Checked.be
Active
BE 0811.366.101Private limited company
VARAM ENERGIES
Industrielaan 105 ·8930 Menen, Belgium· 17 yrs active
Sector: Production of electricity from non-renewable sources
(35110)
Conclusion
VARAM ENERGIES has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €574k and a net result of €100k. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 66% of 176 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €574k |
| Net result | €100k |
| Better than sector | 66% |
| Active | 17 yrs |
Financial profile
77
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
76
Profitability
87
Solvency
72
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2009, 17 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
76
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€45k
estimate, not credit advice
Score history
48
2020
56
2021
76
2023
68
2024
76
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.75 (< 1.0)
-10
Leverage
Debt/equity 0.34 (< 1.0)
+10
Profitability
ROE 17% (≥ 10%)
+10
Interest coverage
Interest coverage 37.0× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 05-01-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~4%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 35, Electricity, gas, steam and air conditioning supply · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 71.0% | 50.2% | |
| Net result | €100k | €5k | |
| Equity | €574k | €105k | |
| Gross operating margin | €218k | €28k | |
| Total assets | €809k | €296k |
€220k
+6.4%
20-25
€100k
+18.3%
20-25
€216k
+7.7%
20-25
€809k
-17.8%
20-25
€574k
+0.9%
20-25
€-37k
+64.0%
20-25
€2k
+10.2%
20-25
€197k
-47.4%
20-25
€146k
-46.6%
20-25
€51k
-49.1%
20-25
0.75
+19.4%
20-25
0.75
+19.4%
20-25
71.0%
+22.7%
20-25
0.34
-47.8%
20-25
17.3%
+17.3%
20-25
12.3%
+43.8%
20-25
36.98
+104.9%
20-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2021 | 2020 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €220k | €207k | €477k | €231k | €256k |
| Net profit | €100k | €84k | €255k | €100k | €514k |
| Cash flow | €216k | €201k | €429k | €217k | €630k |
| Staff costs | - | - | - | - | - |
| Income taxes | €2k | €2k | €32k | €2k | €9k |
| Dividends | - | - | - | - | - |
| Total assets | €809k | €983k | €1.15M | €1.17M | €1.28M |
| Equity | €574k | €569k | €564k | €476k | €469k |
| Debt | €197k | €374k | €548k | €641k | €765k |
| of which ≤ 1y | €146k | €273k | €365k | €260k | €255k |
| of which > 1y | €51k | €99k | €182k | €380k | €509k |
| Working capital | €-37k | €-102k | €-136k | €-166k | €-185k |
| Employees (FTE) | - | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Current ratio | 0.75 | 0.63 | 0.63 | 0.36 | 0.27 |
| Quick ratio | 0.75 | 0.63 | 0.63 | 0.36 | 0.27 |
| Working capital ratio | -4.5% | -10.4% | -11.8% | -14.2% | -14.4% |
| Solvency | 71.0% | 57.9% | 48.9% | 40.8% | 36.5% |
| Debt / equity | 0.34 | 0.66 | 0.97 | 1.35 | 1.09 |
| Long-term debt ratio | 0.09 | 0.17 | 0.32 | 0.80 | 1.09 |
| Interest coverage | 36.98 | 18.05 | 22.84 | 15.30 | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 12.3% | 8.6% | 22.1% | 8.6% | 40.0% |
| ROE | 17.3% | 14.8% | 45.2% | 21.1% | 109.7% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (26 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €809k | €983k | €1.15M | €1.17M | €1.28M |
| Fixed assets | 21/28 | €699k | €812k | €924k | €1.07M | €1.21M |
| Intangible fixed assets | 21 | €37k | €34k | €29k | €4k | €30k |
| Tangible fixed assets | 22/27 | €662k | €778k | €895k | €1.07M | €1.19M |
| Current assets | 29/58 | €109k | €171k | €229k | €94k | €70k |
| Amounts receivable within one year | 40/41 | €47k | €28k | €29k | €18k | €23k |
| Investments | 50/53 | €33k | €63k | €33k | - | - |
| Cash & bank | 54/58 | €30k | €80k | €161k | €74k | €42k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €809k | €983k | €1.15M | €1.17M | €1.28M |
| Equity | 10/15 | €574k | €569k | €564k | €476k | €469k |
| Contributions / capital | 10/11 | €6k | €6k | €6k | €6k | - |
| Reserves | 13 | €2k | €2k | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €549k | €540k | €532k | €439k | €429k |
| Provisions & deferred taxes | 16 | €38k | €41k | €41k | €50k | €51k |
| Amounts payable | 17/49 | €197k | €374k | €548k | €641k | €765k |
| Amounts payable after one year | 17 | €51k | €99k | €182k | €380k | €509k |
| Amounts payable within one year | 42/48 | €146k | €273k | €365k | €260k | €255k |
| Trade debts payable within one year | 44 | €5k | €114k | €27k | €15k | €17k |
| Income statement | ||||||
| Gross operating margin | 9900 | €218k | €208k | €469k | €231k | €257k |
| Operating result | 9901 | €103k | €90k | €303k | €114k | €139k |
| Financial income | 75 | €4k | €7k | €5k | €3k | €3k |
| Financial charges | 65 | €6k | €11k | €21k | €15k | €18k |
| Result before taxes | 9903 | €101k | €86k | €287k | €103k | €125k |
| Income taxes | 67/77 | €2k | €2k | €32k | €2k | €9k |
| Net result for the period | 9904 | €100k | €84k | €255k | €100k | €116k |
| Result to be appropriated | 9905 | €100k | €84k | €255k | €100k | €116k |
Legal Structure
| NACE primary | Production of electricity from non-renewable sources(35110) |
| Legal form | Private limited company(610) |
| Incorporation | 23-04-2009 |
| Status | Active |
| Postal code | 8930 |
Establishment units
VARAM ENERGIES
since 20092.179.037.197
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34027F0458/00M000 | Flanders | 1.9 ha | 1 · 5,228 m² | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
05-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Weakest financial yearnet €84k ▼67%
Net result drops to €84k, the lowest in the series; recovery starts the following year.
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Equity above €500kEq €564k ▲18.5%
3 profitable years in a row build equity to €564k.
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 24 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Production of electricity from non-renewable sources35110
Names & trade names
| Legal nameNL | VARAM ENERGIES |
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