VQTM

Active

Private limited companyfounded 200422 yrs activeRue Depasse(CO) 7, 6180 Courcelles, BelgiumKBO/BCE: BE 0864.151.818

The computed 12-month bankruptcy probability of VQTM is 1.8% (moderate). The 2025 annual accounts show negative equity (€-9k) and a net result of €-3k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 12632 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

20 / 100

Critical▼ -5 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100=

Solvency37▼-4

Growth32=

Stability100

Bankruptcy probability, 12 months

1.8% Moderate

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity short (current ratio 0.68 against 0.87 in 2024), and equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Nine signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

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

Sector 41

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

-44%

Return on assets

-14.7%

Age of the figures

8 mo

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Negative equity

Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€9k

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 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 filings

Deviation from the deadline

2025

14 d late

2024

42 d early

2023

10 d late

2022

30 d late

2021

14 d late

2020

23 d late

2019

24 d late

← before the deadline after the deadline →

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 months

Position in the running window

14-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, micro schema

Turnover

€150k

EBIT margin

-1.1%

Net result

€-3k▼ 30.8%

2024 · €-2k

2018: €17k 2019: €-1k 2020: €2k 2021: €-2k 2022: €13k 2023: €1k 2024: €-2k

2018 → 2025

Working capital

€-7k▼ 143%

2024 · €-3k

2018: €709 2019: €-252 2020: €-2k 2021: €-2k 2022: €11k 2023: €4k 2024: €-3k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€150k-

Equity€-343-€12k€-4k€-6k▼ 61.9%€-9k▼ 50.0%

Operating result€-2k-€19k€6k▼ 69.3%€2k▼ 60.2%€2k▼ 19.7%

Net result€-2k-€13k€1k▼ 88.7%€-2k€-3k▼ 30.8%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result has fallen three years in a row; 2025 is 20% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €21k

28.3%

71.7%

Fixed assets €6k▼ 42.5%

Current assets €15k▼ 20.8%

Key figures and ratios

2025 value · change against 2024

EBITDA

€5k▲

2024 · €5k

Cash flow

€372▼

2024 · €568

Solvency

-44.0%▼

2024 · -21.0%

Current ratio

0.68▼

2024 · 0.87

Quick ratio

0.46▼

2024 · 0.87

Debt / equity

-3.27▲

2024 · -5.76

ROE

33.3%▼

2024 · 38.2%

ROA

-14.7%▼

2024 · -8.0%

Interest coverage

2.53▲

2024 · 2.44

Debt

€30k▼

2024 · €35k

Debt ≤ 1 year

€22k▲

2024 · €21k

Debt > 1 year

€8k▼

2024 · €13k

Staff costs

€59k▲

2024 · €57k

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

Balance sheet Code20242025

Assets

Total assets20/58€29k€21k▼

Fixed assets21/28€10k€6k▼

Tangible fixed assets22/27€8k€5k▼

Plant, machinery and equipment23€1k€385▼

Furniture and vehicles24€7k€5k▼

Financial fixed assets28€2k€900▼

Current assets29/58€19k€15k▼

Stocks and contracts in progress3-€5k

Stocks30/36-€5k

Amounts receivable within one year40/41€9k€10k▲

Trade receivables40€4k€7k▲

Other amounts receivable41€5k€3k▼

Cash at bank and in hand54/58€10k€469▼

Deferred charges and accrued income490/1-€100

Equity and liabilities

Total equity and liabilities10/49€29k€21k▼

Equity10/15€-6k€-9k▼

Contributions10/11€1k€1k=

Profit (loss) carried forward14€-7k€-10k▼

Amounts payable17/49€35k€30k▼

Amounts payable after more than one year17€13k€8k▼

Financial debts170/4€13k€8k▼

Amounts payable within one year42/48€21k€22k▲

Current portion of amounts payable after more than one year42€5k€5k▲

Trade debts44€10k€7k▼

Suppliers440/4€10k€7k▼

Taxes, remuneration and social security45€7k€9k▲

Taxes450/3€3k€5k▲

Remuneration and social security454/9€4k€4k▼

Income statement Code20242025

Non-recurring operating income76A€0€76▲

Goods, raw materials, services and sundry goods60/61€178k€146k▼

Remuneration, social security and pensions62€57k€59k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k▲

Other operating charges640/8€888€1k▲

Non-recurring operating charges66A€600€5k▲

Gross operating margin9900€63k€70k▲

Operating profit (loss)9901€2k€2k▼

Financial charges65/66B€2k€5k▲

Recurring financial charges65€2k€2k▼

Non-recurring financial charges66B-€3k

Profit (loss) for the period before taxes9903€209€-3k▼

Income taxes67/77€3k-

Profit (loss) for the period9904€-2k€-3k▼

Profit (loss) for the period to be appropriated9905€-2k€-3k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-7k€-10k▼

Profit (loss) brought forward from the previous period14P€-5k€-7k▼

The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 13Financial 3Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

14-08

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 14 days late

2025

31-12

Financial Weakest financial yearnet €-3k

Net result drops to €-3k, the lowest in the series.

19-06

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

10-08

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 10 days late

2023

30-08

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 30 days late

2022

31-12

Financial Back to profitnet €13k

Net result €13k after one loss-making year.

14-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 14 days late

2021

23-08

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 23 days late

2020

31-12

Financial Back to profitnet €2k

Net result €2k after one loss-making year.

24-08

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 24 days late

2019

01-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 1 day late

2018

19-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

03-04

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

8 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, Courcelles · 2 establishment units since 2020

establishment 1 of 2 establishment units on the map

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 Depasse(CO) 76180 Courcelles

Ground area

394 m²

Building footprint

57 m²

Volume, LiDAR

510 m³

Parcel 52322B0743/00P004, Wallonia · tallest building 11.1 m, ±3 floors. Linked by address, not a title deed.

2 establishment units

V.Q. Construction

Rue Depasse(CO) 7, 6180 CourcellesSpecialised construction activities

since 20202.303.950.829

Chez Raph et Rachel

Rue Vandervelde(FLM) 161, 6141 Fontaine-l'EvêqueLimited-service restaurants

since 20202.303.950.928

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
52322B0743/00P004	Wallonia	394 m²	1 · 57 m²	11.1 m · 3 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Recognitions · licences · registrations

Recognised contractor

12 categories

VQTM SRL43430

category D1, class 1 · category D10, class 1 · category D11, class 1 · category D21, class 1 · category D24, class 1 · category D29, class 1 · category D4, class 1 · category E2, class 1 · category G, class 1 · category G2, class 1 · category G4, class 1 · category G5, class 1

decision 11-01-2024