VAEC
ActiveSummary
VAEC has been active since 1995 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78,421 and a net result of €37,196. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 69% of 8,566 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Equity
- €78,421
- Profit
- €37,196
Why 98lowers riskLiquidity: current ratio 3.74, cash €80,205Equity €78,421 (72.8% of total assets)Founded in 1995Sector: Advertising, market research and public relations activities (NACE 73)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 73, micro): better than 71% on solvency, 83% on liquidity and 88% on profitability.
The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 10 days before the deadline; the sector median (NACE 73) for financial year 2023 is 5 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · micro…
- Appointment: Capelleman Victor Germain Serge Ghislain…Gazette deed
- Highest result from 2018 to 2025net €37,196 ▲2.5%
Financials · financial year 2025, micro format
2020 to 2025, 5 financial years 2018 to 2025, 7 financial years
The operating result is €55,357 in 2025, compared with €40,087 in 2023. Comparable figures for the intervening years are unavailable.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 31,368 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
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 497,445 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% | 0.9% |
| 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 74.5% 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 31,368 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,061 | €220 | €220 | €220 | - | €7 | €1,384 | - |
| Other operating charges640/8 | - | - | - | €296 | €224 | €238 | €437 | - |
| Gross operating margin9900 | -€4,041 | €10,388 | -€2,137 | -€1,407 | €16,360 | €40,332 | €57,178 | - |
| Operating profit (loss)9901 | -€8,167 | €8,611 | -€2,412 | -€1,923 | €16,136 | €40,087 | €55,357 | - |
| Financial income75/76B | - | - | - | - | - | €7 | €24 | - |
| Recurring financial income75 | €7 | - | - | - | - | €7 | €24 | - |
| Financial charges65/66B | - | - | - | €104 | €116 | €114 | €171 | - |
| Recurring financial charges65 | €107 | €91 | €77 | €104 | €116 | €114 | €171 | - |
| Profit (loss) for the period before taxes9903 | -€8,267 | €8,519 | -€2,489 | -€2,027 | €16,020 | €39,980 | €55,210 | - |
| Income taxes67/77 | €158 | €208 | €167 | €291 | €1,589 | €3,700 | €18,013 | - |
| Profit (loss) for the period9904 | -€8,425 | €8,311 | -€2,655 | -€2,319 | €14,430 | €36,279 | €37,196 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,425 | €8,311 | -€2,655 | -€2,319 | €14,430 | €36,279 | €37,196 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €12,594 | €7,985 | €4,305 | €5,069 | €21,270 | €57,723 | €107,652 | - |
| Fixed assets21/28 | €2,771 | €3,212 | €2,992 | €2,771 | €2,771 | €5,364 | €4,765 | - |
| Tangible fixed assets22/27 | €0 | €440 | €220 | €0 | €0 | €2,593 | €1,994 | - |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €2,593 | €1,994 | - |
| Financial fixed assets28 | €2,771 | €2,771 | €2,771 | €2,771 | €2,771 | €2,771 | €2,771 | - |
| Current assets29/58 | €9,822 | €4,774 | €1,314 | €2,297 | €18,498 | €52,358 | €102,887 | - |
| Amounts receivable within one year40/41 | €1,312 | €1,443 | €195 | €518 | €1,099 | €7,324 | €22,288 | - |
| Trade receivables40 | - | - | - | - | €0 | €4,000 | €22,046 | - |
| Other amounts receivable41 | - | - | - | €518 | €1,099 | €3,324 | €243 | - |
| Cash at bank and in hand54/58 | €7,732 | €2,698 | €383 | €1,039 | €16,591 | €44,235 | €80,205 | - |
| Deferred charges and accrued income490/1 | - | - | - | €740 | €808 | €799 | €394 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €12,594 | €7,985 | €4,305 | €5,069 | €21,270 | €57,723 | €107,652 | - |
| Equity10/15 | -€12,822 | -€4,511 | -€7,166 | -€9,485 | €4,946 | €41,225 | €78,421 | - |
| Contributions10/11 | €6,205 | €6,205 | €0 | €6,205 | €6,205 | €6,205 | €6,205 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €15,860 | €50,860 | €85,860 | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Distributable reserves133 | - | - | - | - | €14,000 | €49,000 | €84,000 | - |
| Profit (loss) carried forward14 | -€20,887 | -€12,576 | -€15,231 | -€17,550 | -€17,120 | -€15,840 | -€13,644 | - |
| Provisions and deferred taxes16 | €1,735 | €1,735 | €1,735 | €1,735 | €1,735 | €1,735 | €1,735 | - |
| Provisions for liabilities and charges160/5 | - | - | - | €1,735 | €1,735 | €1,735 | €1,735 | - |
| Environmental obligations163 | - | - | - | €1,735 | €1,735 | €1,735 | €1,735 | - |
| Amounts payable17/49 | €23,680 | €10,761 | €9,736 | €12,818 | €14,589 | €14,763 | €27,495 | - |
| Amounts payable within one year42/48 | €23,680 | €10,761 | €9,736 | €12,818 | €14,589 | €14,763 | €27,495 | - |
| Financial debts43 | - | - | - | - | - | - | €0 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0 | - |
| Trade debts44 | €1,160 | €885 | €820 | €826 | €855 | €892 | €2,215 | - |
| Suppliers440/4 | - | - | - | €826 | €855 | €892 | €2,215 | - |
| Taxes, remuneration and social security45 | - | - | - | €458 | €1,881 | €5,288 | €19,256 | - |
| Taxes450/3 | - | - | - | €458 | €1,881 | €5,288 | €18,006 | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,250 | - |
| Other amounts payable47/48 | - | - | - | €11,534 | €11,853 | €8,583 | €6,024 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,425 | €8,311 | -€2,655 | -€2,319 | €14,430 | €36,279 | €37,196 | - |
| + Depreciation and write-downs630 | €4,061 | €220 | €220 | €220 | - | €7 | €1,384 | - |
| Operating cash flow (approximation) | -€4,364 | €8,531 | -€2,435 | -€2,099 | €14,430 | €36,286 | €38,580 | - |
| Investment in fixed assets (approximation) | - | -€660 | €0 | €0 | €0 | -€2,600 | - | - |
| Change in cash | - | -€5,034 | -€2,314 | €656 | €15,552 | €27,644 | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 10-12-2025 | 2025-00578925 |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00267988 |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00309846 |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20141354 |
| 31-12-2020 | micro format | 27-07-2021 | 2021-40100342 |
| 31-12-2019 | micro format | 11-08-2020 | 2020-40200076 |
| 31-12-2018 | micro format | 06-08-2019 | 2019-43700089 |
| 31-12-2017 | micro format | 17-08-2018 | 2018-46100056 |
| 31-12-2016 | micro format | 26-07-2017 | 2017-35200410 |
| 31-12-2015 | abbreviated format | 26-07-2016 | 2016-34800449 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Other functions 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| CAPELLEMAN Charles |
|
| Capelleman Victor Germain Serge Ghislain |
|
| AELBRECHTS Chris |
|
Owners and capital
Capital and shareholders
- 29-02-2024 Converted to unavailable equity
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
15-07
Gazette deed
Appointment: Capelleman Victor Germain Serge Ghislain (medebestuurder)2 facts ▸
- General meeting, 31-05-2025
- Director appointment, Capelleman Victor Germain Serge Ghislain (medebestuurder)
29-02
Gazette deed
Resignation: AELBRECHTS Chris (director)Appointment: CAPELLEMAN Charles (director) · Capital conversion · Reserve release13 facts ▸
- General meeting, 15-02-2024
- Other provision, “omzetting mandaat zaakvoerder in mandaat bestuurder van rechtswege, bestuurder” (deed in French)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in French)
- Reserve release, “opheffing statutair onbeschikbare eigen vermogensrekening, middelen beschikbaar voor uitkering” (deed in French)
- Name change, VAEC
- Registered-office move, Rozenstraat 10, 1650 Beersel
- Other provision, “ontheffing voorlezing verslag doelswijziging, voorzitter ontslagen lezing te geven” (deed in French)
- Purpose change
- Amendment of the articles
- Capital
- Director resignation, AELBRECHTS Chris (director)
- Director appointment, CAPELLEMAN Charles (director)
- +1 further fact in this act
Show earlier events
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23003A0297/00P000 | Flanders | 1,174 m² | 1 · 154 m² | 9.9 m · 3 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De advies- en ondersteuningsdiensten op het gebied van management, strategie, marketing, communicatie, human resources, training, business…” (deed in French)
9 activities (deed in French)
- De advies- en ondersteuningsdiensten op het gebied van management, strategie, marketing, communicatie, human resources, training, business development, financieel management, IT-oplossing, softwareontwikkeling, website-ontwikkeling, databasebeheer, informatiesystemen, e-commerce-oplossingen, elektronische betalingsoplossingen, IT-beveiliging, Customer Relationship Management, Supply Chain, Productiemanagement, Kwaliteit, Maintenance, Logistiek, Distributie, Supply Chain Management
- Promotie, publicitaire verkopen, lettering, uitgaven, publiciteit in de breedste zin van het woord, couponning
- Het ter beschikking stellen van voertuigen
- Het beheer van onroerende goederen
- De ontwikkeling, de implementatie
- Het beheer van programma's voor de promotie of klantenbinding hierin begrepen de technologische aspecten
- De rol van de koopcentrale of van agent in het kader van koopcontracten
- De raadpleging, het advies
- De uitbating van restaurants en het verlenen van restauratie
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- VAEC
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, kan bij enkel besluit bestuursorgaan administratieve zetels, agentschappen, werkhuizen, stapelplaatsen en bijkantoren…” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “als De bestuurder kiest woonplaats op de zetel van de vennootschap voor aile aangelegenheden met betrekking tot de uitoefening van zijn…”deed of 15-07-2025
- Board ruleHow the board is made up, meets and takes decisions.
- “Een of meer, met of zonder beperking” (deed in French)deed of 29-02-2024
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Op naam, register van aandelen op naam” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Nietigheid, rechten waarvan overdracht voorgesteld” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Monday of December at 20:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Ontbinding op elk moment door algemene vergadering beslissende in vormen vereist voor statutenwijziging” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed