VULCANO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 30 filings
Amounts without an identifiable currency are taken as euros.
Equity
€667,812▼ 0.5%
2024 · €671,489
Total assets
€815,186▲ 0.3%
2024 · €812,863
Net result
-€3,676▲ 76.0%
2024 · -€15,294
Working capital
€667,812▼ 0.5%
2024 · €671,489
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,351
▲ 77.7%
2025
20182025
Net result
-€3,676
▲ 76.0%
2025
lowest quarter of the sector
20182025
Equity
€667,812
▼ 0.5%
2025
middle half of the sector
20182025
Total assets
€815,186
▲ 0.3%
2025
middle half of the sector
20182025
Debt
€147,374
▲ 4.2%
2025
20182025
Working capital
€667,812
▼ 0.5%
2025
highest quarter of the sector
20182025
Solvency
81.9%
▼ 0.7pp
2025
highest quarter of the sector
20182025
Current ratio
5.53
▼ 0.22
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.5%
▲ 1.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.4m--€0.005m-€0.02m▼ 347%-€0.02m▲ 37.4%-€0.02m▼ 54.5%-€0.01m▲ 35.5%-€0.02m▼ 0.3%-€0.003m▲ 77.7%
Net result€0.3m--€0.007m-€0.02mbelow the sector's middle half▼ 266%-€0.02mbelow the sector's middle half▲ 37.4%-€0.02mbelow the sector's middle half▼ 53.5%-€0.02mbelow the sector's middle half▲ 35.1%-€0.02mbelow the sector's middle half▼ 0.3%-€0.004mbelow the sector's middle half▲ 76.0%
Equity€0.8m-€0.8m▼ 0.9%€0.7mabove the sector's middle half▼ 3.2%€0.7mabove the sector's middle half▼ 2.1%€0.7mabove the sector's middle half▼ 3.2%€0.7mabove the sector's middle half▼ 2.2%€0.7mabove the sector's middle half▼ 2.2%€0.7mwithin the sector's middle half▼ 0.5%
Total assets€1.0m-€1.0m▼ 0.9%€0.7mabove the sector's middle half▼ 25.8%€0.7mabove the sector's middle half▼ 2.1%€0.7mabove the sector's middle half▼ 3.2%€0.8mabove the sector's middle half▲ 16.1%€0.8mabove the sector's middle half▼ 0.3%€0.8mwithin the sector's middle half▲ 0.3%
Debt€0.2m-€0.2m▼ 1.1%€0.001m▼ 99.8%€374▼ 27.7%€374=€0.1m▲ 343×€0.1m▲ 10.1%€0.1m▲ 4.2%
Working capital€0.8m-€0.8m▼ 0.9%€0.7mabove the sector's middle half▼ 3.2%€0.7mabove the sector's middle half▼ 2.1%€0.7mabove the sector's middle half▼ 3.2%€0.7mabove the sector's middle half▼ 2.2%€0.7mabove the sector's middle half▼ 2.2%€0.7mabove the sector's middle half▼ 0.5%
Solvency76.5%-76.5%=99.9%above the sector's middle half▲ 23.4pp99.9%above the sector's middle half=99.9%above the sector's middle half=84.3%above the sector's middle half▼ 15.7pp82.6%above the sector's middle half▼ 1.6pp81.9%above the sector's middle half▼ 0.7pp
Current ratio4.26-4.26▲ 0.016.35above the sector's middle half5.75above the sector's middle half▼ 0.605.53above the sector's middle half▼ 0.22
Return on assets (ROA)25.2%--0.7%▼ 25.9pp-3.3%below the sector's middle half▼ 2.6pp-2.1%below the sector's middle half▲ 1.2pp-3.3%below the sector's middle half▼ 1.2pp-1.9%below the sector's middle half▲ 1.5pp-1.9%below the sector's middle half=-0.5%below the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €3,351, smaller than the loss of €15,026 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €815,186
Equity
€667,812 ▼ 0.5%
Debt
€147,374 ▲ 4.2%
Debt's share of the balance-sheet total rises from 17.4% to 18.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.22▲
2024 · 0.21
ROE
-0.6%▲
2024 · -2.3%
Debt ≤ 1 year
€147,374▲
2024 · €141,374
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | - | €102 | €493 | €400 | €120 | ▼ 70.0% |
| Gross operating margin9900 | €425,074 | -€4,353 | -€23,929 | -€14,876 | -€23,127 | -€14,482 | -€14,626 | -€3,231 | ▲ 77.9% |
| Operating profit (loss)9901 | €424,631 | -€5,373 | -€24,029 | -€15,032 | -€23,229 | -€14,975 | -€15,026 | -€3,351 | ▲ 77.7% |
| Recurring financial income75 | €1 | €0 | €92 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | - | €266 | €266 | €268 | €325 | ▲ 21.3% |
| Recurring financial charges65 | €2,704 | €505 | €503 | €277 | €266 | €266 | €268 | €325 | ▲ 21.3% |
| Profit (loss) for the period before taxes9903 | €421,927 | -€5,878 | -€24,440 | -€15,309 | -€23,495 | -€15,242 | -€15,294 | -€3,676 | ▲ 76.0% |
| Income taxes67/77 | €167,448 | €795 | €0 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €254,480 | -€6,673 | -€24,440 | -€15,309 | -€23,495 | -€15,242 | -€15,294 | -€3,676 | ▲ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €254,480 | -€6,673 | -€24,440 | -€15,309 | -€23,495 | -€15,242 | -€15,294 | -€3,676 | ▲ 76.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 0.3% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €1.0m | €1.0m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 0.3% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Other amounts receivable41 | - | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.5m | €0.3m | €0.08m | €0.06m | €0.04m | €0.003m | €0.001m | €0.003m | ▲ 413% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 0.3% |
| Equity10/15 | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 0.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | €0 | -€0.007m | -€0.03m | -€0.05m | -€0.07m | -€0.09m | -€0.1m | -€0.1m | ▼ 3.7% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.001m | €374 | €374 | €0.1m | €0.1m | €0.1m | ▲ 4.2% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.001m | €374 | €374 | €0.1m | €0.1m | €0.1m | ▲ 4.2% |
| Trade debts44 | €249 | €0.002m | €143 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €374 | €0.1m | €0.1m | €0.1m | ▲ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €254,480 | -€6,673 | -€24,440 | -€15,309 | -€23,495 | -€15,242 | -€15,294 | -€3,676 | ▲ 76.0% |
| + Depreciation and write-downs630 | €0 | €0 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €254,480 | -€6,673 | -€24,440 | -€15,309 | -€23,495 | -€15,242 | -€15,294 | -€3,676 | ▲ 76.0% |
| Change in cash | - | -€123,330 | -€258,552 | -€15,375 | -€23,495 | -€34,710 | -€2,294 | €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.
Historical observation
In July 2024, 8,617 companies had the same profile as VULCANO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VULCANO 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 8,617 companies, not a prediction for VULCANO. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | abbreviated format | 08-07-2026 | 2026-00267501 | |
| 30-12-2024 | micro format | 30-07-2025 | 2025-00330470 | |
| 30-12-2023 | micro format | 27-06-2024 | 2024-00168958 | |
| 30-12-2022 | micro format | 14-03-2023 | 2023-00041573 | |
| 30-12-2021 | micro format | 23-02-2022 | 2022-06200250 | |
| 30-12-2020 | micro format | 24-02-2021 | 2021-06600248 | |
| 30-12-2019 | micro format | 21-08-2020 | 2020-43300042 | |
| 30-12-2018 | micro format | 25-06-2019 | 2019-22300295 | |
| 30-12-2017 | micro format | 03-07-2018 | 2018-27900259 | |
| 30-12-2016 | abbreviated format | 29-05-2017 | 2017-14500540 |