Equity
-€118,112
Debts exceed assets in financial year 2025.
VICASA
Lifetime
4 annual accounts with figures on one time axispeak €87,811 (2024)
€29,325▼ 66.6%
lowest -€77,198 (2023)
-€37,700▼ €61,490
peak -€27,005 (2022)
-€118,112▼ €37,700
€284,861▲ 17.0%
peak 1 FTE (2023)
1 FTEunchanged
Board1 name since 2022
1 directorDemolar
Owners
100%Salmanazar
Documentsfilings and deeds
31-08-202631 days late
2025abbreviated format
Gross margin from €87,811 to €29,325Loss of €37,700Equity from -€80,412 to -€118,112Debts from €243,454 to €284,861Cash from €7,937 to €363
Key points
from the 2025 annual accountsResult
-€37,700 -€37,700
From profit to loss in 2025, after a profit of €23,791 in 2024.
Turnover
≈ €140,000 estimated
The abbreviated format states no turnover.
Debts
€284,861 171% of the balance sheet
Financial debts 1%Suppliers 54%Taxes and wages 6%Other 38%
Of this, €281,546 falls due within a year.
Filings
4 annual accounts 4 late
The 2023 accounts came latest: 104 days after the end of the period.
Position in the sector
-70.8%
Lower solvency than 95% of companies in construction of buildings. Sector median 38.6% · 2,808 companies.
Checked score
29
Weak
Financially stronger than 5% of micro companies in construction of buildings (NACE 41)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
9.8% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.5% across 13,459 companies (NACE 41, micro).
About 1 in 10 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 7.2%
01-2025: 7.2%● unchanged vs 12-2024
02-2025: 7.2%● unchanged vs 01-2025
03-2025: 7.1%▼ -0.1 percentage points vs 02-2025
04-2025: 7.1%● unchanged vs 03-2025
05-2025: 7.1%● unchanged vs 04-2025
06-2025: 7.1%● unchanged vs 05-2025
07-2025: 7.1%● unchanged vs 06-2025
08-2025: 8.1%▲ +1.0 percentage point vs 07-2025
09-2025: 8.6%▲ +0.5 percentage points vs 08-2025
10-2025: 7.7%▼ -0.9 percentage points vs 09-2025
11-2025: 7.7%● unchanged vs 10-2025
12-2025: 7.7%● unchanged vs 11-2025
01-2026: 7.7%● unchanged vs 12-2025
02-2026: 7.1%▼ -0.6 percentage points vs 01-2026
03-2026: 6.9%▼ -0.2 percentage points vs 02-2026lowest value
04-2026: 6.9%● unchanged vs 03-2026lowest value
05-2026: 6.9%● unchanged vs 04-2026
06-2026: 7.0%▲ +0.1 percentage points vs 05-2026
07-2026: 7.0%● unchanged vs 06-2026
08-2026: 7.6%▲ +0.6 percentage points vs 07-2026
09-2026: 9.6%▲ +2.0 percentage points vs 08-2026
10-2026: 9.8%▲ +0.2 percentage points vs 09-2026highest value
11-2026: 9.8%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Sector: Construction of residential and non-residential buildings (NACE 41)
Last filed accounts filed 31 days late; 3 of the last 3 accounts late
Liquidity: current ratio 0.56, cash €363, halved
Negative equity -€118,112
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 3% of them on solvency, 2% on liquidity, 5% on profitability and 11% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 7,639 companies had the same profile as VICASA has now. Each dot stands for 20 companies, two years later.
84.8%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VICASA itself: 9.8% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,639 companies, not a prediction for VICASA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.56 (0.64 in 2024), below 1. Short-term debt is 168.8% and cash 0.2% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
22232425
2022 to 2025 · latest year -€118,112
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 4 filingsDeviation from the deadline
2025
31 days late
2024
42 days late
2023
104 days late
2022
25 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 4 accounts on average 51 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 September (3 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Salmanazar 100%score 85equity €522,382 (2025) · 2025 annual accounts of Salmanazar
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0786953278
Incorporation
Founding capital of €5,000, 100 shares · Founder: SALMANAZAR · Appointment: DEMOLAR (director) · published on 13-06-2022 · Gazette deed
First establishment
Zonnelaan 3, Middelkerke
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VICASA Middelkerke | €166,749 | €29,325 | -70.8% | 1 |
| Smooth Kortrijk | €139,180 | €41,243 | 16.8% | 0.3 |
| VIKOL Wezembeek-Oppem | €122,763 | €32,181 | 16.9% | 0.2 |
| JCH CONSTRUCT Charleroi | €151,167 | €53,874 | 14.5% | 0.8 |
| MONABO CONSTRUCT Brussels | €136,315 | €22,872 | 57.7% | 0.5 |
| Harotech Peer | €108,486 | €34,868 | 80.4% | 0.2 |
| G.V. AANNEMING Aartselaar | €156,799 | €62,002 | 20.8% | 1 |
These companies have the same main activity as VICASA: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €108,000 and €157,000, founded between 2019 and 2024.
Official details
Source: KBO- Status
- Active since 09-06-2022Normal situation
- Activity
- General construction of residential buildingsNACE 41001and 5 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.333.077.2568430 Middelkerke, since 09-06-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 31-03-2026
Insights on VICASA
VICASA files the abbreviated format. That format states no turnover. The gross margin rose from -€10,332 in 2022 to €29,325 in 2025.
Salmanazar holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about VICASA
- What is the company number of VICASA?
- The company number of VICASA is 0786.953.278. The VAT number is the same number with BE in front: BE 0786.953.278.
- Where is VICASA based?
- The registered office is at Zonnelaan 3, 8430 Middelkerke.Company details
- What does VICASA do?
- According to the KBO register, the main activity is general construction of residential buildings (NACE 41001).
- What is the legal form of VICASA?
- VICASA is a private limited company (BV).
- When was VICASA founded?
- VICASA was founded on 09-06-2022.
- Is VICASA still active?
- Yes, VICASA is an active enterprise in the KBO register.
- How many employees does VICASA have?
- VICASA had an average of 1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does VICASA fall under?
- In its 2025 annual accounts, VICASA states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of VICASA?
- The turnover in financial year 2025 is ≈ €140,000. This figure is estimated from the gross margin of €29,325 and 36 comparable companies (NACE 41001). It probably lies between €86,000 and €270,000.
- Is VICASA profitable?
- In financial year 2025, VICASA made a loss of €37,700.
- Where can I find the annual accounts of VICASA?
- VICASA filed 4 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VICASA due?
- VICASA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See the other companies in the same group.Salmanazar · 7 companies
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