VALCEREX
ActiveSummary
The computed 12-month bankruptcy probability of VALCEREX is 1.8% (moderate). The 2025 annual accounts show equity of €504,177 and a net result of €553,056. Equity is growing by ~59.8% per year across the filed fiscal years. Its solvency ranks better than 45% of 2075 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency64▼-16
Growth78=
Track record94
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity tight (current ratio 1.24 against 1.26 in 2024; short-term debt: 61.2% and cash: 32.7% of total assets), and 61.2% 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+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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
38.8%
Return on assets
42.5%
Age of the figures
9 mo
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 07-07-2026, 24 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
24 d early
2024
16 d early
2023
21 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 6 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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 15 July (3 of the last 3 filed years within 38 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€553,056▲ 46.7%
2024 · €376,956
Working capital
€193,203▲ 157%
2024 · €75,239
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Line202320242025
Operating result-€23,473-€514,134€739,972▲ 43.9%
Net result-€37,335below the sector's middle half-€376,956above the sector's middle half€553,056above the sector's middle half▲ 46.7%
Equity€24,165below the sector's middle half-€401,121within the sector's middle half▲ 1,560%€504,177within the sector's middle half▲ 25.7%
Total assets€442,334within the sector's middle half-€730,175within the sector's middle half▲ 65.1%€1.3mwithin the sector's middle half▲ 78.2%
Debt€418,169-€329,054▼ 21.3%€796,667▲ 142%
Working capital-€360,755below the sector's middle half-€75,239within the sector's middle half€193,203within the sector's middle half▲ 157%
Solvency5.5%below the sector's middle half-54.9%within the sector's middle half▲ 49.5pp38.8%within the sector's middle half▼ 16.2pp
Current ratio0.12below the sector's middle half-1.26within the sector's middle half▲ 1.141.24within the sector's middle half▼ 0.02
Return on assets (ROA)-8.4%below the sector's middle half-51.6%above the sector's middle half▲ 60.1pp42.5%above the sector's middle half▼ 9.1pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen two years in a row; 2025 is 44% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€310,946 ▼ 14.1%
Current assets
€989,870 ▲ 170%
Equity and liabilities €1.3m
Equity
€504,177 ▲ 25.7%
Debt
€796,667 ▲ 142%
Debt's share of the balance-sheet total rises from 45.1% to 61.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€824,128▲
2024 · €592,116
Cash flow
€637,212▲
2024 · €454,939
Debt to equity
1.58▲
2024 · 0.82
ROE
109.7%▲
2024 · 94.0%
Interest coverage
246.88▲
2024 · 23.48
Debt ≤ 1 year
€796,667▲
2024 · €291,595
Income taxes
€184,400▲
2024 · €111,959
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,128 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 3,128 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,860 | €77,983 | €84,156 | ▲ 7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €9,435 | - |
| Other operating charges640/8 | €384 | €88,636 | €124,369 | ▲ 40.3% |
| Gross operating margin9900 | €12,771 | €680,753 | €957,932 | ▲ 40.7% |
| Operating profit (loss)9901 | -€23,473 | €514,134 | €739,972 | ▲ 43.9% |
| Financial income75/76B | - | - | €822 | - |
| Recurring financial income75 | - | - | €822 | - |
| Financial charges65/66B | €13,862 | €25,219 | €3,338 | ▼ 86.8% |
| Recurring financial charges65 | €13,862 | €25,219 | €3,338 | ▼ 86.8% |
| Profit (loss) for the period before taxes9903 | -€37,335 | €488,915 | €737,456 | ▲ 50.8% |
| Income taxes67/77 | - | €111,959 | €184,400 | ▲ 64.7% |
| Profit (loss) for the period9904 | -€37,335 | €376,956 | €553,056 | ▲ 46.7% |
| Profit (loss) for the period to be appropriated9905 | -€37,335 | €376,956 | €553,056 | ▲ 46.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €442,334 | €730,175 | €1.3m | ▲ 78.2% |
| Formation expenses20 | €2,451 | €1,240 | €28 | ▼ 97.7% |
| Fixed assets21/28 | €392,069 | €362,101 | €310,946 | ▼ 14.1% |
| Intangible fixed assets21 | €93,948 | €76,251 | €65,202 | ▼ 14.5% |
| Tangible fixed assets22/27 | €296,621 | €284,350 | €244,244 | ▼ 14.1% |
| Plant, machinery and equipment23 | €293,248 | €280,356 | €241,203 | ▼ 14.0% |
| Furniture and vehicles24 | €3,373 | €3,994 | €3,041 | ▼ 23.9% |
| Financial fixed assets28 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €47,815 | €366,834 | €989,870 | ▲ 170% |
| Amounts receivable after more than one year29 | - | - | €200,000 | - |
| Other amounts receivable291 | - | - | €200,000 | - |
| Amounts receivable within one year40/41 | €44,819 | €184,628 | €363,146 | ▲ 96.7% |
| Trade receivables40 | €44,819 | €184,628 | €363,144 | ▲ 96.7% |
| Other amounts receivable41 | - | - | €2 | - |
| Cash at bank and in hand54/58 | €2,996 | €182,206 | €425,786 | ▲ 134% |
| Deferred charges and accrued income490/1 | - | - | €937 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €442,334 | €730,175 | €1.3m | ▲ 78.2% |
| Equity10/15 | €24,165 | €401,121 | €504,177 | ▲ 25.7% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | - | €6,150 | €6,150 | = |
| Non-distributable reserves130/1 | - | €6,150 | €6,150 | = |
| Legal reserve130 | - | €6,150 | €6,150 | = |
| Profit (loss) carried forward14 | -€37,335 | €333,471 | €436,527 | ▲ 30.9% |
| Amounts payable17/49 | €418,169 | €329,054 | €796,667 | ▲ 142% |
| Amounts payable within one year42/48 | €408,569 | €291,595 | €796,667 | ▲ 173% |
| Financial debts43 | €390,001 | - | - | - |
| Credit institutions430/8 | €390,001 | - | - | - |
| Trade debts44 | €10,776 | €153,586 | €164,943 | ▲ 7.4% |
| Suppliers440/4 | €10,776 | €153,586 | €164,943 | ▲ 7.4% |
| Taxes, remuneration and social security45 | €7,792 | €138,009 | €181,724 | ▲ 31.7% |
| Taxes450/3 | €7,792 | €138,009 | €181,724 | ▲ 31.7% |
| Other amounts payable47/48 | - | - | €450,000 | - |
| Accrued charges and deferred income492/3 | €9,600 | €37,459 | €0 | ▼ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€37,335 | €376,956 | €553,056 | ▲ 46.7% |
| + Depreciation and write-downs630 | €35,860 | €77,983 | €84,156 | ▲ 7.9% |
| Operating cash flow (approximation) | -€1,475 | €454,939 | €637,212 | ▲ 40.1% |
| Investment in fixed assets (approximation) | - | -€48,015 | -€33,000 | ▲ 31.3% |
| Change in cash | - | €179,211 | €243,580 | ▲ 35.9% |
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
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2023net €553,056 ▲46.7%
Operating result €739,972, net result €553,056, both a record.
31-12
Financial
Equity above €500,000Eq €504,177 ▲25.7%
2 profitable years in a row build equity to €504,177.
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €376,956
Net result €376,956 after one loss-making year.
31-12
Financial
Liquidity times 11current ratio 1.26
Current ratio from 0.12 to 1.26; short-term debt falls from €408,569 to €291,595.
31-12
Financial
Equity above €200,000Eq €401,121 ▲1,560%
Equity rises from €24,165 to €401,121.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 21 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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 2023
Ground area
837 m²
Building footprint
256 m²
Volume, LiDAR
5,502 m³
Parcel 62803A1059/00P000, Wallonia · tallest building 24.8 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
VALCEREX
since 20232.341.361.254
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62803A1059/00P000 | Wallonia | 837 m² | 1 · 256 m² | 24.8 m · 7 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 8,464 companies in sector 43120 we hold annual accounts for 3,233. 2,173 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
Founded01-02-2023
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0797865085
Registered
23-12-2025
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.