VESAN
ActiveSummary
VESAN has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of €9,880. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 89% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▼-61
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €70,000 at 30 days acceptable
cash: 0% of total assets, and 11.8% of the assets are financed with debt.
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Signals
Six 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
88.2%
Return on assets
0.8%
Age of the figures
9 mo
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 €1.2m
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
22 d late
2023
29 d late
2022
38 d early
2021
27 d early
2020
30 d late
2019
15 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 5 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 (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 22 August (4 of the last 5 filed years within 49 days of that day).
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
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€1.2m▲ 0.9%
2024 · €1.1m
Total assets
€1.3m▼ 1.2%
2024 · €1.3m
Net result
€9,880▼ 97.8%
2024 · €452,769
Working capital
€1.3m▲ 215%
2023 · €412,729
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
Line20212022202320242025
Operating result-€113,841-€120,604▼ 5.9%-€21,664▲ 82.0%€601,869-€8,091
Net result-€110,200below the sector's middle half-€113,685below the sector's middle half▼ 3.2%-€3,531within the sector's middle half▲ 96.9%€452,769above the sector's middle half€9,880within the sector's middle half▼ 97.8%
Equity€811,390above the sector's middle half▼ 12.0%€697,705above the sector's middle half▼ 14.0%€694,174above the sector's middle half▼ 0.5%€1.1mabove the sector's middle half▲ 65.2%€1.2mwithin the sector's middle half▲ 0.9%
Total assets€844,243within the sector's middle half▼ 37.3%€701,255within the sector's middle half▼ 16.9%€1.2mabove the sector's middle half▲ 73.2%€1.3mabove the sector's middle half▲ 9.3%€1.3mwithin the sector's middle half▼ 1.2%
Debt€32,853▼ 92.7%€3,550▼ 89.2%€520,634▲ 14,567%€25,686▼ 95.1%
Working capital€558,454above the sector's middle half▼ 23.5%€462,267above the sector's middle half▼ 17.2%€412,729above the sector's middle half▼ 10.7%€1.3mabove the sector's middle half▲ 215%
Solvency96.1%above the sector's middle half▲ 27.7pp99.5%above the sector's middle half▲ 3.4pp57.1%within the sector's middle half▼ 42.4pp86.4%above the sector's middle half▲ 29.3pp88.2%above the sector's middle half▲ 1.8pp
Current ratio18.00above the sector's middle half▲ 14.911.79within the sector's middle half51.67above the sector's middle half▲ 49.88
Return on assets (ROA)-13.1%below the sector's middle half▼ 14.8pp-16.2%below the sector's middle half▼ 3.2pp-0.3%within the sector's middle half▲ 15.9pp34.1%above the sector's middle half▲ 34.4pp0.8%within the sector's middle half▼ 33.4pp
Staff (FTE)
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.
Why a figure moved sharply
- 2025 Net result -98% on 2024. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8,091 after €601,869 in 2024.
Key figures and ratios
ROE
0.9%▼
2024 · 39.5%
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% 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 14,733 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €618,555 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,355 | €17,499 | €18,664 | - | - | - |
| Other operating charges640/8 | €5,210 | €5,297 | €5,745 | €5,442 | €1,293 | ▼ 76.2% |
| Gross operating margin9900 | -€91,276 | -€97,808 | €2,745 | €607,311 | -€6,799 | ▼ 101% |
| Operating profit (loss)9901 | -€113,841 | -€120,604 | -€21,664 | €601,869 | -€8,091 | ▼ 101% |
| Financial income75/76B | €10,428 | €7,835 | €19,307 | €27,920 | €18,824 | ▼ 32.6% |
| Recurring financial income75 | €10,428 | €7,835 | €19,307 | €27,920 | €18,824 | ▼ 32.6% |
| Financial charges65/66B | €6,788 | €916 | €1,173 | €22,382 | €853 | ▼ 96.2% |
| Recurring financial charges65 | €6,788 | €916 | €1,173 | €22,382 | €853 | ▼ 96.2% |
| Profit (loss) for the period before taxes9903 | -€110,200 | -€113,685 | -€3,531 | €607,408 | €9,880 | ▼ 98.4% |
| Transfer to deferred taxes680 | - | - | - | €154,639 | - | - |
| Profit (loss) for the period9904 | -€110,200 | -€113,685 | -€3,531 | €452,769 | €9,880 | ▼ 97.8% |
| Transfer to tax-exempt reserves689 | - | - | - | €463,916 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€110,200 | -€113,685 | -€3,531 | -€11,147 | €9,880 | ▲ 189% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €844,243 | €701,255 | €1.2m | €1.3m | €1.3m | ▼ 1.2% |
| Fixed assets21/28 | €252,937 | €235,438 | €281,445 | - | - | - |
| Tangible fixed assets22/27 | €252,937 | €235,438 | €281,445 | - | - | - |
| Land and buildings22 | €242,223 | €228,923 | €215,623 | - | - | - |
| Plant, machinery and equipment23 | €10,714 | €6,515 | €65,822 | - | - | - |
| Current assets29/58 | €591,307 | €465,817 | €933,363 | €1.3m | €1.3m | ▼ 1.2% |
| Amounts receivable after more than one year29 | - | - | - | €500,000 | €500,000 | = |
| Other amounts receivable291 | - | - | - | €500,000 | €500,000 | = |
| Stocks and contracts in progress3 | €191,944 | €56,944 | - | - | - | - |
| Stocks30/36 | €191,944 | €56,944 | - | - | - | - |
| Amounts receivable within one year40/41 | €399,360 | €408,872 | €933,358 | €827,260 | €811,460 | ▼ 1.9% |
| Trade receivables40 | €5,955 | €510 | €27,463 | €4,114 | €378 | ▼ 90.8% |
| Other amounts receivable41 | €393,405 | €408,362 | €905,895 | €823,146 | €811,082 | ▼ 1.5% |
| Cash at bank and in hand54/58 | €3 | €1 | €5 | €9 | €3 | ▼ 67.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €844,243 | €701,255 | €1.2m | €1.3m | €1.3m | ▼ 1.2% |
| Equity10/15 | €811,390 | €697,705 | €694,174 | €1.1m | €1.2m | ▲ 0.9% |
| Contributions10/11 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Capital10 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Issued capital100 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Reserves13 | €524,789 | €449,811 | €446,281 | €899,050 | €908,930 | ▲ 1.1% |
| Non-distributable reserves130/1 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Legal reserve130 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Tax-exempt reserves132 | - | - | - | €463,916 | €463,916 | = |
| Distributable reserves133 | €500,000 | €425,022 | €421,491 | €410,344 | €420,225 | ▲ 2.4% |
| Profit (loss) carried forward14 | €38,707 | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €154,639 | €154,639 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €154,639 | - | - |
| Taxes161 | - | - | - | €154,639 | - | - |
| Deferred taxes168 | - | - | - | - | €154,639 | - |
| Amounts payable17/49 | €32,853 | €3,550 | €520,634 | €25,686 | - | - |
| Amounts payable within one year42/48 | €32,853 | €3,550 | €520,634 | €25,686 | - | - |
| Current portion of amounts payable after more than one year42 | €25,672 | - | - | - | - | - |
| Financial debts43 | €1 | - | €450,000 | - | - | - |
| Credit institutions430/8 | €1 | - | €450,000 | - | - | - |
| Trade debts44 | €5,579 | €2,657 | €66,410 | €25,686 | - | - |
| Suppliers440/4 | €5,579 | €2,657 | €66,410 | €25,686 | - | - |
| Taxes, remuneration and social security45 | €1,601 | €893 | €4,224 | - | - | - |
| Taxes450/3 | €1,601 | €893 | €4,224 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€110,200 | -€113,685 | -€3,531 | €452,769 | €9,880 | ▼ 97.8% |
| + Depreciation and write-downs630 | €17,355 | €17,499 | €18,664 | - | - | - |
| Operating cash flow (approximation) | -€92,846 | -€96,187 | €15,133 | €452,769 | €9,880 | ▼ 97.8% |
| Investment in fixed assets (approximation) | - | €0 | -€64,671 | - | - | - |
| Change in cash | - | -€2 | €4 | €4 | -€6 | ▼ 265% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
31-12
Financial
Back to profitnet €452,769
Net result €452,769 after 3 loss-making years.
31-12
Financial
Liquidity times 29current ratio 51.67
Current ratio from 1.79 to 51.67; short-term debt falls from €520,634 to €25,686.
31-12
Financial
Equity above €1mEq €1.1m ▲65.2%
Equity rises from €694,174 to €1.1m.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
23-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€113,685
Net result drops to -€113,685, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 7current ratio 131.23
Current ratio from 18.00 to 131.23; short-term debt falls from €32,853 to €3,550.
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity times 6current ratio 18.00
Current ratio from 3.09 to 18.00; short-term debt falls from €349,051 to €32,853.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
Show earlier events
2020
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €11,419
Net result €11,419 after one loss-making year.
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated 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, Nazareth-De Pinte · 1 establishment unit since 1999
Ground area
2,830 m²
Building footprint
1,149 m²
Volume, LiDAR
7,299 m³
Parcel 44048A0132/00S002, Flanders · tallest building 6.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Venecoweg 7, 9810 Nazareth-De Pinte
since 19992.090.947.143
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44048A0132/00S002 | Flanders | 2,830 m² | 1 · 1,149 m² | 6.7 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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Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,023 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded06-07-1998
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0463751159
Also
9925:BE0463751159
Registered
10-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.