | - | - | - | - | - | - | - | 10 | - | 34 | 21 | 90 | 90 | 45 | 118 | 276 | 96 | |
65/66B |
0 | 60 | 0 | 30 | 546 | 1,448 | 2,356 | 3,370 | 3,880 | 9,111 | 10,749 | 12,331 | 14,113 | 15,590 | 22,097 | 23,302 | 24,126 | 25,417 | 26,478 | 28,123 | |
65 |
0 | 60 | 0 | 30 | 546 | 1,448 | 2,356 | 3,370 | 3,880 | 9,111 | 10,749 | 12,331 | 14,113 | 15,590 | 22,097 | 23,302 | 24,126 | 25,417 | 26,478 | 28,123 | |
9903 |
207,395 | 161,521 | 160,260 | 171,794 | 145,999 | 152,418 | 107,173 | 106,756 | 91,250 | 65,164 | 63,468 | 45,960 | 42,423 | 40,269 | 23,845 | 35,864 | 23,274 | 26,414 | 26,072 | 26,081 | |
67/77 |
61,292 | 46,691 | 46,295 | 50,008 | 41,763 | 43,873 | 30,070 | 30,067 | 33,244 | 23,259 | 25,476 | 15,484 | 10,530 | 11,120 | 4,762 | 10,737 | 5,824 | 6,813 | 6,570 | 6,262 | |
9904 |
146,103 | 114,829 | 113,965 | 121,785 | 104,236 | 108,545 | 77,103 | 76,689 | 58,006 | 41,905 | 37,992 | 30,476 | 31,893 | 29,149 | 19,083 | 25,127 | 17,449 | 19,601 | 19,502 | 19,819 | |
9905 |
146,103 | 114,829 | 113,965 | 121,785 | 104,236 | 108,545 | 77,103 | 76,689 | 58,006 | 41,905 | 37,992 | 30,476 | 31,893 | 29,149 | 19,083 | 25,127 | 17,449 | 19,601 | 19,502 | 19,819 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
161,806 | 130,533 | 129,668 | 137,488 | 119,939 | 124,248 | 92,806 | 92,392 | 73,709 | 57,608 | 80,195 | 72,678 | 264,203 | 232,310 | 203,161 | 184,078 | 158,951 | 141,502 | 121,901 | 102,400 | |
14P |
15,703 | 15,703 | 15,703 | 15,703 | 15,703 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
182,424 | 76,689 | 58,006 | 79,897 | 56,975 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
144,437 | 113,111 | 112,299 | 120,185 | 102,636 | 106,945 | 75,479 | 76,689 | 58,006 | 41,905 | 64,491 | 30,476 | 18,000 | - | - | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 18,000 | - | - | - | - | - | - | - | |
6921 |
144,437 | 113,111 | 112,299 | 120,185 | 102,636 | 106,945 | 75,479 | 76,689 | 58,006 | 41,905 | 64,491 | 30,476 | - | - | - | - | - | - | - | - | |
694/7 |
184,090 | 78,407 | 59,672 | 81,497 | 58,575 | 1,600 | 1,624 | - | - | - | - | - | 204,000 | - | - | - | - | - | - | - | |
694 |
184,090 | 78,407 | 59,672 | 81,497 | 58,575 | 1,600 | 1,624 | - | - | - | - | - | 200,000 | - | - | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | 4,000 | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||||
The accounts for 4 older financial years (2002-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 2 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 10-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00149500 | |
| 31-12-2024 | abbreviated format | 04-08-2025 | 2025-00354739 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00223407 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00200090 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20135881 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-33000142 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-26100107 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-28800229 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-24900508 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-20000425 | |
| 31-12-2015 | abbreviated format | 23-06-2016 | 2016-22600229 | |
| 31-12-2014 | abbreviated format | 15-06-2015 | 2015-18600085 | |
| 31-12-2013 | abbreviated format | 23-06-2014 | 2014-21400124 | |
| 31-12-2012 | abbreviated format | 14-06-2013 | 2013-18200557 | |
| 31-12-2011 | abbreviated format | 20-06-2012 | 2012-20100476 | |
| 31-12-2010 | abbreviated format | 04-07-2011 | 2011-25500091 | |
| 31-12-2009 | abbreviated format | 30-06-2010 | 2010-27000333 | |
| 31-12-2008 | abbreviated format | 03-07-2009 | 2009-37500297 | |
| 31-12-2007 | abbreviated format | 27-06-2008 | 2008-31200154 | |
| 31-12-2006 | abbreviated format | 26-06-2007 | 2007-28900250 | |
| 31-12-2005 | abbreviated format | 23-06-2006 | 2006-30802220 | |
| 31-12-2004 | abbreviated format | 22-06-2005 | 2005-30805335 | |
| 31-12-2003 | abbreviated format | 09-06-2004 | 2004-22003985 | |
| 31-12-2002 | abbreviated format | 17-06-2003 | 2003-25101592 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 72,787 | 38,008 | 44,876 | 27,624 | -6,304 | 14,398 | -3,730 | 28,739 | -975 | 7,600 | -2,093 | -14,471 | 15,033 | 2,141 | -10,196 | 9,411 | 685 | -5,421 | -4,127 | - | ||
| 73.9% | 85.6% | 85.0% | 82.7% | 80.2% | 71.0% | 58.3% | 73.5% | 66.2% | 56.9% | 50.9% | 44.6% | 38.8% | 38.5% | 33.9% | 30.4% | 26.8% | 24.0% | 20.7% | 17.5% | ||
| 23.0% | 17.1% | 17.9% | 20.9% | 19.3% | 21.9% | 19.8% | 15.5% | 13.9% | 11.7% | 12.0% | 10.9% | 12.8% | 12.1% | 9.0% | 13.1% | 10.4% | 13.1% | 15.0% | 17.9% | ||
| 17.0% | 14.6% | 15.2% | 17.3% | 15.4% | 15.5% | 11.6% | 11.4% | 9.2% | 6.6% | 6.1% | 4.9% | 5.0% | 4.7% | 3.1% | 4.0% | 2.8% | 3.1% | 3.1% | 3.1% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Insights on VS
The operating result for 2025 is 28% higher than in 2024 and the highest since 2006. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total rises from 14.4% to 26.1%. Equity is lower and debt is higher.