VSB
ActiveSummary
VSB has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€125,881) and a net result of -€10,914. Equity is shrinking by ~11.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 11508 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.12; short-term debt: 847.6% and cash: 31.8% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2025Solvency, return and age of the figures
Return on assets
-177.8%
Age of the figures
9 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€125,881
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
1 d early
2023
61 d late
2022
87 d late
2021
130 d late
2020
404 d late
2019
521 d late
← 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 172 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 1 October (4 of the last 5 filed years within 63 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€21,958
EBIT margin
-53.5%
Net result
-€10,914▼ 112%
2024 · -€5,154
Working capital
-€45,881▲ 42.6%
2024 · -€79,968
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Turnover
Operating result€5,027-€8,751-€8,449▲ 3.5%€547-€8,469
Net result-€884within the sector's middle half▲ 96.4%-€11,229below the sector's middle half▼ 1,170%-€15,002below the sector's middle half▼ 33.6%-€5,154below the sector's middle half▲ 65.6%-€10,914below the sector's middle half▼ 112%
EBIT margin
Equity-€83,584below the sector's middle half▼ 1.1%-€94,813below the sector's middle half▼ 13.4%-€109,814below the sector's middle half▼ 15.8%-€114,968below the sector's middle half▼ 4.7%-€125,881below the sector's middle half▼ 9.5%
Total assets€6,599below the sector's middle half▼ 24.8%€7,376below the sector's middle half▲ 11.8%€4,851below the sector's middle half▼ 34.2%€3,471below the sector's middle half▼ 28.4%€6,137below the sector's middle half▲ 76.8%
Debt€90,183▼ 1.4%€102,189▲ 13.3%€114,665▲ 12.2%€118,439▲ 3.3%€132,018▲ 11.5%
Working capital-€82,213below the sector's middle half▲ 0.9%-€83,415below the sector's middle half▼ 1.5%-€74,814below the sector's middle half▲ 10.3%-€79,968below the sector's middle half▼ 6.9%-€45,881below the sector's middle half▲ 42.6%
Solvency
Current ratio0.07below the sector's middle half▼ 0.010.08below the sector's middle half▲ 0.010.12below the sector's middle half
Return on assets (ROA)-13.4%below the sector's middle half▲ 269.5pp-152.2%below the sector's middle half▼ 138.8pp-177.8%below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
The operating result turns negative in 2025: a loss of €8,469 after €547 in 2024.
Key figures and ratios
Debt to equity
-1.05
Debt ≤ 1 year
€52,018▼
2024 · €83,439
Debt > 1 year
€80,000▲
2024 · €35,000
A ratio outside any meaningful range has been withheld (balance sheet total €6,137, equity -€125,881).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,622 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.6%
went bankrupt
10.0%
stopped otherwise
84%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,622 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €1,337 | €666 | €2,482 | €558 | €520 | ▼ 6.7% |
| Gross operating margin9900 | €6,365 | -€8,086 | -€5,966 | €1,105 | -€7,949 | ▼ 819% |
| Operating profit (loss)9901 | €5,027 | -€8,751 | -€8,449 | €547 | -€8,469 | ▼ 1,647% |
| Financial income75/76B | - | €3,966 | - | - | €0 | - |
| Recurring financial income75 | - | €3,966 | - | - | €0 | - |
| Financial charges65/66B | €5,911 | €5,736 | €5,930 | €5,701 | €2,444 | ▼ 57.1% |
| Recurring financial charges65 | €5,911 | €5,736 | €5,930 | €5,701 | €2,444 | ▼ 57.1% |
| Profit (loss) for the period before taxes9903 | -€884 | -€10,521 | -€14,378 | -€5,154 | -€10,914 | ▼ 112% |
| Income taxes67/77 | - | €708 | €623 | - | - | - |
| Profit (loss) for the period9904 | -€884 | -€11,229 | -€15,002 | -€5,154 | -€10,914 | ▼ 112% |
| Profit (loss) for the period to be appropriated9905 | -€884 | -€11,229 | -€15,002 | -€5,154 | -€10,914 | ▼ 112% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6,599 | €7,376 | €4,851 | €3,471 | €6,137 | ▲ 76.8% |
| Current assets29/58 | €6,599 | €7,376 | €4,851 | €3,471 | €6,137 | ▲ 76.8% |
| Amounts receivable within one year40/41 | - | - | €4,491 | €3,093 | €3,781 | ▲ 22.2% |
| Trade receivables40 | - | - | €1,608 | €378 | - | - |
| Other amounts receivable41 | - | - | €2,883 | €2,716 | €3,781 | ▲ 39.2% |
| Cash at bank and in hand54/58 | - | - | - | - | €1,953 | - |
| Deferred charges and accrued income490/1 | €6,599 | €7,376 | €360 | €378 | €403 | ▲ 6.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6,599 | €7,376 | €4,851 | €3,471 | €6,137 | ▲ 76.8% |
| Equity10/15 | -€83,584 | -€94,813 | -€109,814 | -€114,968 | -€125,881 | ▼ 9.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | €18,600 | - | - | - |
| Issued capital100 | €18,600 | €18,600 | €18,600 | - | - | - |
| Outside capital11 | - | - | - | €18,600 | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - |
| Reserves13 | €604 | €604 | €604 | €604 | €604 | = |
| Non-distributable reserves130/1 | €604 | €604 | €604 | €604 | €604 | = |
| Legal reserve130 | €604 | €604 | €604 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €604 | €604 | = |
| Profit (loss) carried forward14 | -€102,788 | -€114,017 | -€129,019 | -€134,172 | -€145,086 | ▼ 8.1% |
| Amounts payable17/49 | €90,183 | €102,189 | €114,665 | €118,439 | €132,018 | ▲ 11.5% |
| Amounts payable after more than one year17 | - | - | €35,000 | €35,000 | €80,000 | ▲ 129% |
| Financial debts170/4 | - | - | €35,000 | €35,000 | €80,000 | ▲ 129% |
| Amounts payable within one year42/48 | €88,812 | €90,792 | €79,665 | €83,439 | €52,018 | ▼ 37.7% |
| Financial debts43 | €85,253 | €85,895 | €48,561 | €41,684 | - | - |
| Credit institutions430/8 | €35,000 | €35,000 | €48,561 | €41,684 | - | - |
| Other loans439 | €50,253 | €50,895 | - | - | - | - |
| Trade debts44 | €3,559 | €4,896 | €5,017 | €150 | - | - |
| Suppliers440/4 | €3,559 | €4,896 | €5,017 | €150 | - | - |
| Taxes, remuneration and social security45 | - | - | €316 | - | - | - |
| Taxes450/3 | - | - | €316 | - | - | - |
| Other amounts payable47/48 | - | - | €25,771 | €41,605 | €52,018 | ▲ 25.0% |
| Accrued charges and deferred income492/3 | €1,371 | €11,397 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€884 | -€11,229 | -€15,002 | -€5,154 | -€10,914 | ▼ 112% |
| Operating cash flow (approximation) | -€884 | -€11,229 | -€15,002 | -€5,154 | -€10,914 | ▼ 112% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
26-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 87 days late
2022
08-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 130 days late
08-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 404 days late
03-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 521 days late
2020
31-12
Financial
Weakest financial yearnet -€24,817
Net result drops to -€24,817, the lowest in the series; recovery starts the following year.
22-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 175 days late
2019
31-12
Financial
Liquidity quadruplescurrent ratio 2.33
Current ratio from 0.65 to 2.33; short-term debt falls from €78,695 to €44,432.
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
23-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 296 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Retie · 1 establishment unit since 2007
Ground area
840 m²
Building footprint
264 m²
Volume, LiDAR
1,640 m³
Parcel 13036F0219/00L003, Flanders · tallest building 11.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
VSB
since 20072.158.231.390
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13036F0219/00L003 | Flanders | 840 m² | 1 · 264 m² | 11.6 m · 2 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.
Similar companies · same sector and region
A-SIGN SYSTEM
BE 0479.015.989
Willebroek
AEROSPACE SPECIALTY PRODUCTS
BE 0428.549.958
Antwerpen
ALTRAC BELGIE
BE 0451.262.707
Brasschaat
ANTWERPSE METALEN
BE 0427.352.009
Schoten
ANTWERPSE STAAL SERVICES
BE 0444.756.678
Antwerpen
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 734 companies in sector 46820 we hold annual accounts for 388. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded08-08-2006
Fiscal year end31-12
Activities, NACEBEL 2025
46820Wholesale trade
46120Wholesale trade
46130Agents in the wholesale of timber and building materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0882919437
Also
9925:BE0882919437
Registered
20-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.