Financials
- Fiscal year
- 2025
- Total assets
- €4.4m
- Loss
- -€61,508
- Solvency
- 54.9%
Total assets▲ 70.8%
Net result
20192025
V.S.G.
ActiveSummary
V.S.G. has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.4m and a net result of -€61,508. Equity is shrinking by ~20.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 60% of 5730 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Overview
Activity
Wholesale of construction materials, general range
NACE 46831NACE 46731NACE 51532
1 site
Size
€4.4mtotal assets 2025
- Equity
- €2.4m
- Loss
- -€61,508
Structure
- Parent
- JENMABO · 100%
Accounts 39 d early0 of 4 deeds read
Why 100- Liquidity: current ratio 1.76, cash €57,143+ Size: total assets €4.4m+ Founded in 1989+ Figures for FY 2025 (filed 22-06-2026)Show the evidence
Checked score
Score 2025
100
/ 100
Excellent
Probability in this band: under 0.55%
Place in the band from the probability alone: no sector peers known
Financial strength · tick = 2024
Weak
Solvency
80+56
equity 54.9% of total assets
Liquidity
30+26
short-term debt 45.1% · cash 1.3%
Profitability
17=
return on assets -1.4%
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.6%
12-2024: 0.6%● 0.0% vs 11-2024
01-2025: 0.6%● 0.0% vs 12-2024
02-2025: 0.6%● 0.0% vs 01-2025
03-2025: 0.2%▼ -59.7% vs 02-2025
04-2025: 0.2%● 0.0% vs 03-2025
05-2025: 0.3%▲ +5.3% vs 04-2025
06-2025: 0.3%▲ +18.7% vs 05-2025
07-2025: 0.3%▲ +3.0% vs 06-2025
08-2025: 0.4%▲ +13.7% vs 07-2025
09-2025: 0.4%▼ -1.1% vs 08-2025
10-2025: 0.5%▲ +34.6% vs 09-2025
11-2025: 0.7%▲ +48.6% vs 10-2025
12-2025: 0.9%▲ +25.1% vs 11-2025
01-2026: 1.2%▲ +40.5% vs 12-2025
02-2026: 1.4%▲ +11.3% vs 01-2026
03-2026: 1.7%▲ +22.3% vs 02-2026
04-2026: 3.1%▲ +81.5% vs 03-2026
05-2026: 3.1%● 0.0% vs 04-2026
06-2026: 3.1%▲ +1.4% vs 05-2026highest value
07-2026: 2.3%▼ -26.2% vs 06-2026
08-2026: 2.3%● 0.0% vs 07-2026
09-2026: 2.3%● 0.0% vs 08-2026
10-2026: < 0.1%▼ -98.0% vs 09-2026lowest value
- Size: total assets €4.4m lowers the probability for this profile
- Liquidity: current ratio 1.76, cash €57,143 raises the probability
- Founded in 1989 lowers the probability for this profile
- Figures for FY 2025 (filed 22-06-2026) lowers the probability
Credit up to €240,000 at 30 days acceptable
Liquidity ample (current ratio 1.76 against 0.6 in 2024; short-term debt: 45.1% and cash: 1.3% of total assets), and 45.1% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 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% |
Place inside the band: from the bankruptcy probability alone, as no sector peers are known.
Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 22-06-2026, 39 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
39 d early
2024
115 d early
2023
96 d early
2022
59 d early
2021
47 d early
2020
1 d early
2019
9 d early
← 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 52 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
- Annual accounts filedfiscal year 2025 · full…
- Liquidity triplescurrent ratio 1.76
- Equity above €2mEq €2.4m
Key points
By topic
Board & ownership
- Parent
- JENMABO · 100%
Timeline
- Events
- 14
- Since
- 2016
- 22-06-2026Annual accounts filed
- 31-12-2025Liquidity triples
- 31-12-2025Equity above €2m
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Wholesale of construction materials, general rangeNACE 46831
- Founded
- 06-06-1989
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
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