Losses
-€246,508 in five years
Every financial year from 2021 to 2025 closed with a loss. 2023 was the heaviest.
V.S.G.
Lifetime
19 annual accounts with figures on one time axis, 35 filings since 1990peak €8,745 (2020)
-€18,087▲ €3,469
lowest -€75,696 (2023)
-€61,508▼ €15,419
peak €2.4m (2025)
€2.4m▲ €2.4m
€2.0m▼ 23.8%
Board4 names since 2021
2 directorsJENMABO and 1 other
Owners
Documentsfilings and deeds
22-06-202639 days before the deadline
2025financial year
Gross margin from -€21,555 to -€18,087Loss of €61,508Equity from -€29,369 to €2.4mDebts from €2.6m to €2.0m
Key points
from the 2025 annual accountsLiquidity
1.76 was 0.60 in 2024
Short-term debts fell from €2.6m to €2.0m.
Filings
35 annual accounts 36 filings since 1990
The last five annual accounts were filed 39 to 115 days before the end of the period.
Total assets +71%: capital increase
Checked score
92
Excellent
Financially stronger than 35% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.6%
01-2025: 0.6%● unchanged vs 12-2024
02-2025: 0.6%● unchanged vs 01-2025
03-2025: 0.2%▼ -0.4 percentage points vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.3%▲ +0.1 percentage points vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.1 percentage points vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.5%▲ +0.1 percentage points vs 09-2025
11-2025: 0.7%▲ +0.2 percentage points vs 10-2025
12-2025: 0.9%▲ +0.2 percentage points vs 11-2025
01-2026: 1.2%▲ +0.3 percentage points vs 12-2025
02-2026: 1.4%▲ +0.2 percentage points vs 01-2026
03-2026: 1.7%▲ +0.3 percentage points vs 02-2026
04-2026: 3.1%▲ +1.4 percentage points vs 03-2026
05-2026: 3.1%● unchanged vs 04-2026
06-2026: 3.1%● unchanged vs 05-2026highest value
07-2026: 2.3%▼ -0.8 percentage points vs 06-2026
08-2026: 2.3%● unchanged vs 07-2026
09-2026: 2.3%● unchanged vs 08-2026
10-2026: < 0.1%▼ -2.3 percentage points vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.76, cash €57,143
lowers risk
Size: total assets €4.4m
Founded in 1989
Figures for financial year 2025 (filed on 22-06-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small). It does better than 64% of them on solvency, 29% on liquidity and 11% on profitability.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 8,617 companies had the same profile as V.S.G. has now. Each dot stands for 22 companies, two years later.
94.2%
were still trading
5.2%
stopped another way
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of V.S.G. itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 8,617 companies, not a prediction for V.S.G.. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €220,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.76 (0.6 in 2024), above the usual 1.5. Short-term debt is 45.1% and cash 1.3% of total assets. 45.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 22-06-2026, 39 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
39 days early
2024
115 days early
2023
96 days early
2022
59 days early
2021
47 days early
2020
1 day early
2019
9 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 52 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
Recent changes
Environmental permit granted
Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies · Heist-op-den-Berg
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0437557201
Capital increase of €2,500,000 to €2,561,973.38
Capital from €61,973.38 to €2,561,973.38, 30,254 new shares · JENMABO holds all the shares · Gazette deed
Registered office moved from Boortmeerbeek to Kampenhout
New registered office: Mechelsesteenweg 31, 1910 Kampenhout · Previous registered office: Leuvensesteenweg 369, 3190 Boortmeerbeek · Permanent representative: Jan Jennes · Board meeting of 26-01-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| V.S.G. Kampenhout | €4.4m | -€18,087 | 54.9% | - |
| CERAMIC TILES IMPORT Temse | €2.6m | -€28,394 | 91.0% | 0 |
| J.P. - IMMO Aarschot | €2.1m | -€47,084 | -11.4% | - |
| Hofman Aalst | €3.6m | -€393,273 | 83.1% | 5.9 |
| Snoeys Achille Brecht | €2.2m | -€45,146 | 11.4% | - |
| Barney Stones & Tiles Temse | €3.4m | -€203,898 | 26.7% | 9.1 |
| FINLO Aalter | €1.4m | -€1,120 | 94.3% | - |
These companies have the same main activity as V.S.G.: wholesale of construction materials, general range (NACE 46831). They are comparable in size and age: total assets between €1.4m and €3.6m, founded between 1971 and 2003.
Official details
Source: KBO- Status
- Active since 06-06-1989Normal situation
- Registered office
- 14 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Wholesale of construction materials, general rangeNACE 46831and 1 other
- Establishment unit
- 2.043.756.8413190 Boortmeerbeek, since 16-06-1989
- Financial year end
- 31 December
- Peppol
- Reachable since 27-03-2026
Annual accounts 2025
- €4.4m
- Filing
- Filed on 22-06-2026, 39 days before the end of the filing period
Insights on V.S.G.
Solvency rose in 2025 from -1.1% to 54.9% because of lower debts.
JENMABO holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about V.S.G.
- What is the company number of V.S.G.?
- The company number of V.S.G. is 0437.557.201. The VAT number is the same number with BE in front: BE 0437.557.201.
- Where is V.S.G. based?
- The registered office is at Mechelsesteenweg 31, 1910 Kampenhout.Company details
- What does V.S.G. do?
- According to the KBO register, the main activity is wholesale of construction materials, general range (NACE 46831).
- What is the legal form of V.S.G.?
- V.S.G. is a public limited company (NV).
- When was V.S.G. founded?
- V.S.G. was founded on 06-06-1989.
- Is V.S.G. still active?
- Yes, V.S.G. is an active enterprise in the KBO register.
- What is the turnover of V.S.G.?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is V.S.G. profitable?
- In financial year 2025, V.S.G. made a loss of €61,508.
- Where can I find the annual accounts of V.S.G.?
- V.S.G. filed 36 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
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