VSA
ActiveSummary
VSA has been active since 2013 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 2 administrative register entries (see administrative flags). The 2024 annual accounts show negative equity (-€65,064) and a net result of €26,041. Equity is growing by ~18% per year across the filed fiscal years. Its solvency ranks better than 5% of 37969 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100=
Solvency0=
Growth78=
Track record84
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.12 against 0.11 in 2023; short-term debt: 862.2% and cash: 13.9% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · 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 2024Solvency, return and age of the figures
Solvency
-762.2%
Return on assets
305.1%
Age of the figures
21 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 37969 sector peers (2024).
NBB · sector comparisonPosition among 37969 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-08-2025, 9 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 · 7 filingsDeviation from the deadline
2025
not confirmed
2024
9 d late
2023
46 d early
2022
136 d early
2021
34 d late
2020
33 d early
2019
69 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
2 publications by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or their withdrawal.
KBO publicationsPublications
Strikeout withdrawnStrikeout initial
History
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Financials · fiscal year 2024, micro schema
Equity
-€65,064▲ 28.6%
2023 · -€91,106
Total assets
€8,536▼ 23.5%
2023 · €11,152
Net result
€26,041▲ 0.5%
2023 · €25,907
Working capital
-€65,064▲ 28.6%
2023 · -€91,106
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Line20202021202220232024
Operating result€17,876▼ 28.5%€31,713▲ 77.4%€8,281▼ 73.9%€26,321▲ 218%€28,776▲ 9.3%
Net result€17,876within the sector's middle half▼ 24.7%€31,574within the sector's middle half▲ 76.6%€7,906within the sector's middle half▼ 75.0%€25,907within the sector's middle half▲ 228%€26,041within the sector's middle half▲ 0.5%
Equity-€156,492below the sector's middle half▲ 10.3%-€124,918below the sector's middle half▲ 20.2%-€117,012below the sector's middle half▲ 6.3%-€91,106below the sector's middle half▲ 22.1%-€65,064below the sector's middle half▲ 28.6%
Total assets€27,265below the sector's middle half▲ 51.2%€1,085below the sector's middle half▼ 96.0%€5,782below the sector's middle half▲ 433%€11,152below the sector's middle half▲ 92.9%€8,536below the sector's middle half▼ 23.5%
Debt€183,757▼ 4.5%€126,003▼ 31.4%€122,794▼ 2.5%€102,258▼ 16.7%€73,600▼ 28.0%
Working capital-€156,492below the sector's middle half▲ 10.3%-€124,918below the sector's middle half▲ 20.2%-€117,012below the sector's middle half▲ 6.3%-€91,106below the sector's middle half▲ 22.1%-€65,064below the sector's middle half▲ 28.6%
Solvency-574.0%below the sector's middle half▲ 392.9pp-816.9%below the sector's middle half-762.2%below the sector's middle half▲ 54.7pp
Current ratio0.15below the sector's middle half▲ 0.050.05below the sector's middle half0.11below the sector's middle half▲ 0.060.12below the sector's middle half▲ 0.01
Return on assets (ROA)65.6%above the sector's middle half▼ 66.0pp136.7%above the sector's middle half232.3%above the sector's middle half▲ 95.6pp305.1%above the sector's middle half▲ 72.8pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 9% above 2023.
Key figures and ratios
Debt to equity
-1.13▼
2023 · -1.12
Debt ≤ 1 year
€73,600▼
2023 · €102,258
Income taxes
€2,420
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,640 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,640 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €834 | €1,777 | €890 | €1,087 | ▲ 22.2% |
| Gross operating margin9900 | €18,650 | €32,547 | €10,058 | €27,210 | €29,863 | ▲ 9.7% |
| Operating profit (loss)9901 | €17,876 | €31,713 | €8,281 | €26,321 | €28,776 | ▲ 9.3% |
| Financial income75/76B | - | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | - | €0 | - |
| Non-recurring financial income76B | - | - | - | - | €0 | - |
| Financial charges65/66B | - | €139 | €375 | €414 | €315 | ▼ 23.9% |
| Recurring financial charges65 | - | €139 | €375 | €414 | €315 | ▼ 23.9% |
| Non-recurring financial charges66B | - | - | - | - | €315 | - |
| Profit (loss) for the period before taxes9903 | €17,876 | €31,574 | €7,906 | €25,907 | €28,461 | ▲ 9.9% |
| Income taxes67/77 | - | - | - | - | €2,420 | - |
| Profit (loss) for the period9904 | €17,876 | €31,574 | €7,906 | €25,907 | €26,041 | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €17,876 | €31,574 | €7,906 | €25,907 | €26,041 | ▲ 0.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €27,265 | €1,085 | €5,782 | €11,152 | €8,536 | ▼ 23.5% |
| Current assets29/58 | €27,265 | €1,085 | €5,782 | €11,152 | €8,536 | ▼ 23.5% |
| Amounts receivable within one year40/41 | €27,265 | €1,085 | €5,782 | €11,152 | €7,353 | ▼ 34.1% |
| Trade receivables40 | - | €1,085 | €4,819 | €11,152 | €7,353 | ▼ 34.1% |
| Other amounts receivable41 | - | - | €963 | - | - | - |
| Cash at bank and in hand54/58 | - | - | - | - | €1,184 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €27,265 | €1,085 | €5,782 | €11,152 | €8,536 | ▼ 23.5% |
| Equity10/15 | -€156,492 | -€124,918 | -€117,012 | -€91,106 | -€65,064 | ▲ 28.6% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€162,692 | -€131,118 | -€123,212 | -€97,306 | -€71,264 | ▲ 26.8% |
| Amounts payable17/49 | €183,757 | €126,003 | €122,794 | €102,258 | €73,600 | ▼ 28.0% |
| Amounts payable within one year42/48 | €183,757 | €126,003 | €122,794 | €102,258 | €73,600 | ▼ 28.0% |
| Financial debts43 | - | €1,513 | €4,444 | €4,590 | - | - |
| Credit institutions430/8 | - | €1,513 | €4,444 | €4,590 | - | - |
| Trade debts44 | €1,000 | - | €2,482 | €4,299 | €3,499 | ▼ 18.6% |
| Suppliers440/4 | - | - | €2,482 | €4,299 | €3,499 | ▼ 18.6% |
| Taxes, remuneration and social security45 | - | €4,316 | €5,665 | €4,154 | €6,736 | ▲ 62.2% |
| Taxes450/3 | - | €4,316 | €5,665 | €4,154 | €6,736 | ▲ 62.2% |
| Other amounts payable47/48 | - | €120,174 | €110,203 | €89,215 | €63,365 | ▼ 29.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,876 | €31,574 | €7,906 | €25,907 | €26,041 | ▲ 0.5% |
| Operating cash flow (approximation) | €17,876 | €31,574 | €7,906 | €25,907 | €26,041 | ▲ 0.5% |
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
09-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 9 days late
2024
15-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
17-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €7,906 ▼75%
Net result drops to €7,906, the lowest in the series; recovery starts the following year.
16-09
KBO administration
Strikeout withdrawn
event 03-09-2022
03-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 34 days late
2021
31-12
Financial
Highest result since 2019net €31,574 ▲76.6%
Operating result €31,713, net result €31,574, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 69 days late
2019
20-11
KBO administration
Strikeout initial
event 04-11-2019
2018
21-02
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 936 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Lier · 1 establishment unit since 2013
Ground area
228 m²
Building footprint
228 m²
Volume, LiDAR
147 m³
Parcel 12019B0418/00W000, Flanders · tallest building 8.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
VSA
since 20132.223.649.180
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12019B0418/00W000 | Flanders | 228 m² | 1 · 228 m² | 8.6 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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-04-2013
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
10712Artisanal bread and fresh pastry making
47241Retail sale of bread and pastry (bakery outlets)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0525656658
Also
9925:BE0525656658
Registered
20-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.