Summary
IMMO-VAGO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €3.7m and a net result of €1.8m. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 54% of 2444 sector peers (fiscal year 2025). The company has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €3.7m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
30 d early
2023
30 d late
2022
60 d late
2021
31 d late
2020
61 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 32 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (4 of the last 5 filed years within 48 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€3.7m▲ 94.1%
2024 · €1.9m
Net result
€1.8m▲ 540%
2024 · €277,673
Total assets
€5.5m▲ 39.0%
2024 · €4.0m
Solvency
66.3%▲ 18.8pp
2024 · 47.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€400,822-€128,150€609,809€595,344▼ 2.4%€1.0m▲ 75.6%
Net result-€657,893below the sector's middle half▼ 127%-€262,038below the sector's middle half▲ 60.2%€379,937above the sector's middle half€277,673above the sector's middle half▼ 26.9%€1.8mabove the sector's middle half▲ 540%
Equity€1.6mwithin the sector's middle half▼ 28.0%€1.2mwithin the sector's middle half▼ 22.0%€1.6mwithin the sector's middle half▲ 30.9%€1.9mwithin the sector's middle half▲ 17.2%€3.7mwithin the sector's middle half▲ 94.1%
Total assets€8.8mabove the sector's middle half▲ 67.9%€8.5mabove the sector's middle half▼ 3.1%€4.4mabove the sector's middle half▼ 48.0%€4.0mwithin the sector's middle half▼ 10.2%€5.5mwithin the sector's middle half▲ 39.0%
Debt€7.2m▲ 138%€7.3m▲ 1.0%€2.8m▼ 61.4%€2.1m▼ 25.9%€1.9m▼ 10.7%
Working capital€308,892above the sector's middle half€104,828within the sector's middle half▼ 66.1%€736,819above the sector's middle half▲ 603%€369,035above the sector's middle half▼ 49.9%€1.1mwithin the sector's middle half▲ 206%
Solvency17.9%below the sector's middle half▼ 23.9pp14.5%below the sector's middle half▼ 3.5pp36.4%within the sector's middle half▲ 21.9pp47.5%within the sector's middle half▲ 11.1pp66.3%within the sector's middle half▲ 18.8pp
Current ratio1.68within the sector's middle half▲ 0.811.23within the sector's middle half▼ 0.452.96within the sector's middle half▲ 1.731.94within the sector's middle half▼ 1.025.06above the sector's middle half▲ 3.12
Return on assets (ROA)-7.5%below the sector's middle half▼ 2.0pp-3.1%below the sector's middle half▲ 4.4pp8.6%within the sector's middle half▲ 11.7pp7.0%within the sector's middle half▼ 1.6pp32.2%above the sector's middle half▲ 25.2pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +540% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 76% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.5m
Fixed assets
€4.1m ▲ 28.1%
Current assets
€1.4m ▲ 85.0%
Equity and liabilities €5.5m
Equity
€3.7m ▲ 94.1%
Provisions
€119 ▼ 95.1%
Debt
€1.9m ▼ 10.7%
Debt's share of the balance-sheet total falls from 52.4% to 33.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
48.5%▲
2024 · 14.7%
Debt ≤ 1 year
€277,700▼
2024 · €391,129
Debt > 1 year
€1.6m▼
2024 · €1.7m
Income taxes
€304,564▲
2024 · €122,935
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €571,280 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €119,650 | €112,071 | €111,052 | €116,605 | €97,251 | ▼ 16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,000 | - |
| Other operating charges640/8 | €25,158 | €17,055 | €19,442 | €16,860 | €17,381 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | - | €4,000 | - |
| Gross operating margin9900 | €545,631 | €977 | €740,303 | €728,809 | €1.2m | ▲ 60.3% |
| Operating profit (loss)9901 | €400,822 | -€128,150 | €609,809 | €595,344 | €1.0m | ▲ 75.6% |
| Financial income75/76B | €74,462 | - | - | - | €1.2m | - |
| Recurring financial income75 | €74,462 | - | - | - | €167,294 | - |
| Non-recurring financial income76B | - | - | - | - | €998,001 | - |
| Financial charges65/66B | €1.1m | €136,173 | €160,172 | €197,020 | €131,563 | ▼ 33.2% |
| Recurring financial charges65 | €133,680 | €136,173 | €160,172 | €197,020 | €131,563 | ▼ 33.2% |
| Non-recurring financial charges66B | €998,001 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€656,397 | -€264,323 | €449,637 | €398,323 | €2.1m | ▲ 422% |
| Transfer from deferred taxes780 | €2,261 | €2,285 | €2,285 | €2,285 | €2,285 | = |
| Income taxes67/77 | €3,757 | - | €71,984 | €122,935 | €304,564 | ▲ 148% |
| Profit (loss) for the period9904 | -€657,893 | -€262,038 | €379,937 | €277,673 | €1.8m | ▲ 540% |
| Transfer from tax-exempt reserves789 | €6,783 | €6,854 | €6,854 | €6,854 | €6,854 | = |
| Profit (loss) for the period to be appropriated9905 | -€651,110 | -€255,184 | €386,791 | €284,527 | €1.8m | ▲ 527% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.8m | €8.5m | €4.4m | €4.0m | €5.5m | ▲ 39.0% |
| Fixed assets21/28 | €8.0m | €8.0m | €3.3m | €3.2m | €4.1m | ▲ 28.1% |
| Tangible fixed assets22/27 | €1.9m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 5.7% |
| Land and buildings22 | €1.9m | €1.8m | €1.7m | €1.6m | €1.5m | ▼ 5.5% |
| Plant, machinery and equipment23 | €23,516 | €20,666 | €17,815 | €14,965 | €12,114 | ▼ 19.0% |
| Financial fixed assets28 | €6.1m | €6.1m | €1.6m | €1.6m | €2.6m | ▲ 63.6% |
| Current assets29/58 | €762,072 | €555,462 | €1.1m | €760,163 | €1.4m | ▲ 85.0% |
| Amounts receivable after more than one year29 | - | - | - | €406,511 | €983,842 | ▲ 142% |
| Other amounts receivable291 | - | - | - | €406,511 | €983,842 | ▲ 142% |
| Amounts receivable within one year40/41 | €26,812 | €16,448 | €754,303 | €4,303 | €30,952 | ▲ 619% |
| Trade receivables40 | €26,569 | €16,205 | €754,303 | €4,303 | €30,952 | ▲ 619% |
| Other amounts receivable41 | €243 | €243 | €0 | - | - | - |
| Current investments50/53 | - | - | €252,521 | €252,521 | €252,521 | = |
| Cash at bank and in hand54/58 | €730,478 | €533,755 | €98,244 | €89,243 | €131,223 | ▲ 47.0% |
| Deferred charges and accrued income490/1 | €4,782 | €5,259 | €7,486 | €7,585 | €7,773 | ▲ 2.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.8m | €8.5m | €4.4m | €4.0m | €5.5m | ▲ 39.0% |
| Equity10/15 | €1.6m | €1.2m | €1.6m | €1.9m | €3.7m | ▲ 94.1% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Capital10 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Issued capital100 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Revaluation surpluses12 | €43,090 | €69,902 | €69,902 | €69,902 | €69,902 | = |
| Reserves13 | €537,779 | €419,925 | €413,071 | €543,686 | €2.3m | ▲ 327% |
| Non-distributable reserves130/1 | €127,500 | €127,500 | €127,500 | €127,500 | €127,500 | = |
| Legal reserve130 | €127,500 | €127,500 | €127,500 | €127,500 | €127,500 | = |
| Tax-exempt reserves132 | €299,279 | €292,425 | €285,571 | €278,717 | €271,864 | ▼ 2.5% |
| Distributable reserves133 | €111,000 | - | - | €137,469 | €1.9m | ▲ 1,298% |
| Profit (loss) carried forward14 | -€278,664 | -€533,849 | -€147,058 | €0 | - | - |
| Provisions and deferred taxes16 | €9,257 | €6,973 | €4,688 | €2,403 | €119 | ▼ 95.1% |
| Deferred taxes168 | €9,257 | €6,973 | €4,688 | €2,403 | €119 | ▼ 95.1% |
| Amounts payable17/49 | €7.2m | €7.3m | €2.8m | €2.1m | €1.9m | ▼ 10.7% |
| Amounts payable after more than one year17 | €6.7m | €6.8m | €2.4m | €1.7m | €1.6m | ▼ 6.5% |
| Financial debts170/4 | €1.2m | €1.2m | €1.1m | €1.0m | €1.0m | ▼ 2.0% |
| Other amounts payable178/9 | €5.5m | €5.7m | €1.3m | €668,173 | €577,828 | ▼ 13.5% |
| Amounts payable within one year42/48 | €453,180 | €450,634 | €375,734 | €391,129 | €277,700 | ▼ 29.0% |
| Current portion of amounts payable after more than one year42 | €80,098 | €80,216 | €80,335 | €63,365 | €20,209 | ▼ 68.1% |
| Financial debts43 | €250,000 | €250,000 | €100,000 | €100,000 | €100,000 | = |
| Credit institutions430/8 | €250,000 | €250,000 | €100,000 | €100,000 | €100,000 | = |
| Trade debts44 | €1,805 | €6,983 | €6,958 | €645 | €2,197 | ▲ 241% |
| Suppliers440/4 | €1,805 | €6,983 | €6,958 | €645 | €2,197 | ▲ 241% |
| Taxes, remuneration and social security45 | €45,057 | €38,741 | €104,697 | €134,290 | €71,452 | ▼ 46.8% |
| Taxes450/3 | €45,057 | €38,741 | €104,697 | €134,290 | €71,452 | ▼ 46.8% |
| Other amounts payable47/48 | €76,220 | €74,694 | €83,744 | €92,829 | €83,843 | ▼ 9.7% |
| Accrued charges and deferred income492/3 | €1,907 | €3,155 | €2,769 | €1,835 | €2,220 | ▲ 20.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€657,893 | -€262,038 | €379,937 | €277,673 | €1.8m | ▲ 540% |
| + Depreciation and write-downs630 | €119,650 | €112,071 | €111,052 | €116,605 | €97,251 | ▼ 16.6% |
| Operating cash flow (approximation) | -€538,243 | -€149,967 | €490,989 | €394,278 | €1.9m | ▲ 375% |
| Investment in fixed assets (approximation) | - | -€43,731 | €4.5m | -€17,349 | -€1.0m | ▼ 5,676% |
| Change in cash | - | -€196,723 | -€435,511 | -€9,000 | €41,979 | ▲ 566% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-09
State Gazette act
Reappointments: Christine Vanneste (director) and John Vanneste (director)Appointments: Christine Vanneste (managing director) and John Vanneste (managing director)6 facts ▸
State Gazette act
Reappointments: Christine Vanneste (director) and John Vanneste (director)
Appointments: Christine Vanneste (managing director) and John Vanneste (managing director)6 facts ▸
- General meeting, 29-05-2026
- Director reappointment, Christine Vanneste (director)
- Director reappointment, John Vanneste (director)
- Board meeting, 29-05-2026
- Director appointment, Christine Vanneste (managing director)
- Director appointment, John Vanneste (managing director)
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €1.8m ▲540%
Operating result €1.0m, net result €1.8m, both a record.
31-12
Financial
Liquidity triplescurrent ratio 5.06
Current ratio from 1.94 to 5.06; short-term debt falls from €391,129 to €277,700.
31-12
Financial
Equity above €2mEq €3.7m ▲94.1%
3 profitable years in a row build equity to €3.7m.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Back to profitnet €379,937
Net result €379,937 after 3 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 2.96
Current ratio from 1.23 to 2.96; short-term debt falls from €450,634 to €375,734.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 60 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€657,893
Net result drops to -€657,893, the lowest in the series; recovery starts the following year.
Show earlier events
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 61 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
2019
31-12
Financial
Back to profitnet €275,992
Net result €275,992 after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, 2 in day-to-day management, last change in 2026
Board 2
Christine Vanneste
CurrentDirector · since 29-05-2026
John Vanneste
CurrentDirector · since 29-05-2026
Day-to-day management 2
Christine Vanneste
CurrentManaging director · since 29-05-2026
John Vanneste
CurrentManaging director · since 29-05-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Waregem
Ground area
2,840 m²
Building footprint
1,400 m²
Volume, LiDAR
7,277 m³
Parcel 34452B0716/00G003, Flanders · tallest building 12.8 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34452B0716/00G003 | Flanders | 2,840 m² | 1 · 1,400 m² | 12.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Christine Vanneste |
|
| John Vanneste |
|
Structure & network
Owners and holdings
3 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 3
-
100%
-
100%
-
40%
According to the 2025 annual accounts of IMMO-VAGO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,800. 9,102 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded07-04-1986
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0428829971
Registered
03-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.