Equity
€163,552 from €1.6m in 2021
Equity fell by 89% in 3 years.
VDC & BO
Lifetime
15 annual accounts with figures on one time axispeak €170.7m (2021)
€118.6m▼ 15.0%
lowest -€1.1m (2022)
-€118,972▲ €82,123
peak €1.6m (2021)
€163,552▼ 42.1%
€10.0m▼ 4.3%
peak 35.9 FTE (2022)
30.1 FTE▼ 12.5%
Board3 names since 2009
2 directorsDE PAEPE Gerard Roger Henri and 1 other
Owners2 names in the annual accounts
Documentsfilings and deeds
19-08-202519 days late
2024financial year
Turnover from €139.5m to €118.6mLoss of €118,972Staff from 34.4 FTE to 30.1 FTEEquity from €282,525 to €163,552Cash from €223,554 to €28,365
Key points
from the 2024 annual accountsLosses
-€1.4m in three years
Every financial year from 2022 to 2024 closed with a loss. 2022 was the heaviest.
Debts
€10.0m 98% of the balance sheet
Financial debts 51%Suppliers 36%Taxes and wages 3%Other 9%
€5.2m of the debts are secured on the company's own assets. In 2021 that was €5.4m.
Staff
28 employees on 31-12-2024
In 2024, 5 people joined and 10 left.
Filings
15 annual accounts 100 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
Position in the sector
1.6%
Lower solvency than 90% of companies in wholesale trade. Sector median 42.0% · 6,060 companies.
Checked score
34
Weak
Financially stronger than 8% of small companies in wholesale trade (NACE 46)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
5.2% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.7%
01-2025: 1.7%● unchanged vs 12-2024
02-2025: 1.7%● unchanged vs 01-2025
03-2025: 1.7%● unchanged vs 02-2025lowest value
04-2025: 1.7%● unchanged vs 03-2025
05-2025: 1.7%● unchanged vs 04-2025
06-2025: 1.7%● unchanged vs 05-2025
07-2025: 2.1%▲ +0.4 percentage points vs 06-2025
08-2025: 2.7%▲ +0.6 percentage points vs 07-2025
09-2025: 1.9%▼ -0.8 percentage points vs 08-2025
10-2025: 1.9%● unchanged vs 09-2025
11-2025: 1.9%● unchanged vs 10-2025
12-2025: 1.9%● unchanged vs 11-2025
01-2026: 1.9%● unchanged vs 12-2025
02-2026: 1.9%● unchanged vs 01-2026
03-2026: 1.8%▼ -0.1 percentage points vs 02-2026
04-2026: 1.8%● unchanged vs 03-2026
05-2026: 1.8%● unchanged vs 04-2026
06-2026: 1.8%● unchanged vs 05-2026
07-2026: 1.9%▲ +0.1 percentage points vs 06-2026
08-2026: 3.0%▲ +1.1 percentage points vs 07-2026
09-2026: 3.5%▲ +0.5 percentage points vs 08-2026
10-2026: 5.2%▲ +1.7 percentage points vs 09-2026highest value
11-2026: 5.2%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Figures for financial year 2024 (filed on 20-08-2025)
Liquidity: current ratio 1.03, cash €28,365, halved
Equity €163,552 (1.6% of total assets)
lowers risk
Founded in 2009
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small). It does better than 6% of them on solvency, 2% on liquidity, 15% on profitability and 9% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 912 companies had the same profile as VDC & BO has now. Each dot stands for 3 companies, two years later.
95.3%
were still trading
2.1%
stopped another way
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VDC & BO itself is higher: 5.2% within 12 months. It rests on far more data about VDC & BO than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 912 companies, not a prediction for VDC & BO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €5,000 on 30-day terms, only on tighter conditions: elevated estimated bankruptcy probability calls for adjusted credit terms
Liquidity is tight, with a current ratio of 1.03 (1.07 in 2023), below the usual 1.5. Short-term debt is 89.1% and cash 0.3% of total assets. 98.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Eight signals.
lowers riskraises risk
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€118,972
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 6060 sector peers (2024).
NBB · sector comparisonPosition among 6060 sector peers
Solvency
better than 9%
← weakest
strongest →
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 100 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline08-11-2026 today
raises risk · 2024 accounts filed 19 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 19-08-2025, 19 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
19 days late
2023
6 days early
2022
137 days late
2021
31 days late
2020
31 days late
2019
21 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 39 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
Board and ownership
- Dest Invest BV consolidatesscore 87equity €80,220 (2025) · annual accounts 2022
Recent changes
2 directors resigning, 2 reappointments
Resignations: DE PAEPE Gerard Roger Henri and STEVENS Tania Anna Emilienne · Reappointments: DE PAEPE Gerard Roger Henri (director) and STEVENS Tania Anna Emilienne (director) · DE PAEPE Gerard Roger Henri holds 50 shares · General meeting of 11-12-2023 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0818140659
Reappointment: Moore Audit BV (statutory auditor)
Permanent representative: Wendy Van der Biest · General meeting of 21-08-2020 · Gazette deed
New establishment in Geraardsbergen
VDC & BO BVBA, Groteweg 475/A
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VDC & BO Geraardsbergen | €118.6m | 0.2% | 1.6% | 30.1 |
| Scandinavian Tobacco Group Belux Lummen | €53.5m | 1.7% | 31.5% | 16.9 |
| STUBBE TOBACCO TRADING Zonnebeke | €106.8m | 3.2% | 88.2% | 16.9 |
| VOLCKAERT - SOETENS Lede | €344.3m | 0.6% | 53.5% | 41.3 |
| LANDEWYCK TOBACCO BELGIUM Braine-l'Alleud | €66.3m | 0.7% | 8.1% | 15.4 |
| MAGIC Comines-Warneton | - | - | 79.0% | 16.3 |
| Sizzle Oudsbergen | - | - | 52.2% | 13.8 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as VDC & BO: wholesale trade (NACE 46350). They are comparable in size and age: total assets between €3.2m and €37m, founded between 1994 and 2017.
Official details
Source: KBO- Status
- Active since 31-08-2009Normal situation
- Activity
- Wholesale tradeNACE 46350and 2 others
- Joint committees
- 119Food trade
- 200Auxiliary committee for white-collar workers · annual accounts 2022
- Establishment units
- 2.270.044.2807860 Lessines, since 31-08-2009
- 2.181.007.2879500 Geraardsbergen, since 01-09-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2024
- €10.2m▼ 5.3%
- Employeeson 31-12-2024
- 28▼ 15.2%
- Filing
- Filed on 19-08-2025
Insights on VDC & BO
VDC & BO has existed since 2009. Turnover grew from €53.3m in 2012 to €118.6m in 2024 and staff from 9.9 to 30.1 full-time equivalents.
Turnover has fallen every year since 2021.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about VDC & BO
- What is the company number of VDC & BO?
- The company number of VDC & BO is 0818.140.659. The VAT number is the same number with BE in front: BE 0818.140.659.
- Where is VDC & BO based?
- The registered office is at Groteweg 475/A, 9500 Geraardsbergen.Company details
- What does VDC & BO do?
- According to the KBO register, the main activity is wholesale trade (NACE 46350).
- What is the legal form of VDC & BO?
- VDC & BO is a private limited company (BV).
- When was VDC & BO founded?
- VDC & BO was founded on 31-08-2009.
- Is VDC & BO still active?
- Yes, VDC & BO is an active enterprise in the KBO register.
- How many employees does VDC & BO have?
- VDC & BO had an average of 30.1 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does VDC & BO fall under?
- In its 2022 annual accounts, VDC & BO states joint committees 119 (Food trade) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of VDC & BO?
- The turnover of VDC & BO was €118.6m in financial year 2024, according to the filed annual accounts.
- Is VDC & BO profitable?
- In financial year 2024, VDC & BO made a loss of €118,972.
- Where can I find the annual accounts of VDC & BO?
- VDC & BO filed 15 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Next steps
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