VY-PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-01-2026 PDF all 45 filings
Turnover
€451,611▼ 74.4%
2023 · €1.8m
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€249,781▲ 62.6%
2024 · -€668,217
Working capital
-€2.5m▼ 7.0%
2024 · -€2.4m
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€27,991
▲ 94.6%
2025
20192025
Net result
-€249,781
▲ 62.6%
2025
lowest quarter of the sector
20192025
Equity
€111,347
▼ 69.2%
2025
middle half of the sector
20192025
Total assets
€9.8m
▲ 20.8%
2025
highest quarter of the sector
20192025
Debt
€9.7m
▲ 25.0%
2025
20192025
Working capital
-€2.5m
▼ 7.0%
2025
lowest quarter of the sector
20192025
Solvency
1.1%
▼ 3.3pp
2025
lowest quarter of the sector
20192025
Current ratio
0.74
▲ 0.04
2025
middle half of the sector
20192025
Return on assets (ROA)
-2.6%
▲ 5.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€2.3m€2.1m▼ 9.5%€1.8m▼ 16.8%€0.5m▼ 74.4%
Operating result€0.1m-€0.04m▼ 56.8%€0.03m▼ 33.8%€0.5m▲ 19×€0.2m▼ 53.9%-€0.5m-€0.03m▲ 94.6%
Net result€0.006m--€0.01mbelow the sector's middle half€0.003mwithin the sector's middle half€0.4mabove the sector's middle half▲ 146×€0.1mabove the sector's middle half▼ 63.9%-€0.7mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 62.6%
Equity€0.5m-€0.5mwithin the sector's middle half▼ 2.9%€0.5mwithin the sector's middle half▲ 0.5%€0.9mwithin the sector's middle half▲ 78.7%€1.0mwithin the sector's middle half▲ 15.9%€0.4mwithin the sector's middle half▼ 64.9%€0.1mwithin the sector's middle half▼ 69.2%
Total assets€4.9m-€2.9mwithin the sector's middle half▼ 40.0%€1.8mwithin the sector's middle half▼ 40.1%€4.5mwithin the sector's middle half▲ 154%€6.6mabove the sector's middle half▲ 47.9%€8.1mabove the sector's middle half▲ 22.1%€9.8mabove the sector's middle half▲ 20.8%
Debt€4.4m-€2.4m▼ 44.3%€1.3m▼ 48.3%€3.6m▲ 184%€5.6m▲ 55.8%€7.7m▲ 38.1%€9.7m▲ 25.0%
Working capital€0.5m-€0.5mwithin the sector's middle half▼ 1.8%€0.5mwithin the sector's middle half▼ 0.5%€0.9mabove the sector's middle half▲ 80.6%-€1.5mbelow the sector's middle half-€2.4mbelow the sector's middle half▼ 56.6%-€2.5mbelow the sector's middle half▼ 7.0%
Solvency10.4%-16.8%within the sector's middle half▲ 6.4pp28.2%within the sector's middle half▲ 11.4pp19.8%within the sector's middle half▼ 8.4pp15.5%within the sector's middle half▼ 4.3pp4.5%below the sector's middle half▼ 11.1pp1.1%below the sector's middle half▼ 3.3pp
Current ratio1.11-1.20within the sector's middle half▲ 0.091.38within the sector's middle half▲ 0.181.24within the sector's middle half▼ 0.140.73within the sector's middle half▼ 0.510.69within the sector's middle half▼ 0.040.74within the sector's middle half▲ 0.04
Return on assets (ROA)0.1%--0.5%within the sector's middle half▼ 0.6pp0.2%within the sector's middle half▲ 0.7pp8.7%above the sector's middle half▲ 8.6pp2.1%within the sector's middle half▼ 6.6pp-8.3%below the sector's middle half▼ 10.4pp-2.6%below the sector's middle half▲ 5.7pp
Staff (FTE)0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €27,991, smaller than the loss of €514,058 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.8m
Fixed assets
€2.6m ▼ 3.1%
Current assets
€7.1m ▲ 32.9%
Equity and liabilities €9.8m
Equity
€111,347 ▼ 69.2%
Debt
€9.7m ▲ 25.0%
Debt's share of the balance-sheet total rises from 95.5% to 98.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€58,908▲
2024 · -€427,648
Cash flow
-€162,882▲
2024 · -€581,807
Quick ratio
0.01▼
2024 · 0.01
Debt to equity
86.77▲
2024 · 21.41
ROE
-224.3%▼
2024 · -185.0%
Interest coverage
0.24▲
2024 · -2.30
Debt ≤ 1 year
€9.7m▲
2024 · €7.7m
Income taxes
€0▼
2024 · €11,159
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €669 | €2.6m | €270,824 | €1,842 |
| Depreciation and write-downs of the year | €673 | €78,285 | €86,410 | €86,899 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €2.3m | €2.1m | €1.8m | €0.5m | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.6m | €1.4m | €0.9m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.08m | €0.09m | €0.09m | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €111 | €0.001m | €0.02m | €0.01m | ▼ 28.3% |
| Gross operating margin9900 | €0.1m | €0.04m | €0.03m | €0.5m | €0.3m | -€0.4m | €0.07m | - |
| Operating profit (loss)9901 | €0.1m | €0.04m | €0.03m | €0.5m | €0.2m | -€0.5m | -€0.03m | ▲ 94.6% |
| Financial income75/76B | - | - | - | €0.06m | €0.06m | €0.04m | €0.03m | ▼ 35.8% |
| Recurring financial income75 | €0.03m | €0.02m | €0.01m | €0.06m | €0.06m | €0.04m | €0.03m | ▼ 35.8% |
| Financial charges65/66B | - | - | - | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 34.2% |
| Recurring financial charges65 | €0.1m | €0.07m | €0.04m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 34.2% |
| Profit (loss) for the period before taxes9903 | €0.01m | -€0.01m | €0.005m | €0.5m | €0.2m | -€0.7m | -€0.2m | ▲ 62.0% |
| Income taxes67/77 | €0.007m | €1 | €0.003m | €0.1m | €0.06m | €0.01m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.006m | -€0.01m | €0.003m | €0.4m | €0.1m | -€0.7m | -€0.2m | ▲ 62.6% |
| Profit (loss) for the period to be appropriated9905 | €0.006m | -€0.01m | €0.003m | €0.4m | €0.1m | -€0.7m | -€0.2m | ▲ 62.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.9m | €2.9m | €1.8m | €4.5m | €6.6m | €8.1m | €9.8m | ▲ 20.8% |
| Fixed assets21/28 | €0.01m | €0.01m | €0.01m | €0.01m | €2.5m | €2.7m | €2.6m | ▼ 3.1% |
| Tangible fixed assets22/27 | €0.002m | €0.002m | €0.001m | €0.001m | €2.5m | €2.7m | €2.6m | ▼ 3.1% |
| Land and buildings22 | - | - | - | - | €2.5m | €2.7m | €2.6m | ▼ 3.2% |
| Furniture and vehicles24 | - | - | - | €0.001m | €425 | €202 | €0.001m | ▲ 559% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €4.9m | €2.9m | €1.8m | €4.5m | €4.1m | €5.4m | €7.1m | ▲ 32.9% |
| Stocks and contracts in progress3 | €4.8m | €2.9m | €1.6m | €3.6m | €3.4m | €5.3m | €7.0m | ▲ 33.1% |
| Stocks30/36 | - | - | - | €3.6m | €3.4m | €5.3m | €7.0m | ▲ 33.1% |
| Amounts receivable within one year40/41 | €0.03m | €0.02m | €0.05m | €0.1m | €0.2m | €0.05m | €0.1m | ▲ 84.6% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.01m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.005m | €0.04m | €0.1m | ▲ 133% |
| Cash at bank and in hand54/58 | €0.05m | €0.02m | €0.09m | €0.8m | €0.5m | €0.06m | €0.04m | ▼ 33.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.9m | €2.9m | €1.8m | €4.5m | €6.6m | €8.1m | €9.8m | ▲ 20.8% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.9m | €1.0m | €0.4m | €0.1m | ▼ 69.2% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | €0.02m | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | - | - |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.9m | €1.0m | €1.0m | €0.006m | ▼ 99.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.9m | €1.0m | €1.0m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | -€0.01m | -€0.01m | - | - | -€0.7m | €0.09m | - |
| Amounts payable17/49 | €4.4m | €2.4m | €1.3m | €3.6m | €5.6m | €7.7m | €9.7m | ▲ 25.0% |
| Amounts payable within one year42/48 | €4.4m | €2.4m | €1.3m | €3.6m | €5.6m | €7.7m | €9.7m | ▲ 25.0% |
| Trade debts44 | €0.2m | €0.3m | €0.2m | €0.4m | €0.4m | €0.1m | €0.2m | ▲ 34.9% |
| Suppliers440/4 | - | - | - | €0.4m | €0.4m | €0.1m | €0.2m | ▲ 34.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.2m | - | - | - |
| Taxes450/3 | - | - | - | €0.07m | €0.2m | - | - | - |
| Other amounts payable47/48 | - | - | - | €3.1m | €5.0m | €7.6m | €9.5m | ▲ 24.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.006m | -€0.01m | €0.003m | €0.4m | €0.1m | -€0.7m | -€0.2m | ▲ 62.6% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.08m | €0.09m | €0.09m | ▲ 0.6% |
| Operating cash flow (approximation) | €0.006m | -€0.01m | €0.004m | €0.4m | €0.2m | -€0.6m | -€0.2m | ▲ 72.0% |
| Investment in fixed assets (approximation) | - | -€0.001m | €0 | -€0.001m | -€2.6m | -€0.3m | -€0.002m | ▲ 99.3% |
| Change in cash | - | -€0.02m | €0.07m | €0.7m | -€0.3m | -€0.4m | -€0.02m | ▲ 95.5% |
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, 140 companies had the same profile as VY-PROJECTS has now. Two years later, 96.4% were still going and 2.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency under 10%
- a small loss
96.4%
was still going
1.4%
stopped otherwise
2.1%
went bankrupt
The bankruptcy probability of VY-PROJECTS itself is lower: 0.2% within 12 months. It rests on far more data about VY-PROJECTS 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 140 companies, not a prediction for VY-PROJECTS. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 20-01-2026 | 2026-00010121 | |
| 30-06-2024 | abbreviated format | 28-01-2025 | 2025-00012811 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00022301 | |
| 30-06-2022 | abbreviated format | 06-02-2023 | 2023-00024505 | |
| 30-06-2021 | abbreviated format | 08-12-2021 | 2021-79700053 | |
| 30-06-2020 | abbreviated format | 22-11-2020 | 2020-71400414 | |
| 30-06-2019 | abbreviated format | 12-12-2019 | 2019-76000172 | |
| 30-06-2018 | abbreviated format | 28-11-2018 | 2018-73100086 | |
| 30-06-2017 | abbreviated format | 13-11-2017 | 2017-69600146 | |
| 30-06-2016 | abbreviated format | 22-11-2016 | 2016-68200329 |