VBO Projects
ActiveSummary
VBO Projects has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€12,838) and a net result of -€11,514. Equity is growing by ~34.2% per year across the filed fiscal years. Its solvency ranks better than 13% of 9722 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability36▼-35
Solvency23▼-2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.56 against 0.38 in 2023; short-term debt: 34.4% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-2.3%
Return on assets
-2.1%
Age of the figures
21 mo
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€12,838
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-12-2025, 144 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
144 d late
2023
23 d early
2022
30 d late
2021
31 d early
2020
1 d early
2019
33 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 25 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
-€12,838▼ 870%
2023 · -€1,324
Total assets
€552,200▲ 3.1%
2023 · €535,676
Net result
-€11,514
2023 · €10,854
Working capital
-€83,010▲ 8.6%
2023 · -€90,823
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Line20202021202220232024
Operating result€8,669▲ 13.7%€27,586▲ 218%€11,477▼ 58.4%€17,738▲ 54.6%€7,709▼ 56.5%
Net result-€626within the sector's middle half▲ 65.0%€19,374within the sector's middle half€4,346within the sector's middle half▼ 77.6%€10,854within the sector's middle half▲ 150%-€11,514within the sector's middle half
Equity-€35,898below the sector's middle half▼ 1.8%-€16,524below the sector's middle half▲ 54.0%-€12,178below the sector's middle half▲ 26.3%-€1,324below the sector's middle half▲ 89.1%-€12,838below the sector's middle half▼ 870%
Total assets€608,292within the sector's middle half▼ 5.8%€587,256below the sector's middle half▼ 3.5%€550,154below the sector's middle half▼ 6.3%€535,676below the sector's middle half▼ 2.6%€552,200below the sector's middle half▲ 3.1%
Debt€644,190▼ 5.4%€603,781▼ 6.3%€562,332▼ 6.9%€536,999▼ 4.5%€565,038▲ 5.2%
Working capital-€153,537▲ 7.2%-€125,121▲ 18.5%-€111,068▲ 11.2%-€90,823▲ 18.2%-€83,010▲ 8.6%
Solvency-5.9%below the sector's middle half▼ 0.4pp-2.8%below the sector's middle half▲ 3.1pp-2.2%below the sector's middle half▲ 0.6pp-0.2%below the sector's middle half▲ 2.0pp-2.3%below the sector's middle half▼ 2.1pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 57% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €552,200
Fixed assets
€445,511 ▼ 7.4%
Current assets
€106,689 ▲ 95.3%
Key figures and ratios
EBITDA
€43,253▼
2023 · €53,281
Cash flow
€24,029▼
2023 · €46,398
Current ratio
0.56▲
2023 · 0.38
Debt to equity
-44.01
ROA
-2.1%▼
2023 · 2.0%
Interest coverage
2.35▼
2023 · 9.17
Debt ≤ 1 year
€189,699▲
2023 · €145,444
Debt > 1 year
€375,339▼
2023 · €391,555
Income taxes
€855▼
2023 · €1,071
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,170 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
1.7%
went bankrupt
2.5%
stopped otherwise
95%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,170 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,660 | €35,543 | €35,543 | €35,543 | €35,543 | = |
| Other operating charges640/8 | - | €4,988 | €4,630 | €4,002 | €3,980 | ▼ 0.5% |
| Gross operating margin9900 | €49,854 | €68,118 | €51,651 | €57,283 | €47,233 | ▼ 17.5% |
| Operating profit (loss)9901 | €8,669 | €27,586 | €11,477 | €17,738 | €7,709 | ▼ 56.5% |
| Financial charges65/66B | - | €7,848 | €6,051 | €5,813 | €18,369 | ▲ 216% |
| Recurring financial charges65 | €9,174 | €7,848 | €6,051 | €5,813 | €18,369 | ▲ 216% |
| Profit (loss) for the period before taxes9903 | -€505 | €19,738 | €5,426 | €11,925 | -€10,659 | ▼ 189% |
| Income taxes67/77 | €121 | €364 | €1,080 | €1,071 | €855 | ▼ 20.2% |
| Profit (loss) for the period9904 | -€626 | €19,374 | €4,346 | €10,854 | -€11,514 | ▼ 206% |
| Profit (loss) for the period to be appropriated9905 | -€626 | €19,374 | €4,346 | €10,854 | -€11,514 | ▼ 206% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €608,292 | €587,256 | €550,154 | €535,676 | €552,200 | ▲ 3.1% |
| Fixed assets21/28 | €587,685 | €552,142 | €516,598 | €481,055 | €445,511 | ▼ 7.4% |
| Tangible fixed assets22/27 | €587,685 | €552,142 | €516,598 | €481,055 | €445,511 | ▼ 7.4% |
| Land and buildings22 | - | €549,726 | €514,485 | €479,243 | €444,002 | ▼ 7.4% |
| Plant, machinery and equipment23 | - | €2,415 | €2,113 | €1,811 | €1,510 | ▼ 16.7% |
| Current assets29/58 | €20,607 | €35,115 | €33,556 | €54,621 | €106,689 | ▲ 95.3% |
| Amounts receivable within one year40/41 | €17,075 | €29,575 | €31,432 | €54,243 | €106,678 | ▲ 96.7% |
| Trade receivables40 | - | - | - | €5,776 | €69,418 | ▲ 1,102% |
| Other amounts receivable41 | - | €29,575 | €31,432 | €48,467 | €37,260 | ▼ 23.1% |
| Cash at bank and in hand54/58 | €2,074 | €2,417 | €1,443 | - | - | - |
| Deferred charges and accrued income490/1 | - | €3,123 | €681 | €378 | €11 | ▼ 97.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €608,292 | €587,256 | €550,154 | €535,676 | €552,200 | ▲ 3.1% |
| Equity10/15 | -€35,898 | -€16,524 | -€12,178 | -€1,324 | -€12,838 | ▼ 870% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€48,298 | -€28,924 | -€24,578 | -€13,724 | -€25,238 | ▼ 83.9% |
| Amounts payable17/49 | €644,190 | €603,781 | €562,332 | €536,999 | €565,038 | ▲ 5.2% |
| Amounts payable after more than one year17 | €470,046 | €443,545 | €417,708 | €391,555 | €375,339 | ▼ 4.1% |
| Financial debts170/4 | - | €443,545 | €417,708 | €391,555 | €375,339 | ▼ 4.1% |
| Amounts payable within one year42/48 | €174,144 | €160,236 | €144,624 | €145,444 | €189,699 | ▲ 30.4% |
| Current portion of amounts payable after more than one year42 | - | €25,511 | €25,837 | €26,153 | €21,575 | ▼ 17.5% |
| Trade debts44 | €7,815 | €1,903 | €121 | €5,305 | €2,952 | ▼ 44.4% |
| Suppliers440/4 | - | €1,903 | €121 | €5,305 | €2,952 | ▼ 44.4% |
| Taxes, remuneration and social security45 | - | €485 | €1,444 | €2,515 | €3,370 | ▲ 34.0% |
| Taxes450/3 | - | €485 | €1,444 | €2,515 | €3,370 | ▲ 34.0% |
| Other amounts payable47/48 | - | €132,337 | €117,222 | €111,471 | €161,802 | ▲ 45.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€626 | €19,374 | €4,346 | €10,854 | -€11,514 | ▼ 206% |
| + Depreciation and write-downs630 | €35,660 | €35,543 | €35,543 | €35,543 | €35,543 | = |
| Operating cash flow (approximation) | €35,034 | €54,917 | €39,890 | €46,398 | €24,029 | ▼ 48.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €343 | -€973 | - | - | - |
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
2025
22-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 144 days late
2024
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €19,374
Net result €19,374 after 3 loss-making years.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
02-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 33 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2017
Ground area
1,809 m²
Building footprint
267 m²
Volume, LiDAR
1,738 m³
Parcel 46016E0114/00W000, Flanders · tallest building 11.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VBO Projects
since 20172.266.938.795
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46016E0114/00W000 | Flanders | 1,808 m² | 1 · 267 m² | 11.1 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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 459 EUR awarded · 635 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 176 EUR |
| 2022 | 1 | 459 EUR | 459 EUR |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-08-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0679624263
Also
9925:BE0679624263
Registered
20-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.