VGR Group
ActiveSummary
VGR Group has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.1m and a net result of €127,925. Equity is growing by ~24.6% per year across the filed fiscal years. Its solvency ranks better than 55% 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
Profitability53▼-1
Solvency62▲+5
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 1.73 against 1.18 in 2023; short-term debt: 4.3% and cash: 0.8% of total assets), but 63.1% 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○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
36.9%
Return on assets
4.2%
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 04-07-2025, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
27 d early
2023
44 d early
2022
46 d early
2021
41 d early
2020
50 d early
2019
28 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 30 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€1.1m▲ 13.0%
2023 · €984,773
Total assets
€3.0m▼ 1.6%
2023 · €3.1m
Net result
€127,925▼ 35.7%
2023 · €198,928
Working capital
€94,962▲ 144%
2023 · €38,973
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€78,658€183,780▲ 134%€206,330▲ 12.3%€229,236▲ 11.1%€228,902▼ 0.1%
Net result€14,965within the sector's middle half€382,844above the sector's middle half▲ 2,458%€242,141above the sector's middle half▼ 36.8%€198,928above the sector's middle half▼ 17.8%€127,925above the sector's middle half▼ 35.7%
Equity€160,860within the sector's middle half▲ 10.3%€543,704above the sector's middle half▲ 238%€785,845above the sector's middle half▲ 44.5%€984,773above the sector's middle half▲ 25.3%€1.1mabove the sector's middle half▲ 13.0%
Total assets€2.8mabove the sector's middle half▲ 2.1%€2.9mabove the sector's middle half▲ 4.2%€3.1mabove the sector's middle half▲ 7.1%€3.1mabove the sector's middle half▼ 0.7%€3.0mabove the sector's middle half▼ 1.6%
Debt€2.6m▲ 1.7%€2.3m▼ 10.2%€2.3m▼ 1.6%€2.1m▼ 9.6%€1.9m▼ 8.4%
Working capital-€26,701-€63,872▼ 139%€91,136€38,973▼ 57.2%€94,962▲ 144%
Solvency5.8%below the sector's middle half▲ 0.4pp18.9%within the sector's middle half▲ 13.0pp25.4%within the sector's middle half▲ 6.6pp32.1%within the sector's middle half▲ 6.7pp36.9%within the sector's middle half▲ 4.7pp
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 or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 0% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.0m
Fixed assets
€2.8m ▼ 0.7%
Current assets
€224,637 ▼ 10.6%
Equity and liabilities €3.0m
Equity
€1.1m ▲ 13.0%
Debt
€1.9m ▼ 8.4%
Debt's share of the balance-sheet total falls from 67.9% to 63.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€253,416▼
2023 · €253,698
Cash flow
€152,439▼
2023 · €223,391
Current ratio
1.73▲
2023 · 1.18
Debt to equity
1.71▼
2023 · 2.11
ROE
11.5%▼
2023 · 20.2%
ROA
4.2%▼
2023 · 6.5%
Interest coverage
3.44▲
2023 · -72.21
Debt ≤ 1 year
€129,676▼
2023 · €212,362
Debt > 1 year
€1.7m▼
2023 · €1.8m
Income taxes
€35,048▼
2023 · €42,710
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €21,839 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,862 | €39,496 | €38,546 | €24,463 | €24,514 | ▲ 0.2% |
| Other operating charges640/8 | - | €12,321 | €13,516 | €14,775 | €15,124 | ▲ 2.4% |
| Gross operating margin9900 | €152,743 | €235,597 | €258,392 | €268,473 | €268,541 | = |
| Operating profit (loss)9901 | €78,658 | €183,780 | €206,330 | €229,236 | €228,902 | ▼ 0.1% |
| Financial income75/76B | - | €974 | €26 | €8,889 | €7,718 | ▼ 13.2% |
| Recurring financial income75 | €732 | €121 | €26 | €8,889 | €7,718 | ▼ 13.2% |
| Non-recurring financial income76B | - | €853 | - | - | - | - |
| Financial charges65/66B | - | -€228,575 | -€77,669 | -€3,513 | €73,647 | ▲ 2,196% |
| Recurring financial charges65 | €59,089 | -€228,575 | -€77,669 | -€3,513 | €73,647 | ▲ 2,196% |
| Profit (loss) for the period before taxes9903 | €21,880 | €413,329 | €284,025 | €241,638 | €162,973 | ▼ 32.6% |
| Income taxes67/77 | €6,914 | €30,485 | €41,884 | €42,710 | €35,048 | ▼ 17.9% |
| Profit (loss) for the period9904 | €14,965 | €382,844 | €242,141 | €198,928 | €127,925 | ▼ 35.7% |
| Profit (loss) for the period to be appropriated9905 | €14,965 | €382,844 | €242,141 | €198,928 | €127,925 | ▼ 35.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.8m | €2.9m | €3.1m | €3.1m | €3.0m | ▼ 1.6% |
| Fixed assets21/28 | €2.4m | €2.7m | €2.8m | €2.8m | €2.8m | ▼ 0.7% |
| Tangible fixed assets22/27 | €866,112 | €830,116 | €791,569 | €767,107 | €746,086 | ▼ 2.7% |
| Land and buildings22 | - | €812,786 | €788,673 | €764,561 | €740,448 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | - | €3,441 | - |
| Furniture and vehicles24 | - | €13,994 | - | - | - | - |
| Other tangible fixed assets26 | - | €3,336 | €2,896 | €2,546 | €2,196 | ▼ 13.7% |
| Financial fixed assets28 | €1.6m | €1.9m | €2.0m | €2.0m | €2.0m | = |
| Current assets29/58 | €333,057 | €199,362 | €307,380 | €251,335 | €224,637 | ▼ 10.6% |
| Amounts receivable after more than one year29 | - | - | €200,000 | €180,000 | €165,000 | ▼ 8.3% |
| Other amounts receivable291 | - | - | €200,000 | €180,000 | €165,000 | ▼ 8.3% |
| Amounts receivable within one year40/41 | €190,041 | €181,894 | €94,139 | €65,550 | €35,653 | ▼ 45.6% |
| Trade receivables40 | - | €172,379 | €85,550 | €57,434 | €24,000 | ▼ 58.2% |
| Other amounts receivable41 | - | €9,515 | €8,589 | €8,116 | €11,653 | ▲ 43.6% |
| Cash at bank and in hand54/58 | €43,016 | €17,469 | €13,241 | €5,785 | €23,575 | ▲ 308% |
| Deferred charges and accrued income490/1 | - | - | - | - | €409 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.8m | €2.9m | €3.1m | €3.1m | €3.0m | ▼ 1.6% |
| Equity10/15 | €160,860 | €543,704 | €785,845 | €984,773 | €1.1m | ▲ 13.0% |
| Contributions10/11 | €273,905 | €273,905 | €273,905 | €273,905 | €273,905 | = |
| Capital10 | - | €273,905 | €273,905 | €273,905 | €273,905 | = |
| Issued capital100 | - | €298,700 | €298,700 | €298,700 | €298,700 | = |
| Uncalled capital101 | - | €24,795 | €24,795 | €24,795 | €24,795 | = |
| Revaluation surpluses12 | - | €194,088 | €194,088 | €194,088 | €194,088 | = |
| Reserves13 | €1.0m | €255,219 | €317,851 | €516,779 | €644,705 | ▲ 24.8% |
| Non-distributable reserves130/1 | - | €9,870 | €29,870 | €29,870 | €29,870 | = |
| Legal reserve130 | - | €9,870 | €29,870 | €29,870 | €29,870 | = |
| Distributable reserves133 | - | €245,349 | €287,981 | €486,909 | €614,835 | ▲ 26.3% |
| Profit (loss) carried forward14 | -€1.3m | -€179,508 | - | - | - | - |
| Amounts payable17/49 | €2.6m | €2.3m | €2.3m | €2.1m | €1.9m | ▼ 8.4% |
| Amounts payable after more than one year17 | €2.2m | €2.1m | €2.1m | €1.8m | €1.7m | ▼ 7.9% |
| Financial debts170/4 | - | €1.4m | €1.2m | €1.1m | €950,000 | ▼ 9.5% |
| Other amounts payable178/9 | - | €655,000 | €855,000 | €790,000 | €745,000 | ▼ 5.7% |
| Amounts payable within one year42/48 | €359,758 | €263,234 | €216,244 | €212,362 | €129,676 | ▼ 38.9% |
| Current portion of amounts payable after more than one year42 | - | €200,595 | €181,447 | €171,671 | €100,000 | ▼ 41.7% |
| Financial debts43 | - | €33,333 | €8,249 | €11,824 | €11,846 | ▲ 0.2% |
| Credit institutions430/8 | - | €33,333 | €8,249 | €11,824 | €11,846 | ▲ 0.2% |
| Trade debts44 | €121,469 | €3,211 | €1,030 | €1,171 | €1,777 | ▲ 51.7% |
| Suppliers440/4 | - | €3,211 | €1,030 | €1,171 | €1,777 | ▲ 51.7% |
| Taxes, remuneration and social security45 | - | €22,752 | €22,886 | €22,700 | €13,632 | ▼ 39.9% |
| Taxes450/3 | - | €22,752 | €22,886 | €22,700 | €13,632 | ▼ 39.9% |
| Other amounts payable47/48 | - | €3,342 | €2,631 | €4,996 | €2,421 | ▼ 51.5% |
| Accrued charges and deferred income492/3 | - | €1,500 | €1,500 | €29,200 | €81,243 | ▲ 178% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,965 | €382,844 | €242,141 | €198,928 | €127,925 | ▼ 35.7% |
| + Depreciation and write-downs630 | €38,862 | €39,496 | €38,546 | €24,463 | €24,514 | ▲ 0.2% |
| Operating cash flow (approximation) | €53,828 | €422,340 | €280,687 | €223,391 | €152,439 | ▼ 31.8% |
| Investment in fixed assets (approximation) | - | -€290,415 | -€135,899 | -€58,254 | -€3,493 | ▲ 94.0% |
| Change in cash | - | -€25,548 | -€4,227 | -€7,456 | €17,790 | ▲ 339% |
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
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €1mEq €1.1m ▲13%
5 profitable years in a row build equity to €1.1m.
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
15-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €382,844 ▲2,458%
Net result €382,844, the highest in the series.
31-12
Financial
Equity above €500,000Eq €543,704 ▲238%
2 profitable years in a row build equity to €543,704.
11-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €14,965
Net result €14,965 after 2 loss-making years.
31-12
Financial
Equity above €150,000Eq €160,860 ▲10.3%
Equity rises from €145,895 to €160,860.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial
Weakest financial yearnet -€1.3m
Net result drops to -€1.3m, the lowest in the series; recovery starts the following year.
Show earlier events
27-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
03-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
15-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
14-07
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 12 acts read
About the unread acts
We know of 12 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
12 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, Brasschaat · 1 establishment unit since 2003
Ground area
2,031 m²
Building footprint
189 m²
Volume, LiDAR
1,082 m³
Parcel 11323F0087/00F000, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VGR Group
since 20032.133.763.735
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11323F0087/00F000 | Flanders | 2,031 m² | 1 · 189 m² | 8.7 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 31-12-2024 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2024 annual accounts of VGR Group 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 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,056 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded04-09-2003
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
0208:0860347339
Also
9925:BE0860347339
Registered
10-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.