VERTIGO
ActiveSummary
VERTIGO has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12,618 and a net result of €540. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 52% of 4630 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability60▼-14
Solvency80▲+4
Growth53▲+1
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity ample (current ratio 2.05 against 1.81 in 2024; short-term debt: 45.3% and cash: 58.3% of total assets), and 45.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €12,618
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-09-2026, 57 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
57 d late
2024
45 d late
2023
4 d late
2022
41 d late
2021
73 d late
2020
30 d early
2019
31 d early
← 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 23 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€87,666▲ 4.6%
2024 · €83,803
EBIT margin
3.3%▼ 1.4pp
2024 · 4.7%
Net result
€540▼ 83.7%
2024 · €3,312
Working capital
€10,984▲ 16.4%
2024 · €9,437
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Turnover€219▼ 96.9%€28,791▲ 13,047%€65,533▲ 128%€83,803▲ 27.9%€87,666▲ 4.6%
Operating result-€8,771▲ 50.1%-€853▲ 90.3%€6,384€3,978▼ 37.7%€2,920▼ 26.6%
Net result-€10,237below the sector's middle half▲ 49.5%-€2,805below the sector's middle half▲ 72.6%€5,730within the sector's middle half€3,312within the sector's middle half▼ 42.2%€540below the sector's middle half▼ 83.7%
EBIT margin-4005.0%▼ 3753.8pp-3.0%▲ 4002.1pp9.7%▲ 12.7pp4.7%▼ 5.0pp3.3%▼ 1.4pp
Equity€5,841below the sector's middle half▼ 63.7%€3,036below the sector's middle half▼ 48.0%€8,766below the sector's middle half▲ 189%€12,078below the sector's middle half▲ 37.8%€12,618below the sector's middle half▲ 4.5%
Total assets€12,804below the sector's middle half▼ 21.9%€13,589below the sector's middle half▲ 6.1%€18,441below the sector's middle half▲ 35.7%€23,707below the sector's middle half▲ 28.6%€23,080below the sector's middle half▼ 2.6%
Debt€6,963▲ 2,132%€10,553▲ 51.6%€9,675▼ 8.3%€11,629▲ 20.2%€10,462▼ 10.0%
Working capital€5,841within the sector's middle half▼ 63.7%€22within the sector's middle half▼ 99.6%€6,144within the sector's middle half▲ 27,827%€9,437within the sector's middle half▲ 53.6%€10,984within the sector's middle half▲ 16.4%
Solvency45.6%within the sector's middle half▼ 52.5pp22.3%within the sector's middle half▼ 23.3pp47.5%within the sector's middle half▲ 25.2pp50.9%within the sector's middle half▲ 3.4pp54.7%within the sector's middle half▲ 3.7pp
Current ratio1.84within the sector's middle half▼ 50.691.00within the sector's middle half▼ 0.841.64within the sector's middle half▲ 0.631.81within the sector's middle half▲ 0.182.05within the sector's middle half▲ 0.24
Return on assets (ROA)-80.0%below the sector's middle half▲ 43.7pp-20.6%below the sector's middle half▲ 59.3pp31.1%above the sector's middle half▲ 51.7pp14.0%above the sector's middle half▼ 17.1pp2.3%within the sector's middle half▼ 11.6pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 27% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23,080
Fixed assets
€1,634 ▼ 38.1%
Current assets
€21,446 ▲ 1.8%
Equity and liabilities €23,080
Equity
€12,618 ▲ 4.5%
Debt
€10,462 ▼ 10.0%
Debt's share of the balance-sheet total falls from 49.1% to 45.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3,927▼
2024 · €5,972
Cash flow
€1,547▼
2024 · €5,306
Debt to equity
0.83▼
2024 · 0.96
ROE
4.3%▼
2024 · 27.4%
Interest coverage
8.93▼
2024 · 15.01
Debt ≤ 1 year
€10,462▼
2024 · €11,629
Income taxes
€1,953▲
2024 · €268
Staff costs
€6,501▼
2024 · €25,287
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,662 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% | 1.7% |
| 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 75% 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 17,027 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €219 | €28,791 | €65,533 | €83,803 | €87,666 | ▲ 4.6% |
| Goods, raw materials, services and sundry goods60/61 | €7,438 | €23,002 | €38,729 | €51,890 | €77,112 | ▲ 48.6% |
| Remuneration, social security and pensions62 | €446 | €4,829 | €17,885 | €25,287 | €6,501 | ▼ 74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,270 | €1,687 | €1,994 | €1,007 | ▼ 49.5% |
| Other operating charges640/8 | €1,106 | €539 | €723 | €363 | €126 | ▼ 65.3% |
| Non-recurring operating charges66A | - | €4 | €125 | €291 | €0 | ▼ 100% |
| Gross operating margin9900 | -€7,219 | €5,789 | €26,804 | €31,913 | €10,554 | ▼ 66.9% |
| Operating profit (loss)9901 | -€8,771 | -€853 | €6,384 | €3,978 | €2,920 | ▼ 26.6% |
| Financial income75/76B | - | - | - | - | €13 | - |
| Recurring financial income75 | - | - | - | - | €13 | - |
| Financial charges65/66B | €1,149 | €1,684 | €386 | €398 | €440 | ▲ 10.6% |
| Recurring financial charges65 | €1,149 | €1,684 | €386 | €398 | €440 | ▲ 10.6% |
| Profit (loss) for the period before taxes9903 | -€9,920 | -€2,537 | €5,998 | €3,580 | €2,493 | ▼ 30.4% |
| Income taxes67/77 | €317 | €268 | €268 | €268 | €1,953 | ▲ 629% |
| Profit (loss) for the period9904 | -€10,237 | -€2,805 | €5,730 | €3,312 | €540 | ▼ 83.7% |
| Profit (loss) for the period to be appropriated9905 | -€10,237 | -€2,805 | €5,730 | €3,312 | €540 | ▼ 83.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €12,804 | €13,589 | €18,441 | €23,707 | €23,080 | ▼ 2.6% |
| Fixed assets21/28 | - | €3,014 | €2,622 | €2,641 | €1,634 | ▼ 38.1% |
| Tangible fixed assets22/27 | €0 | €3,014 | €2,622 | €2,641 | €1,634 | ▼ 38.1% |
| Plant, machinery and equipment23 | - | - | - | - | €1,634 | - |
| Furniture and vehicles24 | - | €3,014 | €2,622 | €2,641 | - | - |
| Current assets29/58 | €12,804 | €10,575 | €15,819 | €21,066 | €21,446 | ▲ 1.8% |
| Amounts receivable within one year40/41 | €1,022 | €2,044 | €3,022 | €3,531 | €4,273 | ▲ 21.0% |
| Trade receivables40 | €219 | €778 | €1,534 | €113 | €2,218 | ▲ 1,863% |
| Other amounts receivable41 | €803 | €1,266 | €1,488 | €3,418 | €2,055 | ▼ 39.9% |
| Cash at bank and in hand54/58 | €8,061 | €4,810 | €9,076 | €13,814 | €13,452 | ▼ 2.6% |
| Deferred charges and accrued income490/1 | €3,721 | €3,721 | €3,721 | €3,721 | €3,721 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €12,804 | €13,589 | €18,441 | €23,707 | €23,080 | ▼ 2.6% |
| Equity10/15 | €5,841 | €3,036 | €8,766 | €12,078 | €12,618 | ▲ 4.5% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€16,018 | -€18,823 | -€13,093 | -€9,781 | -€9,241 | ▲ 5.5% |
| Amounts payable17/49 | €6,963 | €10,553 | €9,675 | €11,629 | €10,462 | ▼ 10.0% |
| Amounts payable within one year42/48 | €6,963 | €10,553 | €9,675 | €11,629 | €10,462 | ▼ 10.0% |
| Trade debts44 | - | - | €1,109 | €2,137 | €1,418 | ▼ 33.6% |
| Suppliers440/4 | - | - | €1,109 | €2,137 | €1,418 | ▼ 33.6% |
| Taxes, remuneration and social security45 | - | - | €570 | €20 | €20 | = |
| Taxes450/3 | - | - | €570 | €20 | €20 | = |
| Other amounts payable47/48 | €6,963 | €10,553 | €7,996 | €9,472 | €9,024 | ▼ 4.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,237 | -€2,805 | €5,730 | €3,312 | €540 | ▼ 83.7% |
| + Depreciation and write-downs630 | - | €1,270 | €1,687 | €1,994 | €1,007 | ▼ 49.5% |
| Operating cash flow (approximation) | -€10,237 | -€1,535 | €7,417 | €5,306 | €1,547 | ▼ 70.8% |
| Investment in fixed assets (approximation) | - | - | -€1,295 | -€2,013 | €0 | ▲ 100% |
| Change in cash | - | -€3,251 | €4,266 | €4,738 | -€362 | ▼ 108% |
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
26-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 57 days late
2025
14-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 45 days late
2024
04-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 4 days late
2023
31-12
Financial
Back to profitnet €5,730
Net result €5,730 after 5 loss-making years.
10-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 41 days late
2022
12-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 73 days late
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€20,271
Net result drops to -€20,271, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Liquidity times 5current ratio 59.35
Current ratio from 11.79 to 59.35; short-term debt falls from €3,895 to €623.
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 9 days late
2018
09-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
04-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Knokke-Heist · 1 establishment unit since 1998
Ground area
282 m²
Building footprint
81 m²
Volume, LiDAR
535 m³
Parcel 31338E0382/00_000, Flanders · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
VERTIGO
since 19982.038.811.425
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31338E0382/00_000 | Flanders | 282 m² | 1 · 81 m² | 9.9 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.
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AGROSYNERGIE
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BOWOGRO
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 25,544 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
Founded30-10-1985
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
46190Agents in non-specialised wholesale trade
46496Wholesale trade
82100Office administrative and support services
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427977163
Also
9925:BE0427977163
Registered
12-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.