Summary
VGEX is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €698,809 and a net result of €82,273. Equity is growing by ~48.9% per year across the filed fiscal years. Its solvency ranks better than 30% of 2451 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 29-09-2025, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
31 d early
2023
7 d early
2022
31 d early
2021
30 d early
2020
33 d early
2019
31 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 28 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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.
Companies Code · seven monthsPosition in the running window
31-03-2026 close26-09-2026 today31-10-2026 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date Which other companies resemble this one?Lookalike companies
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€698,809▲ 13.3%
2024 · €616,536
Net result
€82,273
2024 · -€120,912
Total assets
€2.7m▼ 1.7%
2024 · €2.8m
Solvency
25.6%▲ 3.4pp
2024 · 22.2%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€120,221▲ 14.9%€33,622▼ 72.0%-€76,474-€18,294▲ 76.1%€68,002
Net result€99,510€263,608▲ 165%€287,161▲ 8.9%-€120,912€82,273
Equity€186,680▲ 114%€450,288▲ 141%€737,449▲ 63.8%€616,536▼ 16.4%€698,809▲ 13.3%
Total assets€3.1m▼ 4.8%€2.8m▼ 10.0%€3.1m▲ 9.6%€2.8m▼ 8.9%€2.7m▼ 1.7%
Debt€1.5m▼ 13.8%€972,078▼ 36.7%€961,874▼ 1.0%€823,376▼ 14.4%€705,630▼ 14.3%
Working capital-€736,328▲ 6.5%€704,311-€114,235-€751,904▼ 558%-€543,889▲ 27.7%
Solvency6.0%▲ 3.3pp16.2%▲ 10.1pp24.2%▲ 8.0pp22.2%▼ 2.0pp25.6%▲ 3.4pp
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €68,002 after a loss of €18,294 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€2.6m ▼ 5.0%
Current assets
€159,591 ▲ 126%
Equity and liabilities €2.7m
Equity
€698,809 ▲ 13.3%
Provisions
€1.3m ▼ 0.8%
Debt
€705,630 ▼ 14.3%
Debt's share of the balance-sheet total falls from 29.6% to 25.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
11.8%▲
2024 · -19.6%
ROA
3.0%▲
2024 · -4.3%
Debt ≤ 1 year
€703,480▼
2024 · €822,426
Income taxes
€8,525▲
2024 · €298
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €115,707 | €124,766 | €181,939 | €230,793 | €180,947 | ▼ 21.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | -€10,569 | -€10,808 | -€11,150 | -€11,369 | ▼ 2.0% |
| Other operating charges640/8 | - | €24,887 | €11,929 | €19,628 | €21,998 | ▲ 12.1% |
| Gross operating margin9900 | €240,227 | €172,706 | €106,585 | €220,977 | €259,578 | ▲ 17.5% |
| Operating profit (loss)9901 | €120,221 | €33,622 | -€76,474 | -€18,294 | €68,002 | ▲ 472% |
| Financial income75/76B | - | €368,205 | €500,000 | €11 | €125,002 | ▲ 1,132,162% |
| Recurring financial income75 | €138,606 | €6 | €500,000 | €11 | €2 | ▼ 84.4% |
| Non-recurring financial income76B | - | €368,199 | €500,000 | - | €125,000 | - |
| Financial charges65/66B | - | €111,526 | €108,720 | €102,332 | €102,206 | ▼ 0.1% |
| Recurring financial charges65 | €114,392 | €111,526 | €108,720 | €102,332 | €102,206 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €144,435 | €290,301 | €314,806 | -€120,615 | €90,798 | ▲ 175% |
| Income taxes67/77 | €44,925 | €26,693 | €27,646 | €298 | €8,525 | ▲ 2,763% |
| Profit (loss) for the period9904 | €99,510 | €263,608 | €287,161 | -€120,912 | €82,273 | ▲ 168% |
| Profit (loss) for the period to be appropriated9905 | €99,510 | €263,608 | €287,161 | -€120,912 | €82,273 | ▲ 168% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.1m | €2.8m | €3.1m | €2.8m | €2.7m | ▼ 1.7% |
| Fixed assets21/28 | €3.0m | €1.7m | €2.2m | €2.7m | €2.6m | ▼ 5.0% |
| Tangible fixed assets22/27 | €1.7m | €1.7m | €2.2m | €2.7m | €2.6m | ▼ 5.0% |
| Land and buildings22 | - | €1.4m | €1.8m | €2.3m | €2.2m | ▼ 3.3% |
| Plant, machinery and equipment23 | - | €933 | €614 | €1,342 | €883 | ▼ 34.2% |
| Furniture and vehicles24 | - | €12,084 | €16,288 | €87,731 | €54,889 | ▼ 37.4% |
| Other tangible fixed assets26 | - | €288,536 | €350,409 | €341,354 | €313,231 | ▼ 8.2% |
| Assets under construction and advance payments27 | - | €52,000 | €26,500 | - | - | - |
| Financial fixed assets28 | €1.4m | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €48,965 | €1.0m | €835,960 | €70,522 | €159,591 | ▲ 126% |
| Amounts receivable within one year40/41 | €29,900 | €15,181 | €16,184 | €24,845 | €85,852 | ▲ 246% |
| Trade receivables40 | - | €15,181 | €16,184 | €14,845 | €18,927 | ▲ 27.5% |
| Other amounts receivable41 | - | - | - | €10,000 | €66,925 | ▲ 569% |
| Cash at bank and in hand54/58 | €10,407 | €1.0m | €811,791 | €31,709 | €62,292 | ▲ 96.4% |
| Deferred charges and accrued income490/1 | - | €9,490 | €7,985 | €13,968 | €11,448 | ▼ 18.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.1m | €2.8m | €3.1m | €2.8m | €2.7m | ▼ 1.7% |
| Equity10/15 | €186,680 | €450,288 | €737,449 | €616,536 | €698,809 | ▲ 13.3% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €188,067 | €451,675 | €725,049 | €725,049 | €807,322 | ▲ 11.3% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €449,815 | €723,189 | €723,189 | €805,462 | ▲ 11.4% |
| Profit (loss) carried forward14 | -€13,787 | -€13,787 | - | -€120,912 | -€120,912 | = |
| Provisions and deferred taxes16 | €1.4m | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 0.8% |
| Provisions for liabilities and charges160/5 | - | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 0.8% |
| Environmental obligations163 | - | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 0.8% |
| Amounts payable17/49 | €1.5m | €972,078 | €961,874 | €823,376 | €705,630 | ▼ 14.3% |
| Amounts payable after more than one year17 | €747,293 | €630,479 | - | - | - | - |
| Financial debts170/4 | - | €630,479 | - | - | - | - |
| Amounts payable within one year42/48 | €785,294 | €341,156 | €950,195 | €822,426 | €703,480 | ▼ 14.5% |
| Current portion of amounts payable after more than one year42 | - | €116,814 | €17,145 | - | - | - |
| Trade debts44 | €11,597 | €1,194 | €4,867 | €975 | €2,886 | ▲ 196% |
| Suppliers440/4 | - | €1,194 | €4,867 | €975 | €2,886 | ▲ 196% |
| Advances received on contracts in progress46 | - | €1,500 | €8,020 | €21,518 | €19,498 | ▼ 9.4% |
| Taxes, remuneration and social security45 | - | €37,986 | €36,216 | €9,298 | €21,563 | ▲ 132% |
| Taxes450/3 | - | €37,986 | €36,216 | €9,298 | €21,563 | ▲ 132% |
| Other amounts payable47/48 | - | €183,661 | €883,947 | €790,634 | €659,532 | ▼ 16.6% |
| Accrued charges and deferred income492/3 | - | €444 | €11,679 | €950 | €2,150 | ▲ 126% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,510 | €263,608 | €287,161 | -€120,912 | €82,273 | ▲ 168% |
| + Depreciation and write-downs630 | €115,707 | €124,766 | €181,939 | €230,793 | €180,947 | ▼ 21.6% |
| Operating cash flow (approximation) | €215,217 | €388,374 | €469,099 | €109,880 | €263,220 | ▲ 140% |
| Investment in fixed assets (approximation) | - | €1.2m | -€657,594 | -€725,669 | -€45,035 | ▲ 93.8% |
| Change in cash | - | €1.0m | -€209,004 | -€780,082 | €30,583 | ▲ 104% |
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
29-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Back to profitnet €82,273
Net result €82,273 after one loss-making year.
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet -€120,912
Net result drops to -€120,912, the lowest in the series; recovery starts the following year.
2023
24-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Highest result since 2019net €287,161 ▲8.9%
Net result €287,161, the highest in the series.
31-03
Financial
Equity above €500,000Eq €737,449 ▲63.8%
3 profitable years in a row build equity to €737,449.
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-03
Financial
Liquidity times 49current ratio 3.06
Current ratio from 0.06 to 3.06; short-term debt falls from €785,294 to €341,156.
31-03
Financial
Equity above €200,000Eq €450,288 ▲141%
2 profitable years in a row build equity to €450,288.
2021
01-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Back to profitnet €99,510
Net result €99,510 after one loss-making year.
Show earlier events
31-03
Financial
Equity above €150,000Eq €186,680 ▲114%
Equity rises from €87,171 to €186,680.
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
04-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
11-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
21-10
NBB filing
Annual accounts filed
fiscal year 2016 · full 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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
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, Watermaal-Bosvoorde · 1 establishment unit since 2011
Ground area
253 m²
Building footprint
253 m²
Volume, LiDAR
2,682 m³
Parcel 21652E0282/00S002, Brussels · tallest building 17.9 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
VGEX
since 20112.200.732.139
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0282/00S002 | Brussels | 252 m² | 1 · 252 m² | 17.9 m · 4 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.
Recognitions · licences · registrations
Legal Entity Identifier
98450089EF8BB902A313
Similar companies · same sector, comparable size
Belgian P&I
BE 0446.169.910
Antwerpen · Eq €705,714
Xolutions Plus
BE 0775.296.749
Oosterzele · Eq €688,809
ANTWERP MARINE INSURANCE CLAIMS ASSOCIATES
BE 0427.827.804
Antwerpen · Eq €687,275
Van Ameyde Marine (Belgium)
BE 0400.532.301
Beveren-Kruibeke-Zwijndrecht · Eq €686,403
INVESTIGATION, SURVEY & CONSULTANCY
BE 0440.983.972
Steenokkerzeel · Eq €675,778
Of 853 companies in sector 66210 we hold annual accounts for 511. 336 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
Founded30-05-2011
Fiscal year end31-03
Activities, NACEBEL 2025
66210Risk and damage evaluation
Scores and ratios are computed by Checked and are not a credit decision.