VGS
ActiveSummary
VGS has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €79,641 and a net result of -€25,571. Equity is growing by ~5% per year across the filed fiscal years. Its solvency ranks better than 33% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability37▼-37
Solvency36▼-19
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days acceptable
Liquidity short (current ratio 0.84 against 0.26 in 2024; short-term debt: 5.7% and cash: 2.6% of total assets), and 88.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
11.1%
Return on assets
-3.6%
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 17-07-2026, 14 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
14 d early
2024
6 d early
2023
40 d early
2022
24 d early
2021
20 d early
2020
32 d early
2019
18 d early
← 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 22 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. Usually files around 11 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€79,641▼ 24.3%
2024 · €105,212
Total assets
€719,187▲ 108%
2024 · €346,160
Net result
-€25,571
2024 · €13,492
Working capital
-€6,424▲ 94.1%
2024 · -€108,848
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,202▼ 12.9%€1,774▼ 80.7%€13,148▲ 641%€20,664▲ 57.2%-€22,009
Net result€4,108within the sector's middle half▼ 32.7%-€1,702within the sector's middle half€7,869within the sector's middle half€13,492within the sector's middle half▲ 71.5%-€25,571below the sector's middle half
Equity€85,553within the sector's middle half▲ 5.0%€83,851within the sector's middle half▼ 2.0%€91,720within the sector's middle half▲ 9.4%€105,212within the sector's middle half▲ 14.7%€79,641within the sector's middle half▼ 24.3%
Total assets€452,157within the sector's middle half▲ 3.9%€389,746within the sector's middle half▼ 13.8%€377,901within the sector's middle half▼ 3.0%€346,160within the sector's middle half▼ 8.4%€719,187within the sector's middle half▲ 108%
Debt€366,605▲ 3.6%€305,896▼ 16.6%€286,181▼ 6.4%€240,948▼ 15.8%€639,547▲ 165%
Working capital-€122,139below the sector's middle half▼ 66.3%-€138,563below the sector's middle half▼ 13.4%-€122,793below the sector's middle half▲ 11.4%-€108,848below the sector's middle half▲ 11.4%-€6,424within the sector's middle half▲ 94.1%
Solvency18.9%within the sector's middle half▲ 0.2pp21.5%within the sector's middle half▲ 2.6pp24.3%within the sector's middle half▲ 2.8pp30.4%within the sector's middle half▲ 6.1pp11.1%within the sector's middle half▼ 19.3pp
Current ratio0.25below the sector's middle half▼ 0.220.11below the sector's middle half▼ 0.140.24below the sector's middle half▲ 0.120.26below the sector's middle half▲ 0.020.84within the sector's middle half▲ 0.58
Return on assets (ROA)0.9%within the sector's middle half▼ 0.5pp-0.4%within the sector's middle half▼ 1.3pp2.1%within the sector's middle half▲ 2.5pp3.9%within the sector's middle half▲ 1.8pp-3.6%below the sector's middle half▼ 7.5pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €22,009 after €20,664 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €719,187
Fixed assets
€684,734 ▲ 122%
Current assets
€34,453 ▼ 9.7%
Equity and liabilities €719,187
Equity
€79,641 ▼ 24.3%
Debt
€639,547 ▲ 165%
Debt's share of the balance-sheet total rises from 69.6% to 88.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,298▼
2024 · €52,801
Cash flow
€5,737▼
2024 · €45,629
Debt to equity
8.03▲
2024 · 2.29
ROE
-32.1%▼
2024 · 12.8%
Interest coverage
2.75▼
2024 · 25.99
Debt ≤ 1 year
€40,877▼
2024 · €146,985
Debt > 1 year
€589,836▲
2024 · €85,333
Income taxes
€178▼
2024 · €5,140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 748 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
1.3%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,340 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% | 1.8% |
| 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 748 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 | €32,417 | €39,238 | €33,011 | €32,137 | €31,308 | ▼ 2.6% |
| Other operating charges640/8 | €5,460 | €5,127 | €5,472 | €5,670 | €53,701 | ▲ 847% |
| Gross operating margin9900 | €47,080 | €46,139 | €51,632 | €58,471 | €63,000 | ▲ 7.7% |
| Operating profit (loss)9901 | €9,202 | €1,774 | €13,148 | €20,664 | -€22,009 | ▼ 207% |
| Financial income75/76B | €0 | €15 | €0 | - | - | - |
| Recurring financial income75 | €0 | €15 | €0 | - | - | - |
| Financial charges65/66B | €3,712 | €3,217 | €2,543 | €2,032 | €3,383 | ▲ 66.5% |
| Recurring financial charges65 | €3,712 | €3,217 | €2,543 | €2,032 | €3,383 | ▲ 66.5% |
| Profit (loss) for the period before taxes9903 | €5,490 | -€1,428 | €10,605 | €18,632 | -€25,393 | ▼ 236% |
| Income taxes67/77 | €1,382 | €274 | €2,736 | €5,140 | €178 | ▼ 96.5% |
| Profit (loss) for the period9904 | €4,108 | -€1,702 | €7,869 | €13,492 | -€25,571 | ▼ 290% |
| Profit (loss) for the period to be appropriated9905 | €4,108 | -€1,702 | €7,869 | €13,492 | -€25,571 | ▼ 290% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €452,157 | €389,746 | €377,901 | €346,160 | €719,187 | ▲ 108% |
| Fixed assets21/28 | €410,984 | €371,746 | €340,159 | €308,022 | €684,734 | ▲ 122% |
| Tangible fixed assets22/27 | €410,984 | €371,746 | €340,159 | €308,022 | €684,734 | ▲ 122% |
| Land and buildings22 | €336,550 | €312,487 | €294,724 | €278,237 | €658,498 | ▲ 137% |
| Furniture and vehicles24 | €67,924 | €52,889 | €39,204 | €23,695 | €8,186 | ▼ 65.5% |
| Other tangible fixed assets26 | €6,511 | €6,371 | €6,231 | €6,091 | €5,951 | ▼ 2.3% |
| Assets under construction and advance payments27 | - | - | - | - | €12,100 | - |
| Current assets29/58 | €41,173 | €18,000 | €37,742 | €38,138 | €34,453 | ▼ 9.7% |
| Amounts receivable within one year40/41 | €2,210 | €8,340 | €22,440 | €9,109 | €13,630 | ▲ 49.6% |
| Trade receivables40 | €1,210 | €7,114 | €8,123 | €9,109 | €8,809 | ▼ 3.3% |
| Other amounts receivable41 | €1,000 | €1,226 | €14,317 | - | €4,822 | - |
| Cash at bank and in hand54/58 | €37,134 | €7,567 | €13,214 | €27,342 | €19,049 | ▼ 30.3% |
| Deferred charges and accrued income490/1 | €1,829 | €2,093 | €2,088 | €1,687 | €1,773 | ▲ 5.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €452,157 | €389,746 | €377,901 | €346,160 | €719,187 | ▲ 108% |
| Equity10/15 | €85,553 | €83,851 | €91,720 | €105,212 | €79,641 | ▼ 24.3% |
| Contributions10/11 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Profit (loss) carried forward14 | €5,553 | €3,851 | €11,720 | €25,212 | -€359 | ▼ 101% |
| Amounts payable17/49 | €366,605 | €305,896 | €286,181 | €240,948 | €639,547 | ▲ 165% |
| Amounts payable after more than one year17 | €196,011 | €149,333 | €117,333 | €85,333 | €589,836 | ▲ 591% |
| Financial debts170/4 | €196,011 | €149,333 | €117,333 | €85,333 | €589,836 | ▲ 591% |
| Amounts payable within one year42/48 | €163,312 | €156,562 | €160,534 | €146,985 | €40,877 | ▼ 72.2% |
| Current portion of amounts payable after more than one year42 | €56,981 | €46,678 | €32,000 | €32,000 | €32,000 | = |
| Trade debts44 | - | €1,472 | €777 | €117 | - | - |
| Suppliers440/4 | - | €1,472 | €777 | €117 | - | - |
| Advances received on contracts in progress46 | - | - | €1,740 | €1,740 | €1,740 | = |
| Taxes, remuneration and social security45 | €1,385 | €3,108 | €1,236 | €4,415 | €7,137 | ▲ 61.7% |
| Taxes450/3 | €1,385 | €3,108 | €1,236 | €4,415 | €7,137 | ▲ 61.7% |
| Other amounts payable47/48 | €104,946 | €105,304 | €124,781 | €108,713 | - | - |
| Accrued charges and deferred income492/3 | €7,281 | - | €8,314 | €8,629 | €8,834 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,108 | -€1,702 | €7,869 | €13,492 | -€25,571 | ▼ 290% |
| + Depreciation and write-downs630 | €32,417 | €39,238 | €33,011 | €32,137 | €31,308 | ▼ 2.6% |
| Operating cash flow (approximation) | €36,525 | €37,536 | €40,880 | €45,629 | €5,737 | ▼ 87.4% |
| Investment in fixed assets (approximation) | - | €0 | -€1,424 | €0 | -€408,020 | - |
| Change in cash | - | -€29,567 | €5,647 | €14,128 | -€8,292 | ▼ 159% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€25,571
Net result drops to -€25,571, the lowest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €13,492 ▲71.5%
Operating result €20,664, net result €13,492, both a record.
31-12
Financial
Equity above €100,000Eq €105,212 ▲14.7%
2 profitable years in a row build equity to €105,212.
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €7,869
Net result €7,869 after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €7,540
Net result €7,540 after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has 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
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, Lokeren · 1 establishment unit since 2018
Ground area
1.7 ha
Building footprint
2,511 m²
Volume, LiDAR
19,417 m³
Parcel 46014A0231/00G000, Flanders · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
VGS
since 20182.277.005.912
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46014A0231/00G000 | Flanders | 1.7 ha | 1 · 2,511 m² | 12.9 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.
Similar companies · same sector, comparable size
NOUT
BE 0478.877.716
Mons · Eq €79,648
ATELIER SOLO
BE 0665.718.423
Kalmthout · Eq €79,676
DAJ IMMO
BE 0823.802.687
Grâce-Hollogne · Eq €79,596
AERARIUM HASBANIA
BE 0764.374.945
Pelt · Eq €79,593
CASTEL LUDO
BE 0822.150.917
La Louvière · Eq €79,556
Of 12,040 companies in sector 68203 we hold annual accounts for 6,007. 3,575 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
Founded18-05-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
23200Manufacture of other non-metallic mineral products
38210Materials recovery from waste
43120Site preparation
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0696627670
Registered
03-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.