VS
Annual accounts 2025
full format, filed on 26-05-2026, 66 days before the deadlineThe turnover shown is an estimate from the gross margin.
Turnover ≈ €950,000. Estimated: probably between €740,000 and €1.3m.
Balance sheet
balance sheet total €459,506 on 31-12-2025in euro
in euro
Position in the sector
36.8%
Higher than 42% of 2,463 companies in 2025.
1.72
Higher than 52% of 2,436 companies in 2025.
8.6%
Higher than 67% of 2,454 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff
€39,189
Staff costs divided by the average number of full-time equivalents.
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 |
459,506 | 470,452 | 523,236 | 240,884 | 311,390 | 368,919 | 420,524 | 368,132 | 292,613 | 164,599 | 204,092 | 284,004 | 427,902 | 509,310 | 483,113 | 356,672 | 335,726 | 429,079 | 329,820 | 408,159 | |
21/28 |
250,065 | 311,551 | 394,071 | 108,333 | 160,258 | 238,882 | 290,431 | 261,293 | 112,398 | 17,267 | 72,299 | 142,368 | 246,055 | 304,679 | 283,429 | 228,316 | 216,980 | 292,951 | 225,297 | 284,301 | |
22/27 |
249,705 | 311,191 | 393,711 | 107,974 | 159,899 | 238,522 | 290,071 | 260,933 | 112,038 | 16,907 | 71,939 | 142,008 | 245,695 | 304,319 | 283,069 | 227,956 | 216,620 | 292,591 | 224,937 | 283,941 | |
22 |
240 | 480 | 720 | 960 | 1,365 | 1,770 | 2,175 | 2,580 | 4,407 | 3,833 | 5,419 | 7,005 | 1,486 | - | - | - | - | - | - | - | |
23 |
- | - | - | - | - | 617 | 1,235 | 1,852 | 2,469 | 260 | 748 | 1,338 | 2,410 | 2,833 | 3,157 | 4,004 | 3,509 | 1,685 | 2,466 | 2,626 | |
24 |
237,958 | 294,713 | 372,503 | 82,035 | 134,622 | 207,965 | 254,234 | 219,816 | 105,162 | 12,814 | 65,469 | 131,875 | 238,522 | 296,722 | 273,521 | 215,198 | 201,995 | 277,426 | 207,329 | 270,669 | |
26 |
11,507 | 15,998 | 20,488 | 24,979 | 23,585 | 27,516 | 31,446 | 35,377 | - | - | 304 | 1,791 | 3,277 | 4,764 | 6,251 | 7,738 | 9,224 | 10,712 | 12,198 | 10,646 | |
27 |
- | - | - | - | 327 | 654 | 981 | 1,308 | - | - | - | - | - | - | 140 | 1,016 | 1,892 | 2,768 | 2,944 | - | |
28 |
360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | 360 | |
29/58 |
209,441 | 158,902 | 129,165 | 132,550 | 151,131 | 130,037 | 130,093 | 106,839 | 180,215 | 147,332 | 131,793 | 141,636 | 181,847 | 204,631 | 199,684 | 128,356 | 118,746 | 136,128 | 104,523 | 123,858 | |
40/41 |
77,858 | 68,775 | 95,420 | 69,168 | 102,816 | 80,724 | 60,872 | 99,535 | 102,487 | 83,441 | 96,259 | 87,531 | 120,581 | 154,755 | 141,210 | 94,932 | 103,700 | 105,210 | 90,796 | 96,302 | |
40 |
77,805 | 68,681 | 95,378 | 69,168 | 102,816 | 80,466 | 60,559 | 99,396 | 81,370 | 83,441 | 96,259 | 87,531 | 120,581 | 137,027 | 138,282 | 94,932 | 103,700 | 105,210 | 87,221 | 96,302 | |
41 |
53 | 94 | 41 | - | - | 258 | 313 | 139 | 21,117 | - | - | - | - | 17,728 | 2,928 | - | - | - | 3,575 | - | |
54/58 |
123,249 | 80,041 | 23,219 | 53,426 | 30,818 | 39,692 | 59,348 | 7,304 | 77,728 | 63,891 | 35,534 | 54,105 | 61,266 | 49,876 | 58,474 | 33,424 | 15,046 | 30,918 | 13,727 | 27,556 | |
490/1 |
8,335 | 10,086 | 10,526 | 9,956 | 17,498 | 9,621 | 9,873 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
459,506 | 470,452 | 523,236 | 240,884 | 311,390 | 368,919 | 420,524 | 368,132 | 292,613 | 164,599 | 204,092 | 284,004 | 427,902 | 509,310 | 483,113 | 356,672 | 335,726 | 429,079 | 329,820 | 408,159 | |
10/15 |
169,115 | 129,567 | 131,420 | 111,222 | 110,284 | 116,944 | 107,755 | 82,396 | 70,239 | 66,650 | 54,552 | 48,401 | 60,438 | 58,110 | 40,961 | 27,465 | 19,852 | 15,676 | 22,276 | 22,767 | |
10/11 |
20,460 | 20,460 | 20,460 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
11 |
- | - | - | - | - | 18,600 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1109/19 |
- | - | - | - | - | 18,600 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
- | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,501 | 634 | 253 | 253 | 253 | 253 | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,501 | 634 | 253 | 253 | 253 | 253 | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
148,655 | 109,107 | 110,960 | 90,762 | 89,824 | 96,484 | 87,295 | 61,936 | 49,779 | 46,190 | 34,092 | 27,941 | 39,978 | 37,650 | 20,860 | 8,231 | 999 | -3,177 | 3,423 | 3,914 | |
17/49 |
290,391 | 340,885 | 391,816 | 129,661 | 201,106 | 251,975 | 312,769 | 285,736 | 222,374 | 97,949 | 149,540 | 235,603 | 367,464 | 451,200 | 442,152 | 329,207 | 315,874 | 413,403 | 307,544 | 385,392 | |
17 |
168,475 | 216,857 | 277,017 | 36,412 | 88,171 | 155,472 | 173,591 | 178,592 | 107,314 | 6,740 | 40,663 | 100,866 | 175,005 | 250,690 | 224,355 | 160,728 | 119,154 | 169,320 | 121,879 | 167,570 | |
170/4 |
168,475 | 216,857 | 277,017 | 36,412 | 88,171 | 155,472 | 173,591 | 178,592 | 107,314 | 6,740 | 40,663 | 100,866 | 175,005 | 250,690 | 224,355 | 160,728 | 119,154 | 169,320 | 121,879 | 167,570 | |
42/48 |
121,915 | 124,028 | 114,799 | 93,249 | 112,935 | 96,503 | 139,178 | 107,144 | 115,060 | 91,209 | 108,877 | 134,737 | 192,459 | 200,510 | 217,797 | 168,479 | 196,720 | 244,083 | 185,665 | 217,822 | |
42 |
59,649 | 60,160 | 64,273 | 51,759 | 67,301 | 69,145 | 68,620 | 55,325 | 30,176 | 33,923 | 60,203 | 74,139 | 112,984 | 105,840 | 77,314 | 68,685 | 64,953 | 77,492 | 55,871 | 51,093 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,632 | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,632 | - | - | |
44 |
36,464 | 31,934 | 29,267 | 26,272 | 37,418 | 15,816 | 52,338 | 30,848 | 62,001 | 29,618 | 12,400 | 13,913 | 18,018 | 23,162 | 54,937 | 8,104 | 30,080 | 35,301 | 26,063 | 35,055 | |
440/4 |
36,464 | 31,934 | 29,267 | 26,272 | 37,418 | 15,816 | 52,338 | 30,848 | 62,001 | 29,618 | 12,400 | 13,913 | 18,018 | 23,162 | 54,937 | 8,104 | 30,080 | 35,301 | 26,063 | 35,055 | |
46 |
- | - | - | - | - | - | 5,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
45 |
18,214 | 25,998 | 20,620 | 9,897 | 7,530 | 11,436 | 8,132 | 11,417 | 8,393 | 10,577 | 13,367 | 12,376 | 10,221 | 14,344 | 14,466 | 9,981 | 14,977 | 16,948 | 12,053 | 9,804 | |
450/3 |
13,784 | 16,626 | 10,222 | 7,961 | 7,356 | 9,848 | 3,196 | 2,508 | 470 | 3,188 | 8,155 | 8,204 | 4,800 | 9,923 | 5,358 | 940 | 3,348 | 8,358 | 5,943 | 4,610 | |
454/9 |
4,430 | 9,372 | 10,398 | 1,936 | 174 | 1,588 | 4,936 | 8,909 | 7,923 | 7,389 | 5,213 | 4,172 | 5,421 | 4,421 | 9,108 | 9,041 | 11,629 | 8,590 | 6,110 | 5,194 | |
47/48 |
7,588 | 5,936 | 639 | 5,322 | 686 | 106 | 5,088 | 9,554 | 14,490 | 17,091 | 22,907 | 34,309 | 51,236 | 57,164 | 71,080 | 81,709 | 86,710 | 91,710 | 91,678 | 121,870 | |
| Income statement | |||||||||||||||||||||
76A |
- | - | 33,000 | - | - | - | 10,000 | 58,500 | - | - | - | - | 33,458 | 45,000 | 18,479 | 10,600 | - | 11,340 | - | - | |
9900 |
344,471 | 317,049 | 278,404 | 208,530 | 167,409 | 153,694 | 251,977 | 236,189 | 189,350 | 209,076 | 211,943 | 230,793 | 260,007 | 274,250 | 287,225 | 290,871 | 276,370 | 200,336 | 189,755 | 195,580 | |
62 |
195,947 | 204,187 | 165,177 | 120,694 | 76,143 | 77,130 | 133,988 | 139,546 | 128,772 | 128,387 | 126,715 | 121,101 | 149,294 | 167,572 | 166,187 | 155,450 | 153,899 | 115,891 | 102,267 | 99,942 | |
630 |
75,317 | 82,520 | 69,524 | 70,750 | 81,201 | 51,549 | 76,962 | 68,511 | 41,430 | 55,941 | 70,069 | 110,793 | 122,615 | 115,643 | 107,535 | 121,137 | 97,722 | 83,079 | 68,489 | 72,043 | |
640/8 |
22,927 | 19,556 | 14,007 | 13,882 | 14,296 | 11,439 | 11,854 | 12,059 | 12,909 | 10,243 | 4,455 | 4,728 | 6,919 | 5,714 | 5,746 | 5,224 | 5,153 | 4,717 | 3,965 | 4,881 | |
66A |
- | - | - | - | - | - | - | - | 1,158 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
50,279 | 10,785 | 29,697 | 3,204 | -4,230 | 13,576 | 29,173 | 16,073 | 5,081 | 14,505 | 10,704 | -5,829 | -18,821 | -14,679 | 7,757 | 9,060 | 19,596 | -3,351 | 15,034 | 18,714 | |
75/76B |
88 | 73 | 2 | 92 | 669 | 9 | 141 | 41 | 27 | 52 | 176 | 266 | 330 | 226 | 885 | 109 | 142 | 98 | 123 | - | |
75 |
88 | 73 | 2 | 92 | 669 | 9 | 141 | 41 | 27 | 52 | 176 | 266 | 330 | 226 | 885 | 109 | 142 | 98 | 123 | - | |
65/66B |
10,208 | 12,242 | 9,067 | 1,890 | 2,716 | 3,983 | 3,627 | 3,590 | 1,045 | 2,273 | 4,519 | 7,712 | 10,948 | 11,549 | 9,762 | 11,324 | 10,912 | 5,538 | 10,497 | 13,658 | |
65 |
10,208 | 12,242 | 9,067 | 1,890 | 2,716 | 3,983 | 3,627 | 3,590 | 1,045 | 2,273 | 4,519 | 7,712 | 10,948 | 11,549 | 9,762 | 11,324 | 10,912 | 5,538 | 10,497 | 13,658 | |
9903 |
40,159 | -1,384 | 20,631 | 1,405 | -6,277 | 9,602 | 25,687 | 12,524 | 4,063 | 12,284 | 6,361 | -13,275 | 4,019 | 18,998 | 17,359 | 8,445 | 8,826 | 2,549 | 4,660 | 5,056 | |
67/77 |
610 | 469 | 433 | 467 | 383 | 413 | 328 | 367 | 474 | 186 | 211 | -1,238 | 1,691 | 1,849 | 3,863 | 832 | 4,650 | 3,382 | 5 | 889 | |
9904 |
39,549 | -1,854 | 20,198 | 938 | -6,660 | 9,189 | 25,359 | 12,157 | 3,589 | 12,098 | 6,151 | -12,037 | 2,328 | 17,149 | 13,496 | 7,613 | 4,176 | -833 | 4,655 | 4,167 | |
9905 |
39,549 | -1,854 | 20,198 | 938 | -6,660 | 9,189 | 25,359 | 12,157 | 3,589 | 12,098 | 6,151 | -12,037 | 2,328 | 17,149 | 13,496 | 7,613 | 4,176 | -833 | 4,655 | 4,167 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
148,655 | 109,107 | 110,960 | 90,762 | 89,824 | 96,484 | 87,295 | 61,936 | 49,779 | 46,190 | 34,092 | 27,941 | 39,978 | 38,009 | 21,727 | 8,612 | 999 | 2,590 | 8,569 | 4,167 | |
14P |
109,107 | 110,960 | 90,762 | 89,824 | 96,484 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 359 | 867 | 381 | - | - | - | 253 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 359 | 867 | 381 | - | - | - | 253 | |
694/7 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,767 | 5,146 | - | |
694 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,767 | 5,146 | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
5 | 5 | 5.1 | 4 | 3.8 | 4 | 4 | 4 | 4 | 3.8 | 3.9 | 3.8 | 4.8 | 5.3 | 5.4 | 5 | 5 | 4.3 | 4 | 3.5 | |
Hours worked1013 |
5,480 | 6,288 | 4,824 | 2,336 | 2,336 | 4,440 | 4,440 | 4,824 | 4,816 | 4,784 | 4,792 | 4,384 | 5,608 | 6,192 | 6,400 | 6,080 | 6,384 | 4,872 | 4,440 | 4,248 | |
| Document | |||||||||||||||||||||
The notes to these accounts have 10 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 26-05-2026.
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 | full format | 26-05-2026 | 2026-00120487 | |
| 31-12-2024 | full format | 17-06-2025 | 2025-00145452 | |
| 31-12-2023 | full format | 13-08-2024 | 2024-00342187 | |
| 31-12-2022 | full format | 10-08-2023 | 2023-00330278 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20273083 | |
| 31-12-2020 | full format | 10-08-2021 | 2021-47300540 | |
| 31-12-2019 | full format | 28-07-2020 | 2020-35100076 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-41000449 | |
| 31-12-2017 | full format | 17-08-2018 | 2018-46400193 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-53300534 | |
| 31-12-2015 | full format | 29-07-2016 | 2016-38700524 | |
| 31-12-2014 | full format | 13-08-2015 | 2015-42000546 | |
| 31-12-2013 | full format | 26-08-2014 | 2014-47900060 | |
| 31-12-2012 | full format | 02-08-2013 | 2013-40400444 | |
| 31-12-2011 | full format | 17-08-2012 | 2012-41900169 | |
| 31-12-2010 | full format | 16-08-2011 | 2011-40400492 | |
| 31-12-2009 | full format | 16-08-2010 | 2010-41400259 | |
| 31-12-2008 | full format | 18-08-2009 | 2009-58500291 | |
| 31-12-2007 | full format | 21-08-2008 | 2008-58800150 | |
| 31-12-2006 | full format | 23-07-2007 | 2007-44200244 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 125,596 | 93,305 | 99,220 | 73,954 | 76,971 | 65,125 | 106,135 | 84,584 | 46,511 | 70,446 | 80,773 | 104,964 | 103,794 | 100,964 | 115,292 | 130,197 | 117,318 | 79,728 | 83,523 | 90,757 | ||
| 114,866 | 80,667 | 89,721 | 71,688 | 74,541 | 60,738 | 102,321 | 80,668 | 45,019 | 68,039 | 76,220 | 98,756 | 124,943 | 132,792 | 121,031 | 128,750 | 101,898 | 82,246 | 73,144 | 76,210 | ||
| 13,831 | 0 | 355,261 | 18,825 | 2,578 | 0 | 106,100 | 217,406 | 136,561 | 908 | 0 | 7,105 | 63,991 | 136,893 | 162,648 | 137,373 | 21,751 | 164,893 | 17,519 | 356,344 | ||
| 43,208 | 56,822 | -30,207 | 22,609 | -8,875 | -19,656 | 52,044 | -70,424 | 13,837 | 28,357 | -18,571 | -7,161 | 11,390 | -8,598 | 25,050 | 18,378 | -15,872 | 17,191 | -13,829 | - | ||
| 87,526 | 34,873 | 14,366 | 39,301 | 38,197 | 33,534 | -9,085 | -305 | 65,155 | 56,123 | 22,916 | 6,899 | -10,612 | 4,121 | -18,113 | -40,123 | -77,974 | -107,955 | -81,142 | -93,964 | ||
| 36.8% | 27.5% | 25.1% | 46.2% | 35.4% | 31.7% | 25.6% | 22.4% | 24.0% | 40.5% | 26.7% | 17.0% | 14.1% | 11.4% | 8.5% | 7.7% | 5.9% | 3.7% | 6.8% | 5.6% | ||
| 1.72 | 1.28 | 1.13 | 1.42 | 1.34 | 1.35 | 0.93 | 1.00 | 1.57 | 1.62 | 1.21 | 1.05 | 0.94 | 1.02 | 0.92 | 0.76 | 0.60 | 0.56 | 0.56 | 0.57 | ||
| 1.72 | 2.63 | 2.98 | 1.17 | 1.82 | 2.15 | 2.90 | 3.47 | 3.17 | 1.47 | 2.74 | 4.87 | 6.08 | 7.76 | 10.79 | 11.99 | 15.91 | 26.37 | 13.81 | 16.93 | ||
| 23.4% | -1.4% | 15.4% | 0.8% | -6.0% | 7.9% | 23.5% | 14.8% | 5.1% | 18.2% | 11.3% | -24.9% | 3.9% | 29.5% | 32.9% | 27.7% | 21.0% | -5.3% | 20.9% | 18.3% | ||
| 8.6% | -0.4% | 3.9% | 0.4% | -2.1% | 2.5% | 6.0% | 3.3% | 1.2% | 7.3% | 3.0% | -4.2% | 0.5% | 3.4% | 2.8% | 2.1% | 1.2% | -0.2% | 1.4% | 1.0% | ||
| 12.30 | 7.62 | 10.94 | 39.13 | 28.34 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 4 | 4 |
| full-time | 5 | 5 | 5 | 4 | 4 |
| in full-time equivalents | 5 | 5 | 5 | 4 | 4 |
| 5 | 5 | 5.1 | 3.8 | 3.8 | |
| On a permanent contract | 5 | 5 | 5 | 4 | 4 |
| Joined | - | - | 3 | - | 1 |
| Left | - | - | 2 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,831 | - | €355,261 | €18,825 | €2,578 |
| €75,317 | €82,520 | €69,524 | €70,750 | €81,201 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on VS
The operating result for 2025 is nearly 4.7 times that of 2024 and the highest since 2006. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 72.5% to 63.2%. Equity is higher and debt is lower.