VAARWEG
ActiveSummary
VAARWEG has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of €6,771. Equity is growing by ~7.8% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69=
Solvency41▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity short (current ratio 0.01 against 0.01 in 2024; short-term debt: 70.5% and cash: 0.8% of total assets), and 84.5% of the assets are financed with debt.
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Signals
Four 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
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
15.5%
Return on assets
0.1%
Age of the figures
9 mo
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 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
6 d early
2023
6 d early
2022
on the day
2021
30 d late
2020
20 d late
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 4 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 26 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.1m▲ 0.6%
2024 · €1.1m
Total assets
€7.1m▼ 2.0%
2024 · €7.2m
Net result
€6,771▼ 53.1%
2024 · €14,452
Working capital
-€4.9m▲ 2.7%
2024 · -€5.1m
Trend over the years
In euros
In euros
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€11,357€3,584€5,661▲ 58.0%€18,475▲ 226%€10,202▼ 44.8%
Net result-€11,391-€1,424▲ 87.5%€1,356€14,452▲ 966%€6,771▼ 53.1%
Equity€1.1m▲ 88.1%€1.1m▼ 0.1%€1.1m▲ 0.1%€1.1m▲ 1.3%€1.1m▲ 0.6%
Total assets€6.8m▲ 8.2%€7.2m▲ 5.7%€7.3m▲ 0.9%€7.2m▼ 1.0%€7.1m▼ 2.0%
Debt€5.8m▲ 0.2%€6.1m▲ 6.8%€6.2m▲ 1.0%€6.1m▼ 1.4%€6.0m▼ 2.4%
Working capital-€4.9m▼ 10.7%-€4.3m▲ 13.4%-€4.2m▲ 2.3%-€5.1m▼ 21.8%-€4.9m▲ 2.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 45% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.1m
Fixed assets
€7.0m ▼ 2.3%
Current assets
€63,242 ▲ 70.7%
Equity and liabilities €7.1m
Equity
€1.1m ▲ 0.6%
Debt
€6.0m ▼ 2.4%
Debt's share of the balance-sheet total falls from 84.9% to 84.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€178,599▲
2024 · €173,077
Cash flow
€175,168▲
2024 · €169,054
Current ratio
0.01▲
2024 · 0.01
Debt to equity
5.44▼
2024 · 5.61
ROE
0.6%▼
2024 · 1.3%
ROA
0.1%▼
2024 · 0.2%
Interest coverage
49.47▲
2024 · 42.69
Debt ≤ 1 year
€5.0m▼
2024 · €5.1m
Debt > 1 year
€985,755▼
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 733 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
1.4%
stopped otherwise
97%
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 0.7% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 733 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €136,558 | €139,139 | €135,447 | €154,602 | €168,397 | ▲ 8.9% |
| Other operating charges640/8 | €17,902 | €16,360 | €16,922 | €16,610 | €19,224 | ▲ 15.7% |
| Gross operating margin9900 | €143,104 | €159,083 | €158,030 | €189,686 | €197,823 | ▲ 4.3% |
| Operating profit (loss)9901 | -€11,357 | €3,584 | €5,661 | €18,475 | €10,202 | ▼ 44.8% |
| Financial income75/76B | €0 | - | €206 | €31 | €179 | ▲ 473% |
| Recurring financial income75 | €0 | - | €206 | €31 | €179 | ▲ 473% |
| Financial charges65/66B | €35 | €5,007 | €4,510 | €4,054 | €3,610 | ▼ 11.0% |
| Recurring financial charges65 | €35 | €5,007 | €4,510 | €4,054 | €3,610 | ▼ 11.0% |
| Profit (loss) for the period before taxes9903 | -€11,391 | -€1,424 | €1,356 | €14,452 | €6,771 | ▼ 53.1% |
| Profit (loss) for the period9904 | -€11,391 | -€1,424 | €1,356 | €14,452 | €6,771 | ▼ 53.1% |
| Profit (loss) for the period to be appropriated9905 | -€11,391 | -€1,424 | €1,356 | €14,452 | €6,771 | ▼ 53.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.8m | €7.2m | €7.3m | €7.2m | €7.1m | ▼ 2.0% |
| Fixed assets21/28 | €6.8m | €6.4m | €6.3m | €7.2m | €7.0m | ▼ 2.3% |
| Intangible fixed assets21 | €34,491 | €26,369 | €18,247 | €10,125 | €2,003 | ▼ 80.2% |
| Tangible fixed assets22/27 | €6.7m | €6.4m | €6.3m | €7.2m | €7.0m | ▼ 2.2% |
| Land and buildings22 | €6.7m | €6.4m | €6.3m | €7.2m | €7.0m | ▼ 2.2% |
| Plant, machinery and equipment23 | €657 | €131 | - | - | - | - |
| Furniture and vehicles24 | €5,496 | €1,099 | - | - | - | - |
| Current assets29/58 | €68,416 | €790,424 | €991,585 | €37,044 | €63,242 | ▲ 70.7% |
| Stocks and contracts in progress3 | €9,680 | €581,785 | €953,159 | - | - | - |
| Stocks30/36 | €9,680 | €581,785 | €953,159 | - | - | - |
| Amounts receivable within one year40/41 | €6,927 | €9,765 | €5,689 | €1,321 | €1,313 | ▼ 0.6% |
| Trade receivables40 | €6,927 | €9,765 | €5,627 | €1,250 | €1,250 | = |
| Other amounts receivable41 | - | - | €62 | €71 | €63 | ▼ 11.3% |
| Cash at bank and in hand54/58 | €48,552 | €194,408 | €28,529 | €31,343 | €57,617 | ▲ 83.8% |
| Deferred charges and accrued income490/1 | €3,257 | €4,466 | €4,208 | €4,380 | €4,311 | ▼ 1.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.8m | €7.2m | €7.3m | €7.2m | €7.1m | ▼ 2.0% |
| Equity10/15 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.6% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Profit (loss) carried forward14 | -€238,939 | -€240,363 | -€239,007 | -€224,555 | -€217,784 | ▲ 3.0% |
| Amounts payable17/49 | €5.8m | €6.1m | €6.2m | €6.1m | €6.0m | ▼ 2.4% |
| Amounts payable after more than one year17 | €770,000 | €1.1m | €1.1m | €1.0m | €985,755 | ▼ 3.6% |
| Financial debts170/4 | €770,000 | €1.1m | €1.1m | €1.0m | €985,755 | ▼ 3.6% |
| Amounts payable within one year42/48 | €5.0m | €5.0m | €5.1m | €5.1m | €5.0m | ▼ 2.2% |
| Current portion of amounts payable after more than one year42 | - | €38,320 | €38,765 | €39,216 | €36,348 | ▼ 7.3% |
| Trade debts44 | €1,582 | €130 | €283 | €130 | €130 | = |
| Suppliers440/4 | €1,582 | €130 | €283 | €130 | €130 | = |
| Other amounts payable47/48 | €5.0m | €5.0m | €5.1m | €5.1m | €4.9m | ▼ 2.2% |
| Accrued charges and deferred income492/3 | €5,106 | €1,828 | €1,328 | €5,503 | €5,748 | ▲ 4.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,391 | -€1,424 | €1,356 | €14,452 | €6,771 | ▼ 53.1% |
| + Depreciation and write-downs630 | €136,558 | €139,139 | €135,447 | €154,602 | €168,397 | ▲ 8.9% |
| Operating cash flow (approximation) | €125,167 | €137,715 | €136,803 | €169,054 | €175,168 | ▲ 3.6% |
| Investment in fixed assets (approximation) | - | €195,595 | €0 | -€1.0m | €0 | ▲ 100% |
| Change in cash | - | €145,856 | -€165,879 | €2,814 | €26,274 | ▲ 834% |
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
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
17-06
State Gazette act
Appointment: Ginny De Ryck (director)2 facts ▸
State Gazette act
Appointment: Ginny De Ryck (director)
2 facts ▸
- General meeting, 11-05-2026
- Director appointment, Ginny De Ryck (director)
2025
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €1,356
Net result €1,356 after 2 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Weakest financial yearnet -€11,391
Net result drops to -€11,391, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1mEq €1.1m ▲88.1%
Equity rises from €572,452 to €1.1m.
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 20 days late
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Ginny De Ryck
CurrentDirector · since 01-06-2026
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
5 of this company's 6 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, Begijnendijk · 1 establishment unit since 2006
Ground area
3,264 m²
Building footprint
223 m²
Volume, LiDAR
1,109 m³
Parcel 24010B0522/00D000, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VAARWEG
since 20062.152.467.018
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24010B0522/00D000 | Flanders | 3,264 m² | 1 · 223 m² | 7.5 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
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Ginny De Ryck |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
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Shareholding
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Recognitions · licences · registrations
Legal Entity Identifier
8945007FAAE0FATHTD37
Company details
Identification
Legal formPrivate limited company
Founded20-02-2006
Fiscal year end31-12
Contact
E-mail
info@vaarweg.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0879575907
Also
9925:BE0879575907
Registered
30-01-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.