VM Projects
ActiveSummary
VM Projects has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27,526 and a net result of €6,818. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 25% of 7564 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+16
Solvency43▲+5
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity short (current ratio 0.29 against 0.29 in 2024; short-term debt: 40.1% and cash: 5.4% of total assets), and 81.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← 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
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
18.5%
Return on assets
4.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 7564 sector peers (2025).
NBB · sector comparisonPosition among 7564 sector peers
Solvency
better than 25%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €27,526
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 · 10 filingsDeviation from the deadline
2025
24 d late
2024
21 d late
2023
5 d early
2022
32 d early
2021
123 d early
2020
31 d late
2019
119 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2025, micro schema
Equity
€27,526▲ 32.9%
2024 · €20,708
Total assets
€149,013▼ 7.1%
2024 · €160,419
Net result
€6,818▲ 154%
2024 · €2,683
Working capital
-€42,264▲ 9.4%
2024 · -€46,643
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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
Line20212022202320242025
Operating result€36,207▲ 1,823%€11,579▼ 68.0%-€7,226€7,917€10,857▲ 37.1%
Net result€31,734above the sector's middle half€5,969within the sector's middle half▼ 81.2%-€12,947below the sector's middle half€2,683within the sector's middle half€6,818within the sector's middle half▲ 154%
Equity€25,040within the sector's middle half€31,009within the sector's middle half▲ 23.8%€18,025within the sector's middle half▼ 41.9%€20,708within the sector's middle half▲ 14.9%€27,526within the sector's middle half▲ 32.9%
Total assets€174,050within the sector's middle half▲ 6.7%€183,917within the sector's middle half▲ 5.7%€181,106within the sector's middle half▼ 1.5%€160,419within the sector's middle half▼ 11.4%€149,013within the sector's middle half▼ 7.1%
Debt€149,009▼ 12.2%€152,908▲ 2.6%€163,081▲ 6.7%€139,711▼ 14.3%€121,487▼ 13.0%
Working capital-€35,149▲ 40.0%-€38,965▼ 10.9%-€55,297▼ 41.9%-€46,643▲ 15.7%-€42,264▲ 9.4%
Solvency14.4%below the sector's middle half▲ 18.5pp16.9%within the sector's middle half▲ 2.5pp10.0%below the sector's middle half▼ 6.9pp12.9%below the sector's middle half▲ 3.0pp18.5%below the sector's middle half▲ 5.6pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 37% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €149,013
Fixed assets
€131,531 ▼ 7.1%
Current assets
€17,482 ▼ 7.3%
Equity and liabilities €149,013
Equity
€27,526 ▲ 32.9%
Debt
€121,487 ▼ 13.0%
Debt's share of the balance-sheet total falls from 87.1% to 81.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,884▲
2024 · €20,016
Cash flow
€17,845▲
2024 · €14,783
Current ratio
0.29▲
2024 · 0.29
Debt to equity
4.41▼
2024 · 6.75
ROE
24.8%▲
2024 · 13.0%
ROA
4.6%▲
2024 · 1.7%
Interest coverage
5.42▲
2024 · 3.97
Debt ≤ 1 year
€59,746▼
2024 · €65,502
Debt > 1 year
€46,686▼
2024 · €57,658
Income taxes
€181▼
2024 · €199
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,500 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 4,500 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €1,653 | €1,500 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,507 | €9,247 | €10,190 | €12,099 | €11,027 | ▼ 8.9% |
| Other operating charges640/8 | - | €2,849 | €3,015 | €1,257 | €4,369 | ▲ 247% |
| Gross operating margin9900 | €47,504 | €23,675 | €5,980 | €21,274 | €26,252 | ▲ 23.4% |
| Operating profit (loss)9901 | €36,207 | €11,579 | -€7,226 | €7,917 | €10,857 | ▲ 37.1% |
| Financial income75/76B | - | €49 | €46 | €3 | €178 | ▲ 6,532% |
| Recurring financial income75 | €16 | €49 | €46 | €3 | €178 | ▲ 6,532% |
| Financial charges65/66B | - | €4,514 | €5,543 | €5,038 | €4,035 | ▼ 19.9% |
| Recurring financial charges65 | €4,217 | €4,514 | €5,543 | €5,038 | €4,035 | ▼ 19.9% |
| Profit (loss) for the period before taxes9903 | €32,007 | €7,114 | -€12,722 | €2,882 | €6,999 | ▲ 143% |
| Income taxes67/77 | €273 | €1,145 | €225 | €199 | €181 | ▼ 8.9% |
| Profit (loss) for the period9904 | €31,734 | €5,969 | -€12,947 | €2,683 | €6,818 | ▲ 154% |
| Profit (loss) for the period to be appropriated9905 | €31,734 | €5,969 | -€12,947 | €2,683 | €6,818 | ▲ 154% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €174,050 | €183,917 | €181,106 | €160,419 | €149,013 | ▼ 7.1% |
| Fixed assets21/28 | €148,702 | €149,779 | €142,441 | €141,560 | €131,531 | ▼ 7.1% |
| Tangible fixed assets22/27 | €148,702 | €149,779 | €142,441 | €141,560 | €131,531 | ▼ 7.1% |
| Land and buildings22 | - | €133,125 | €128,875 | €124,625 | €120,375 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | €5,948 | €4,393 | €3,662 | €1,907 | ▼ 47.9% |
| Furniture and vehicles24 | - | €10,707 | €9,173 | €13,274 | €9,249 | ▼ 30.3% |
| Current assets29/58 | €25,348 | €34,137 | €38,665 | €18,859 | €17,482 | ▼ 7.3% |
| Stocks and contracts in progress3 | €10,322 | €10,903 | €6,940 | €0 | - | - |
| Stocks30/36 | - | €10,903 | €6,940 | €0 | - | - |
| Amounts receivable within one year40/41 | €12,247 | €4,000 | €22,392 | €4,230 | €4,678 | ▲ 10.6% |
| Trade receivables40 | - | €1,500 | €20,522 | €4,230 | €3,712 | ▼ 12.2% |
| Other amounts receivable41 | - | €2,500 | €1,869 | €0 | €966 | - |
| Cash at bank and in hand54/58 | €2,307 | €1,393 | €6,099 | €14,629 | €8,082 | ▼ 44.8% |
| Deferred charges and accrued income490/1 | - | €17,841 | €3,234 | €0 | €4,722 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €174,050 | €183,917 | €181,106 | €160,419 | €149,013 | ▼ 7.1% |
| Equity10/15 | €25,040 | €31,009 | €18,025 | €20,708 | €27,526 | ▲ 32.9% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €0 | - | - | - |
| Non-distributable reserves130/1 | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €0 | - | - | - |
| Profit (loss) carried forward14 | €4,580 | €10,549 | -€575 | €2,108 | €8,926 | ▲ 323% |
| Amounts payable17/49 | €149,009 | €152,908 | €163,081 | €139,711 | €121,487 | ▼ 13.0% |
| Amounts payable after more than one year17 | €88,454 | €78,530 | €68,269 | €57,658 | €46,686 | ▼ 19.0% |
| Financial debts170/4 | - | €78,530 | €68,269 | €57,658 | €46,686 | ▼ 19.0% |
| Amounts payable within one year42/48 | €60,496 | €73,102 | €93,962 | €65,502 | €59,746 | ▼ 8.8% |
| Current portion of amounts payable after more than one year42 | - | €9,924 | €10,262 | €10,611 | €10,972 | ▲ 3.4% |
| Financial debts43 | - | €13,233 | €0 | - | - | - |
| Credit institutions430/8 | - | €13,233 | €0 | - | - | - |
| Trade debts44 | €5,343 | €7,891 | €24,489 | €1,442 | €1,549 | ▲ 7.4% |
| Suppliers440/4 | - | €7,891 | €24,489 | €1,442 | €1,549 | ▲ 7.4% |
| Taxes, remuneration and social security45 | - | €3,944 | €1,619 | €819 | €180 | ▼ 78.0% |
| Taxes450/3 | - | €2,444 | €1,619 | €819 | €180 | ▼ 78.0% |
| Remuneration and social security454/9 | - | €1,500 | €0 | - | - | - |
| Other amounts payable47/48 | - | €38,111 | €57,592 | €52,630 | €47,045 | ▼ 10.6% |
| Accrued charges and deferred income492/3 | - | €1,275 | €850 | €16,551 | €15,054 | ▼ 9.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,734 | €5,969 | -€12,947 | €2,683 | €6,818 | ▲ 154% |
| + Depreciation and write-downs630 | €7,507 | €9,247 | €10,190 | €12,099 | €11,027 | ▼ 8.9% |
| Operating cash flow (approximation) | €39,241 | €15,215 | -€2,757 | €14,783 | €17,845 | ▲ 20.7% |
| Investment in fixed assets (approximation) | - | -€10,324 | -€2,852 | -€11,219 | -€997 | ▲ 91.1% |
| Change in cash | - | -€914 | €4,705 | €8,530 | -€6,546 | ▼ 177% |
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 · micro schema · 24 days late
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
2024
31-12
Financial
Back to profitnet €2,683
Net result €2,683 after one loss-making year.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €31,734
Net result €31,734 after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
27-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 119 days late
2019
31-12
Financial
Weakest financial yearnet -€29,610
Net result drops to -€29,610, the lowest in the series; recovery starts the following year.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
06-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 6 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Wommelgem · 1 establishment unit since 2011
Ground area
1,974 m²
Building footprint
199 m²
Volume, LiDAR
194 m³
2 parcels, Flanders · tallest building 11.4 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
VM PROJECTS
since 20112.196.996.352
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11052A0044/00N002 | Flanders | 1,423 m² | 1 · 199 m² | 11.4 m |
| 11052A0045/00R004 | Flanders | 551 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 345 EUR awarded · 345 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 345 EUR | 345 EUR |
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,042. 12,272 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
Founded31-01-2011
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
41003General construction of other non-residential buildings
43120Site preparation
43240Other construction installation
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0833346004
Also
9925:BE0833346004
Registered
25-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.