VHE MANAGEMENT
ActiveSummary
The computed 12-month bankruptcy probability of VHE MANAGEMENT is 3.6% (moderate). The 2025 annual accounts show equity of €276,235 and a net result of €56,526. Equity is growing by ~25% per year across the filed fiscal years. The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+2
Solvency73▲+9
Growth52=
Track record100
Bankruptcy probability, 12 months
3.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity short (current ratio 0.69 against 0.59 in 2024; short-term debt: 39% and cash: 1.4% of total assets), and 52.3% 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 · 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
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
47.7%
Return on assets
9.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
24 d late
2024
27 d late
2023
30 d late
2022
20 d late
2021
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 26 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 27 August (5 of the last 5 filed years within 30 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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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€56,526▲ 25.4%
2024 · €45,082
Working capital
-€69,355▲ 32.8%
2024 · -€103,272
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€148,975-€46,736▼ 68.6%€49,159▲ 5.2%€68,790▲ 39.9%€82,919▲ 20.5%
Net result€110,419-€29,714▼ 73.1%€31,994▲ 7.7%€45,082▲ 40.9%€56,526▲ 25.4%
Equity€112,919-€142,633▲ 26.3%€174,627▲ 22.4%€219,709▲ 25.8%€276,235▲ 25.7%
Total assets€461,181-€465,847▲ 1.0%€579,799▲ 24.5%€569,462▼ 1.8%€578,584▲ 1.6%
Debt€348,262-€323,214▼ 7.2%€405,172▲ 25.4%€349,753▼ 13.7%€302,349▼ 13.6%
Working capital-€224,293--€221,980▲ 1.0%-€98,754▲ 55.5%-€103,272▼ 4.6%-€69,355▲ 32.8%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 21% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €578,584
Fixed assets
€422,318 ▲ 0.4%
Current assets
€156,266 ▲ 5.0%
Equity and liabilities €578,584
Equity
€276,235 ▲ 25.7%
Debt
€302,349 ▼ 13.6%
Debt's share of the balance-sheet total falls from 61.4% to 52.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€87,915▲
2024 · €73,253
Cash flow
€61,522▲
2024 · €49,546
Current ratio
0.69▲
2024 · 0.59
Debt to equity
1.09▼
2024 · 1.59
ROE
20.5%▼
2024 · 20.5%
ROA
9.8%▲
2024 · 7.9%
Interest coverage
15.02▲
2024 · 10.53
Debt ≤ 1 year
€225,621▼
2024 · €252,090
Debt > 1 year
€76,728▼
2024 · €97,664
Income taxes
€20,540▲
2024 · €16,749
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €2,000 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €199 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €613 | €4,020 | €4,464 | €4,996 | ▲ 11.9% |
| Other operating charges640/8 | - | - | €108 | €2,559 | - | - |
| Gross operating margin9900 | €148,975 | €47,349 | €53,486 | €75,812 | €87,915 | ▲ 16.0% |
| Operating profit (loss)9901 | €148,975 | €46,736 | €49,159 | €68,790 | €82,919 | ▲ 20.5% |
| Financial charges65/66B | €971 | €1,195 | €5,302 | €6,958 | €5,852 | ▼ 15.9% |
| Recurring financial charges65 | €971 | €1,195 | €5,302 | €6,958 | €5,852 | ▼ 15.9% |
| Profit (loss) for the period before taxes9903 | €148,004 | €45,540 | €43,856 | €61,831 | €77,066 | ▲ 24.6% |
| Income taxes67/77 | €37,585 | €15,826 | €11,862 | €16,749 | €20,540 | ▲ 22.6% |
| Profit (loss) for the period9904 | €110,419 | €29,714 | €31,994 | €45,082 | €56,526 | ▲ 25.4% |
| Profit (loss) for the period to be appropriated9905 | €110,419 | €29,714 | €31,994 | €45,082 | €56,526 | ▲ 25.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €461,181 | €465,847 | €579,799 | €569,462 | €578,584 | ▲ 1.6% |
| Fixed assets21/28 | €408,000 | €413,889 | €422,758 | €420,645 | €422,318 | ▲ 0.4% |
| Tangible fixed assets22/27 | - | €5,889 | €14,758 | €12,645 | €14,318 | ▲ 13.2% |
| Plant, machinery and equipment23 | - | €2,370 | €1,840 | €1,309 | €778 | ▼ 40.6% |
| Furniture and vehicles24 | - | €3,518 | €12,919 | €11,336 | €13,540 | ▲ 19.4% |
| Financial fixed assets28 | €408,000 | €408,000 | €408,000 | €408,000 | €408,000 | = |
| Current assets29/58 | €53,181 | €51,959 | €157,041 | €148,818 | €156,266 | ▲ 5.0% |
| Amounts receivable within one year40/41 | €27,932 | €30,106 | €150,397 | €147,446 | €140,995 | ▼ 4.4% |
| Trade receivables40 | €25,432 | €6,407 | €12,897 | €6,587 | €2,637 | ▼ 60.0% |
| Other amounts receivable41 | €2,500 | €23,699 | €137,500 | €140,860 | €138,358 | ▼ 1.8% |
| Cash at bank and in hand54/58 | €25,249 | €21,853 | €6,644 | €1,371 | €8,271 | ▲ 503% |
| Deferred charges and accrued income490/1 | - | - | - | - | €7,000 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €461,181 | €465,847 | €579,799 | €569,462 | €578,584 | ▲ 1.6% |
| Equity10/15 | €112,919 | €142,633 | €174,627 | €219,709 | €276,235 | ▲ 25.7% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €110,419 | €140,133 | €172,127 | €217,209 | €273,735 | ▲ 26.0% |
| Amounts payable17/49 | €348,262 | €323,214 | €405,172 | €349,753 | €302,349 | ▼ 13.6% |
| Amounts payable after more than one year17 | €70,789 | €49,276 | €149,377 | €97,664 | €76,728 | ▼ 21.4% |
| Financial debts170/4 | €70,789 | €49,276 | €149,377 | €97,664 | €76,728 | ▼ 21.4% |
| Amounts payable within one year42/48 | €277,474 | €273,938 | €255,795 | €252,090 | €225,621 | ▼ 10.5% |
| Current portion of amounts payable after more than one year42 | €19,548 | €21,307 | €49,123 | €55,968 | €42,755 | ▼ 23.6% |
| Financial debts43 | - | - | - | - | €11,643 | - |
| Credit institutions430/8 | - | - | - | - | €11,643 | - |
| Trade debts44 | €1,409 | - | €9,287 | €13,842 | €1,952 | ▼ 85.9% |
| Suppliers440/4 | €1,409 | - | €9,287 | €13,842 | €1,952 | ▼ 85.9% |
| Taxes, remuneration and social security45 | €33,487 | €49,313 | €23,595 | €17,382 | €14,176 | ▼ 18.4% |
| Taxes450/3 | €33,487 | €49,313 | €23,595 | €17,382 | €14,176 | ▼ 18.4% |
| Other amounts payable47/48 | €223,031 | €203,318 | €173,790 | €164,898 | €155,094 | ▼ 5.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €110,419 | €29,714 | €31,994 | €45,082 | €56,526 | ▲ 25.4% |
| + Depreciation and write-downs630 | - | €613 | €4,020 | €4,464 | €4,996 | ▲ 11.9% |
| Operating cash flow (approximation) | €110,419 | €30,327 | €36,014 | €49,546 | €61,522 | ▲ 24.2% |
| Investment in fixed assets (approximation) | - | -€6,502 | -€12,890 | -€2,350 | -€6,669 | ▼ 184% |
| Change in cash | - | -€3,397 | -€15,209 | -€5,273 | €6,900 | ▲ 231% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 24 days late
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
31-12
Financial
Equity above €200,000Eq €219,709 ▲25.8%
4 profitable years in a row build equity to €219,709.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-12
Financial
Equity above €150,000Eq €174,627 ▲22.4%
3 profitable years in a row build equity to €174,627.
20-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 20 days late
2022
31-12
Financial
Weakest financial yearnet €29,714 ▼73.1%
Net result drops to €29,714, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
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.
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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, Ganshoren · 1 establishment unit since 2020
Ground area
89 m²
Building footprint
89 m²
Volume, LiDAR
1,356 m³
Parcel 21392B0029/00M000, Brussels · tallest building 22.2 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
VHE MANAGEMENT
since 20202.301.553.345
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21392B0029/00M000 | Brussels | 89 m² | 1 · 89 m² | 22.2 m · 6 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 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
34%
According to the 2025 annual accounts of VHE MANAGEMENT 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded12-02-2020
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.