VHGD
Bankruptcy closedInactive since 10-06-2026; last annual accounts for fiscal year 2022.
Summary
VHGD was declared bankrupt on 10-02-2025 (Tribunal de l’entreprise du Hainaut, division Charleroi); the bankruptcy was closed by liquidation by judgment of 01-06-2026, published in the Belgian State Gazette on 14-07-2026.
Signals
Two signals.
+raises risk○neutral
Checked, nothing found (1)
History
Go further with this company
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2022, micro schema
Equity
€14,319▼ 44.6%
2021 · €25,852
Total assets
€147,241▲ 17.2%
2021 · €125,640
Net result
-€11,533
2021 · €44,376
Working capital
-€30,859▼ 237%
2021 · -€9,148
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20182019202020212022
Operating result€469--€1,271-€6,845▼ 439%€44,608-€7,302
Net result€144--€4,063-€7,907below the sector's middle half▼ 94.6%€44,376above the sector's middle half-€11,533below the sector's middle half
Equity-€6,554--€10,617▼ 62.0%-€18,524below the sector's middle half▼ 74.5%€25,852within the sector's middle half€14,319within the sector's middle half▼ 44.6%
Total assets€16,262-€20,538▲ 26.3%€14,351below the sector's middle half▼ 30.1%€125,640within the sector's middle half▲ 775%€147,241within the sector's middle half▲ 17.2%
Debt€22,816-€31,155▲ 36.5%€32,875▲ 5.5%€99,788▲ 204%€132,922▲ 33.2%
Working capital-€7,124--€11,653▼ 63.6%-€16,866below the sector's middle half▼ 44.7%-€9,148below the sector's middle half▲ 45.8%-€30,859below the sector's middle half▼ 237%
Solvency-40.3%--51.7%▼ 11.4pp-129.1%below the sector's middle half▼ 77.4pp20.6%within the sector's middle half▲ 149.7pp9.7%within the sector's middle half▼ 10.9pp
Current ratio0.68-0.63▼ 0.050.45below the sector's middle half▼ 0.180.91below the sector's middle half▲ 0.460.77below the sector's middle half▼ 0.14
Return on assets (ROA)0.9%--19.8%▼ 20.7pp-55.1%below the sector's middle half▼ 35.3pp35.3%above the sector's middle half▲ 90.4pp-7.8%below the sector's middle half▼ 43.2pp
Staff (FTE)2.1
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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 2022: a loss of €7,302 after €44,608 in 2021, the lowest result in the available series.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €147,241
Fixed assets
€45,178 ▲ 29.1%
Current assets
€102,063 ▲ 12.6%
Equity and liabilities €147,241
Equity
€14,319 ▼ 44.6%
Debt
€132,922 ▲ 33.2%
Debt's share of the balance-sheet total rises from 79.4% to 90.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,630
Cash flow
-€9,861
Quick ratio
0.60▲
2021 · 0.58
Debt to equity
9.28▲
2021 · 3.86
ROE
-80.5%▼
2021 · 171.7%
Interest coverage
-0.93
Debt ≤ 1 year
€132,922▲
2021 · €99,788
Staff costs
€59,375▲
2021 · €5,637
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €38,348 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €5,637 | €59,375 | ▲ 953% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €538 | €654 | €384 | - | €1,672 | - |
| Other operating charges640/8 | - | - | - | €3,510 | €1,410 | ▼ 59.8% |
| Gross operating margin9900 | €22,185 | €20,921 | €3,559 | €53,755 | €55,155 | ▲ 2.6% |
| Operating profit (loss)9901 | €469 | -€1,271 | -€6,845 | €44,608 | -€7,302 | ▼ 116% |
| Financial income75/76B | - | - | - | €300 | €1,816 | ▲ 505% |
| Recurring financial income75 | - | €20 | - | €300 | €1,816 | ▲ 505% |
| Financial charges65/66B | - | - | - | €532 | €6,047 | ▲ 1,037% |
| Recurring financial charges65 | €130 | €2,625 | €1,062 | €207 | €6,047 | ▲ 2,821% |
| Non-recurring financial charges66B | - | - | - | €325 | - | - |
| Profit (loss) for the period before taxes9903 | €144 | -€4,063 | -€7,907 | €44,376 | -€11,533 | ▼ 126% |
| Profit (loss) for the period9904 | €144 | -€4,063 | -€7,907 | €44,376 | -€11,533 | ▼ 126% |
| Profit (loss) for the period to be appropriated9905 | €144 | -€4,063 | -€7,907 | €44,376 | -€11,533 | ▼ 126% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €16,262 | €20,538 | €14,351 | €125,640 | €147,241 | ▲ 17.2% |
| Fixed assets21/28 | €1,340 | €1,036 | €652 | €35,000 | €45,178 | ▲ 29.1% |
| Tangible fixed assets22/27 | €1,340 | €1,036 | €652 | - | €10,178 | - |
| Furniture and vehicles24 | - | - | - | - | €10,178 | - |
| Financial fixed assets28 | - | - | - | €35,000 | €35,000 | = |
| Current assets29/58 | €14,922 | €19,502 | €13,699 | €90,640 | €102,063 | ▲ 12.6% |
| Stocks and contracts in progress3 | €3,526 | €3,678 | €554 | €32,281 | €22,632 | ▼ 29.9% |
| Stocks30/36 | - | - | - | €32,281 | €22,632 | ▼ 29.9% |
| Amounts receivable within one year40/41 | €7,614 | €11,321 | €10,899 | €21,114 | €50,332 | ▲ 138% |
| Trade receivables40 | - | - | - | €64 | €1,035 | ▲ 1,517% |
| Other amounts receivable41 | - | - | - | €21,050 | €49,297 | ▲ 134% |
| Cash at bank and in hand54/58 | €3,782 | €4,503 | €2,246 | €37,245 | €29,099 | ▼ 21.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €16,262 | €20,538 | €14,351 | €125,640 | €147,241 | ▲ 17.2% |
| Equity10/15 | -€6,554 | -€10,617 | -€18,524 | €25,852 | €14,319 | ▼ 44.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | €7,252 | €7,252 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €5,392 | €5,392 | = |
| Profit (loss) carried forward14 | -€25,154 | -€29,217 | -€37,124 | - | -€11,533 | - |
| Amounts payable17/49 | €22,816 | €31,155 | €32,875 | €99,788 | €132,922 | ▲ 33.2% |
| Amounts payable within one year42/48 | €22,046 | €31,155 | €30,565 | €99,788 | €132,922 | ▲ 33.2% |
| Trade debts44 | €18,027 | €20,091 | €17,206 | €80,450 | €122,894 | ▲ 52.8% |
| Suppliers440/4 | - | - | - | €80,450 | €122,894 | ▲ 52.8% |
| Taxes, remuneration and social security45 | - | - | - | €5,338 | €10,028 | ▲ 87.9% |
| Taxes450/3 | - | - | - | €887 | €3,385 | ▲ 282% |
| Remuneration and social security454/9 | - | - | - | €4,451 | €6,643 | ▲ 49.2% |
| Other amounts payable47/48 | - | - | - | €14,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €144 | -€4,063 | -€7,907 | €44,376 | -€11,533 | ▼ 126% |
| + Depreciation and write-downs630 | €538 | €654 | €384 | - | €1,672 | - |
| Operating cash flow (approximation) | €682 | -€3,409 | -€7,523 | €44,376 | -€9,861 | ▼ 122% |
| Investment in fixed assets (approximation) | - | -€350 | €0 | -€34,348 | -€11,850 | ▲ 65.5% |
| Change in cash | - | €721 | -€2,257 | €34,999 | -€8,146 | ▼ 123% |
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
2026
14-07
Bankruptcy
Bankruptcy closure (by liquidation)
Tribunal de l’entreprise du Hainaut, division Charleroi · event 01-06-2026
2025
18-02
Bankruptcy
Opening
Tribunal de l’entreprise du Hainaut, division Charleroi · event 10-02-2025
13-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 532 days late
2022
31-12
Financial
Weakest financial yearnet -€11,533
Net result drops to -€11,533, the lowest in the series.
21-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 143 days late
02-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 214 days late
2021
31-12
Financial
Back to profitnet €44,376
Net result €44,376 after 2 loss-making years.
2020
31-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 153 days late
02-07
Judicial reorganisation
Plan homologation
Tribunal de l’entreprise du Hainaut · event 25-06-2020
09-04
Judicial reorganisation
Extension
Tribunal de l’entreprise du Hainaut · collective agreement · event 02-04-2020
08-01
Judicial reorganisation
Opening
Tribunal de l’entreprise du Hainaut · collective agreement · event 03-01-2020
2019
26-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 148 days late
2018
31-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 153 days late
2017
30-12
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 152 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Courcelles
Ground area
1,223 m²
Building footprint
217 m²
Volume, LiDAR
988 m³
Parcel 52322B0454/00K002, Wallonia · tallest building 7.2 m, ±1 floor. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52322B0454/00K002 | Wallonia | 1,223 m² | 1 · 217 m² | 7.2 m · 1 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | STEPHANE GUCHEZ RUE TUMELAIRE 23/42,
6000 CHARLEROI- .
Date provisoire de cessation de paiement : 10/02/2025 |
10-02-2025 → 01-06-2026 |
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Identification & contact
Identification
Legal formPrivate limited company
Founded26-05-2016
Fiscal year end31-12
Activities, NACEBEL 2025
46392Non-specialised wholesale
56112Limited-service restaurants, excluding mobile food services
56210Event catering
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.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.