VSMC
ActiveSummary
VSMC has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €74,013 and a net result of €115,393. Equity is shrinking by ~11.4% per year across the filed fiscal years. Its solvency ranks better than 47% of 7098 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency75▲+26
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 1.85 against 1.24 in 2024; short-term debt: 49.6% and cash: 80.4% of total assets), and 49.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
50.1%
Return on assets
78.1%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €74,013
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 02-06-2026, 59 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
59 d early
2024
59 d early
2023
57 d early
2022
55 d early
2021
53 d early
2020
31 d early
2019
58 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 53 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
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. Usually files around 5 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€74,013▲ 286%
2024 · €19,153
Total assets
€147,711▲ 88.8%
2024 · €78,229
Net result
€115,393▲ 424%
2024 · €22,025
Working capital
€62,632▲ 341%
2024 · €14,212
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€67,104▲ 12.7%€51,351▼ 23.5%€27,531▼ 46.4%€31,191▲ 13.3%€150,187▲ 382%
Net result€51,011above the sector's middle half▲ 18.1%€38,056within the sector's middle half▼ 25.4%€18,174within the sector's middle half▼ 52.2%€22,025within the sector's middle half▲ 21.2%€115,393above the sector's middle half▲ 424%
Equity€39,897within the sector's middle half▼ 76.2%€39,954within the sector's middle half▲ 0.1%€49,128within the sector's middle half▲ 23.0%€19,153within the sector's middle half▼ 61.0%€74,013within the sector's middle half▲ 286%
Total assets€90,267within the sector's middle half▼ 49.3%€92,124within the sector's middle half▲ 2.1%€66,960within the sector's middle half▼ 27.3%€78,229within the sector's middle half▲ 16.8%€147,711within the sector's middle half▲ 88.8%
Debt€50,370▲ 398%€52,170▲ 3.6%€17,832▼ 65.8%€59,076▲ 231%€73,698▲ 24.8%
Working capital€38,696within the sector's middle half▼ 76.6%€39,603within the sector's middle half▲ 2.3%€49,128within the sector's middle half▲ 24.1%€14,212within the sector's middle half▼ 71.1%€62,632within the sector's middle half▲ 341%
Solvency44.2%within the sector's middle half▼ 50.1pp43.4%within the sector's middle half▼ 0.8pp73.4%within the sector's middle half▲ 30.0pp24.5%within the sector's middle half▼ 48.9pp50.1%within the sector's middle half▲ 25.6pp
Current ratio1.78within the sector's middle half▼ 15.571.77within the sector's middle half▼ 0.013.76within the sector's middle half▲ 1.991.24within the sector's middle half▼ 2.511.85within the sector's middle half▲ 0.61
Return on assets (ROA)56.5%above the sector's middle half▲ 32.3pp41.3%above the sector's middle half▼ 15.2pp27.1%above the sector's middle half▼ 14.2pp28.2%above the sector's middle half▲ 1.0pp78.1%above the sector's middle half▲ 50.0pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 382% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €147,711
Fixed assets
€11,780 ▲ 138%
Current assets
€135,930 ▲ 85.5%
Equity and liabilities €147,711
Equity
€74,013 ▲ 286%
Debt
€73,698 ▲ 24.8%
Debt's share of the balance-sheet total falls from 75.5% to 49.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€157,896▲
2024 · €33,250
Cash flow
€123,102▲
2024 · €24,084
Debt to equity
1.00▼
2024 · 3.08
ROE
155.9%▲
2024 · 115.0%
Interest coverage
1037.29▲
2024 · 62.26
Debt ≤ 1 year
€73,298▲
2024 · €59,076
Income taxes
€34,665▲
2024 · €8,675
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,975 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €851 | €851 | €851 | €2,059 | €7,709 | ▲ 274% |
| Other operating charges640/8 | €80 | €80 | €130 | €80 | €345 | ▲ 331% |
| Gross operating margin9900 | €68,035 | €52,282 | €28,512 | €33,330 | €158,241 | ▲ 375% |
| Operating profit (loss)9901 | €67,104 | €51,351 | €27,531 | €31,191 | €150,187 | ▲ 382% |
| Financial income75/76B | - | - | €500 | €44 | €23 | ▼ 48.1% |
| Recurring financial income75 | - | - | €500 | €44 | €23 | ▼ 48.1% |
| Non-recurring financial income76B | - | - | €500 | - | - | - |
| Financial charges65/66B | €939 | €1,087 | €635 | €534 | €152 | ▼ 71.5% |
| Recurring financial charges65 | €939 | €1,087 | €635 | €534 | €152 | ▼ 71.5% |
| Profit (loss) for the period before taxes9903 | €66,166 | €50,264 | €27,396 | €30,701 | €150,058 | ▲ 389% |
| Income taxes67/77 | €15,155 | €12,207 | €9,221 | €8,675 | €34,665 | ▲ 300% |
| Profit (loss) for the period9904 | €51,011 | €38,056 | €18,174 | €22,025 | €115,393 | ▲ 424% |
| Profit (loss) for the period to be appropriated9905 | €51,011 | €38,056 | €18,174 | €22,025 | €115,393 | ▲ 424% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €90,267 | €92,124 | €66,960 | €78,229 | €147,711 | ▲ 88.8% |
| Fixed assets21/28 | €1,702 | €851 | €0 | €4,941 | €11,780 | ▲ 138% |
| Tangible fixed assets22/27 | €1,702 | €851 | €0 | €4,941 | €11,780 | ▲ 138% |
| Furniture and vehicles24 | €1,702 | €851 | €0 | €4,941 | €11,780 | ▲ 138% |
| Current assets29/58 | €88,566 | €91,274 | €66,960 | €73,288 | €135,930 | ▲ 85.5% |
| Amounts receivable within one year40/41 | €23,847 | €20,651 | €42,845 | €7,778 | €15,776 | ▲ 103% |
| Trade receivables40 | €22,002 | €17,858 | €37,067 | €1,440 | €15,776 | ▲ 995% |
| Other amounts receivable41 | €1,845 | €2,793 | €5,779 | €6,338 | - | - |
| Cash at bank and in hand54/58 | €64,719 | €64,449 | €24,115 | €65,225 | €118,799 | ▲ 82.1% |
| Deferred charges and accrued income490/1 | - | €6,173 | - | €285 | €1,355 | ▲ 375% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €90,267 | €92,124 | €66,960 | €78,229 | €147,711 | ▲ 88.8% |
| Equity10/15 | €39,897 | €39,954 | €49,128 | €19,153 | €74,013 | ▲ 286% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €21,297 | €21,354 | €30,528 | €553 | €55,413 | ▲ 9,913% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €19,437 | €19,494 | €30,528 | €553 | €55,413 | ▲ 9,913% |
| Amounts payable17/49 | €50,370 | €52,170 | €17,832 | €59,076 | €73,698 | ▲ 24.8% |
| Amounts payable within one year42/48 | €49,870 | €51,670 | €17,832 | €59,076 | €73,298 | ▲ 24.1% |
| Trade debts44 | €3,235 | €1,830 | €3,101 | €881 | €6,397 | ▲ 626% |
| Suppliers440/4 | €3,235 | €1,830 | €3,101 | €881 | €6,397 | ▲ 626% |
| Taxes, remuneration and social security45 | €8,572 | €10,944 | €3,216 | €2,770 | €8,906 | ▲ 221% |
| Taxes450/3 | €8,572 | €7,744 | €16 | €2,770 | €6,906 | ▲ 149% |
| Remuneration and social security454/9 | - | €3,200 | €3,200 | - | €2,000 | - |
| Other amounts payable47/48 | €38,063 | €38,896 | €11,514 | €55,424 | €57,995 | ▲ 4.6% |
| Accrued charges and deferred income492/3 | €500 | €500 | - | - | €400 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51,011 | €38,056 | €18,174 | €22,025 | €115,393 | ▲ 424% |
| + Depreciation and write-downs630 | €851 | €851 | €851 | €2,059 | €7,709 | ▲ 274% |
| Operating cash flow (approximation) | €51,862 | €38,907 | €19,025 | €24,084 | €123,102 | ▲ 411% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€7,000 | -€14,548 | ▼ 108% |
| Change in cash | - | -€269 | -€40,335 | €41,110 | €53,574 | ▲ 30.3% |
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
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €115,393 ▲424%
Operating result €150,187, net result €115,393, both a record.
02-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €18,174 ▼52.2%
Net result drops to €18,174, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 3.76
Current ratio from 1.77 to 3.76; short-term debt falls from €51,670 to €17,832.
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €150,000Eq €167,981 ▲34.6%
3 profitable years in a row build equity to €167,981.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €100,000Eq €124,798 ▲118%
2 profitable years in a row build equity to €124,798.
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 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, Wavre · 1 establishment unit since 2018
Ground area
793 m²
Building footprint
112 m²
Volume, LiDAR
710 m³
Parcel 25055D0432/00Z000, Wallonia · tallest building 9.7 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Rue Arthur Hardy 59, 1300 Wavre
since 20182.271.769.890
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25055D0432/00Z000 | Wallonia | 793 m² | 1 · 112 m² | 9.7 m · 3 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.
Similar companies · same sector, comparable size
CONVERGENCE POINT
BE 0463.914.871
Oudergem · Eq €74,000
DE WINTER ADVERTISING
BE 0463.869.836
Kortrijk · Eq €73,990
Money & Macro Media
BE 0797.735.918
Antwerpen · Eq €74,050
B.e-ONE
BE 0452.123.136
Zaventem · Eq €74,099
Achromatic
BE 0692.861.102
Antwerpen · Eq €73,848
Of 9,863 companies in sector 73110 we hold annual accounts for 3,758. 3,041 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
Founded11-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0687806907
Also
9925:BE0687806907
Registered
01-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.