Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
€908,963 of the debts are secured on the company's own assets. In 2021 that was €356,395.
Green is investment, beige is depreciation. Land and buildings stand 154.8% higher than in 2024.
The 2021 accounts came latest: 30 days after the end of the period.
Less equity than 85% of companies in real estate. Sector median €403,849 · 12,427 companies.
In July 2024, 1,167 companies had the same profile as VANHOFF has now. Each dot stands for 3 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,331 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 1,167 companies, not a prediction for VANHOFF. 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.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| VANHOFF Oupeye | €1.2m | €33,054 | -0.8% | - |
| M-Projects Technical Services Antwerp | €1.4m | €33,883 | 11.4% | - |
| JULICE INVEST Aalst | €1.1m | €39,480 | 25.5% | - |
| A.D. IMMO Soumagne | €1.5m | €39,802 | 44.6% | - |
| 2G-IMMO Eupen | €0.9m | €45,402 | 7.5% | - |
| 81B IMMO Liège | €1.7m | €40,691 | -19.4% | - |
| BOUBA CHIMIE Waterloo | €1.3m | €43,978 | -4.1% | - |
These companies have the same main activity as VANHOFF: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €857,000 and €1.7m, founded between 2016 and 2020.
VANHOFF files the abbreviated format. That format states no turnover. The gross margin rose from €26,753 in 2020 to €33,054 in 2025.
The balance sheet grew most in 2025 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €54,000. Estimated: probably between €40,000 and €78,000.
Higher than 15% of 12,423 companies in 2025.
Higher than 20% of 11,950 companies in 2025.
Higher than 29% of 12,326 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
1.2m | 493,467 | 528,708 | 557,421 | 610,970 | 616,304 | |
20 |
- | 0 | 41 | 300 | 560 | 819 | |
21/28 |
1.1m | 436,706 | 459,014 | 483,059 | 507,104 | 531,135 | |
22/27 |
1.1m | 436,706 | 459,014 | 483,059 | 507,104 | 531,135 | |
22 |
1.1m | 436,085 | 457,113 | 479,878 | 502,643 | 525,395 | |
23 |
0 | 621 | 1,901 | 3,181 | 4,461 | 5,741 | |
29/58 |
94,093 | 56,761 | 69,653 | 74,062 | 103,307 | 84,350 | |
40/41 |
88,426 | 28,327 | 27,850 | 32,529 | 37,770 | 46,817 | |
40 |
5,776 | 4,000 | 4,000 | 3,509 | 3,509 | 11,885 | |
41 |
82,649 | 24,327 | 23,850 | 29,020 | 34,261 | 34,932 | |
54/58 |
4,937 | 28,148 | 41,517 | 41,245 | 65,250 | 37,246 | |
490/1 |
731 | 287 | 287 | 287 | 287 | 287 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
1.2m | 493,467 | 528,708 | 557,421 | 610,970 | 616,304 | |
10/15 |
-9,743 | 3,288 | 2,741 | 6,701 | 8,058 | -9,941 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
14 |
-44,086 | -31,842 | -33,175 | -30,002 | -29,431 | -29,941 | |
15 |
14,343 | 15,130 | 15,916 | 16,702 | 17,489 | - | |
17/49 |
1.2m | 490,180 | 525,967 | 550,720 | 602,912 | 626,245 | |
17 |
874,257 | 267,463 | 290,363 | 312,799 | 334,812 | 356,395 | |
170/4 |
874,257 | 267,463 | 290,363 | 312,799 | 334,812 | 356,395 | |
42/48 |
340,777 | 222,716 | 235,604 | 237,921 | 268,100 | 269,851 | |
42 |
34,706 | 22,900 | 22,435 | 22,013 | 21,583 | 21,161 | |
44 |
0 | 71 | 431 | 405 | - | 3,311 | |
440/4 |
0 | 71 | 431 | 405 | - | 3,311 | |
45 |
870 | 1,544 | 1,736 | 1,752 | 1,517 | 378 | |
450/3 |
870 | 1,544 | 1,736 | 1,752 | 1,517 | 378 | |
47/48 |
305,201 | 198,201 | 211,001 | 213,751 | 245,001 | 245,001 | |
| Income statement | |||||||
9900 |
33,054 | 31,769 | 27,725 | 30,524 | 31,112 | 26,753 | |
630 |
37,580 | 24,149 | 24,304 | 24,304 | 24,291 | 42,055 | |
640/8 |
2,514 | 1,387 | 1,345 | 1,223 | 1,494 | 2,170 | |
9901 |
-7,040 | 6,232 | 2,077 | 4,997 | 5,328 | -17,472 | |
75/76B |
1,273 | 1,263 | 1,328 | 1,437 | 2,609 | 213 | |
75 |
1,273 | 1,263 | 1,328 | 1,437 | 2,609 | 213 | |
65/66B |
6,477 | 6,163 | 6,578 | 7,005 | 7,427 | 12,682 | |
65 |
6,477 | 6,163 | 6,578 | 7,005 | 7,427 | 12,682 | |
9903 |
-12,245 | 1,333 | -3,173 | -571 | 510 | -29,941 | |
9904 |
-12,245 | 1,333 | -3,173 | -571 | 510 | -29,941 | |
9905 |
-12,245 | 1,333 | -3,173 | -571 | 510 | -29,941 | |
| Appropriation of the result | |||||||
9906 |
-44,086 | -31,842 | -33,175 | -30,002 | -29,431 | -29,941 | |
14P |
-31,842 | -33,175 | -30,002 | -29,431 | -29,941 | - | |
| Document | |||||||
The notes to these accounts have 16 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 25-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-06-2026 | 2026-00197602 | |
| 31-12-2024 | full format | 11-08-2025 | 2025-00368574 | |
| 31-12-2023 | full format | 21-07-2024 | 2024-00266764 | |
| 31-12-2022 | full format | 24-08-2023 | 2023-00348526 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20343116 | |
| 31-12-2020 | full format | 16-08-2021 | 2021-48600079 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 30,540 | 30,381 | 26,381 | 29,301 | 29,619 | 24,583 | ||
| 25,335 | 25,482 | 21,131 | 23,734 | 24,801 | 12,114 | ||
| 712,072 | 1,800 | 259 | 259 | 259 | 572,713 | ||
| -23,211 | -13,369 | 271 | -24,004 | 28,004 | - | ||
| -246,684 | -165,955 | -165,950 | -163,860 | -164,794 | -185,501 | ||
| -0.8% | 0.7% | 0.5% | 1.2% | 1.3% | -1.6% | ||
| 0.28 | 0.25 | 0.30 | 0.31 | 0.39 | 0.31 | ||
| - | - | - | 82.19 | 74.82 | - | ||
| - | 40.5% | -115.7% | -8.5% | 6.3% | - | ||
| -1.0% | 0.3% | -0.6% | -0.1% | 0.1% | -4.9% | ||
| 4.71 | 4.93 | 4.01 | 4.18 | 3.99 | - |
EBIT margin: not included in this filing.
A ratio outside any meaningful range has been withheld (balance sheet total €1.2m, equity -€9,743).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €908,963 | €290,363 | €312,799 | €334,812 | €356,395 |
| Mortgages, amount registered | €425,000 | €200,000 | €200,000 | €200,000 | €200,000 |
| €650,000 | €200,000 | €200,000 | €200,000 | €200,000 | |
| Carrying value of the mortgaged assets | €1.1m | €436,085 | €457,113 | €479,878 | €502,643 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €712,072 | €1,800 | - | - | - |
| €37,580 | €24,149 | €24,304 | €24,304 | €24,291 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €7,040, after a profit of €6,232 in 2024. It is the lowest result since 2020.
Equity is negative. Debt (€1.2m) exceeds the balance-sheet total (€1.2m).
VANHOFF has no parent and no holdings in its annual accounts.
| VDM Pâtisserie
registered office since 23-10-2019 · founded in 2019 |
1.5 FTE (2025) 0721.785.116 |
| Cousins Levain
registered office since 29-04-2026 |
founded in 2026 1037.459.243 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue Préixhe 18 registered office 4681 Oupeye | 23-10-2019 | 2.294.084.147 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62049A1412/00F000 | 2,241 m² | - | - |
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