Vulcain
ActiveSummary
Vulcain has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.7m and a net result of €11,613. Equity is growing by ~15.9% per year across the filed fiscal years. Its solvency ranks better than 71% of 9436 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
What they do
Renting and operating of own or leased non-residential real estate, excluding land
NACE 68203Real estate agency activities NACE 68310NACE 68311
1 site
How big
€2.9mtotal assets 2025
- Staff
- 1 FTE
- Equity
- €1.7m
- Profit
- €11,613
Turnover not published (abridged schema)
Who decides
Accounts on time0 of 11 deeds read
Why 73+ Long track record+ Lower-failure-rate sector+ Annual accounts: healthy financial profile+ Lower-risk legal formLatest accounts filed on timeShow the evidence
Checked score
Score 2025
Axes · tick = 2024
Profitability48▲+9
Solvency83▲+1
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity short (current ratio 0.46 against 0.42 in 2024; short-term debt: 4.5% and cash: 1.5% of total assets), and 42% 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
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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 · 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 · 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
58%
Return on assets
0.4%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
1 d early
2023
34 d early
2022
24 d early
2021
38 d early
2020
45 d early
2019
21 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 23 days before the deadline; the sector median for financial year 2024 is 7 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 7 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · abbreviated…
- Back to profitnet €11,613
- Annual accounts filedfiscal year 2024 · micro…
Financials
Fiscal year 2025Total assets €2.9mProfit €11,613Solvency 58.0%Liquidity 0.46
Total assets
€2.9m▼ 2.9%
2018 - 2025
Net result
€11,613
2018 - 2025
Equity
€1.7m▼ 0.4%
2018 - 2025
Staff (FTE)
1▲ 400%
2020 - 2025
Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.04m▲ 15.5%€0.08m▲ 80.0%€0.8m▲ 914%-€0.02m€0.07m
Net result€0.01mwithin the sector's middle half▲ 23.5%€0.05mabove the sector's middle half▲ 220%€0.6mabove the sector's middle half▲ 1,218%-€0.05mbelow the sector's middle half€0.01mwithin the sector's middle half
Equity€0.8mwithin the sector's middle half▲ 1.9%€1.2mabove the sector's middle half▲ 52.7%€1.8mabove the sector's middle half▲ 52.1%€1.7mabove the sector's middle half▼ 2.8%€1.7mabove the sector's middle half▼ 0.4%
Total assets€1.4mwithin the sector's middle half▼ 9.3%€1.6mabove the sector's middle half▲ 13.3%€2.4mabove the sector's middle half▲ 49.3%€3.0mabove the sector's middle half▲ 27.9%€2.9mwithin the sector's middle half▼ 2.9%
Debt€0.5m▼ 23.2%€0.3m▼ 39.4%€0.3m▼ 2.9%€1.1m▲ 237%€1.0m▼ 8.2%
Working capital-€0.2mbelow the sector's middle half▲ 10.6%€0.2mabove the sector's middle half€1.1mabove the sector's middle half▲ 554%-€0.07mwithin the sector's middle half-€0.07mwithin the sector's middle half▼ 8.0%
Solvency54.2%within the sector's middle half▲ 6.0pp73.0%above the sector's middle half▲ 18.9pp74.4%above the sector's middle half▲ 1.4pp56.5%within the sector's middle half▼ 17.9pp58.0%within the sector's middle half▲ 1.5pp
Current ratio0.13below the sector's middle half▼ 0.1510.95above the sector's middle half▲ 10.820.42within the sector's middle half0.46within the sector's middle half▲ 0.04
Return on assets (ROA)1.0%within the sector's middle half▲ 0.3pp2.9%within the sector's middle half▲ 1.9pp25.5%above the sector's middle half▲ 22.6pp-1.6%within the sector's middle half▼ 27.1pp0.4%within the sector's middle half▲ 2.0pp
Staff (FTE)0.21within the sector's middle half▲ 400%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €69,574 after a loss of €22,081 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€2.9m ▼ 3.4%
Current assets
€60,412 ▲ 27.7%
Equity and liabilities €2.9m
Equity
€1.7m ▼ 0.4%
Provisions
€265,560 ▲ 1.8%
Debt
€970,385 ▼ 8.2%
Debt's share of the balance-sheet total falls from 34.9% to 33.0%. Equity and debt are lower.
Key figures and ratios
Key figures and ratios
EBITDA
€183,604▲
2024 · €160,523
Cash flow
€125,643▼
2024 · €133,493
Debt to equity
0.57▼
2024 · 0.62
ROE
0.7%▲
2024 · -2.9%
Interest coverage
3.40▲
2024 · 2.65
Debt ≤ 1 year
€131,070▲
2024 · €112,740
Debt > 1 year
€817,661▼
2024 · €917,319
Income taxes
€17,709▲
2024 · €0
Staff costs
€21,657▲
2024 · €3,492
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,341 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% | 1.8% |
| 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 17,040 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.
Filed annual accounts
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | €66,973 | €792,123 | €1,933 | €160 | ▼ 91.7% |
| Remuneration, social security and pensions62 | - | - | - | €3,492 | €21,657 | ▲ 520% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,779 | €62,441 | €54,493 | €182,603 | €114,030 | ▼ 37.6% |
| Other operating charges640/8 | €15,201 | €17,100 | €16,919 | €27,295 | €28,736 | ▲ 5.3% |
| Non-recurring operating charges66A | - | - | - | €160 | €0 | ▼ 100% |
| Gross operating margin9900 | €115,525 | €159,701 | €883,939 | €191,470 | €233,998 | ▲ 22.2% |
| Operating profit (loss)9901 | €44,545 | €80,159 | €812,528 | -€22,081 | €69,574 | ▲ 415% |
| Financial income75/76B | €302 | €1,492 | €15,641 | €1,649 | €41 | ▼ 97.5% |
| Recurring financial income75 | €302 | €1,492 | €15,641 | €1,649 | €41 | ▼ 97.5% |
| Financial charges65/66B | €21,542 | €12,291 | €17,139 | €60,626 | €54,020 | ▼ 10.9% |
| Recurring financial charges65 | €21,542 | €12,291 | €17,139 | €60,626 | €54,020 | ▼ 10.9% |
| Profit (loss) for the period before taxes9903 | €23,305 | €69,361 | €811,029 | -€81,057 | €15,596 | ▲ 119% |
| Transfer from deferred taxes780 | €4,134 | €4,134 | €4,134 | €31,947 | €13,726 | ▼ 57.0% |
| Transfer to deferred taxes680 | - | - | €192,108 | €0 | - | - |
| Income taxes67/77 | €13,114 | €27,686 | €19,254 | €0 | €17,709 | - |
| Profit (loss) for the period9904 | €14,324 | €45,809 | €603,801 | -€49,111 | €11,613 | ▲ 124% |
| Transfer from tax-exempt reserves789 | €12,401 | €12,401 | €12,401 | €21,672 | €41,179 | ▲ 90.0% |
| Transfer to tax-exempt reserves689 | - | - | €576,325 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €26,725 | €58,209 | €39,876 | -€27,439 | €52,791 | ▲ 292% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €1.6m | €2.4m | €3.0m | €2.9m | ▼ 2.9% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €3.0m | €2.9m | ▼ 3.4% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.3m | €3.0m | €2.9m | ▼ 3.4% |
| Land and buildings22 | €1.4m | €1.4m | €1.3m | €3.0m | €2.9m | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €478 | €285 | ▼ 40.3% |
| Furniture and vehicles24 | - | - | - | - | €0.001m | - |
| Financial fixed assets28 | €0.002m | €84 | €84 | €84 | €84 | = |
| Current assets29/58 | €0.03m | €0.2m | €1.1m | €0.05m | €0.06m | ▲ 27.7% |
| Amounts receivable within one year40/41 | - | €0.004m | €0.001m | €0.01m | €0.01m | ▼ 8.5% |
| Trade receivables40 | - | - | €0.001m | €0.001m | €0 | ▼ 100% |
| Other amounts receivable41 | - | €0.004m | €0 | €0.01m | €0.01m | = |
| Cash at bank and in hand54/58 | €0.03m | €0.2m | €1.1m | €0.03m | €0.04m | ▲ 38.9% |
| Deferred charges and accrued income490/1 | €0.002m | €0.001m | €450 | €0.004m | €0.006m | ▲ 41.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €1.6m | €2.4m | €3.0m | €2.9m | ▼ 2.9% |
| Equity10/15 | €0.8m | €1.2m | €1.8m | €1.7m | €1.7m | ▼ 0.4% |
| Contributions10/11 | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.5m | €0.7m | €1.3m | €1.2m | €1.2m | ▼ 0.6% |
| Non-distributable reserves130/1 | €0.02m | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 5.7% |
| Legal reserve130 | €0.02m | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 5.7% |
| Tax-exempt reserves132 | €0.3m | €0.3m | €0.9m | €0.9m | €0.8m | ▼ 7.0% |
| Distributable reserves133 | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 15.9% |
| Profit (loss) carried forward14 | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 1.8% |
| Deferred taxes168 | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 1.8% |
| Amounts payable17/49 | €0.5m | €0.3m | €0.3m | €1.1m | €1.0m | ▼ 8.2% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.9m | €0.8m | ▼ 10.9% |
| Financial debts170/4 | €0.3m | €0.3m | €0.3m | €0.9m | €0.8m | ▼ 10.9% |
| Amounts payable within one year42/48 | €0.2m | €0.02m | €0.007m | €0.1m | €0.1m | ▲ 16.3% |
| Current portion of amounts payable after more than one year42 | €0 | - | - | €0.1m | €0.1m | ▲ 3.1% |
| Trade debts44 | €0.002m | €0.004m | €93 | €0.004m | €0.004m | ▲ 2.0% |
| Suppliers440/4 | €0.002m | €0.004m | €93 | €0.004m | €0.004m | ▲ 2.0% |
| Taxes, remuneration and social security45 | €0.01m | €0.01m | €0.007m | €0.009m | €0.02m | ▲ 142% |
| Taxes450/3 | €0.01m | €0.01m | €0.007m | €0.008m | €0.02m | ▲ 121% |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.003m | ▲ 456% |
| Other amounts payable47/48 | €0.2m | €0 | - | €0.004m | €0.006m | ▲ 72.6% |
| Accrued charges and deferred income492/3 | €0.008m | €0.006m | €0.007m | €0.03m | €0.02m | ▼ 18.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.05m | €0.6m | -€0.05m | €0.01m | ▲ 124% |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.05m | €0.2m | €0.1m | ▼ 37.6% |
| Operating cash flow (approximation) | €0.07m | €0.1m | €0.7m | €0.1m | €0.1m | ▼ 5.9% |
| Investment in fixed assets (approximation) | - | -€0.09m | €0.08m | -€1.9m | -€0.01m | ▲ 99.3% |
| Change in cash | - | €0.2m | €0.9m | -€1.1m | €0.01m | ▲ 101% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Comparable companies
Similar companies · same sector, comparable size
DE LAAK KOERSEL
BE 0568.993.882
Hasselt · Eq €1,707,886
Simonsebrug
BE 0663.555.818
Antwerpen · Eq €1,704,674
FENICO
BE 0426.595.607
Brecht · Eq €1,710,115
Malinas Offices
BE 1019.001.727
Schelle · Eq €1,702,865
ODRADA INTERNATIONAL
BE 0434.103.308
Balen · Eq €1,712,462
Of 12,040 companies in this sector we hold annual accounts for 6,007. 3,781 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Timeline
17 eventsLatest 31-07-2026Next filing 31-07-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €11,613
Net result €11,613 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€49,111
Net result drops to -€49,111, the lowest in the series; recovery starts the following year.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €603,801 ▲1,218%
Operating result €812,528, net result €603,801, both a record.
31-12
Financial
Liquidity times 15current ratio 166.25
Current ratio from 10.95 to 166.25; short-term debt falls from €16,908 to €6,657.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity times 87current ratio 10.95
Current ratio from 0.13 to 10.95; short-term debt falls from €224,931 to €16,908.
31-12
Financial
Equity above €1mEq €1.2m ▲52.7%
4 profitable years in a row build equity to €1.2m.
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €11,603
Net result €11,603 after one loss-making year.
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
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 11 acts read
About the unread acts
We know of 11 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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Company details
Public limited company · founded 01-01-1968Year ends 31-12Peppol reachable1 site
Register details
Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68310Real estate agency activities
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0400068184
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2010
Ground area
821 m²
Building footprint
212 m²
Volume, LiDAR
991 m³
Parcel 44022A0229/00P000, Flanders · tallest building 6.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vulcain
since 2010unit no. 2.334.722.296
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44022A0229/00P000 | Flanders | 821 m² | 1 · 212 m² | 6.9 m · 2 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.
Go further with this company
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