VAPACK
ActiveSummary
VAPACK has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €49,819 and a net result of €5,878. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 67% of 8115 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▼-13
Solvency86▲+7
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 2.43 against 1.86 in 2024; short-term debt: 39.2% and cash: 51.3% of total assets), and 39.2% 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more 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
60.8%
Return on assets
7.2%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €49,819
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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
24 d late
2024
6 d early
2023
on the day
2022
366 d late
2021
14 d late
2020
5 d early
2019
20 d late
← 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 59 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€49,819▲ 13.4%
2024 · €43,940
Total assets
€81,938▲ 0.6%
2024 · €81,425
Net result
€5,878
2024 · -€318
Working capital
€45,880▲ 42.8%
2024 · €32,124
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€284€1,076▲ 279%-€1,819-€204▲ 88.8%€5,854
Net result€247within the sector's middle half€1,012within the sector's middle half▲ 310%-€1,726within the sector's middle half-€318within the sector's middle half▲ 81.6%€5,878within the sector's middle half
Equity€44,972within the sector's middle half▲ 0.6%€45,984within the sector's middle half▲ 2.2%€44,258within the sector's middle half▼ 3.8%€43,940within the sector's middle half▼ 0.7%€49,819below the sector's middle half▲ 13.4%
Total assets€107,748within the sector's middle half▲ 0.9%€92,839within the sector's middle half▼ 13.8%€81,993within the sector's middle half▼ 11.7%€81,425within the sector's middle half▼ 0.7%€81,938below the sector's middle half▲ 0.6%
Debt€62,775▲ 1.2%€46,855▼ 25.4%€37,735▼ 19.5%€37,484▼ 0.7%€32,119▼ 14.3%
Working capital€30,859▲ 7.9%€32,720▲ 6.0%€24,201▼ 26.0%€32,124▲ 32.7%€45,880▲ 42.8%
Solvency41.7%within the sector's middle half▼ 0.2pp49.5%within the sector's middle half▲ 7.8pp54.0%within the sector's middle half▲ 4.4pp54.0%within the sector's middle half=60.8%within the sector's middle half▲ 6.8pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
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: €5,854 after a loss of €204 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €81,938
Fixed assets
€3,939 ▼ 66.7%
Current assets
€77,999 ▲ 12.1%
Equity and liabilities €81,938
Equity
€49,819 ▲ 13.4%
Debt
€32,119 ▼ 14.3%
Debt's share of the balance-sheet total falls from 46.0% to 39.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,732▲
2024 · €8,036
Cash flow
€13,756▲
2024 · €7,923
Current ratio
2.43▲
2024 · 1.86
Quick ratio
1.75▲
2024 · 1.21
Debt to equity
0.64▼
2024 · 0.85
ROE
11.8%▲
2024 · -0.7%
ROA
7.2%▲
2024 · -0.4%
Interest coverage
-561.62▼
2024 · 70.56
Debt ≤ 1 year
€32,119▼
2024 · €37,484
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 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 0.4% 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 497,058 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% | 1.6% |
| 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 74% 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 31,324 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 | €9,599 | €8,059 | - | €8,241 | €7,878 | ▼ 4.4% |
| Other operating charges640/8 | €2,148 | €1,562 | €3,350 | €2,959 | €2,855 | ▼ 3.5% |
| Gross operating margin9900 | €12,030 | €10,697 | €1,531 | €10,995 | €16,586 | ▲ 50.8% |
| Operating profit (loss)9901 | €284 | €1,076 | -€1,819 | -€204 | €5,854 | ▲ 2,966% |
| Financial income75/76B | - | - | €93 | - | - | - |
| Recurring financial income75 | - | - | €93 | - | - | - |
| Financial charges65/66B | €37 | €64 | - | €114 | -€24 | ▼ 121% |
| Recurring financial charges65 | €37 | €64 | - | €114 | -€24 | ▼ 121% |
| Profit (loss) for the period before taxes9903 | €247 | €1,012 | -€1,726 | -€318 | €5,878 | ▲ 1,948% |
| Profit (loss) for the period9904 | €247 | €1,012 | -€1,726 | -€318 | €5,878 | ▲ 1,948% |
| Profit (loss) for the period to be appropriated9905 | €247 | €1,012 | -€1,726 | -€318 | €5,878 | ▲ 1,948% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,748 | €92,839 | €81,993 | €81,425 | €81,938 | ▲ 0.6% |
| Fixed assets21/28 | €28,116 | €20,057 | €20,057 | €11,817 | €3,939 | ▼ 66.7% |
| Tangible fixed assets22/27 | €28,116 | €20,057 | €20,057 | €11,817 | €3,939 | ▼ 66.7% |
| Furniture and vehicles24 | €28,116 | €20,057 | €20,057 | €11,817 | €3,939 | ▼ 66.7% |
| Current assets29/58 | €79,631 | €72,782 | €61,936 | €69,608 | €77,999 | ▲ 12.1% |
| Stocks and contracts in progress3 | €28,044 | €30,497 | €28,081 | €24,246 | €21,882 | ▼ 9.7% |
| Stocks30/36 | €28,044 | €30,497 | €28,081 | €24,246 | €21,882 | ▼ 9.7% |
| Amounts receivable within one year40/41 | €18,243 | €15,258 | €13,223 | €11,387 | €11,573 | ▲ 1.6% |
| Trade receivables40 | €18,243 | €15,258 | €13,223 | €11,387 | €11,573 | ▲ 1.6% |
| Cash at bank and in hand54/58 | €30,844 | €24,527 | €18,132 | €31,475 | €42,044 | ▲ 33.6% |
| Deferred charges and accrued income490/1 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,748 | €92,839 | €81,993 | €81,425 | €81,938 | ▲ 0.6% |
| Equity10/15 | €44,972 | €45,984 | €44,258 | €43,940 | €49,819 | ▲ 13.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €63,887 | €63,887 | €63,887 | €63,887 | €63,887 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | €62,028 | €62,028 | €62,028 | €62,028 | €62,028 | = |
| Profit (loss) carried forward14 | -€37,507 | -€36,495 | -€38,221 | -€38,539 | -€32,660 | ▲ 15.3% |
| Amounts payable17/49 | €62,775 | €46,855 | €37,735 | €37,484 | €32,119 | ▼ 14.3% |
| Amounts payable after more than one year17 | €14,003 | €6,793 | - | - | - | - |
| Financial debts170/4 | €14,003 | €6,793 | - | - | - | - |
| Amounts payable within one year42/48 | €48,772 | €40,062 | €37,735 | €37,484 | €32,119 | ▼ 14.3% |
| Financial debts43 | €2,300 | €2,300 | - | - | - | - |
| Credit institutions430/8 | €2,300 | €2,300 | - | - | - | - |
| Trade debts44 | €23,055 | €13,742 | €13,119 | €12,990 | €5,605 | ▼ 56.9% |
| Suppliers440/4 | €23,055 | €13,742 | €13,119 | €12,990 | €5,605 | ▼ 56.9% |
| Taxes, remuneration and social security45 | €4,090 | €4,694 | €3,336 | €2,357 | €1,538 | ▼ 34.7% |
| Taxes450/3 | €4,090 | €4,694 | €3,336 | €2,357 | €1,538 | ▼ 34.7% |
| Other amounts payable47/48 | €19,326 | €19,326 | €21,280 | €22,136 | €24,976 | ▲ 12.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €247 | €1,012 | -€1,726 | -€318 | €5,878 | ▲ 1,948% |
| + Depreciation and write-downs630 | €9,599 | €8,059 | - | €8,241 | €7,878 | ▼ 4.4% |
| Operating cash flow (approximation) | €9,846 | €9,071 | -€1,726 | €7,923 | €13,756 | ▲ 73.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€0 | €0 | ▲ 100% |
| Change in cash | - | -€6,317 | -€6,395 | €13,343 | €10,568 | ▼ 20.8% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 24 days late
2025
31-12
Financial
Back to profitnet €5,878
Net result €5,878 after 2 loss-making years.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 366 days late
2022
14-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 14 days late
2021
31-12
Financial
Back to profitnet €247
Net result €247 after 3 loss-making years.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
20-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 20 days late
2019
31-12
Financial
Weakest financial yearnet -€15,942
Net result drops to -€15,942, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 21 days late
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Heusden-Zolder · 1 establishment unit since 1999
Ground area
2,235 m²
Building footprint
344 m²
Volume, LiDAR
1,670 m³
2 parcels, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VAPACK
since 19992.091.618.522
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71462E0208/00W000 | Flanders | 1,377 m² | 1 · 209 m² | 7.4 m · 2 fl. |
| 71065F0497/00H000 | Flanders | 858 m² | 1 · 135 m² | 8.2 m · 2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteHeusden-Zolder2.091.618.522
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Of 1,567 companies in sector 46900 we hold annual accounts for 919. 510 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
Founded07-07-1999
Fiscal year end31-12
Activities, NACEBEL 2025
46900Non-specialised wholesale trade
Contact
Website
www.vapack.be
E-mail
sally.vdh@telenet.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466429448
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.