ACTIVE

VBE

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Financial year 2025 · closed on 31/12/2025

Net result

16,8 k €

+179.7% YoY

Gross margin

47,3 k €

+1362.5% YoY

Equity

204,1 k €

-2.2% YoY

What does VBE do?

VBE is a Public limited company incorporated in 2000. Its registered office is in Etterbeek.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0473.360.493

Incorporation

28/11/2000

Legal form

Public limited company

Registered office

Rue Baron Lambert 19
1040 Etterbeek · BruxellesSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Joint committees (3)

14901
200
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	47,3 k €	+1362%	3,2 k €	-90.4%	33,5 k €	+19.6%	28 k €	+18.3%	23,7 k €	-55.4%	53,1 k €	+101%	26,4 k €	-57.0%	61,4 k €	-61.9%	161,1 k €	+11.0%	145,2 k €	-21.4%	184,8 k €	+10.9%	166,7 k €	+64.9%	101,1 k €	-39.6%	167,3 k €	+38.2%	121 k €	-17.8%	147,3 k €	+54.8%	95,2 k €	+10.9%	85,8 k €	-58.3%	205,5 k €	+3.7%	198,3 k €
EBITDA	44,4 k €	+5902%	739,6 €	-96.8%	23,3 k €	-9.6%	25,7 k €	+30.9%	19,6 k €	-60.9%	50,3 k €	+120%	22,8 k €	-55.7%	51,5 k €	-57.0%	119,8 k €	+119%	54,7 k €	-43.7%	97,1 k €	+22.8%	79,1 k €	+257%	22,1 k €	-76.0%	92,2 k €	+64.6%	56,1 k €	-27.4%	77,2 k €	+97.7%	39 k €	+14.8%	34 k €	-57.8%	80,6 k €	-20.0%	100,8 k €
Operating result	21,1 k €	+196%	-22,1 k €	-1446%	1,6 k €	-20.3%	2,1 k €	-81.1%	10,9 k €	-62.3%	28,8 k €	+2445%	-1,2 k €	-104%	29,4 k €	-68.6%	93,7 k €	+185%	32,9 k €	-45.3%	60,1 k €	+33.9%	44,9 k €	+808%	-6,3 k €	-111%	56,1 k €	+164%	21,2 k €	-20.4%	26,7 k €	+361%	-10,2 k €	-8.8%	-9,4 k €	-126%	35,6 k €	-35.6%	55,3 k €
Net result	16,8 k €	+180%	-21 k €	-1868%	1,2 k €	-60.9%	3 k €	+299%	-1,5 k €	-107%	20,4 k €	+779%	-3 k €	-114%	21,6 k €	-63.6%	59,2 k €	+102%	29,3 k €	-23.7%	38,4 k €	+21.2%	31,7 k €	+848%	-4,2 k €	-110%	42,1 k €	+94.7%	21,6 k €	-18.5%	26,5 k €	+333%	-11,4 k €	+27.6%	-15,7 k €	-164%	24,6 k €	-36.9%	38,9 k €
Balance sheet
Equity	204,1 k €	-2.2%	208,7 k €	-13.8%	242,1 k €	-7.7%	262,3 k €	-13.2%	302,2 k €	-1.3%	306,2 k €	+6.9%	286,6 k €	-1.3%	290,4 k €	+7.8%	269,5 k €	-4.9%	283,3 k €	+11.5%	254 k €	+5.5%	240,7 k €	+7.0%	225 k €	-5.2%	237,3 k €	+21.6%	195,2 k €	+12.5%	173,6 k €	-16.2%	207 k €	-5.2%	218,4 k €	-6.7%	234,2 k €	+11.7%	209,6 k €
Total assets	250,1 k €	-2.4%	256,2 k €	-5.7%	271,8 k €	-22.5%	350,9 k €	-7.4%	378,8 k €	+12.7%	336 k €	+10.9%	303 k €	-20.1%	379 k €	-1.4%	384,4 k €	+21.2%	317,1 k €	+1.1%	313,8 k €	-4.3%	327,9 k €	-0.5%	329,5 k €	-15.7%	390,8 k €	+15.2%	339,2 k €	+9.0%	311,2 k €	-1.3%	315,1 k €	-10.1%	350,6 k €	-21.8%	448,2 k €	-1.1%	453,4 k €
Cash	179,9 k €	+21.7%	147,8 k €	+16.6%	126,7 k €	-37.5%	202,8 k €	+4.1%	194,7 k €	-8.8%	213,5 k €	+16.0%	184 k €	-16.3%	219,9 k €	+38.7%	158,6 k €	+34.0%	118,3 k €	-43.9%	211,1 k €	+14.0%	185,2 k €	+8.5%	170,6 k €	-10.9%	191,4 k €	-14.5%	223,9 k €	+34.1%	166,9 k €	+66.7%	100,2 k €	-26.6%	136,5 k €	-43.1%	240,1 k €	+85.6%	129,4 k €
Debts	45,4 k €	+93.0%	23,5 k €	-20.7%	29,7 k €	-64.7%	84,1 k €	+9.8%	76,5 k €	+157%	29,8 k €	+86.6%	16 k €	-82.0%	88,6 k €	-22.9%	114,9 k €	+240%	33,8 k €	-43.4%	59,7 k €	-30.9%	86,4 k €	-16.6%	103,6 k €	-32.3%	153 k €	+6.6%	143,5 k €	+5.1%	136,6 k €	+26.4%	108,1 k €	-17.9%	131,6 k €	-37.3%	210 k €	-12.4%	239,7 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	+12.5%	1,6 ETP	-33.3%	2,4 ETP	-35.1%	3,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

VINCENT BALFROID

Managing director · since 12 décembre 2023 · until 12 décembre 2029

Active

Ended mandates

GAUTHIER VERHAMME

Director · since 28 juin 2019 · until 25 juin 2023

Ended

GAUTHIER VERHAMME

Director · since 28 juin 2019 · until 28 juin 2025

Ended

VINCENT BALFROID

Managing director · since 28 juin 2019 · until 28 juin 2025

Ended

GAUTHIER VERHAMME

Director · since 30 juin 2018 · until 30 juin 2024

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/06/2026	30/06/2025	01/07/2024	07/07/2023	06/07/2022	29/06/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	26/06/2026	29/06/2026	French	PDF
Micro model	31/12/2024	27/06/2025	30/06/2025	French	PDF
Micro model	31/12/2023	28/06/2024	01/07/2024	French	PDF
Micro model	31/12/2022	30/06/2023	07/07/2023	French	PDF
Micro model	31/12/2021	24/06/2022	06/07/2022	French	PDF
Micro model	31/12/2020	25/06/2021	29/06/2021	French	PDF
Micro model	31/12/2019	26/06/2020	29/06/2020	French	PDF
Micro model	31/12/2018	28/06/2019	19/07/2019	French	PDF
Micro model	31/12/2017	29/06/2018	13/08/2018	French	PDF
Micro model	31/12/2016	30/06/2017	31/07/2017	French	PDF
Abridged model	31/12/2015	08/07/2016	30/08/2016	French	PDF
Abridged model	31/12/2014	10/07/2015	30/07/2015	French	PDF
Abridged model	31/12/2013	18/08/2014	25/08/2014	French	PDF
Abridged model	31/12/2012	28/08/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	14/11/2012	27/11/2012	French	PDF
Abridged model	31/12/2010	30/12/2011	24/02/2012	French	PDF
Abridged model	31/12/2009	30/09/2010	20/10/2010	French	PDF
Abridged model	31/12/2008	15/09/2009	28/09/2009	French	PDF
Abridged model	31/12/2007	30/09/2008	31/10/2008	French	PDF
Abridged model	31/12/2006	31/07/2007	29/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

VINCENT BALFROID

Managing director · since 12 décembre 2023 · until 12 décembre 2029

Active

Ended mandates

GAUTHIER VERHAMME

Director · since 28 juin 2019 · until 25 juin 2023

Ended

GAUTHIER VERHAMME

Director · since 28 juin 2019 · until 28 juin 2025

Ended

VINCENT BALFROID

Managing director · since 28 juin 2019 · until 28 juin 2025

Ended

GAUTHIER VERHAMME

Director · since 30 juin 2018 · until 30 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET - DEMISSIONS, NOMINATIONS
PDF
Mandates11/06/2020
DEMISSIONS, NOMINATIONS
PDF
Capital / shares05/02/2018
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares19/12/2013
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates17/09/2013
DEMISSIONS, NOMINATIONS
PDF
Registered office25/03/2008
SIEGE SOCIAL
PDF
Mandates18/09/2006
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202516,8 k €↑
2024
Annual accounts 2024-21 k €↓
2023
Annual accounts 20231,2 k €↓
2022
Annual accounts 20223 k €↑
2021
Annual accounts 2021-1,5 k €↓
2020
Annual accounts 202020,4 k €↑
2019
Annual accounts 2019-3 k €↓
2018
Annual accounts 201821,6 k €↓
2017
Annual accounts 201759,2 k €↑
2016
Annual accounts 201629,3 k €↓
2015
Annual accounts 201538,4 k €↑
2014
Annual accounts 201431,7 k €↑
2013
Annual accounts 2013-4,2 k €↓
2012
Annual accounts 201242,1 k €↑
2011
Annual accounts 201121,6 k €↓
2010
Annual accounts 201026,5 k €↑
2009
Annual accounts 2009-11,4 k €↑
2008
Annual accounts 2008-15,7 k €↓
2007
Annual accounts 200724,6 k €↓
2006
Annual accounts 200638,9 k €
28/11/2000
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

VBE

Overview

What does VBE do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline