VADAK
ActiveSummary
The computed 12-month bankruptcy probability of VADAK is 1.6% (moderate). The 2025 annual accounts show negative equity (€-121k) and a net result of €63k. Equity is shrinking by ~28.6% per year across the filed fiscal years. Its solvency ranks better than 5% of 27965 sector peers (fiscal year 2025). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.04 against 0.04 in 2024; short-term debt: 541.8% and cash: 6% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-441.8%
Return on assets
230.4%
Age of the figures
18 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
27 d late
2023
30 d late
2022
14 d late
2021
6 d early
2020
36 d early
2019
2 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€-121k▲ 34.3%
2024 · €-184k
2019: €11k
2020: €14k▲ +19.9% vs 2019highest in 7 years
2021: €-7k▼ -151% vs 2020
2022: €-108k▼ -1466% vs 2021
2023: €-113k▼ -4.0% vs 2022
2024: €-184k▼ -63.2% vs 2023lowest in 7 years
2025: €-121k▲ +34.3% vs 2024
2019 → 2025
Total assets
€27k▲ 28.0%
2024 · €21k
2019: €34k
2020: €73k▲ +114% vs 2019highest in 7 years
2021: €41k▼ -43.4% vs 2020
2022: €48k▲ +17.5% vs 2021
2023: €71k▲ +47.8% vs 2022
2024: €21k▼ -70.0% vs 2023lowest in 7 years
2025: €27k▲ +28.0% vs 2024
2019 → 2025
Net result
€63k
2024 · €-71k
2019: €9k
2020: €2k▼ -74.1% vs 2019
2021: €-21k▼ -1009% vs 2020
2022: €-102k▼ -393% vs 2021lowest in 7 years
2023: €-4k▲ +95.7% vs 2022
2024: €-71k▼ -1526% vs 2023
2025: €63k▲ +188% vs 2024highest in 7 years
2019 → 2025
Working capital
€-143k▲ 27.5%
2024 · €-198k
2019: €4khighest in 7 years
2020: €-28k▼ -829% vs 2019
2021: €-46k▼ -62.6% vs 2020
2022: €-151k▼ -229% vs 2021
2023: €-141k▲ +6.7% vs 2022
2024: €-198k▼ -39.8% vs 2023lowest in 7 years
2025: €-143k▲ +27.5% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-7k-€-108k▼ 1,466%€-113k▼ 4.0%€-184k▼ 63.2%€-121k▲ 34.3%
2021: €-7khighest in 5 years
2022: €-108k▼ -1466% vs 2021
2023: €-113k▼ -4.0% vs 2022
2024: €-184k▼ -63.2% vs 2023lowest in 5 years
2025: €-121k▲ +34.3% vs 2024
Operating result€-18k-€-100k▼ 443%€-3k▲ 96.7%€-71k▼ 2,063%€67k
2021: €-18k
2022: €-100k▼ -443% vs 2021lowest in 5 years
2023: €-3k▲ +96.7% vs 2022
2024: €-71k▼ -2063% vs 2023
2025: €67k▲ +195% vs 2024highest in 5 years
Net result€-21k-€-102k▼ 393%€-4k▲ 95.7%€-71k▼ 1,526%€63k
2021: €-21k
2022: €-102k▼ -393% vs 2021lowest in 5 years
2023: €-4k▲ +95.7% vs 2022
2024: €-71k▼ -1526% vs 2023
2025: €63k▲ +188% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €67k after a loss of €71k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €27k
Fixed assets
€22k ▲ 67.5%
Current assets
€5k ▼ 35.8%
Key figures and ratios
EBITDA
€74k▲
2024 · €-56k
Cash flow
€70k▲
2024 · €-56k
Solvency
-441.8%▲
2024 · -860.5%
Current ratio
0.04▼
2024 · 0.04
Debt to equity
-1.23▼
2024 · -1.12
ROA
230.4%▲
2024 · -333.4%
Interest coverage
19.33▲
2024 · -88.77
Debt
€149k▼
2024 · €206k
Debt ≤ 1 year
€149k▼
2024 · €206k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 40 lines
Balance sheet
Code20242025
Assets
Total assets20/58€21k€27k▲
Fixed assets21/28€13k€22k▲
Tangible fixed assets22/27€13k€22k▲
Land and buildings22€3k€3k▼
Plant, machinery and equipment23€8k€7k▼
Furniture and vehicles24€2k€12k▲
Current assets29/58€8k€5k▼
Amounts receivable within one year40/41€6k€4k▼
Trade receivables40€5k€1k▼
Other amounts receivable41€761€3k▲
Cash at bank and in hand54/58€3k€2k▼
Equity and liabilities
Total equity and liabilities10/49€21k€27k▲
Equity10/15€-184k€-121k▲
Contributions10/11€6k€6k=
Reserves13€7k€7k=
Non-distributable reserves130/1€533€533=
Reserves not available under the articles1311€533€533=
Distributable reserves133€7k€7k=
Profit (loss) carried forward14€-198k€-135k▲
Amounts payable17/49€206k€149k▼
Amounts payable within one year42/48€206k€149k▼
Trade debts44€38k€7k▼
Suppliers440/4€38k€7k▼
Taxes, remuneration and social security45€33k-
Taxes450/3€8k-
Remuneration and social security454/9€25k-
Other amounts payable47/48€135k€141k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€15k€7k▼
Other operating charges640/8€1k€816▼
Gross operating margin9900€-55k€75k▲
Operating profit (loss)9901€-71k€67k▲
Financial income75/76B€22€5▼
Recurring financial income75€22€5▼
Financial charges65/66B€626€4k▲
Recurring financial charges65€626€4k▲
Profit (loss) for the period before taxes9903€-71k€63k▲
Profit (loss) for the period9904€-71k€63k▲
Profit (loss) for the period to be appropriated9905€-71k€63k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-198k€-135k▲
Profit (loss) brought forward from the previous period14P€-127k€-198k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €13 | €23 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13k | €15k | €16k | €15k | €7k | ▼ 55.0% |
| Other operating charges640/8 | - | €1k | €683 | €1k | €816 | ▼ 20.2% |
| Gross operating margin9900 | €-1k | €-84k | €13k | €-55k | €75k | ▲ 237% |
| Operating profit (loss)9901 | €-18k | €-100k | €-3k | €-71k | €67k | ▲ 195% |
| Financial income75/76B | - | €564 | €0 | €22 | €5 | ▼ 79.4% |
| Recurring financial income75 | - | €564 | €0 | €22 | €5 | ▼ 79.4% |
| Financial charges65/66B | - | €2k | €1k | €626 | €4k | ▲ 510% |
| Recurring financial charges65 | €2k | €2k | €1k | €626 | €4k | ▲ 510% |
| Profit (loss) for the period before taxes9903 | €-20k | €-101k | €-4k | €-71k | €63k | ▲ 188% |
| Income taxes67/77 | €134 | €118 | €0 | - | - | - |
| Profit (loss) for the period9904 | €-21k | €-102k | €-4k | €-71k | €63k | ▲ 188% |
| Profit (loss) for the period to be appropriated9905 | €-21k | €-102k | €-4k | €-71k | €63k | ▲ 188% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41k | €48k | €71k | €21k | €27k | ▲ 28.0% |
| Fixed assets21/28 | €40k | €44k | €28k | €13k | €22k | ▲ 67.5% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €40k | €44k | €28k | €13k | €22k | ▲ 67.5% |
| Land and buildings22 | - | €4k | €4k | €3k | €3k | ▼ 13.8% |
| Plant, machinery and equipment23 | - | €33k | €20k | €8k | €7k | ▼ 2.0% |
| Furniture and vehicles24 | - | €7k | €4k | €2k | €12k | ▲ 383% |
| Other tangible fixed assets26 | - | €410 | €176 | - | - | - |
| Current assets29/58 | €933 | €4k | €43k | €8k | €5k | ▼ 35.8% |
| Amounts receivable within one year40/41 | €0 | - | €25k | €6k | €4k | ▼ 35.0% |
| Trade receivables40 | - | - | €24k | €5k | €1k | ▼ 77.5% |
| Other amounts receivable41 | - | - | €761 | €761 | €3k | ▲ 232% |
| Cash at bank and in hand54/58 | - | €4k | €17k | €3k | €2k | ▼ 37.7% |
| Deferred charges and accrued income490/1 | - | €0 | €1k | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41k | €48k | €71k | €21k | €27k | ▲ 28.0% |
| Equity10/15 | €-7k | €-108k | €-113k | €-184k | €-121k | ▲ 34.3% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €7k | €7k | €7k | €7k | €7k | = |
| Non-distributable reserves130/1 | - | €533 | €533 | €533 | €533 | = |
| Reserves not available under the articles1311 | - | €533 | €533 | €533 | €533 | = |
| Distributable reserves133 | - | €7k | €7k | €7k | €7k | = |
| Profit (loss) carried forward14 | €-21k | €-122k | €-127k | €-198k | €-135k | ▲ 31.9% |
| Amounts payable17/49 | €48k | €157k | €184k | €206k | €149k | ▼ 27.8% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €47k | €156k | €184k | €206k | €149k | ▼ 27.8% |
| Current portion of amounts payable after more than one year42 | - | €0 | - | - | - | - |
| Financial debts43 | - | €0 | - | - | - | - |
| Credit institutions430/8 | - | €0 | - | - | - | - |
| Trade debts44 | €5k | €10k | €40k | €38k | €7k | ▼ 80.5% |
| Suppliers440/4 | - | €10k | €40k | €38k | €7k | ▼ 80.5% |
| Taxes, remuneration and social security45 | - | €884 | €9k | €33k | - | - |
| Taxes450/3 | - | €884 | €9k | €8k | - | - |
| Remuneration and social security454/9 | - | €0 | - | €25k | - | - |
| Other amounts payable47/48 | - | €145k | €136k | €135k | €141k | ▲ 4.2% |
| Accrued charges and deferred income492/3 | - | €1k | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-21k | €-102k | €-4k | €-71k | €63k | ▲ 188% |
| + Depreciation and write-downs630 | €13k | €15k | €16k | €15k | €7k | ▼ 55.0% |
| Operating cash flow (approximation) | €-8k | €-86k | €11k | €-56k | €70k | ▲ 225% |
| Investment in fixed assets (approximation) | - | €-19k | €0 | €0 | €-16k | - |
| Change in cash | - | - | €13k | €-14k | €-1k | ▲ 92.9% |
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
16-09
State Gazette act
Resignation: VAN DESSEL Iwan (director and manager)Appointment: VAN DESSEL Iwan (non-statutory director) · Name change · Purpose change16 facts ▸
State Gazette act
Resignation: VAN DESSEL Iwan (director and manager)
Appointment: VAN DESSEL Iwan (non-statutory director) · Name change · Purpose change16 facts ▸
- General meeting, 25-08-2026
- Name change, VADAK
- Other statement, board report submission, samen met een uitgifte van deze akte bij de griffie van de ondernemingsrechtbank
- Purpose change
- Legal-form conversion, behouden, besloten vennootschap (afgekort BV)
- Capital conversion, statutair onbeschikbare eigen vermogensrekening
- Reserve release, opheffen, statutair onbeschikbare eigen vermogensrekening
- Statutes amendment
- Capital
- Other statement, mandate to coordinate statutes, prepare and sign coordination of statutes
- Director resignation, VAN DESSEL Iwan (director and manager)
- Director appointment, VAN DESSEL Iwan (non-statutory director)
- +4 further facts in this act
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Back to profitnet €63k
Net result €63k after 4 loss-making years.
2024
27-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2022
14-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 14 days late
31-03
Financial
Weakest financial yearnet €-102k
Net result drops to €-102k, the lowest in the series; recovery starts the following year.
2021
25-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
25-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
17-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated 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.
Have them read with priority
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Directors · office · real estate
Directors
1 director, last change in 2026
VAN DESSEL Iwan
CurrentNon-statutory director · since 16-09-2026
16-09-2026
Appointed as Non-statutory director
16-09-2026
Resigned as Director and manager
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, Tienen · 1 establishment unit since 2014
Ground area
3,958 m²
Building footprint
3,491 m²
Volume, LiDAR
23,743 m³
Parcel 24015M0084/00R004, Flanders · tallest building 12.5 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
AMANI
since 20142.233.532.886
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24015M0084/00R004 | Flanders | 3,958 m² | 1 · 3,491 m² | 12.5 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.
Articles of association
Who signs
Each director alone
Annual meeting
First Thursday of September at 20:00
Duration
Unlimited
Purpose
De vennootschap mag alle verrichtingen stellen van commerciële, industriële, onroerende, roerende of financiële aard die rechtstreeks of onrechtstreeks met haar voorwerp verwant of…
Full purpose (14 activities)
- De vennootschap mag alle verrichtingen stellen van commerciële, industriële, onroerende, roerende of financiële aard die rechtstreeks of onrechtstreeks met haar voorwerp verwant of verknocht zijn of de verwezenlijking ervan kunnen bevorderen
- De vennootschap mag betrokken zijn bij wijze van inbreng, samensmelting, inschrijving of op elke andere wijze, in de ondernemingen, verenigingen of vennootschappen, die een gelijkaardig, soortgelijk of samenhangend voorwerp hebben of die nuttig zijn voor de verwezenlijking van het geheel of een gedeelte van haar voorwerp
- Bovenvermelde opsomming is niet beperkend, zodat de vennootschap alle handelingen kan stellen, die op welke wijze ook kunnen bijdragen tot de verwezenlijking van haar voorwerp
- De vennootschap mag geenszins aan vermogensbeheer of beleggingsadvies doen als bedoeld in de Wetten en Koninklijke Besluiten ter zake
- De vennootschap zal zich dienen te onthouden van werkzaamheden die onderworpen zijn aan reglementaire bepalingen voor zover de vennootschap zelf niet aan deze bepalingen voldoet
- Zij kan de functies van bestuurder of vereffenaar uitoefenen in andere vennootschappen
- De vennootschap mag zich borg stellen of zakelijke zekerheden verlenen ten voordele van vennootschappen of particulieren, in de meest ruime zin
- Zij mag alle roerende en onroerende goederen die nodig zijn tot het verwezenlijken van haar voorwerp kopen, verkopen, huren, verpachten, pachten, oprichten of ruilen; alle fabrieksmerken, patenten en vergunningen nemen, bekomen, aankopen of afstaan en in het algemeen alle burgerlijke, commerciële, industriële, onroerende handelingen verrichten die rechtstreeks of onrechtstreeks bij het maatschappelijk voorwerp aansluiten of van die aard zijn de verwezenlijking ervan te vergemakkelijken
- Bewerken van aluminium, metaal of hout, dit zowel als aannemer of als onder aannemer
- Productie en plaatsen van ramen en deuren
- Alle andere kleine klusjes die verband houden met de bouw of renovatie
- Verkoop en herstelling tweedehands machines
- Loodgieterswerken
- Elektriciteitswerken
Other provisions of the articles (27)
- Legal form clause: VADAK
- Registered office clause: Vlaamse Gewest, adres van de zetel kan worden overgebracht naar om het even welke plaats in het tweetalig gebied Brussel Hoofdstad of in het Nederlands taalgebi…
- Statutes amendment: 6
- Statutes amendment: 7
- Statutes amendment: 8
- Share class: In geval van overlijden van de enige aandeelhouder worden de aan de aandelen verbonden rechten uitgeoefend door de regelmatig in het bezit getreden of in het be…
- Statutes amendment: 10
- Statutes amendment: 11
- Board rule: Bestuursorgaan, 12
- Board rule: Bestuursbevoegdheid, 13
- Board rule: Vergoeding van de bestuurders, 15
- Meeting access: Toegang tot de algemene vergadering, 18
- Meeting procedure: De algemene vergadering wordt voorgezeten door een bestuurder of, bij gebrek daaraan, door de aanwezige aandeelhouder die de meeste aandelen bezit en, in geval…
- Voting rule: Elke aandeelhouder kan aan ieder andere persoon, al dan niet aandeelhouder, door alle middelen van overdracht, een schriftelijke volmacht geven om zich te laten…
- Other statement (8)
- Profit allocation
- Dissolution rule
- Liquidation rule
- Liquidation distribution
- Profit allocation: bestuursorgaan, algemene vergadering
Structure & network
Capital and shareholders
Capital over the years
- 16-09-2026
Converted to unavailable equity
From the act
“Vijfde besluit In toepassing van artikel 39, §2, tweede lid van de wet van 23 maart 2019 tot invoering van het Wetboek van vennootschappen en verenigingen en houdende diverse bepalingen, stelt de vergadering vast dat het werkelijk gestort kapitaal en de wettelijke reserve van de vennootschap van rechtswege omgezet werden in een statutair onbeschikbare eigen vermogensrekening en dat het nog niet gestort deel van het kapitaal omgezet werd in een eigen vermogensrekening “nietopgevraagde inbrengen”, bij toepassing van artikel 39, §2, tweede lid van de wet van 23 maart 2019 tot invoering van het W”
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Identification & contact
Identification
Legal formPrivate limited company
Founded09-07-2014
Fiscal year end31-03
Activities, NACEBEL 2025
43320Joinery installation
43343Specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.