VWBG
ActiveSummary
VWBG has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €164,925 and a net result of €34,261. Equity is growing by ~43.5% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Overview
What they do
Renting and operating of own or leased non-residential real estate, excluding land
NACE 68203
1 site
How big
€688,282turnover 2024
- Equity
- €164,925
- Profit
- €34,261
Who decides
- Largest shareholder
- ROMA HAVEN · 50%
- Board
- 1 member
Accounts 46 d early1 of 5 deeds read
Why 53- Limited track record+ Lower-failure-rate sectorLatest accounts filed on timeShow the evidence
Checked score
Score 2024
Axes · tick = 2023
Profitability62▲+20
Solvency35▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity short (current ratio 0.38 against 0.35 in 2023; short-term debt: 86.1% and cash: 18.8% of total assets), and 89.8% 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
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 →
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 15-06-2026, 46 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
46 d early
2024
16 d early
2023
6 d early
2022
35 d early
2021
38 d early
2020
37 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 30 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 26 June (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
- Resignation: Montea Management NV (director)Permanent representatives: Jo De Wolf…
- Annual accounts filedfiscal year 2025 · abbreviated…
- Annual accounts filedfiscal year 2024 · abbreviated…
Financials
Fiscal year 2024Turnover €688,282Profit €34,261Solvency 10.2%Liquidity 0.38
Turnover
€688,282
2024
Net result
€34,261▲ 18.1%
2020 - 2024
Equity
€164,925▲ 26.2%
2020 - 2024
Solvency
10.2%▲ 2.3pp
2020 - 2024
Financials · fiscal year 2024, abbreviated schema, 2025 accounts filed, figures not processed yet
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€0.7m
Operating result-€0.006m-€0.03m€0.2m▲ 858%€0.1m▼ 48.9%€0.1m▲ 3.7%
Net result-€0.007mwithin the sector's middle half--€0.03mbelow the sector's middle half▼ 428%€0.1mabove the sector's middle half€0.03mwithin the sector's middle half▼ 79.6%€0.03mwithin the sector's middle half▲ 18.1%
EBIT margin18.5%
Equity-€0.006mbelow the sector's middle half--€0.04mbelow the sector's middle half▼ 536%€0.1mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 28.5%€0.2mwithin the sector's middle half▲ 26.2%
Total assets€2.7mwithin the sector's middle half-€7.9mabove the sector's middle half▲ 187%€1.7mwithin the sector's middle half▼ 78.1%€1.6mwithin the sector's middle half▼ 4.5%€1.6mwithin the sector's middle half▼ 1.7%
Debt€2.7m-€7.9m▲ 188%€1.6m▼ 79.5%€1.5m▼ 6.5%€1.4m▼ 4.2%
Working capital-€2.3mbelow the sector's middle half--€6.8mbelow the sector's middle half▼ 201%-€1.1mbelow the sector's middle half▲ 84.5%-€1.0mbelow the sector's middle half▲ 10.2%-€0.9mbelow the sector's middle half▲ 9.3%
Solvency-0.2%below the sector's middle half--0.5%below the sector's middle half▼ 0.3pp5.9%below the sector's middle half▲ 6.4pp8.0%below the sector's middle half▲ 2.0pp10.2%within the sector's middle half▲ 2.3pp
Current ratio0.17below the sector's middle half-0.13below the sector's middle half▼ 0.040.32below the sector's middle half▲ 0.190.35below the sector's middle half▲ 0.030.38below the sector's middle half▲ 0.03
Return on assets (ROA)-0.2%within the sector's middle half--0.4%within the sector's middle half▼ 0.2pp8.3%above the sector's middle half▲ 8.7pp1.8%within the sector's middle half▼ 6.5pp2.1%within the sector's middle half▲ 0.4pp
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 schema does not require them.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 4% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.1m ▼ 4.6%
Current assets
€526,904 ▲ 4.7%
Equity and liabilities €1.6m
Equity
€164,925 ▲ 26.2%
Debt
€1.4m ▼ 4.2%
Debt's share of the balance-sheet total falls from 92.0% to 89.8%. Equity is higher and debt is lower.
Key figures and ratios
Key figures and ratios
EBITDA
€218,544▲
2023 · €211,726
Cash flow
€125,300▲
2023 · €117,772
Debt to equity
8.78▼
2023 · 11.56
ROE
20.8%▼
2023 · 22.2%
Interest coverage
2.62▲
2023 · 2.52
Debt ≤ 1 year
€1.4m▼
2023 · €1.5m
Income taxes
€10,564▲
2023 · €9,996
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,372 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.9%
went bankrupt
1.4%
stopped otherwise
97%
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 0.7% 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 2,372 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €688,282 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €483,276 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €83,207 | €88,764 | €91,038 | ▲ 2.6% |
| Other operating charges640/8 | - | €125 | €915 | €1,154 | €1,086 | ▼ 5.9% |
| Gross operating margin9900 | -€5,825 | €25,255 | €324,771 | €212,880 | €219,629 | ▲ 3.2% |
| Operating profit (loss)9901 | -€6,362 | €25,130 | €240,649 | €122,961 | €127,506 | ▲ 3.7% |
| Financial income75/76B | - | €4,339 | - | €5 | €646 | ▲ 11,866% |
| Recurring financial income75 | - | €4,339 | - | €5 | €646 | ▲ 11,866% |
| Financial charges65/66B | - | €63,835 | €83,168 | €83,963 | €83,326 | ▼ 0.8% |
| Recurring financial charges65 | €148 | €63,835 | €83,168 | €83,963 | €83,326 | ▼ 0.8% |
| Profit (loss) for the period before taxes9903 | -€6,510 | -€34,366 | €157,480 | €39,003 | €44,825 | ▲ 14.9% |
| Income taxes67/77 | - | - | €15,047 | €9,996 | €10,564 | ▲ 5.7% |
| Profit (loss) for the period9904 | -€6,510 | -€34,366 | €142,433 | €29,007 | €34,261 | ▲ 18.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €42,100 | - |
| Transfer to tax-exempt reserves689 | - | - | €42,100 | €63,150 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€6,510 | -€34,366 | €100,333 | -€34,143 | €76,361 | ▲ 324% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.7m | €7.9m | €1.7m | €1.6m | €1.6m | ▼ 1.7% |
| Fixed assets21/28 | €2.3m | €6.8m | €1.2m | €1.1m | €1.1m | ▼ 4.6% |
| Tangible fixed assets22/27 | €2.3m | €6.8m | €1.2m | €1.1m | €1.1m | ▼ 4.6% |
| Land and buildings22 | - | - | - | - | €1.1m | - |
| Other tangible fixed assets26 | - | - | €1.2m | €1.1m | - | - |
| Assets under construction and advance payments27 | - | €6.8m | - | - | - | - |
| Current assets29/58 | €0.5m | €1.0m | €0.5m | €0.5m | €0.5m | ▲ 4.7% |
| Amounts receivable within one year40/41 | €0.01m | €0.2m | €0.05m | €0.2m | €0.1m | ▼ 36.9% |
| Trade receivables40 | - | €0.1m | €0.01m | €0.1m | €0.08m | ▼ 35.7% |
| Other amounts receivable41 | - | €0.04m | €0.04m | €0.06m | €0.04m | ▼ 39.7% |
| Cash at bank and in hand54/58 | €0.5m | €0.8m | €0.3m | €0.2m | €0.3m | ▲ 46.5% |
| Deferred charges and accrued income490/1 | - | €0.001m | €0.1m | €0.1m | €0.1m | ▼ 3.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.7m | €7.9m | €1.7m | €1.6m | €1.6m | ▼ 1.7% |
| Equity10/15 | -€0.006m | -€0.04m | €0.1m | €0.1m | €0.2m | ▲ 26.2% |
| Contributions10/11 | - | €100 | €100 | €100 | €100 | = |
| Reserves13 | - | - | €0.04m | €0.1m | €0.06m | ▼ 40.0% |
| Tax-exempt reserves132 | - | - | €0.04m | €0.1m | €0.06m | ▼ 40.0% |
| Profit (loss) carried forward14 | -€0.007m | -€0.04m | €0.06m | €0.03m | €0.1m | ▲ 302% |
| Amounts payable17/49 | €2.7m | €7.9m | €1.6m | €1.5m | €1.4m | ▼ 4.2% |
| Amounts payable within one year42/48 | €2.7m | €7.8m | €1.6m | €1.5m | €1.4m | ▼ 4.5% |
| Financial debts43 | - | €5.9m | - | - | - | - |
| Credit institutions430/8 | - | €5.9m | - | - | - | - |
| Trade debts44 | €0.002m | €0.3m | €0.2m | €0.1m | €0.1m | ▲ 2.8% |
| Suppliers440/4 | - | €0.3m | €0.2m | €0.1m | €0.1m | ▲ 2.8% |
| Other amounts payable47/48 | - | €1.6m | €1.4m | €1.3m | €1.3m | ▼ 5.1% |
| Accrued charges and deferred income492/3 | - | €0.05m | €0.06m | €0.06m | €0.06m | ▲ 3.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.007m | -€0.03m | €0.1m | €0.03m | €0.03m | ▲ 18.1% |
| + Depreciation and write-downs630 | - | - | €0.08m | €0.09m | €0.09m | ▲ 2.6% |
| Operating cash flow (approximation) | -€0.007m | -€0.03m | €0.2m | €0.1m | €0.1m | ▲ 6.4% |
| Investment in fixed assets (approximation) | - | -€4.6m | €5.5m | -€0.008m | -€0.04m | ▼ 398% |
| Change in cash | - | €0.4m | -€0.5m | -€0.1m | €0.1m | ▲ 167% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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CAGLAR
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Noens Natalie
BE 0879.033.992
Frasnes-lez-Anvaing · Eq €164,402
Of 12,040 companies in this sector we hold annual accounts for 6,007. 4,166 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Board & ownership
1 director
Directors
Directors
1 director, last change in 2026
Board 1
AVX
CurrentDirector · since 20-05-2026 · Private limited company (pre-2019) · perm. rep.: Xavier Van Reeth
Permanent representatives 1
Xavier Van Reeth
CurrentPermanent representative · since 20-05-2026 · for AVX
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
4 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Mandate history
2 people since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| AVX |
|
| Montea Management NV |
|
Structure & network
Owners and holdings
1 ownerOwners 1
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
4 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
CHALLENGE OFFICE PARK
Shared corporate director
→
F.C.B.
Shared corporate director
→
Montea GTE 1
Shared corporate director
→
Montea GTE 3
Shared corporate director
→
Timeline
11 eventsLatest 22-06-2026Next filing 31-07-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
22-06
State Gazette act
Resignation: Montea Management NV (director)Permanent representatives: Jo De Wolf and Xavier Van Reeth · Appointments: Montea Management NV (director) and AVX BV (director) · Registered-office move8 facts ▸
State Gazette act
Resignation: Montea Management NV (director)
Permanent representatives: Jo De Wolf and Xavier Van Reeth · Appointments: Montea Management NV (director) and AVX BV (director) · Registered-office move8 facts ▸
- Board meeting, 19-05-2026
- Registered-office move, Alfons Van de Maelestraat 96, 9320 Erembodegem
- General meeting, 19-05-2026
- Director resignation, Montea Management NV (director)
- Permanent representative, Jo De Wolf (permanent representative)
- Director appointment, Montea Management NV (director)
- Director appointment, AVX BV (director)
- Permanent representative, Xavier Van Reeth (permanent representative)
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €150,000Eq €164,925 ▲26.2%
3 profitable years in a row build equity to €164,925.
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €142,433
Net result €142,433 after 2 loss-making years.
31-12
Financial
Equity above €100,000Eq €101,657
Equity rises from -€40,776 to €101,657.
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet -€34,366
Net result drops to -€34,366, the lowest in the series; recovery starts the following year.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Company details
Private limited company · founded 12-12-2019Year ends 31-12Peppol reachable1 site
Register details
Identification
Legal formPrivate limited company
Founded12-12-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0739547992
Also
9925:BE0739547992
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, Aalst · 1 establishment unit since 2019
Ground area
307 m²
Building footprint
307 m²
Volume, LiDAR
3,719 m³
Parcel 41342B0069/00L000, Flanders · tallest building 16.4 m, ±5 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Van Moer Blue Gate
since 2019unit no. 2.299.102.314
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B0069/00L000 | Flanders | 307 m² | 1 · 307 m² | 16.4 m · 5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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
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