VAPCO
ActiveSummary
VAPCO has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.25M and a net result of €387k. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 91% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-24
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500k at 30 days acceptable
Liquidity ample (current ratio 7.33 against 9.11 in 2024; short-term debt: 5.8% and cash: 7.2% of total assets), and 5.8% 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
94.2%
Return on assets
5.8%
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 11-03-2026, 142 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
142 d early
2024
141 d early
2023
92 d early
2022
111 d early
2021
135 d early
2020
121 d early
2019
78 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, abbreviated schema
Equity
€6.25M▼ 14.5%
2024 · €7.31M
2018: €3.80Mlowest in 8 years
2019: €4.11M▲ +8.2% vs 2018
2020: €4.28M▲ +4.2% vs 2019
2021: €4.61M▲ +7.6% vs 2020
2022: €4.92M▲ +6.7% vs 2021
2023: €4.04M▼ -17.8% vs 2022
2024: €7.31M▲ +80.8% vs 2023highest in 8 years
2025: €6.25M▼ -14.5% vs 2024
2018 → 2025
Total assets
€6.64M▼ 14.2%
2024 · €7.74M
2018: €4.15M
2019: €4.26M▲ +2.6% vs 2018
2020: €4.34M▲ +1.9% vs 2019
2021: €4.65M▲ +7.1% vs 2020
2022: €4.96M▲ +6.6% vs 2021
2023: €4.11M▼ -17.1% vs 2022lowest in 8 years
2024: €7.74M▲ +88.2% vs 2023highest in 8 years
2025: €6.64M▼ -14.2% vs 2024
2018 → 2025
Net result
€387k▼ 90.4%
2024 · €4.02M
2018: €182k
2019: €312k▲ +72.0% vs 2018
2020: €171k▼ -45.2% vs 2019lowest in 8 years
2021: €325k▲ +89.6% vs 2020
2022: €311k▼ -4.3% vs 2021
2023: €529k▲ +70.3% vs 2022
2024: €4.02M▲ +660% vs 2023highest in 8 years
2025: €387k▼ -90.4% vs 2024
2018 → 2025
Working capital
€2.44M▼ 30.1%
2024 · €3.49M
2018: €99klowest in 8 years
2019: €306k▲ +209% vs 2018
2020: €475k▲ +55.2% vs 2019
2021: €798k▲ +67.9% vs 2020
2022: €1.04M▲ +29.9% vs 2021
2023: €229k▼ -77.9% vs 2022
2024: €3.49M▲ +1424% vs 2023highest in 8 years
2025: €2.44M▼ -30.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€4.61M-€4.92M▲ 6.7%€4.04M▼ 17.8%€7.31M▲ 80.8%€6.25M▼ 14.5%
2021: €4.61M
2022: €4.92M▲ +6.7% vs 2021
2023: €4.04M▼ -17.8% vs 2022lowest in 5 years
2024: €7.31M▲ +80.8% vs 2023highest in 5 years
2025: €6.25M▼ -14.5% vs 2024
Operating result€479k-€459k▼ 4.3%€578k▲ 26.0%€552k▼ 4.4%€549k▼ 0.5%
2021: €479k
2022: €459k▼ -4.3% vs 2021lowest in 5 years
2023: €578k▲ +26.0% vs 2022highest in 5 years
2024: €552k▼ -4.4% vs 2023
2025: €549k▼ -0.5% vs 2024
Net result€325k-€311k▼ 4.3%€529k▲ 70.3%€4.02M▲ 660%€387k▼ 90.4%
2021: €325k
2022: €311k▼ -4.3% vs 2021lowest in 5 years
2023: €529k▲ +70.3% vs 2022
2024: €4.02M▲ +660% vs 2023highest in 5 years
2025: €387k▼ -90.4% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 0% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.64M
Fixed assets
€3.81M ▼ 0.1%
Current assets
€2.83M ▼ 28.0%
Equity and liabilities €6.64M
Equity
€6.25M ▼ 14.5%
Debt
€386k ▼ 10.5%
Debt's share of the balance-sheet total rises from 5.6% to 5.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€554k▼
2024 · €557k
Cash flow
€392k▼
2024 · €4.02M
Current ratio
7.33▼
2024 · 9.11
Debt to equity
0.06▲
2024 · 0.06
ROE
6.2%▼
2024 · 55.0%
ROA
5.8%▼
2024 · 51.9%
Interest coverage
6.70▼
2024 · 11.87
Debt ≤ 1 year
€386k▼
2024 · €431k
Income taxes
€180k▼
2024 · €543k
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 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€7.74M€6.64M▼
Fixed assets21/28€3.82M€3.81M▼
Tangible fixed assets22/27€10k€6k▼
Furniture and vehicles24€10k€6k▼
Financial fixed assets28€3.81M€3.81M=
Current assets29/58€3.92M€2.83M▼
Amounts receivable within one year40/41€216k€198k▼
Trade receivables40€216k€198k▼
Current investments50/53€2.49M€2.15M▼
Cash at bank and in hand54/58€1.22M€481k▼
Deferred charges and accrued income490/1€191€0▼
Equity and liabilities
Total equity and liabilities10/49€7.74M€6.64M▼
Equity10/15€7.31M€6.25M▼
Contributions10/11€1.22M€123k▼
Reserves13€5.72M€5.76M▲
Distributable reserves133€5.72M€5.76M▲
Profit (loss) carried forward14€371k€371k=
Amounts payable17/49€431k€386k▼
Amounts payable within one year42/48€431k€386k▼
Trade debts44€395€919▲
Suppliers440/4€395€919▲
Taxes, remuneration and social security45€425k€377k▼
Taxes450/3€425k€377k▼
Other amounts payable47/48€5k€8k▲
Accrued charges and deferred income492/3€57€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€5k▼
Other operating charges640/8€5k€5k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€562k€559k▼
Operating profit (loss)9901€552k€549k▼
Financial income75/76B€4.06M€101k▼
Recurring financial income75€4.06M€101k▼
Financial charges65/66B€47k€83k▲
Recurring financial charges65€47k€83k▲
Profit (loss) for the period before taxes9903€4.56M€567k▼
Income taxes67/77€543k€180k▼
Profit (loss) for the period9904€4.02M€387k▼
Profit (loss) for the period to be appropriated9905€4.02M€387k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4.39M€758k▼
Profit (loss) brought forward from the previous period14P€371k€371k=
Transfer from equity791/2€150k€344k▲
Transfer to equity691/2€4.02M€387k▼
To other reserves6921€4.02M€387k▼
Profit to be distributed694/7€150k€344k▲
Return on contributions (dividend)694€150k€344k▲
Social balance
Average headcount (FTE)90870.0-
The notes to these accounts (6 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €642 | €5k | €4k | €5k | €5k | ▼ 8.4% |
| Other operating charges640/8 | - | €2k | €2k | €5k | €5k | ▲ 4.7% |
| Non-recurring operating charges66A | - | - | €15k | €0 | - | - |
| Gross operating margin9900 | €481k | €465k | €599k | €562k | €559k | ▼ 0.5% |
| Operating profit (loss)9901 | €479k | €459k | €578k | €552k | €549k | ▼ 0.5% |
| Financial income75/76B | - | €0 | €151k | €4.06M | €101k | ▼ 97.5% |
| Recurring financial income75 | €0 | €0 | €151k | €4.06M | €101k | ▼ 97.5% |
| Financial charges65/66B | - | €359 | €203 | €47k | €83k | ▲ 76.1% |
| Recurring financial charges65 | €409 | €359 | €203 | €47k | €83k | ▲ 76.1% |
| Profit (loss) for the period before taxes9903 | €479k | €458k | €728k | €4.56M | €567k | ▼ 87.6% |
| Income taxes67/77 | €154k | €148k | €200k | €543k | €180k | ▼ 66.8% |
| Profit (loss) for the period9904 | €325k | €311k | €529k | €4.02M | €387k | ▼ 90.4% |
| Profit (loss) for the period to be appropriated9905 | €325k | €311k | €529k | €4.02M | €387k | ▼ 90.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.65M | €4.96M | €4.11M | €7.74M | €6.64M | ▼ 14.2% |
| Fixed assets21/28 | €3.81M | €3.88M | €3.81M | €3.82M | €3.81M | ▼ 0.1% |
| Tangible fixed assets22/27 | €4k | €76k | €7k | €10k | €6k | ▼ 44.3% |
| Furniture and vehicles24 | - | €76k | €7k | €10k | €6k | ▼ 44.3% |
| Financial fixed assets28 | €3.81M | €3.81M | €3.81M | €3.81M | €3.81M | = |
| Current assets29/58 | €842k | €1.08M | €300k | €3.92M | €2.83M | ▼ 28.0% |
| Amounts receivable within one year40/41 | €173k | €195k | €252k | €216k | €198k | ▼ 8.4% |
| Trade receivables40 | - | €195k | €252k | €216k | €198k | ▼ 8.4% |
| Other amounts receivable41 | - | €180 | €0 | - | - | - |
| Current investments50/53 | - | - | - | €2.49M | €2.15M | ▼ 13.7% |
| Cash at bank and in hand54/58 | €668k | €884k | €48k | €1.22M | €481k | ▼ 60.6% |
| Deferred charges and accrued income490/1 | - | - | €189 | €191 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.65M | €4.96M | €4.11M | €7.74M | €6.64M | ▼ 14.2% |
| Equity10/15 | €4.61M | €4.92M | €4.04M | €7.31M | €6.25M | ▼ 14.5% |
| Contributions10/11 | - | €3.07M | €1.82M | €1.22M | €123k | ▼ 90.0% |
| Reserves13 | €1.16M | €1.48M | €1.85M | €5.72M | €5.76M | ▲ 0.8% |
| Non-distributable reserves130/1 | - | €36k | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €36k | €0 | - | - | - |
| Distributable reserves133 | - | €1.44M | €1.85M | €5.72M | €5.76M | ▲ 0.8% |
| Profit (loss) carried forward14 | €371k | €371k | €371k | €371k | €371k | = |
| Amounts payable17/49 | €44k | €42k | €71k | €431k | €386k | ▼ 10.5% |
| Amounts payable within one year42/48 | €44k | €42k | €71k | €431k | €386k | ▼ 10.5% |
| Trade debts44 | €1k | €937 | €110 | €395 | €919 | ▲ 133% |
| Suppliers440/4 | - | €937 | €110 | €395 | €919 | ▲ 133% |
| Taxes, remuneration and social security45 | - | €38k | €63k | €425k | €377k | ▼ 11.4% |
| Taxes450/3 | - | €38k | €63k | €425k | €377k | ▼ 11.4% |
| Other amounts payable47/48 | - | €4k | €8k | €5k | €8k | ▲ 59.5% |
| Accrued charges and deferred income492/3 | - | - | €157 | €57 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €325k | €311k | €529k | €4.02M | €387k | ▼ 90.4% |
| + Depreciation and write-downs630 | €642 | €5k | €4k | €5k | €5k | ▼ 8.4% |
| Operating cash flow (approximation) | €325k | €316k | €533k | €4.02M | €392k | ▼ 90.3% |
| Investment in fixed assets (approximation) | - | €-77k | €65k | €-9k | €0 | ▲ 100% |
| Change in cash | - | €216k | €-836k | €1.17M | €-739k | ▼ 163% |
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
11-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
12-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €4.02M ▲660%
Net result €4.02M, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 9.11
Current ratio from 4.23 to 9.11.
31-12
Financial
Equity above €5MEq €7.31M ▲80.8%
7 profitable years in a row build equity to €7.31M.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
18-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity doublescurrent ratio 19.25
Current ratio from 9.10 to 19.25; short-term debt falls from €59k to €44k.
01-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €171k ▼45.2%
Net result drops to €171k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 9.10
Current ratio from 3.06 to 9.10; short-term debt falls from €149k to €59k.
Show earlier events
14-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Liquidity doublescurrent ratio 3.06
Current ratio from 1.40 to 3.06; short-term debt falls from €247k to €149k.
02-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
16-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
03-04
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 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, Kampenhout · 1 establishment unit since 2015
Ground area
1,232 m²
Building footprint
219 m²
Volume, LiDAR
3,399 m³
Parcel 23055A0185/00K002, Flanders · tallest building 29.6 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
VAPCO
since 20152.239.932.512
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23055A0185/00K002 | Flanders | 1,232 m² | 1 · 219 m² | 29.6 m · 5 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 5,699 companies in sector 70100 we hold annual accounts for 3,495. 1,041 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
Founded15-12-2014
Fiscal year end31-12
Activities, NACEBEL 2025
70100Activities of head offices
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.