VGS DEVELOPMENT
ActiveVGS DEVELOPMENT has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €88k and a net result of €-5k. Equity is shrinking by ~18.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 48% of 86 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2026
59
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2025
Profitability15▲+15
Solvency80▼-10
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 2.2 against 2.79 in 2025; short-term debt: 44.9% and cash: 2.6% of total assets), and 44.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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
Sector 68
lower
← 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
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 2026Solvency, return and age of the figures
Solvency
55.1%
Return on assets
-2.8%
Age of the figures
6 mo
raises risk · Persistent losses
Two consecutive loss-making years (2025 and 2026); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2026Net result per financial year
1920212223242526
2019 to 2026 · latest year €-5k
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 16-09-2026, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
45 d early
2025
45 d early
2024
45 d early
2023
42 d early
2022
27 d early
2021
27 d early
2020
4 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
19-09-2026 today31-03-2027 close31-10-2027 deadline
Financials · fiscal year 2026, micro schema
Equity
€88k▼ 4.9%
2025 · €92k
2019: €440k
2020: €441k
2021: €405k
2022: €343k
2023: €300k
2024: €188k
2025: €92k
2019 → 2026
Total assets
€159k▲ 11.6%
2025 · €143k
2019: €471k
2020: €447k
2021: €409k
2022: €349k
2023: €305k
2024: €213k
2025: €143k
2019 → 2026
Net result
€-5k▲ 95.3%
2025 · €-96k
2019: €21k
2020: €861
2021: €-35k
2022: €-62k
2023: €-43k
2024: €-112k
2025: €-96k
2019 → 2026
Working capital
€86k▼ 4.4%
2025 · €90k
2019: €263k
2020: €263k
2021: €263k
2022: €236k
2023: €228k
2024: €149k
2025: €90k
2019 → 2026
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20222023202420252026Trend
Equity€343k-€300k▼ 12.5%€188k▼ 37.4%€92k▼ 50.9%€88k▼ 4.9%
Operating result€-62k-€-43k▲ 31.1%€-112k▼ 162%€-96k▲ 14.2%€-5k▲ 95.1%
Net result€-62k-€-43k▲ 31.0%€-112k▼ 162%€-96k▲ 14.8%€-5k▲ 95.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5k in 2026 against €96k in 2025; the loss shrinks.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €159k
Fixed assets
€2k▼ 24.7%
Current assets
€157k▲ 12.2%
Equity and liabilities €159k
Equity
€88k▼ 4.9%
Debt
€71k▲ 41.9%
The debt ratio rises from 35.3% to 44.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-4k▲
2025 · €-96k
Cash flow
€-4k▲
2025 · €-95k
Solvency
55.1%▼
2025 · 64.7%
Current ratio
2.20▼
2025 · 2.79
Quick ratio
1.15▼
2025 · 1.71
Debt / equity
0.81▲
2025 · 0.55
ROE
-5.1%▲
2025 · -103.6%
ROA
-2.8%▲
2025 · -67.1%
Interest coverage
-70.36▲
2025 · -1257.59
Debt
€71k▲
2025 · €50k
Debt ≤ 1 year
€71k▲
2025 · €50k
Income taxes
€227▲
2025 · €212
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2026 against 2025
Balance sheet
Code20252026
Assets
Total assets20/58€143k€159k▲
Fixed assets21/28€2k€2k▼
Tangible fixed assets22/27€2k€2k▼
Furniture and vehicles24€2k€2k▼
Current assets29/58€140k€157k▲
Stocks and contracts in progress3€54k€75k▲
Stocks30/36€54k€75k▲
Amounts receivable within one year40/41€4k€2k▼
Trade receivables40€4k-
Other amounts receivable41€161€2k▲
Current investments50/53€79k€75k▼
Cash at bank and in hand54/58€2k€4k▲
Deferred charges and accrued income490/1€494€734▲
Equity and liabilities
Total equity and liabilities10/49€143k€159k▲
Equity10/15€92k€88k▼
Contributions10/11€20k€20k=
Reserves13€81k€81k=
Distributable reserves133€81k€81k=
Profit (loss) carried forward14€-9k€-14k▼
Amounts payable17/49€50k€71k▲
Amounts payable within one year42/48€50k€71k▲
Trade debts44€3k€8k▲
Suppliers440/4€3k€8k▲
Taxes, remuneration and social security45€177€86▼
Taxes450/3€177€86▼
Other amounts payable47/48€47k€63k▲
Income statement
Code20252026
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€559€588▲
Other operating charges640/8€3k€801▼
Non-recurring operating charges66A€39k-
Gross operating margin9900€-54k€-3k▲
Operating profit (loss)9901€-96k€-5k▲
Financial income75/76B€730€470▼
Recurring financial income75€730€470▼
Financial charges65/66B€76€58▼
Recurring financial charges65€76€58▼
Profit (loss) for the period before taxes9903€-95k€-4k▲
Income taxes67/77€212€227▲
Profit (loss) for the period9904€-96k€-5k▲
Profit (loss) for the period to be appropriated9905€-96k€-5k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-9k€-14k▼
Profit (loss) brought forward from the previous period14P€87k€-9k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
16-09
NBB filing
Annual accounts filed
fiscal year 2026 · micro schema
2025
16-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet €-112k
Net result drops to €-112k, the lowest in the series; recovery starts the following year.
2023
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
04-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
04-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
04-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 4 days late
31-03
Financial
Liquidity times 5current ratio 43.61
Current ratio from 9.49 to 43.61; short-term debt falls from €31k to €6k.
2019
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
23-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
03-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Koksijde · 1 establishment unit since 1999
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Cesar Francklaan(Kok) 48670 KoksijdeGround area
183 m²
Building footprint
183 m²
Volume, LiDAR
1,090 m³
Parcel 38342H0590/00A000, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VGS DEVELOPMENT
since 19992.183.423.478
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38342H0590/00A000 | Flanders | 183 m² | 1 · 183 m² | 10.5 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Kempense Woonprojecten
BE 0681.406.885
Vosselaar · Eq €88k
ESMERALDA
BE 0651.659.262
Hasselt · Eq €88k
Bricksbuild
BE 0776.638.220
Hasselt · Eq €88k
1000BriX
BE 0739.972.121
Zaventem · Eq €88k
HAECK S
BE 0802.439.428
Wingene · Eq €88k
Of 9,697 companies in sector 68121 we hold annual accounts for 7,382. 5,283 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded19-03-1999
Fiscal year end31-03
Activities, NACEBEL
68121Development of residential building projects
68122Development of non-residential building projects
43990Other specialised construction activities
43999Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 27 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.