VSI
ActiveSummary
VSI has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.32M and a net result of €41k. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 65% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability48▲+23
Solvency75▼-2
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90k at 30 days acceptable
Liquidity ample (current ratio 2.36 against 1.55 in 2024; short-term debt: 24.7% and cash: 8.1% of total assets), but 50.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
49.5%
Return on assets
1.5%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 27-10-2025, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
on the day
2023
1 d early
2022
4 d early
2021
2 d early
2020
53 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 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.32M▲ 3.2%
2024 · €1.28M
2019: €1.04Mlowest in 7 years
2020: €1.05M▲ +1.1% vs 2019
2021: €1.08M▲ +3.0% vs 2020
2022: €1.22M▲ +12.7% vs 2021
2023: €1.34M▲ +10.3% vs 2022highest in 7 years
2024: €1.28M▼ -4.7% vs 2023
2025: €1.32M▲ +3.2% vs 2024
2019 → 2025
Total assets
€2.67M▲ 8.8%
2024 · €2.45M
2019: €2.13M
2020: €2.09M▼ -1.9% vs 2019lowest in 7 years
2021: €2.43M▲ +16.4% vs 2020
2022: €2.41M▼ -0.7% vs 2021
2023: €2.41M▼ -0.1% vs 2022
2024: €2.45M▲ +1.9% vs 2023
2025: €2.67M▲ +8.8% vs 2024highest in 7 years
2019 → 2025
Net result
€41k
2024 · €-63k
2019: €18k
2020: €12k▼ -34.9% vs 2019
2021: €32k▲ +165% vs 2020
2022: €138k▲ +335% vs 2021highest in 7 years
2023: €125k▼ -8.8% vs 2022
2024: €-63k▼ -150% vs 2023lowest in 7 years
2025: €41k▲ +165% vs 2024
2019 → 2025
Working capital
€900k▲ 267%
2024 · €245k
2019: €346k
2020: €321k▼ -7.3% vs 2019
2021: €542k▲ +68.9% vs 2020
2022: €618k▲ +13.9% vs 2021
2023: €582k▼ -5.8% vs 2022
2024: €245k▼ -57.9% vs 2023lowest in 7 years
2025: €900k▲ +267% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.08M-€1.22M▲ 12.7%€1.34M▲ 10.3%€1.28M▼ 4.7%€1.32M▲ 3.2%
2021: €1.08Mlowest in 5 years
2022: €1.22M▲ +12.7% vs 2021
2023: €1.34M▲ +10.3% vs 2022highest in 5 years
2024: €1.28M▼ -4.7% vs 2023
2025: €1.32M▲ +3.2% vs 2024
Operating result€58k-€207k▲ 257%€189k▼ 8.6%€-38k€74k
2021: €58k
2022: €207k▲ +257% vs 2021highest in 5 years
2023: €189k▼ -8.6% vs 2022
2024: €-38k▼ -120% vs 2023lowest in 5 years
2025: €74k▲ +293% vs 2024
Net result€32k-€138k▲ 335%€125k▼ 8.8%€-63k€41k
2021: €32k
2022: €138k▲ +335% vs 2021highest in 5 years
2023: €125k▼ -8.8% vs 2022
2024: €-63k▼ -150% vs 2023lowest in 5 years
2025: €41k▲ +165% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €74k after a loss of €38k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.67M
Fixed assets
€1.11M ▼ 37.2%
Current assets
€1.56M ▲ 127%
Equity and liabilities €2.67M
Equity
€1.32M ▲ 3.2%
Debt
€1.35M ▲ 14.8%
Debt's share of the balance-sheet total rises from 47.8% to 50.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€110k▲
2024 · €29k
Cash flow
€77k▲
2024 · €4k
Current ratio
2.36▲
2024 · 1.55
Quick ratio
0.40▼
2024 · 0.60
Debt to equity
1.02▲
2024 · 0.92
ROE
3.1%▲
2024 · -4.9%
ROA
1.5%▲
2024 · -2.6%
Interest coverage
3.32▲
2024 · 1.08
Debt ≤ 1 year
€660k▲
2024 · €442k
Debt > 1 year
€687k▼
2024 · €731k
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 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.45M€2.67M▲
Fixed assets21/28€1.77M€1.11M▼
Tangible fixed assets22/27€1.77M€1.11M▼
Land and buildings22€1.77M€1.11M▼
Financial fixed assets28€960€960=
Current assets29/58€687k€1.56M▲
Stocks and contracts in progress3€420k€1.29M▲
Stocks30/36€420k€1.29M▲
Amounts receivable within one year40/41€83k€45k▼
Trade receivables40€39k€38k▼
Other amounts receivable41€43k€7k▼
Cash at bank and in hand54/58€180k€217k▲
Deferred charges and accrued income490/1€5k€3k▼
Equity and liabilities
Total equity and liabilities10/49€2.45M€2.67M▲
Equity10/15€1.28M€1.32M▲
Contributions10/11€786k€786k=
Reserves13€495k€536k▲
Distributable reserves133€495k€536k▲
Amounts payable17/49€1.17M€1.35M▲
Amounts payable after more than one year17€731k€687k▼
Financial debts170/4€276k€232k▼
Other amounts payable178/9€455k€455k=
Amounts payable within one year42/48€442k€660k▲
Current portion of amounts payable after more than one year42€184k€375k▲
Trade debts44€116k€173k▲
Suppliers440/4€116k€173k▲
Taxes, remuneration and social security45€4k€6k▲
Taxes450/3€4k€6k▲
Other amounts payable47/48€137k€106k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€67k€36k▼
Other operating charges640/8€7k€7k▲
Gross operating margin9900€36k€117k▲
Operating profit (loss)9901€-38k€74k▲
Financial income75/76B€2k€44▼
Recurring financial income75€2k€44▼
Financial charges65/66B€27k€33k▲
Recurring financial charges65€27k€33k▲
Profit (loss) for the period before taxes9903€-63k€41k▲
Profit (loss) for the period9904€-63k€41k▲
Profit (loss) for the period to be appropriated9905€-63k€41k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-63k€41k▲
Transfer from equity791/2€63k-
Transfer to equity691/2-€41k
To other reserves6921-€41k
The notes to these accounts (8 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 | €58k | €58k | €63k | €67k | €36k | ▼ 46.4% |
| Other operating charges640/8 | - | €11k | €10k | €7k | €7k | ▲ 2.8% |
| Gross operating margin9900 | €123k | €277k | €262k | €36k | €117k | ▲ 228% |
| Operating profit (loss)9901 | €58k | €207k | €189k | €-38k | €74k | ▲ 293% |
| Financial income75/76B | - | €982 | €517 | €2k | €44 | ▼ 97.8% |
| Recurring financial income75 | €7k | €982 | €517 | €2k | €44 | ▼ 97.8% |
| Financial charges65/66B | - | €28k | €28k | €27k | €33k | ▲ 24.5% |
| Recurring financial charges65 | €30k | €28k | €28k | €27k | €33k | ▲ 24.5% |
| Profit (loss) for the period before taxes9903 | €35k | €180k | €162k | €-63k | €41k | ▲ 165% |
| Income taxes67/77 | €3k | €43k | €36k | - | - | - |
| Profit (loss) for the period9904 | €32k | €138k | €125k | €-63k | €41k | ▲ 165% |
| Profit (loss) for the period to be appropriated9905 | €32k | €138k | €125k | €-63k | €41k | ▲ 165% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.43M | €2.41M | €2.41M | €2.45M | €2.67M | ▲ 8.8% |
| Fixed assets21/28 | €1.30M | €1.24M | €1.54M | €1.77M | €1.11M | ▼ 37.2% |
| Tangible fixed assets22/27 | €1.29M | €1.23M | €1.54M | €1.77M | €1.11M | ▼ 37.2% |
| Land and buildings22 | - | €1.23M | €1.54M | €1.77M | €1.11M | ▼ 37.2% |
| Financial fixed assets28 | €10k | €10k | €960 | €960 | €960 | = |
| Current assets29/58 | €1.13M | €1.17M | €865k | €687k | €1.56M | ▲ 127% |
| Stocks and contracts in progress3 | €773k | €767k | €504k | €420k | €1.29M | ▲ 208% |
| Stocks30/36 | - | €767k | €504k | €420k | €1.29M | ▲ 208% |
| Amounts receivable within one year40/41 | €199k | €249k | €131k | €83k | €45k | ▼ 45.0% |
| Trade receivables40 | - | €53k | €73k | €39k | €38k | ▼ 2.4% |
| Other amounts receivable41 | - | €196k | €59k | €43k | €7k | ▼ 83.8% |
| Cash at bank and in hand54/58 | €139k | €140k | €222k | €180k | €217k | ▲ 20.4% |
| Deferred charges and accrued income490/1 | - | €10k | €7k | €5k | €3k | ▼ 34.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.43M | €2.41M | €2.41M | €2.45M | €2.67M | ▲ 8.8% |
| Equity10/15 | €1.08M | €1.22M | €1.34M | €1.28M | €1.32M | ▲ 3.2% |
| Contributions10/11 | - | €786k | €786k | €786k | €786k | = |
| Reserves13 | €295k | €433k | €558k | €495k | €536k | ▲ 8.3% |
| Non-distributable reserves130/1 | - | €79k | €79k | - | - | - |
| Reserves not available under the articles1311 | - | €79k | €79k | - | - | - |
| Distributable reserves133 | - | €354k | €479k | €495k | €536k | ▲ 8.3% |
| Amounts payable17/49 | €1.35M | €1.19M | €1.06M | €1.17M | €1.35M | ▲ 14.8% |
| Amounts payable after more than one year17 | €763k | €643k | €781k | €731k | €687k | ▼ 6.1% |
| Financial debts170/4 | - | €188k | €326k | €276k | €232k | ▼ 16.0% |
| Other amounts payable178/9 | - | €455k | €455k | €455k | €455k | = |
| Amounts payable within one year42/48 | €584k | €549k | €283k | €442k | €660k | ▲ 49.3% |
| Current portion of amounts payable after more than one year42 | - | €432k | €80k | €184k | €375k | ▲ 103% |
| Trade debts44 | €1k | €50k | €93k | €116k | €173k | ▲ 48.8% |
| Suppliers440/4 | - | €50k | €93k | €116k | €173k | ▲ 48.8% |
| Taxes, remuneration and social security45 | - | €41k | €5k | €4k | €6k | ▲ 43.7% |
| Taxes450/3 | - | €41k | €5k | €4k | €6k | ▲ 43.7% |
| Other amounts payable47/48 | - | €25k | €105k | €137k | €106k | ▼ 22.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32k | €138k | €125k | €-63k | €41k | ▲ 165% |
| + Depreciation and write-downs630 | €58k | €58k | €63k | €67k | €36k | ▼ 46.4% |
| Operating cash flow (approximation) | €90k | €196k | €188k | €4k | €77k | ▲ 1,700% |
| Investment in fixed assets (approximation) | - | €0 | €-362k | €-292k | €622k | ▲ 313% |
| Change in cash | - | €2k | €82k | €-42k | €37k | ▲ 187% |
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
2025
27-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Back to profitnet €41k
Net result €41k after one loss-making year.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet €-63k
Net result drops to €-63k, the lowest in the series; recovery starts the following year.
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Highest result since 2019net €138k ▲335%
Operating result €207k, net result €138k, both a record.
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
10-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Sint-Niklaas · 1 establishment unit since 2007
Ground area
705 m²
Building footprint
222 m²
Volume, LiDAR
1,074 m³
Parcel 46447B0479/00E005, Flanders · tallest building 11.0 m, ±1 floor. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Vijfstraten 18, 9100 Sint-Niklaas
since 20072.286.984.341
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46447B0479/00E005 | Flanders | 705 m² | 1 · 222 m² | 11.0 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.
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 3,575 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
Founded10-09-2007
Fiscal year end31-03
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.