VANDEMA · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of VANDEMA is 0.4% (very low). The 2025 annual accounts show equity of €102.17M and a net result of €30.78M. Equity is growing by ~15% per year across the filed fiscal years. The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Signals

2 signals · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 28-02-2025 was due by 30-09-2025 and was filed on 30-06-2025, 92 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

This company changed its financial year: its two most recent filings do not close on the same date. Each filed year keeps its own exact deadline, but we project no following year on 28-02, because adding twelve months right after a change is unreliable. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 28-02-2025, that is 30-09-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
28-02-2025	30-09-2025	30-06-2025	92 d early	2025-00218813
29-02-2024	30-09-2024	28-06-2024	94 d early	2024-00215299
28-02-2023	30-09-2023	07-07-2023	85 d early	2023-00214337
28-02-2022	30-09-2022	30-06-2022	92 d early	2022-20129312
28-02-2021	30-09-2021	05-07-2021	87 d early	2021-30600520
29-02-2020	30-09-2020	06-07-2020	86 d early	2020-26900200
28-02-2019	30-09-2019	04-07-2019	88 d early	2019-29100225
28-02-2018	30-09-2018	06-07-2018	86 d early	2018-30100277
28-02-2017	30-09-2017	29-06-2017	93 d early	2017-25200136
29-02-2016	30-09-2016	05-07-2016	87 d early	2016-28000220

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 1990, 35 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.4% Very low

0%0,5%1,5%4%10%≥25%

No NACE activity registered +Long track record −Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€30.78M+221.7%

Working capital€20.53M+34.4%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 30-06-2025 with the NBB · fiscal year 2025 · volledig

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~15%/year over 7 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Net profit

€30.78M

+221.7% 19-25

Total assets

€102.30M

+43.2% 19-25

Equity

€102.17M

+43.1% 19-25

Working capital

€20.53M

+34.4% 19-25

Income taxes

€260k

+320.6% 19-25

Dividends

€6.00M

+100.0% 19-25

Debt

€131k

+204.6% 19-25

Debt ≤ 1y

€131k

+204.6% 19-25

Current ratio

157.76

-55.7% 19-25

Quick ratio

157.76

-55.7% 19-25

Solvency

99.9%

-0.1% 19-25

Debt / equity

0.00

+112.8% 19-25

ROE

30.1%

+124.8% 19-25

ROA

30.1%

+124.6% 19-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	volledig
Revenue	-
EBITDA	-
Net profit	€30.78M
Cash flow	-
Staff costs	-
Income taxes	€260k
Dividends	-
Total assets	€102.30M
Equity	€102.17M
Debt	€131k
of which ≤ 1y	€131k
of which > 1y	-
Working capital	€20.53M
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	157.76
Quick ratio	157.76
Working capital ratio	20.1%
Solvency	99.9%
Debt / equity	0.00
Long-term debt ratio	-
Interest coverage	-
Gross margin	-
Net margin	-
ROA	30.1%
ROE	30.1%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €81.63M · 79.8% Current assets €20.66M · 20.2%

Equity & liabilities

Equity €102.17M · 99.9% Debt €131k · 0.1%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€102.30M
Fixed assets	21/28	€81.63M
Financial fixed assets	28	€81.63M
Current assets	29/58	€20.66M
Investments	50/53	€20.51M
Cash & bank	54/58	€47k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€102.30M
Equity	10/15	€102.17M
Contributions / capital	10/11	€62k
Reserves	13	€6k
Accumulated profits (losses)	14	€102.10M
Amounts payable	17/49	€131k
Amounts payable within one year	42/48	€131k
Trade debts payable within one year	44	€4k
Income statement
Operating result	9901	€-34k
Financial income	75	€9.44M
Financial charges	65	€1k
Result before taxes	9903	€31.04M
Income taxes	67/77	€260k
Net result for the period	9904	€30.78M
Result to be appropriated	9905	€30.78M

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

93 / 100 Excellent

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

9 directors

Current directors & mandates

Arthur Vanden Avenne
Director
State Gazette act 24136433 (23-09-2024)

Current
23-09-2024 → present
Harold Van den Avenne
Director
State Gazette act 24136433 (23-09-2024)

Current
23-09-2024 → present
Thomas Vanden Avenne
Director
State Gazette act 24136433 (23-09-2024)

Current
23-09-2024 → present
Karel Vandermeersch
Director
State Gazette act 24136433 (23-09-2024)

Current
16-04-2021 → present
3 events
- 23-09-2024 Mandate renewed· Director
- 13-05-2022 Mandate renewed· Director
- 16-04-2021 Appointed· Director
Filip Vanden Avenne
Director
State Gazette act 24136433 (23-09-2024)

Current
14-09-2016 → present
3 events
- 23-09-2024 Mandate renewed· Director
- 28-12-2020 Mandate renewed· Director
- 14-09-2016 Mandate renewed· Director
Harold Vanden Avenne
Director
State Gazette act 20154476 (28-12-2020)

Current
14-09-2016 → present
2 events
- 28-12-2020 Mandate renewed· Director
- 14-09-2016 Mandate renewed· Director
Xavier Van den Avenne
Director
State Gazette act 24136433 (23-09-2024)

Current
14-09-2016 → present
3 events
- 23-09-2024 Mandate renewed· Director
- 28-12-2020 Mandate renewed· Director
- 14-09-2016 Mandate renewed· Director

Permanent representatives (1)

These people represent a legal-person director (a management company, for instance). They hold no board mandate of their own and do not count as directors.

Francis Boelens
Vaste vertegenwoordiger
State Gazette act 26040079 (20-03-2026)

Permanent representative
- → 22-09-2025

Former directors (2)

Jean Philippe Marchant
Director
State Gazette act 20154476 (28-12-2020)

Former
14-09-2016 → 16-04-2021
3 events
- 16-04-2021 Resigned· Director
- 28-12-2020 Mandate renewed· Director
- 14-09-2016 Appointed· Director
Ferdinand Marchant
Director
State Gazette act 16127295 (14-09-2016)

Former
- → 14-09-2016

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Statutory auditor

3 auditors

Statutory auditor	IRE/IBR number	Tenure
BCVBA Ernst en Young bedrijfsrevisorenCurrent Statutory auditor · represented by Francis Boelens	-	28-12-2020 → present
Enst & Young Bedrijfsrevisoren bcvba Statutory auditor · represented by Francis Boelens succeeded by BCVBA Ernst en Young bedrijfsrevisoren in 2020	-	08-02-2017 → 28-12-2020
Ernst & Young Bedrijfsrevisoren BCVBA Statutory auditor · represented by Francis Boelens succeeded by Enst & Young Bedrijfsrevisoren bcvba in 2017	-	25-11-2014 → 08-02-2017

Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	-
Legal form	Public limited company(014)
Incorporation	26-12-1990
Status	Active
Postal code	9000

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

John Kennedylaan 199000 Gent

Establishment units

1 location

VANDEMA NV

John Kennedylaan 19, 9000 GentOverige financiële instellingen, n.e.g.

since 19912.052.225.931

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area4.1 ha

Buildings1

Building footprint934 m²

Volume (LiDAR)3,411 m³

Tallest building5.0 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44812P0789/00E000	Flanders	4.1 ha	1 · 934 m²	5.0 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

1 verified act

What every Belgian State Gazette publication actually says, each act broken down into appointments, capital movements, seat moves and statute amendments.

2026

20-03-2026 Resignations & appointments

2 facts

Permanent representative, Line Vyvey
Director resignation, Francis Boelens (vaste vertegenwoordiger)

Original publication ↗

Analysis

Snowflake analysis

financial profile on 5 axes

89 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 93

Profitability 100

Solvency 100

Growth 52

Stability 100

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Credit advice

verdict per customer and amount

Company registry

Company registry (CBE)

Crossroads Bank

Names & trade names

Legal nameNL

VANDEMA

Registered office

John Kennedylaan 19

9000 Gent, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.