VSDI
ActiveSummary
VSDI has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €35k and a net result of €-25k. Equity is shrinking by ~12.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability17▼-9
Solvency28▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 3.46 against 7.82 in 2024; short-term debt: 9.3% and cash: 31.7% of total assets), but 97.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-25k
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
on the day
2024
23 d early
2023
6 d early
2022
4 d early
2021
1 d early
2020
22 d early
2019
38 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€35k▼ 41.4%
2024 · €60k
2019: €244khighest in 7 years
2020: €240k▼ -1.9% vs 2019
2021: €222k▼ -7.2% vs 2020
2022: €201k▼ -9.6% vs 2021
2023: €181k▼ -10.1% vs 2022
2024: €60k▼ -66.8% vs 2023
2025: €35k▼ -41.4% vs 2024lowest in 7 years
2019 → 2025
Total assets
€1.23M▼ 24.8%
2024 · €1.63M
2019: €1.04Mlowest in 7 years
2020: €1.32M▲ +27.5% vs 2019
2021: €1.70M▲ +28.5% vs 2020
2022: €1.74M▲ +2.6% vs 2021highest in 7 years
2023: €1.73M▼ -0.8% vs 2022
2024: €1.63M▼ -5.7% vs 2023
2025: €1.23M▼ -24.8% vs 2024
2019 → 2025
Net result
€-25k▼ 131%
2024 · €-11k
2019: €-6k
2020: €-5k▲ +21.9% vs 2019highest in 7 years
2021: €-17k▼ -279% vs 2020
2022: €-21k▼ -23.7% vs 2021
2023: €-20k▲ +5.2% vs 2022
2024: €-11k▲ +46.8% vs 2023
2025: €-25k▼ -131% vs 2024lowest in 7 years
2019 → 2025
Working capital
€282k▼ 58.0%
2024 · €672k
2019: €-158klowest in 7 years
2020: €-71k▲ +55.1% vs 2019
2021: €-47k▲ +33.9% vs 2020
2022: €-49k▼ -3.6% vs 2021
2023: €-72k▼ -48.2% vs 2022
2024: €672k▲ +1034% vs 2023highest in 7 years
2025: €282k▼ -58.0% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€222k-€201k▼ 9.6%€181k▼ 10.1%€60k▼ 66.8%€35k▼ 41.4%
2021: €222khighest in 5 years
2022: €201k▼ -9.6% vs 2021
2023: €181k▼ -10.1% vs 2022
2024: €60k▼ -66.8% vs 2023
2025: €35k▼ -41.4% vs 2024lowest in 5 years
Operating result€-8k-€-4k▲ 49.6%€-2k▲ 59.4%€9k€-10k
2021: €-8k
2022: €-4k▲ +49.6% vs 2021
2023: €-2k▲ +59.4% vs 2022
2024: €9k▲ +693% vs 2023highest in 5 years
2025: €-10k▼ -208% vs 2024lowest in 5 years
Net result€-17k-€-21k▼ 23.7%€-20k▲ 5.2%€-11k▲ 46.8%€-25k▼ 131%
2021: €-17k
2022: €-21k▼ -23.7% vs 2021
2023: €-20k▲ +5.2% vs 2022
2024: €-11k▲ +46.8% vs 2023highest in 5 years
2025: €-25k▼ -131% vs 2024lowest in 5 years
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 €10k after €9k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.23M
Fixed assets
€831k ▼ 3.6%
Current assets
€397k ▼ 48.5%
Equity and liabilities €1.23M
Equity
€35k ▼ 41.4%
Debt
€1.19M ▼ 24.1%
Debt's share of the balance-sheet total rises from 96.3% to 97.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€836▼
2024 · €20k
Cash flow
€-14k▼
2024 · €174
Current ratio
3.46▼
2024 · 7.82
Debt to equity
33.93▲
2024 · 26.22
ROE
-70.6%▼
2024 · -17.9%
ROA
-2.0%▼
2024 · -0.7%
Interest coverage
0.06▼
2024 · 1.01
Debt ≤ 1 year
€115k▲
2024 · €99k
Debt > 1 year
€1.08M▼
2024 · €1.47M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 35 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.63M€1.23M▼
Fixed assets21/28€862k€831k▼
Tangible fixed assets22/27€798k€787k▼
Land and buildings22€798k€787k▼
Financial fixed assets28€64k€44k▼
Current assets29/58€770k€397k▼
Amounts receivable within one year40/41€300€900▲
Other amounts receivable41€300€900▲
Cash at bank and in hand54/58€766k€389k▼
Deferred charges and accrued income490/1€4k€7k▲
Equity and liabilities
Total equity and liabilities10/49€1.63M€1.23M▼
Equity10/15€60k€35k▼
Contributions10/11€140k€140k=
Profit (loss) carried forward14€-80k€-105k▼
Amounts payable17/49€1.57M€1.19M▼
Amounts payable after more than one year17€1.47M€1.08M▼
Other amounts payable178/9€1.47M€1.08M▼
Amounts payable within one year42/48€99k€115k▲
Trade debts44€34k€34k▲
Suppliers440/4€34k€34k▲
Other amounts payable47/48€65k€81k▲
Accrued charges and deferred income492/3€1k€2k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€11k=
Other operating charges640/8€3k€3k▼
Gross operating margin9900€23k€3k▼
Operating profit (loss)9901€9k€-10k▼
Financial income75/76B-€52
Recurring financial income75-€52
Financial charges65/66B€20k€15k▼
Recurring financial charges65€20k€15k▼
Profit (loss) for the period before taxes9903€-11k€-25k▼
Profit (loss) for the period9904€-11k€-25k▼
Profit (loss) for the period to be appropriated9905€-11k€-25k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-80k€-105k▼
Profit (loss) brought forward from the previous period14P€-69k€-80k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €10k | €11k | €11k | €11k | = |
| Other operating charges640/8 | €2k | €2k | €2k | €3k | €3k | ▼ 10.0% |
| Gross operating margin9900 | €2k | €8k | €12k | €23k | €3k | ▼ 84.9% |
| Operating profit (loss)9901 | €-8k | €-4k | €-2k | €9k | €-10k | ▼ 208% |
| Financial income75/76B | - | - | - | - | €52 | - |
| Recurring financial income75 | - | - | - | - | €52 | - |
| Financial charges65/66B | €10k | €17k | €19k | €20k | €15k | ▼ 26.4% |
| Recurring financial charges65 | €10k | €17k | €19k | €20k | €15k | ▼ 26.4% |
| Profit (loss) for the period before taxes9903 | €-17k | €-21k | €-20k | €-11k | €-25k | ▼ 131% |
| Profit (loss) for the period9904 | €-17k | €-21k | €-20k | €-11k | €-25k | ▼ 131% |
| Profit (loss) for the period to be appropriated9905 | €-17k | €-21k | €-20k | €-11k | €-25k | ▼ 131% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.70M | €1.74M | €1.73M | €1.63M | €1.23M | ▼ 24.8% |
| Fixed assets21/28 | €1.70M | €1.73M | €1.73M | €862k | €831k | ▼ 3.6% |
| Tangible fixed assets22/27 | €1.70M | €1.73M | €1.73M | €798k | €787k | ▼ 1.4% |
| Land and buildings22 | €1.70M | €1.73M | €1.73M | €798k | €787k | ▼ 1.4% |
| Financial fixed assets28 | - | - | - | €64k | €44k | ▼ 31.1% |
| Current assets29/58 | €3k | €11k | €3k | €770k | €397k | ▼ 48.5% |
| Amounts receivable within one year40/41 | - | - | - | €300 | €900 | ▲ 200% |
| Other amounts receivable41 | - | - | - | €300 | €900 | ▲ 200% |
| Cash at bank and in hand54/58 | €2k | €11k | €3k | €766k | €389k | ▼ 49.2% |
| Deferred charges and accrued income490/1 | €591 | €382 | €418 | €4k | €7k | ▲ 79.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.70M | €1.74M | €1.73M | €1.63M | €1.23M | ▼ 24.8% |
| Equity10/15 | €222k | €201k | €181k | €60k | €35k | ▼ 41.4% |
| Contributions10/11 | €250k | €250k | €250k | €140k | €140k | = |
| Profit (loss) carried forward14 | €-28k | €-49k | €-69k | €-80k | €-105k | ▼ 31.0% |
| Amounts payable17/49 | €1.48M | €1.54M | €1.55M | €1.57M | €1.19M | ▼ 24.1% |
| Amounts payable after more than one year17 | €1.43M | €1.48M | €1.47M | €1.47M | €1.08M | ▼ 27.0% |
| Other amounts payable178/9 | €1.43M | €1.48M | €1.47M | €1.47M | €1.08M | ▼ 27.0% |
| Amounts payable within one year42/48 | €50k | €60k | €75k | €99k | €115k | ▲ 16.2% |
| Trade debts44 | €40k | €33k | €30k | €34k | €34k | ▲ 1.3% |
| Suppliers440/4 | €40k | €33k | €30k | €34k | €34k | ▲ 1.3% |
| Other amounts payable47/48 | €9k | €27k | €45k | €65k | €81k | ▲ 23.9% |
| Accrued charges and deferred income492/3 | €1k | €1k | €3k | €1k | €2k | ▲ 133% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-17k | €-21k | €-20k | €-11k | €-25k | ▼ 131% |
| + Depreciation and write-downs630 | €8k | €10k | €11k | €11k | €11k | = |
| Operating cash flow (approximation) | €-9k | €-11k | €-9k | €174 | €-14k | ▼ 8,078% |
| Investment in fixed assets (approximation) | - | €-46k | €-5k | €854k | €20k | ▼ 97.7% |
| Change in cash | - | €8k | €-8k | €763k | €-377k | ▼ 149% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Weakest financial yearnet €-25k
Net result drops to €-25k, the lowest in the series.
07-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Liquidity times 174current ratio 7.82
Current ratio from 0.04 to 7.82.
24-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-03
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, Waregem · 1 establishment unit since 2017
Ground area
2,065 m²
Building footprint
416 m²
Volume, LiDAR
1,704 m³
Parcel 34452B0835/00M002, Flanders · tallest building 6.9 m, ±1 floor. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
VSDI
since 20172.270.413.771
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34452B0835/00M002 | Flanders | 2,065 m² | 1 · 415 m² | 6.9 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded21-11-2017
Fiscal year end30-09
Scores and ratios are computed by Checked and are not a credit decision.