VETEX
ActiveSummary
VETEX has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.4m and a net result of -€608,659. Equity has been shrinking by about 8.1% per year since 2018. Its solvency ranks better than 36% of 195 sector peers (NACE 13, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active Normal situation
- Activity
- Finishing of textiles NACE 13300and 1 other
- Joint committees
- 120 Paritair Comité voor de textielnijverheid
- 214 Paritair Comité voor de bedienden van de textielnijverheid · annual accounts 2023
- Establishment units
- 2.004.647.035 8770 Ingelmunster, since 01-10-1929
- 2.356.721.205 8500 Kortrijk, since 16-11-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 08-07-2025
Board and ownership
Board
- RIGOLE CONSULTINGChair · permanent representative RIGOLE Patrick
- BULCKAERT WilliDirector · since 28-09-2023
- GEERARDYN ErikDirector · since 28-09-2023
- Auditor
- BOES & VERRUE BEDRIJFSREVISOREN
- Holdings
- Shares in 2 companies Vetex Asia Limited and VONA Inc.
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.3%
Annual accounts 2025
- Turnover
- €16.1m
- ▼ 1.2%
- Loss
- €608,659
- Equity
- €4.4m
- ▼ 12.7%
- Total assets
- €10.5m
- ▼ 6.1%
- Employees on 31-12-2025
- 68
- ▼ 4.2%
Score breakdownraises riskLoss of €608,659 (financial year 2025)Liquidity: current ratio 1.38, cash €370,487lowers riskSector: Manufacture of textiles (NACE 13)Founded in 1968Show the evidence
Checked score
Score 2025
83
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 33% of medium-sized companies in textiles (NACE 13)
Financial strength · tick: 2024
Average
Solvency
67-3
equity 42.0% of total assets
Liquidity
39-4
short-term debt 34.9% · cash 3.5%
Profitability
52-12
return on assets -5.8%
Bankruptcy probability within 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026lowest value
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.3%▲ +0.1 percentage points vs 04-2026highest value
06-2026: 0.3%● unchanged vs 05-2026highest value
07-2026: 0.3%● unchanged vs 06-2026highest value
08-2026: 0.3%● unchanged vs 07-2026highest value
09-2026: 0.3%● unchanged vs 08-2026highest value
10-2026: 0.3%● unchanged vs 09-2026highest value
11-2026: 0.3%● unchanged vs 10-2026highest value
Credit of up to €360,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.38 (1.65 in 2024), below the usual 1.5. Short-term debt is 34.9% and cash 3.5% of total assets. 58% of the assets are financed with debt and provisions.
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 13, medium-sized). It does better than 27% of them on solvency, 33% on liquidity, 36% on profitability and 38% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
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 29-04-2026, 93 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
93 days early
2024
85 days early
2023
85 days early
2022
96 days early
2021
95 days early
2020
94 days early
2019
63 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 87 days before the deadline. In the sector (NACE 13), the median for financial year 2024 was 13 days before the deadline, and 32% 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 29 April (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
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 29-04-2026 PDF all 47 filings
Turnover
€16.1m▼ 1.2%
2024 · €16.3m
EBIT margin
-4.6%▼ 5.3pp
2024 · 0.7%
Net result
-€608,659
2024 · €40,909
Working capital
€1.4m▼ 33.8%
2024 · €2.1m
In the rankings
#1 employer in Ingelmunster, Manufacturing sector#2 company by total assets in Ingelmunster, Manufacturing sector#7 company by equity in Ingelmunster, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€16.1m
▼ 1.2%
2025
20182025
Operating result
-€732,108
2025
20182025
Net result
-€608,659
2025
lowest quarter of the sector
20182025
EBIT margin
-4.6%
▼ 5.3pp
2025
20182025
Equity
€4.4m
▼ 12.7%
2025
middle half of the sector
20182025
Total assets
€10.5m
▼ 6.1%
2025
middle half of the sector
20182025
Debt
€6.1m
▼ 0.7%
2025
20182025
Working capital
€1.4m
▼ 33.8%
2025
middle half of the sector
20182025
Solvency
42.0%
▼ 3.2pp
2025
middle half of the sector
20182025
Current ratio
1.38
▼ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.8%
▼ 6.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
64.6
▼ 4.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€15.3m-€14.6m▼ 4.3%€15.8m▲ 7.8%€15.0m▼ 5.1%€16.2m▲ 8.1%€14.7m▼ 9.1%€16.3m▲ 10.5%€16.1m▼ 1.2%
Operating result-€0.1m--€1.2m▼ 963%-€0.8m▲ 34.0%-€0.9m▼ 15.5%-€0.7m▲ 21.0%-€0.2m▲ 68.7%€0.1m-€0.7m
Net result-€0.3m--€1.2m▼ 282%-€0.9mbelow the sector's middle half▲ 24.7%-€0.8mbelow the sector's middle half▲ 15.8%-€0.07mbelow the sector's middle half▲ 91.4%-€0.3mbelow the sector's middle half▼ 379%€0.04mwithin the sector's middle half-€0.6mbelow the sector's middle half
EBIT margin-0.7%--8.3%▼ 7.5pp-5.1%▲ 3.2pp-6.2%▼ 1.1pp-4.5%▲ 1.7pp-1.6%▲ 3.0pp0.7%▲ 2.3pp-4.6%▼ 5.3pp
Equity€8.7m-€7.4m▼ 15.0%€6.4mwithin the sector's middle half▼ 13.7%€5.5mwithin the sector's middle half▼ 13.4%€5.4mwithin the sector's middle half▼ 2.2%€5.0mwithin the sector's middle half▼ 6.8%€5.0mwithin the sector's middle half▲ 0.2%€4.4mwithin the sector's middle half▼ 12.7%
Total assets€16.6m-€15.0m▼ 9.6%€14.0mwithin the sector's middle half▼ 6.6%€13.2mwithin the sector's middle half▼ 5.7%€12.2mwithin the sector's middle half▼ 7.8%€11.5mwithin the sector's middle half▼ 5.9%€11.2mwithin the sector's middle half▼ 2.6%€10.5mwithin the sector's middle half▼ 6.1%
Debt€7.9m-€7.6m▼ 3.6%€7.6m▲ 0.1%€7.7m▲ 0.9%€6.8m▼ 11.8%€6.4m▼ 5.2%€6.1m▼ 4.8%€6.1m▼ 0.7%
Working capital€3.8m-€3.0m▼ 21.8%€2.9mwithin the sector's middle half▼ 2.5%€2.5mwithin the sector's middle half▼ 14.9%€2.7mwithin the sector's middle half▲ 8.2%€2.1mwithin the sector's middle half▼ 22.2%€2.1mwithin the sector's middle half▲ 0.6%€1.4mwithin the sector's middle half▼ 33.8%
Solvency52.4%-49.3%▼ 3.2pp45.5%within the sector's middle half▼ 3.7pp41.8%within the sector's middle half▼ 3.8pp44.3%within the sector's middle half▲ 2.5pp43.9%within the sector's middle half▼ 0.4pp45.2%within the sector's middle half▲ 1.3pp42.0%within the sector's middle half▼ 3.2pp
Current ratio2.86-2.30▼ 0.562.20within the sector's middle half▼ 0.101.72within the sector's middle half▼ 0.481.84within the sector's middle half▲ 0.111.59within the sector's middle half▼ 0.241.65within the sector's middle half▲ 0.061.38within the sector's middle half▼ 0.27
Return on assets (ROA)-2.0%--8.3%▼ 6.3pp-6.7%below the sector's middle half▲ 1.6pp-6.0%below the sector's middle half▲ 0.7pp-0.6%below the sector's middle half▲ 5.4pp-2.8%within the sector's middle half▼ 2.3pp0.4%within the sector's middle half▲ 3.2pp-5.8%below the sector's middle half▼ 6.2pp
Staff (FTE)67.2-66.5▼ 1.0%71within the sector's middle half▲ 6.8%74within the sector's middle half▲ 4.2%73within the sector's middle half▼ 1.4%73.7within the sector's middle half▲ 1.0%67.3within the sector's middle half▼ 8.7%64.6within the sector's middle half▼ 4.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of textiles (NACE 13). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €732,108, after a profit of €120,871 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.5m
Fixed assets
€5.4m ▼ 7.1%
Current assets
€5.0m ▼ 5.0%
Equity and liabilities €10.5m
Equity
€4.4m ▼ 12.7%
Debt
€6.1m ▼ 0.7%
Debt's share of the balance-sheet total rises from 54.8% to 58.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€550,351▼
2024 · €1.4m
Cash flow
€673,800▼
2024 · €1.3m
Quick ratio
0.74▼
2024 · 0.82
Debt to equity
1.38▲
2024 · 1.21
ROE
-13.8%▼
2024 · 0.8%
Interest coverage
6.87▼
2024 · 14.66
Debt ≤ 1 year
€3.7m▲
2024 · €3.2m
Debt > 1 year
€2.0m▼
2024 · €2.7m
Income taxes
€2,703▼
2024 · €3,084
Customer credit
33 days▼
2024 · 37 days
Supplier credit
55 days▲
2024 · 49 days
Staff costs
€5.6m▲
2024 · €5.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 73 | 79 | 74 | 71 | 68 |
| full-time | 61 | 69 | 64 | 58 | 48 |
| part-time | 12 | 10 | 10 | 13 | 20 |
| in full-time equivalents | 70.5 | 76.8 | 72 | 68.2 | 63.3 |
| Average over the year, in full-time equivalents | 74 | 72.6 | 73.7 | 67.3 | 64.6 |
| On a permanent contract | 73 | 79 | 73 | 70 | 66 |
| Joined | 11 | 20 | 10 | 8 | 10 |
| Left | 11 | 14 | 14 | 11 | 14 |
| Agency workers, average number | 5.2 | 4.6 | 1.3 | 3.5 | 4.9 |
| Training hours | 1,939 | 440 | 785 | 615 | 1,404 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €271,894 | €423,430 | €833,484 | €1.2m | €864,587 |
| Depreciation and write-downs of the year | €1.6m | €1.4m | €1.2m | €1.2m | €1.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BOES & VERRUE BEDRIJFSREVISOREN.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €14,166 | €15,000 | €16,580 | €21,776 | €14,500 |
| Other work by the auditor | €2,425 | €4,089 | €4,535 | €3,308 | - |
| Work by persons linked to the auditor | - | €11,500 | €348 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 16 entries · €554,828 awarded · €292,045 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 7 | €237,481 | €33,083 |
| 2024 | 5 | €228,174 | €168,859 |
| 2023 | 2 | €62,357 | €63,787 |
| 2022 | 2 | €26,816 | €26,316 |
European research
1 project · €525,774 EU contributionProgrammes
Projects
In-Situ Polyurethane Resins
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.0m | €16.7m | €15.1m | €16.8m | €16.3m | ▼ 3.3% |
| Turnover70 | €15.3m | €14.6m | €15.8m | €15.0m | €16.2m | €14.7m | €16.3m | €16.1m | ▼ 1.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.4m | €0.1m | -€0.1m | €0.04m | -€0.2m | - |
| Other operating income74 | - | - | - | €0.6m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 23.0% |
| Non-recurring operating income76A | - | - | - | - | €0.002m | €0.003m | - | €0.006m | - |
| Operating charges60/66A | - | - | - | €16.9m | €17.4m | €15.3m | €16.7m | €17.0m | ▲ 1.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | €6.9m | €7.4m | €5.4m | €5.9m | €6.0m | ▲ 2.4% |
| Purchases600/8 | - | - | - | €6.8m | €7.8m | €5.5m | €5.8m | €5.9m | ▲ 3.2% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.09m | -€0.3m | -€0.04m | €0.1m | €0.09m | ▼ 32.4% |
| Services and other goods61 | - | - | - | €3.5m | €3.7m | €3.1m | €4.3m | €4.0m | ▼ 5.9% |
| Remuneration, social security and pensions62 | - | - | - | €4.7m | €4.7m | €5.3m | €5.3m | €5.6m | ▲ 6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.4m | €1.5m | €1.7m | €1.6m | €1.4m | €1.2m | €1.2m | €1.3m | ▲ 2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.08m | €0.07m | €0.2m | €0.01m | €0.04m | ▲ 182% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.008m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 6.5% |
| Non-recurring operating charges66A | - | - | - | - | €0.04m | €0.03m | - | - | - |
| Operating profit (loss)9901 | -€0.1m | -€1.2m | -€0.8m | -€0.9m | -€0.7m | -€0.2m | €0.1m | -€0.7m | - |
| Financial income75/76B | - | - | - | €0.3m | €0.8m | €0.2m | €0.1m | €0.4m | ▲ 219% |
| Recurring financial income75 | €0.2m | €0.1m | €0.2m | €0.3m | €0.8m | €0.2m | €0.1m | €0.4m | ▲ 219% |
| Income from financial fixed assets750 | - | - | - | €0.1m | €0.6m | - | - | €0.3m | - |
| Income from current assets751 | - | - | - | - | - | €0.002m | - | - | - |
| Other financial income752/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 26.6% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 32.2% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 32.2% |
| Debt charges650 | €0.08m | €0.1m | €0.1m | €0.09m | €0.08m | €0.1m | €0.09m | €0.08m | ▼ 14.3% |
| Other financial charges652/9 | - | - | - | €0.08m | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 73.6% |
| Profit (loss) for the period before taxes9903 | -€0.4m | -€1.2m | -€0.9m | -€0.8m | -€0.07m | -€0.3m | €0.04m | -€0.6m | - |
| Income taxes67/77 | -€0.03m | -€0.004m | €0.003m | €0.002m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 12.4% |
| Taxes670/3 | - | - | - | €0.003m | €0.003m | €0.003m | €0.004m | €0.003m | ▼ 14.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.001m | €219 | €166 | €416 | €297 | ▼ 28.6% |
| Profit (loss) for the period9904 | -€0.3m | -€1.2m | -€0.9m | -€0.8m | -€0.07m | -€0.3m | €0.04m | -€0.6m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | -€1.2m | -€0.9m | -€0.8m | -€0.07m | -€0.3m | €0.04m | -€0.6m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.6m | €15.0m | €14.0m | €13.2m | €12.2m | €11.5m | €11.2m | €10.5m | ▼ 6.1% |
| Fixed assets21/28 | €10.7m | €9.7m | €8.7m | €7.3m | €6.3m | €5.9m | €5.9m | €5.4m | ▼ 7.1% |
| Intangible fixed assets21 | €0.01m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €10.7m | €9.7m | €8.6m | €7.3m | €6.2m | €5.8m | €5.8m | €5.4m | ▼ 7.2% |
| Land and buildings22 | - | - | - | €0.9m | €0.8m | €0.8m | €0.7m | €0.9m | ▲ 20.6% |
| Plant, machinery and equipment23 | - | - | - | €1.5m | €1.2m | €1.2m | €1.1m | €1.2m | ▲ 7.2% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 15.3% |
| Leasing and similar rights25 | - | - | - | €4.4m | €3.8m | €3.3m | €3.4m | €2.7m | ▼ 18.8% |
| Other tangible fixed assets26 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 38.0% |
| Assets under construction and advance payments27 | - | - | - | €0.04m | €0.04m | €0.01m | €0.01m | €0.005m | ▼ 67.3% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Affiliated companies280/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Participating interests280 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Other financial fixed assets284/8 | - | - | - | €0.001m | €0.001m | €373 | €373 | €373 | = |
| Shares284 | - | - | - | €273 | €273 | €273 | €273 | €273 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.001m | €0.001m | €100 | €100 | €100 | = |
| Current assets29/58 | €5.9m | €5.3m | €5.3m | €5.9m | €5.9m | €5.6m | €5.3m | €5.0m | ▼ 5.0% |
| Stocks and contracts in progress3 | €2.6m | €2.1m | €2.4m | €2.7m | €3.0m | €2.8m | €2.7m | €2.4m | ▼ 11.9% |
| Stocks30/36 | - | - | - | €2.7m | €3.0m | €2.8m | €2.7m | €2.4m | ▼ 11.9% |
| Raw materials and consumables30/31 | - | - | - | €0.8m | €1.2m | €1.1m | €0.9m | €0.7m | ▼ 22.4% |
| Work in progress32 | - | - | - | €0.002m | - | €0.04m | €0.04m | - | - |
| Finished goods33 | - | - | - | €1.9m | €1.9m | €1.6m | €1.7m | €1.6m | ▼ 4.3% |
| Amounts receivable within one year40/41 | €2.0m | €1.7m | €1.7m | €2.1m | €2.0m | €1.9m | €2.1m | €2.2m | ▲ 2.5% |
| Trade receivables40 | - | - | - | €1.8m | €1.7m | €1.7m | €1.7m | €1.5m | ▼ 11.8% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.2m | €0.5m | €0.7m | ▲ 51.6% |
| Cash at bank and in hand54/58 | €1.2m | €1.3m | €1.1m | €1.0m | €0.7m | €0.8m | €0.4m | €0.4m | ▼ 6.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 24.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.6m | €15.0m | €14.0m | €13.2m | €12.2m | €11.5m | €11.2m | €10.5m | ▼ 6.1% |
| Equity10/15 | €8.7m | €7.4m | €6.4m | €5.5m | €5.4m | €5.0m | €5.0m | €4.4m | ▼ 12.7% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Contributions outside capital11 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Share premium1100/10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €6.6m | €5.3m | €4.4m | €3.6m | €3.6m | €3.2m | €3.2m | €3.3m | ▲ 1.3% |
| Non-distributable reserves130/1 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other1319 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Distributable reserves133 | - | - | - | €2.7m | €2.6m | €2.3m | €2.3m | €2.4m | ▲ 1.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0.04m | -€0.6m | - |
| Investment grants15 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 20.7% |
| Provisions and deferred taxes16 | - | - | €0.008m | - | - | - | - | - | - |
| Amounts payable17/49 | €7.9m | €7.6m | €7.6m | €7.7m | €6.8m | €6.4m | €6.1m | €6.1m | ▼ 0.7% |
| Amounts payable after more than one year17 | €5.7m | €5.1m | €4.9m | €4.1m | €3.4m | €2.8m | €2.7m | €2.0m | ▼ 24.6% |
| Financial debts170/4 | - | - | - | €4.1m | €3.4m | €2.8m | €2.7m | €2.0m | ▼ 24.6% |
| Leasing and similar obligations172 | - | - | - | €3.7m | €3.1m | €2.7m | €2.6m | €2.0m | ▼ 24.8% |
| Credit institutions173 | - | - | - | €0.4m | €0.2m | €0.1m | €0.05m | €0.04m | ▼ 15.2% |
| Amounts payable within one year42/48 | €2.0m | €2.3m | €2.4m | €3.4m | €3.2m | €3.5m | €3.2m | €3.7m | ▲ 13.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 5.6% |
| Financial debts43 | - | - | - | €0.8m | €1.0m | €1.1m | €0.9m | €1.0m | ▲ 13.1% |
| Credit institutions430/8 | - | - | - | €0.8m | €1.0m | €1.1m | €0.9m | €1.0m | ▲ 13.1% |
| Trade debts44 | €0.8m | €1.1m | €1.2m | €0.8m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 15.5% |
| Suppliers440/4 | - | - | - | €0.8m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 15.5% |
| Advances received on contracts in progress46 | - | - | - | €0.4m | - | €0.01m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.7m | €1.1m | €0.8m | €0.9m | ▲ 4.0% |
| Taxes450/3 | - | - | - | €0.001m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 23.3% |
| Remuneration and social security454/9 | - | - | - | €0.5m | €0.6m | €0.9m | €0.7m | €0.8m | ▲ 1.6% |
| Other amounts payable47/48 | - | - | - | €0 | €0 | €0 | €0 | €0.2m | ▲ 21,213,408× |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.4m | ▲ 83.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.3m | -€1.2m | -€0.9m | -€0.8m | -€0.07m | -€0.3m | €0.04m | -€0.6m | - |
| + Depreciation and write-downs630 | €1.4m | €1.5m | €1.7m | €1.6m | €1.4m | €1.2m | €1.2m | €1.3m | ▲ 2.6% |
| Operating cash flow (approximation) | €1.1m | €0.2m | €0.8m | €0.9m | €1.4m | €0.9m | €1.3m | €0.7m | ▼ 47.8% |
| Investment in fixed assets (approximation) | - | -€0.5m | -€0.6m | -€0.3m | -€0.4m | -€0.8m | -€1.2m | -€0.9m | ▲ 29.8% |
| Change in cash | - | €0.06m | -€0.2m | -€0.07m | -€0.3m | €0.03m | -€0.4m | -€0.03m | ▲ 93.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 830 companies had the same profile as VETEX has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of VETEX itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 830 companies, not a prediction for VETEX. 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.
Latest 10 of 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-04-2026 | 2026-00092254 | |
| 31-12-2024 | full format | 07-05-2025 | 2025-00090183 | |
| 31-12-2023 | full format | 07-05-2024 | 2024-00083296 | |
| 31-12-2022 | full format | 26-04-2023 | 2023-00066177 | |
| 31-12-2021 | full format | 27-04-2022 | 2022-20009444 | |
| 31-12-2020 | full format | 28-04-2021 | 2021-11400451 | |
| 31-12-2019 | full format | 29-05-2020 | 2020-13400476 | |
| 31-12-2018 | full format | 10-05-2019 | 2019-13000022 | |
| 31-12-2017 | full format | 04-05-2018 | 2018-12000555 | |
| 31-12-2016 | full format | 01-06-2017 | 2017-14400240 |
Board & ownership
Directors
Directors
3 directors, 1 in day-to-day management, last change in 2023
Board 3
RIGOLE CONSULTING
Current
Voorzitter raad van bestuur · appointed in the act of 10-10-2023 · Director · since 28-09-2023 · 6-year term from 2023 · Legal entity · permanent representative: RIGOLE Patrick · listed in the 2025 annual accounts, filed on 29-04-2026
BULCKAERT Willi
Current
GEERARDYN Erik
Current
Director · since 28-09-2023 · 6-year term from 2023 · listed in the 2025 annual accounts, filed on 29-04-2026
Day-to-day management 1
RIGOLE CONSULTING
Current
Managing director · appointed in the act of 10-10-2023 · Legal entity · permanent representative: RIGOLE Patrick
Permanent representatives 1
RIGOLE Patrick
Current
Permanent representative · appointed in the act of 10-10-2023 · for RIGOLE CONSULTING
Statutory auditor 1
BOES & VERRUE BEDRIJFSREVISOREN
Current
Statutory auditor · since 29-04-2025 · term of 3 financial years from 2025 · permanent representative: Mathias VERRUE · listed in the 2025 annual accounts, filed on 29-04-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“2/ De algemene vergadering beslist om tot bestuurders van de vennootschap te benoemen, met onmiddellijke ingang, voor een hernieuwbare…”
deed of 10-10-2023Owners and capital
Capital transactions
Capital over time
- 10-10-2023 Capital stated in the deed · €718,650 · 950 shares
Mandate history
7 people, 4 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| GEERARDYN Erik |
|
| BULCKAERT Willi |
|
| RIGOLE CONSULTING |
|
| BOES & VERRUE BEDRIJFSREVISOREN |
|
| VGD Bedrijfsrevisoren |
|
| BULCKAERT Willibrord |
|
| Gerard de Leeuw |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “3, algemene vergadering kan mandaat te allen tijde en zonder opgave van redenen met onmiddellijke ingang beëindigen”
Articles of association, deed of 10-10-2023 (in Dutch)
Network & group
Holdings and subsidiaries
2 holdingsHoldings 2
Source for every holding own accounts 2025
- Vetex Asia LimitedCNsubsidiaryEquity €133,500Result €9,359100%
- VONA Inc.USsubsidiaryEquity €227,182Result €142,347100%
Companies at the same address
1 other companyConnections & network
3 current directorsThe network starts from the directors of VETEX. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
29-04
full format · 93 days before the deadline
2025
19-06
Gazette deed
Appointment: BOES & VERRUE BEDRIJFSREVISOREN (statutory auditor)2 points ▸
Gazette deed
Appointment: BOES & VERRUE BEDRIJFSREVISOREN (statutory auditor)
2 points ▸
- General meeting, 29-04-2025
- Auditor appointment, BOES & VERRUE BEDRIJFSREVISOREN (statutory auditor)
07-05
full format · 85 days before the deadline
2024
31-12
Financial
Back to profitnet €40,909
The net result is €40,909, after 6 loss-making years.
07-05
full format · 85 days before the deadline
2023
10-10
Gazette deed
Resignations: BULCKAERT Willibrord, GEERARDYN Erik and RIGOLE CONSULTINGPermanent representative: RIGOLE Patrick · Appointments: BULCKAERT Willibrord, GEERARDYN Erik and RIGOLE CONSULTING · Amendment of the articles18 points ▸
Gazette deed
Resignations: BULCKAERT Willibrord, GEERARDYN Erik and RIGOLE CONSULTING
Permanent representative: RIGOLE Patrick · Appointments: BULCKAERT Willibrord, GEERARDYN Erik and RIGOLE CONSULTING · Amendment of the articles18 points ▸
- General meeting, 28-09-2023
- Amendment of the articles, mentioned 2 times in the deed
- Director resignation, BULCKAERT Willibrord (director)
- Director resignation, GEERARDYN Erik (director)
- Director resignation, RIGOLE CONSULTING (director)
- Permanent representative, RIGOLE Patrick
- Director appointment, BULCKAERT Willibrord (director)
- Director appointment, GEERARDYN Erik (director)
- Director appointment, RIGOLE CONSULTING (director)
- Capital, €718,650
- Director discharge, BULCKAERT Willibrord (director)
- Director discharge, GEERARDYN Erik (director)
- The act holds 6 more points.
13-07
Gazette deed
Resignation: Gerard de Leeuw (director)Appointment: Geerardyn Erik (director) · Permanent representative: Patrick Rigole5 points ▸
Gazette deed
Resignation: Gerard de Leeuw (director)
Appointment: Geerardyn Erik (director) · Permanent representative: Patrick Rigole5 points ▸
- General meeting, 25-04-2023
- Director resignation, Gerard de Leeuw (director)
- Director appointment, Geerardyn Erik (director)
- Permanent representative, Patrick Rigole (managing director)
- Director in office, Rigole Consulting BV (managing director)
26-04
full format · 96 days before the deadline
2022
07-09
Gazette deed
Reappointment: VGD Bedrijfsrevisoren (statutory auditor)Permanent representatives: Jurgen LELIE and Patrick RIGOLE5 points ▸
Gazette deed
Reappointment: VGD Bedrijfsrevisoren (statutory auditor)
Permanent representatives: Jurgen LELIE and Patrick RIGOLE5 points ▸
- General meeting, 26-04-2022
- Auditor reappointment, VGD Bedrijfsrevisoren (statutory auditor)
- Permanent representative, Jurgen LELIE
- Director in office, RIGOLE CONSULTING BV (managing director)
- Permanent representative, Patrick RIGOLE
27-04
full format · 95 days before the deadline
2021
28-04
full format · 94 days before the deadline
2020
29-05
full format · 63 days before the deadline
Show earlier events
2019
31-12
Financial
Weakest financial yearnet -€1.2m
The net result drops to -€1.2m, the lowest from 2018 to 2025. It recovers the following year.
10-05
full format · 82 days before the deadline
2018
04-05
full format · 88 days before the deadline
2017
01-06
full format · 60 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
VETEX in Dutch
Enterprise number
0405.379.727
LEI code
549300LMBIOZ332EBX11
no longer live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
01-01-1968
Entity type
Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 10-10-2023 (in Dutch)Registered office and establishments
Registered office
Leon Bekaertstraat 14, 8770 Ingelmunster, Belgium
Establishment units
Leon Bekaertstraat 14, 8770 Ingelmunster since 01-10-1929 · unit number 2.004.647.035
Vetex, Beneluxpark(Kor) 26, 8500 Kortrijk since 16-11-2023 · unit number 2.356.721.205
Activities
NACEBEL 2025VAT activities
13300
Finishing of textiles main activity
13200
Manufacture of textiles
Social security (RSZ) activities
13300
Finishing of textiles main activity
Codes under NACEBEL 2008
VAT activities
13300
Finishing of textiles main activity
13200
Manufacture of textiles
Social security (RSZ) activities
13300
Finishing of textiles main activity
Codes under NACEBEL 2003
VAT activities
17300
main activity
17250
Social security (RSZ) activities
17300
main activity
Joint committees
120 Paritair Comité voor de textielnijverheid
214 Paritair Comité voor de bedienden van de textielnijverheid annual accounts 2023
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 10-10-2023 (in Dutch)
“Het voorwerp van de vennootschap is het uitbaten van alle nijverheids-,handels- en financiële zaken en inrichten,rechtstreeks of…”
3 activities
- Het voorwerp van de vennootschap is het uitbaten van alle nijverheids-,handels- en financiële zaken en inrichten,rechtstreeks of onrechtstreeks verband houdende met de textiel- en chemienijverheid.
- Voormelde opsomming is echter niet beperkend.Het voorwerp wordt in de ruimste zin opgevat:alles wat volgens de wet als handelsverrichting wordt beschouwd of aan naamloze vennootschappen wordt toegelaten ook onroerende zaken van alle aard rechtstreeks of onrechtstreeks in betrekking met het voorwerp wordt bedoeld.
- De vennootschap mag die uitbating doen hetzij rechtstreeks,hetzij bij wijze van deelnemingen in andere ondernemingen of hoe ook het zij.
Invoicing and payment
VAT number
BE 0405.379.727
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Notices of general meetings
Ordinary general meeting
Agenda
1. Verslag van de raad van bestuur. 2. Lezing van de jaarrekening per 31 december 2005. 3. Verslag van de commissaris. 4. Goedkeuring van de jaarrekening. 5. Goedkeu- ring van de toewijzing van het resultaat. 6. Kwijting aan de bestuurders en aan de commissaris. 7. Ontslagen en benoemingen. (11673) De raad van bestuur. Den Wijngaert, naamloze vennootschap, Brusselse Steenweg 301, 2800 Mechelen Ondernemingsnummer 0403.622.740 - RPR Mechelen De gewone algemene vergadering zal gehouden worden op de zetel, op 27 april 2006, om 19 uur. - Dagorde : Jaarverslag van de raad van bestuur. Behandeling van de jaarrekening per 31 december 2005. Kwijting aan de bestuurders voor de uitoefening van hun mand ...
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Tuesday of April at 10:00
deed of 10-10-2023 (in Dutch)Environmental permits
1 application in Flanders since 2017 · 1 granted
Bouwen of herbouwen
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the addresses
Ground area
4.8 ha
Building footprint
1.3 ha
Building volume
59,730 m³
Tallest building: 8.7 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 36007B0229/00F000 | Flanders | 3.7 ha | 1 · 9,263 m² | 8.7 m · 2 |
| 34354D0456/00A000 | Flanders | 1.1 ha | 1 · 3,566 m² | 0.0 m |