VAEL
Dissolution or liquidationSummary
The KBO register records for VAEL the legal situation: dissolution or liquidation; this is today's state according to the register itself, which carries no start date. The 2025 annual accounts show negative equity (-€1.5m) and a net result of -€1,026.
Are you a creditor?
Judicial reorganisation
Source: Belgian Official Gazette
Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.
The procedure
- Court
- Commercial Court of Liège
- Opened
- 27 April 2018
- Track
- Reorganisation by collective agreement
- Docket number
- 20180021
- Moratorium until
- 27 April 2019 (passed; an extension would be in a later judgment)
- Delegated judge
- Alain Piekarek
- Official Gazette
- 07-05-2018 (pdf) ↗search the document for 2018/119227
What to do now
- Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
- Check the amount the company lists you for: it has to tell you. If it is wrong, dispute it in writing.
- The company files a reorganisation plan and creditors vote on it at a hearing. A plan approved and confirmed by the court also binds those who voted against.
- What you deliver after the opening is not covered by the moratorium: agree clear payment terms.
- The file is in RegSol, where you can read the documents of the procedure.
Deadlines: the judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette. The date of the vote on the plan is in the judgment and in RegSol.
View the file in RegSol ↗
Watch
Follow this reorganisation: you are alerted to an extension, the court's approval, the closure or a bankruptcy.
General information, not legal advice. If in doubt, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 -€1.5m
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
143 d early
2023
14 d early
2022
5 d early
2021
30 d late
2020
31 d late
2019
224 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 14 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
What should you check before you do business with this company?Supplier due diligence What held for this company on a given day: board, seat, name?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€1,026
2024 · €15,097
Working capital
-€1.5m▼ 0.1%
2024 · -€1.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,930▲ 1,289%€7,918▼ 0.1%€7,889▼ 0.4%€15,097▲ 91.4%-€1,026
Net result€7,853▲ 1,270%€7,918▲ 0.8%€7,889▼ 0.4%€15,097▲ 91.4%-€1,026
Equity-€1.6m▲ 0.5%-€1.6m▲ 0.5%-€1.5m▲ 0.5%-€1.5m▲ 1.0%-€1.5m▼ 0.1%
Total assets€41,794▲ 19.3%€49,095▲ 17.5%€56,984▲ 16.1%€70,874▲ 24.4%€69,849▼ 1.4%
Debt€1.6m▼ 0.1%€1.6m=€1.6m=€1.6m▼ 0.1%€1.6m=
Working capital-€1.6m▲ 0.5%-€1.6m▲ 0.5%-€1.6m▲ 0.5%-€1.5m▲ 1.0%-€1.5m▼ 0.1%
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1,026 after €15,097 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €69,849
Fixed assets
€14,842 =
Current assets
€55,007 ▼ 1.8%
Key figures and ratios
Current ratio
0.03▼
2024 · 0.04
Debt to equity
-1.04▲
2024 · -1.04
ROA
-1.5%▼
2024 · 21.3%
Debt ≤ 1 year
€1.6m=
2024 · €1.6m
A ratio outside any meaningful range has been withheld (balance sheet total €69,849, equity -€1.5m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,071 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€9,320 | -€8,671 | -€8,671 | -€14,825 | - | - |
| Other operating charges640/8 | €50 | - | - | - | - | - |
| Gross operating margin9900 | -€1,340 | -€753 | -€782 | €272 | -€1,026 | ▼ 477% |
| Operating profit (loss)9901 | €7,930 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Financial charges65/66B | €10 | - | - | - | - | - |
| Recurring financial charges65 | €10 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €7,920 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Income taxes67/77 | €67 | - | - | - | - | - |
| Profit (loss) for the period9904 | €7,853 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Profit (loss) for the period to be appropriated9905 | €7,853 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41,794 | €49,095 | €56,984 | €70,874 | €69,849 | ▼ 1.4% |
| Fixed assets21/28 | €14,842 | €14,842 | €14,842 | €14,842 | €14,842 | = |
| Financial fixed assets28 | €14,842 | €14,842 | €14,842 | €14,842 | €14,842 | = |
| Current assets29/58 | €26,953 | €34,253 | €42,142 | €56,032 | €55,007 | ▼ 1.8% |
| Amounts receivable within one year40/41 | €14,367 | €13,750 | €13,750 | €12,543 | €12,543 | = |
| Other amounts receivable41 | €14,367 | €13,750 | €13,750 | €12,543 | €12,543 | = |
| Cash at bank and in hand54/58 | €12,586 | €20,504 | €28,392 | €43,489 | €42,464 | ▼ 2.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41,794 | €49,095 | €56,984 | €70,874 | €69,849 | ▼ 1.4% |
| Equity10/15 | -€1.6m | -€1.6m | -€1.5m | -€1.5m | -€1.5m | ▼ 0.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€1.6m | -€1.6m | -€1.6m | -€1.5m | -€1.6m | ▼ 0.1% |
| Provisions and deferred taxes16 | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Provisions for liabilities and charges160/5 | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Other liabilities and charges164/5 | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Amounts payable17/49 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Amounts payable within one year42/48 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Financial debts43 | €102,259 | €102,259 | €102,259 | €102,259 | €102,259 | = |
| Credit institutions430/8 | €102,259 | €102,259 | €102,259 | €102,259 | €102,259 | = |
| Trade debts44 | €976,274 | €976,274 | €976,274 | €975,068 | €975,068 | = |
| Suppliers440/4 | €976,274 | €976,274 | €976,274 | €975,068 | €975,068 | = |
| Advances received on contracts in progress46 | €7,287 | €7,287 | €7,287 | €7,287 | €7,287 | = |
| Taxes, remuneration and social security45 | €399,813 | €399,196 | €399,196 | €399,196 | €399,196 | = |
| Taxes450/3 | €180,840 | €180,223 | €180,223 | €180,223 | €180,223 | = |
| Remuneration and social security454/9 | €218,974 | €218,974 | €218,974 | €218,974 | €218,974 | = |
| Other amounts payable47/48 | €114,348 | €114,348 | €114,348 | €114,348 | €114,348 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,853 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Operating cash flow (approximation) | €7,853 | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €7,918 | €7,889 | €15,097 | -€1,026 | ▼ 107% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
10-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €15,097 ▲91.4%
Operating result €15,097, net result €15,097, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
12-03
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 224 days late
2020
31-12
Financial
Back to profitnet €573
Net result €573 after 2 loss-making years.
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 23 days late
2018
30-10
Judicial reorganisation
Extension
Tribunal de commerce de Liège · collective agreement · event 24-10-2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
07-05
Judicial reorganisation
Opening
Tribunal de commerce de Liège · collective agreement · event 27-04-2018
2017
24-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Liège · 1 establishment unit since 2012
Ground area
444 m²
Building footprint
444 m²
Parcel 62804D0416/00K000, Wallonia. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
Rue de Joie 38, 4000 Liège
since 20122.212.738.264
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62804D0416/00K000 | Wallonia | 444 m² | 1 · 444 m² | - |
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.
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded27-09-2012
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.