Vades
ActiveSummary
Vades has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€150,517) and a net result of -€31,031. Equity is shrinking by ~37.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability1▲+1
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.09 against 0.13 in 2024; short-term debt: 371.8% and cash: 18.3% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
-271.8%
Return on assets
-56%
Age of the figures
9 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€150,517
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 04-06-2026, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
57 d early
2024
14 d early
2023
42 d early
2022
49 d early
2021
60 d early
2020
39 d early
2019
39 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 43 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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. Usually files around 12 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€150,517▼ 26.0%
2024 · -€119,486
Total assets
€55,370▼ 41.0%
2024 · €93,782
Net result
-€31,031▼ 12.5%
2024 · -€27,590
Working capital
-€186,441▼ 0.5%
2024 · -€185,515
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€656-€28,152-€25,452▲ 9.6%-€27,590▼ 8.4%-€29,991▼ 8.7%
Net result€7,677within the sector's middle half-€28,694below the sector's middle half-€25,452below the sector's middle half▲ 11.3%-€27,590below the sector's middle half▼ 8.4%-€31,031below the sector's middle half▼ 12.5%
Equity-€37,750below the sector's middle half▲ 16.9%-€66,444below the sector's middle half▼ 76.0%-€91,896below the sector's middle half▼ 38.3%-€119,486below the sector's middle half▼ 30.0%-€150,517below the sector's middle half▼ 26.0%
Total assets€138,903below the sector's middle half▼ 9.1%€116,442below the sector's middle half▼ 16.2%€117,067below the sector's middle half▲ 0.5%€93,782below the sector's middle half▼ 19.9%€55,370below the sector's middle half▼ 41.0%
Debt€176,653▼ 10.9%€182,886▲ 3.5%€208,963▲ 14.3%€213,268▲ 2.1%€205,887▼ 3.5%
Working capital-€148,788below the sector's middle half▲ 11.4%-€155,602below the sector's middle half▼ 4.6%-€187,974below the sector's middle half▼ 20.8%-€185,515below the sector's middle half▲ 1.3%-€186,441below the sector's middle half▼ 0.5%
Solvency-27.2%below the sector's middle half▲ 2.5pp-57.1%below the sector's middle half▼ 29.9pp-78.5%below the sector's middle half▼ 21.4pp-127.4%below the sector's middle half▼ 48.9pp-271.8%below the sector's middle half▼ 144.4pp
Current ratio0.16below the sector's middle half=0.15below the sector's middle half▼ 0.010.10below the sector's middle half▼ 0.050.13below the sector's middle half▲ 0.030.09below the sector's middle half▼ 0.04
Return on assets (ROA)5.5%within the sector's middle half▲ 7.5pp-24.6%below the sector's middle half▼ 30.2pp-21.7%below the sector's middle half▲ 2.9pp-29.4%below the sector's middle half▼ 7.7pp-56.0%below the sector's middle half▼ 26.6pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €29,991 in 2025 against €27,590 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,370
Fixed assets
€35,924 ▼ 45.6%
Current assets
€19,446 ▼ 29.9%
Key figures and ratios
EBITDA
€59▼
2024 · €2,459
Cash flow
-€982▼
2024 · €2,459
Quick ratio
0.06▼
2024 · 0.09
Debt to equity
-1.37▲
2024 · -1.78
Interest coverage
0.07
Debt ≤ 1 year
€205,887▼
2024 · €213,268
Income taxes
€169
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,639 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.8%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 497,662 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% | 1.7% |
| 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 75% 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 6,639 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 | €23,664 | €23,749 | €31,153 | €30,049 | €30,049 | = |
| Other operating charges640/8 | €1,818 | - | - | - | €2,293 | - |
| Gross operating margin9900 | €26,138 | -€4,403 | €5,701 | €2,459 | €2,352 | ▼ 4.4% |
| Operating profit (loss)9901 | €656 | -€28,152 | -€25,452 | -€27,590 | -€29,991 | ▼ 8.7% |
| Financial income75/76B | €7,749 | €196 | - | - | €0 | - |
| Recurring financial income75 | €7,749 | €196 | - | - | €0 | - |
| Financial charges65/66B | €728 | €738 | - | - | €872 | - |
| Recurring financial charges65 | €728 | €738 | - | - | €872 | - |
| Profit (loss) for the period before taxes9903 | €7,677 | -€28,694 | -€25,452 | -€27,590 | -€30,862 | ▼ 11.9% |
| Income taxes67/77 | - | - | - | - | €169 | - |
| Profit (loss) for the period9904 | €7,677 | -€28,694 | -€25,452 | -€27,590 | -€31,031 | ▼ 12.5% |
| Profit (loss) for the period to be appropriated9905 | €7,677 | -€28,694 | -€25,452 | -€27,590 | -€31,031 | ▼ 12.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €138,903 | €116,442 | €117,067 | €93,782 | €55,370 | ▼ 41.0% |
| Fixed assets21/28 | €111,038 | €89,158 | €96,078 | €66,029 | €35,924 | ▼ 45.6% |
| Tangible fixed assets22/27 | €111,038 | €89,158 | €96,078 | €66,029 | €35,924 | ▼ 45.6% |
| Land and buildings22 | €92,625 | €72,853 | €53,081 | €34,026 | €1,100 | ▼ 96.8% |
| Plant, machinery and equipment23 | €18,357 | €16,249 | €12,272 | €8,681 | €5,091 | ▼ 41.4% |
| Furniture and vehicles24 | €56 | €56 | €30,725 | €23,322 | €15,862 | ▼ 32.0% |
| Other tangible fixed assets26 | - | - | - | - | €13,871 | - |
| Current assets29/58 | €27,865 | €27,284 | €20,989 | €27,753 | €19,446 | ▼ 29.9% |
| Stocks and contracts in progress3 | €16,864 | €10,966 | €11,037 | €8,598 | €7,994 | ▼ 7.0% |
| Stocks30/36 | €16,864 | €10,966 | €11,037 | €8,598 | €7,994 | ▼ 7.0% |
| Amounts receivable within one year40/41 | €135 | €2,142 | €2,691 | €2,047 | €1,299 | ▼ 36.5% |
| Trade receivables40 | €135 | €900 | €585 | €675 | €585 | ▼ 13.3% |
| Other amounts receivable41 | - | €1,242 | €2,106 | €1,372 | €714 | ▼ 47.9% |
| Cash at bank and in hand54/58 | €10,866 | €14,176 | €7,261 | €17,108 | €10,152 | ▼ 40.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €138,903 | €116,442 | €117,067 | €93,782 | €55,370 | ▼ 41.0% |
| Equity10/15 | -€37,750 | -€66,444 | -€91,896 | -€119,486 | -€150,517 | ▼ 26.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | €18,592 | €18,592 | €18,592 | €18,592 | - | - |
| Issued capital100 | €18,592 | €18,592 | €18,592 | €18,592 | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | - | - |
| Legal reserve130 | €1,859 | €1,859 | €1,859 | €1,859 | - | - |
| Distributable reserves133 | - | - | - | - | €1,859 | - |
| Profit (loss) carried forward14 | -€58,201 | -€86,895 | -€112,347 | -€139,937 | -€170,968 | ▼ 22.2% |
| Amounts payable17/49 | €176,653 | €182,886 | €208,963 | €213,268 | €205,887 | ▼ 3.5% |
| Amounts payable within one year42/48 | €176,653 | €182,886 | €208,963 | €213,268 | €205,887 | ▼ 3.5% |
| Trade debts44 | €246 | €5,125 | €202 | €4,507 | €209 | ▼ 95.4% |
| Suppliers440/4 | €246 | €5,125 | €202 | €4,507 | €209 | ▼ 95.4% |
| Taxes, remuneration and social security45 | €196 | - | - | - | €169 | - |
| Taxes450/3 | €196 | - | - | - | €169 | - |
| Other amounts payable47/48 | €176,211 | €177,761 | €208,761 | €208,761 | €205,509 | ▼ 1.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,677 | -€28,694 | -€25,452 | -€27,590 | -€31,031 | ▼ 12.5% |
| + Depreciation and write-downs630 | €23,664 | €23,749 | €31,153 | €30,049 | €30,049 | = |
| Operating cash flow (approximation) | €31,341 | -€4,945 | €5,701 | €2,459 | -€982 | ▼ 140% |
| Investment in fixed assets (approximation) | - | -€1,869 | -€38,073 | €0 | €56 | - |
| Change in cash | - | €3,310 | -€6,915 | €9,847 | -€6,956 | ▼ 171% |
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
04-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
01-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €7,677
Net result €7,677 after 3 loss-making years.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
22-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€47,298
Net result drops to -€47,298, the lowest in the series; recovery starts the following year.
29-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Zandhoven · 1 establishment unit since 1999
Ground area
538 m²
Building footprint
230 m²
Volume, LiDAR
1,185 m³
Parcel 11054C0014/00M002, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Ilse Van der Schraelen
since 19992.090.154.614
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11054C0014/00M002 | Flanders | 538 m² | 1 · 230 m² | 8.7 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 179 EUR awarded · 179 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 179 EUR | 179 EUR |
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Of 2,215 companies in sector 47711 we hold annual accounts for 888. 355 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
Founded07-01-1999
Fiscal year end31-12
Activities, NACEBEL 2025
47711Retail sale of women's outerwear
47715Retail trade
47721Retail sale of footwear
85599Other education
96220Beauty care and other beauty treatments
E-invoicing
Reachable via Peppol
Peppol ID
0208:0465138655
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.