VADAS
ActiveSummary
The computed 12-month bankruptcy probability of VADAS is 2.2% (moderate). The 2025 annual accounts show equity of €70k and a net result of €-4k. Equity is growing by ~15.6% per year across the filed fiscal years. Its solvency ranks better than 29% of 2198 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+2
Solvency44▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity tight (current ratio 1.15 against 1.17 in 2024; short-term debt: 76.7% and cash: 9.3% of total assets), and 80.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
19.5%
Return on assets
-1.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 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 · 5 filingsDeviation from the deadline
2025
14 d late
2024
22 d late
2023
38 d late
2022
84 d late
2021
20 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€70k▼ 5.3%
2024 · €74k
2021: €31klowest in 5 years
2022: €50k▲ +62.0% vs 2021
2023: €71k▲ +41.5% vs 2022
2024: €74k▲ +4.6% vs 2023highest in 5 years
2025: €70k▼ -5.3% vs 2024
2021 → 2025
Total assets
€359k▲ 1.3%
2024 · €354k
2021: €149klowest in 5 years
2022: €218k▲ +46.2% vs 2021
2023: €244k▲ +12.1% vs 2022
2024: €354k▲ +45.0% vs 2023
2025: €359k▲ +1.3% vs 2024highest in 5 years
2021 → 2025
Net result
€-4k
2024 · €3k
2021: €21khighest in 5 years
2022: €19k▼ -8.2% vs 2021
2023: €21k▲ +8.5% vs 2022
2024: €3k▼ -84.2% vs 2023
2025: €-4k▼ -219% vs 2024lowest in 5 years
2021 → 2025
Working capital
€42k▼ 1.9%
2024 · €43k
2021: €12klowest in 5 years
2022: €39k▲ +215% vs 2021
2023: €37k▼ -3.9% vs 2022
2024: €43k▲ +15.6% vs 2023highest in 5 years
2025: €42k▼ -1.9% vs 2024
2021 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€31k-€50k▲ 62.0%€71k▲ 41.5%€74k▲ 4.6%€70k▼ 5.3%
2021: €31klowest in 5 years
2022: €50k▲ +62.0% vs 2021
2023: €71k▲ +41.5% vs 2022
2024: €74k▲ +4.6% vs 2023highest in 5 years
2025: €70k▼ -5.3% vs 2024
Operating result€30k-€29k▼ 0.7%€33k▲ 11.2%€10k▼ 70.6%€9k▼ 1.5%
2021: €30k
2022: €29k▼ -0.7% vs 2021
2023: €33k▲ +11.2% vs 2022highest in 5 years
2024: €10k▼ -70.6% vs 2023
2025: €9k▼ -1.5% vs 2024lowest in 5 years
Net result€21k-€19k▼ 8.2%€21k▲ 8.5%€3k▼ 84.2%€-4k
2021: €21khighest in 5 years
2022: €19k▼ -8.2% vs 2021
2023: €21k▲ +8.5% vs 2022
2024: €3k▼ -84.2% vs 2023
2025: €-4k▼ -219% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 1% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €359k
Fixed assets
€41k ▼ 27.8%
Current assets
€317k ▲ 6.9%
Equity and liabilities €359k
Equity
€70k ▼ 5.3%
Debt
€289k ▲ 3.0%
Debt's share of the balance-sheet total rises from 79.2% to 80.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32k▼
2024 · €35k
Cash flow
€19k▼
2024 · €28k
Current ratio
1.15▼
2024 · 1.17
Quick ratio
0.27▲
2024 · 0.23
Debt to equity
4.13▲
2024 · 3.80
ROE
-5.6%▼
2024 · 4.4%
ROA
-1.1%▼
2024 · 0.9%
Interest coverage
5.90▲
2024 · 5.45
Debt ≤ 1 year
€275k▲
2024 · €254k
Debt > 1 year
€14k▼
2024 · €26k
Income taxes
€8k
Staff costs
€100k▲
2024 · €91k
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 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€354k€359k▲
Fixed assets21/28€57k€41k▼
Tangible fixed assets22/27€57k€41k▼
Plant, machinery and equipment23-€6k
Furniture and vehicles24€57k€35k▼
Current assets29/58€297k€317k▲
Stocks and contracts in progress3€240k€244k▲
Stocks30/36€240k€244k▲
Amounts receivable within one year40/41€57k€36k▼
Trade receivables40€49k€32k▼
Other amounts receivable41€8k€4k▼
Cash at bank and in hand54/58-€33k
Deferred charges and accrued income490/1€175€4k▲
Equity and liabilities
Total equity and liabilities10/49€354k€359k▲
Equity10/15€74k€70k▼
Contributions10/11€10k€10k=
Reserves13€59k€59k=
Distributable reserves133€59k€59k=
Profit (loss) carried forward14€5k€917▼
Amounts payable17/49€280k€289k▲
Amounts payable after more than one year17€26k€14k▼
Financial debts170/4€26k€14k▼
Amounts payable within one year42/48€254k€275k▲
Current portion of amounts payable after more than one year42€88k€122k▲
Trade debts44€91k€85k▼
Suppliers440/4€91k€85k▼
Taxes, remuneration and social security45€26k€5k▼
Taxes450/3€8k-
Remuneration and social security454/9€18k€5k▼
Other amounts payable47/48€49k€64k▲
Income statement
Code20242025
Remuneration, social security and pensions62€91k€100k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25k€23k▼
Other operating charges640/8€4k€17k▲
Gross operating margin9900€129k€149k▲
Operating profit (loss)9901€10k€9k▼
Financial charges65/66B€6k€5k▼
Recurring financial charges65€6k€5k▼
Profit (loss) for the period before taxes9903€3k€4k▲
Income taxes67/77-€8k
Profit (loss) for the period9904€3k€-4k▼
Profit (loss) for the period to be appropriated9905€3k€-4k▼
Appropriation of the result
Profit (loss) to be appropriated9906€5k€917▼
Profit (loss) brought forward from the previous period14P€2k€5k▲
Social balance
Average headcount (FTE)90871.01.9▲
The notes to these accounts (7 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 | - | €68k | €81k | €91k | €100k | ▲ 10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €10k | €10k | €25k | €23k | ▼ 8.3% |
| Other operating charges640/8 | €2k | €2k | €4k | €4k | €17k | ▲ 335% |
| Gross operating margin9900 | €41k | €109k | €128k | €129k | €149k | ▲ 15.3% |
| Operating profit (loss)9901 | €30k | €29k | €33k | €10k | €9k | ▼ 1.5% |
| Financial charges65/66B | €712 | €506 | €5k | €6k | €5k | ▼ 13.6% |
| Recurring financial charges65 | €712 | €506 | €5k | €6k | €5k | ▼ 13.6% |
| Profit (loss) for the period before taxes9903 | €29k | €29k | €28k | €3k | €4k | ▲ 22.0% |
| Income taxes67/77 | €8k | €10k | €7k | - | €8k | - |
| Profit (loss) for the period9904 | €21k | €19k | €21k | €3k | €-4k | ▼ 219% |
| Profit (loss) for the period to be appropriated9905 | €21k | €19k | €21k | €3k | €-4k | ▼ 219% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €149k | €218k | €244k | €354k | €359k | ▲ 1.3% |
| Fixed assets21/28 | €21k | €11k | €72k | €57k | €41k | ▼ 27.8% |
| Tangible fixed assets22/27 | €21k | €11k | €72k | €57k | €41k | ▼ 27.8% |
| Plant, machinery and equipment23 | - | - | - | - | €6k | - |
| Furniture and vehicles24 | €21k | €11k | €72k | €57k | €35k | ▼ 38.2% |
| Current assets29/58 | €128k | €207k | €172k | €297k | €317k | ▲ 6.9% |
| Stocks and contracts in progress3 | €7k | €84k | €93k | €240k | €244k | ▲ 2.0% |
| Stocks30/36 | €7k | €84k | €93k | €240k | €244k | ▲ 2.0% |
| Amounts receivable within one year40/41 | €99k | €68k | €23k | €57k | €36k | ▼ 37.5% |
| Trade receivables40 | €95k | €59k | €18k | €49k | €32k | ▼ 35.2% |
| Other amounts receivable41 | €5k | €9k | €5k | €8k | €4k | ▼ 51.7% |
| Cash at bank and in hand54/58 | €22k | €55k | €57k | - | €33k | - |
| Deferred charges and accrued income490/1 | - | - | - | €175 | €4k | ▲ 2,179% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €149k | €218k | €244k | €354k | €359k | ▲ 1.3% |
| Equity10/15 | €31k | €50k | €71k | €74k | €70k | ▼ 5.3% |
| Contributions10/11 | €10k | €10k | €10k | €10k | €10k | = |
| Reserves13 | €20k | €39k | €59k | €59k | €59k | = |
| Non-distributable reserves130/1 | €20k | €39k | €59k | - | - | - |
| Reserves not available under the articles1311 | €20k | €39k | €59k | - | - | - |
| Distributable reserves133 | - | - | - | €59k | €59k | = |
| Profit (loss) carried forward14 | €775 | €845 | €2k | €5k | €917 | ▼ 80.9% |
| Amounts payable17/49 | €118k | €168k | €174k | €280k | €289k | ▲ 3.0% |
| Amounts payable after more than one year17 | €2k | - | €39k | €26k | €14k | ▼ 48.6% |
| Financial debts170/4 | €2k | - | €39k | €26k | €14k | ▼ 48.6% |
| Amounts payable within one year42/48 | €116k | €168k | €135k | €254k | €275k | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | €4k | €42k | €59k | €88k | €122k | ▲ 39.1% |
| Trade debts44 | €40k | €82k | €28k | €91k | €85k | ▼ 6.4% |
| Suppliers440/4 | €40k | €82k | €28k | €91k | €85k | ▼ 6.4% |
| Advances received on contracts in progress46 | €31k | - | - | - | - | - |
| Taxes, remuneration and social security45 | €13k | €20k | €24k | €26k | €5k | ▼ 82.3% |
| Taxes450/3 | €10k | €18k | €15k | €8k | - | - |
| Remuneration and social security454/9 | €4k | €2k | €9k | €18k | €5k | ▼ 74.9% |
| Other amounts payable47/48 | €27k | €24k | €24k | €49k | €64k | ▲ 28.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21k | €19k | €21k | €3k | €-4k | ▼ 219% |
| + Depreciation and write-downs630 | €10k | €10k | €10k | €25k | €23k | ▼ 8.3% |
| Operating cash flow (approximation) | €31k | €29k | €31k | €28k | €19k | ▼ 32.7% |
| Investment in fixed assets (approximation) | - | €0 | €-71k | €-10k | €-7k | ▲ 32.0% |
| Change in cash | - | €32k | €2k | - | - | - |
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
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 14 days late
2025
31-12
Financial
Weakest financial yearnet €-4k
Net result drops to €-4k, the lowest in the series.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 22 days late
2024
07-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 38 days late
2023
23-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 84 days late
2022
20-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 20 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Haaltert · 1 establishment unit since 2020
Ground area
1,435 m²
Building footprint
107 m²
Volume, LiDAR
664 m³
Parcel 41024C0788/00C000, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Brantegemstraat(HA) 26, 9450 Haaltert
since 20202.385.170.513
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41024C0788/00C000 | Flanders | 1,435 m² | 1 · 107 m² | 9.0 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.
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 13,223 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
Founded15-05-2020
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
Contact
Website
www.vadas.be
E-mail
stef@vadas.be
Scores and ratios are computed by Checked and are not a credit decision.