Equity
€11.1m ▲ 53.0%
VMA SUD paid out €500,000 in dividends. That is 12% of the 2025 profit.
VMA SUD
Lifetime
19 annual accounts with figures on one time axis, 41 filings since 1985peak €119.1m (2023)
€90.3m▲ 19.8%
lowest -€5.2m (2023)
€4.3m▲ €4.6m
peak €11.1m (2025)
€11.1m▲ 53.0%
€42.6m▲ 14.4%
peak 414.9 FTE (2023)
330.4 FTE▼ 4.3%
Board19 names since 2017all names
6 directorsTROREMA SRL and 5 others
Owners6 names in the annual accounts
100%CFE CONTRACTING and 2 others
Documentsfilings and deeds
14-05-202678 days before the deadline
2025financial year
Turnover from €75.3m to €90.3mBack to profit: €4.3m1 director appointed, 1 resignation, 1 reappointment 13-051 director appointed, 1 resignation 27-02Dividend €500,000Equity from €7.2m to €11.1m
Key points
from the 2025 annual accountsResult
€4.3m €4.3m
Back in profit in 2025, after a loss of €206,077 in 2024.
Debts
€42.6m 78% of the balance sheet
Financial debts 6%Suppliers 36%Taxes and wages 9%Other 48%
Of this, €39.7m falls due within a year.
Investments
€383,151 0.4 × depreciation
Green is investment, beige is depreciation.
Filings
41 annual accounts since 1985
The last five annual accounts were filed 62 to 94 days before the end of the period.
Position in the sector
€4.3m
Higher net result than 95% of companies in specialised construction. Sector median €42,671 · 2,464 companies.
Checked score
69
Healthy
Financially stronger than 49% of large companies in specialised construction (NACE 43)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 35 companies (NACE 43, large).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.0%highest value
01-2025: 2.0%● unchanged vs 12-2024highest value
02-2025: 1.9%▼ -0.1 percentage points vs 01-2025
03-2025: 1.9%● unchanged vs 02-2025
04-2025: 2.0%▲ +0.1 percentage points vs 03-2025
05-2025: 2.0%● unchanged vs 04-2025
06-2025: 1.0%▼ -1.0 percentage point vs 05-2025
07-2025: 1.0%● unchanged vs 06-2025
08-2025: 1.0%● unchanged vs 07-2025
09-2025: 1.0%● unchanged vs 08-2025
10-2025: 1.0%● unchanged vs 09-2025
11-2025: 1.0%● unchanged vs 10-2025
12-2025: 1.0%● unchanged vs 11-2025
01-2026: 1.0%● unchanged vs 12-2025
02-2026: 1.0%● unchanged vs 01-2026
03-2026: 1.0%● unchanged vs 02-2026
04-2026: 1.0%● unchanged vs 03-2026
05-2026: 1.0%● unchanged vs 04-2026
06-2026: 0.7%▼ -0.3 percentage points vs 05-2026lowest value
07-2026: 0.7%● unchanged vs 06-2026lowest value
08-2026: 0.7%● unchanged vs 07-2026lowest value
09-2026: 0.7%● unchanged vs 08-2026lowest value
10-2026: 0.7%● unchanged vs 09-2026lowest value
11-2026: 0.7%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 1.21, cash €147,440, halved
Equity €11.1m (20.2% of total assets)
Sector: Specialised construction activities (NACE 43)
lowers risk
Legal form: public limited company
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 43, large). It does better than 28% of them on solvency, 13% on liquidity, 63% on profitability and 92% on growth.
The bankruptcy probability was computed on 09-11-2026 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 low class on 30-06-2025, 0.8% 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, 101 companies had the same profile as VMA SUD has now. Each dot is one company, two years later.
97.0%
were still trading
1.0%
stopped another way
2.0%
went bankrupt
That fits the bankruptcy probability of VMA SUD itself: 0.7% 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 101 companies, not a prediction for VMA SUD. 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
Credit of up to €750,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.21 (1.1 in 2024), below the usual 1.5. Short-term debt is 72.3% and cash 0.3% of total assets. 79.8% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 2463 sector peers (2025).
NBB · sector comparisonPosition among 2463 sector peers
Solvency
better than 21%
← weakest
strongest →
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 14-05-2026, 78 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
78 days early
2024
64 days early
2023
62 days early
2022
76 days early
2021
94 days early
2020
87 days early
2019
79 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 77 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% 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 16 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
CV
Consulton VOF
Director, Peter MATTON, since 30-04-2024
I
ID2ID
Director, since 30-04-2024
MS
MSQ sprl
Director, Raymund TROST
TS
TROREMA SRL
Director, Raymund TROST, since 30-04-2024
ES
EVCR SRL
Director, Eric DE RIBAUCOURT
- CFE CONTRACTING 100%score 88equity €80.0m (2025) · annual accounts 2025
- AANNEMINGSMAATSCHAPPIJ CFE consolidatedscore 93equity €135.6m (2025) · LEI register
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0427983202
1 director appointed, 1 resignation, 1 reappointment
Permanent representatives: Raymund TROST, Fabien DE JONGE, Marc HINDRYCKX, Peter MATTON, Eric DE RIBAUCOURT, Geoffrey LEURQUIN and 1 other · Reappointment: EVCR SRL · Resignation: Stanislas Paternostre · General meeting of 29-04-2025 · Gazette deed
1 director appointed, 1 resignation
Resignation: TRIE SRL · Permanent representatives: Thomas Ducamp, Eric de Ribaucourt, Raymund TROST, Fabien DE JONGE, Marc HINDRYCKX, Peter MATTON and 1 other · Appointment: EVCR SRL · Board meeting of 11-02-2025 · Gazette deed
Capital decrease of €40,516.26 to €6,104,079.50
Capital from €6,144,595.76 to €6,104,079.50 · General meeting of 27-06-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VMA SUD Charleroi | €90.3m | 5.6% | 20.2% | 330.4 |
| COLLIGNON ENG. Erezée | €87.9m | 6.2% | - | 355.9 |
| CALLENS WILLY Waregem | €70.8m | 9.5% | 20.8% | 202 |
| BUMACO KOELTECHNIEK Rotselaar | €95.4m | 2.5% | 58.1% | 269.3 |
| SIX Izegem | €65.0m | 2.6% | 42.4% | 198.4 |
| IMTECH BELGIE Anderlecht | €192.3m | 4.4% | 37.8% | 568.2 |
| THE ENERGY CIRCLE Hasselt | €43.8m | 0.8% | 18.7% | 171.9 |
Grey: the largest companies of the sector (specialised construction (NACE 43)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as VMA SUD: installation of electric heating, air conditioning, cooling and ventilation (NACE 43222). They are comparable in size and age: total assets between €19m and €99m, founded between 1965 and 1995.
Official details
Source: KBO- Status
- Active since 31-01-1985Normal situation
- Registered office
- 14 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Installation of electric heating, air conditioning, cooling and ventilationNACE 43222and 5 others
- Establishment units
- 2.026.338.2156040 Charleroi, since 01-01-1985
- 2.310.157.3444432 Ans, since 01-09-2020and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable since 11-12-2025
Annual accounts 2025
- €54.9m▲ 22.5%
- Employeeson 31-12-2025
- 334▼ 3.2%
- Filing
- Filed on 14-05-2026, 78 days before the end of the filing period
Companies linked to VMA SUD
Parent and group
Insights on VMA SUD
VMA SUD has existed since 1985. Turnover grew from €20.4m in 2007 to €90.3m in 2025 and staff from 146.9 to 330.4 full-time equivalents.
CFE CONTRACTING holds all the shares. In 2022, three directors stepped down.
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 VMA SUD
- What is the company number of VMA SUD?
- The company number of VMA SUD is 0427.983.202. The VAT number is the same number with BE in front: BE 0427.983.202.
- Where is VMA SUD based?
- The registered office is at Rue d'Edimbourg 19, 6040 Charleroi.Company details
- What does VMA SUD do?
- According to the KBO register, the main activity is installation of electric heating, air conditioning, cooling and ventilation (NACE 43222).
- What is the legal form of VMA SUD?
- VMA SUD is a public limited company (NV).
- When was VMA SUD founded?
- VMA SUD was founded on 31-01-1985.
- Is VMA SUD still active?
- Yes, VMA SUD is an active enterprise in the KBO register.
- How many employees does VMA SUD have?
- VMA SUD had an average of 330.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of VMA SUD?
- The turnover of VMA SUD was €90.3m in financial year 2025, according to the filed annual accounts.
- Is VMA SUD profitable?
- In financial year 2025, VMA SUD made a profit of €4.3m.
- Where can I find the annual accounts of VMA SUD?
- VMA SUD filed 41 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VMA SUD due?
- VMA SUD 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 See whether the workforce is growing and whether people stay.Employer check 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 how customers, suppliers and banks see your own company and what to improve first.