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VUCOM

Active
Private limited companyfounded 2013active for 13 yearsEuropark 1028, 3530 Houthalen-Helchteren, BelgiumKBO/BCE: BE 0538.602.396

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 27-02-2026 PDF all 12 filings

Turnover
≈ €840,000
Estimated: probably between €500,000 and €1.4m
Total assets
€231,845▲ 1.4%
2024 · €228,696
Net result
€70,073▼ 5.1%
2024 · €73,853
Working capital
€32,291
2024 · -€59,373
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 4% lower than in 2024.

Operating result€72,681 2025 Net result€70,073 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result-€6,761--€22,242▼ 229%€16,211€17,158▲ 5.8%-€40,058-€91,517▼ 128%€75,983€72,681▼ 4.3%
Net result-€5,590--€20,357▼ 264%€9,216within the sector's middle half€12,523within the sector's middle half▲ 35.9%-€40,333below the sector's middle half-€95,480below the sector's middle half▼ 137%€73,853within the sector's middle half€70,073within the sector's middle half▼ 5.1%
Equity€94,033-€73,675▼ 21.6%€82,891below the sector's middle half▲ 12.5%€95,414below the sector's middle half▲ 15.1%€55,081below the sector's middle half▼ 42.3%-€40,399below the sector's middle half€33,454below the sector's middle half€103,527below the sector's middle half▲ 209%
Total assets€256,080-€241,359▼ 5.7%€299,915below the sector's middle half▲ 24.3%€197,202below the sector's middle half▼ 34.2%€268,511below the sector's middle half▲ 36.2%€233,261below the sector's middle half▼ 13.1%€228,696below the sector's middle half▼ 2.0%€231,845below the sector's middle half▲ 1.4%
Debt€162,047-€167,683▲ 3.5%€217,024▲ 29.4%€101,788▼ 53.1%€213,430▲ 110%€273,660▲ 28.2%€195,242▼ 28.7%€128,318▼ 34.3%
Working capital€24,820-€12,166▼ 51.0%€44,394within the sector's middle half▲ 265%€64,692within the sector's middle half▲ 45.7%€96,351within the sector's middle half▲ 48.9%-€40,809below the sector's middle half-€59,373below the sector's middle half▼ 45.5%€32,291within the sector's middle half
Solvency36.7%-30.5%▼ 6.2pp27.6%within the sector's middle half▼ 2.9pp48.4%within the sector's middle half▲ 20.7pp20.5%below the sector's middle half▼ 27.9pp-17.3%below the sector's middle half▼ 37.8pp14.6%below the sector's middle half▲ 31.9pp44.7%within the sector's middle half▲ 30.0pp
Current ratio1.15-1.07▼ 0.081.24within the sector's middle half▲ 0.161.79within the sector's middle half▲ 0.551.72within the sector's middle half▼ 0.070.83below the sector's middle half▼ 0.890.70below the sector's middle half▼ 0.131.25within the sector's middle half▲ 0.56
Return on assets (ROA)-2.2%--8.4%▼ 6.3pp3.1%within the sector's middle half▲ 11.5pp6.4%within the sector's middle half▲ 3.3pp-15.0%below the sector's middle half▼ 21.4pp-40.9%below the sector's middle half▼ 25.9pp32.3%above the sector's middle half▲ 73.2pp30.2%above the sector's middle half▼ 2.1pp
Staff (FTE)4.1-4.8▲ 17.1%5.8within the sector's middle half▲ 20.8%5.8within the sector's middle half=5.9within the sector's middle half▲ 1.7%4.2within the sector's middle half▼ 28.8%3.9within the sector's middle half▼ 7.1%4.1within the sector's middle half▲ 5.1%
above within below The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). 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.
Turnover and EBIT margin are not published. The abbreviated 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 €231,845
Fixed assets €71,236 ▼ 23.3%
Current assets €160,609 ▲ 18.2%
Equity and liabilities €231,845
Equity €103,527 ▲ 209%
Debt €128,318 ▼ 34.3%
Debt's share of the balance-sheet total falls from 85.4% to 55.3%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€109,475▲
2024 · €101,423
Cash flow
€106,867▲
2024 · €99,292
Quick ratio
0.62▲
2024 · 0.24
Debt to equity
1.24▼
2024 · 5.84
ROE
67.7%▼
2024 · 220.8%
Interest coverage
75.96▲
2024 · 32.73
Debt ≤ 1 year
€128,318▼
2024 · €195,242
Income taxes
€2,551▲
2024 · €173
Staff costs
€241,929▲
2024 · €229,645
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date66445
full-time56434
part-time1--11
in full-time equivalents5.8643.84.8
Average over the year, in full-time equivalents5.85.94.23.94.1
On a permanent contract66445
Joined--0-1
Left--2-0

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€10,138€9,749€23,143€70,121€15,203
Financial fixed assets---€7,800-
Depreciation and write-downs of the year€27,674€22,156€21,008€25,439€36,794

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet Code20242025
Assets
Total assets20/58€228,696€231,845▲
Fixed assets21/28€92,826€71,236▼
Tangible fixed assets22/27€85,026€63,436▼
Land and buildings22€3,569€2,637▼
Plant, machinery and equipment23€74,335€56,306▼
Furniture and vehicles24€7,121€4,493▼
Financial fixed assets28€7,800€7,800=
Current assets29/58€135,870€160,609▲
Stocks and contracts in progress3€88,339€81,475▼
Stocks30/36€88,339€81,475▼
Amounts receivable within one year40/41€28,066€56,858▲
Trade receivables40€3,252€30,795▲
Other amounts receivable41€24,814€26,063▲
Cash at bank and in hand54/58€17,524€19,847▲
Deferred charges and accrued income490/1€1,941€2,429▲
Equity and liabilities
Total equity and liabilities10/49€228,696€231,845▲
Equity10/15€33,454€103,527▲
Contributions10/11€100,000€100,000=
Contributions outside capital11€100,000€100,000=
Other1109/19€100,000€100,000=
Reserves13€10,000€10,000=
Distributable reserves133€10,000€10,000=
Profit (loss) carried forward14-€76,546-€6,473▲
Amounts payable17/49€195,242€128,318▼
Amounts payable within one year42/48€195,242€128,318▼
Current portion of amounts payable after more than one year42€39,934-
Trade debts44€74,534€91,836▲
Suppliers440/4€74,534€91,836▲
Taxes, remuneration and social security45€24,090€29,148▲
Taxes450/3€151€2,688▲
Remuneration and social security454/9€23,939€26,460▲
Other amounts payable47/48€56,685€7,334▼
Income statement Code20242025
Non-recurring operating income76A€452-
Remuneration, social security and pensions62€229,645€241,929▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25,439€36,794▲
Other operating charges640/8€5,067€4,216▼
Gross operating margin9900€336,135€355,620▲
Operating profit (loss)9901€75,983€72,681▼
Financial income75/76B€1,141€1,384▲
Recurring financial income75€1,141€1,384▲
Financial charges65/66B€3,099€1,441▼
Recurring financial charges65€3,099€1,441▼
Profit (loss) for the period before taxes9903€74,026€72,624▼
Income taxes67/77€173€2,551▲
Profit (loss) for the period9904€73,853€70,073▼
Profit (loss) for the period to be appropriated9905€73,853€70,073▼
Appropriation of the result
Profit (loss) to be appropriated9906-€76,546-€6,473▲
Profit (loss) brought forward from the previous period14P-€150,399-€76,546▲
Social balance sheet
Average headcount (FTE)90873.94.1▲

The notes to these accounts have 5 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 27-02-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A------€452--
Remuneration, social security and pensions62---€279,785€289,065€269,775€229,645€241,929▲ 5.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€29,247€29,090€30,308€27,674€22,156€21,008€25,439€36,794▲ 44.6%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€6,875-----
Other operating charges640/8---€3,842€3,862€4,634€5,067€4,216▼ 16.8%
Gross operating margin9900€233,197€237,641€321,512€335,334€275,025€203,899€336,135€355,620▲ 5.8%
Operating profit (loss)9901-€6,761-€22,242€16,211€17,158-€40,058-€91,517€75,983€72,681▼ 4.3%
Financial income75/76B---€1,237€650€1,359€1,141€1,384▲ 21.2%
Recurring financial income75€2,538€3,024€2,245€1,237€650€1,359€1,141€1,384▲ 21.2%
Financial charges65/66B---€1,038€779€5,150€3,099€1,441▼ 53.5%
Recurring financial charges65€1,189€958€2,152€1,038€779€5,150€3,099€1,441▼ 53.5%
Profit (loss) for the period before taxes9903-€5,412-€20,176€12,102€17,357-€40,187-€95,308€74,026€72,624▼ 1.9%
Income taxes67/77€178€181€2,886€4,834€146€171€173€2,551▲ 15×
Profit (loss) for the period9904-€5,590-€20,357€9,216€12,523-€40,333-€95,480€73,853€70,073▼ 5.1%
Profit (loss) for the period to be appropriated9905-€5,590-€20,357€9,216€12,523-€40,333-€95,480€73,853€70,073▼ 5.1%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€256,080€241,359€299,915€197,202€268,511€233,261€228,696€231,845▲ 1.4%
Fixed assets21/28€69,212€61,509€68,153€50,617€38,210€40,344€92,826€71,236▼ 23.3%
Tangible fixed assets22/27€69,212€61,509€68,153€50,617€38,210€40,344€85,026€63,436▼ 25.4%
Land and buildings22---€15,055€10,001€4,502€3,569€2,637▼ 26.1%
Plant, machinery and equipment23---€25,310€21,554€33,094€74,335€56,306▼ 24.3%
Furniture and vehicles24---€10,251€6,655€2,748€7,121€4,493▼ 36.9%
Financial fixed assets28------€7,800€7,800=
Current assets29/58€186,867€179,849€231,763€146,586€230,301€192,917€135,870€160,609▲ 18.2%
Stocks and contracts in progress3€85,559€75,615€102,426€55,527€177,448€124,830€88,339€81,475▼ 7.8%
Stocks30/36---€55,527€177,448€124,830€88,339€81,475▼ 7.8%
Amounts receivable within one year40/41€86,909€90,136€109,849€53,863€22,304€44,650€28,066€56,858▲ 103%
Trade receivables40---€32,766€1,408€23,852€3,252€30,795▲ 847%
Other amounts receivable41---€21,097€20,897€20,798€24,814€26,063▲ 5.0%
Cash at bank and in hand54/58€10,128€8,449€16,528€34,705€28,108€21,222€17,524€19,847▲ 13.3%
Deferred charges and accrued income490/1---€2,490€2,440€2,216€1,941€2,429▲ 25.2%
Equity and liabilities
Total equity and liabilities10/49€256,080€241,359€299,915€197,202€268,511€233,261€228,696€231,845▲ 1.4%
Equity10/15€94,033€73,675€82,891€95,414€55,081-€40,399€33,454€103,527▲ 209%
Contributions10/11€100,000€100,000-€100,000€100,000€100,000€100,000€100,000=
Contributions outside capital11---€100,000€100,000€100,000€100,000€100,000=
Other1109/19---€100,000€100,000€100,000€100,000€100,000=
Reserves13€10,000€10,000€10,000€10,000€10,000€10,000€10,000€10,000=
Non-distributable reserves130/1---€10,000€10,000----
Reserves not available under the articles1311---€10,000€10,000----
Distributable reserves133-----€10,000€10,000€10,000=
Profit (loss) carried forward14-€15,967-€36,325-€27,109-€14,586-€54,919-€150,399-€76,546-€6,473▲ 91.5%
Amounts payable17/49€162,047€167,683€217,024€101,788€213,430€273,660€195,242€128,318▼ 34.3%
Amounts payable after more than one year17--€29,656€19,856€79,480€39,934---
Trade debts175---€19,856€79,480€39,934---
Amounts payable within one year42/48€162,047€167,683€187,369€81,894€133,950€233,727€195,242€128,318▼ 34.3%
Current portion of amounts payable after more than one year42---€9,800€35,855€65,796€39,934--
Trade debts44€125,773€96,749€146,048€36,333€68,716€92,263€74,534€91,836▲ 23.2%
Suppliers440/4---€36,333€68,716€92,263€74,534€91,836▲ 23.2%
Taxes, remuneration and social security45---€32,596€26,483€26,452€24,090€29,148▲ 21.0%
Taxes450/3---€4,834-€171€151€2,688▲ 18×
Remuneration and social security454/9---€27,762€26,483€26,281€23,939€26,460▲ 10.5%
Other amounts payable47/48---€3,166€2,896€49,216€56,685€7,334▼ 87.1%
Accrued charges and deferred income492/3---€38-----
Line20182019202020212022202320242025Change
Profit (loss) for the period9904-€5,590-€20,357€9,216€12,523-€40,333-€95,480€73,853€70,073▼ 5.1%
+ Depreciation and write-downs630€29,247€29,090€30,308€27,674€22,156€21,008€25,439€36,794▲ 44.6%
Operating cash flow (approximation)€23,657€8,732€39,524€40,197-€18,178-€74,471€99,292€106,867▲ 7.6%
Investment in fixed assets (approximation)--€21,387-€36,952-€10,138-€9,749-€23,143-€77,921-€15,203▲ 80.5%
Change in cash--€1,678€8,079€18,177-€6,597-€6,887-€3,698€2,324-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 34,693 companies had the same profile as VUCOM has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.

  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.7% went bankrupt
3.9% stopped otherwise
95.3% was still going

That fits the bankruptcy probability of VUCOM itself: 0.2% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 34,693 companies, not a prediction for VUCOM. 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 12 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 27-02-2026 2026-00045040 PDF
31-12-2024 abbreviated format 11-06-2025 2025-00136564 PDF
31-12-2023 abbreviated format 24-06-2024 2024-00153884 PDF
31-12-2022 abbreviated format 02-06-2023 2023-00106198 PDF
31-12-2021 abbreviated format 20-06-2022 2022-20075806 PDF
31-12-2020 abbreviated format 04-06-2021 2021-17100134 PDF
31-12-2019 abbreviated format 17-09-2020 2020-53700033 PDF
31-12-2018 abbreviated format 07-06-2019 2019-16500140 PDF
31-12-2017 abbreviated format 06-07-2018 2018-29800588 PDF
31-12-2016 micro format 22-06-2017 2017-20700184 PDF

Show all 12 filings

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