VF PROJECT
ActiveSummary
VF PROJECT has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €686,727 and a net result of €85,668. Equity is growing by ~15.4% per year across the filed fiscal years. Its solvency ranks better than 67% of 2218 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▼-2
Solvency80▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity tight (current ratio 1.27 against 2.88 in 2024; short-term debt: 13.9% and cash: 5.6% of total assets), and 45.4% 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+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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
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
54.6%
Return on assets
6.8%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 16-10-2025, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
98 d early
2023
11 d early
2022
11 d early
2021
12 d early
2019
10 d early
2018
13 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 24 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 19 October (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€686,727▲ 14.3%
2024 · €601,059
Total assets
€1.3m▲ 8.8%
2024 · €1.2m
Net result
€85,668▼ 11.5%
2024 · €96,799
Working capital
€48,043▼ 85.0%
2024 · €320,422
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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€360,004-€80,406▼ 77.7%€142,378▲ 77.1%€160,605▲ 12.8%€148,085▼ 7.8%
Net result€232,334above the sector's middle half-€45,400within the sector's middle half▼ 80.5%€90,694within the sector's middle half▲ 99.8%€96,799above the sector's middle half▲ 6.7%€85,668above the sector's middle half▼ 11.5%
Equity€526,123within the sector's middle half-€571,524within the sector's middle half▲ 8.6%€504,260within the sector's middle half▼ 11.8%€601,059within the sector's middle half▲ 19.2%€686,727above the sector's middle half▲ 14.3%
Total assets€814,038within the sector's middle half-€820,578within the sector's middle half▲ 0.8%€968,922within the sector's middle half▲ 18.1%€1.2mwithin the sector's middle half▲ 19.3%€1.3mwithin the sector's middle half▲ 8.8%
Debt€287,915-€249,055▼ 13.5%€464,662▲ 86.6%€555,334▲ 19.5%€571,100▲ 2.8%
Working capital€614,347above the sector's middle half-€312,660within the sector's middle half▼ 49.1%€37,329within the sector's middle half▼ 88.1%€320,422within the sector's middle half▲ 758%€48,043within the sector's middle half▼ 85.0%
Solvency64.6%above the sector's middle half-69.6%above the sector's middle half▲ 5.0pp52.0%within the sector's middle half▼ 17.6pp52.0%within the sector's middle half▼ 0.1pp54.6%within the sector's middle half▲ 2.6pp
Current ratio4.09above the sector's middle half-2.29within the sector's middle half▼ 1.791.15within the sector's middle half▼ 1.142.88within the sector's middle half▲ 1.731.27within the sector's middle half▼ 1.61
Return on assets (ROA)28.5%above the sector's middle half-5.5%within the sector's middle half▼ 23.0pp9.4%within the sector's middle half▲ 3.8pp8.4%within the sector's middle half▼ 1.0pp6.8%within the sector's middle half▼ 1.6pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2022 Net result -80% on 2021. The previous fiscal year ran 18 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 8% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.0m ▲ 55.4%
Current assets
€223,119 ▼ 54.5%
Equity and liabilities €1.3m
Equity
€686,727 ▲ 14.3%
Debt
€571,100 ▲ 2.8%
Debt's share of the balance-sheet total falls from 48.0% to 45.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€213,430▲
2024 · €174,359
Cash flow
€151,012▲
2024 · €110,553
Quick ratio
0.46▼
2024 · 1.41
Debt to equity
0.83▼
2024 · 0.92
ROE
12.5%▼
2024 · 16.1%
Interest coverage
9.59▲
2024 · 6.90
Debt ≤ 1 year
€175,076▲
2024 · €170,136
Debt > 1 year
€385,924▲
2024 · €371,245
Income taxes
€40,417▲
2024 · €38,529
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 17,810 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €48,387 | €54,574 | €13,754 | €65,345 | ▲ 375% |
| Other operating charges640/8 | - | €855 | €2,060 | €2,518 | €3,200 | ▲ 27.1% |
| Gross operating margin9900 | €356,177 | €129,648 | €199,013 | €176,877 | €216,629 | ▲ 22.5% |
| Operating profit (loss)9901 | €360,004 | €80,406 | €142,378 | €160,605 | €148,085 | ▼ 7.8% |
| Financial income75/76B | - | €21 | €284 | - | €264 | - |
| Recurring financial income75 | €355 | €21 | €284 | - | €264 | - |
| Financial charges65/66B | - | €18,001 | €16,160 | €25,277 | €22,265 | ▼ 11.9% |
| Recurring financial charges65 | €18,570 | €18,001 | €16,160 | €25,277 | €22,265 | ▼ 11.9% |
| Profit (loss) for the period before taxes9903 | €341,790 | €62,425 | €126,502 | €135,328 | €126,084 | ▼ 6.8% |
| Income taxes67/77 | €109,455 | €17,025 | €35,808 | €38,529 | €40,417 | ▲ 4.9% |
| Profit (loss) for the period9904 | €232,334 | €45,400 | €90,694 | €96,799 | €85,668 | ▼ 11.5% |
| Profit (loss) for the period to be appropriated9905 | €232,334 | €45,400 | €90,694 | €96,799 | €85,668 | ▼ 11.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €814,038 | €820,578 | €968,922 | €1.2m | €1.3m | ▲ 8.8% |
| Fixed assets21/28 | €600 | €266,123 | €680,188 | €665,835 | €1.0m | ▲ 55.4% |
| Tangible fixed assets22/27 | - | €265,523 | €679,588 | €665,835 | €1.0m | ▲ 55.4% |
| Land and buildings22 | - | €265,523 | €679,588 | €665,835 | €966,374 | ▲ 45.1% |
| Furniture and vehicles24 | - | - | - | - | €68,334 | - |
| Financial fixed assets28 | €600 | €600 | €600 | - | - | - |
| Current assets29/58 | €813,438 | €554,455 | €288,733 | €490,558 | €223,119 | ▼ 54.5% |
| Stocks and contracts in progress3 | €264,629 | €407,497 | €20,000 | €251,203 | €142,755 | ▼ 43.2% |
| Stocks30/36 | - | €407,497 | €20,000 | €251,203 | €142,755 | ▼ 43.2% |
| Amounts receivable within one year40/41 | €270,273 | €111,825 | €50,052 | €134,465 | €9,075 | ▼ 93.3% |
| Trade receivables40 | - | - | €45,360 | €12,100 | €9,075 | ▼ 25.0% |
| Other amounts receivable41 | - | €111,825 | €4,692 | €122,365 | - | - |
| Cash at bank and in hand54/58 | €277,777 | €33,777 | €217,297 | €103,526 | €69,831 | ▼ 32.5% |
| Deferred charges and accrued income490/1 | - | €1,356 | €1,385 | €1,364 | €1,458 | ▲ 6.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €814,038 | €820,578 | €968,922 | €1.2m | €1.3m | ▲ 8.8% |
| Equity10/15 | €526,123 | €571,524 | €504,260 | €601,059 | €686,727 | ▲ 14.3% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €507,523 | €552,924 | €485,660 | €582,459 | €668,127 | ▲ 14.7% |
| Distributable reserves133 | - | €552,924 | €485,660 | €582,459 | €668,127 | ▲ 14.7% |
| Profit (loss) carried forward14 | -€70,501 | - | - | - | - | - |
| Amounts payable17/49 | €287,915 | €249,055 | €464,662 | €555,334 | €571,100 | ▲ 2.8% |
| Amounts payable after more than one year17 | €78,866 | - | €200,788 | €371,245 | €385,924 | ▲ 4.0% |
| Financial debts170/4 | - | - | €200,788 | €371,245 | €385,924 | ▲ 4.0% |
| Amounts payable within one year42/48 | €199,091 | €241,795 | €251,404 | €170,136 | €175,076 | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | - | - | €13,310 | €23,772 | €46,965 | ▲ 97.6% |
| Trade debts44 | €2,015 | €3,697 | €2,807 | €372 | €766 | ▲ 106% |
| Suppliers440/4 | - | €3,697 | €2,807 | €372 | €766 | ▲ 106% |
| Taxes, remuneration and social security45 | - | €13,922 | €8,561 | €5,943 | €12,207 | ▲ 105% |
| Taxes450/3 | - | €13,922 | €5,932 | €5,943 | €12,207 | ▲ 105% |
| Remuneration and social security454/9 | - | - | €2,629 | - | - | - |
| Other amounts payable47/48 | - | €224,176 | €226,726 | €140,049 | €115,137 | ▼ 17.8% |
| Accrued charges and deferred income492/3 | - | €7,259 | €12,470 | €13,953 | €10,101 | ▼ 27.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €232,334 | €45,400 | €90,694 | €96,799 | €85,668 | ▼ 11.5% |
| + Depreciation and write-downs630 | - | €48,387 | €54,574 | €13,754 | €65,345 | ▲ 375% |
| Operating cash flow (approximation) | €232,334 | €93,788 | €145,268 | €110,553 | €151,012 | ▲ 36.6% |
| Investment in fixed assets (approximation) | - | -€313,910 | -€468,640 | €600 | -€434,218 | ▼ 72,470% |
| Change in cash | - | -€244,000 | €183,520 | -€113,771 | -€33,695 | ▲ 70.4% |
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
2025
16-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Liquidity triplescurrent ratio 2.88
Current ratio from 1.15 to 2.88; short-term debt falls from €251,404 to €170,136.
2023
20-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
20-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
19-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
31-03
Financial
Highest result since 2018net €232,334 ▲122%
Operating result €360,004, net result €232,334, both a record.
31-03
Financial
Liquidity triplescurrent ratio 4.09
Current ratio from 1.27 to 4.09; short-term debt falls from €199,573 to €199,091.
31-03
Financial
Equity above €500,000Eq €526,123 ▲79.1%
2 profitable years in a row build equity to €526,123.
2020
20-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Back to profitnet €104,772
Net result €104,772 after one loss-making year.
30-09
Financial
Equity above €200,000Eq €293,789 ▲55.4%
Equity rises from €189,017 to €293,789.
Show earlier events
17-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
26-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
21-03
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Jabbeke · 1 establishment unit since 2007
Ground area
959 m²
Building footprint
179 m²
Volume, LiDAR
999 m³
Parcel 31041A0461/00P000, Flanders · tallest building 8.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Romain Maesstraat 15, 8490 Jabbeke
since 20072.159.663.824
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31041A0461/00P000 | Flanders | 959 m² | 1 · 179 m² | 8.3 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-03-2023 list no shareholders, and no other source names one.
Holdings 1
-
3.23%
According to the annual accounts to 31-03-2023 of VF PROJECT 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
No current directors or connected companies found in the register.
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,056. 7,981 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
Founded25-01-2007
Fiscal year end31-03
Activities, NACEBEL 2025
41001General construction of residential buildings
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0886716194
Registered
14-11-2025
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.