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.
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Signals
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History
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Financials · fiscal year 2025, full schema
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| 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
11-08
State Gazette act
Resignations & appointmentsDemerger · 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 ▸
- 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
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.
Directors · office · real estate
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61043B0005/00H000 | Wallonia | 1,896 m² | 1 · 655 m² | - |
Linked by address, not proof of ownership
Statutory auditor
1 auditor| BV MOORE AUDITCurrent Statutory auditor · represented by Ingrid Vosch | 19-06-2026 → present |
Articles of association
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 transactionsCapital and shareholders
- 19-06-2026 Capital stated in the act · 10,000 EUR · 1,000 shares
Similar companies · same sector, comparable size
Identification & contact
Scores and ratios are computed by Checked and are not a credit decision.