VGS
ActiveSummary
VGS has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.04M and a net result of €127k. Equity is growing by ~22% per year across the filed fiscal years. Its solvency ranks better than 74% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-6
Solvency94▼-6
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
Liquidity ample (current ratio 6.21 against 10.18 in 2024; short-term debt: 9.9% and cash: 38.8% of total assets), and 30.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
69.1%
Return on assets
8.5%
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 25-06-2026, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
36 d early
2024
3 d early
2023
23 d late
2022
11 d late
2021
12 d early
2020
9 d late
2019
28 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.04M▲ 13.9%
2024 · €909k
2018: €235klowest in 8 years
2019: €280k▲ +19.1% vs 2018
2020: €373k▲ +33.0% vs 2019
2021: €500k▲ +34.1% vs 2020
2022: €646k▲ +29.3% vs 2021
2023: €783k▲ +21.2% vs 2022
2024: €909k▲ +16.1% vs 2023
2025: €1.04M▲ +13.9% vs 2024highest in 8 years
2018 → 2025
Total assets
€1.50M▲ 49.7%
2024 · €1.00M
2018: €298klowest in 8 years
2019: €327k▲ +9.6% vs 2018
2020: €454k▲ +39.0% vs 2019
2021: €587k▲ +29.2% vs 2020
2022: €703k▲ +19.8% vs 2021
2023: €830k▲ +18.1% vs 2022
2024: €1.00M▲ +20.6% vs 2023
2025: €1.50M▲ +49.7% vs 2024highest in 8 years
2018 → 2025
Net result
€127k▲ 0.7%
2024 · €126k
2018: €88k
2019: €52k▼ -41.2% vs 2018lowest in 8 years
2020: €92k▲ +77.8% vs 2019
2021: €128k▲ +38.5% vs 2020
2022: €147k▲ +15.1% vs 2021highest in 8 years
2023: €138k▼ -6.5% vs 2022
2024: €126k▼ -8.1% vs 2023
2025: €127k▲ +0.7% vs 2024
2018 → 2025
Working capital
€772k▼ 8.8%
2024 · €846k
2018: €226klowest in 8 years
2019: €269k▲ +19.4% vs 2018
2020: €412k▲ +53.0% vs 2019
2021: €490k▲ +18.8% vs 2020
2022: €630k▲ +28.6% vs 2021
2023: €751k▲ +19.3% vs 2022
2024: €846k▲ +12.6% vs 2023highest in 8 years
2025: €772k▼ -8.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€500k-€646k▲ 29.3%€783k▲ 21.2%€909k▲ 16.1%€1.04M▲ 13.9%
2021: €500klowest in 5 years
2022: €646k▲ +29.3% vs 2021
2023: €783k▲ +21.2% vs 2022
2024: €909k▲ +16.1% vs 2023
2025: €1.04M▲ +13.9% vs 2024highest in 5 years
Operating result€164k-€190k▲ 15.4%€177k▼ 6.7%€161k▼ 9.1%€146k▼ 9.2%
2021: €164k
2022: €190k▲ +15.4% vs 2021highest in 5 years
2023: €177k▼ -6.7% vs 2022
2024: €161k▼ -9.1% vs 2023
2025: €146k▼ -9.2% vs 2024lowest in 5 years
Net result€128k-€147k▲ 15.1%€138k▼ 6.5%€126k▼ 8.1%€127k▲ 0.7%
2021: €128k
2022: €147k▲ +15.1% vs 2021highest in 5 years
2023: €138k▼ -6.5% vs 2022
2024: €126k▼ -8.1% vs 2023lowest in 5 years
2025: €127k▲ +0.7% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 9% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.50M
Fixed assets
€579k ▲ 823%
Current assets
€920k ▼ 2.0%
Equity and liabilities €1.50M
Equity
€1.04M ▲ 13.9%
Debt
€463k ▲ 401%
Debt's share of the balance-sheet total rises from 9.2% to 30.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€180k▲
2024 · €174k
Cash flow
€162k▲
2024 · €139k
Current ratio
6.21▼
2024 · 10.18
Quick ratio
5.80▼
2024 · 9.75
Debt to equity
0.45▲
2024 · 0.10
ROE
12.3%▼
2024 · 13.9%
ROA
8.5%▼
2024 · 12.6%
Interest coverage
203.02▼
2024 · 983.69
Debt ≤ 1 year
€148k▲
2024 · €92k
Debt > 1 year
€315k
Income taxes
€18k▼
2024 · €34k
Staff costs
€58k▲
2024 · €56k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.00M€1.50M▲
Fixed assets21/28€63k€579k▲
Tangible fixed assets22/27€63k€579k▲
Land and buildings22€17k€547k▲
Plant, machinery and equipment23€8k€2k▼
Furniture and vehicles24€37k€29k▼
Current assets29/58€938k€920k▼
Stocks and contracts in progress3€40k€60k▲
Stocks30/36€40k€60k▲
Amounts receivable within one year40/41€276k€274k▼
Trade receivables40€258k€252k▼
Other amounts receivable41€18k€22k▲
Cash at bank and in hand54/58€609k€581k▼
Deferred charges and accrued income490/1€13k€5k▼
Equity and liabilities
Total equity and liabilities10/49€1.00M€1.50M▲
Equity10/15€909k€1.04M▲
Contributions10/11€19k€19k=
Reserves13€890k€1.02M▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€888k€1.01M▲
Amounts payable17/49€92k€463k▲
Amounts payable after more than one year17-€315k
Financial debts170/4-€315k
Amounts payable within one year42/48€92k€148k▲
Current portion of amounts payable after more than one year42-€35k
Trade debts44€88k€61k▼
Suppliers440/4€88k€61k▼
Taxes, remuneration and social security45€2k€48k▲
Taxes450/3-€43k
Remuneration and social security454/9€2k€4k▲
Other amounts payable47/48€2k€5k▲
Accrued charges and deferred income492/3€299-
Income statement
Code20242025
Non-recurring operating income76A-€2k
Remuneration, social security and pensions62€56k€58k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€34k▲
Other operating charges640/8€817€4k▲
Gross operating margin9900€230k€243k▲
Operating profit (loss)9901€161k€146k▼
Financial income75/76B€289€390▲
Recurring financial income75€289€390▲
Financial charges65/66B€176€888▲
Recurring financial charges65€176€888▲
Profit (loss) for the period before taxes9903€161k€146k▼
Income taxes67/77€34k€18k▼
Profit (loss) for the period9904€126k€127k▲
Profit (loss) for the period to be appropriated9905€126k€127k▲
Appropriation of the result
Profit (loss) to be appropriated9906€126k€127k▲
Transfer to equity691/2€126k€127k▲
To other reserves6921€126k€127k▲
Profit to be distributed694/7€800€800=
Return on contributions (dividend)694€800€800=
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2k | - |
| Remuneration, social security and pensions62 | €36k | €19k | €76k | €56k | €58k | ▲ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €7k | €7k | €13k | €34k | ▲ 167% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €5k | - | - | - | - |
| Other operating charges640/8 | €503 | €1k | €714 | €817 | €4k | ▲ 436% |
| Gross operating margin9900 | €209k | €221k | €260k | €230k | €243k | ▲ 5.6% |
| Operating profit (loss)9901 | €164k | €190k | €177k | €161k | €146k | ▼ 9.2% |
| Financial income75/76B | €756 | €2k | €342 | €289 | €390 | ▲ 35.1% |
| Recurring financial income75 | €756 | €2k | €342 | €289 | €390 | ▲ 35.1% |
| Financial charges65/66B | €1k | €2k | €212 | €176 | €888 | ▲ 403% |
| Recurring financial charges65 | €1k | €2k | €212 | €176 | €888 | ▲ 403% |
| Profit (loss) for the period before taxes9903 | €164k | €190k | €177k | €161k | €146k | ▼ 9.5% |
| Income taxes67/77 | €36k | €42k | €39k | €34k | €18k | ▼ 47.1% |
| Profit (loss) for the period9904 | €128k | €147k | €138k | €126k | €127k | ▲ 0.7% |
| Profit (loss) for the period to be appropriated9905 | €128k | €147k | €138k | €126k | €127k | ▲ 0.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €587k | €703k | €830k | €1.00M | €1.50M | ▲ 49.7% |
| Fixed assets21/28 | €23k | €16k | €34k | €63k | €579k | ▲ 823% |
| Tangible fixed assets22/27 | €23k | €16k | €34k | €63k | €579k | ▲ 823% |
| Land and buildings22 | - | - | €19k | €17k | €547k | ▲ 3,071% |
| Plant, machinery and equipment23 | €23k | €16k | €14k | €8k | €2k | ▼ 73.0% |
| Furniture and vehicles24 | - | - | - | €37k | €29k | ▼ 22.5% |
| Current assets29/58 | €564k | €687k | €796k | €938k | €920k | ▼ 2.0% |
| Stocks and contracts in progress3 | €51k | €50k | €40k | €40k | €60k | ▲ 50.0% |
| Stocks30/36 | €51k | €50k | €40k | €40k | €60k | ▲ 50.0% |
| Amounts receivable within one year40/41 | €139k | €154k | €119k | €276k | €274k | ▼ 0.8% |
| Trade receivables40 | €101k | €147k | €117k | €258k | €252k | ▼ 2.4% |
| Other amounts receivable41 | €38k | €7k | €2k | €18k | €22k | ▲ 21.7% |
| Cash at bank and in hand54/58 | €370k | €456k | €631k | €609k | €581k | ▼ 4.6% |
| Deferred charges and accrued income490/1 | €3k | €27k | €7k | €13k | €5k | ▼ 63.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €587k | €703k | €830k | €1.00M | €1.50M | ▲ 49.7% |
| Equity10/15 | €500k | €646k | €783k | €909k | €1.04M | ▲ 13.9% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €481k | €628k | €764k | €890k | €1.02M | ▲ 14.2% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €479k | €626k | €763k | €888k | €1.01M | ▲ 14.2% |
| Amounts payable17/49 | €87k | €57k | €47k | €92k | €463k | ▲ 401% |
| Amounts payable after more than one year17 | - | - | - | - | €315k | - |
| Financial debts170/4 | - | - | - | - | €315k | - |
| Amounts payable within one year42/48 | €74k | €57k | €45k | €92k | €148k | ▲ 60.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €35k | - |
| Trade debts44 | €69k | €50k | €37k | €88k | €61k | ▼ 31.3% |
| Suppliers440/4 | €69k | €50k | €37k | €88k | €61k | ▼ 31.3% |
| Advances received on contracts in progress46 | - | €4k | €3k | - | - | - |
| Taxes, remuneration and social security45 | €5k | €1k | €4k | €2k | €48k | ▲ 2,575% |
| Taxes450/3 | €5k | - | - | - | €43k | - |
| Remuneration and social security454/9 | €528 | €1k | €4k | €2k | €4k | ▲ 151% |
| Other amounts payable47/48 | €576 | €1k | €1k | €2k | €5k | ▲ 134% |
| Accrued charges and deferred income492/3 | €13k | - | €2k | €299 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €128k | €147k | €138k | €126k | €127k | ▲ 0.7% |
| + Depreciation and write-downs630 | €8k | €7k | €7k | €13k | €34k | ▲ 167% |
| Operating cash flow (approximation) | €136k | €154k | €145k | €139k | €162k | ▲ 16.0% |
| Investment in fixed assets (approximation) | - | €0 | €-24k | €-42k | €-550k | ▼ 1,213% |
| Change in cash | - | €86k | €175k | €-22k | €-28k | ▼ 23.5% |
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
25-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €1MEq €1.04M ▲13.9%
8 profitable years in a row build equity to €1.04M.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
23-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 23 days late
2023
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 11 days late
2022
31-12
Financial
Highest result since 2018net €147k ▲15.1%
Operating result €190k, net result €147k, both a record.
31-12
Financial
Equity above €500kEq €646k ▲29.3%
5 profitable years in a row build equity to €646k.
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
09-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 9 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial
Weakest financial yearnet €52k ▼41.2%
Net result drops to €52k, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not 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
1 act for this company is 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, Rijkevorsel · 1 establishment unit since 2014
Ground area
2,155 m²
Building footprint
186 m²
Volume, LiDAR
862 m³
Parcel 13037A0207/00M000, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VGS
since 20142.232.820.432
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13037A0207/00M000 | Flanders | 2,155 m² | 1 · 186 m² | 11.0 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.
Similar companies · same sector, comparable size
ZET Wonen
BE 0682.767.657
Hoogstraten · Eq €1,034,945
EUROFIBA
BE 0448.244.324
Wingene · Eq €1,034,608
REFRA CONCEPTS
BE 0817.046.836
Oudsbergen · Eq €1,034,293
LECOQ & LECOQ
BE 0477.624.634
Arlon · Eq €1,036,141
AC 2010
BE 0473.605.468
Jemeppe-sur-Sambre · Eq €1,037,785
Of 20,018 companies in sector 43320 we hold annual accounts for 9,132. 4,302 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
Founded15-07-2014
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
Scores and ratios are computed by Checked and are not a credit decision.