VMA SUD
ActiveSummary
VMA SUD has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11.07M and a net result of €4.34M. Equity is growing by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 20% of 2045 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
58
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability68▲+33
Solvency45▲+4
Growth75▲+18
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600k at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.1 in 2024; short-term debt: 72.3% and cash: 0.3% of total assets), and 79.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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
20.2%
Return on assets
7.9%
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 20% of 2045 sector peers (2025).
NBB · sector comparisonPosition among 2045 sector peers
Solvency
better than 20%
← 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 d early
2024
64 d early
2023
62 d early
2022
76 d early
2021
94 d early
2020
87 d early
2019
79 d early
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€90.29M▲ 19.8%
2024 · €75.35M
2018: €43.40M
2019: €49.28M
2021: €61.36M
2022: €77.09M
2023: €119.07M
2024: €75.35M
2018 → 2025
EBIT margin
5.6%▲ 5.0pp
2024 · 0.6%
2018: 6.2%
2019: 1.6%
2021: 4.0%
2022: 4.0%
2023: -3.7%
2024: 0.6%
2018 → 2025
Net result
€4.34M
2024 · €-206k
2018: €2.31M
2019: €464k
2021: €2.03M
2022: €2.04M
2023: €-5.20M
2024: €-206k
2018 → 2025
Working capital
€8.27M▲ 152%
2024 · €3.28M
2018: €1.25M
2019: €1.77M
2021: €4.44M
2022: €6.52M
2023: €5.10M
2024: €3.28M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€61.36M-€77.09M▲ 25.7%€119.07M▲ 54.5%€75.35M▼ 36.7%€90.29M▲ 19.8%
Equity€7.08M-€9.11M▲ 28.6%€7.51M▼ 17.6%€7.24M▼ 3.6%€11.07M▲ 53.0%
Operating result€2.47M-€3.12M▲ 26.2%€-4.40M€416k€5.02M▲ 1,107%
Net result€2.03M-€2.04M▲ 0.4%€-5.20M€-206k▲ 96.0%€4.34M
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 1,107% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €54.93M
Fixed assets
€6.94M ▼ 8.4%
Current assets
€47.99M ▲ 28.8%
Equity and liabilities €54.93M
Equity
€11.07M ▲ 53.0%
Provisions
€1.23M ▲ 280%
Debt
€42.63M ▲ 14.4%
The debt ratio falls from 83.1% to 77.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€6.04M▲
2024 · €1.46M
Cash flow
€5.36M▲
2024 · €841k
Current ratio
1.21▲
2024 · 1.10
Quick ratio
0.93▲
2024 · 0.68
Debt / equity
3.85▼
2024 · 5.15
ROE
39.2%▲
2024 · -2.8%
ROA
7.9%▲
2024 · -0.5%
Interest coverage
17.01▲
2024 · 2.43
Debt ≤ 1 year
€39.72M▲
2024 · €33.98M
Debt > 1 year
€2.74M▼
2024 · €3.03M
Income taxes
€374k▲
2024 · €48k
Staff costs
€24.53M▲
2024 · €24.49M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 95 lines
Balance sheet
Code20242025
Assets
Total assets20/58€44.84M€54.93M▲
Fixed assets21/28€7.58M€6.94M▼
Intangible fixed assets21€39k€19k▼
Tangible fixed assets22/27€7.08M€6.46M▼
Land and buildings22€1.16M€1.06M▼
Plant, machinery and equipment23€385k€343k▼
Furniture and vehicles24€1.16M€912k▼
Leasing and similar rights25€3.73M€3.54M▼
Other tangible fixed assets26€645k€609k▼
Financial fixed assets28€460k€460k=
Other financial fixed assets284/8€460k€460k=
Amounts receivable and cash guarantees285/8€460k€460k=
Current assets29/58€37.26M€47.99M▲
Stocks and contracts in progress3€14.13M€11.24M▼
Stocks30/36€907k€791k▼
Raw materials and consumables30/31€907k€791k▼
Contracts in progress37€13.22M€10.45M▼
Amounts receivable within one year40/41€21.15M€23.75M▲
Trade receivables40€15.08M€18.12M▲
Other amounts receivable41€6.07M€5.63M▼
Current investments50/53-€12.83M
Other investments51/53-€12.83M
Cash at bank and in hand54/58€1.76M€147k▼
Deferred charges and accrued income490/1€227k€25k▼
Equity and liabilities
Total equity and liabilities10/49€44.84M€54.93M▲
Equity10/15€7.24M€11.07M▲
Contributions10/11€7.78M€7.78M=
Capital10€6.10M€6.10M=
Issued capital100€6.10M€6.10M=
Outside capital11€1.68M€1.68M=
Share premium1100/10€1.68M€1.68M=
Reserves13€1.03M€1.25M▲
Non-distributable reserves130/1€408k€625k▲
Legal reserve130€303k€520k▲
Reserves not available under the articles1311€104k€104k=
Tax-exempt reserves132€109k€109k=
Distributable reserves133€514k€514k=
Profit (loss) carried forward14€-1.80M€1.83M▲
Investment grants15€222k€212k▼
Provisions and deferred taxes16€324k€1.23M▲
Provisions for liabilities and charges160/5€249k€1.16M▲
Other liabilities and charges164/5€249k€1.16M▲
Deferred taxes168€74k€71k▼
Amounts payable17/49€37.28M€42.63M▲
Amounts payable after more than one year17€3.03M€2.74M▼
Financial debts170/4€3.03M€2.74M▼
Leasing and similar obligations172€3.03M€2.74M▼
Amounts payable within one year42/48€33.98M€39.72M▲
Current portion of amounts payable after more than one year42€292k€295k▲
Trade debts44€16.26M€15.44M▼
Suppliers440/4€16.26M€15.44M▼
Advances received on contracts in progress46€14.05M€19.57M▲
Taxes, remuneration and social security45€3.35M€3.88M▲
Taxes450/3€505k€461k▼
Remuneration and social security454/9€2.84M€3.42M▲
Other amounts payable47/48€35k€535k▲
Accrued charges and deferred income492/3€262k€170k▼
Income statement
Code20242025
Operating income70/76A€77.95M€86.89M▲
Turnover70€75.35M€90.29M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-135k€-6.31M▼
Own construction capitalised72€176k-
Other operating income74€2.45M€2.91M▲
Non-recurring operating income76A€113k€2k▼
Operating charges60/66A€77.54M€81.87M▲
Goods for resale, raw materials and consumables60€44.76M€47.34M▲
Purchases600/8€45.04M€47.23M▲
Change in stocks: decrease (increase)609€-280k€116k▲
Services and other goods61€7.94M€7.87M▼
Remuneration, social security and pensions62€24.49M€24.53M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.05M€1.02M▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€220k€201k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-1.01M€908k▲
Other operating charges640/8€18k€3k▼
Non-recurring operating charges66A€71k-
Operating profit (loss)9901€416k€5.02M▲
Financial income75/76B€30k€51k▲
Recurring financial income75€30k€51k▲
Income from financial fixed assets750€30k€38k▲
Other financial income752/9-€13k
Financial charges65/66B€605k€355k▼
Recurring financial charges65€605k€355k▼
Debt charges650€602k€355k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€3k-
Profit (loss) for the period before taxes9903€-158k€4.72M▲
Income taxes67/77€48k€374k▲
Taxes670/3€48k€374k▲
Profit (loss) for the period9904€-206k€4.34M▲
Profit (loss) for the period to be appropriated9905€-206k€4.34M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.80M€2.55M▲
Profit (loss) brought forward from the previous period14P€-1.59M€-1.80M▼
Transfer to equity691/2-€217k
To the legal reserve6920-€217k
Profit to be distributed694/7-€500k
Return on contributions (dividend)694-€500k
Social balance
Average headcount (FTE)9087345.2330.4▼
The notes to these accounts (72 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €4.34M
Net result €4.34M after 2 loss-making years.
31-12
Financial
Equity above €10MEq €11.07M ▲53%
Equity rises from €7.24M to €11.07M.
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €-5.20M ▼355%
Net result drops to €-5.20M, the lowest in the series; recovery starts the following year.
16-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5MEq €7.08M ▲66.5%
3 profitable years in a row build equity to €7.08M.
05-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
13-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
16-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
17-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
32 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, Charleroi · 3 establishment units since 1985
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue d'Edimbourg 196040 CharleroiGround area
6,662 m²
Building footprint
2,833 m²
Volume, LiDAR
12,416 m³
Parcel 62001B0305/00N000, Wallonia · tallest building 5.6 m, ±1 floor. Linked by address, not a title deed.
3 establishment units
VMA SUD
since 19852.026.338.215
VMA SUD
since 20202.310.157.344
VMA SUD
since 20232.339.123.722
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62001B0305/00N000 | Wallonia | 6,662 m² | 1 · 2,833 m² | 5.6 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via establishment units: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Ownership & control
2 parent companiesControl over this companyparent company per the LEI register2
Oudergem
Antwerpen · indirect
controls
VMA SUDBE 0427.983.202
Recognitions · licences · registrations
Recognised contractor
15 categoriesVMA SUD SA06410
Dual-learning approval
1 endedMonteur sanitaire en verwarmingsinstallaties duaal (so)
Legal Entity Identifier
875500MU7W58M61LWQ43
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CALLENS WILLY
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Of 9,530 companies in sector 43222 we hold annual accounts for 5,662. 331 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded31-01-1985
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
Sources
Crossroads Bank for EnterprisesNational Bank · 41 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.