VG PROJECT
ActiveSummary
VG PROJECT has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €2.8m and a net result of €378,487. Equity is growing by ~10.4% per year across the filed fiscal years. Its solvency ranks better than 64% of 19362 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability77▲+1
Solvency74▼-9
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €190,000 at 30 days acceptable
Liquidity tight (current ratio 1.29 against 1.37 in 2023; short-term debt: 50.7% and cash: 4.3% of total assets), and 50.7% 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 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 2024Solvency, return and age of the figures
Solvency
49.3%
Return on assets
6.7%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
20 d late
2022
21 d late
2021
46 d early
2020
179 d late
2019
33 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 29 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 (1)
History
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Financials · fiscal year 2024, micro schema
In the rankings
#7 company by total assets in Wetteren, Real estate sector#7 company by equity in Wetteren, Real estate sector
Equity
€2.8m▲ 1.0%
2023 · €2.7m
Total assets
€5.6m▲ 18.4%
2023 · €4.7m
Net result
€378,487▲ 47.1%
2023 · €257,324
Working capital
€829,665▲ 11.1%
2023 · €747,062
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
Line20202021202220232024
Operating result€1.8m▲ 4,326%€194,354▼ 88.9%€292,049▲ 50.3%€395,307▲ 35.4%€581,206▲ 47.0%
Net result€1.3mabove the sector's middle half▲ 7,486%€141,417above the sector's middle half▼ 89.0%€197,763above the sector's middle half▲ 39.8%€257,324above the sector's middle half▲ 30.1%€378,487above the sector's middle half▲ 47.1%
Equity€2.1mabove the sector's middle half▲ 149%€2.3mabove the sector's middle half▲ 6.6%€2.5mabove the sector's middle half▲ 8.7%€2.7mabove the sector's middle half▲ 10.4%€2.8mabove the sector's middle half▲ 1.0%
Total assets€3.9mabove the sector's middle half▼ 35.9%€4.2mabove the sector's middle half▲ 8.5%€4.2mabove the sector's middle half▼ 0.1%€4.7mabove the sector's middle half▲ 11.8%€5.6mabove the sector's middle half▲ 18.4%
Debt€1.8m▼ 66.2%€2.0m▲ 10.9%€1.8m▼ 10.4%€2.0m▲ 13.9%€2.8m▲ 42.1%
Working capital€36,345▼ 92.9%€244,750▲ 573%€460,895▲ 88.3%€747,062▲ 62.1%€829,665▲ 11.1%
Solvency54.7%within the sector's middle half▲ 40.7pp53.8%within the sector's middle half▼ 1.0pp58.5%within the sector's middle half▲ 4.7pp57.7%within the sector's middle half▼ 0.8pp49.3%within the sector's middle half▼ 8.5pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 47% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €5.6m
Fixed assets
€1.9m ▼ 2.7%
Current assets
€3.7m ▲ 33.7%
Equity and liabilities €5.6m
Equity
€2.8m ▲ 1.0%
Debt
€2.8m ▲ 42.1%
Debt's share of the balance-sheet total rises from 42.3% to 50.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€635,321▲
2023 · €445,562
Cash flow
€432,603▲
2023 · €307,578
Current ratio
1.29▼
2023 · 1.37
Quick ratio
0.10▼
2023 · 0.27
Debt to equity
1.03▲
2023 · 0.73
ROE
13.7%▲
2023 · 9.4%
ROA
6.7%▲
2023 · 5.4%
Interest coverage
18.94▼
2023 · 20.54
Debt ≤ 1 year
€2.8m▲
2023 · €2.0m
Income taxes
€173,267▲
2023 · €124,194
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,058 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% | 1.6% |
| 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 74% 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 20,082 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,137 | €46,302 | €47,787 | €50,254 | €54,116 | ▲ 7.7% |
| Other operating charges640/8 | - | €3,640 | €9,436 | €18,660 | €18,515 | ▼ 0.8% |
| Gross operating margin9900 | €1.8m | €244,296 | €349,271 | €464,221 | €653,836 | ▲ 40.8% |
| Operating profit (loss)9901 | €1.8m | €194,354 | €292,049 | €395,307 | €581,206 | ▲ 47.0% |
| Financial income75/76B | - | €11,402 | €2,138 | €7,901 | €4,100 | ▼ 48.1% |
| Recurring financial income75 | €8,764 | €11,402 | €2,138 | €7,901 | €4,100 | ▼ 48.1% |
| Financial charges65/66B | - | €5,406 | €8,552 | €21,690 | €33,552 | ▲ 54.7% |
| Recurring financial charges65 | €14,128 | €5,406 | €8,552 | €21,690 | €33,552 | ▲ 54.7% |
| Profit (loss) for the period before taxes9903 | €1.8m | €200,350 | €285,635 | €381,518 | €551,754 | ▲ 44.6% |
| Income taxes67/77 | €467,684 | €58,933 | €87,872 | €124,194 | €173,267 | ▲ 39.5% |
| Profit (loss) for the period9904 | €1.3m | €141,417 | €197,763 | €257,324 | €378,487 | ▲ 47.1% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €141,417 | €197,763 | €257,324 | €378,487 | ▲ 47.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.9m | €4.2m | €4.2m | €4.7m | €5.6m | ▲ 18.4% |
| Fixed assets21/28 | €2.1m | €2.0m | €2.0m | €2.0m | €1.9m | ▼ 2.7% |
| Tangible fixed assets22/27 | €1.9m | €1.8m | €1.8m | €1.8m | €1.7m | ▼ 3.1% |
| Land and buildings22 | - | €1.8m | €1.8m | €1.7m | €1.7m | ▼ 2.7% |
| Furniture and vehicles24 | - | €5,037 | €3,418 | €20,863 | €13,034 | ▼ 37.5% |
| Financial fixed assets28 | €253,182 | €243,981 | €240,050 | €240,050 | €240,050 | = |
| Current assets29/58 | €1.8m | €2.2m | €2.2m | €2.8m | €3.7m | ▲ 33.7% |
| Stocks and contracts in progress3 | €1.0m | €1.5m | €1.4m | €2.2m | €3.4m | ▲ 53.3% |
| Stocks30/36 | - | €1.5m | €1.4m | €2.2m | €3.4m | ▲ 53.3% |
| Amounts receivable within one year40/41 | €66,955 | €56,499 | €64,145 | €36,120 | €41,336 | ▲ 14.4% |
| Other amounts receivable41 | - | €56,499 | €64,145 | €36,120 | €41,336 | ▲ 14.4% |
| Current investments50/53 | - | - | - | €375,000 | - | - |
| Cash at bank and in hand54/58 | €731,468 | €687,460 | €801,271 | €123,328 | €239,579 | ▲ 94.3% |
| Deferred charges and accrued income490/1 | - | €2,126 | €1,801 | €1,950 | €2,253 | ▲ 15.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.9m | €4.2m | €4.2m | €4.7m | €5.6m | ▲ 18.4% |
| Equity10/15 | €2.1m | €2.3m | €2.5m | €2.7m | €2.8m | ▲ 1.0% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | €20,000 | - | - | - | - |
| Issued capital100 | - | €20,000 | - | - | - | - |
| Reserves13 | €2.1m | €2.3m | €2.5m | €2.7m | €2.7m | ▲ 1.3% |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | - | - | - |
| Legal reserve130 | - | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €2,000 | - | - | - |
| Distributable reserves133 | - | €2.3m | €2.5m | €2.7m | €2.7m | ▲ 1.3% |
| Profit (loss) carried forward14 | €4,332 | €5,750 | €5,750 | €5,750 | - | - |
| Amounts payable17/49 | €1.8m | €2.0m | €1.8m | €2.0m | €2.8m | ▲ 42.1% |
| Amounts payable within one year42/48 | €1.8m | €2.0m | €1.8m | €2.0m | €2.8m | ▲ 42.1% |
| Current portion of amounts payable after more than one year42 | - | €400,000 | - | - | - | - |
| Financial debts43 | - | - | €400,000 | €400,000 | €624,000 | ▲ 56.0% |
| Credit institutions430/8 | - | - | €400,000 | €400,000 | €624,000 | ▲ 56.0% |
| Trade debts44 | €15,800 | €14,093 | €45,002 | €5,785 | €160,631 | ▲ 2,677% |
| Suppliers440/4 | - | €14,093 | €45,002 | €5,785 | €160,631 | ▲ 2,677% |
| Taxes, remuneration and social security45 | - | €259,424 | €20,348 | €292,740 | €160,409 | ▼ 45.2% |
| Taxes450/3 | - | €256,617 | €20,348 | €292,740 | €160,409 | ▼ 45.2% |
| Remuneration and social security454/9 | - | €2,808 | - | - | - | - |
| Other amounts payable47/48 | - | €1.3m | €1.3m | €1.3m | €1.9m | ▲ 45.8% |
| Accrued charges and deferred income492/3 | - | €953 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €141,417 | €197,763 | €257,324 | €378,487 | ▲ 47.1% |
| + Depreciation and write-downs630 | €25,137 | €46,302 | €47,787 | €50,254 | €54,116 | ▲ 7.7% |
| Operating cash flow (approximation) | €1.3m | €187,720 | €245,549 | €307,578 | €432,603 | ▲ 40.6% |
| Investment in fixed assets (approximation) | - | €19,882 | -€28,452 | -€21,411 | €0 | ▲ 100% |
| Change in cash | - | -€44,008 | €113,812 | -€677,943 | €116,251 | ▲ 117% |
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
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 20 days late
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 21 days late
2022
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
26-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 179 days late
2020
31-12
Financial
Highest result since 2018net €1.3m ▲7,486%
Operating result €1.8m, net result €1.3m, both a record.
31-12
Financial
Equity above €2mEq €2.1m ▲149%
3 profitable years in a row build equity to €2.1m.
02-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 33 days late
2019
31-12
Financial
Weakest financial yearnet €16,913 ▼85.8%
Net result drops to €16,913, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 52 days late
2016
22-06
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 2 acts read
About the unread acts
We know of 2 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
2 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, Wetteren · 1 establishment unit since 2004
Ground area
1,890 m²
Building footprint
221 m²
Volume, LiDAR
1,295 m³
Parcel 42012A0020/00R008, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
VG PROJECT
since 20042.139.126.053
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42012A0020/00R008 | Flanders | 1,890 m² | 1 · 221 m² | 10.0 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
2 holdingsOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 2
-
50%
-
9.68%
According to the 2024 annual accounts of VG 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 9,699 companies in sector 68121 we hold annual accounts for 7,385. 2,545 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
Founded09-06-2004
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0865688079
Registered
27-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.