Summary
VARES is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €82.9m and a net result of €2.5m. Equity is growing by ~3.5% per year across the filed fiscal years. Its solvency ranks better than 95% of 5587 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 01-06-2026, 60 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
60 d early
2024
38 d early
2023
37 d early
2022
40 d early
2021
12 d late
2020
23 d late
2019
37 d early
← 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 25 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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. Usually files around 23 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€82.9m▲ 2.7%
2024 · €80.7m
Net result
€2.5m▼ 14.7%
2024 · €2.9m
Total assets
€83.3m▲ 2.4%
2024 · €81.3m
Solvency
99.6%▲ 0.3pp
2024 · 99.3%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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-€348,954-€135,341▲ 61.2%-€609,139▼ 350%-€536,358▲ 11.9%-€566,077▼ 5.5%
Net result€2.8mabove the sector's middle half▲ 4.4%€6.3mabove the sector's middle half▲ 127%€3.0mabove the sector's middle half▼ 52.1%€2.9mabove the sector's middle half▼ 3.5%€2.5mabove the sector's middle half▼ 14.7%
Equity€73.1mabove the sector's middle half▲ 3.9%€76.4mabove the sector's middle half▲ 4.6%€78.3mabove the sector's middle half▲ 2.5%€80.7mabove the sector's middle half▲ 3.1%€82.9mabove the sector's middle half▲ 2.7%
Total assets€73.2mabove the sector's middle half▲ 3.4%€77.0mabove the sector's middle half▲ 5.3%€79.7mabove the sector's middle half▲ 3.5%€81.3mabove the sector's middle half▲ 2.0%€83.3mabove the sector's middle half▲ 2.4%
Debt€97,831▼ 77.5%€609,063▲ 523%€1.4m▲ 129%€594,940▼ 57.4%€364,752▼ 38.7%
Working capital€14.0mabove the sector's middle half▲ 39.3%€15.6mabove the sector's middle half▲ 11.6%€15.4mabove the sector's middle half▼ 1.7%€14.5mabove the sector's middle half▼ 5.6%€14.2mabove the sector's middle half▼ 1.9%
Solvency99.9%above the sector's middle half▲ 0.5pp99.2%above the sector's middle half▼ 0.7pp98.2%above the sector's middle half▼ 1.0pp99.3%above the sector's middle half▲ 1.0pp99.6%above the sector's middle half▲ 0.3pp
Current ratio26.73above the sector's middle half12.33above the sector's middle half▼ 14.4025.54above the sector's middle half▲ 13.2140.70above the sector's middle half▲ 15.16
Return on assets (ROA)3.8%within the sector's middle half=8.1%within the sector's middle half▲ 4.4pp3.8%within the sector's middle half▼ 4.4pp3.6%within the sector's middle half▼ 0.2pp3.0%within the sector's middle half▼ 0.6pp
Staff (FTE)0.5within the sector's middle half1within the sector's middle half▲ 100%1within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €566,077 in 2025 against €536,358 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83.3m
Fixed assets
€68.7m ▲ 3.7%
Current assets
€14.6m ▼ 3.4%
Equity and liabilities €83.3m
Equity
€82.9m ▲ 2.7%
Provisions
€2,964
Debt
€364,752 ▼ 38.7%
Debt's share of the balance-sheet total falls from 0.7% to 0.4%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.0%▼
2024 · 3.6%
Debt ≤ 1 year
€358,122▼
2024 · €590,725
Income taxes
€64,660▲
2024 · €56,149
Staff costs
€126,437▼
2024 · €128,556
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €80,648 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €45,331 | €128,556 | €126,437 | ▼ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €172,041 | €202,931 | €239,472 | €244,045 | €353,506 | ▲ 44.9% |
| Other operating charges640/8 | €39,346 | €2,926 | €36,251 | €36,223 | €35,578 | ▼ 1.8% |
| Non-recurring operating charges66A | - | - | - | €9,000 | €0 | ▼ 100% |
| Gross operating margin9900 | -€137,567 | €70,516 | -€288,085 | -€118,535 | -€50,556 | ▲ 57.3% |
| Operating profit (loss)9901 | -€348,954 | -€135,341 | -€609,139 | -€536,358 | -€566,077 | ▼ 5.5% |
| Financial income75/76B | €3.3m | €5.8m | €3.6m | €3.7m | €3.3m | ▼ 10.9% |
| Recurring financial income75 | €3.2m | €5.8m | €3.4m | €3.7m | €3.3m | ▼ 11.0% |
| Non-recurring financial income76B | €138,018 | €45,080 | €176,279 | €26,663 | €26,683 | ▲ 0.1% |
| Financial charges65/66B | €146,912 | €588,323 | -€116,973 | €192,296 | €175,154 | ▼ 8.9% |
| Recurring financial charges65 | €31,668 | €587,778 | -€116,973 | €192,296 | €175,154 | ▼ 8.9% |
| Non-recurring financial charges66B | €115,244 | €545 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.8m | €5.1m | €3.1m | €3.0m | €2.5m | ▼ 14.0% |
| Transfer from deferred taxes780 | - | - | - | - | €430 | - |
| Transfer to deferred taxes680 | - | - | - | - | €3,394 | - |
| Income taxes67/77 | €61,694 | -€1.2m | €121,353 | €56,149 | €64,660 | ▲ 15.2% |
| Profit (loss) for the period9904 | €2.8m | €6.3m | €3.0m | €2.9m | €2.5m | ▼ 14.7% |
| Transfer from tax-exempt reserves789 | - | - | €99,932 | €20,376 | €1,289 | ▼ 93.7% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €10,181 | - |
| Profit (loss) for the period to be appropriated9905 | €2.8m | €6.3m | €3.1m | €2.9m | €2.5m | ▼ 15.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €73.2m | €77.0m | €79.7m | €81.3m | €83.3m | ▲ 2.4% |
| Fixed assets21/28 | €59.1m | €60.8m | €63.0m | €66.3m | €68.7m | ▲ 3.7% |
| Tangible fixed assets22/27 | €4.5m | €4.8m | €4.6m | €4.5m | €5.1m | ▲ 14.0% |
| Land and buildings22 | €4.4m | €4.6m | €4.5m | €4.3m | €4.9m | ▲ 14.4% |
| Furniture and vehicles24 | €96,771 | €173,112 | €161,456 | €167,663 | €173,018 | ▲ 3.2% |
| Assets under construction and advance payments27 | €19,956 | €0 | - | - | - | - |
| Financial fixed assets28 | €54.6m | €56.1m | €58.4m | €61.8m | €63.6m | ▲ 3.0% |
| Current assets29/58 | €14.1m | €16.2m | €16.7m | €15.1m | €14.6m | ▼ 3.4% |
| Amounts receivable after more than one year29 | €303,200 | €300,000 | €1.3m | €1.2m | €1.2m | ▲ 0.9% |
| Other amounts receivable291 | €303,200 | €300,000 | €1.3m | €1.2m | €1.2m | ▲ 0.9% |
| Amounts receivable within one year40/41 | €304,213 | €191,146 | €199,114 | €299,862 | €212,664 | ▼ 29.1% |
| Trade receivables40 | €2,258 | €28,160 | €12,383 | €173,660 | €75,827 | ▼ 56.3% |
| Other amounts receivable41 | €301,955 | €162,986 | €186,731 | €126,202 | €136,837 | ▲ 8.4% |
| Current investments50/53 | €9.9m | €14.0m | €6.6m | €7.6m | €12.4m | ▲ 63.0% |
| Cash at bank and in hand54/58 | €3.6m | €1.7m | €8.4m | €5.7m | €501,662 | ▼ 91.2% |
| Deferred charges and accrued income490/1 | €31,678 | €66,019 | €259,721 | €250,834 | €205,596 | ▼ 18.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €73.2m | €77.0m | €79.7m | €81.3m | €83.3m | ▲ 2.4% |
| Equity10/15 | €73.1m | €76.4m | €78.3m | €80.7m | €82.9m | ▲ 2.7% |
| Contributions10/11 | €47.9m | €47.9m | €47.9m | €47.9m | €47.9m | = |
| Capital10 | €47.9m | €47.9m | €47.9m | €47.9m | €47.9m | = |
| Issued capital100 | €47.9m | €47.9m | €47.9m | €47.9m | €47.9m | = |
| Reserves13 | €6.7m | €5.1m | €5.2m | €5.3m | €5.9m | ▲ 11.0% |
| Non-distributable reserves130/1 | €1.3m | €1.6m | €1.7m | €1.9m | €2.0m | ▲ 6.5% |
| Legal reserve130 | €1.3m | €1.6m | €1.7m | €1.9m | €2.0m | ▲ 6.5% |
| Tax-exempt reserves132 | €120,308 | €120,308 | €20,376 | €0 | €8,892 | - |
| Distributable reserves133 | €5.3m | €3.4m | €3.4m | €3.4m | €3.9m | ▲ 13.2% |
| Profit (loss) carried forward14 | €18.5m | €23.4m | €25.3m | €27.6m | €29.2m | ▲ 5.8% |
| Provisions and deferred taxes16 | - | - | - | - | €2,964 | - |
| Deferred taxes168 | - | - | - | - | €2,964 | - |
| Amounts payable17/49 | €97,831 | €609,063 | €1.4m | €594,940 | €364,752 | ▼ 38.7% |
| Amounts payable within one year42/48 | €95,626 | €606,828 | €1.4m | €590,725 | €358,122 | ▼ 39.4% |
| Financial debts43 | €930 | €0 | - | - | - | - |
| Credit institutions430/8 | €930 | €0 | - | - | - | - |
| Trade debts44 | €42,310 | €112,090 | €190,009 | €73,720 | €30,050 | ▼ 59.2% |
| Suppliers440/4 | €42,310 | €112,090 | €190,009 | €73,720 | €30,050 | ▼ 59.2% |
| Taxes, remuneration and social security45 | €17,498 | €94,738 | €64,265 | €17,005 | €28,072 | ▲ 65.1% |
| Taxes450/3 | €17,498 | €94,738 | €62,934 | €13,540 | €16,502 | ▲ 21.9% |
| Remuneration and social security454/9 | - | - | €1,331 | €3,465 | €11,570 | ▲ 234% |
| Other amounts payable47/48 | €34,888 | €400,000 | €1.1m | €500,000 | €300,000 | ▼ 40.0% |
| Accrued charges and deferred income492/3 | €2,205 | €2,235 | €41,435 | €4,215 | €6,630 | ▲ 57.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.8m | €6.3m | €3.0m | €2.9m | €2.5m | ▼ 14.7% |
| + Depreciation and write-downs630 | €172,041 | €202,931 | €239,472 | €244,045 | €353,506 | ▲ 44.9% |
| Operating cash flow (approximation) | €2.9m | €6.5m | €3.2m | €3.1m | €2.8m | ▼ 10.1% |
| Investment in fixed assets (approximation) | - | -€2.0m | -€2.4m | -€3.5m | -€2.8m | ▲ 18.9% |
| Change in cash | - | -€1.9m | €6.8m | -€2.7m | -€5.2m | ▼ 91.7% |
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
18-09
State Gazette act
Reappointments: Martine Reijnaers, Philippe Juliard and 3 others8 facts ▸
State Gazette act
Reappointments: Martine Reijnaers, Philippe Juliard and 3 others
8 facts ▸
- General meeting, 09-06-2026
- Director reappointment, Martine Reijnaers (director)
- Director reappointment, Philippe Juliard (director)
- Director reappointment, Clément Juliard (director)
- Director reappointment, Claire Juliard (director)
- Director reappointment, Thibault Juliard (director)
- Board meeting, 09-06-2026
- Director reappointment, Martine Reijnaers (managing director)
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
20-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity doublescurrent ratio 25.54
Current ratio from 12.33 to 25.54; short-term debt falls from €1.4m to €590,725.
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €6.3m ▲127%
Net result €6.3m, the highest in the series.
12-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 12 days late
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 23 days late
2020
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26117362). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 5
Claire Juliard
CurrentDirector · since 09-06-2026
Clément Juliard
CurrentDirector · since 09-06-2026
Martine Reijnaers
CurrentDirector · since 09-06-2026
Philippe Juliard
CurrentDirector · since 09-06-2026
Thibault Juliard
CurrentDirector · since 09-06-2026
Day-to-day management 1
Martine Reijnaers
CurrentManaging director · since 09-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2004
Ground area
7,386 m²
Building footprint
1,205 m²
Volume, LiDAR
36,627 m³
Parcel 21802B0872/00P000, Brussels · tallest building 42.1 m, ±10 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
-
since 20042.145.591.993
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B0872/00P000 | Brussels | 7,386 m² | 1 · 1,205 m² | 42.1 m · 10 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.
Mandate history
5 people since 2026, 5 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Claire Juliard |
|
| Clément Juliard |
|
| Martine Reijnaers |
|
| Philippe Juliard |
|
| Thibault Juliard |
|
Structure & network
Owners and holdings
4 holdings · 3 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 4
-
100%
-
100%
-
25%
-
19.98%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- VARESFR 100%
According to the 2025 annual accounts of VARES and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
5 current directorsThe group is listed under Ownership & control below; here you explore it as a network.
This company
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Shareholding
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Ownership & control
2 board mandatesBoard mandates of this companythis company sits on their board2
1 location
1 location
Recognitions · licences · registrations
Legal Entity Identifier
894500FXJKVL2R379R67
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Identification & contact
Identification
Legal formPublic limited company
Founded10-09-2004
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0867182275
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.