VGRL
ActiveSummary
VGRL has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38,177 and a net result of €34,121. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 45% of 7598 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency64▲+34
Growth32=
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.58 against 0.97 in 2024; short-term debt: 60.9% of total assets), but 60.9% 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more 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
39.1%
Return on assets
35%
Age of the figures
9 mo
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
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
97 d late
2023
90 d late
2022
148 d late
2021
513 d late
2020
128 d late
2019
276 d late
← 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 174 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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. Usually files around 5 November (4 of the last 5 filed years within 128 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€38,177▲ 841%
2024 · €4,056
Total assets
€97,588▲ 29.0%
2024 · €75,637
Net result
€34,121
2024 · -€78,187
Working capital
€34,535
2024 · -€2,005
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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-€17,499▼ 176%-€49,722▼ 184%€136,469-€78,125€34,224
Net result-€17,650below the sector's middle half▼ 201%-€49,848below the sector's middle half▼ 182%€118,197above the sector's middle half-€78,187below the sector's middle half€34,121above the sector's middle half
Equity€13,894within the sector's middle half▼ 56.0%-€35,954below the sector's middle half€82,243within the sector's middle half€4,056below the sector's middle half▼ 95.1%€38,177within the sector's middle half▲ 841%
Total assets€278,463within the sector's middle half▼ 2.8%€144,232within the sector's middle half▼ 48.2%€276,740within the sector's middle half▲ 91.9%€75,637within the sector's middle half▼ 72.7%€97,588within the sector's middle half▲ 29.0%
Debt€264,569▲ 3.8%€180,186▼ 31.9%€194,497▲ 7.9%€71,581▼ 63.2%€59,411▼ 17.0%
Working capital€75,792within the sector's middle half▼ 11.1%-€43,774below the sector's middle half€79,069above the sector's middle half-€2,005below the sector's middle half€34,535within the sector's middle half
Solvency5.0%below the sector's middle half▼ 6.0pp-24.9%below the sector's middle half▼ 29.9pp29.7%within the sector's middle half▲ 54.6pp5.4%below the sector's middle half▼ 24.4pp39.1%within the sector's middle half▲ 33.8pp
Current ratio1.40within the sector's middle half▼ 0.070.76below the sector's middle half▼ 0.641.41within the sector's middle half▲ 0.650.97below the sector's middle half▼ 0.431.58within the sector's middle half▲ 0.61
Return on assets (ROA)-6.3%below the sector's middle half▼ 4.3pp-34.6%below the sector's middle half▼ 28.2pp42.7%above the sector's middle half▲ 77.3pp-103.4%below the sector's middle half▼ 146.1pp35.0%above the sector's middle half▲ 138.3pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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
The operating result returns to profit in 2025: €34,224 after a loss of €78,125 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €97,588
Fixed assets
€3,642 ▼ 39.9%
Current assets
€93,946 ▲ 35.0%
Equity and liabilities €97,588
Equity
€38,177 ▲ 841%
Debt
€59,411 ▼ 17.0%
Debt's share of the balance-sheet total falls from 94.6% to 60.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,093▲
2024 · -€74,376
Cash flow
€37,990▲
2024 · -€74,438
Debt to equity
1.56▼
2024 · 17.65
ROE
89.4%
Interest coverage
369.83▲
2024 · -1199.61
Debt ≤ 1 year
€59,411▼
2024 · €71,581
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 34,696 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,256 | €6,198 | €7,312 | €3,749 | €3,869 | ▲ 3.2% |
| Other operating charges640/8 | €1,204 | €50 | €930 | €483 | €189 | ▼ 60.9% |
| Gross operating margin9900 | -€7,039 | -€43,474 | €144,711 | -€73,893 | €38,282 | ▲ 152% |
| Operating profit (loss)9901 | -€17,499 | -€49,722 | €136,469 | -€78,125 | €34,224 | ▲ 144% |
| Financial charges65/66B | €151 | €126 | €74 | €62 | €103 | ▲ 66.1% |
| Recurring financial charges65 | €151 | €126 | €74 | €62 | €103 | ▲ 66.1% |
| Profit (loss) for the period before taxes9903 | -€17,650 | -€49,848 | €136,395 | -€78,187 | €34,121 | ▲ 144% |
| Income taxes67/77 | - | - | €18,198 | - | - | - |
| Profit (loss) for the period9904 | -€17,650 | -€49,848 | €118,197 | -€78,187 | €34,121 | ▲ 144% |
| Profit (loss) for the period to be appropriated9905 | -€17,650 | -€49,848 | €118,197 | -€78,187 | €34,121 | ▲ 144% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €278,463 | €144,232 | €276,740 | €75,637 | €97,588 | ▲ 29.0% |
| Fixed assets21/28 | €12,072 | €7,820 | €3,174 | €6,061 | €3,642 | ▼ 39.9% |
| Tangible fixed assets22/27 | €12,072 | €7,820 | €3,174 | €6,061 | €3,642 | ▼ 39.9% |
| Plant, machinery and equipment23 | - | €1,784 | €3,174 | €6,061 | €3,642 | ▼ 39.9% |
| Furniture and vehicles24 | €12,072 | €6,036 | - | - | - | - |
| Current assets29/58 | €266,391 | €136,412 | €273,566 | €69,576 | €93,946 | ▲ 35.0% |
| Amounts receivable within one year40/41 | €226,417 | €134,306 | €206,104 | €59,617 | €93,635 | ▲ 57.1% |
| Trade receivables40 | €207,526 | €115,901 | €198,581 | €42,207 | €83,429 | ▲ 97.7% |
| Other amounts receivable41 | €18,891 | €18,405 | €7,523 | €17,410 | €10,206 | ▼ 41.4% |
| Cash at bank and in hand54/58 | €39,974 | €2,106 | €67,201 | €9,959 | - | - |
| Deferred charges and accrued income490/1 | - | - | €261 | - | €311 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €278,463 | €144,232 | €276,740 | €75,637 | €97,588 | ▲ 29.0% |
| Equity10/15 | €13,894 | -€35,954 | €82,243 | €4,056 | €38,177 | ▲ 841% |
| Contributions10/11 | €16,200 | €16,200 | €16,200 | €16,200 | €16,200 | = |
| Reserves13 | €6,427 | €6,427 | €6,427 | €6,427 | €6,427 | = |
| Tax-exempt reserves132 | €6,427 | €6,427 | €6,427 | €6,427 | €6,427 | = |
| Profit (loss) carried forward14 | -€8,733 | -€58,581 | €59,616 | -€18,571 | €15,550 | ▲ 184% |
| Amounts payable17/49 | €264,569 | €180,186 | €194,497 | €71,581 | €59,411 | ▼ 17.0% |
| Amounts payable within one year42/48 | €190,599 | €180,186 | €194,497 | €71,581 | €59,411 | ▼ 17.0% |
| Financial debts43 | - | - | - | - | €12 | - |
| Credit institutions430/8 | - | - | - | - | €12 | - |
| Trade debts44 | €171,131 | €167,088 | €154,073 | €30,161 | €33,885 | ▲ 12.3% |
| Suppliers440/4 | €171,131 | €167,088 | €154,073 | €30,161 | €33,885 | ▲ 12.3% |
| Advances received on contracts in progress46 | €13,098 | €13,098 | €13,098 | €13,098 | €13,098 | = |
| Taxes, remuneration and social security45 | €6,370 | - | €15,351 | €15,351 | - | - |
| Taxes450/3 | €6,370 | - | €15,351 | €15,351 | - | - |
| Other amounts payable47/48 | - | - | €11,975 | €12,971 | €12,416 | ▼ 4.3% |
| Accrued charges and deferred income492/3 | €73,970 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,650 | -€49,848 | €118,197 | -€78,187 | €34,121 | ▲ 144% |
| + Depreciation and write-downs630 | €9,256 | €6,198 | €7,312 | €3,749 | €3,869 | ▲ 3.2% |
| Operating cash flow (approximation) | -€8,394 | -€43,650 | €125,509 | -€74,438 | €37,990 | ▲ 151% |
| Investment in fixed assets (approximation) | - | -€1,946 | -€2,666 | -€6,636 | -€1,450 | ▲ 78.1% |
| Change in cash | - | -€37,868 | €65,095 | -€57,242 | - | - |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €34,121
Net result €34,121 after one loss-making year.
05-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 97 days late
2024
31-12
Financial
Weakest financial yearnet -€78,187
Net result drops to -€78,187, the lowest in the series; recovery starts the following year.
29-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 90 days late
2023
31-12
Financial
Back to profitnet €118,197
Net result €118,197 after 4 loss-making years.
26-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 148 days late
26-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 513 days late
2021
06-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 128 days late
03-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 276 days late
2020
04-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 462 days late
2019
13-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 166 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Jette
Ground area
230 m²
Building footprint
129 m²
Volume, LiDAR
1,072 m³
Parcel 21463D0276/00C002, Brussels · tallest building 12.4 m, ±3 floors. Linked by address, not a title deed.
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21463D0276/00C002 | Brussels | 230 m² | 1 · 129 m² | 12.4 m · 3 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 29,785 companies in sector 41001 we hold annual accounts for 16,058. 12,814 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
Founded22-01-2015
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
41003General construction of other non-residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0568980818
Also
9925:BE0568980818
Registered
07-06-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.