VERTICAL DIVER
ActiveSummary
The annual accounts of VERTICAL DIVER for fiscal year 2025 show a net loss of 81% of the equity at the start of that year. The 2025 annual accounts show equity of €5,883 and a net result of -€24,578. Equity is growing by ~51.1% per year across the filed fiscal years. Its solvency ranks better than 10% of 28281 sector peers (fiscal year 2025). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-4
Solvency26▼-35
Growth52=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.35 against 1.61 in 2024; short-term debt: 21.7% and cash: 0.7% of total assets), and 99.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 2025Solvency, return and age of the figures
Solvency
0.7%
Return on assets
-2.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€24,578
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 28281 sector peers (2025).
NBB · sector comparisonPosition among 28281 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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 · 10 filingsDeviation from the deadline
2025
28 d late
2024
45 d early
2023
30 d late
2022
23 d late
2021
11 d late
2020
31 d early
2019
10 d late
← 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 4 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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 August (4 of the last 5 filed years within 30 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
In the rankings
#4 company by total assets in Modave, Construction sector
Equity
€5,883▼ 80.7%
2024 · €30,461
Total assets
€891,445▲ 962%
2024 · €83,909
Net result
-€24,578▼ 154%
2024 · -€9,673
Working capital
-€125,025
2024 · €14,974
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line20212022202320242025
Operating result€19,835▲ 172%€39,935▲ 101%-€2,061-€8,684▼ 321%-€34,489▼ 297%
Net result€12,037within the sector's middle half▲ 152%€27,648within the sector's middle half▲ 130%-€4,411below the sector's middle half-€9,673below the sector's middle half▼ 119%-€24,578below the sector's middle half▼ 154%
Equity€16,897below the sector's middle half▲ 248%€44,545within the sector's middle half▲ 164%€40,134within the sector's middle half▼ 9.9%€30,461within the sector's middle half▼ 24.1%€5,883below the sector's middle half▼ 80.7%
Total assets€29,734below the sector's middle half▼ 0.5%€59,923below the sector's middle half▲ 102%€60,749below the sector's middle half▲ 1.4%€83,909within the sector's middle half▲ 38.1%€891,445above the sector's middle half▲ 962%
Debt€12,837▼ 48.7%€15,378▲ 19.8%€20,615▲ 34.1%€53,448▲ 159%€885,562▲ 1,557%
Working capital€6,235within the sector's middle half€30,373within the sector's middle half▲ 387%€26,132within the sector's middle half▼ 14.0%€14,974within the sector's middle half▼ 42.7%-€125,025below the sector's middle half
Solvency56.8%within the sector's middle half▲ 40.6pp74.3%above the sector's middle half▲ 17.5pp66.1%within the sector's middle half▼ 8.3pp36.3%within the sector's middle half▼ 29.8pp0.7%below the sector's middle half▼ 35.6pp
Current ratio1.49within the sector's middle half▲ 0.612.98within the sector's middle half▲ 1.492.42within the sector's middle half▼ 0.551.61within the sector's middle half▼ 0.820.35below the sector's middle half▼ 1.25
Return on assets (ROA)40.5%above the sector's middle half▲ 24.5pp46.1%above the sector's middle half▲ 5.7pp-7.3%below the sector's middle half▼ 53.4pp-11.5%below the sector's middle half▼ 4.3pp-2.8%below the sector's middle half▲ 8.8pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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 €34,489 in 2025 against €8,684 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €891,445
Fixed assets
€822,935 ▲ 1,756%
Current assets
€68,510 ▲ 73.1%
Equity and liabilities €891,445
Equity
€5,883 ▼ 80.7%
Debt
€885,562 ▲ 1,557%
Debt's share of the balance-sheet total rises from 63.7% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€23,085▼
2024 · €3,249
Cash flow
-€13,174▼
2024 · €2,260
ROE
-417.8%▼
2024 · -31.8%
Interest coverage
-4.45▼
2024 · 1.80
Debt ≤ 1 year
€193,535▲
2024 · €24,596
Debt > 1 year
€692,027▲
2024 · €28,852
A ratio outside any meaningful range has been withheld (balance sheet total €891,445, equity €5,883).
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,544 | €5,015 | €6,427 | €11,933 | €11,404 | ▼ 4.4% |
| Other operating charges640/8 | €502 | €348 | €384 | €387 | €750 | ▲ 93.8% |
| Non-recurring operating charges66A | €387 | €433 | - | - | - | - |
| Gross operating margin9900 | €24,268 | €45,731 | €4,750 | €3,636 | -€22,335 | ▼ 714% |
| Operating profit (loss)9901 | €19,835 | €39,935 | -€2,061 | -€8,684 | -€34,489 | ▼ 297% |
| Financial income75/76B | - | €145 | €439 | €821 | €15,104 | ▲ 1,740% |
| Recurring financial income75 | - | €145 | €439 | €821 | €15,104 | ▲ 1,740% |
| Financial charges65/66B | €4,368 | €4,803 | €2,789 | €1,810 | €5,193 | ▲ 187% |
| Recurring financial charges65 | €4,368 | €4,803 | €2,789 | €1,810 | €5,193 | ▲ 187% |
| Profit (loss) for the period before taxes9903 | €15,467 | €35,277 | -€4,411 | -€9,673 | -€24,578 | ▼ 154% |
| Income taxes67/77 | €3,430 | €7,629 | - | - | - | - |
| Profit (loss) for the period9904 | €12,037 | €27,648 | -€4,411 | -€9,673 | -€24,578 | ▼ 154% |
| Profit (loss) for the period to be appropriated9905 | €12,037 | €27,648 | -€4,411 | -€9,673 | -€24,578 | ▼ 154% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €29,734 | €59,923 | €60,749 | €83,909 | €891,445 | ▲ 962% |
| Fixed assets21/28 | €10,662 | €14,172 | €16,271 | €44,339 | €822,935 | ▲ 1,756% |
| Tangible fixed assets22/27 | €10,662 | €13,452 | €15,551 | €43,619 | €32,215 | ▼ 26.1% |
| Plant, machinery and equipment23 | €7,791 | €8,042 | €6,221 | €37,214 | €28,023 | ▼ 24.7% |
| Furniture and vehicles24 | €633 | €3,427 | €7,602 | €4,932 | €2,974 | ▼ 39.7% |
| Other tangible fixed assets26 | €2,238 | €1,983 | €1,728 | €1,473 | €1,218 | ▼ 17.3% |
| Financial fixed assets28 | - | €720 | €720 | €720 | €790,720 | ▲ 109,722% |
| Current assets29/58 | €19,072 | €45,751 | €44,478 | €39,570 | €68,510 | ▲ 73.1% |
| Amounts receivable within one year40/41 | €14,012 | €34,732 | €25,298 | €25,031 | €61,541 | ▲ 146% |
| Trade receivables40 | €11,553 | €19,655 | €6,063 | €6,565 | €35,350 | ▲ 438% |
| Other amounts receivable41 | €2,459 | €15,077 | €19,235 | €18,466 | €26,191 | ▲ 41.8% |
| Current investments50/53 | - | €2,540 | €3,540 | €5,540 | - | - |
| Cash at bank and in hand54/58 | €5,060 | €8,344 | €15,211 | €8,177 | €6,119 | ▼ 25.2% |
| Deferred charges and accrued income490/1 | - | €135 | €429 | €822 | €850 | ▲ 3.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €29,734 | €59,923 | €60,749 | €83,909 | €891,445 | ▲ 962% |
| Equity10/15 | €16,897 | €44,545 | €40,134 | €30,461 | €5,883 | ▼ 80.7% |
| Contributions10/11 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | = |
| Reserves13 | €3,017 | €3,017 | €3,017 | €3,017 | €3,017 | = |
| Non-distributable reserves130/1 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Other1319 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Distributable reserves133 | €817 | €817 | €817 | €817 | €817 | = |
| Profit (loss) carried forward14 | -€8,120 | €19,528 | €15,117 | €5,444 | -€19,134 | ▼ 451% |
| Amounts payable17/49 | €12,837 | €15,378 | €20,615 | €53,448 | €885,562 | ▲ 1,557% |
| Amounts payable after more than one year17 | - | - | €2,269 | €28,852 | €692,027 | ▲ 2,299% |
| Financial debts170/4 | - | - | €2,269 | €28,852 | €692,027 | ▲ 2,299% |
| Amounts payable within one year42/48 | €12,837 | €15,378 | €18,346 | €24,596 | €193,535 | ▲ 687% |
| Current portion of amounts payable after more than one year42 | - | - | €2,341 | €9,779 | €7,825 | ▼ 20.0% |
| Trade debts44 | €2,038 | €4,249 | €6,956 | €5,297 | €173,240 | ▲ 3,171% |
| Suppliers440/4 | €2,038 | €4,249 | €6,956 | €5,297 | €173,240 | ▲ 3,171% |
| Taxes, remuneration and social security45 | €9,249 | €11,129 | €9,049 | €9,520 | €12,470 | ▲ 31.0% |
| Taxes450/3 | €9,249 | €11,129 | €9,049 | €9,520 | €12,470 | ▲ 31.0% |
| Other amounts payable47/48 | €1,550 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,037 | €27,648 | -€4,411 | -€9,673 | -€24,578 | ▼ 154% |
| + Depreciation and write-downs630 | €3,544 | €5,015 | €6,427 | €11,933 | €11,404 | ▼ 4.4% |
| Operating cash flow (approximation) | €15,581 | €32,663 | €2,016 | €2,260 | -€13,174 | ▼ 683% |
| Investment in fixed assets (approximation) | - | -€8,525 | -€8,526 | -€40,001 | -€790,000 | ▼ 1,875% |
| Change in cash | - | €3,284 | €6,867 | -€7,034 | -€2,058 | ▲ 70.7% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
03-07
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
2025
31-12
Financial
Weakest financial yearnet -€24,578
Net result drops to -€24,578, the lowest in the series.
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 23 days late
2022
31-12
Financial
Highest result since 2018net €27,648 ▲130%
Net result €27,648, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 2.98
Current ratio from 1.49 to 2.98.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 10 days late
2019
31-12
Financial
Back to profitnet €8,331
Net result €8,331 after one loss-making year.
Show earlier events
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Modave · 1 establishment unit since 2011
Ground area
1,478 m²
Building footprint
219 m²
Volume, LiDAR
557 m³
2 parcels, Wallonia · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VerticalDiver
since 20112.193.976.880
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 83023B0011/00V000 | Wallonia | 987 m² | 1 · 136 m² | - |
| 61049C0656/00P000 | Wallonia | 491 m² | 1 · 83 m² | 7.8 m · 2 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.
Structure & network
Connections & network
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Shareholding
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
2 locations
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Of 15,524 companies in sector 43990 we hold annual accounts for 7,427. 3,052 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
Founded30-11-2010
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
42120Civil engineering
43120Site preparation
74999Other professional, scientific and technical activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0831520919
Also
9925:BE0831520919
Registered
09-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.