Summary
VASCO Projects 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 €17,852 and a net result of -€6,235. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 8094 sector peers (fiscal year 2025). The company has been active since 2018 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 · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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 · 7 filingsDeviation from the deadline
2025
25 d late
2024
75 d late
2023
64 d late
2022
31 d late
2021
33 d early
2020
47 d late
2019
on the day
← 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 30 days after 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 31 August (4 of the last 5 filed years within 44 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€17,852▼ 25.9%
2024 · €24,086
Net result
-€6,235▲ 55.3%
2024 · -€13,948
Total assets
€84,297▼ 7.4%
2024 · €91,027
Solvency
21.2%▼ 5.3pp
2024 · 26.5%
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€58,759▲ 47.0%€63,784▲ 8.6%-€13,319-€13,331▼ 0.1%-€5,673▲ 57.4%
Net result€45,501within the sector's middle half▲ 47.4%€50,570within the sector's middle half▲ 11.1%-€14,102below the sector's middle half-€13,948below the sector's middle half▲ 1.1%-€6,235below the sector's middle half▲ 55.3%
Equity€94,966within the sector's middle half▲ 119%€105,536within the sector's middle half▲ 11.1%€110,034within the sector's middle half▲ 4.3%€24,086below the sector's middle half▼ 78.1%€17,852below the sector's middle half▼ 25.9%
Total assets€146,037within the sector's middle half▲ 43.7%€168,452within the sector's middle half▲ 15.3%€121,359below the sector's middle half▼ 28.0%€91,027below the sector's middle half▼ 25.0%€84,297below the sector's middle half▼ 7.4%
Debt€51,071▼ 12.5%€62,917▲ 23.2%€11,325▼ 82.0%€66,940▲ 491%€66,446▼ 0.7%
Working capital€75,060within the sector's middle half▲ 462%€96,863within the sector's middle half▲ 29.0%€110,034within the sector's middle half▲ 13.6%€24,086within the sector's middle half▼ 78.1%€16,896within the sector's middle half▼ 29.9%
Solvency65.0%within the sector's middle half▲ 22.5pp62.7%within the sector's middle half▼ 2.4pp90.7%above the sector's middle half▲ 28.0pp26.5%within the sector's middle half▼ 64.2pp21.2%within the sector's middle half▼ 5.3pp
Current ratio3.09within the sector's middle half▲ 1.682.70within the sector's middle half▼ 0.4010.72above the sector's middle half▲ 8.021.36within the sector's middle half▼ 9.361.25within the sector's middle half▼ 0.11
Return on assets (ROA)31.2%above the sector's middle half▲ 0.8pp30.0%above the sector's middle half▼ 1.1pp-11.6%below the sector's middle half▼ 41.6pp-15.3%below the sector's middle half▼ 3.7pp-7.4%below the sector's middle half▲ 7.9pp
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.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5,673 in 2025 against €13,331 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84,297
Fixed assets
€956
Current assets
€83,342
Equity and liabilities €84,297
Equity
€17,852 ▼ 25.9%
Debt
€66,446 ▼ 0.7%
Debt's share of the balance-sheet total rises from 73.5% to 78.8%. Equity and debt are lower.
Key figures and ratios
ROE
-34.9%▲
2024 · -57.9%
Debt ≤ 1 year
€66,446▼
2024 · €66,940
Income taxes
€507▼
2024 · €529
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 | - | - | €11,183 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,790 | €20,633 | €11,505 | - | €34 | - |
| Other operating charges640/8 | €784 | €1,723 | €1,714 | €1,263 | €938 | ▼ 25.7% |
| Gross operating margin9900 | €80,333 | €86,140 | -€99 | -€12,068 | -€4,701 | ▲ 61.0% |
| Operating profit (loss)9901 | €58,759 | €63,784 | -€13,319 | -€13,331 | -€5,673 | ▲ 57.4% |
| Financial income75/76B | €183 | €669 | - | €0 | - | - |
| Recurring financial income75 | €183 | €669 | - | €0 | - | - |
| Financial charges65/66B | €572 | €385 | €221 | €88 | €54 | ▼ 38.2% |
| Recurring financial charges65 | €572 | €385 | €221 | €88 | €54 | ▼ 38.2% |
| Profit (loss) for the period before taxes9903 | €58,370 | €64,068 | -€13,540 | -€13,419 | -€5,727 | ▲ 57.3% |
| Income taxes67/77 | €12,869 | €13,499 | €561 | €529 | €507 | ▼ 4.1% |
| Profit (loss) for the period9904 | €45,501 | €50,570 | -€14,102 | -€13,948 | -€6,235 | ▲ 55.3% |
| Profit (loss) for the period to be appropriated9905 | €45,501 | €50,570 | -€14,102 | -€13,948 | -€6,235 | ▲ 55.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €146,037 | €168,452 | €121,359 | €91,027 | €84,297 | ▼ 7.4% |
| Fixed assets21/28 | €35,138 | €14,505 | - | - | €956 | - |
| Tangible fixed assets22/27 | €35,138 | €14,505 | - | - | €956 | - |
| Plant, machinery and equipment23 | €1,230 | €410 | - | - | €956 | - |
| Furniture and vehicles24 | €33,908 | €14,095 | - | - | - | - |
| Current assets29/58 | €110,899 | €153,947 | €121,359 | €91,027 | €83,342 | ▼ 8.4% |
| Amounts receivable after more than one year29 | - | - | €65,014 | - | - | - |
| Other amounts receivable291 | - | - | €65,014 | - | - | - |
| Amounts receivable within one year40/41 | €50,870 | €18,993 | €652 | €702 | €1,068 | ▲ 52.1% |
| Trade receivables40 | €43,266 | €2,906 | €363 | €363 | €363 | = |
| Other amounts receivable41 | €7,604 | €16,087 | €289 | €339 | €705 | ▲ 108% |
| Cash at bank and in hand54/58 | €57,492 | €132,181 | €54,211 | €88,776 | €80,193 | ▼ 9.7% |
| Deferred charges and accrued income490/1 | €2,538 | €2,774 | €1,481 | €1,548 | €2,081 | ▲ 34.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €146,037 | €168,452 | €121,359 | €91,027 | €84,297 | ▼ 7.4% |
| Equity10/15 | €94,966 | €105,536 | €110,034 | €24,086 | €17,852 | ▼ 25.9% |
| Contributions10/11 | €18,600 | €18,600 | €37,200 | €37,200 | €37,200 | = |
| Profit (loss) carried forward14 | €76,366 | €86,936 | €72,834 | -€13,114 | -€19,348 | ▼ 47.5% |
| Amounts payable17/49 | €51,071 | €62,917 | €11,325 | €66,940 | €66,446 | ▼ 0.7% |
| Amounts payable after more than one year17 | €15,232 | €5,832 | - | - | - | - |
| Financial debts170/4 | €15,232 | €5,832 | - | - | - | - |
| Amounts payable within one year42/48 | €35,839 | €57,084 | €11,325 | €66,940 | €66,446 | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | €10,777 | €9,399 | €5,832 | - | - | - |
| Trade debts44 | €3,902 | €2,560 | €1,556 | €1,829 | €1,315 | ▼ 28.1% |
| Suppliers440/4 | €3,902 | €2,560 | €1,556 | €1,829 | €1,315 | ▼ 28.1% |
| Taxes, remuneration and social security45 | €21,161 | €5,125 | €561 | €529 | €507 | ▼ 4.1% |
| Taxes450/3 | €21,161 | €5,125 | €561 | €529 | €507 | ▼ 4.1% |
| Other amounts payable47/48 | - | €40,000 | €3,375 | €64,582 | €64,623 | ▲ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,501 | €50,570 | -€14,102 | -€13,948 | -€6,235 | ▲ 55.3% |
| + Depreciation and write-downs630 | €20,790 | €20,633 | €11,505 | - | €34 | - |
| Operating cash flow (approximation) | €66,291 | €71,202 | -€2,596 | -€13,948 | -€6,200 | ▲ 55.5% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - |
| Change in cash | - | €74,689 | -€77,969 | €34,565 | -€8,583 | ▼ 125% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
14-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 75 days late
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 64 days late
2023
31-12
Financial
Weakest financial yearnet -€14,102
Net result drops to -€14,102, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 10.72
Current ratio from 2.70 to 10.72; short-term debt falls from €57,084 to €11,325.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Highest result since 2019net €50,570 ▲11.1%
Operating result €63,784, net result €50,570, both a record.
31-12
Financial
Equity above €100,000Eq €105,536 ▲11.1%
4 profitable years in a row build equity to €105,536.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity doublescurrent ratio 3.09
Current ratio from 1.41 to 3.09.
16-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 47 days late
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro 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, Dilbeek · 1 establishment unit since 2018
Ground area
1,081 m²
Building footprint
172 m²
Volume, LiDAR
1,272 m³
2 parcels, Flanders · tallest building 12.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Van Melkebeek Steven
since 20182.277.658.681
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23070C0071/00M000 | Flanders | 834 m² | 1 · 24 m² | 2.5 m |
| 23089D0217/00W000 | Flanders | 247 m² | 1 · 148 m² | 12.3 m · 3 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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 874 EUR awarded · 874 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 874 EUR | 874 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 7,024 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
Founded13-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0699910725
Also
9925:BE0699910725
Registered
21-01-2026
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.