VANDES
ActiveSummary
VANDES has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €161,003 and a net result of -€4,681. Equity is shrinking by ~6.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability35▲+2
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity short (current ratio 0.78 against 0.96 in 2024; short-term debt: 8.8% and cash: 6.8% of total assets), and 18.4% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€4,681
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 13-04-2026, 109 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
109 d early
2024
171 d early
2023
64 d early
2022
47 d early
2021
54 d early
2020
43 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 74 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 (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 29 May (4 of the last 5 filed years within 46 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, micro schema
Equity
€161,003▼ 2.8%
2024 · €165,684
Total assets
€197,228▲ 3.3%
2024 · €190,978
Net result
-€4,681▲ 46.0%
2024 · -€8,673
Working capital
-€3,903▼ 4,373%
2024 · -€87
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-€12,328▲ 5.0%-€13,930▼ 13.0%-€13,385▲ 3.9%-€6,405▲ 52.1%-€2,533▲ 60.5%
Net result-€13,577▲ 5.2%-€15,313▼ 12.8%-€15,046▲ 1.7%-€8,673▲ 42.4%-€4,681▲ 46.0%
Equity€204,716▼ 6.2%€189,403▼ 7.5%€174,357▼ 7.9%€165,684▼ 5.0%€161,003▼ 2.8%
Total assets€235,807▼ 6.5%€218,510▼ 7.3%€201,655▼ 7.7%€190,978▼ 5.3%€197,228▲ 3.3%
Debt€31,091▼ 8.6%€29,107▼ 6.4%€27,298▼ 6.2%€25,294▼ 7.3%€36,225▲ 43.2%
Working capital-€5,148▲ 13.6%-€8,024▼ 55.9%-€5,710▲ 28.8%-€87▲ 98.5%-€3,903▼ 4,373%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,533 in 2025 against €6,405 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €197,228
Fixed assets
€183,740 ▼ 2.8%
Current assets
€13,489 ▲ 569%
Equity and liabilities €197,228
Equity
€161,003 ▼ 2.8%
Debt
€36,225 ▲ 43.2%
Debt's share of the balance-sheet total rises from 13.2% to 18.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€4,924▼
2024 · €5,479
Cash flow
€2,775▼
2024 · €3,211
Current ratio
0.78▼
2024 · 0.96
Debt to equity
0.22▲
2024 · 0.15
ROE
-2.9%▲
2024 · -5.2%
ROA
-2.4%▲
2024 · -4.5%
Interest coverage
2.29▼
2024 · 2.42
Debt ≤ 1 year
€17,391▲
2024 · €2,102
Debt > 1 year
€18,834▼
2024 · €23,192
Income taxes
€0▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
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 497,662 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 12,321 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,560 | €19,109 | €16,922 | €11,884 | €7,456 | ▼ 37.3% |
| Other operating charges640/8 | €2,635 | €2,689 | €3,316 | €3,442 | €3,548 | ▲ 3.1% |
| Gross operating margin9900 | €8,867 | €7,868 | €6,852 | €8,920 | €8,471 | ▼ 5.0% |
| Operating profit (loss)9901 | -€12,328 | -€13,930 | -€13,385 | -€6,405 | -€2,533 | ▲ 60.5% |
| Financial income75/76B | €0 | - | - | €1 | €1 | ▲ 93.1% |
| Recurring financial income75 | €0 | - | - | €1 | €1 | ▲ 93.1% |
| Financial charges65/66B | €1,249 | €1,383 | €1,660 | €2,268 | €2,149 | ▼ 5.3% |
| Recurring financial charges65 | €1,249 | €1,383 | €1,660 | €2,268 | €2,149 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | -€13,577 | -€15,313 | -€15,046 | -€8,673 | -€4,681 | ▲ 46.0% |
| Income taxes67/77 | - | - | - | €0 | €0 | ▲ 50.0% |
| Profit (loss) for the period9904 | -€13,577 | -€15,313 | -€15,046 | -€8,673 | -€4,681 | ▲ 46.0% |
| Profit (loss) for the period to be appropriated9905 | -€13,577 | -€15,313 | -€15,046 | -€8,673 | -€4,681 | ▲ 46.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €235,807 | €218,510 | €201,655 | €190,978 | €197,228 | ▲ 3.3% |
| Fixed assets21/28 | €232,067 | €217,769 | €200,847 | €188,963 | €183,740 | ▼ 2.8% |
| Tangible fixed assets22/27 | €232,067 | €217,769 | €200,847 | €188,963 | €183,740 | ▼ 2.8% |
| Land and buildings22 | €230,671 | €216,951 | €200,557 | €188,900 | €183,096 | ▼ 3.1% |
| Furniture and vehicles24 | €1,396 | €818 | €290 | €63 | €644 | ▲ 923% |
| Current assets29/58 | €3,740 | €741 | €809 | €2,015 | €13,489 | ▲ 569% |
| Cash at bank and in hand54/58 | €3,740 | €741 | €809 | €2,015 | €13,489 | ▲ 569% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €235,807 | €218,510 | €201,655 | €190,978 | €197,228 | ▲ 3.3% |
| Equity10/15 | €204,716 | €189,403 | €174,357 | €165,684 | €161,003 | ▼ 2.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €142,716 | €127,403 | €112,357 | €103,684 | €99,003 | ▼ 4.5% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | €136,516 | €121,203 | €106,157 | €97,484 | €92,803 | ▼ 4.8% |
| Amounts payable17/49 | €31,091 | €29,107 | €27,298 | €25,294 | €36,225 | ▲ 43.2% |
| Amounts payable after more than one year17 | €22,203 | €20,342 | €20,780 | €23,192 | €18,834 | ▼ 18.8% |
| Financial debts170/4 | €14,872 | €6,037 | €0 | - | - | - |
| Other amounts payable178/9 | €7,331 | €14,305 | €20,780 | €23,192 | €18,834 | ▼ 18.8% |
| Amounts payable within one year42/48 | €8,888 | €8,765 | €6,518 | €2,102 | €17,391 | ▲ 727% |
| Current portion of amounts payable after more than one year42 | €8,577 | €8,109 | €5,297 | €0 | - | - |
| Trade debts44 | - | - | - | - | €270 | - |
| Suppliers440/4 | - | - | - | - | €270 | - |
| Taxes, remuneration and social security45 | €93 | €197 | €366 | €631 | €636 | ▲ 0.9% |
| Taxes450/3 | €93 | €197 | €366 | €631 | €636 | ▲ 0.9% |
| Other amounts payable47/48 | €217 | €460 | €855 | €1,472 | €16,485 | ▲ 1,020% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,577 | -€15,313 | -€15,046 | -€8,673 | -€4,681 | ▲ 46.0% |
| + Depreciation and write-downs630 | €18,560 | €19,109 | €16,922 | €11,884 | €7,456 | ▼ 37.3% |
| Operating cash flow (approximation) | €4,983 | €3,797 | €1,876 | €3,211 | €2,775 | ▼ 13.6% |
| Investment in fixed assets (approximation) | - | -€4,811 | €0 | €0 | -€2,233 | - |
| Change in cash | - | -€2,999 | €67 | €1,206 | €11,474 | ▲ 851% |
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
13-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
NBB filing
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, Gent · 1 establishment unit since 1991
Ground area
4,730 m²
Building footprint
719 m²
Volume, LiDAR
6,314 m³
Parcel 44038A0580/00P002, Flanders · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
VANDES
since 19912.054.111.689
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44038A0580/00P002 | Flanders | 4,730 m² | 1 · 719 m² | 10.3 m · 3 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
Founded05-06-1991
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444859717
Also
9925:BE0444859717
Registered
29-01-2026
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.