VF Capital
ActiveSummary
VF Capital has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €462.8m and a net result of €20.4m. Equity is growing by ~4.3% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability48▼-6
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 38.55 against 42.5 in 2024; short-term debt: 1.3% and cash: 0.4% of total assets), and 1.8% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
98.2%
Return on assets
4.3%
Age of the figures
9 mo
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
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
63 d late
2023
8 d early
2022
32 d early
2021
31 d late
2020
31 d late
2019
70 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 19 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 24 July (4 of the last 5 filed years within 38 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€20.4m▼ 33.0%
2024 · €30.4m
Working capital
€226.0m▲ 4.7%
2024 · €215.7m
Trend over the years
In euros
In euros
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€190,423▼ 45.3%-€327,463▼ 72.0%-€4.5m▼ 1,279%-€909,693▲ 79.8%-€876,861▲ 3.6%
Net result€19.0m▲ 127%€27.1m▲ 42.3%€17.9m▼ 34.0%€30.4m▲ 70.3%€20.4m▼ 33.0%
Equity€384.6m▲ 4.6%€409.7m▲ 6.5%€423.6m▲ 3.4%€447.4m▲ 5.6%€462.8m▲ 3.4%
Total assets€391.2m▲ 3.3%€415.9m▲ 6.3%€431.4m▲ 3.7%€456.2m▲ 5.7%€471.2m▲ 3.3%
Debt€6.6m▼ 40.9%€6.2m▼ 6.7%€7.8m▲ 26.4%€8.7m▲ 11.7%€8.4m▼ 4.2%
Working capital€279.2m▼ 7.9%€265.2m▼ 5.0%€235.4m▼ 11.2%€215.7m▼ 8.4%€226.0m▲ 4.7%
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €876,861 in 2025 against €909,693 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €471.2m
Fixed assets
€239.2m ▲ 1.7%
Current assets
€232.0m ▲ 5.0%
Equity and liabilities €471.2m
Equity
€462.8m ▲ 3.4%
Debt
€8.4m ▼ 4.2%
Debt's share of the balance-sheet total falls from 1.9% to 1.8%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
38.55▼
2024 · 42.50
Debt to equity
0.02▼
2024 · 0.02
ROE
4.4%▼
2024 · 6.8%
ROA
4.3%▼
2024 · 6.7%
Debt ≤ 1 year
€6.0m▲
2024 · €5.2m
Debt > 1 year
€2.3m▼
2024 · €3.5m
Income taxes
€1.9m▲
2024 · €1.4m
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €48,498 | - |
| Other operating income74 | - | - | - | - | €48,498 | - |
| Operating charges60/66A | - | €327,463 | €4.5m | €909,693 | €925,360 | ▲ 1.7% |
| Services and other goods61 | - | €326,595 | €235,700 | €908,725 | €924,361 | ▲ 1.7% |
| Other operating charges640/8 | €868 | €868 | €1,597 | €968 | €998 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | €4.3m | €0 | - | - |
| Gross operating margin9900 | -€189,555 | - | - | - | - | - |
| Operating profit (loss)9901 | -€190,423 | -€327,463 | -€4.5m | -€909,693 | -€876,861 | ▲ 3.6% |
| Financial income75/76B | €23.2m | €41.0m | €25.0m | €38.1m | €33.9m | ▼ 11.1% |
| Recurring financial income75 | €23.2m | €41.0m | €25.0m | €38.1m | €30.7m | ▼ 19.5% |
| Income from financial fixed assets750 | - | - | - | €29.4m | €13.9m | ▼ 52.6% |
| Income from current assets751 | - | €10.9m | €15.7m | €3.7m | €5.7m | ▲ 53.2% |
| Other financial income752/9 | - | €30.1m | €9.3m | €4.9m | €11.0m | ▲ 123% |
| Non-recurring financial income76B | - | - | - | - | €3.2m | - |
| Financial charges65/66B | €2.1m | €12.1m | €1.2m | €5.3m | €10.7m | ▲ 102% |
| Recurring financial charges65 | €2.1m | €12.1m | €1.2m | €2.1m | €1.1m | ▼ 47.4% |
| Debt charges650 | - | €302,728 | €632,145 | €605,994 | €452,947 | ▼ 25.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | €7.5m | €439,700 | -€287,276 | -€2.1m | ▼ 638% |
| Other financial charges652/9 | - | €4.3m | €137,453 | €1.8m | €2.8m | ▲ 54.4% |
| Non-recurring financial charges66B | - | - | - | €3.2m | €9.6m | ▲ 201% |
| Profit (loss) for the period before taxes9903 | €20.9m | €28.6m | €19.2m | €31.9m | €22.3m | ▼ 30.1% |
| Income taxes67/77 | €1.9m | €1.6m | €1.4m | €1.4m | €1.9m | ▲ 32.2% |
| Taxes670/3 | - | €1.6m | €1.4m | €1.4m | €2.3m | ▲ 61.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | €8,186 | €0 | €422,332 | - |
| Profit (loss) for the period9904 | €19.0m | €27.1m | €17.9m | €30.4m | €20.4m | ▼ 33.0% |
| Profit (loss) for the period to be appropriated9905 | €19.0m | €27.1m | €17.9m | €30.4m | €20.4m | ▼ 33.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €391.2m | €415.9m | €431.4m | €456.2m | €471.2m | ▲ 3.3% |
| Fixed assets21/28 | €109.0m | €148.0m | €191.7m | €235.2m | €239.2m | ▲ 1.7% |
| Financial fixed assets28 | €109.0m | €148.0m | €191.7m | €235.2m | €239.2m | ▲ 1.7% |
| Affiliated companies280/1 | - | €19.6m | €35.3m | €35.9m | €40.2m | ▲ 12.0% |
| Participating interests280 | - | - | €10.6m | €10.6m | €10.6m | = |
| Amounts receivable281 | - | €19.6m | €24.7m | €25.3m | €29.6m | ▲ 17.1% |
| Other financial fixed assets284/8 | - | €128.5m | €156.4m | €199.4m | €199.0m | ▼ 0.2% |
| Shares284 | - | €128.5m | €156.4m | €199.4m | €199.0m | ▼ 0.2% |
| Current assets29/58 | €282.2m | €267.8m | €239.7m | €220.9m | €232.0m | ▲ 5.0% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €5.8m | €7.0m | €3.2m | €1.6m | €1.6m | ▲ 1.3% |
| Trade receivables40 | €108,157 | €0 | - | - | - | - |
| Other amounts receivable41 | €5.7m | €7.0m | €3.2m | €1.6m | €1.6m | ▲ 1.3% |
| Current investments50/53 | €183.8m | €174.3m | €232.2m | €210.1m | €228.1m | ▲ 8.5% |
| Other investments51/53 | - | €174.3m | €232.2m | €210.1m | €228.1m | ▲ 8.5% |
| Cash at bank and in hand54/58 | €92.5m | €86.4m | €4.1m | €9.1m | €2.0m | ▼ 77.5% |
| Deferred charges and accrued income490/1 | €127,782 | €188,046 | €132,205 | €93,225 | €269,087 | ▲ 189% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €391.2m | €415.9m | €431.4m | €456.2m | €471.2m | ▲ 3.3% |
| Equity10/15 | €384.6m | €409.7m | €423.6m | €447.4m | €462.8m | ▲ 3.4% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €103,725 | €103,725 | €103,725 | €103,725 | €103,725 | = |
| Non-distributable reserves130/1 | €103,725 | €103,725 | €103,725 | €103,725 | €103,725 | = |
| Legal reserve130 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves not available under the articles1311 | €3,725 | €3,725 | €3,725 | €3,725 | €3,725 | = |
| Profit (loss) carried forward14 | €383.5m | €408.6m | €422.5m | €446.3m | €461.7m | ▲ 3.4% |
| Amounts payable17/49 | €6.6m | €6.2m | €7.8m | €8.7m | €8.4m | ▼ 4.2% |
| Amounts payable after more than one year17 | €3.5m | €3.5m | €3.5m | €3.5m | €2.3m | ▼ 33.9% |
| Financial debts170/4 | €3.5m | €3.5m | €3.5m | €3.5m | €2.3m | ▼ 33.9% |
| Other loans174 | - | €3.5m | €3.5m | €3.5m | €2.3m | ▼ 33.9% |
| Amounts payable within one year42/48 | €3.0m | €2.7m | €4.3m | €5.2m | €6.0m | ▲ 15.8% |
| Financial debts43 | - | €4,154 | €11,455 | €9,838 | €13,025 | ▲ 32.4% |
| Credit institutions430/8 | - | €4,154 | €11,455 | €9,838 | €13,025 | ▲ 32.4% |
| Trade debts44 | €14,129 | €22,020 | €130,579 | €23,075 | €54,465 | ▲ 136% |
| Suppliers440/4 | €14,129 | €22,020 | €130,579 | €23,075 | €54,465 | ▲ 136% |
| Taxes, remuneration and social security45 | €721,468 | €530,557 | €49,606 | €49,619 | €815,608 | ▲ 1,544% |
| Taxes450/3 | €721,468 | €530,557 | €49,606 | €49,619 | €815,608 | ▲ 1,544% |
| Other amounts payable47/48 | €2.3m | €2.1m | €4.1m | €5.1m | €5.1m | ▲ 0.4% |
| Accrued charges and deferred income492/3 | €97,685 | €28,152 | €25,297 | €59,161 | €50,000 | ▼ 15.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19.0m | €27.1m | €17.9m | €30.4m | €20.4m | ▼ 33.0% |
| Operating cash flow (approximation) | €19.0m | €27.1m | €17.9m | €30.4m | €20.4m | ▼ 33.0% |
| Investment in fixed assets (approximation) | - | -€39.0m | -€43.6m | -€43.6m | -€4.0m | ▲ 90.9% |
| Change in cash | - | -€6.1m | -€82.3m | €5.0m | -€7.1m | ▼ 242% |
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
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
08-05
State Gazette act
Reappointments: JacquelineMaes, BertVandeurzen and 3 othersPermanent representative: LudovicDeprez9 facts ▸
State Gazette act
Reappointments: JacquelineMaes, BertVandeurzen and 3 others
Permanent representative: LudovicDeprez9 facts ▸
- General meeting, 29-09-2025
- Director reappointment, JacquelineMaes (director)
- Director reappointment, BertVandeurzen (director)
- Director reappointment, KatrienVandeurzen (director)
- Director reappointment, UrbanusVandeurzen (director)
- Auditor reappointment, ErnstenYoungBedrijfsrevisoren (statutory auditor)
- Permanent representative, LudovicDeprez (vastevertegenwoordiger)
- Board meeting, 29-09-2025
- Director reappointment, UrbanusVandeurzen (gedelegeerdbestuurder)
2025
02-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 63 days late
2024
31-12
Financial
Highest result since 2018net €30.4m ▲70.3%
Net result €30.4m, the highest in the series.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 70 days late
2019
31-12
Financial
Weakest financial yearnet €2.5m ▼88.9%
Net result drops to €2.5m, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2025
This board is reconstructed from a single act (26059127). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 4
BertVandeurzen
CurrentDirector · since 29-09-2025
JacquelineMaes
CurrentDirector · since 29-09-2025
KatrienVandeurzen
CurrentDirector · since 29-09-2025
UrbanusVandeurzen
CurrentDirector · since 29-09-2025
Day-to-day management 1
UrbanusVandeurzen
CurrentGedelegeerdbestuurder
Statutory auditor 1
Ernst et Young Reviseurs d'Entreprises
CurrentStatutory auditor · since 08-05-2026 · perm. rep.: LudovicDeprez
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Lubbeek · 1 establishment unit since 2013
Ground area
5.2 ha
Building footprint
642 m²
Volume, LiDAR
8,010 m³
Parcel 24063C0090/00C000, Flanders · tallest building 22.2 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
VF Capital
since 20132.226.299.161
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24063C0090/00C000 | Flanders | 5.2 ha | 1 · 642 m² | 22.2 m · 5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
5 people since 2025, 5 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| BertVandeurzen |
|
| JacquelineMaes |
|
| KatrienVandeurzen |
|
| UrbanusVandeurzen |
|
| Ernst et Young Reviseurs d'Entreprises |
|
Structure & network
Owners and holdings
1 owner · 10 holdingsChain of control
- DR. IR. U. VANDEURZEN MANAGEMENT FIRM
- VF Capital
Highest known parent: DR. IR. U. VANDEURZEN MANAGEMENT FIRM. The sources do not say who stands above it.
Owners 1
- 100%
Holdings 10
-
100%
-
100%
-
99.99%
-
50%
-
50%
-
38.87%
-
35.5%
-
26.88%
-
22.41%
-
13.1%
According to the 2025 annual accounts of VF Capital and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
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Linked via shared directors
B-Value Capital
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Triginta
Shared director
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Ownership & control
3 board mandatesBoard mandates of this companythis company sits on their board3
Recognitions · licences · registrations
Legal Entity Identifier
549300BYYAUJ4LTJ7F28
Company details
Identification
Legal formPublic limited company
Founded22-11-2013
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0542579495
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.