VANDEF
ActiveSummary
VANDEF has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €634,956 and a net result of €65,414. Equity is growing by ~22.7% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability80▼-4
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity ample (current ratio 3.86 against 2.56 in 2023; short-term debt: 11.6% and cash: 6.2% of total assets), and 12.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2024Solvency, return and age of the figures
Solvency
87.6%
Return on assets
9%
Age of the figures
21 mo
neutral · A punctual record breaks
This company filed 8 consecutive financial years on time. The year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
12 d early
2022
20 d early
2021
11 d early
2020
18 d early
2019
35 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 11 days before 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€634,956▲ 11.5%
2023 · €569,567
Total assets
€725,021▲ 6.8%
2023 · €679,064
Net result
€65,414▼ 23.1%
2023 · €85,037
Working capital
€240,463▲ 40.5%
2023 · €171,089
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
Line20202021202220232024
Operating result€118,066▲ 44.2%€92,232▼ 21.9%€96,016▲ 4.1%€87,488▼ 8.9%€100,609▲ 15.0%
Net result€109,294▲ 55.6%€86,495▼ 20.9%€93,354▲ 7.9%€85,037▼ 8.9%€65,414▼ 23.1%
Equity€304,682▲ 55.9%€391,177▲ 28.4%€484,531▲ 23.9%€569,567▲ 17.6%€634,956▲ 11.5%
Total assets€589,559▲ 12.5%€611,664▲ 3.7%€602,185▼ 1.5%€679,064▲ 12.8%€725,021▲ 6.8%
Debt€284,877▼ 13.3%€220,487▼ 22.6%€117,654▼ 46.6%€109,497▼ 6.9%€90,065▼ 17.7%
Working capital-€35,996▲ 65.9%-€3,182▲ 91.2%€84,119€171,089▲ 103%€240,463▲ 40.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 15% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €725,021
Fixed assets
€400,349 ▲ 0.4%
Current assets
€324,672 ▲ 15.8%
Equity and liabilities €725,021
Equity
€634,956 ▲ 11.5%
Debt
€90,065 ▼ 17.7%
Debt's share of the balance-sheet total falls from 16.1% to 12.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€102,255▲
2023 · €89,306
Cash flow
€67,060▼
2023 · €86,855
Current ratio
3.86▲
2023 · 2.56
Debt to equity
0.14▼
2023 · 0.19
ROE
10.3%▼
2023 · 14.9%
ROA
9.0%▼
2023 · 12.5%
Interest coverage
16.48▼
2023 · 194.77
Debt ≤ 1 year
€84,209▼
2023 · €109,382
Income taxes
€31,344▲
2023 · €1,993
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 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% | 1.6% |
| 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 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 20,082 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,865 | €3,865 | €3,865 | €1,818 | €1,646 | ▼ 9.4% |
| Other operating charges640/8 | - | €8,957 | €9,165 | €11,087 | €11,529 | ▲ 4.0% |
| Gross operating margin9900 | €132,340 | €105,054 | €109,046 | €100,393 | €113,784 | ▲ 13.3% |
| Operating profit (loss)9901 | €118,066 | €92,232 | €96,016 | €87,488 | €100,609 | ▲ 15.0% |
| Financial income75/76B | - | - | - | - | €2,356 | - |
| Recurring financial income75 | - | - | - | - | €2,356 | - |
| Financial charges65/66B | - | €5,737 | €2,662 | €459 | €6,207 | ▲ 1,254% |
| Recurring financial charges65 | €8,772 | €5,737 | €2,662 | €459 | €6,207 | ▲ 1,254% |
| Profit (loss) for the period before taxes9903 | €109,294 | €86,495 | €93,354 | €87,030 | €96,758 | ▲ 11.2% |
| Income taxes67/77 | - | - | - | €1,993 | €31,344 | ▲ 1,473% |
| Profit (loss) for the period9904 | €109,294 | €86,495 | €93,354 | €85,037 | €65,414 | ▼ 23.1% |
| Profit (loss) for the period to be appropriated9905 | €109,294 | €86,495 | €93,354 | €85,037 | €65,414 | ▼ 23.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €589,559 | €611,664 | €602,185 | €679,064 | €725,021 | ▲ 6.8% |
| Fixed assets21/28 | €408,141 | €404,276 | €400,411 | €398,594 | €400,349 | ▲ 0.4% |
| Tangible fixed assets22/27 | €408,079 | €404,214 | €400,349 | €398,531 | €400,286 | ▲ 0.4% |
| Land and buildings22 | - | €403,986 | €400,349 | €398,531 | €400,286 | ▲ 0.4% |
| Furniture and vehicles24 | - | €228 | €0 | - | - | - |
| Financial fixed assets28 | €62 | €62 | €62 | €62 | €62 | = |
| Current assets29/58 | €181,417 | €207,388 | €201,773 | €280,471 | €324,672 | ▲ 15.8% |
| Current investments50/53 | - | - | - | - | €280,000 | - |
| Cash at bank and in hand54/58 | €180,742 | €207,388 | €201,773 | €280,471 | €44,672 | ▼ 84.1% |
| Deferred charges and accrued income490/1 | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €589,559 | €611,664 | €602,185 | €679,064 | €725,021 | ▲ 6.8% |
| Equity10/15 | €304,682 | €391,177 | €484,531 | €569,567 | €634,956 | ▲ 11.5% |
| Contributions10/11 | €756,000 | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | €756,000 | €756,000 | €756,000 | €756,000 | = |
| Issued capital100 | - | €756,000 | €756,000 | €756,000 | €756,000 | = |
| Outside capital11 | - | €316,808 | €316,808 | €316,808 | €316,808 | = |
| Share premium1100/10 | - | €316,808 | €316,808 | €316,808 | €316,808 | = |
| Reserves13 | €677,928 | €677,928 | €677,928 | €677,928 | €113,341 | ▼ 83.3% |
| Non-distributable reserves130/1 | - | €47,928 | €47,928 | €47,928 | €47,928 | = |
| Legal reserve130 | - | €47,928 | €47,928 | €47,928 | €47,928 | = |
| Distributable reserves133 | - | €630,000 | €630,000 | €630,000 | €65,414 | ▼ 89.6% |
| Profit (loss) carried forward14 | -€1.4m | -€1.4m | -€1.3m | -€1.2m | -€551,193 | ▲ 53.3% |
| Amounts payable17/49 | €284,877 | €220,487 | €117,654 | €109,497 | €90,065 | ▼ 17.7% |
| Amounts payable after more than one year17 | €67,464 | €9,918 | €0 | - | - | - |
| Financial debts170/4 | - | €9,918 | €0 | - | - | - |
| Amounts payable within one year42/48 | €217,413 | €210,570 | €117,654 | €109,382 | €84,209 | ▼ 23.0% |
| Current portion of amounts payable after more than one year42 | - | €57,547 | €9,918 | €0 | - | - |
| Trade debts44 | €8,452 | €8,379 | €348 | €0 | €190 | - |
| Suppliers440/4 | - | €8,379 | €348 | €0 | €190 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,993 | €7,631 | ▲ 283% |
| Taxes450/3 | - | - | - | €1,993 | €7,631 | ▲ 283% |
| Other amounts payable47/48 | - | €144,644 | €107,389 | €107,389 | €76,389 | ▼ 28.9% |
| Accrued charges and deferred income492/3 | - | - | - | €115 | €5,855 | ▲ 4,992% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €109,294 | €86,495 | €93,354 | €85,037 | €65,414 | ▼ 23.1% |
| + Depreciation and write-downs630 | €3,865 | €3,865 | €3,865 | €1,818 | €1,646 | ▼ 9.4% |
| Operating cash flow (approximation) | €113,159 | €90,360 | €97,219 | €86,855 | €67,060 | ▼ 22.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€3,402 | - |
| Change in cash | - | €26,646 | -€5,615 | €78,698 | -€235,799 | ▼ 400% |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Equity above €500,000Eq €569,567 ▲17.6%
6 profitable years in a row build equity to €569,567.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €109,294 ▲55.6%
Operating result €118,066, net result €109,294, both a record.
31-12
Financial
Equity above €200,000Eq €304,682 ▲55.9%
3 profitable years in a row build equity to €304,682.
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €150,000Eq €195,388 ▲56.1%
2 profitable years in a row build equity to €195,388.
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
04-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
16-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 16 days late
Financial 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, Waregem · 1 establishment unit since 1986
Ground area
783 m²
Building footprint
780 m²
Volume, LiDAR
8,555 m³
Parcel 34040C0770/00F000, Flanders · tallest building 18.4 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Markt 19, 8790 Waregem
since 19862.102.551.115
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34040C0770/00F000 | Flanders | 783 m² | 1 · 780 m² | 18.4 m · 5 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.
Identification & contact
Identification
Legal formPublic limited company
Founded21-01-1986
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0428465826
Also
9925:BE0428465826
Registered
06-03-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.