VIRGAM
ActiveSummary
The computed 12-month bankruptcy probability of VIRGAM is 9.7% (elevated). The 2025 annual accounts show equity of €7,415 and a net result of €10,444. Equity is growing by ~106.1% per year across the filed fiscal years. Its solvency ranks better than 40% of 1535 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+33
Solvency45▲+24
Growth85=
Track record86
Bankruptcy probability, 12 months
9.7%
Elevated
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity ample (current ratio 2.12 against 0.55 in 2024; short-term debt: 47.1% and cash: 14.7% of total assets), but 79.9% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
+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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 30-03-2026, 123 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
123 d early
2024
58 d early
2023
98 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
Checked, nothing found (1)
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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€534,146▲ 443%
2024 · €98,377
EBIT margin
3.7%▲ 2.0pp
2024 · 1.7%
Net result
€10,444▲ 1,704%
2024 · €579
Working capital
€19,561
2024 · -€32,138
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 77, Rental and leasing activities, 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
Line202320242025
Turnover€68,910-€98,377▲ 42.8%€534,146▲ 443%
Operating result-€4,326-€1,645€19,587▲ 1,091%
Net result-€6,608below the sector's middle half-€579within the sector's middle half€10,444within the sector's middle half▲ 1,704%
EBIT margin-6.3%-1.7%▲ 8.0pp3.7%▲ 2.0pp
Equity-€6,608below the sector's middle half--€3,029below the sector's middle half▲ 54.2%€7,415within the sector's middle half
Total assets€45,624below the sector's middle half-€68,046within the sector's middle half▲ 49.1%€36,980below the sector's middle half▼ 45.7%
Debt€52,232-€71,075▲ 36.1%€29,565▼ 58.4%
Working capital-€29,185within the sector's middle half--€32,138within the sector's middle half▼ 10.1%€19,561within the sector's middle half
Solvency-14.5%below the sector's middle half--4.5%below the sector's middle half▲ 10.0pp20.1%within the sector's middle half▲ 24.5pp
Current ratio0.44below the sector's middle half-0.55within the sector's middle half▲ 0.112.12within the sector's middle half▲ 1.58
Return on assets (ROA)-14.5%below the sector's middle half-0.9%within the sector's middle half▲ 15.3pp28.2%above the sector's middle half▲ 27.4pp
above
within
below
the middle half (P25 to P75) of NACE 77, Rental and leasing 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 has risen two years in a row; 2025 is 1,091% above 2024 and is the highest result in the available series.
Balance-sheet composition
Equity and liabilities €36,980
Equity
€7,415
Debt
€29,565
Debt finances 79.9% of the balance-sheet total.
Key figures and ratios
Debt to equity
3.99▲
2024 · -23.46
ROE
140.9%
Debt ≤ 1 year
€17,419▼
2024 · €71,075
Income taxes
€7,175▲
2024 · €1,000
Staff costs
€76,106
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.1% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.1%
went bankrupt
1.6%
stopped otherwise
94%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 9.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 7,976 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €68,910 | €98,377 | €534,146 | ▲ 443% |
| Goods, raw materials, services and sundry goods60/61 | €67,959 | €85,214 | €434,751 | ▲ 410% |
| Remuneration, social security and pensions62 | - | - | €76,106 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,277 | €8,647 | - | - |
| Other operating charges640/8 | €2,000 | €2,871 | €3,701 | ▲ 28.9% |
| Gross operating margin9900 | €951 | €13,163 | €99,394 | ▲ 655% |
| Operating profit (loss)9901 | -€4,326 | €1,645 | €19,587 | ▲ 1,091% |
| Financial income75/76B | - | - | €36 | - |
| Recurring financial income75 | - | - | €36 | - |
| Financial charges65/66B | €2,282 | €66 | €2,003 | ▲ 2,935% |
| Recurring financial charges65 | €2,282 | €66 | €2,003 | ▲ 2,935% |
| Profit (loss) for the period before taxes9903 | -€6,608 | €1,579 | €17,619 | ▲ 1,016% |
| Income taxes67/77 | - | €1,000 | €7,175 | ▲ 618% |
| Profit (loss) for the period9904 | -€6,608 | €579 | €10,444 | ▲ 1,704% |
| Profit (loss) for the period to be appropriated9905 | -€6,608 | €579 | €10,444 | ▲ 1,704% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €45,624 | €68,046 | €36,980 | ▼ 45.7% |
| Fixed assets21/28 | €22,577 | €29,109 | - | - |
| Tangible fixed assets22/27 | €22,577 | €29,109 | - | - |
| Plant, machinery and equipment23 | €3,794 | €15,488 | - | - |
| Furniture and vehicles24 | €18,782 | €13,621 | - | - |
| Current assets29/58 | €23,047 | €38,937 | €36,980 | ▼ 5.0% |
| Amounts receivable after more than one year29 | €12,756 | - | - | - |
| Other amounts receivable291 | €12,756 | - | - | - |
| Amounts receivable within one year40/41 | - | €30,760 | €491 | ▼ 98.4% |
| Trade receivables40 | - | €14,572 | - | - |
| Other amounts receivable41 | - | €16,188 | €491 | ▼ 97.0% |
| Cash at bank and in hand54/58 | €10,291 | €1,937 | €5,447 | ▲ 181% |
| Deferred charges and accrued income490/1 | - | €6,240 | €31,042 | ▲ 397% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €45,624 | €68,046 | €36,980 | ▼ 45.7% |
| Equity10/15 | -€6,608 | -€3,029 | €7,415 | ▲ 345% |
| Contributions10/11 | - | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | -€6,608 | -€6,029 | €4,415 | ▲ 173% |
| Amounts payable17/49 | €52,232 | €71,075 | €29,565 | ▼ 58.4% |
| Amounts payable within one year42/48 | €52,232 | €71,075 | €17,419 | ▼ 75.5% |
| Trade debts44 | €49,327 | €67,327 | €5,043 | ▼ 92.5% |
| Suppliers440/4 | €49,327 | €67,327 | €5,043 | ▼ 92.5% |
| Taxes, remuneration and social security45 | €2,905 | €1,000 | €12,376 | ▲ 1,138% |
| Taxes450/3 | €2,905 | €1,000 | €9,789 | ▲ 879% |
| Remuneration and social security454/9 | - | - | €2,587 | - |
| Other amounts payable47/48 | - | €2,748 | - | - |
| Accrued charges and deferred income492/3 | - | - | €12,146 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,608 | €579 | €10,444 | ▲ 1,704% |
| + Depreciation and write-downs630 | €3,277 | €8,647 | - | - |
| Operating cash flow (approximation) | -€3,332 | €9,226 | €10,444 | ▲ 13.2% |
| Investment in fixed assets (approximation) | - | -€15,179 | - | - |
| Change in cash | - | -€8,354 | €3,510 | ▲ 142% |
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
28-07
State Gazette act
Resignation: Claude Damian Tholen (director)Appointment: Ozkan Kizilmese (director) · Director discharge · Share transfer7 facts ▸
State Gazette act
Resignation: Claude Damian Tholen (director)
Appointment: Ozkan Kizilmese (director) · Director discharge · Share transfer7 facts ▸
- General meeting, 30-06-2026
- Director resignation, Claude Damian Tholen (director)
- Director discharge, Claude Damian Tholen (director)
- Director appointment, Ozkan Kizilmese (director)
- Share transfer, Claude Damian Tholen → Ozkan Kizilmese
- Registered-office move, Wetstraat 62 - 1000 Brussel
- Director in office, Ozkan Kizilmese (director)
30-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2023net €10,444 ▲1,704%
Operating result €19,587, net result €10,444, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 2.12
Current ratio from 0.55 to 2.12; short-term debt falls from €71,075 to €17,419.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
04-04
KBO administration
Address struck
Drukpersstraat 4 Die Sitzadresse Rue de la Presse / Drukpers-
Bruxelles · event 11-02-2025
2024
31-12
Financial
Back to profitnet €579
Net result €579 after one loss-making year.
06-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 98 days late
SignalFinancial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Ozkan Kizilmese
CurrentDirector · since 30-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2024
Ground area
8,002 m²
Building footprint
5,725 m²
Volume, LiDAR
104,834 m³
Parcel 21804D0114/00B000, Brussels · tallest building 28.0 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Virgam
since 20242.366.730.120
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21804D0114/00B000indicative | Brussels | 8,002 m² | 1 · 5,725 m² | 28.0 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
0 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Ozkan Kizilmese |
|
| Claude Damian Tholen |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Capital and shareholders
Shareholders according to the acts
Share transfer
act of 28-07-2026 ↗
- Claude Damian Tholen to Ozkan Kizilmese 100 shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
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Of 1,446 companies in sector 77110 we hold annual accounts for 729. 281 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
Founded13-01-2023
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
77110Renting and leasing of cars and light motor vehicles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0797150354
Also
9925:BE0797150354
Registered
19-01-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.