P & L
ActiveSummary
P & L has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of -€495,072. Equity is growing by ~8.1% per year across the filed fiscal years. Its solvency ranks better than 28% of 4209 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability9▼-25
Solvency42▼-9
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity tight (current ratio 1.0 against 1.1 in 2024; short-term debt: 64.5% and cash: 6.3% of total assets), and 83% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17%
Return on assets
-8.1%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€495,072
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
24 d late
2024
28 d late
2023
30 d late
2022
32 d late
2021
30 d late
2020
27 d late
2019
89 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 37 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, full schema
In the rankings
#5 employer in Kalmthout, Wholesale and retail trade sector#8 company by total assets in Kalmthout, Wholesale and retail trade sector
Turnover
€15.7m
EBIT margin
1.3%
Net result
-€495,072▼ 312%
2024 · -€120,065
Working capital
€13,158▼ 95.8%
2024 · €311,834
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Turnover€15.7m
Operating result€55,826▼ 11.7%€195,715▲ 251%€200,616▲ 2.5%-€34,374-€338,256▼ 884%
Net result€112,117within the sector's middle half▼ 17.3%€202,375above the sector's middle half▲ 80.5%€117,703within the sector's middle half▼ 41.8%-€120,065below the sector's middle half-€495,072below the sector's middle half▼ 312%
EBIT margin1.3%
Equity€1.2mabove the sector's middle half▲ 15.1%€1.4mabove the sector's middle half▲ 17.2%€1.5mabove the sector's middle half▲ 8.5%€1.4mabove the sector's middle half▼ 9.0%€1.0mwithin the sector's middle half▼ 23.6%
Total assets€5.6mabove the sector's middle half▲ 46.1%€6.7mabove the sector's middle half▲ 19.7%€6.5mabove the sector's middle half▼ 2.4%€5.2mabove the sector's middle half▼ 19.9%€6.1mabove the sector's middle half▲ 17.5%
Debt€4.4m▲ 57.4%€5.3m▲ 20.4%€5.0m▼ 5.3%€3.9m▼ 23.2%€5.1m▲ 32.0%
Working capital€1.1m▲ 218%€906,094▼ 15.2%€781,549▼ 13.7%€311,834▼ 60.1%€13,158▼ 95.8%
Solvency21.1%within the sector's middle half▼ 5.7pp20.7%within the sector's middle half▼ 0.5pp23.0%within the sector's middle half▲ 2.3pp26.1%within the sector's middle half▲ 3.1pp17.0%within the sector's middle half▼ 9.1pp
Staff (FTE)46.7above the sector's middle half▲ 14.7%45.2above the sector's middle half▼ 3.2%45.5above the sector's middle half▲ 0.7%35.8above the sector's middle half▼ 21.3%31.6above the sector's middle half▼ 11.7%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result -312% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €338,256 in 2025 against €34,374 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.1m
Fixed assets
€2.2m ▲ 31.5%
Current assets
€4.0m ▲ 11.0%
Equity and liabilities €6.1m
Equity
€1.0m ▼ 23.6%
Debt
€5.1m ▲ 32.0%
Debt's share of the balance-sheet total rises from 73.9% to 83.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16,418▼
2024 · €306,407
Cash flow
-€140,398▼
2024 · €220,716
Current ratio
1.00▼
2024 · 1.10
Quick ratio
0.48▼
2024 · 0.52
Debt to equity
4.89▲
2024 · 2.83
ROE
-47.5%▼
2024 · -8.8%
ROA
-8.1%▼
2024 · -2.3%
Interest coverage
0.09▼
2024 · 2.16
Debt ≤ 1 year
€4.0m▲
2024 · €3.3m
Debt > 1 year
€1.1m▲
2024 · €586,923
Income taxes
€594▼
2024 · €1,441
Staff costs
€2.4m▲
2024 · €2.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,501 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €15.8m | - | - | - |
| Turnover70 | - | - | €15.7m | - | - | - |
| Other operating income74 | - | - | €132,261 | - | - | - |
| Non-recurring operating income76A | €2,590 | - | €8,306 | €12,336 | €7,271 | ▼ 41.1% |
| Operating charges60/66A | - | - | €15.6m | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €9.1m | - | - | - |
| Purchases600/8 | - | - | €9.1m | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | €6,291 | - | - | - |
| Services and other goods61 | - | - | €2.8m | - | - | - |
| Remuneration, social security and pensions62 | €3.0m | €3.1m | €3.3m | €2.4m | €2.4m | ▲ 0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €337,241 | €308,256 | €318,316 | €340,781 | €354,674 | ▲ 4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €13,500 | - | - | - | €44,428 | - |
| Other operating charges640/8 | €9,490 | €12,098 | €10,781 | €53,537 | €72,728 | ▲ 35.8% |
| Non-recurring operating charges66A | - | €3,291 | €110,288 | €5,263 | - | - |
| Gross operating margin9900 | €3.4m | €3.6m | - | €2.8m | €2.5m | ▼ 8.1% |
| Operating profit (loss)9901 | €55,826 | €195,715 | €200,616 | -€34,374 | -€338,256 | ▼ 884% |
| Financial income75/76B | €114,416 | €72,021 | €47,561 | €57,608 | €29,898 | ▼ 48.1% |
| Recurring financial income75 | €114,416 | €72,021 | €47,561 | €57,608 | €29,898 | ▼ 48.1% |
| Other financial income752/9 | - | - | €47,561 | - | - | - |
| Financial charges65/66B | €57,687 | €64,870 | €130,473 | €141,857 | €186,119 | ▲ 31.2% |
| Recurring financial charges65 | €57,687 | €64,870 | €130,473 | €141,857 | €186,119 | ▲ 31.2% |
| Debt charges650 | - | - | €95,853 | - | - | - |
| Other financial charges652/9 | - | - | €34,620 | - | - | - |
| Profit (loss) for the period before taxes9903 | €112,555 | €202,866 | €117,703 | -€118,623 | -€494,477 | ▼ 317% |
| Income taxes67/77 | €438 | €491 | - | €1,441 | €594 | ▼ 58.8% |
| Profit (loss) for the period9904 | €112,117 | €202,375 | €117,703 | -€120,065 | -€495,072 | ▼ 312% |
| Profit (loss) for the period to be appropriated9905 | €112,117 | €202,375 | €117,703 | -€120,065 | -€495,072 | ▼ 312% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.6m | €6.7m | €6.5m | €5.2m | €6.1m | ▲ 17.5% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.1m | €1.6m | €2.2m | ▲ 31.5% |
| Intangible fixed assets21 | €89,458 | €71,824 | €107,258 | €97,354 | €106,157 | ▲ 9.0% |
| Tangible fixed assets22/27 | €872,591 | €819,560 | €926,587 | €1.1m | €1.6m | ▲ 47.0% |
| Land and buildings22 | €10,544 | €10,544 | €10,544 | €10,544 | €10,544 | = |
| Plant, machinery and equipment23 | €507,430 | €542,557 | €676,269 | €913,570 | €1.5m | ▲ 59.1% |
| Furniture and vehicles24 | €24,938 | €27,552 | €30,467 | €14,982 | €20,025 | ▲ 33.7% |
| Leasing and similar rights25 | €77,737 | €48,070 | €18,403 | - | - | - |
| Other tangible fixed assets26 | €251,942 | €190,837 | €190,902 | €134,005 | €93,167 | ▼ 30.5% |
| Financial fixed assets28 | €93,374 | €177,796 | €88,718 | €479,415 | €485,585 | ▲ 1.3% |
| Affiliated companies280/1 | - | - | €88,063 | - | - | - |
| Amounts receivable281 | - | - | €88,063 | - | - | - |
| Other financial fixed assets284/8 | - | - | €655 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €655 | - | - | - |
| Current assets29/58 | €4.5m | €5.6m | €5.4m | €3.6m | €4.0m | ▲ 11.0% |
| Stocks and contracts in progress3 | €1.2m | €1.5m | €1.5m | €1.9m | €2.1m | ▲ 9.7% |
| Stocks30/36 | €1.2m | €1.5m | €1.5m | €1.9m | €2.1m | ▲ 9.7% |
| Goods purchased for resale34 | - | - | €1.5m | - | - | - |
| Amounts receivable within one year40/41 | €3.0m | €3.9m | €3.5m | €1.4m | €1.5m | ▲ 8.2% |
| Trade receivables40 | €2.7m | €3.2m | €3.0m | €1.1m | €1.2m | ▲ 6.0% |
| Other amounts receivable41 | €333,501 | €694,301 | €491,723 | €212,076 | €254,755 | ▲ 20.1% |
| Cash at bank and in hand54/58 | €310,376 | €237,457 | €446,010 | €263,316 | €387,886 | ▲ 47.3% |
| Deferred charges and accrued income490/1 | €13,716 | - | - | €63,630 | €38,370 | ▼ 39.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.6m | €6.7m | €6.5m | €5.2m | €6.1m | ▲ 17.5% |
| Equity10/15 | €1.2m | €1.4m | €1.5m | €1.4m | €1.0m | ▼ 23.6% |
| Contributions10/11 | €390,858 | €390,858 | €390,858 | €390,858 | €390,858 | = |
| Capital10 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | = |
| Issued capital100 | €167,000 | €167,000 | €167,000 | €167,000 | €167,000 | = |
| Outside capital11 | €223,858 | €223,858 | €223,858 | €223,858 | €223,858 | = |
| Share premium1100/10 | €223,858 | €223,858 | €223,858 | €223,858 | €223,858 | = |
| Reserves13 | €770,699 | €973,075 | €1.1m | €970,713 | €475,641 | ▼ 51.0% |
| Non-distributable reserves130/1 | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | = |
| Legal reserve130 | €16,700 | €16,700 | €16,700 | €16,700 | €16,700 | = |
| Distributable reserves133 | €753,999 | €956,375 | €1.1m | €954,013 | €458,941 | ▼ 51.9% |
| Investment grants15 | €18,336 | €18,336 | €18,336 | €2,910 | €176,407 | ▲ 5,963% |
| Amounts payable17/49 | €4.4m | €5.3m | €5.0m | €3.9m | €5.1m | ▲ 32.0% |
| Amounts payable after more than one year17 | €941,509 | €591,066 | €393,833 | €586,923 | €1.1m | ▲ 92.3% |
| Financial debts170/4 | €941,509 | €591,066 | €393,833 | €586,923 | €1.1m | ▲ 92.3% |
| Credit institutions173 | - | - | €393,833 | - | - | - |
| Amounts payable within one year42/48 | €3.5m | €4.7m | €4.6m | €3.3m | €4.0m | ▲ 21.2% |
| Current portion of amounts payable after more than one year42 | €434,217 | €414,007 | €258,040 | €143,516 | €276,226 | ▲ 92.5% |
| Financial debts43 | €775,000 | €1.4m | €1.3m | €1.2m | €1.7m | ▲ 37.6% |
| Credit institutions430/8 | €775,000 | €1.4m | €1.3m | €1.2m | €1.7m | ▲ 37.6% |
| Trade debts44 | €1.3m | €2.2m | €2.4m | €1.5m | €1.8m | ▲ 20.5% |
| Suppliers440/4 | €1.3m | €2.2m | €2.4m | €1.5m | €1.8m | ▲ 20.5% |
| Advances received on contracts in progress46 | €491,406 | €374,018 | €236,016 | €216,317 | - | - |
| Taxes, remuneration and social security45 | €393,844 | €317,743 | €457,053 | €151,700 | €156,010 | ▲ 2.8% |
| Taxes450/3 | €58,366 | €8,453 | €3,464 | €5,092 | €4,961 | ▼ 2.6% |
| Remuneration and social security454/9 | €335,478 | €309,290 | €453,589 | €146,609 | €151,049 | ▲ 3.0% |
| Other amounts payable47/48 | €81,262 | €1,569 | €5,252 | €6,724 | €6,316 | ▼ 6.1% |
| Accrued charges and deferred income492/3 | €1,940 | €1,940 | €10,308 | €10,301 | €10,294 | ▼ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €112,117 | €202,375 | €117,703 | -€120,065 | -€495,072 | ▼ 312% |
| + Depreciation and write-downs630 | €337,241 | €308,256 | €318,316 | €340,781 | €354,674 | ▲ 4.1% |
| Operating cash flow (approximation) | €449,358 | €510,631 | €436,020 | €220,716 | -€140,398 | ▼ 164% |
| Investment in fixed assets (approximation) | - | -€322,013 | -€371,699 | -€868,089 | -€873,562 | ▼ 0.6% |
| Change in cash | - | -€72,919 | €208,553 | -€182,694 | €124,570 | ▲ 168% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 24 days late
2025
31-12
Financial
Weakest financial yearnet -€495,072
Net result drops to -€495,072, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 32 days late
2022
31-12
Financial
Highest result since 2018net €202,375 ▲80.5%
Net result €202,375, the highest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 27 days late
2020
31-12
Financial
Equity above €1mEq €1.0m ▲14.6%
2 profitable years in a row build equity to €1.0m.
28-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 89 days late
2019
31-12
Financial
Back to profitnet €99,811
Net result €99,811 after one loss-making year.
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 9 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kalmthout · 1 establishment unit since 1987
Ground area
1.7 ha
Building footprint
9,086 m²
Parcel 11662E0576/00E020, Flanders. Linked by address, not a title deed.
1 establishment unit
P & L
since 19872.030.027.480
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11662E0576/00E020 | Flanders | 1.7 ha | 1 · 9,086 m² | - |
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.
Structure & network
Owners and holdings
1 ownerOwners 1
- WINGparentSourceaccounts WING 202599.98%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 10 entries · 257,649 EUR awarded · 257,649 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 4 | 28,595 EUR | 214,415 EUR |
| 2024 | 3 | 197,673 EUR | 11,853 EUR |
| 2023 | 2 | 14,598 EUR | 14,598 EUR |
| 2022 | 1 | 16,783 EUR | 16,783 EUR |
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Of 2,606 companies in sector 47551 we hold annual accounts for 1,718. 1,008 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
Founded08-08-1987
Fiscal year end31-12
Trade name NL
“VASCO KEUKENS” en “KEUKENS VASCO”
Activities, NACEBEL 2025
47551Retail sale of household furniture
E-invoicing
Reachable via Peppol
Peppol ID
0208:0431743337
Also
9925:BE0431743337
Registered
21-04-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.