VANWAR
ActiveSummary
VANWAR has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €104k and a net result of €82k. Equity is growing by ~13.2% per year across the filed fiscal years. Its solvency ranks better than 61% of 181 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+85
Solvency91▼-9
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity ample (current ratio 2.77 against 45.6 in 2024; short-term debt: 33.6% and cash: 3.6% of total assets), and 33.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
66.4%
Return on assets
52.5%
Age of the figures
9 mo
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
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 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
21 d late
2023
16 d early
2022
12 d early
2021
34 d early
2020
39 d early
2019
23 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€104k▲ 377%
2024 · €22k
2018: €14klowest in 8 years
2019: €18k▲ +31.6% vs 2018
2020: €25k▲ +33.1% vs 2019
2021: €29k▲ +19.3% vs 2020
2022: €27k▼ -6.3% vs 2021
2023: €24k▼ -13.7% vs 2022
2024: €22k▼ -8.2% vs 2023
2025: €104k▲ +377% vs 2024highest in 8 years
2018 → 2025
Total assets
€156k▲ 610%
2024 · €22k
2018: €36k
2019: €35k▼ -2.8% vs 2018
2020: €48k▲ +34.5% vs 2019
2021: €31k▼ -34.6% vs 2020
2022: €29k▼ -7.9% vs 2021
2023: €24k▼ -16.9% vs 2022
2024: €22k▼ -7.6% vs 2023lowest in 8 years
2025: €156k▲ +610% vs 2024highest in 8 years
2018 → 2025
Net result
€82k
2024 · €-2k
2018: €5k
2019: €4k▼ -9.5% vs 2018
2020: €6k▲ +37.5% vs 2019
2021: €5k▼ -22.3% vs 2020
2022: €-2k▼ -139% vs 2021
2023: €-4k▼ -104% vs 2022lowest in 8 years
2024: €-2k▲ +48.1% vs 2023
2025: €82k▲ +4312% vs 2024highest in 8 years
2018 → 2025
Working capital
€93k▲ 727%
2024 · €11k
2018: €4klowest in 8 years
2019: €8k▲ +126% vs 2018
2020: €14k▲ +76.6% vs 2019
2021: €19k▲ +33.7% vs 2020
2022: €17k▼ -9.8% vs 2021
2023: €13k▼ -22.1% vs 2022
2024: €11k▼ -14.7% vs 2023
2025: €93k▲ +727% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€29k-€27k▼ 6.3%€24k▼ 13.7%€22k▼ 8.2%€104k▲ 377%
2021: €29k
2022: €27k▼ -6.3% vs 2021
2023: €24k▼ -13.7% vs 2022
2024: €22k▼ -8.2% vs 2023lowest in 5 years
2025: €104k▲ +377% vs 2024highest in 5 years
Operating result€6k-€-2k€-4k▼ 102%€-2k▲ 55.2%€110k
2021: €6k
2022: €-2k▼ -134% vs 2021
2023: €-4k▼ -102% vs 2022lowest in 5 years
2024: €-2k▲ +55.2% vs 2023
2025: €110k▲ +6211% vs 2024highest in 5 years
Net result€5k-€-2k€-4k▼ 104%€-2k▲ 48.1%€82k
2021: €5k
2022: €-2k▼ -139% vs 2021
2023: €-4k▼ -104% vs 2022lowest in 5 years
2024: €-2k▲ +48.1% vs 2023
2025: €82k▲ +4312% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €110k after a loss of €2k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €156k
Fixed assets
€10k =
Current assets
€146k ▲ 1,165%
Equity and liabilities €156k
Equity
€104k ▲ 377%
Debt
€53k ▲ 20,690%
Debt's share of the balance-sheet total rises from 1.1% to 33.6%. Equity and debt are higher.
Key figures and ratios
Current ratio
2.77▼
2024 · 45.60
Debt to equity
0.51▲
2024 · 0.01
ROE
79.0%▲
2024 · -8.9%
ROA
52.5%▲
2024 · -8.8%
Debt ≤ 1 year
€53k▲
2024 · €253
Income taxes
€28k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines
Balance sheet
Code20242025
Assets
Total assets20/58€22k€156k▲
Fixed assets21/28€10k€10k=
Tangible fixed assets22/27€10k€10k=
Land and buildings22€10k€10k=
Current assets29/58€12k€146k▲
Amounts receivable within one year40/41€248€140k▲
Trade receivables40-€140k
Other amounts receivable41€248€5▼
Cash at bank and in hand54/58€11k€6k▼
Equity and liabilities
Total equity and liabilities10/49€22k€156k▲
Equity10/15€22k€104k▲
Contributions10/11€24k€24k=
Reserves13€2k€2k=
Tax-exempt reserves132€2k€2k=
Profit (loss) carried forward14€-4k€78k▲
Amounts payable17/49€253€53k▲
Amounts payable within one year42/48€253€53k▲
Trade debts44€253€0▼
Suppliers440/4€253€0▼
Taxes, remuneration and social security45-€28k
Taxes450/3-€28k
Other amounts payable47/48-€25k
Income statement
Code20242025
Other operating charges640/8€513€28k▲
Gross operating margin9900€-1k€138k▲
Operating profit (loss)9901€-2k€110k▲
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€150€278▲
Recurring financial charges65€150€278▲
Profit (loss) for the period before taxes9903€-2k€109k▲
Income taxes67/77-€28k
Profit (loss) for the period9904€-2k€82k▲
Profit (loss) for the period to be appropriated9905€-2k€82k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-4k€78k▲
Profit (loss) brought forward from the previous period14P€-2k€-4k▼
Transfer from equity791/2€0-
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €80k | €0 | - | - | - | - |
| Other operating charges640/8 | €111 | €112 | €115 | €513 | €28k | ▲ 5,406% |
| Gross operating margin9900 | €86k | €-2k | €-4k | €-1k | €138k | ▲ 10,865% |
| Operating profit (loss)9901 | €6k | €-2k | €-4k | €-2k | €110k | ▲ 6,211% |
| Financial income75/76B | €52 | €301 | €413 | €0 | - | - |
| Recurring financial income75 | €52 | €301 | €413 | €0 | - | - |
| Financial charges65/66B | €123 | €150 | €150 | €150 | €278 | ▲ 85.3% |
| Recurring financial charges65 | €123 | €150 | €150 | €150 | €278 | ▲ 85.3% |
| Profit (loss) for the period before taxes9903 | €6k | €-2k | €-4k | €-2k | €109k | ▲ 5,726% |
| Income taxes67/77 | €1k | €0 | - | - | €28k | - |
| Profit (loss) for the period9904 | €5k | €-2k | €-4k | €-2k | €82k | ▲ 4,312% |
| Profit (loss) for the period to be appropriated9905 | €5k | €-2k | €-4k | €-2k | €82k | ▲ 4,312% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €31k | €29k | €24k | €22k | €156k | ▲ 610% |
| Fixed assets21/28 | €10k | €10k | €10k | €10k | €10k | = |
| Tangible fixed assets22/27 | €10k | €10k | €10k | €10k | €10k | = |
| Land and buildings22 | €10k | €10k | €10k | €10k | €10k | = |
| Current assets29/58 | €21k | €18k | €13k | €12k | €146k | ▲ 1,165% |
| Amounts receivable within one year40/41 | €15k | €16k | €13k | €248 | €140k | ▲ 56,279% |
| Trade receivables40 | €0 | - | - | - | €140k | - |
| Other amounts receivable41 | €15k | €16k | €13k | €248 | €5 | ▼ 98.0% |
| Cash at bank and in hand54/58 | €5k | €2k | €131 | €11k | €6k | ▼ 49.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €31k | €29k | €24k | €22k | €156k | ▲ 610% |
| Equity10/15 | €29k | €27k | €24k | €22k | €104k | ▲ 377% |
| Contributions10/11 | €24k | €24k | €24k | €24k | €24k | = |
| Reserves13 | €5k | €3k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €337 | €337 | €0 | - | - | - |
| Reserves not available under the articles1311 | €337 | €337 | €0 | - | - | - |
| Tax-exempt reserves132 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €3k | €995 | €0 | - | - | - |
| Profit (loss) carried forward14 | €0 | - | €-2k | €-4k | €78k | ▲ 1,879% |
| Amounts payable17/49 | €2k | €1k | €115 | €253 | €53k | ▲ 20,690% |
| Amounts payable within one year42/48 | €2k | €1k | €115 | €253 | €53k | ▲ 20,690% |
| Trade debts44 | €818 | €185 | €115 | €253 | €0 | ▼ 100% |
| Suppliers440/4 | €818 | €185 | €115 | €253 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €1k | €1k | €0 | - | €28k | - |
| Taxes450/3 | €1k | €1k | €0 | - | €28k | - |
| Remuneration and social security454/9 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €0 | - | - | - | €25k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5k | €-2k | €-4k | €-2k | €82k | ▲ 4,312% |
| Operating cash flow (approximation) | €5k | €-2k | €-4k | €-2k | €82k | ▲ 4,312% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €-3k | €-2k | €11k | €-6k | ▼ 150% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
25-06
State Gazette act
RestructuringPermanent representatives: Dick FAVEERE, Guy FAVEERE and Patrick FAVEERE · Demerger · Capital14 facts ▸
State Gazette act
Restructuring
Permanent representatives: Dick FAVEERE, Guy FAVEERE and Patrick FAVEERE · Demerger · Capital14 facts ▸
- Board meeting, 12-06-2026
- Demerger, 12-06-2026
- Capital, €75.000
- Permanent representative, Dick FAVEERE
- Permanent representative, Guy FAVEERE
- Permanent representative, Patrick FAVEERE
- Share issue, volstorte aandelen zonder nominale waarde, 3637
- Accounting effect, 01-01-2026
- Real estate, Ligging: Waregem 1ste afdeling sectie C. Perceel 34040C013500P000 P0001 Borluutstraat 17+ /m² werkplaats Jan; Perceel 34040C013500R000 P0001 Borluutstraat 17+ /…
- Net-asset statement, 31-12-2025
- Profit participation, 01-01-2026
- No cash consideration, ja
- +2 further facts in this act
2025
31-12
Financial
Back to profitnet €82k
Net result €82k after 3 loss-making years.
31-12
Financial
Equity above €100kEq €104k ▲377%
Equity rises from €22k to €104k.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
2024
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-4k
Net result drops to €-4k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 8current ratio 115.84
Current ratio from 15.20 to 115.84; short-term debt falls from €1k to €115.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity times 7current ratio 11.28
Current ratio from 1.61 to 11.28; short-term debt falls from €23k to €2k.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waregem · 1 establishment unit since 2012
Ground area
2.8 ha
Building footprint
1.9 ha
Volume, LiDAR
154,915 m³
2 parcels, Flanders · tallest building 13.8 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
VANWAR
since 20122.212.292.658
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34040C0139/00M000 | Flanders | 2.0 ha | 1 · 1.2 ha | 13.8 m · 3 fl. |
| 34040C0149/00L000 | Flanders | 8,714 m² | 1 · 6,261 m² | 10.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Purpose
Het, op welke wijze ook, opwekken, leveren en verkopen van elektriciteit aan natuurlijke of rechtspersonen en vennootschappen, in de meest ruime zin, alsmede de productie van…
Full purpose
Het, op welke wijze ook, opwekken, leveren en verkopen van elektriciteit aan natuurlijke of rechtspersonen en vennootschappen, in de meest ruime zin, alsmede de productie van alternatieve, duurzame en hernieuwbare energie.
Structure & network
Acquisitions and mergers
1 transactionReceived in a demerger part of:FAVEERE
Similar companies · same sector, comparable size
LAMPIRIS WIND
BE 0880.350.620
Liège · Eq €105,275
Kilowatt Energies
BE 0803.151.189
Wellin · Eq €105,377
EOLIENNE DE HAMOIS
BE 0746.738.167
Bütgenbach · Eq €105,481
LUZITUFRA
BE 0473.245.578
Kasterlee · Eq €105,629
CORDEEL-ENECO-SOLAR
BE 0818.652.086
Gent · Eq €105,775
Of 814 companies in sector 35110 we hold annual accounts for 630. 318 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
Founded24-07-2012
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
Scores and ratios are computed by Checked and are not a credit decision.