VADESMAK
ActiveSummary
VADESMAK has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €200,995 and a net result of €99,187. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 51% of 32023 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency82▲+4
Growth58=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 1.71 against 1.36 in 2024; short-term debt: 38.8% and cash: 60% of total assets), and 42.9% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
57.1%
Return on assets
28.2%
Age of the figures
12 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 €200,995
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 02-04-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
26 d early
2023
33 d early
2022
23 d early
2021
2 d early
2020
17 d early
2019
35 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 23 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 4 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close30-09-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€200,995▲ 19.4%
2024 · €168,308
Total assets
€351,870▲ 10.8%
2024 · €317,512
Net result
€99,187▲ 18.8%
2024 · €83,476
Working capital
€97,026▲ 86.2%
2024 · €52,121
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,679€30,604€38,154▲ 24.7%€101,597▲ 166%€138,251▲ 36.1%
Net result-€3,001below the sector's middle half€23,201within the sector's middle half€27,637within the sector's middle half▲ 19.1%€83,476above the sector's middle half▲ 202%€99,187above the sector's middle half▲ 18.8%
Equity€48,993within the sector's middle half▼ 84.1%€72,194within the sector's middle half▲ 47.4%€99,832within the sector's middle half▲ 38.3%€168,308within the sector's middle half▲ 68.6%€200,995within the sector's middle half▲ 19.4%
Total assets€438,163within the sector's middle half▼ 43.0%€338,496within the sector's middle half▼ 22.7%€236,653within the sector's middle half▼ 30.1%€317,512within the sector's middle half▲ 34.2%€351,870within the sector's middle half▲ 10.8%
Debt€389,170▼ 15.4%€266,302▼ 31.6%€136,822▼ 48.6%€149,204▲ 9.1%€150,876▲ 1.1%
Working capital-€62,200below the sector's middle half▲ 48.7%-€38,999below the sector's middle half▲ 37.3%-€16,918below the sector's middle half▲ 56.6%€52,121within the sector's middle half€97,026within the sector's middle half▲ 86.2%
Solvency11.2%below the sector's middle half▼ 29.0pp21.3%below the sector's middle half▲ 10.1pp42.2%within the sector's middle half▲ 20.9pp53.0%within the sector's middle half▲ 10.8pp57.1%within the sector's middle half▲ 4.1pp
Current ratio0.84below the sector's middle half▲ 0.100.85below the sector's middle half▲ 0.010.88below the sector's middle half▲ 0.021.36within the sector's middle half▲ 0.491.71within the sector's middle half▲ 0.35
Return on assets (ROA)-0.7%below the sector's middle half▼ 17.3pp6.9%within the sector's middle half▲ 7.5pp11.7%within the sector's middle half▲ 4.8pp26.3%within the sector's middle half▲ 14.6pp28.2%within the sector's middle half▲ 1.9pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 36% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €351,870
Fixed assets
€118,279 ▼ 2.7%
Current assets
€233,591 ▲ 19.2%
Equity and liabilities €351,870
Equity
€200,995 ▲ 19.4%
Debt
€150,876 ▲ 1.1%
Debt's share of the balance-sheet total falls from 47.0% to 42.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€141,582▲
2024 · €103,187
Cash flow
€102,518▲
2024 · €85,066
Debt to equity
0.75▼
2024 · 0.89
ROE
49.3%▼
2024 · 49.6%
Interest coverage
18.86▼
2024 · 464.03
Debt ≤ 1 year
€136,565▼
2024 · €143,781
Income taxes
€31,558▲
2024 · €18,016
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,340 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 31,371 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 | - | - | €346 | €1,590 | €3,331 | ▲ 109% |
| Other operating charges640/8 | €3,119 | €173 | €10,769 | €9,359 | €8,003 | ▼ 14.5% |
| Gross operating margin9900 | €439 | €30,777 | €49,270 | €112,546 | €149,585 | ▲ 32.9% |
| Operating profit (loss)9901 | -€2,679 | €30,604 | €38,154 | €101,597 | €138,251 | ▲ 36.1% |
| Financial income75/76B | - | €297 | €106 | €118 | €0 | ▼ 99.9% |
| Recurring financial income75 | - | €297 | €106 | €118 | €0 | ▼ 99.9% |
| Financial charges65/66B | €328 | €348 | €562 | €222 | €7,506 | ▲ 3,276% |
| Recurring financial charges65 | €328 | €348 | €562 | €222 | €7,506 | ▲ 3,276% |
| Profit (loss) for the period before taxes9903 | -€3,007 | €30,552 | €37,698 | €101,492 | €130,745 | ▲ 28.8% |
| Income taxes67/77 | -€6 | €7,351 | €10,061 | €18,016 | €31,558 | ▲ 75.2% |
| Profit (loss) for the period9904 | -€3,001 | €23,201 | €27,637 | €83,476 | €99,187 | ▲ 18.8% |
| Profit (loss) for the period to be appropriated9905 | -€3,001 | €23,201 | €27,637 | €83,476 | €99,187 | ▲ 18.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €438,163 | €338,496 | €236,653 | €317,512 | €351,870 | ▲ 10.8% |
| Fixed assets21/28 | €111,193 | €111,193 | €116,750 | €121,610 | €118,279 | ▼ 2.7% |
| Tangible fixed assets22/27 | €111,193 | €111,193 | €116,750 | €121,610 | €118,279 | ▼ 2.7% |
| Land and buildings22 | €111,193 | €111,193 | €111,193 | €111,193 | €111,193 | = |
| Furniture and vehicles24 | - | - | €5,557 | €10,417 | €7,086 | ▼ 32.0% |
| Current assets29/58 | €326,970 | €227,303 | €119,903 | €195,902 | €233,591 | ▲ 19.2% |
| Amounts receivable within one year40/41 | €50,204 | €97,623 | €100 | €15,924 | €22,059 | ▲ 38.5% |
| Trade receivables40 | - | - | - | €15,924 | €22,059 | ▲ 38.5% |
| Other amounts receivable41 | €50,204 | €97,623 | €100 | - | - | - |
| Cash at bank and in hand54/58 | €276,766 | €129,642 | €118,336 | €177,320 | €210,947 | ▲ 19.0% |
| Deferred charges and accrued income490/1 | - | €38 | €1,467 | €2,658 | €585 | ▼ 78.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €438,163 | €338,496 | €236,653 | €317,512 | €351,870 | ▲ 10.8% |
| Equity10/15 | €48,993 | €72,194 | €99,832 | €168,308 | €200,995 | ▲ 19.4% |
| Contributions10/11 | €10,052 | €10,052 | €10,052 | €10,052 | €10,052 | = |
| Capital10 | €10,052 | €10,052 | €10,052 | €10,052 | €10,052 | = |
| Issued capital100 | €10,052 | €10,052 | €10,052 | €10,052 | €10,052 | = |
| Reserves13 | €177,005 | €177,005 | €177,005 | €177,005 | €190,943 | ▲ 7.9% |
| Non-distributable reserves130/1 | €1,005 | €1,005 | €1,005 | €1,005 | €1,005 | = |
| Legal reserve130 | €1,005 | €1,005 | €1,005 | €1,005 | €1,005 | = |
| Distributable reserves133 | €176,000 | €176,000 | €176,000 | €176,000 | €189,938 | ▲ 7.9% |
| Profit (loss) carried forward14 | -€138,064 | -€114,863 | -€87,225 | -€18,749 | - | - |
| Amounts payable17/49 | €389,170 | €266,302 | €136,822 | €149,204 | €150,876 | ▲ 1.1% |
| Amounts payable within one year42/48 | €389,170 | €266,302 | €136,822 | €143,781 | €136,565 | ▼ 5.0% |
| Trade debts44 | €3,984 | €783 | €8,172 | €3,870 | €938 | ▼ 75.8% |
| Suppliers440/4 | €3,984 | €783 | €8,172 | €3,870 | €938 | ▼ 75.8% |
| Taxes, remuneration and social security45 | €7,407 | €7,740 | €10,153 | €17,346 | €44,810 | ▲ 158% |
| Taxes450/3 | €7,407 | €7,740 | €10,153 | €17,346 | €44,810 | ▲ 158% |
| Other amounts payable47/48 | €377,779 | €257,779 | €118,496 | €122,565 | €90,817 | ▼ 25.9% |
| Accrued charges and deferred income492/3 | - | - | - | €5,423 | €14,311 | ▲ 164% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,001 | €23,201 | €27,637 | €83,476 | €99,187 | ▲ 18.8% |
| + Depreciation and write-downs630 | - | - | €346 | €1,590 | €3,331 | ▲ 109% |
| Operating cash flow (approximation) | -€3,001 | €23,201 | €27,984 | €85,066 | €102,518 | ▲ 20.5% |
| Investment in fixed assets (approximation) | - | €0 | -€5,903 | -€6,450 | €0 | ▲ 100% |
| Change in cash | - | -€147,124 | -€11,306 | €58,984 | €33,626 | ▼ 43.0% |
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
02-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Equity above €200,000Eq €200,995 ▲19.4%
4 profitable years in a row build equity to €200,995.
04-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Equity above €150,000Eq €168,308 ▲68.6%
3 profitable years in a row build equity to €168,308.
28-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
07-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Back to profitnet €23,201
Net result €23,201 after one loss-making year.
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Weakest financial yearnet -€3,001
Net result drops to -€3,001, the lowest in the series; recovery starts the following year.
13-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Highest result since 2018net €128,015 ▲809%
Operating result €200,732, net result €128,015, both a record.
26-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
28-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-03
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 7 acts read
About the unread acts
We know of 7 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
7 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, Dendermonde · 1 establishment unit since 1996
Ground area
3,864 m²
Building footprint
1,139 m²
Volume, LiDAR
5,616 m³
Parcel 42021A1029/00C000, Flanders · tallest building 6.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vlassenhout (STG) 9, 9200 Dendermonde
since 19962.079.000.406
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42021A1029/00C000 | Flanders | 3,864 m² | 1 · 1,139 m² | 6.5 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.
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Of 82,641 companies in sector 70200 we hold annual accounts for 52,636. 40,077 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded03-10-1996
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0458937682
Registered
09-10-2025
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.