Equity
€8.5m ▲ 15.4%
VANDELANOTTE has made a profit in every financial year since 2007.
VANDELANOTTE
Lifetime
19 annual accounts with figures on one time axis, 20 filings since 2006peak €55.6m (2025)
€55.6m▲ 13.3%
peak €6.0m (2024)
€4.8m▼ 20.4%
peak €8.5m (2025)
€8.5m▲ 15.4%
€24.1m▲ 48.2%
peak 291 FTE (2025)
291 FTE▲ 6.8%
Board13 names since 2019all names
4 directorsVDL 1 and 3 others
Owners4 names in the annual accounts
99.2%Vandelanotte ++ and 1 other
Documentsfilings and deeds
23-03-202638 days before the deadline
2025financial year
Turnover from €49.0m to €55.6m1 director appointed 14-111 director appointed 14-11Merger: VANDELANOTTE takes over FISKOBELAC HOLDING 06-06Capital increase of €1,000 to €3,355,237 04-06Equity from €7.3m to €8.5m
Key points
from the 2025 annual accountsDebts
€24.1m 74% of the balance sheet
Financial debts 29%Suppliers 10%Taxes and wages 15%Other 47%
Of this, €16.8m falls due within a year.
Investments
€5.5m 10.6 × depreciation
Green is investment, beige is depreciation.
Staff
340 employees on 30-09-2025
In 2025, 146 people joined and 97 left. On top of that, 0.3 agency workers worked there on average.
Filings
20 annual accounts 22 filings since 2006
The last five annual accounts were filed 11 to 38 days before the end of the period.
Restructuring
5
5 restructurings since 2023. Latest: merger with Accountancy 4 Foreigners.
Checked score
88
Excellent
Financially stronger than 65% of large companies in employment activities (NACE 78)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 70 companies (NACE 78, large).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%lowest value
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.4%▲ +0.1 percentage points vs 03-2025highest value
05-2025: 0.3%▼ -0.1 percentage points vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.3%● unchanged vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.73, cash €72,946, halved
13 establishment units
lowers risk
Size: turnover €55.6m, 291 FTE, total assets €32.6m
Founded in 2005
Calculation
The band follows from the bankruptcy probability. 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 78, large). It does better than 51% of them on solvency, 39% on liquidity, 93% on profitability and 78% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 101 companies had the same profile as VANDELANOTTE has now. Each dot is one company, two years later.
97.0%
were still trading
1.0%
stopped another way
2.0%
went bankrupt
The bankruptcy probability of VANDELANOTTE itself is lower: 0.3% within 12 months. It rests on far more data about VANDELANOTTE than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 101 companies, not a prediction for VANDELANOTTE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.73 (0.84 in 2024), below 1. Short-term debt is 51.5% and cash 0.2% of total assets. 74% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 23-03-2026, 38 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
38 days early
2024
21 days early
2023
11 days early
2022
17 days early
2021
30 days early
2020
3 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 9 April (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end09-11-2026 today30-04-2027 deadline
Board and ownership
- Vandelanotte ++ 99.2%equity €42.1m (2025) · 30-09-2025 annual accounts of Vandelanotte ++
- VDL Accdeed of 03-08-2023
- VDL Revdeed of 03-08-2023
Shares in 14 companies, including A & B - VANDELANOTTE and ACCOUNTANCY 4 FOREIGNERS
Board & ownershipRecent changes
Merger: VANDELANOTTE takes over Accountancy 4 Foreigners
The company holds all the shares of Accountancy 4 Foreigners · General meeting of 28-09-2026 · Gazette deed
New establishment in Geel
Lammerdries 18
Merger proposal: VANDELANOTTE takes over Accountancy 4 Foreigners
Permanent representatives: Nikolas Vandelanotte and Iris De Groote · Name clause: Vandelanotte · Board meeting of 17-07-2026 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VANDELANOTTE Kortrijk | €55.6m | 10.0% | 26.0% | 291 |
| CARE TALENTS Kortrijk | €34.6m | 14.1% | 26.0% | 275.1 |
| IQVIA RDS & INTEGRATED SERVICES BELGIUM Zaventem | €45.6m | 8.6% | 5.1% | 360.6 |
| PAUWELS CONSULTING Machelen (Brab.) | €89.2m | 6.4% | 44.9% | 386.2 |
| TMC Science & Technology Zaventem | €41.8m | 14.0% | 12.5% | 324.5 |
| SALES TALENTS Kortrijk | €18.8m | 7.9% | 55.3% | 137.5 |
| STHREE BELGIUM Brussels | €51.4m | 0.9% | 10.2% | 128.4 |
Grey: the largest companies of the sector (employment activities (NACE 78)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as VANDELANOTTE: employment placement agencies (NACE 78100). They are comparable in size and age: total assets between €18m and €50m, founded between 1996 and 2014.
Official details
Source: KBO- Status
- Active since 27-09-2005Normal situation
- Registered office
- 18 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Employment placement agenciesNACE 78100and 2 others
- Joint committee
- 336Liberal professions · annual accounts 30-09-2025
- Establishment units
- 2.180.897.3228200 Bruges, since 27-09-2005
- 2.180.897.9168500 Kortrijk, since 01-10-2005and 11 others
- Financial year end
- 30 September
- Peppol
- Reachable
Annual accounts to 30-09-2025
- €32.6m▲ 37.9%
- Employeeson 30-09-2025
- 340▲ 16.8%
- Filing
- Filed on 23-03-2026, 38 days before the end of the filing period
Companies linked to VANDELANOTTE
Subsidiaries and holdings
- COGITAX100%
- Crowe Vandelanotte100%
- Crowe Vandelanotte ++100%
- DESK 21100%
- IntroNext100%
- Lindra100%
- Iniflow50%
- VC HoldCo50%
Insights on VANDELANOTTE
VANDELANOTTE has existed since 2005. Turnover grew from €9.8m in 2008 to €55.6m in 2025 and staff from 72.4 to 291 full-time equivalents.
Turnover has grown every year since 2008. Solvency fell in 2025 from 31.1% to 26.0% because of higher long-term debts.
Vandelanotte ++ holds 99.2% of the shares. In November 2025, the Official Gazette published the appointment of VDL 1 as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about VANDELANOTTE
- What is the company number of VANDELANOTTE?
- The company number of VANDELANOTTE is 0876.286.023. The VAT number is the same number with BE in front: BE 0876.286.023.
- Where is VANDELANOTTE based?
- The registered office is at President Kennedypark 1A, 8500 Kortrijk.Company details
- What does VANDELANOTTE do?
- According to the KBO register, the main activity is employment placement agencies (NACE 78100).
- What is the legal form of VANDELANOTTE?
- VANDELANOTTE is a public limited company (NV).
- When was VANDELANOTTE founded?
- VANDELANOTTE was founded on 27-09-2005.
- Is VANDELANOTTE still active?
- Yes, VANDELANOTTE is an active enterprise in the KBO register.
- How many employees does VANDELANOTTE have?
- VANDELANOTTE had an average of 291 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does VANDELANOTTE fall under?
- In its 30-09-2025 annual accounts, VANDELANOTTE states joint committee 336 (Liberal professions).
- What is the turnover of VANDELANOTTE?
- The turnover of VANDELANOTTE was €55.6m in financial year 2025, according to the filed annual accounts.
- Is VANDELANOTTE profitable?
- In financial year 2025, VANDELANOTTE made a profit of €4.8m.
- Where can I find the annual accounts of VANDELANOTTE?
- VANDELANOTTE filed 22 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VANDELANOTTE due?
- VANDELANOTTE must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
Next steps
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