VAARTS
ActiveSummary
VAARTS has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €158,402 and a net result of €2,994. Equity is shrinking by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 49% of 680 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability62▼-29
Solvency70▼-15
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity tight (current ratio 1.49 against 1.71 in 2024; short-term debt: 55% and cash: 3.2% of total assets), and 55% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
45%
Return on assets
0.9%
Age of the figures
9 mo
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 €158,402
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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
28 d late
2024
25 d late
2023
47 d early
2022
22 d late
2021
4 d early
2020
2 d early
2019
41 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 9 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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
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Financials · fiscal year 2025, full schema
Turnover
€395,289
EBIT margin
1.5%
Net result
€2,994▼ 93.4%
2024 · €45,258
Working capital
€94,369▲ 30.7%
2024 · €72,208
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€395,289
Operating result-€21,855€44,615€59,351▲ 33.0%€58,380▼ 1.6%€5,849▼ 90.0%
Net result-€32,446▼ 1,278%€27,833€44,605▲ 60.3%€45,258▲ 1.5%€2,994▼ 93.4%
EBIT margin1.5%
Equity€308,839▼ 9.5%€126,744▼ 59.0%€110,150▼ 13.1%€155,408▲ 41.1%€158,402▲ 1.9%
Total assets€472,835▼ 12.5%€504,918▲ 6.8%€468,722▼ 7.2%€257,932▼ 45.0%€351,816▲ 36.4%
Debt€163,997▼ 17.7%€378,174▲ 131%€358,572▼ 5.2%€102,524▼ 71.4%€193,414▲ 88.7%
Working capital€227,586▼ 16.0%€44,088▼ 80.6%€8,090▼ 81.7%€72,208▲ 793%€94,369▲ 30.7%
Staff (FTE)4=3.1▼ 22.5%3▼ 3.2%3=3.8▲ 26.7%
Why a figure moved sharply
- 2022 Equity -59% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 90% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €351,816
Fixed assets
€64,033 ▼ 23.8%
Current assets
€287,783 ▲ 65.5%
Equity and liabilities €351,816
Equity
€158,402 ▲ 1.9%
Debt
€193,414 ▲ 88.7%
Debt's share of the balance-sheet total rises from 39.7% to 55.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€26,977▼
2024 · €79,380
Cash flow
€24,121▼
2024 · €66,258
Current ratio
1.49▼
2024 · 1.71
Quick ratio
1.10▼
2024 · 1.34
Debt to equity
1.22▲
2024 · 0.66
ROE
1.9%▼
2024 · 29.1%
ROA
0.9%▼
2024 · 17.5%
Interest coverage
100.78▲
2024 · 80.55
Debt ≤ 1 year
€193,414▲
2024 · €101,724
Income taxes
€2,734▼
2024 · €14,319
Staff costs
€166,141▲
2024 · €132,413
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 16,986 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 | - | - | - | - | €416,481 | - |
| Turnover70 | - | - | - | - | €395,289 | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | €19,803 | - |
| Other operating income74 | - | - | - | - | €1,389 | - |
| Operating charges60/66A | - | - | - | - | €410,632 | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €109,118 | - |
| Purchases600/8 | - | - | - | - | €126,914 | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€17,796 | - |
| Services and other goods61 | - | - | - | - | €113,762 | - |
| Remuneration, social security and pensions62 | €83,608 | €110,666 | €112,392 | €132,413 | €166,141 | ▲ 25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,475 | €25,593 | €25,324 | €21,000 | €21,127 | ▲ 0.6% |
| Other operating charges640/8 | €683 | €1,214 | €390 | €798 | €483 | ▼ 39.5% |
| Gross operating margin9900 | €88,910 | €182,088 | €197,457 | €212,591 | - | - |
| Operating profit (loss)9901 | -€21,855 | €44,615 | €59,351 | €58,380 | €5,849 | ▼ 90.0% |
| Financial income75/76B | - | €34 | €963 | €2,182 | €146 | ▼ 93.3% |
| Recurring financial income75 | - | €34 | €963 | €2,182 | €146 | ▼ 93.3% |
| Income from current assets751 | - | - | - | - | €145 | - |
| Other financial income752/9 | - | - | - | - | €1 | - |
| Financial charges65/66B | €10,085 | €11,399 | €1,523 | €985 | €268 | ▼ 72.8% |
| Recurring financial charges65 | €10,085 | €11,399 | €1,523 | €985 | €268 | ▼ 72.8% |
| Other financial charges652/9 | - | - | - | - | €268 | - |
| Profit (loss) for the period before taxes9903 | -€31,941 | €33,250 | €58,791 | €59,576 | €5,727 | ▼ 90.4% |
| Income taxes67/77 | €505 | €5,417 | €14,186 | €14,319 | €2,734 | ▼ 80.9% |
| Taxes670/3 | - | - | - | - | €2,743 | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €10 | - |
| Profit (loss) for the period9904 | -€32,446 | €27,833 | €44,605 | €45,258 | €2,994 | ▼ 93.4% |
| Profit (loss) for the period to be appropriated9905 | -€32,446 | €27,833 | €44,605 | €45,258 | €2,994 | ▼ 93.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €472,835 | €504,918 | €468,722 | €257,932 | €351,816 | ▲ 36.4% |
| Fixed assets21/28 | €155,917 | €130,324 | €105,000 | €84,000 | €64,033 | ▼ 23.8% |
| Intangible fixed assets21 | €147,000 | €126,000 | €105,000 | €84,000 | €63,000 | ▼ 25.0% |
| Tangible fixed assets22/27 | €8,917 | €4,324 | - | - | €1,033 | - |
| Plant, machinery and equipment23 | €269 | - | - | - | - | - |
| Furniture and vehicles24 | €8,648 | €4,324 | - | - | €1,033 | - |
| Current assets29/58 | €316,918 | €374,593 | €363,722 | €173,932 | €287,783 | ▲ 65.5% |
| Stocks and contracts in progress3 | €36,278 | €29,086 | €16,435 | €37,315 | €74,914 | ▲ 101% |
| Stocks30/36 | €36,278 | €29,086 | €16,435 | €37,315 | €74,914 | ▲ 101% |
| Raw materials and consumables30/31 | - | - | - | - | €55,110 | - |
| Finished goods33 | - | - | - | - | €19,803 | - |
| Amounts receivable within one year40/41 | €2,720 | €28,698 | €55,502 | €113,221 | €200,229 | ▲ 76.8% |
| Trade receivables40 | - | €23,394 | €49,870 | €104,237 | €25,632 | ▼ 75.4% |
| Other amounts receivable41 | €2,720 | €5,304 | €5,632 | €8,984 | €174,597 | ▲ 1,843% |
| Current investments50/53 | €233,247 | €203,247 | €203,921 | €449 | €0 | ▼ 100.0% |
| Other investments51/53 | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €43,443 | €112,273 | €85,456 | €20,401 | €11,092 | ▼ 45.6% |
| Deferred charges and accrued income490/1 | €1,229 | €1,289 | €2,408 | €2,546 | €1,548 | ▼ 39.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €472,835 | €504,918 | €468,722 | €257,932 | €351,816 | ▲ 36.4% |
| Equity10/15 | €308,839 | €126,744 | €110,150 | €155,408 | €158,402 | ▲ 1.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €321,574 | €139,479 | €78,280 | €78,280 | €78,280 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €319,714 | €137,619 | €76,420 | €76,420 | €76,420 | = |
| Profit (loss) carried forward14 | -€31,335 | -€31,335 | €13,270 | €58,528 | €61,522 | ▲ 5.1% |
| Amounts payable17/49 | €163,997 | €378,174 | €358,572 | €102,524 | €193,414 | ▲ 88.7% |
| Amounts payable after more than one year17 | €71,725 | €32,729 | - | - | - | - |
| Financial debts170/4 | €71,725 | €32,729 | - | - | - | - |
| Amounts payable within one year42/48 | €89,332 | €330,505 | €355,633 | €101,724 | €193,414 | ▲ 90.1% |
| Current portion of amounts payable after more than one year42 | €38,177 | €38,996 | €32,729 | - | - | - |
| Trade debts44 | €41,215 | €43,758 | €34,217 | €27,658 | €71,668 | ▲ 159% |
| Suppliers440/4 | €41,215 | €43,758 | €34,217 | €27,658 | €71,668 | ▲ 159% |
| Taxes, remuneration and social security45 | €9,897 | €48,320 | €41,747 | €37,592 | €33,893 | ▼ 9.8% |
| Taxes450/3 | €4,478 | €34,329 | €33,642 | €26,548 | €12,943 | ▼ 51.2% |
| Remuneration and social security454/9 | €5,419 | €13,991 | €8,105 | €11,044 | €20,950 | ▲ 89.7% |
| Other amounts payable47/48 | €43 | €199,432 | €246,940 | €36,474 | €87,853 | ▲ 141% |
| Accrued charges and deferred income492/3 | €2,940 | €14,940 | €2,940 | €800 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,446 | €27,833 | €44,605 | €45,258 | €2,994 | ▼ 93.4% |
| + Depreciation and write-downs630 | €26,475 | €25,593 | €25,324 | €21,000 | €21,127 | ▲ 0.6% |
| Operating cash flow (approximation) | -€5,972 | €53,426 | €69,929 | €66,258 | €24,121 | ▼ 63.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,160 | - |
| Change in cash | - | €68,829 | -€26,816 | -€65,055 | -€9,309 | ▲ 85.7% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
25-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 25 days late
2024
31-12
Financial
Equity above €150,000Eq €155,408 ▲41.1%
3 profitable years in a row build equity to €155,408.
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
2022
31-12
Financial
Back to profitnet €27,833
Net result €27,833 after 2 loss-making years.
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet -€32,446
Net result drops to -€32,446, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 41 days late
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Charleroi · 1 establishment unit since 2000
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Bernipré 306041 CharleroiGround area
1,369 m²
Building footprint
484 m²
Volume, LiDAR
3,207 m³
Parcel 62108B0254/00V000, Wallonia · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue de Maestricht(VIS) 98, 4600 Visé
since 20002.131.413.860
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62108B0254/00V000 | Wallonia | 1,369 m² | 1 · 484 m² | 7.8 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.
Structure & network
Part of the group
FINANCIERE DE COCK
20 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holdingChain of control
Highest known parent: FINANCIERE DE COCK. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 1
-
100%
According to the 2025 annual accounts of VAARTS 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
No current directors or connected companies found in the register.
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Of 3,462 companies in sector 25530 we hold annual accounts for 1,655. 1,320 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-09-2000
Fiscal year end31-12
Activities, NACEBEL 2025
25120Manufacture of fabricated metal products, except machinery and equipment
25530Machining of metals
25510Coating of metals
E-invoicing
Reachable via Peppol
Peppol ID
0208:0472693173
Also
9925:BE0472693173
Registered
11-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.