Summary
VMDG is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €21,198 and a net result of €10,461. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 32% of 8091 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 29-07-2026, 2 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
2 d early
2024
16 d early
2023
55 d early
2022
on the day
2021
30 d late
2020
46 d early
2019
31 d early
← 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 17 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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. Usually files around 29 July (4 of the last 5 filed years within 32 days of that day).
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
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€21,198▼ 54.7%
2024 · €46,844
Net result
€10,461▲ 1,085%
2024 · €883
Total assets
€73,270▲ 0.9%
2024 · €72,639
Solvency
28.9%▼ 35.6pp
2024 · 64.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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€18,250▼ 27.2%€9,974▼ 45.3%-€2,394€1,559€14,498▲ 830%
Net result€12,585within the sector's middle half▼ 26.1%€6,488within the sector's middle half▼ 48.4%-€2,545below the sector's middle half€883below the sector's middle half€10,461within the sector's middle half▲ 1,085%
Equity€53,809below the sector's middle half▲ 30.5%€60,296below the sector's middle half▲ 12.1%€57,751below the sector's middle half▼ 4.2%€46,844below the sector's middle half▼ 18.9%€21,198below the sector's middle half▼ 54.7%
Total assets€62,678below the sector's middle half▲ 18.3%€67,385below the sector's middle half▲ 7.5%€60,020below the sector's middle half▼ 10.9%€72,639below the sector's middle half▲ 21.0%€73,270below the sector's middle half▲ 0.9%
Debt€8,869▼ 24.5%€7,088▼ 20.1%€2,269▼ 68.0%€25,795▲ 1,037%€52,072▲ 102%
Working capital€43,646within the sector's middle half▲ 55.0%€52,190within the sector's middle half▲ 19.6%€57,846within the sector's middle half▲ 10.8%€41,426within the sector's middle half▼ 28.4%€7,484within the sector's middle half▼ 81.9%
Solvency85.8%above the sector's middle half▲ 8.0pp89.5%above the sector's middle half▲ 3.6pp96.2%above the sector's middle half▲ 6.7pp64.5%within the sector's middle half▼ 31.7pp28.9%within the sector's middle half▼ 35.6pp
Current ratio5.97above the sector's middle half▲ 2.578.46above the sector's middle half▲ 2.4927.61above the sector's middle half▲ 19.153.07within the sector's middle half▼ 24.541.15within the sector's middle half▼ 1.92
Return on assets (ROA)20.1%above the sector's middle half▼ 12.1pp9.6%within the sector's middle half▼ 10.5pp-4.2%below the sector's middle half▼ 13.9pp1.2%within the sector's middle half▲ 5.5pp14.3%within the sector's middle half▲ 13.1pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or 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 830% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €73,270
Fixed assets
€16,384 ▲ 46.5%
Current assets
€56,886 ▼ 7.4%
Equity and liabilities €73,270
Equity
€21,198 ▼ 54.7%
Debt
€52,072 ▲ 102%
Debt's share of the balance-sheet total rises from 35.5% to 71.1%. Equity is lower and debt is higher.
Key figures and ratios
ROE
49.3%▲
2024 · 1.9%
Debt ≤ 1 year
€49,402▲
2024 · €20,028
Debt > 1 year
€2,671▼
2024 · €5,767
Income taxes
€3,556▲
2024 · €870
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,815 | €2,048 | €83 | €289 | €4,308 | ▲ 1,388% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €25,000 | €0 | ▼ 100% |
| Other operating charges640/8 | €603 | €614 | €657 | €681 | €2,946 | ▲ 332% |
| Non-recurring operating charges66A | - | - | €8,690 | - | - | - |
| Gross operating margin9900 | €21,669 | €12,636 | €7,036 | €27,530 | €21,752 | ▼ 21.0% |
| Operating profit (loss)9901 | €18,250 | €9,974 | -€2,394 | €1,559 | €14,498 | ▲ 830% |
| Financial income75/76B | - | - | €502 | €613 | €3 | ▼ 99.5% |
| Recurring financial income75 | - | - | €502 | €613 | €3 | ▼ 99.5% |
| Financial charges65/66B | €778 | €647 | €499 | €419 | €484 | ▲ 15.5% |
| Recurring financial charges65 | €778 | €647 | €499 | €419 | €484 | ▲ 15.5% |
| Profit (loss) for the period before taxes9903 | €17,472 | €9,327 | -€2,390 | €1,753 | €14,017 | ▲ 700% |
| Income taxes67/77 | €4,887 | €2,839 | €155 | €870 | €3,556 | ▲ 309% |
| Profit (loss) for the period9904 | €12,585 | €6,488 | -€2,545 | €883 | €10,461 | ▲ 1,085% |
| Profit (loss) for the period to be appropriated9905 | €12,585 | €6,488 | -€2,545 | €883 | €10,461 | ▲ 1,085% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €62,678 | €67,385 | €60,020 | €72,639 | €73,270 | ▲ 0.9% |
| Fixed assets21/28 | €10,248 | €8,199 | - | €11,186 | €16,384 | ▲ 46.5% |
| Tangible fixed assets22/27 | €10,248 | €8,199 | - | €11,186 | €16,384 | ▲ 46.5% |
| Furniture and vehicles24 | €376 | €83 | - | €833 | €9,574 | ▲ 1,049% |
| Leasing and similar rights25 | - | - | - | €10,353 | €6,811 | ▼ 34.2% |
| Other tangible fixed assets26 | €9,872 | €8,116 | - | - | - | - |
| Current assets29/58 | €52,430 | €59,185 | €60,020 | €61,453 | €56,886 | ▼ 7.4% |
| Amounts receivable within one year40/41 | €27,737 | €20,769 | €54,421 | €19,420 | €8,171 | ▼ 57.9% |
| Trade receivables40 | €27,104 | €7,744 | €21,538 | €9,748 | €8,028 | ▼ 17.6% |
| Other amounts receivable41 | €633 | €13,025 | €32,883 | €9,671 | €143 | ▼ 98.5% |
| Cash at bank and in hand54/58 | €22,273 | €35,949 | €3,173 | €39,518 | €46,104 | ▲ 16.7% |
| Deferred charges and accrued income490/1 | €2,420 | €2,467 | €2,426 | €2,516 | €2,611 | ▲ 3.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €62,678 | €67,385 | €60,020 | €72,639 | €73,270 | ▲ 0.9% |
| Equity10/15 | €53,809 | €60,296 | €57,751 | €46,844 | €21,198 | ▼ 54.7% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €41,409 | €47,896 | €47,896 | €36,107 | €8,798 | ▼ 75.6% |
| Non-distributable reserves130/1 | €590 | €590 | - | - | - | - |
| Reserves not available under the articles1311 | - | €590 | - | - | - | - |
| Other1319 | €590 | - | - | - | - | - |
| Distributable reserves133 | €40,819 | €47,306 | €47,896 | €36,107 | €8,798 | ▼ 75.6% |
| Profit (loss) carried forward14 | - | - | -€2,545 | -€1,663 | €0 | ▲ 100% |
| Amounts payable17/49 | €8,869 | €7,088 | €2,269 | €25,795 | €52,072 | ▲ 102% |
| Amounts payable after more than one year17 | - | - | - | €5,767 | €2,671 | ▼ 53.7% |
| Financial debts170/4 | - | - | - | €5,767 | €2,671 | ▼ 53.7% |
| Amounts payable within one year42/48 | €8,784 | €6,995 | €2,174 | €20,028 | €49,402 | ▲ 147% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,982 | €3,096 | ▲ 3.8% |
| Trade debts44 | €1,215 | €3,112 | €221 | €2,381 | €2,243 | ▼ 5.8% |
| Suppliers440/4 | €1,215 | €3,112 | €221 | €2,381 | €2,243 | ▼ 5.8% |
| Taxes, remuneration and social security45 | €6,859 | €3,784 | €1,953 | €2,875 | €5,138 | ▲ 78.7% |
| Taxes450/3 | €4,759 | €1,684 | €1,953 | €870 | €3,134 | ▲ 260% |
| Remuneration and social security454/9 | €2,100 | €2,100 | - | €2,004 | €2,004 | = |
| Other amounts payable47/48 | €710 | €99 | - | €11,790 | €38,924 | ▲ 230% |
| Accrued charges and deferred income492/3 | €85 | €93 | €95 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,585 | €6,488 | -€2,545 | €883 | €10,461 | ▲ 1,085% |
| + Depreciation and write-downs630 | €2,815 | €2,048 | €83 | €289 | €4,308 | ▲ 1,388% |
| Operating cash flow (approximation) | €15,400 | €8,536 | -€2,462 | €1,172 | €14,768 | ▲ 1,160% |
| Investment in fixed assets (approximation) | - | €0 | - | - | -€9,506 | - |
| Change in cash | - | €13,676 | -€32,776 | €36,345 | €6,586 | ▼ 81.9% |
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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €883
Net result €883 after one loss-making year.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€2,545
Net result drops to -€2,545, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 27.61
Current ratio from 8.46 to 27.61; short-term debt falls from €6,995 to €2,174.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2019net €17,034 ▲44.5%
Operating result €25,078, net result €17,034, both a record.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Brussel · 1 establishment unit since 2018
Ground area
344 m²
Building footprint
179 m²
Volume, LiDAR
2,111 m³
Parcel 21812N1424/00G000, Brussels · tallest building 15.4 m, ±4 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
VMDG
since 20182.282.324.084
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21812N1424/00G000 | Brussels | 344 m² | 1 · 179 m² | 15.4 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 7,607 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
Founded09-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0713417182
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.