Summary
VSF MANAGEMENT has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €980k and a net result of €647k. Equity is growing by ~139.1% per year across the filed fiscal years. Its solvency ranks better than 14% of 3200 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 03-06-2026, 58 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
58 d early
2024
58 d early
2023
62 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€647k▲ 132%
2024 · €279k
Working capital
€-1.21M▲ 42.4%
2024 · €-2.11M
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
Line202320242025
Operating result€97k-€599k▲ 515%€1.19M▲ 98.2%
Net result€44k-€279k▲ 533%€647k▲ 132%
Equity€54k-€333k▲ 516%€980k▲ 194%
Total assets€4.93M-€10.41M▲ 111%€11.34M▲ 8.9%
Debt€4.88M-€10.08M▲ 107%€10.36M▲ 2.8%
Working capital€-659k-€-2.11M▼ 219%€-1.21M▲ 42.4%
Staff (FTE)0-00
Result per fiscal year
Operating resultNet result
The operating result has risen two years in a row; 2025 is 98% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.34M
Fixed assets
€10.74M ▲ 6.0%
Current assets
€603k ▲ 110%
Equity and liabilities €11.34M
Equity
€980k ▲ 194%
Debt
€10.36M ▲ 2.8%
Debt's share of the balance-sheet total falls from 96.8% to 91.4%. Equity and debt are higher.
Key figures and ratios
ROE
66.0%▼
2024 · 83.8%
ROA
5.7%▲
2024 · 2.7%
Debt ≤ 1 year
€1.82M▼
2024 · €2.39M
Debt > 1 year
€8.51M▲
2024 · €7.64M
Income taxes
€191k▲
2024 · €93k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €4k | - |
| Other operating charges640/8 | €384 | €387 | €1k | ▲ 163% |
| Gross operating margin9900 | €98k | €600k | €1.19M | ▲ 99.0% |
| Operating profit (loss)9901 | €97k | €599k | €1.19M | ▲ 98.2% |
| Financial income75/76B | - | - | €80k | - |
| Recurring financial income75 | - | - | €80k | - |
| Financial charges65/66B | €39k | €227k | €430k | ▲ 89.1% |
| Recurring financial charges65 | €39k | €227k | €430k | ▲ 89.1% |
| Profit (loss) for the period before taxes9903 | €59k | €372k | €838k | ▲ 125% |
| Income taxes67/77 | €15k | €93k | €191k | ▲ 105% |
| Profit (loss) for the period9904 | €44k | €279k | €647k | ▲ 132% |
| Profit (loss) for the period to be appropriated9905 | €44k | €279k | €647k | ▲ 132% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €4.93M | €10.41M | €11.34M | ▲ 8.9% |
| Fixed assets21/28 | €4.84M | €10.13M | €10.74M | ▲ 6.0% |
| Intangible fixed assets21 | - | - | €150k | - |
| Tangible fixed assets22/27 | - | - | €916 | - |
| Plant, machinery and equipment23 | - | - | €916 | - |
| Financial fixed assets28 | €4.84M | €10.13M | €10.59M | ▲ 4.5% |
| Current assets29/58 | €95k | €287k | €603k | ▲ 110% |
| Amounts receivable within one year40/41 | €52k | €151k | €466k | ▲ 208% |
| Trade receivables40 | €52k | €17k | €160k | ▲ 842% |
| Other amounts receivable41 | - | €135k | €307k | ▲ 128% |
| Cash at bank and in hand54/58 | €43k | €135k | €130k | ▼ 4.2% |
| Deferred charges and accrued income490/1 | - | €377 | €7k | ▲ 1,734% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €4.93M | €10.41M | €11.34M | ▲ 8.9% |
| Equity10/15 | €54k | €333k | €980k | ▲ 194% |
| Contributions10/11 | €10k | €10k | €10k | = |
| Reserves13 | €44k | €323k | €970k | ▲ 200% |
| Distributable reserves133 | €44k | €323k | €970k | ▲ 200% |
| Amounts payable17/49 | €4.88M | €10.08M | €10.36M | ▲ 2.8% |
| Amounts payable after more than one year17 | €4.11M | €7.64M | €8.51M | ▲ 11.3% |
| Financial debts170/4 | €4.11M | €7.64M | €8.51M | ▲ 11.3% |
| Amounts payable within one year42/48 | €755k | €2.39M | €1.82M | ▼ 24.1% |
| Current portion of amounts payable after more than one year42 | €77k | €379k | €520k | ▲ 37.0% |
| Financial debts43 | €250k | €0 | - | - |
| Credit institutions430/8 | €250k | €0 | - | - |
| Trade debts44 | €1k | €1.10M | €17k | ▼ 98.4% |
| Suppliers440/4 | €1k | €1.10M | €17k | ▼ 98.4% |
| Advances received on contracts in progress46 | - | - | €27k | - |
| Taxes, remuneration and social security45 | €37k | €81k | €59k | ▼ 27.2% |
| Taxes450/3 | €37k | €81k | €59k | ▼ 27.2% |
| Other amounts payable47/48 | €389k | €833k | €1.19M | ▲ 43.3% |
| Accrued charges and deferred income492/3 | €12k | €42k | €32k | ▼ 24.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €44k | €279k | €647k | ▲ 132% |
| + Depreciation and write-downs630 | - | - | €4k | - |
| Operating cash flow (approximation) | €44k | €279k | €652k | ▲ 134% |
| Investment in fixed assets (approximation) | - | €-5.29M | €-615k | ▲ 88.4% |
| Change in cash | - | €92k | €-6k | ▼ 106% |
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
11-08
State Gazette act
Resignations & appointmentsDemerger · Net-asset statement · Accounting effect5 facts ▸
State Gazette act
Resignations & appointments
Demerger · Net-asset statement · Accounting effect5 facts ▸
- General meeting, 7 août 2026
- Demerger, transmission de la branche d’activité « gestion de plusieurs participations dans des sociétés exploitant des pharmacies et l’exploitation des fonds de commerce…
- Net-asset statement, 31 décembre 2025
- Accounting effect, 31 décembre 2025
- Capital reduction, 127911.26, EUR
19-06
State Gazette act
RestructuringAppointment: Moore Audit BV (statutory auditor) · Demerger · Capital9 facts ▸
State Gazette act
Restructuring
Appointment: Moore Audit BV (statutory auditor) · Demerger · Capital9 facts ▸
- Board meeting, 09-06-2026
- Demerger, Transfert d'une partie de l'actif et du passif (participations et fonds de commerce) à une nouvelle société à constituer.
- Capital, €10.000
- Share issue, actions nominatives sans valeur nominale, 1000
- Accounting effect, 01-01-2026
- Auditor appointment, Moore Audit BV (statutory auditor)
- Shareholding, 1000
- Cash compensation, Aucune soulte en espèces n'est prévue
- Report renunciation
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2023net €647k ▲132%
Operating result €1.19M, net result €647k, both a record.
31-12
Financial
Equity above €500kEq €980k ▲194%
3 profitable years in a row build equity to €980k.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €200kEq €333k ▲516%
2 profitable years in a row build equity to €333k.
30-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 2 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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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, Nandrin · 1 establishment unit since 2023
Ground area
1,896 m²
Building footprint
655 m²
Parcel 61043B0005/00H000, Wallonia. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
VSF MANAGEMENT
since 20232.345.470.886
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61043B0005/00H000 | Wallonia | 1,896 m² | 1 · 655 m² | - |
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.
Statutory auditor
1 auditor| BV MOORE AUDITCurrent Statutory auditor · represented by Ingrid Vosch | 19-06-2026 → present |
Articles of association
Purpose
Exploitation et location de pharmacies, fabrication de médicaments, commerce de produits pharmaceutiques, gestion de holdings, gestion de patrimoine immobilier et mobilier, etc
Full purpose
Exploitation et location de pharmacies, fabrication de médicaments, commerce de produits pharmaceutiques, gestion de holdings, gestion de patrimoine immobilier et mobilier, etc.
Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
2 transactionsSplit off to:GFB MANAGEMENT
Split off to:RS MANAGEMENT
Capital and shareholders
Capital over the years
- 19-06-2026 Capital stated in the act · 10,000 EUR · 1,000 shares
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,587. 28,070 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-05-2023
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
64210Activities of holding companies
66199Other activities auxiliary to financial services, excluding insurance and pension funding
68110Buying and selling of own real estate
70100Activities of head offices
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.