Vanhee Rik
ActiveSummary
Vanhee Rik has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €22,564 and a net result of €1,610. Equity is growing by ~12.8% per year across the filed fiscal years. Its solvency ranks better than 17% of 36386 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability57▼-5
Solvency40▲+4
Growth38▼-14
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.88 against 2.0 in 2023; short-term debt: 77.6% and cash: 7.4% of total assets), and 85.3% 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
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 · 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
14.7%
Return on assets
1.1%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 36386 sector peers (2024).
NBB · sector comparisonPosition among 36386 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
33 d late
2022
399 d late
2021
107 d late
2020
115 d late
2019
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 118 days after 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 (1)
History
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Financials · fiscal year 2024, micro schema
Turnover
€522,741▲ 13.2%
2023 · €461,812
EBIT margin
1.1%▼ 1.7pp
2023 · 2.8%
Net result
€1,610▼ 80.7%
2023 · €8,338
Working capital
-€14,528
2023 · €79,684
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
Line20202021202220232024
Turnover€319,868▼ 39.6%€435,130▲ 36.0%€383,503▼ 11.9%€461,812▲ 20.4%€522,741▲ 13.2%
Operating result€16,084▲ 174%€3,935▼ 75.5%-€1,760€12,990€5,611▼ 56.8%
Net result€8,200within the sector's middle half▲ 1,601%€2,046within the sector's middle half▼ 75.0%-€5,396below the sector's middle half€8,338within the sector's middle half€1,610within the sector's middle half▼ 80.7%
EBIT margin5.0%▲ 3.9pp0.9%▼ 4.1pp-0.5%▼ 1.4pp2.8%▲ 3.3pp1.1%▼ 1.7pp
Equity€15,966below the sector's middle half▲ 106%€18,012below the sector's middle half▲ 12.8%€12,616below the sector's middle half▼ 30.0%€20,954within the sector's middle half▲ 66.1%€22,564within the sector's middle half▲ 7.7%
Total assets€293,342above the sector's middle half▲ 4.9%€226,180within the sector's middle half▼ 22.9%€196,414within the sector's middle half▼ 13.2%€187,370within the sector's middle half▼ 4.6%€153,002within the sector's middle half▼ 18.3%
Debt€274,376▲ 0.9%€205,168▼ 25.2%€180,798▼ 11.9%€163,416▼ 9.6%€127,438▼ 22.0%
Working capital€64,652within the sector's middle half▲ 15.3%€67,930within the sector's middle half▲ 5.1%€73,398within the sector's middle half▲ 8.0%€79,684within the sector's middle half▲ 8.6%-€14,528below the sector's middle half
Solvency5.4%below the sector's middle half▲ 2.7pp8.0%below the sector's middle half▲ 2.5pp6.4%below the sector's middle half▼ 1.5pp11.2%below the sector's middle half▲ 4.8pp14.7%below the sector's middle half▲ 3.6pp
Current ratio1.34within the sector's middle half▼ 0.011.68within the sector's middle half▲ 0.341.83within the sector's middle half▲ 0.162.00within the sector's middle half▲ 0.160.88below the sector's middle half▼ 1.12
Return on assets (ROA)2.8%within the sector's middle half▲ 2.6pp0.9%within the sector's middle half▼ 1.9pp-2.7%below the sector's middle half▼ 3.7pp4.5%within the sector's middle half▲ 7.2pp1.1%within the sector's middle half▼ 3.4pp
Staff (FTE)1within the sector's middle half▼ 44.4%0.5▼ 50.0%
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.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 57% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €153,002
Fixed assets
€48,801 ▲ 76.3%
Current assets
€104,201 ▼ 34.7%
Equity and liabilities €153,002
Equity
€22,564 ▲ 7.7%
Provisions
€3,000 =
Debt
€127,438 ▼ 22.0%
Debt's share of the balance-sheet total falls from 87.2% to 83.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,212▼
2023 · €20,212
Cash flow
€9,211▼
2023 · €15,560
Quick ratio
0.71▼
2023 · 1.81
Debt to equity
5.65▼
2023 · 7.80
ROE
7.1%▼
2023 · 39.8%
Interest coverage
191.48▲
2023 · 18.44
Debt ≤ 1 year
€118,729▲
2023 · €79,999
Debt > 1 year
€8,709▼
2023 · €83,417
Income taxes
€3,932▲
2023 · €3,556
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,504 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 4,504 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €319,868 | €435,130 | €383,503 | €461,812 | €522,741 | ▲ 13.2% |
| Non-recurring operating income76A | - | - | €13,553 | €550 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €381,852 | €372,144 | €437,733 | €509,112 | ▲ 16.3% |
| Remuneration, social security and pensions62 | - | €23,472 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,577 | €24,291 | €24,863 | €7,222 | €7,601 | ▲ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,865 | - | - |
| Other operating charges640/8 | - | €1,580 | €1,809 | €552 | €417 | ▼ 24.5% |
| Gross operating margin9900 | €89,942 | €53,278 | €24,912 | €24,629 | €13,629 | ▼ 44.7% |
| Operating profit (loss)9901 | €16,084 | €3,935 | -€1,760 | €12,990 | €5,611 | ▼ 56.8% |
| Financial charges65/66B | - | €685 | €416 | €1,096 | €69 | ▼ 93.7% |
| Recurring financial charges65 | €1,010 | €685 | €416 | €1,096 | €69 | ▼ 93.7% |
| Profit (loss) for the period before taxes9903 | €15,074 | €3,250 | -€2,176 | €11,894 | €5,542 | ▼ 53.4% |
| Income taxes67/77 | €3,874 | €1,204 | €3,220 | €3,556 | €3,932 | ▲ 10.6% |
| Profit (loss) for the period9904 | €8,200 | €2,046 | -€5,396 | €8,338 | €1,610 | ▼ 80.7% |
| Profit (loss) for the period to be appropriated9905 | -€3,800 | €2,046 | -€5,396 | €8,338 | €1,610 | ▼ 80.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €293,342 | €226,180 | €196,414 | €187,370 | €153,002 | ▼ 18.3% |
| Fixed assets21/28 | €36,514 | €57,972 | €34,909 | €27,687 | €48,801 | ▲ 76.3% |
| Intangible fixed assets21 | €800 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €35,714 | €57,972 | €34,909 | €27,687 | €48,801 | ▲ 76.3% |
| Plant, machinery and equipment23 | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | €57,972 | €34,909 | €27,687 | €20,464 | ▼ 26.1% |
| Other tangible fixed assets26 | - | €0 | - | - | €28,337 | - |
| Current assets29/58 | €256,828 | €168,208 | €161,505 | €159,683 | €104,201 | ▼ 34.7% |
| Amounts receivable after more than one year29 | - | €209 | €209 | €209 | €209 | = |
| Other amounts receivable291 | - | €209 | €209 | €209 | €209 | = |
| Stocks and contracts in progress3 | €40,000 | €90,000 | €56,000 | €15,000 | €20,000 | ▲ 33.3% |
| Contracts in progress37 | - | €90,000 | €56,000 | €15,000 | €20,000 | ▲ 33.3% |
| Amounts receivable within one year40/41 | €209,197 | €56,359 | €89,927 | €88,675 | €71,434 | ▼ 19.4% |
| Trade receivables40 | - | €40,310 | €75,928 | €72,600 | €47,818 | ▼ 34.1% |
| Other amounts receivable41 | - | €16,049 | €13,999 | €16,075 | €23,616 | ▲ 46.9% |
| Cash at bank and in hand54/58 | €6,577 | €20,072 | €14,054 | €54,506 | €11,252 | ▼ 79.4% |
| Deferred charges and accrued income490/1 | - | €1,568 | €1,315 | €1,293 | €1,306 | ▲ 1.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €293,342 | €226,180 | €196,414 | €187,370 | €153,002 | ▼ 18.3% |
| Equity10/15 | €15,966 | €18,012 | €12,616 | €20,954 | €22,564 | ▲ 7.7% |
| Contributions10/11 | €0 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Tax-exempt reserves132 | - | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | -€14,634 | -€12,588 | -€17,984 | -€9,646 | -€8,036 | ▲ 16.7% |
| Provisions and deferred taxes16 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Deferred taxes168 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Amounts payable17/49 | €274,376 | €205,168 | €180,798 | €163,416 | €127,438 | ▼ 22.0% |
| Amounts payable after more than one year17 | €82,023 | €104,890 | €92,691 | €83,417 | €8,709 | ▼ 89.6% |
| Financial debts170/4 | - | €33,306 | €21,107 | €11,833 | €0 | ▼ 100% |
| Other amounts payable178/9 | - | €71,584 | €71,584 | €71,584 | €8,709 | ▼ 87.8% |
| Amounts payable within one year42/48 | €192,176 | €100,278 | €88,107 | €79,999 | €118,729 | ▲ 48.4% |
| Current portion of amounts payable after more than one year42 | - | €16,284 | €12,199 | €9,273 | - | - |
| Trade debts44 | €165,024 | €79,586 | €71,470 | €62,732 | €110,577 | ▲ 76.3% |
| Suppliers440/4 | - | €79,586 | €71,470 | €62,732 | €110,577 | ▲ 76.3% |
| Advances received on contracts in progress46 | - | €3,204 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €1,204 | €4,438 | €7,994 | €8,152 | ▲ 2.0% |
| Taxes450/3 | - | €1,204 | €4,438 | €7,994 | €5,152 | ▼ 35.6% |
| Remuneration and social security454/9 | - | - | - | - | €3,000 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,200 | €2,046 | -€5,396 | €8,338 | €1,610 | ▼ 80.7% |
| + Depreciation and write-downs630 | €25,577 | €24,291 | €24,863 | €7,222 | €7,601 | ▲ 5.2% |
| Operating cash flow (approximation) | €33,777 | €26,337 | €19,467 | €15,560 | €9,211 | ▼ 40.8% |
| Investment in fixed assets (approximation) | - | -€45,749 | -€1,800 | €0 | -€28,715 | - |
| Change in cash | - | €13,495 | -€6,018 | €40,452 | -€43,254 | ▼ 207% |
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
02-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 33 days late
02-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 399 days late
2023
31-12
Financial
Back to profitnet €8,338
Net result €8,338 after one loss-making year.
2022
31-12
Financial
Weakest financial yearnet -€5,396
Net result drops to -€5,396, the lowest in the series; recovery starts the following year.
15-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 107 days late
2021
23-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 115 days late
2020
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 25 days late
2019
29-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 121 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 59 days late
2017
16-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 16 days late
2016
29-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Ichtegem · 1 establishment unit since 2011
Ground area
661 m²
Building footprint
130 m²
Volume, LiDAR
794 m³
Parcel 35001A0284/00K003, Flanders · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Watervallestraat(BEK) 49, 8480 Ichtegem
since 20112.199.391.262
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35001A0284/00K003 | Flanders | 661 m² | 1 · 130 m² | 7.7 m · 2 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 7,043 companies in sector 43221 we hold annual accounts for 3,475. 2,535 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded17-05-2011
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0836395366
Also
9925:BE0836395366
Registered
30-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.