Result
From profit to loss in 2025, after a profit of €2,129 in 2024.
From profit to loss in 2025, after a profit of €2,129 in 2024.
The 2024 accounts came latest: 43 days after the end of the period.
Lower net result than 93% of companies in building services and landscaping. Sector median €24,231 · 1,569 companies.
The dashed line is the sector median: 0.9% across 7,709 companies (NACE 81, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 81, micro). It does better than 92% of them on solvency, 50% on liquidity, 4% on profitability and 18% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 4,805 companies had the same profile as V-CONSTRUCT has now. Each dot stands for 13 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of V-CONSTRUCT itself: 2.0% within 12 months.
The method was tested on the 497,447 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 4,805 companies, not a prediction for V-CONSTRUCT. 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.
Liquidity is ample, with a current ratio of 9.11, above the usual 1.5. Short-term debt is 11% and cash 1.1% of total assets. 11% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 5 days before the deadline. In the sector (NACE 81), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| V-CONSTRUCT Diksmuide | €211,879 | €1,091 | 89.0% | 0 |
| Vicinity Partners Watermael-Boitsfort | €429,083 | -€28,072 | 79.7% | 0.8 |
| FACESS Tervuren | €207,823 | -€1,525 | 99.0% | - |
| SEAGATE OSTENDE Antwerp | €573,721 | -€230,112 | 95.5% | 0 |
| Ets Geurts Beyne-Heusay | €76,947 | -€16,282 | 64.5% | - |
| M&Y FACILITY Antwerp | €199,740 | -€8,653 | 59.7% | - |
| L&B Consultancy Beerse | €192,599 | €2,448 | 75.7% | - |
These companies have the same main activity as V-CONSTRUCT: combined facilities support activities (NACE 81100). They are comparable in size and age: total assets between €76,900 and €574,000, founded between 2005 and 2019.
V-CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from €3,275 in 2016 to €1,091 in 2025.
HERCAS holds 99% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €11,000. Estimated: probably between €5,700 and €21,000.
Higher than 93% of 1,569 companies in 2025.
Higher than 93% of 1,540 companies in 2025.
Lower than 95% of 1,554 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
211,879 | 237,434 | 235,294 | 353,824 | 311,489 | 186,490 | 187,737 | 425,552 | 887,361 | 408,481 | |
29/58 |
211,879 | 237,434 | 235,294 | 353,824 | 311,489 | 186,490 | 187,737 | 425,552 | 887,361 | 408,481 | |
3 |
- | - | - | - | - | 6,350 | - | - | 752,921 | 272,321 | |
30/36 |
- | - | - | - | - | 6,350 | - | - | 752,921 | 272,321 | |
40/41 |
209,589 | 231,783 | 77,837 | 236,149 | 266,053 | 153,090 | 176,466 | 273,225 | 62,030 | 128,263 | |
40 |
5,542 | - | - | 185,000 | 35,000 | - | - | 180 | 62,030 | 128,263 | |
41 |
204,047 | 231,783 | 77,837 | 51,149 | 231,053 | 153,090 | 176,466 | 273,045 | - | - | |
54/58 |
2,290 | 5,651 | 157,457 | 117,675 | 45,437 | 27,051 | 11,272 | 152,327 | 72,410 | 6,416 | |
490/1 |
- | - | - | - | - | - | - | - | - | 1,481 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
211,879 | 237,434 | 235,294 | 353,824 | 311,489 | 186,490 | 187,737 | 425,552 | 887,361 | 408,481 | |
10/15 |
188,620 | 237,167 | 235,039 | 240,009 | 226,224 | 185,602 | 186,849 | 189,620 | 135,695 | 15,568 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
168,620 | 217,167 | 215,039 | 220,009 | 206,224 | 165,602 | 166,849 | 169,620 | 115,695 | - | |
130/1 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | - | |
1311 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | |
133 |
168,620 | 217,167 | 215,039 | 218,009 | 204,224 | 163,602 | 164,849 | 167,620 | 113,695 | - | |
14 |
- | - | - | - | - | - | - | - | - | -4,432 | |
17/49 |
23,259 | 267 | 255 | 113,815 | 85,265 | 888 | 888 | 235,932 | 751,665 | 392,913 | |
42/48 |
23,259 | 267 | 255 | 113,815 | 85,265 | 888 | 888 | 235,932 | 751,665 | 392,913 | |
43 |
- | - | - | - | - | - | - | - | 200,000 | 75,968 | |
430/8 |
- | - | - | - | - | - | - | - | 200,000 | 75,968 | |
44 |
146 | 267 | 255 | 8,030 | 7,119 | 888 | 888 | 28,970 | 226,077 | 149,183 | |
440/4 |
146 | 267 | 255 | 8,030 | 7,119 | 888 | 888 | 28,970 | 226,077 | 149,183 | |
45 |
23,114 | - | - | 5,785 | 146 | - | - | 185,111 | 70,639 | 10,868 | |
450/3 |
23,114 | - | - | 5,785 | 146 | - | - | 185,111 | 70,639 | 10,868 | |
47/48 |
- | - | - | 100,000 | 78,000 | - | - | 21,851 | 254,949 | 156,894 | |
| Income statement | |||||||||||
9900 |
1,091 | -1,103 | -4,163 | -31,512 | -31,574 | -3,232 | -3,944 | 85,170 | 206,993 | 3,275 | |
640/8 |
47,680 | 740 | 724 | 1,004 | 742 | 529 | 1,227 | 618 | 672 | 1,472 | |
9901 |
-46,588 | -1,842 | -4,888 | -32,516 | -32,315 | -3,761 | -5,171 | 84,552 | 206,321 | 1,803 | |
75/76B |
2,926 | 4,010 | 1,450 | 151,898 | 163,128 | 2,556 | 1,017 | 700 | 62 | 221 | |
75 |
2,926 | 4,010 | 1,450 | 151,898 | 163,128 | 2,556 | 1,017 | 700 | 62 | 221 | |
65/66B |
4,886 | 40 | 1,533 | 45 | 45 | 42 | 45 | 5,776 | 24,520 | 6,456 | |
65 |
4,886 | 40 | 1,533 | 45 | 45 | 42 | 45 | 5,776 | 24,520 | 6,456 | |
9903 |
-48,548 | 2,129 | -4,970 | 119,337 | 130,768 | -1,247 | -4,199 | 79,475 | 181,864 | -4,432 | |
67/77 |
- | - | - | 5,552 | 12,146 | - | -1,428 | 25,550 | 61,736 | - | |
9904 |
-48,548 | 2,129 | -4,970 | 113,785 | 118,622 | -1,247 | -2,771 | 53,925 | 120,127 | -4,432 | |
9905 |
-48,548 | 2,129 | -4,970 | 113,785 | 118,622 | -1,247 | -2,771 | 53,925 | 120,127 | -4,432 | |
| Appropriation of the result | |||||||||||
9906 |
-48,548 | 2,129 | -4,970 | 113,785 | 118,622 | -1,247 | -2,771 | 53,925 | 115,695 | -4,432 | |
791/2 |
48,548 | - | 4,970 | - | - | 1,247 | 2,771 | - | - | - | |
691/2 |
0 | 2,129 | - | 13,785 | 40,622 | - | - | 53,925 | 115,695 | - | |
6920 |
- | - | - | - | - | - | - | - | 2,000 | - | |
6921 |
0 | 2,129 | - | 13,785 | 40,622 | - | - | 53,925 | 113,695 | - | |
694/7 |
- | - | - | 100,000 | 78,000 | - | - | - | - | - | |
695 |
- | - | - | 100,000 | 78,000 | - | - | - | - | - | |
| Social balance sheet | |||||||||||
9087 |
0 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 26-08-2026.
2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00428218.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00428218 | |
| 31-12-2024 | abbreviated format | 12-09-2025 | 2025-00489866 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00168504 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00166133 | |
| 31-12-2021 | abbreviated format | 15-06-2022 | 2022-20064007 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-31900105 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-47700587 | |
| 31-12-2018 | abbreviated format | 08-03-2019 | 2019-06600193 | |
| 31-12-2017 | abbreviated format | 11-04-2018 | 2018-09700247 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-26700542 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | - | - | - | - | - | - | - | - | - | ||
| -3,361 | -151,805 | 39,781 | 72,239 | 18,386 | 15,779 | -141,056 | 79,917 | 65,994 | - | ||
| 188,620 | 237,167 | 235,039 | 240,009 | 226,224 | 185,602 | 186,849 | 189,620 | 135,695 | 15,568 | ||
| 89.0% | 99.9% | 99.9% | 67.8% | 72.6% | 99.5% | 99.5% | 44.6% | 15.3% | 3.8% | ||
| 9.11 | - | - | 3.11 | 3.65 | - | - | 1.80 | 1.18 | 1.04 | ||
| 9.11 | - | - | 3.11 | 3.65 | - | - | 1.80 | 0.18 | 0.35 | ||
| 0.12 | 0.00 | 0.00 | 0.47 | 0.38 | 0.00 | 0.00 | 1.24 | 5.54 | 25.24 | ||
| -25.7% | 0.9% | -2.1% | 47.4% | 52.4% | -0.7% | -1.5% | 28.4% | 88.5% | -28.5% | ||
| -22.9% | 0.9% | -2.1% | 32.2% | 38.1% | -0.7% | -1.5% | 12.7% | 13.5% | -1.1% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | €0 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €46,588, larger than the loss of €1,842 in 2024. It is the lowest result since 2016.
Debt's share of the balance-sheet total rises from 0.1% to 11.0%. Equity is lower and debt is higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 31-03-2026 accounts of HERCAS. Every holding stands with its own latest accounts.
| Vinckier Bouwservice
registered office since 15-12-2009 · founded in 2009 |
47 FTE (2025) 0821.459.148 |
| HERCAS
registered office since 21-06-1993 · founded in 1982 |
total assets €10.1m (2026) 0423.777.360 |
| IMMO VINCKIER B.
registered office since 01-01-1984 · founded in 1983 |
total assets €3.3m (2025) 0425.232.261 |
| GROEP VINCKIER
registered office since 01-05-2023 |
founded in 2023 0800.721.934 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Oostendestraat 35 registered office 8600 Diksmuide | 29-04-2015 | 2.241.669.208 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 32001A0713/00P002 | 6,105 m² | 1 · 2,965 m² | 15.5 m · 2 |
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