Equity
€5.4m from €36.5m in 2017
Equity fell by 85% in 8 years.
VEFIBEL
Lifetime
19 annual accounts with figures on one time axis, 38 filings since 1988peak €1.4m (2017)
€215,402▲ 27.1%
peak €45.8m (2018)
€406,505▲ 8.0%
peak €36.5m (2017)
€5.4m▲ 8.2%
€2.9m▼ 29.5%
peak 1 FTE (2016)
-not published
Board9 names since 2016
3 directorsSternidae SRL and 2 others
Owners
100%DEBINCO
Documentsfilings and deeds
04-05-202688 days before the deadline
2025financial year
Turnover from €169,512 to €215,402Debts from €4.1m to €2.9mCash from €702,898 to €95,627
Key points
from the 2025 annual accountsSecurities
€4.6m
Mortgages, new in 2025. 85.9% of equity · not in the 2024 accounts.
Investments
€322,067 1.7 × depreciation
Green is investment, beige is depreciation.
Payment terms
149 days to suppliers
VEFIBEL pays its suppliers 19 days later than in 2024. Customers pay 15 days earlier.
Filings
38 annual accounts since 1988
The last five annual accounts were filed 49 to 88 days before the end of the period.
Position in the sector
€406,505
Higher net result than 83% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
96
Excellent
Financially stronger than 71% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025highest value
06-2025: < 0.1%▼ -0.1 percentage points vs 05-2025lowest value
07-2025: < 0.1%● unchanged vs 06-2025lowest value
08-2025: < 0.1%● unchanged vs 07-2025lowest value
09-2025: < 0.1%● unchanged vs 08-2025lowest value
10-2025: < 0.1%● unchanged vs 09-2025lowest value
11-2025: < 0.1%● unchanged vs 10-2025lowest value
12-2025: < 0.1%● unchanged vs 11-2025lowest value
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: 0.1%▲ +0.1 percentage points vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 0.33, cash €95,627, halved
lowers risk
Size: turnover €215,402, total assets €8.2m
Founded in 1988
Figures for financial year 2025 (filed on 05-05-2026)
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 68, small). It does better than 78% of them on solvency, 37% on liquidity, 92% on profitability and 76% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 1,887 companies had the same profile as VEFIBEL has now. Each dot stands for 5 companies, two years later.
97.9%
were still trading
2.0%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of VEFIBEL itself: 0.1% within 12 months.
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 1,887 companies, not a prediction for VEFIBEL. 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 €21,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.33 (0.52 in 2024), below 1. Short-term debt is 25.2% and cash 1.2% of total assets. 35.1% 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
Five signals.
lowers riskraises riskneutral
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 04-05-2026, 88 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
88 days early
2024
76 days early
2023
49 days early
2022
88 days early
2021
69 days early
2020
95 days early
2019
102 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 81 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 16 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
OS
Opus+ SA
Chair, Philip De Bruyn
SS
Sternidae SRL
Managing director, Maxime Busschaert
Shares in 1 company, VEFIBEL SCI
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0433852492
Reappointment: Callens Vandelanotte (statutory auditor)
Permanent representative: Philip De Bruyn · General meeting of 23-04-2024 · Gazette deed
3 directors appointed, 3 reappointments
Reappointments: Opus+ SA, Sternidae SRL and Debruco SRL · Permanent representatives: Philip De Bruyn, Maxime Busschaert and Louis De Bruyn · Appointments: Opus+ SA, Sternidae SRL and Debruco SRL · General meeting of 25-04-2023 · Gazette deed
Reappointment: SCRL Vandelanotte Réviseurs d'Entreprises (statutory auditor)
Permanent representative: Philip De Bruyn · General meeting of 27-04-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VEFIBEL Comines-Warneton | €215,402 | - | 64.9% | - |
| BRUOCSELLA Ghent | €277,516 | - | 26.7% | 1.9 |
| IMMO - J.M.C. Tournai | €829,823 | -5.6% | 30.1% | - |
| SCI Sint-Niklaas | €449,946 | 14.7% | 39.8% | 1.8 |
| PATRIMONIALE ORBAN Liège | €248,173 | 13.0% | 72.9% | - |
| ELOY IMMO Sprimont | €833,300 | 31.8% | 9.0% | 0 |
| EGTA Anderlecht | €358,904 | - | 42.9% | - |
These companies have the same main activity as VEFIBEL: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €3.9m and €12m, founded between 1987 and 2000.
Official details
Source: KBO- Status
- Active since 28-03-1988Normal situation
- Activity
- Development of residential building projectsNACE 68121and 6 others
- Joint committees
- 145Horticulture
- 200Auxiliary committee for white-collar workers · annual accounts 2021
- Establishment unit
- 2.037.122.0417783 Comines-Warneton, since 14-04-1988
- Financial year end
- 31 December
- Peppol
- Reachable since 29-12-2025
Annual accounts 2025
- €964,066▲ 2.1%
- €8.2m▼ 8.9%
- Filing
- Filed on 04-05-2026, 88 days before the end of the filing period
Insights on VEFIBEL
VEFIBEL has existed since 1988. Turnover fell from €1.4m in 2017 to €330,618 in 2019.
Solvency rose in 2025 from 54.7% to 64.9% because of the retained profit and lower debts.
DEBINCO holds all the shares. In June 2023, the Official Gazette published the appointment of Sternidae SRL as managing director.
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 VEFIBEL
- What is the company number of VEFIBEL?
- The company number of VEFIBEL is 0433.852.492. The VAT number is the same number with BE in front: BE 0433.852.492.
- Where is VEFIBEL based?
- The registered office is at Touquetstraat 228, 7783 Comines-Warneton.Company details
- What does VEFIBEL do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of VEFIBEL?
- VEFIBEL is a public limited company (NV).
- When was VEFIBEL founded?
- VEFIBEL was founded on 28-03-1988.
- Is VEFIBEL still active?
- Yes, VEFIBEL is an active enterprise in the KBO register.
- How many employees does VEFIBEL have?
- VEFIBEL had an average of 0.4 full-time equivalents in financial year 2023, according to the filed annual accounts.Financials
- Which joint committee does VEFIBEL fall under?
- In its 2021 annual accounts, VEFIBEL states joint committees 145 (Horticulture) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of VEFIBEL?
- The turnover of VEFIBEL was €215,402 in financial year 2025, according to the filed annual accounts.
- Is VEFIBEL profitable?
- In financial year 2025, VEFIBEL made a profit of €406,505.
- Where can I find the annual accounts of VEFIBEL?
- VEFIBEL filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VEFIBEL due?
- VEFIBEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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