@VS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-03-2026 PDF all 6 filings
Turnover
€0▼ 100%
2021 · €170,448
EBIT margin
0.5%
Net result
€51,217▲ 51.9%
2024 · €33,726
Working capital
€169▲ 18×
2024 · €10
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€70,150
▲ 43.7%
2025
20202025
Net result
€51,217
▲ 51.9%
2025
highest quarter of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€8,187
▲ 2.7%
2025
lowest quarter of the sector
20202025
Total assets
€82,469
▲ 43.0%
2025
middle half of the sector
20202025
Debt
€74,282
▲ 49.4%
2025
20202025
Working capital
€169
▲ 18×
2025
middle half of the sector
20202025
Solvency
9.9%
▼ 3.9pp
2025
lowest quarter of the sector
20202025
Current ratio
1.00
=
2025
middle half of the sector
20202025
Return on assets (ROA)
62.1%
▲ 3.6pp
2025
highest quarter of the sector
20202025
Staff (FTE)
1
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€0-€170,448€0▼ 100%
Operating result€5,558-€901▼ 83.8%€5,459▲ 506%€20,318▲ 272%€48,820▲ 140%€70,150▲ 43.7%
Net result€4,419within the sector's middle half-€455within the sector's middle half▼ 89.7%-€55within the sector's middle half€11,826within the sector's middle half€33,726within the sector's middle half▲ 185%€51,217above the sector's middle half▲ 51.9%
EBIT margin0.5%
Equity€7,419below the sector's middle half-€7,874below the sector's middle half▲ 6.1%€7,819below the sector's middle half▼ 0.7%€6,645below the sector's middle half▼ 15.0%€7,971below the sector's middle half▲ 19.9%€8,187below the sector's middle half▲ 2.7%
Total assets€11,172below the sector's middle half-€15,840below the sector's middle half▲ 41.8%€16,509below the sector's middle half▲ 4.2%€34,428below the sector's middle half▲ 109%€57,684within the sector's middle half▲ 67.6%€82,469within the sector's middle half▲ 43.0%
Debt€3,752-€7,966▲ 112%€8,690▲ 9.1%€27,783▲ 220%€49,714▲ 78.9%€74,282▲ 49.4%
Working capital€1,479within the sector's middle half-€2,739within the sector's middle half▲ 85.2%€1,450within the sector's middle half▼ 47.1%€532within the sector's middle half▼ 63.3%€10within the sector's middle half▼ 98.2%€169within the sector's middle half▲ 18×
Solvency66.4%within the sector's middle half-49.7%within the sector's middle half▼ 16.7pp47.4%within the sector's middle half▼ 2.3pp19.3%within the sector's middle half▼ 28.1pp13.8%below the sector's middle half▼ 5.5pp9.9%below the sector's middle half▼ 3.9pp
Current ratio1.39within the sector's middle half-1.34within the sector's middle half▼ 0.051.17within the sector's middle half▼ 0.181.02within the sector's middle half▼ 0.151.00within the sector's middle half▼ 0.021.00within the sector's middle half=
Return on assets (ROA)39.6%above the sector's middle half-2.9%within the sector's middle half▼ 36.7pp-0.3%below the sector's middle half▼ 3.2pp34.3%above the sector's middle half▲ 34.7pp58.5%above the sector's middle half▲ 24.1pp62.1%above the sector's middle half▲ 3.6pp
Staff (FTE)1
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 44% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €82,469
Fixed assets
€8,018 ▲ 0.7%
Current assets
€74,451 ▲ 49.7%
Equity and liabilities €82,469
Equity
€8,187 ▲ 2.7%
Debt
€74,282 ▲ 49.4%
Debt's share of the balance-sheet total rises from 86.2% to 90.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€72,969▲
2024 · €52,142
Cash flow
€54,036▲
2024 · €37,048
Debt to equity
9.07▲
2024 · 6.24
ROE
625.6%▲
2024 · 423.1%
Interest coverage
20.47▲
2024 · 13.37
Debt ≤ 1 year
€74,282▲
2024 · €49,714
Income taxes
€15,384▲
2024 · €11,197
Staff costs
€7,478
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €991 | €2,730 | €3,247 | €5,170 | €2,877 |
| Intangible fixed assets | - | €1,409 | - | - | - |
| Depreciation and write-downs of the year | €1,796 | €2,904 | €3,504 | €3,322 | €2,819 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | €170,448 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €7,478 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €917 | €1,796 | €2,904 | €3,504 | €3,322 | €2,819 | ▼ 15.1% |
| Other operating charges640/8 | - | €348 | €488 | €952 | €2,679 | €1,063 | ▼ 60.3% |
| Gross operating margin9900 | €7,185 | €3,045 | €8,850 | €24,773 | €54,821 | €81,510 | ▲ 48.7% |
| Operating profit (loss)9901 | €5,558 | €901 | €5,459 | €20,318 | €48,820 | €70,150 | ▲ 43.7% |
| Financial income75/76B | - | - | - | €44 | €2 | €15 | ▲ 854% |
| Recurring financial income75 | - | - | - | €44 | €2 | €15 | ▲ 854% |
| Financial charges65/66B | - | €182 | €5,224 | €3,668 | €3,899 | €3,565 | ▼ 8.6% |
| Recurring financial charges65 | €139 | €182 | €5,224 | €3,668 | €3,899 | €3,565 | ▼ 8.6% |
| Profit (loss) for the period before taxes9903 | €5,419 | €719 | €234 | €16,694 | €44,922 | €66,600 | ▲ 48.3% |
| Income taxes67/77 | €1,000 | €264 | €290 | €4,869 | €11,197 | €15,384 | ▲ 37.4% |
| Profit (loss) for the period9904 | €4,419 | €455 | -€55 | €11,826 | €33,726 | €51,217 | ▲ 51.9% |
| Profit (loss) for the period to be appropriated9905 | €4,419 | €455 | -€55 | €11,826 | €33,726 | €51,217 | ▲ 51.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €11,172 | €15,840 | €16,509 | €34,428 | €57,684 | €82,469 | ▲ 43.0% |
| Formation expenses20 | €812 | €596 | €380 | €163 | €0 | €0 | - |
| Fixed assets21/28 | €5,128 | €4,539 | €5,990 | €5,950 | €7,961 | €8,018 | ▲ 0.7% |
| Intangible fixed assets21 | - | - | €1,126 | €656 | €187 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €5,128 | €4,539 | €4,864 | €5,293 | €7,774 | €8,018 | ▲ 3.1% |
| Plant, machinery and equipment23 | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | €4,539 | €4,864 | €3,644 | €1,280 | €2,223 | ▲ 73.7% |
| Other tangible fixed assets26 | - | - | €0 | €1,649 | €6,494 | €5,796 | ▼ 10.8% |
| Current assets29/58 | €5,231 | €10,705 | €10,139 | €28,315 | €49,723 | €74,451 | ▲ 49.7% |
| Stocks and contracts in progress3 | - | - | - | €0 | - | - | - |
| Stocks30/36 | - | - | - | €0 | - | - | - |
| Amounts receivable within one year40/41 | €3,506 | €2,699 | €3,829 | €10,234 | €36,599 | €40,001 | ▲ 9.3% |
| Trade receivables40 | - | €1,750 | €2,152 | €2,292 | €11,472 | €2,622 | ▼ 77.1% |
| Other amounts receivable41 | - | €949 | €1,678 | €7,942 | €25,127 | €37,379 | ▲ 48.8% |
| Cash at bank and in hand54/58 | €1,658 | €7,938 | €6,310 | €18,081 | €12,778 | €33,387 | ▲ 161% |
| Deferred charges and accrued income490/1 | - | €67 | €0 | €0 | €346 | €1,063 | ▲ 207% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €11,172 | €15,840 | €16,509 | €34,428 | €57,684 | €82,469 | ▲ 43.0% |
| Equity10/15 | €7,419 | €7,874 | €7,819 | €6,645 | €7,971 | €8,187 | ▲ 2.7% |
| Contributions10/11 | - | - | - | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €3,000 | €3,000 | €3,000 | €0 | - | - | - |
| Non-distributable reserves130/1 | - | €3,000 | €3,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €3,000 | €3,000 | €0 | - | - | - |
| Profit (loss) carried forward14 | €4,419 | €4,874 | €4,819 | €3,645 | €4,971 | €5,187 | ▲ 4.4% |
| Amounts payable17/49 | €3,752 | €7,966 | €8,690 | €27,783 | €49,714 | €74,282 | ▲ 49.4% |
| Amounts payable within one year42/48 | €3,752 | €7,966 | €8,690 | €27,783 | €49,714 | €74,282 | ▲ 49.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,556 | €6,588 | ▲ 0.5% |
| Trade debts44 | €0 | €1,250 | €1,038 | €1,552 | €1,848 | €2,154 | ▲ 16.6% |
| Suppliers440/4 | - | €1,250 | €1,038 | €1,552 | €1,848 | €2,154 | ▲ 16.6% |
| Taxes, remuneration and social security45 | - | €3,569 | €2,381 | €15,181 | €13,770 | €22,190 | ▲ 61.1% |
| Taxes450/3 | - | €3,569 | €2,381 | €15,181 | €13,770 | €20,940 | ▲ 52.1% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | €1,250 | - |
| Other amounts payable47/48 | - | €3,147 | €5,270 | €11,050 | €27,540 | €43,350 | ▲ 57.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,419 | €455 | -€55 | €11,826 | €33,726 | €51,217 | ▲ 51.9% |
| + Depreciation and write-downs630 | €917 | €1,796 | €2,904 | €3,504 | €3,322 | €2,819 | ▼ 15.1% |
| Operating cash flow (approximation) | €5,336 | €2,251 | €2,849 | €15,329 | €37,048 | €54,036 | ▲ 45.9% |
| Investment in fixed assets (approximation) | - | -€1,207 | -€4,355 | -€3,463 | -€5,333 | -€2,877 | ▲ 46.1% |
| Change in cash | - | €6,280 | -€1,628 | €11,771 | -€5,303 | €20,609 | - |
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, 2,153 companies had the same profile as @VS has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of @VS itself is lower: 0.2% within 12 months. It rests on far more data about @VS 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 2,153 companies, not a prediction for @VS. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-03-2026 | 2026-00048441 | |
| 31-12-2024 | micro format | 19-03-2025 | 2025-00050201 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00235065 | |
| 31-12-2022 | micro format | 23-05-2023 | 2023-00091807 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20088946 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52900280 |