VORTEX PANELS
ActiveSummary
VORTEX PANELS has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.30M and a net result of €4k. Equity is growing by ~34.6% per year across the filed fiscal years. Its solvency ranks better than 75% of 167 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability56▼-43
Solvency90=
Growth61▼-17
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days only on tighter terms
Liquidity ample (current ratio 3.29 against 3.2 in 2023; short-term debt: 22.6% and cash: 13.2% of total assets), and 34.8% 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
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
65.2%
Return on assets
0.2%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 16
Relative position
BE, all sectors
reference
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
about 8% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-11-2025, 102 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 6 filingsDeviation from the deadline
2025
not confirmed
2024
102 d late
2023
125 d late
2022
86 d late
2021
78 d late
2020
47 d late
2019
61 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#7 company by equity in Hainaut, Wood and cork sector
Turnover
€3.93M▲ 13.7%
2023 · €3.46M
EBIT margin
-0.1%▼ 18.6pp
2023 · 18.5%
Net result
€4k▼ 99.3%
2023 · €494k
Working capital
€1.03M▼ 6.6%
2023 · €1.11M
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€3.46M€3.93M▲ 13.7%
Operating result€467k▲ 898%€242k▼ 48.1%€311k▲ 28.2%€640k▲ 106%€-5k
Net result€308k▲ 914%€190k▼ 38.2%€213k▲ 12.2%€494k▲ 132%€4k▼ 99.3%
EBIT margin18.5%-0.1%▼ 18.6pp
Equity€402k▲ 326%€592k▲ 47.3%€805k▲ 36.0%€1.30M▲ 61.3%€1.30M▲ 0.3%
Total assets€704k▲ 211%€1.22M▲ 73.9%€1.27M▲ 3.6%€1.99M▲ 57.0%€2.00M▲ 0.3%
Debt€302k▲ 129%€633k▲ 109%€464k▼ 26.7%€694k▲ 49.6%€696k▲ 0.3%
Working capital€289k▲ 251%€583k▲ 102%€748k▲ 28.4%€1.11M▲ 47.9%€1.03M▼ 6.6%
Staff (FTE)1.23.9▲ 225%4.6▲ 17.9%5.6▲ 21.7%6▲ 7.1%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €5k after €640k in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.00M
Fixed assets
€515k ▲ 34.0%
Current assets
€1.48M ▼ 7.7%
Equity and liabilities €2.00M
Equity
€1.30M ▲ 0.3%
Debt
€696k ▲ 0.3%
Debt's share of the balance-sheet total stays at 34.8%.
Key figures and ratios
EBITDA
€87k▼
2023 · €673k
Cash flow
€96k▼
2023 · €527k
Current ratio
3.29▲
2023 · 3.20
Quick ratio
1.88▼
2023 · 2.28
Debt to equity
0.53=
2023 · 0.53
ROE
0.3%▼
2023 · 38.0%
ROA
0.2%▼
2023 · 24.8%
Interest coverage
277.38▼
2023 · 11214.12
Debt ≤ 1 year
€451k▼
2023 · €502k
Debt > 1 year
€241k▲
2023 · €188k
Income taxes
€18k▼
2023 · €155k
Staff costs
€288k▲
2023 · €258k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €3.81M | €3.91M | ▲ 2.7% |
| Turnover70 | - | - | - | €3.46M | €3.93M | ▲ 13.7% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €44k | €-21k | ▼ 149% |
| Other operating income74 | - | - | - | €0 | €2k | - |
| Non-recurring operating income76A | - | - | - | €307k | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €3.17M | €3.92M | ▲ 23.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €2.03M | €2.97M | ▲ 46.6% |
| Purchases600/8 | - | - | - | €2.31M | €3.17M | ▲ 37.3% |
| Change in stocks: decrease (increase)609 | - | - | - | €-280k | €-196k | ▲ 30.1% |
| Services and other goods61 | - | - | - | €310k | €557k | ▲ 79.6% |
| Remuneration, social security and pensions62 | - | €144k | €188k | €258k | €288k | ▲ 11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €14k | €17k | €33k | €92k | ▲ 179% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €7k | - |
| Other operating charges640/8 | - | €2k | €447 | €2k | €1k | ▼ 52.9% |
| Non-recurring operating charges66A | - | - | - | €537k | - | - |
| Gross operating margin9900 | €516k | €402k | €515k | - | - | - |
| Operating profit (loss)9901 | €467k | €242k | €311k | €640k | €-5k | ▼ 101% |
| Financial income75/76B | - | €2k | €3k | €28k | €53k | ▲ 93.9% |
| Recurring financial income75 | €661 | €2k | €3k | €28k | €53k | ▲ 93.9% |
| Income from financial fixed assets750 | - | - | - | €2k | €2k | = |
| Other financial income752/9 | - | - | - | €25k | €51k | ▲ 102% |
| Financial charges65/66B | - | €11k | €26k | €18k | €27k | ▲ 47.5% |
| Recurring financial charges65 | €7k | €11k | €26k | €18k | €27k | ▲ 47.5% |
| Debt charges650 | - | - | - | €60 | €315 | ▲ 425% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €182 | €677 | ▲ 271% |
| Other financial charges652/9 | - | - | - | €18k | €26k | ▲ 44.0% |
| Profit (loss) for the period before taxes9903 | €461k | €233k | €288k | €649k | €22k | ▼ 96.6% |
| Income taxes67/77 | €153k | €43k | €74k | €155k | €18k | ▼ 88.1% |
| Taxes670/3 | - | - | - | €171k | €18k | ▼ 89.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €16k | - | - |
| Profit (loss) for the period9904 | €308k | €190k | €213k | €494k | €4k | ▼ 99.3% |
| Profit (loss) for the period to be appropriated9905 | €308k | €190k | €213k | €494k | €4k | ▼ 99.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €704k | €1.22M | €1.27M | €1.99M | €2.00M | ▲ 0.3% |
| Fixed assets21/28 | €114k | €123k | €108k | €384k | €515k | ▲ 34.0% |
| Tangible fixed assets22/27 | €114k | €123k | €108k | €384k | €515k | ▲ 34.0% |
| Plant, machinery and equipment23 | - | €29k | €19k | €15k | €41k | ▲ 165% |
| Furniture and vehicles24 | - | - | - | €266k | €316k | ▲ 19.0% |
| Other tangible fixed assets26 | - | €94k | €89k | €103k | €157k | ▲ 52.7% |
| Current assets29/58 | €590k | €1.10M | €1.16M | €1.61M | €1.48M | ▼ 7.7% |
| Amounts receivable after more than one year29 | - | €108k | €110k | €112k | €114k | ▲ 1.9% |
| Other amounts receivable291 | - | €108k | €110k | €112k | €114k | ▲ 1.9% |
| Stocks and contracts in progress3 | €194k | €672k | €677k | €464k | €638k | ▲ 37.6% |
| Stocks30/36 | - | €672k | €677k | €464k | €638k | ▲ 37.6% |
| Finished goods33 | - | - | - | €66k | €44k | ▼ 32.7% |
| Goods purchased for resale34 | - | - | - | €398k | €594k | ▲ 49.1% |
| Amounts receivable within one year40/41 | €152k | €311k | €355k | €326k | €453k | ▲ 39.0% |
| Trade receivables40 | - | €190k | €289k | €315k | €240k | ▼ 23.9% |
| Other amounts receivable41 | - | €121k | €66k | €11k | €213k | ▲ 1,885% |
| Cash at bank and in hand54/58 | €119k | €10k | €13k | €649k | €264k | ▼ 59.3% |
| Deferred charges and accrued income490/1 | - | €2k | €7k | €58k | €15k | ▼ 74.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €704k | €1.22M | €1.27M | €1.99M | €2.00M | ▲ 0.3% |
| Equity10/15 | €402k | €592k | €805k | €1.30M | €1.30M | ▲ 0.3% |
| Contributions10/11 | €64k | €64k | €64k | €64k | €64k | = |
| Capital10 | - | €64k | €64k | €64k | €64k | = |
| Issued capital100 | - | €64k | €64k | €64k | €64k | = |
| Reserves13 | €330k | €330k | €330k | €330k | €330k | = |
| Non-distributable reserves130/1 | - | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | - | €6k | €6k | €6k | €6k | = |
| Distributable reserves133 | - | €324k | €324k | €324k | €324k | = |
| Profit (loss) carried forward14 | €8k | €198k | €411k | €905k | €909k | ▲ 0.4% |
| Amounts payable17/49 | €302k | €633k | €464k | €694k | €696k | ▲ 0.3% |
| Amounts payable after more than one year17 | - | €97k | €51k | €188k | €241k | ▲ 28.4% |
| Financial debts170/4 | - | €97k | €51k | €188k | €241k | ▲ 28.4% |
| Credit institutions173 | - | - | - | €188k | €241k | ▲ 28.4% |
| Amounts payable within one year42/48 | €302k | €519k | €413k | €502k | €451k | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | - | €42k | €46k | €101k | €72k | ▼ 29.1% |
| Financial debts43 | - | €100k | €60k | €180k | €210k | ▲ 16.7% |
| Credit institutions430/8 | - | €100k | €60k | €180k | €210k | ▲ 16.7% |
| Trade debts44 | €91k | €362k | €265k | €171k | €126k | ▼ 26.7% |
| Suppliers440/4 | - | €362k | €265k | €171k | €126k | ▼ 26.7% |
| Taxes, remuneration and social security45 | - | €15k | €42k | €50k | €37k | ▼ 26.3% |
| Taxes450/3 | - | €2k | €18k | €19k | €984 | ▼ 94.8% |
| Remuneration and social security454/9 | - | €14k | €24k | €31k | €36k | ▲ 15.3% |
| Other amounts payable47/48 | - | - | - | - | €7k | - |
| Accrued charges and deferred income492/3 | - | €17k | - | €4k | €4k | ▼ 0.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €308k | €190k | €213k | €494k | €4k | ▼ 99.3% |
| + Depreciation and write-downs630 | €8k | €14k | €17k | €33k | €92k | ▲ 179% |
| Operating cash flow (approximation) | €315k | €204k | €230k | €527k | €96k | ▼ 81.8% |
| Investment in fixed assets (approximation) | - | €-23k | €-1k | €-309k | €-223k | ▲ 28.1% |
| Change in cash | - | €-109k | €3k | €636k | €-385k | ▼ 160% |
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
2025
10-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 102 days late
2024
31-12
Financial
Weakest financial yearnet €4k ▼99.3%
Net result drops to €4k, the lowest in the series.
03-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 125 days late
2023
31-12
Financial
Highest result since 2019net €494k ▲132%
Operating result €640k, net result €494k, both a record.
31-12
Financial
Equity above €1MEq €1.30M ▲61.3%
5 profitable years in a row build equity to €1.30M.
25-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 86 days late
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 78 days late
2021
31-12
Financial
Equity above €500kEq €592k ▲47.3%
3 profitable years in a row build equity to €592k.
16-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 47 days late
2020
31-12
Financial
Equity above €200kEq €402k ▲326%
2 profitable years in a row build equity to €402k.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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 · 1 establishment unit since 2019
Ground area
1,802 m²
Building footprint
178 m²
Volume, LiDAR
724 m³
Parcel 52026D0635/00K000, Wallonia · tallest building 6.3 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
VORTEX PANELS
since 20192.288.817.245
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52026D0635/00K000 | Wallonia | 1,802 m² | 1 · 178 m² | 6.3 m · 1 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 105 companies in sector 16210 we hold annual accounts for 75. 51 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-04-2019
Fiscal year end31-12
Activities, NACEBEL 2025
16210Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
46130Agents in the wholesale of timber and building materials
49410Freight transport by road
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
Phone
0477/77.04.89Charleroi
Scores and ratios are computed by Checked and are not a credit decision.