VARECO
ActiveSummary
VARECO has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €626k and a net result of €112k. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 95% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▲+5
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity ample (current ratio 13.92 against 15.28 in 2024; short-term debt: 7.1% and cash: 90.6% of total assets), and 7.1% 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
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
92.9%
Return on assets
16.6%
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 €626k
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 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
27 d early
2023
20 d late
2022
45 d early
2021
16 d late
2020
2 d early
2019
13 d late
← 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
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Hiring this company for building work? Recognition, activities and what to check first.Contractor check Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Financials · fiscal year 2025, micro schema
Equity
€626k▲ 9.2%
2024 · €573k
Total assets
€675k▲ 10.0%
2024 · €613k
Net result
€112k▲ 40.9%
2024 · €80k
Working capital
€623k▲ 9.7%
2024 · €568k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€87k▲ 270%€122k▲ 39.9%€136k▲ 11.5%€114k▼ 15.9%€159k▲ 39.7%
Net result€51k▲ 241%€85k▲ 68.2%€95k▲ 12.1%€80k▼ 16.7%€112k▲ 40.9%
Equity€616k▲ 9.0%€473k▼ 23.1%€533k▲ 12.5%€573k▲ 7.7%€626k▲ 9.2%
Total assets€660k▲ 10.6%€516k▼ 21.7%€587k▲ 13.7%€613k▲ 4.5%€675k▲ 10.0%
Debt€44k▲ 41.4%€43k▼ 1.9%€54k▲ 26.7%€40k▼ 26.6%€48k▲ 21.1%
Working capital€597k▲ 11.1%€465k▼ 22.2%€528k▲ 13.6%€568k▲ 7.5%€623k▲ 9.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 40% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €675k
Fixed assets
€3k ▼ 37.4%
Current assets
€671k ▲ 10.4%
Equity and liabilities €675k
Equity
€626k ▲ 9.2%
Debt
€48k ▲ 21.1%
Debt's share of the balance-sheet total rises from 6.5% to 7.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€161k▲
2024 · €116k
Cash flow
€114k▲
2024 · €82k
Current ratio
13.92▼
2024 · 15.28
Quick ratio
13.78▼
2024 · 14.86
Debt to equity
0.08▲
2024 · 0.07
ROE
17.9%▲
2024 · 13.9%
ROA
16.6%▲
2024 · 13.0%
Interest coverage
254.17▲
2024 · 122.81
Debt ≤ 1 year
€48k▲
2024 · €40k
Income taxes
€47k▲
2024 · €34k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11k | €10k | €6k | €2k | €2k | ▼ 10.3% |
| Other operating charges640/8 | €3k | €4k | €4k | €3k | €3k | ▲ 9.1% |
| Gross operating margin9900 | €101k | €136k | €145k | €119k | €164k | ▲ 38.1% |
| Operating profit (loss)9901 | €87k | €122k | €136k | €114k | €159k | ▲ 39.7% |
| Financial income75/76B | €38 | €694 | €229 | €229 | €710 | ▲ 210% |
| Recurring financial income75 | €38 | €694 | €229 | €229 | €710 | ▲ 210% |
| Financial charges65/66B | €729 | €576 | €834 | €947 | €635 | ▼ 32.9% |
| Recurring financial charges65 | €729 | €576 | €834 | €947 | €635 | ▼ 32.9% |
| Profit (loss) for the period before taxes9903 | €86k | €122k | €135k | €113k | €159k | ▲ 40.7% |
| Income taxes67/77 | €36k | €36k | €39k | €34k | €47k | ▲ 40.2% |
| Profit (loss) for the period9904 | €51k | €85k | €95k | €80k | €112k | ▲ 40.9% |
| Profit (loss) for the period to be appropriated9905 | €51k | €85k | €95k | €80k | €112k | ▲ 40.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €660k | €516k | €587k | €613k | €675k | ▲ 10.0% |
| Fixed assets21/28 | €19k | €8k | €4k | €5k | €3k | ▼ 37.4% |
| Tangible fixed assets22/27 | €19k | €8k | €4k | €5k | €3k | ▼ 37.4% |
| Land and buildings22 | €2k | €1k | €921 | €461 | - | - |
| Plant, machinery and equipment23 | €2k | €1k | €2k | €4k | €3k | ▼ 23.4% |
| Furniture and vehicles24 | €15k | €6k | €1k | €518 | - | - |
| Current assets29/58 | €641k | €508k | €583k | €608k | €671k | ▲ 10.4% |
| Stocks and contracts in progress3 | €28k | €20k | €20k | €17k | €7k | ▼ 58.3% |
| Stocks30/36 | €24k | €20k | €20k | €17k | €7k | ▼ 58.3% |
| Contracts in progress37 | €4k | - | - | - | - | - |
| Amounts receivable within one year40/41 | €64k | €153k | €188k | €73k | €47k | ▼ 35.8% |
| Trade receivables40 | €40k | €119k | €157k | €40k | €12k | ▼ 70.2% |
| Other amounts receivable41 | €25k | €34k | €30k | €34k | €35k | ▲ 4.9% |
| Cash at bank and in hand54/58 | €543k | €331k | €372k | €515k | €611k | ▲ 18.6% |
| Deferred charges and accrued income490/1 | €6k | €4k | €3k | €3k | €6k | ▲ 124% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €660k | €516k | €587k | €613k | €675k | ▲ 10.0% |
| Equity10/15 | €616k | €473k | €533k | €573k | €626k | ▲ 9.2% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €597k | €455k | €514k | €555k | €608k | ▲ 9.5% |
| Non-distributable reserves130/1 | €23k | €21k | - | - | - | - |
| Reserves not available under the articles1311 | €23k | €21k | - | - | - | - |
| Distributable reserves133 | €575k | €434k | €514k | €555k | €608k | ▲ 9.5% |
| Amounts payable17/49 | €44k | €43k | €54k | €40k | €48k | ▲ 21.1% |
| Amounts payable within one year42/48 | €44k | €43k | €54k | €40k | €48k | ▲ 21.1% |
| Financial debts43 | €15k | €18k | €10k | €10k | €10k | ▼ 1.4% |
| Credit institutions430/8 | €15k | €18k | €10k | €10k | €10k | ▼ 1.4% |
| Trade debts44 | €6k | €3k | €21k | €9k | €17k | ▲ 83.8% |
| Suppliers440/4 | €6k | €3k | €21k | €9k | €17k | ▲ 83.8% |
| Taxes, remuneration and social security45 | €23k | €22k | €23k | €20k | €21k | ▲ 3.7% |
| Taxes450/3 | €23k | €22k | €17k | €15k | €21k | ▲ 43.1% |
| Remuneration and social security454/9 | - | - | €5k | €6k | - | - |
| Accrued charges and deferred income492/3 | - | - | €1 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51k | €85k | €95k | €80k | €112k | ▲ 40.9% |
| + Depreciation and write-downs630 | €11k | €10k | €6k | €2k | €2k | ▼ 10.3% |
| Operating cash flow (approximation) | €62k | €95k | €101k | €82k | €114k | ▲ 39.5% |
| Investment in fixed assets (approximation) | - | €0 | €-2k | €-4k | €0 | ▲ 100% |
| Change in cash | - | €-212k | €42k | €143k | €96k | ▼ 32.9% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €112k ▲40.9%
Operating result €159k, net result €112k, both a record.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 20 days late
2023
31-12
Financial
Equity above €500kEq €533k ▲12.5%
6 profitable years in a row build equity to €533k.
16-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 16 days late
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €15k ▼74.9%
Net result drops to €15k, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 13 days late
2019
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 9 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
04-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 4 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
4 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, Lille · 1 establishment unit since 1997
Ground area
1,981 m²
Building footprint
178 m²
Volume, LiDAR
877 m³
Parcel 13032B0066/00D000, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VARECO
since 19972.082.519.328
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13032B0066/00D000 | Flanders | 1,981 m² | 1 · 178 m² | 7.5 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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Of 7,044 companies in sector 43221 we hold annual accounts for 3,473. 2,126 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
Founded27-06-1997
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43410Roofing work
Scores and ratios are computed by Checked and are not a credit decision.