VGP FOUNDATION
ActiveSummary
VGP FOUNDATION has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.9m and a net result of -€535,805. Equity is growing by ~16.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-76
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600,000 at 30 days acceptable
short-term debt: 0.4% and cash: 6.6% of total assets, and 0.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 · 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
99.6%
Return on assets
-6%
Age of the figures
9 mo
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 21-05-2026, 71 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
71 d early
2024
56 d early
2023
21 d early
2022
39 d early
2021
41 d early
2020
3 d early
← 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 39 days before 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 (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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€8.9m▼ 5.7%
2024 · €9.4m
Total assets
€8.9m▼ 6.8%
2024 · €9.6m
Net result
-€535,805
2024 · €1.4m
Working capital
€4.5m▼ 26.1%
2024 · €6.1m
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
Line20212022202320242025
Operating result€2.5m▲ 17.4%€4.2m▲ 71.7%-€807,818€1.3m-€580,590
Net result€2.4mabove the sector's middle half▲ 17.2%€4.2mabove the sector's middle half▲ 71.8%-€720,765below the sector's middle half€1.4mabove the sector's middle half-€535,805below the sector's middle half
Equity€4.6mabove the sector's middle half▲ 116%€8.8mabove the sector's middle half▲ 92.2%€8.0mabove the sector's middle half▼ 8.2%€9.4mabove the sector's middle half▲ 16.9%€8.9mabove the sector's middle half▼ 5.7%
Total assets€4.6mabove the sector's middle half▲ 117%€8.8mabove the sector's middle half▲ 91.4%€8.0mabove the sector's middle half▼ 8.5%€9.6mabove the sector's middle half▲ 18.7%€8.9mabove the sector's middle half▼ 6.8%
Debt€37,389▲ 458%€36,067▼ 3.5%€4,684▼ 87.0%€149,213▲ 3,086%€32,466▼ 78.2%
Working capital€1.5m▼ 27.6%€5.7m▲ 271%€4.9m▼ 13.5%€6.1m▲ 24.7%€4.5m▼ 26.1%
Solvency99.2%above the sector's middle half▼ 0.5pp99.6%above the sector's middle half▲ 0.4pp99.9%above the sector's middle half▲ 0.4pp98.4%above the sector's middle half▼ 1.5pp99.6%above the sector's middle half▲ 1.2pp
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 abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €580,590 after €1.3m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.9m
Fixed assets
€4.3m ▲ 32.5%
Current assets
€4.6m ▼ 27.4%
Equity and liabilities €8.9m
Equity
€8.9m ▼ 5.7%
Debt
€32,466 ▼ 78.2%
Debt's share of the balance-sheet total falls from 1.6% to 0.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€580,010▼
2024 · €1.3m
Cash flow
-€535,225▼
2024 · €1.4m
Debt to equity
0.00▼
2024 · 0.02
ROE
-6.0%▼
2024 · 14.4%
ROA
-6.0%▼
2024 · 14.2%
Interest coverage
-3471.87▼
2024 · 15493.19
Debt ≤ 1 year
€32,466▼
2024 · €149,213
Income taxes
€19,265▼
2024 · €44,961
A ratio outside any meaningful range has been withheld (balance sheet total €8.9m, equity €8.9m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 119 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 95% are still going.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a small loss
0%
went bankrupt
4.2%
stopped otherwise
95%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 119 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €826 | - |
| Goods, raw materials, services and sundry goods60/61 | €535,481 | €111,670 | €104,144 | €67,583 | €31,811 | ▼ 52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €132,456 | €1,440 | €1,400 | €786 | €580 | ▼ 26.2% |
| Other operating charges640/8 | €880,734 | €688,002 | €702,274 | €429,638 | €549,025 | ▲ 27.8% |
| Gross operating margin9900 | €3.5m | €4.9m | -€104,144 | €1.7m | -€30,985 | ▼ 102% |
| Operating profit (loss)9901 | €2.5m | €4.2m | -€807,818 | €1.3m | -€580,590 | ▼ 146% |
| Financial income75/76B | - | - | €124,668 | €149,868 | €64,217 | ▼ 57.2% |
| Recurring financial income75 | - | - | €124,668 | €149,868 | €64,217 | ▼ 57.2% |
| Financial charges65/66B | €3,571 | €4,036 | €214 | €81 | €167 | ▲ 107% |
| Recurring financial charges65 | €3,571 | €4,036 | €214 | €81 | €167 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €2.4m | €4.2m | -€683,365 | €1.4m | -€516,540 | ▼ 137% |
| Income taxes67/77 | - | - | €37,400 | €44,961 | €19,265 | ▼ 57.2% |
| Profit (loss) for the period9904 | €2.4m | €4.2m | -€720,765 | €1.4m | -€535,805 | ▼ 139% |
| Profit (loss) for the period to be appropriated9905 | €2.4m | €4.2m | -€720,765 | €1.4m | -€535,805 | ▼ 139% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.6m | €8.8m | €8.0m | €9.6m | €8.9m | ▼ 6.8% |
| Fixed assets21/28 | €3.0m | €3.1m | €3.1m | €3.3m | €4.3m | ▲ 32.5% |
| Tangible fixed assets22/27 | €3.0m | €3.1m | €3.1m | €3.3m | €4.3m | ▲ 32.5% |
| Land and buildings22 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Plant, machinery and equipment23 | €1,491 | €2,746 | €2,080 | €1,246 | €666 | ▼ 46.5% |
| Furniture and vehicles24 | €51,401 | €51,154 | €50,906 | - | - | - |
| Other tangible fixed assets26 | €1,140 | €487 | - | €50,700 | €150,700 | ▲ 197% |
| Assets under construction and advance payments27 | €1.7m | €1.7m | €1.8m | €1.9m | €2.9m | ▲ 49.8% |
| Current assets29/58 | €1.6m | €5.7m | €4.9m | €6.3m | €4.6m | ▼ 27.4% |
| Stocks and contracts in progress3 | - | - | - | €33,652 | €33,652 | = |
| Stocks30/36 | - | - | - | €33,652 | €33,652 | = |
| Amounts receivable within one year40/41 | €90,666 | €108,586 | €151,988 | €1.9m | €1.8m | ▼ 8.3% |
| Trade receivables40 | - | - | €13,953 | - | - | - |
| Other amounts receivable41 | €90,666 | €108,586 | €138,035 | €1.9m | €1.8m | ▼ 8.3% |
| Current investments50/53 | - | - | €4.6m | €3.7m | €2.2m | ▼ 41.4% |
| Cash at bank and in hand54/58 | €1.5m | €5.6m | €212,349 | €616,195 | €589,945 | ▼ 4.3% |
| Deferred charges and accrued income490/1 | €3,305 | €2,301 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.6m | €8.8m | €8.0m | €9.6m | €8.9m | ▼ 6.8% |
| Equity10/15 | €4.6m | €8.8m | €8.0m | €9.4m | €8.9m | ▼ 5.7% |
| Contributions10/11 | - | - | - | €25,000 | €25,000 | = |
| Capital10 | - | - | - | €25,000 | €25,000 | = |
| Profit (loss) carried forward14 | €4.5m | €8.7m | €8.0m | €9.4m | €8.8m | ▼ 5.7% |
| Amounts payable17/49 | €37,389 | €36,067 | €4,684 | €149,213 | €32,466 | ▼ 78.2% |
| Amounts payable within one year42/48 | €37,389 | €36,067 | €1,527 | €149,213 | €32,466 | ▼ 78.2% |
| Trade debts44 | €21,554 | €34,711 | €982 | €149,213 | €28,002 | ▼ 81.2% |
| Suppliers440/4 | €21,554 | €34,711 | €982 | €149,213 | €28,002 | ▼ 81.2% |
| Taxes, remuneration and social security45 | €4,803 | €1,357 | €545 | - | - | - |
| Taxes450/3 | €4,803 | €1,357 | €545 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €3,157 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.4m | €4.2m | -€720,765 | €1.4m | -€535,805 | ▼ 139% |
| + Depreciation and write-downs630 | €132,456 | €1,440 | €1,400 | €786 | €580 | ▼ 26.2% |
| Operating cash flow (approximation) | €2.6m | €4.2m | -€719,365 | €1.4m | -€535,225 | ▼ 139% |
| Investment in fixed assets (approximation) | - | -€55,295 | -€51,109 | -€143,282 | -€1.1m | ▼ 644% |
| Change in cash | - | €4.1m | -€5.4m | €403,847 | -€26,250 | ▼ 107% |
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
21-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Liquidity triplescurrent ratio 140.31
Current ratio from 42.04 to 140.31; short-term debt falls from €149,213 to €32,466.
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €1.4m
Net result €1.4m after one loss-making year.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€720,765
Net result drops to -€720,765, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 20current ratio 3219.31
Current ratio from 158.49 to 3219.31; short-term debt falls from €36,067 to €1,527.
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2020net €4.2m ▲71.8%
Operating result €4.2m, net result €4.2m, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 158.49
Current ratio from 41.90 to 158.49; short-term debt falls from €37,389 to €36,067.
31-12
Financial
Equity above €5mEq €8.8m ▲92.2%
3 profitable years in a row build equity to €8.8m.
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Antwerpen
Ground area
3,873 m²
Building footprint
1,078 m²
Volume, LiDAR
17,712 m³
Parcel 11810K0015/00B003, Flanders · tallest building 21.7 m, ±6 floors. Linked by address, not a title deed.
19
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11810K0015/00B003 | Flanders | 3,873 m² | 1 · 1,078 m² | 21.7 m · 6 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.
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Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 2,024 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 foundation
Founded02-10-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0735540607
Also
9925:BE0735540607
Registered
31-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.