VYCON
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 21 filings
Turnover
≈ €3.3m
Estimated: probably between €2.2m and €5.5m
Total assets
€4.4m▲ 21.6%
2024 · €3.6m
Net result
-€938,928▼ 45.6%
2024 · -€644,726
Working capital
-€2.0m▼ 291%
2024 · -€499,064
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€915,313
▼ 60.5%
2025
20192025
Net result
-€938,928
▼ 45.6%
2025
lowest quarter of the sector
20192025
Equity
-€897,627
2025
lowest quarter of the sector
20192025
Total assets
€4.4m
▲ 21.6%
2025
highest quarter of the sector
20192025
Debt
€5.2m
▲ 49.2%
2025
20192025
Working capital
-€2.0m
▼ 291%
2025
lowest quarter of the sector
20192025
Solvency
-20.4%
▼ 21.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.58
▼ 0.24
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-21.4%
▼ 3.5pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
25
▲ 74.8%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.1m▼ 11.8%€0.1m▲ 0.7%€0.1m▲ 9.6%€0.1m▲ 0.4%-€0.6m-€0.9m▼ 60.5%
Net result€0.07m-€0.05mwithin the sector's middle half▼ 21.3%€0.07mwithin the sector's middle half▲ 33.3%€0.05mwithin the sector's middle half▼ 32.7%€0.03mwithin the sector's middle half▼ 42.5%-€0.6mbelow the sector's middle half-€0.9mbelow the sector's middle half▼ 45.6%
Equity€0.5m-€0.6mwithin the sector's middle half▲ 11.0%€0.6mwithin the sector's middle half▲ 12.1%€0.7mwithin the sector's middle half▲ 7.9%€0.7mwithin the sector's middle half▲ 4.2%€0.04mbelow the sector's middle half▼ 94.1%-€0.9mbelow the sector's middle half
Total assets€4.6m-€3.2mabove the sector's middle half▼ 31.0%€3.7mabove the sector's middle half▲ 14.3%€4.5mabove the sector's middle half▲ 22.9%€3.9mabove the sector's middle half▼ 12.8%€3.6mabove the sector's middle half▼ 7.8%€4.4mabove the sector's middle half▲ 21.6%
Debt€4.0m-€2.5m▼ 36.7%€3.0m▲ 15.9%€3.7m▲ 26.3%€3.1m▼ 15.9%€3.5m▲ 11.3%€5.2m▲ 49.2%
Working capital€0.04m-€0.2mwithin the sector's middle half▲ 366%€0.5mwithin the sector's middle half▲ 155%€0.6mwithin the sector's middle half▲ 17.5%€0.7mwithin the sector's middle half▲ 15.1%-€0.5mbelow the sector's middle half-€2.0mbelow the sector's middle half▼ 291%
Solvency10.8%-17.4%below the sector's middle half▲ 6.6pp17.0%below the sector's middle half▼ 0.3pp15.0%below the sector's middle half▼ 2.1pp17.9%below the sector's middle half▲ 2.9pp1.1%below the sector's middle half▼ 16.7pp-20.4%below the sector's middle half▼ 21.6pp
Current ratio1.02-1.32within the sector's middle half▲ 0.301.48within the sector's middle half▲ 0.161.29within the sector's middle half▼ 0.191.42within the sector's middle half▲ 0.120.82below the sector's middle half▼ 0.600.58below the sector's middle half▼ 0.24
Return on assets (ROA)1.5%-1.7%within the sector's middle half▲ 0.2pp2.0%within the sector's middle half▲ 0.3pp1.1%below the sector's middle half▼ 0.9pp0.7%below the sector's middle half▼ 0.4pp-17.8%below the sector's middle half▼ 18.6pp-21.4%below the sector's middle half▼ 3.5pp
Staff (FTE)9.8-11.3within the sector's middle half▲ 15.3%10.5within the sector's middle half▼ 7.1%12.7within the sector's middle half▲ 21.0%14.3within the sector's middle half▲ 12.6%14.3above the sector's middle half=25above the sector's middle half▲ 74.8%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 €915,313, larger than the loss of €570,412 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Staff (FTE) +75% on 2024. Merger absorbing VISCON BE, effective 30-07-2025.
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 €4.4m
Fixed assets
€1.7m ▲ 20.6%
Current assets
€2.7m ▲ 22.2%
Equity and liabilities
Equity-€897,627
Debt€5.2m
Equity is negative. Debt (€5.2m) exceeds the balance-sheet total (€4.4m).
Key figures and ratios
EBITDA
-€657,822▼
2024 · -€240,306
Cash flow
-€681,438▼
2024 · -€314,620
Quick ratio
0.37▼
2024 · 0.56
Interest coverage
-10.60▼
2024 · -2.52
Debt ≤ 1 year
€4.7m▲
2024 · €2.7m
Debt > 1 year
€505,305▼
2024 · €781,979
Income taxes
€0▼
2024 · €5,042
Staff costs
€2.2m▲
2024 · €1.6m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-10-2022 | 31-10-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 17 | 17 | 26 |
| full-time | 15 | 16 | 16 | 24 |
| part-time | - | 1 | 1 | 2 |
| in full-time equivalents | 15 | 16.8 | 16.8 | 25.7 |
| Average over the year, in full-time equivalents | 12.7 | 14.3 | 14.3 | 25 |
| On a permanent contract | 11 | 13 | 13 | 24 |
| Joined | 13 | 9 | 9 | 15 |
| Left | 9 | 7 | 7 | 6 |
| Training hours | - | - | - | 21 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.7m | €1.5m | €990,000 | €1.5m |
| Mortgages, amount registered | - | €1.7m | €1.7m | - | €27,500 |
| Mortgage mandates | - | - | - | - | €2.7m |
| Carrying value of the mortgaged assets | - | €1.6m | €1.4m | - | €1.0m |
| Pledge on the business | - | - | - | - | €1.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,154 | €85,490 | €51,038 | €37,858 | €130,940 |
| Intangible fixed assets | - | - | - | €111,887 | €441,006 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €309,051 | €317,205 | €320,342 | €330,106 | €257,491 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €3,689 awarded · €3,119 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €3,648 | €3,078 |
| 2022 | 1 | €41 | €41 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.04m | - |
| Remuneration, social security and pensions62 | - | - | €0.8m | €1.0m | €1.1m | €1.6m | €2.2m | ▲ 37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 22.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€0.007m | €0.02m | -€0.002m | €0.005m | -€0.05m | - |
| Other operating charges640/8 | - | - | €0.03m | €0.03m | €0.04m | €0.05m | €0.04m | ▼ 16.1% |
| Non-recurring operating charges66A | - | - | - | - | €0.008m | €132 | €0.4m | ▲ 3,231× |
| Gross operating margin9900 | €1.3m | €1.3m | €1.2m | €1.5m | €1.6m | €1.4m | €1.9m | ▲ 38.6% |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.6m | -€0.9m | ▼ 60.5% |
| Financial income75/76B | - | - | €0.01m | €0.003m | €0.004m | €0.004m | €0.04m | ▲ 875% |
| Recurring financial income75 | €0.01m | €0.006m | €0.01m | €0.003m | €0.004m | €0.004m | €0.04m | ▲ 875% |
| Financial charges65/66B | - | - | €0.03m | €0.04m | €0.05m | €0.1m | €0.06m | ▼ 34.9% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.04m | €0.05m | €0.1m | €0.06m | ▼ 34.9% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.08m | €0.08m | €0.08m | €0.06m | -€0.7m | -€0.9m | ▼ 41.9% |
| Transfer from deferred taxes780 | - | - | €0.02m | €0.008m | €0.008m | €0.02m | €0 | ▼ 100% |
| Income taxes67/77 | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | €0.005m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.07m | €0.05m | €0.07m | €0.05m | €0.03m | -€0.6m | -€0.9m | ▼ 45.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.07m | €0.07m | €0.06m | €0.04m | -€0.6m | -€0.9m | ▼ 45.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.6m | €3.2m | €3.7m | €4.5m | €3.9m | €3.6m | €4.4m | ▲ 21.6% |
| Fixed assets21/28 | €2.5m | €2.4m | €2.1m | €1.9m | €1.6m | €1.4m | €1.7m | ▲ 20.6% |
| Intangible fixed assets21 | €0.001m | €66 | - | - | - | €0.1m | €0.5m | ▲ 384% |
| Tangible fixed assets22/27 | €2.4m | €2.3m | €2.1m | €1.8m | €1.6m | €1.3m | €1.2m | ▼ 9.1% |
| Land and buildings22 | - | - | €1.8m | €1.6m | €1.4m | €1.2m | €1.0m | ▼ 13.7% |
| Plant, machinery and equipment23 | - | - | €0.002m | €0.001m | €465 | €66 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €0.2m | €0.2m | €0.1m | €0.07m | €0.1m | ▲ 65.9% |
| Leasing and similar rights25 | - | - | €0.03m | €0.02m | €0.01m | €0.001m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.05m | €0.05m | €0.03m | €0.03m | €0.03m | €0.03m | €0 | ▼ 100% |
| Current assets29/58 | €2.2m | €0.8m | €1.6m | €2.6m | €2.3m | €2.2m | €2.7m | ▲ 22.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.7m | €1.0m | ▲ 38.4% |
| Stocks30/36 | - | - | - | - | - | €0.7m | €0.8m | ▲ 8.3% |
| Contracts in progress37 | - | - | - | - | - | - | €0.2m | - |
| Amounts receivable within one year40/41 | €2.0m | €0.4m | €0.9m | €2.5m | €2.2m | €1.3m | €1.2m | ▼ 5.8% |
| Trade receivables40 | - | - | €0.8m | €2.4m | €1.8m | €1.1m | €1.0m | ▼ 6.6% |
| Other amounts receivable41 | - | - | €0.09m | €0.1m | €0.3m | €0.3m | €0.3m | ▼ 2.9% |
| Cash at bank and in hand54/58 | €0.2m | €0.4m | €0.6m | €0.1m | €0.1m | €0.1m | €0.4m | ▲ 245% |
| Deferred charges and accrued income490/1 | - | - | €0.01m | €0.008m | €0.03m | €0.06m | €0.07m | ▲ 11.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.6m | €3.2m | €3.7m | €4.5m | €3.9m | €3.6m | €4.4m | ▲ 21.6% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.04m | -€0.9m | - |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.08m | €0.06m | €0.05m | €0.03m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Reserves not available under the articles1311 | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Tax-exempt reserves132 | - | - | €0.06m | €0.05m | €0.03m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.002m | -€0.9m | - |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.08m | €0.09m | €0.08m | €0.08m | €0.08m | ▲ 2.7% |
| Provisions for liabilities and charges160/5 | - | - | €0.05m | €0.07m | €0.07m | €0.07m | €0.08m | ▲ 3.1% |
| Environmental obligations163 | - | - | - | €0.07m | €0.07m | €0.07m | €0.08m | ▲ 3.1% |
| Other liabilities and charges164/5 | - | - | €0.05m | - | - | - | - | - |
| Deferred taxes168 | - | - | €0.03m | €0.02m | €0.02m | €0.008m | €0.008m | = |
| Amounts payable17/49 | €4.0m | €2.5m | €3.0m | €3.7m | €3.1m | €3.5m | €5.2m | ▲ 49.2% |
| Amounts payable after more than one year17 | €1.9m | €1.9m | €1.9m | €1.7m | €1.5m | €0.8m | €0.5m | ▼ 35.4% |
| Financial debts170/4 | - | - | €1.9m | €1.7m | €1.5m | €0.8m | €0.5m | ▼ 35.4% |
| Amounts payable within one year42/48 | €2.1m | €0.6m | €1.1m | €2.0m | €1.6m | €2.7m | €4.7m | ▲ 71.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 17.9% |
| Financial debts43 | - | - | - | - | - | - | €0.7m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.7m | - |
| Trade debts44 | €1.1m | €0.3m | €0.7m | €1.2m | €0.7m | €0.5m | €0.6m | ▲ 13.7% |
| Suppliers440/4 | - | - | €0.7m | €1.2m | €0.7m | €0.5m | €0.6m | ▲ 13.7% |
| Advances received on contracts in progress46 | - | - | - | - | - | €1.6m | €1.7m | ▲ 11.2% |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.8m | ▲ 213% |
| Taxes450/3 | - | - | €0.05m | €0.06m | €0.06m | €0.05m | €0.3m | ▲ 566% |
| Remuneration and social security454/9 | - | - | €0.09m | €0.1m | €0.1m | €0.2m | €0.5m | ▲ 133% |
| Other amounts payable47/48 | - | - | €0.002m | €0.4m | €0.4m | €0.04m | €0.6m | ▲ 14× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.05m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,855 | €54,986 | €73,280 | €49,310 | €28,357 | -€644,726 | -€938,928 | ▼ 45.6% |
| + Depreciation and write-downs630 | €285,741 | €299,768 | €309,051 | €317,205 | €320,342 | €330,106 | €257,491 | ▼ 22.0% |
| Operating cash flow (approximation) | €355,596 | €354,753 | €382,331 | €366,515 | €348,699 | -€314,620 | -€681,438 | ▼ 117% |
| Investment in fixed assets (approximation) | - | -€211,514 | -€20,004 | -€89,609 | -€47,562 | -€146,005 | -€546,945 | ▼ 275% |
| Change in cash | - | €270,692 | €209,140 | -€499,404 | €2,569 | -€14,888 | €292,271 | - |
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, 678 companies had the same profile as VYCON has now. Two years later, 84.4% were still going and 6.8% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.4%
was still going
6.2%
stopped otherwise
6.8%
went bankrupt
Another 2.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VYCON itself: 3.1% 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 678 companies, not a prediction for VYCON. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-07-2026 | 2026-00268513 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00421137 | |
| 31-10-2023 | abbreviated format | 30-05-2024 | 2024-00101181 | |
| 31-10-2022 | abbreviated format | 31-05-2023 | 2023-00099548 | |
| 31-10-2021 | abbreviated format | 31-05-2022 | 2022-20044134 | |
| 31-10-2020 | abbreviated format | 28-05-2021 | 2021-15900107 | |
| 31-10-2019 | abbreviated format | 26-05-2020 | 2020-13500112 | |
| 31-10-2018 | abbreviated format | 29-05-2019 | 2019-15000382 | |
| 31-10-2017 | abbreviated format | 30-05-2018 | 2018-14600445 | |
| 30-11-2015 | abbreviated format | 20-06-2016 | 2016-19200188 |