VGH Projects
ActiveVGH Projects has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €283k and a net result of €51k. Equity is growing by ~20.5% per year across the filed fiscal years. Its solvency ranks better than 45% of 9135 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
61
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability59=
Solvency51=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days acceptable
Liquidity tight (current ratio 1.14 against 1.34 in 2024; short-term debt: 58.2% and cash: 8.4% of total assets), and 74.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five 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
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
25.9%
Return on assets
4.7%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 31-12-2025, 31 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
31 d early
2024
35 d early
2023
16 d early
2022
1 d early
2021
7 d early
2020
5 d early
2019
2 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close19-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€283k▼ 2.9%
2024 · €292k
2019: €61k
2020: €100k
2021: €146k
2022: €224k
2023: €308k
2024: €292k
2019 → 2025
Total assets
€1.09M▼ 2.9%
2024 · €1.12M
2019: €364k
2020: €526k
2021: €350k
2022: €679k
2023: €959k
2024: €1.12M
2019 → 2025
Net result
€51k▼ 38.2%
2024 · €83k
2019: €18k
2020: €41k
2021: €47k
2022: €67k
2023: €135k
2024: €83k
2019 → 2025
Working capital
€91k▼ 58.7%
2024 · €221k
2019: €59k
2020: €98k
2021: €151k
2022: €220k
2023: €236k
2024: €221k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€146k-€224k▲ 53.2%€308k▲ 37.8%€292k▼ 5.4%€283k▼ 2.9%
Operating result€71k-€94k▲ 32.0%€206k▲ 119%€166k▼ 19.1%€105k▼ 36.8%
Net result€47k-€67k▲ 41.1%€135k▲ 101%€83k▼ 38.2%€51k▼ 38.2%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 37% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.09M
Fixed assets
€365k▲ 47.1%
Current assets
€726k▼ 17.1%
Equity and liabilities €1.09M
Equity
€283k▼ 2.9%
Debt
€809k▼ 2.9%
The debt ratio stays at 74.1%.
Key figures and ratios
EBITDA
€142k▼
2024 · €184k
Cash flow
€88k▼
2024 · €100k
Solvency
25.9%=
2024 · 25.9%
Current ratio
1.14▼
2024 · 1.34
Quick ratio
0.15▲
2024 · 0.09
Debt / equity
2.86=
2024 · 2.86
ROE
18.2%▼
2024 · 28.5%
ROA
4.7%▼
2024 · 7.4%
Interest coverage
4.07▲
2024 · 3.71
Debt
€809k▼
2024 · €833k
Debt ≤ 1 year
€635k▼
2024 · €656k
Debt > 1 year
€161k▼
2024 · €177k
Income taxes
€19k▼
2024 · €34k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.12M€1.09M▼
Fixed assets21/28€248k€365k▲
Tangible fixed assets22/27€248k€365k▲
Land and buildings22€232k€325k▲
Plant, machinery and equipment23€2k€4k▲
Furniture and vehicles24€1k€28k▲
Leasing and similar rights25€14k€9k▼
Current assets29/58€876k€726k▼
Stocks and contracts in progress3€815k€631k▼
Stocks30/36€815k€631k▼
Amounts receivable within one year40/41€1k€212▼
Trade receivables40€1k€212▼
Cash at bank and in hand54/58€57k€92k▲
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€1.12M€1.09M▼
Equity10/15€292k€283k▼
Contributions10/11€19k€19k=
Reserves13€273k€264k▼
Tax-exempt reserves132€17k€17k=
Distributable reserves133€256k€248k▼
Amounts payable17/49€833k€809k▼
Amounts payable after more than one year17€177k€161k▼
Financial debts170/4€177k€161k▼
Amounts payable within one year42/48€656k€635k▼
Current portion of amounts payable after more than one year42€324k€16k▼
Financial debts43-€347k
Credit institutions430/8-€347k
Trade debts44€61k€29k▼
Suppliers440/4€61k€29k▼
Taxes, remuneration and social security45€30k€24k▼
Taxes450/3€29k€24k▼
Remuneration and social security454/9€1k-
Other amounts payable47/48€240k€220k▼
Accrued charges and deferred income492/3-€12k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17k€37k▲
Other operating charges640/8€2k€5k▲
Gross operating margin9900€186k€147k▼
Operating profit (loss)9901€166k€105k▼
Financial income75/76B€846€551▼
Recurring financial income75€846€551▼
Financial charges65/66B€50k€35k▼
Recurring financial charges65€50k€35k▼
Profit (loss) for the period before taxes9903€118k€71k▼
Income taxes67/77€34k€19k▼
Profit (loss) for the period9904€83k€51k▼
Profit (loss) for the period to be appropriated9905€83k€51k▼
Appropriation of the result
Profit (loss) to be appropriated9906€83k€51k▼
Transfer from equity791/2€100k€9k▼
Transfer to equity691/2€83k-
To other reserves6921€83k-
Profit to be distributed694/7€100k€60k▼
Return on contributions (dividend)694€100k€60k▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
31-12
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
27-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
15-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Highest result since 2019net €135k ▲101%
Operating result €206k, net result €135k, both a record.
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-06
Financial
Equity above €200kEq €224k ▲53.2%
4 profitable years in a row build equity to €224k.
24-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Equity above €100kEq €100k ▲63.7%
2 profitable years in a row build equity to €100k.
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
01-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Aalst · 1 establishment unit since 2016
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Bieststraat 199308 AalstGround area
1,586 m²
Building footprint
133 m²
Parcel 41029A0895/00B000, Flanders. Linked by address, not a title deed.
1 establishment unit
VGH Projects
since 20162.253.054.236
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029A0895/00B000 | Flanders | 1,586 m² | 1 · 133 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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PRIMO PLUS
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TWAALF
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IMMOPTIC WAVRE
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Of 7,322 companies in sector 68110 we hold annual accounts for 5,382. 3,850 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-05-2016
Fiscal year end30-06
Activities, NACEBEL
68110Buying and selling of own real estate
43990Other specialised construction activities
43999Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 9 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.