VANWAEL
ActiveSummary
VANWAEL has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €155,142 and a net result of €71,562. Equity is shrinking by ~10.1% per year across the filed fiscal years. Its solvency ranks better than 48% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability95▲+4
Solvency71▲+6
Growth58=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 2.09 against 1.61 in 2024; short-term debt: 20.9% and cash: 24.1% of total assets), but 54.5% of the assets are financed with debt.
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Signals
Four 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
45.5%
Return on assets
21%
Age of the figures
9 mo
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 04-06-2026, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
57 d early
2024
7 d early
2023
12 d early
2022
9 d early
2021
30 d early
2020
29 d early
2019
24 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days before 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 (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.
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
€155,142▲ 85.6%
2024 · €83,581
Total assets
€340,966▲ 63.5%
2024 · €208,495
Net result
€71,562▲ 94.1%
2024 · €36,875
Working capital
€77,478▲ 36.5%
2024 · €56,766
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
Line20212022202320242025
Operating result-€15,160-€6,036▲ 60.2%€31,600€48,170▲ 52.4%€107,390▲ 123%
Net result-€43,490below the sector's middle half▼ 408%-€55,871below the sector's middle half▼ 28.5%€25,080within the sector's middle half€36,875above the sector's middle half▲ 47.0%€71,562above the sector's middle half▲ 94.1%
Equity€192,438above the sector's middle half▼ 18.4%€136,566above the sector's middle half▼ 29.0%€161,647above the sector's middle half▲ 18.4%€83,581within the sector's middle half▼ 48.3%€155,142above the sector's middle half▲ 85.6%
Total assets€285,665within the sector's middle half▲ 12.2%€205,962within the sector's middle half▼ 27.9%€208,157within the sector's middle half▲ 1.1%€208,495within the sector's middle half▲ 0.2%€340,966above the sector's middle half▲ 63.5%
Debt€93,227▲ 397%€69,396▼ 25.6%€46,511▼ 33.0%€124,914▲ 169%€185,823▲ 48.8%
Working capital€132,086▼ 28.7%€115,305▼ 12.7%€144,622▲ 25.4%€56,766▼ 60.7%€77,478▲ 36.5%
Solvency67.4%above the sector's middle half▼ 25.3pp66.3%above the sector's middle half▼ 1.1pp77.7%above the sector's middle half▲ 11.3pp40.1%within the sector's middle half▼ 37.6pp45.5%within the sector's middle half▲ 5.4pp
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 has risen four years in a row; 2025 is 123% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €340,966
Fixed assets
€192,155 ▲ 228%
Current assets
€148,811 ▼ 0.7%
Equity and liabilities €340,966
Equity
€155,142 ▲ 85.6%
Debt
€185,823 ▲ 48.8%
Debt's share of the balance-sheet total falls from 59.9% to 54.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€129,771▲
2024 · €61,504
Cash flow
€93,942▲
2024 · €50,209
Current ratio
2.09▲
2024 · 1.61
Quick ratio
2.04▲
2024 · 1.58
Debt to equity
1.20▼
2024 · 1.49
ROE
46.1%▲
2024 · 44.1%
ROA
21.0%▲
2024 · 17.7%
Interest coverage
40.66▼
2024 · 52.94
Debt ≤ 1 year
€71,332▼
2024 · €93,070
Debt > 1 year
€114,491▲
2024 · €31,844
Income taxes
€32,637▲
2024 · €10,134
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% 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 31,349 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 | €2,368 | €9,911 | €9,803 | €13,334 | €22,380 | ▲ 67.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €8,446 | €0 | - | - | - |
| Other operating charges640/8 | €1,459 | €5,997 | €2,605 | €5,187 | €5,400 | ▲ 4.1% |
| Non-recurring operating charges66A | €590 | €586 | €590 | - | - | - |
| Gross operating margin9900 | -€10,743 | €18,905 | €44,598 | €66,691 | €135,171 | ▲ 103% |
| Operating profit (loss)9901 | -€15,160 | -€6,036 | €31,600 | €48,170 | €107,390 | ▲ 123% |
| Financial income75/76B | - | €100 | €0 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | - | €100 | €0 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €1,873 | €63,779 | €3,264 | €1,162 | €3,191 | ▲ 175% |
| Recurring financial charges65 | €1,873 | €5,169 | €3,264 | €1,162 | €3,191 | ▲ 175% |
| Non-recurring financial charges66B | - | €58,611 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€17,033 | -€69,715 | €28,337 | €47,009 | €104,199 | ▲ 122% |
| Income taxes67/77 | €26,457 | -€13,844 | €3,256 | €10,134 | €32,637 | ▲ 222% |
| Profit (loss) for the period9904 | -€43,490 | -€55,871 | €25,080 | €36,875 | €71,562 | ▲ 94.1% |
| Profit (loss) for the period to be appropriated9905 | -€43,490 | -€55,871 | €25,080 | €36,875 | €71,562 | ▲ 94.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €285,665 | €205,962 | €208,157 | €208,495 | €340,966 | ▲ 63.5% |
| Fixed assets21/28 | €98,528 | €37,971 | €26,603 | €58,659 | €192,155 | ▲ 228% |
| Tangible fixed assets22/27 | €96,963 | €36,407 | €26,603 | €58,659 | €192,155 | ▲ 228% |
| Plant, machinery and equipment23 | €21,768 | €6,383 | €4,085 | €2,495 | €2,603 | ▲ 4.3% |
| Furniture and vehicles24 | €75,195 | €30,024 | €22,518 | €56,163 | €189,552 | ▲ 238% |
| Financial fixed assets28 | €1,564 | €1,564 | €0 | - | - | - |
| Current assets29/58 | €187,137 | €167,991 | €181,554 | €149,836 | €148,811 | ▼ 0.7% |
| Stocks and contracts in progress3 | €18,136 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Stocks30/36 | €18,136 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Amounts receivable within one year40/41 | €159,523 | €161,939 | €145,990 | €101,400 | €57,813 | ▼ 43.0% |
| Trade receivables40 | €92,631 | €78,539 | €62,521 | €92,902 | €47,732 | ▼ 48.6% |
| Other amounts receivable41 | €66,892 | €83,400 | €83,468 | €8,498 | €10,080 | ▲ 18.6% |
| Current investments50/53 | €76 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €9,403 | €1,598 | €22,994 | €42,540 | €82,185 | ▲ 93.2% |
| Deferred charges and accrued income490/1 | - | €1,454 | €9,571 | €2,897 | €5,813 | ▲ 101% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €285,665 | €205,962 | €208,157 | €208,495 | €340,966 | ▲ 63.5% |
| Equity10/15 | €192,438 | €136,566 | €161,647 | €83,581 | €155,142 | ▲ 85.6% |
| Contributions10/11 | €6,202 | €6,202 | €6,202 | €6,202 | €6,202 | = |
| Capital10 | €6,202 | - | - | - | - | - |
| Issued capital100 | €18,592 | - | - | - | - | - |
| Uncalled capital101 | €12,390 | - | - | - | - | - |
| Reserves13 | €36,859 | €58,359 | €83,359 | €62,859 | €133,859 | ▲ 113% |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €0 | ▼ 100% |
| Legal reserve130 | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,859 | €1,859 | €1,859 | €0 | ▼ 100% |
| Distributable reserves133 | €35,000 | €56,500 | €81,500 | €61,000 | €133,859 | ▲ 119% |
| Profit (loss) carried forward14 | €149,376 | €72,005 | €72,085 | €14,519 | €15,081 | ▲ 3.9% |
| Amounts payable17/49 | €93,227 | €69,396 | €46,511 | €124,914 | €185,823 | ▲ 48.8% |
| Amounts payable after more than one year17 | €38,176 | €16,710 | €9,579 | €31,844 | €114,491 | ▲ 260% |
| Financial debts170/4 | €38,176 | €16,710 | €9,579 | €31,844 | €114,491 | ▲ 260% |
| Amounts payable within one year42/48 | €55,052 | €52,686 | €36,932 | €93,070 | €71,332 | ▼ 23.4% |
| Current portion of amounts payable after more than one year42 | - | €7,084 | €7,130 | €14,690 | €33,454 | ▲ 128% |
| Financial debts43 | €7,060 | €6,402 | €0 | - | - | - |
| Credit institutions430/8 | €7,060 | €6,402 | €0 | - | - | - |
| Trade debts44 | €18,126 | €26,771 | €17,981 | €7,072 | €1,481 | ▼ 79.1% |
| Suppliers440/4 | €18,126 | €26,771 | €17,981 | €7,072 | €1,481 | ▼ 79.1% |
| Taxes, remuneration and social security45 | €3 | €12,429 | €11,820 | €28,726 | €11,973 | ▼ 58.3% |
| Taxes450/3 | - | €4,392 | €8,344 | €25,250 | €8,496 | ▼ 66.3% |
| Remuneration and social security454/9 | €3 | €8,037 | €3,476 | €3,476 | €3,476 | = |
| Other amounts payable47/48 | €29,862 | - | - | €42,582 | €24,425 | ▼ 42.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€43,490 | -€55,871 | €25,080 | €36,875 | €71,562 | ▲ 94.1% |
| + Depreciation and write-downs630 | €2,368 | €9,911 | €9,803 | €13,334 | €22,380 | ▲ 67.8% |
| Operating cash flow (approximation) | -€41,122 | -€45,960 | €34,883 | €50,209 | €93,942 | ▲ 87.1% |
| Investment in fixed assets (approximation) | - | €50,646 | €1,564 | -€45,389 | -€155,877 | ▼ 243% |
| Change in cash | - | -€7,804 | €21,395 | €19,546 | €39,645 | ▲ 103% |
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
04-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €71,562 ▲94.1%
Operating result €107,390, net result €71,562, both a record.
31-12
Financial
Equity above €150,000Eq €155,142 ▲85.6%
3 profitable years in a row build equity to €155,142.
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €25,080
Net result €25,080 after 4 loss-making years.
31-12
Financial
Equity above €150,000Eq €161,647 ▲18.4%
Equity rises from €136,566 to €161,647.
22-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€55,871
Net result drops to -€55,871, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity doublescurrent ratio 17.75
Current ratio from 7.79 to 17.75; short-term debt falls from €28,064 to €11,053.
Show earlier events
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro 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, Kortrijk · 1 establishment unit since 1999
Ground area
243 m²
Building footprint
103 m²
Volume, LiDAR
482 m³
Parcel 34005C0904/00D002, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VAN WAEL BVBA
since 19992.091.564.082
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34005C0904/00D002 | Flanders | 243 m² | 1 · 103 m² | 8.1 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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OTMANI WILLIAM
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,423. 6,049 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
Founded31-05-1999
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466071340
Also
9925:BE0466071340
Registered
30-10-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.