VADEGRO
ActiveSummary
VADEGRO has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €543k and a net result of €27k. Equity is growing by ~12.5% per year across the filed fiscal years. Its solvency ranks better than 41% of 994 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability62▼-21
Solvency63▼-2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity short (current ratio 0.82 against 1.18 in 2024; short-term debt: 35.5% and cash: 5.4% of total assets), and 61.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more 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
38.5%
Return on assets
1.9%
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
50 d late
2023
50 d late
2022
30 d late
2021
54 d late
2020
129 d late
2019
122 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€543k▼ 2.4%
2024 · €556k
2018: €175klowest in 8 years
2019: €199k▲ +13.7% vs 2018
2020: €333k▲ +67.0% vs 2019
2021: €467k▲ +40.2% vs 2020
2022: €473k▲ +1.4% vs 2021
2023: €401k▼ -15.3% vs 2022
2024: €556k▲ +38.8% vs 2023highest in 8 years
2025: €543k▼ -2.4% vs 2024
2018 → 2025
Total assets
€1.41M▲ 1.9%
2024 · €1.39M
2018: €642klowest in 8 years
2019: €642k● 0.0% vs 2018lowest in 8 years
2020: €1.22M▲ +90.1% vs 2019
2021: €1.56M▲ +27.9% vs 2020
2022: €1.73M▲ +10.7% vs 2021highest in 8 years
2023: €1.48M▼ -14.5% vs 2022
2024: €1.39M▼ -6.1% vs 2023
2025: €1.41M▲ +1.9% vs 2024
2018 → 2025
Net result
€27k▼ 82.7%
2024 · €156k
2018: €54k
2019: €59k▲ +8.7% vs 2018
2020: €134k▲ +126% vs 2019
2021: €213k▲ +59.4% vs 2020highest in 8 years
2022: €6k▼ -97.0% vs 2021
2023: €-72k▼ -1225% vs 2022lowest in 8 years
2024: €156k▲ +315% vs 2023
2025: €27k▼ -82.7% vs 2024
2018 → 2025
Working capital
€-89k
2024 · €65k
2018: €26k
2019: €76k▲ +190% vs 2018
2020: €84k▲ +9.8% vs 2019
2021: €149k▲ +78.1% vs 2020highest in 8 years
2022: €-93k▼ -163% vs 2021
2023: €-155k▼ -66.4% vs 2022lowest in 8 years
2024: €65k▲ +142% vs 2023
2025: €-89k▼ -235% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€467k-€473k▲ 1.4%€401k▼ 15.3%€556k▲ 38.8%€543k▼ 2.4%
2021: €467k
2022: €473k▲ +1.4% vs 2021
2023: €401k▼ -15.3% vs 2022lowest in 5 years
2024: €556k▲ +38.8% vs 2023highest in 5 years
2025: €543k▼ -2.4% vs 2024
Operating result€281k-€30k▼ 89.2%€-61k€232k€61k▼ 73.8%
2021: €281khighest in 5 years
2022: €30k▼ -89.2% vs 2021
2023: €-61k▼ -300% vs 2022lowest in 5 years
2024: €232k▲ +481% vs 2023
2025: €61k▼ -73.8% vs 2024
Net result€213k-€6k▼ 97.0%€-72k€156k€27k▼ 82.7%
2021: €213khighest in 5 years
2022: €6k▼ -97.0% vs 2021
2023: €-72k▼ -1225% vs 2022lowest in 5 years
2024: €156k▲ +315% vs 2023
2025: €27k▼ -82.7% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 74% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.41M
Fixed assets
€998k ▲ 5.5%
Current assets
€413k ▼ 5.9%
Equity and liabilities €1.41M
Equity
€543k ▼ 2.4%
Provisions
€49k ▼ 9.6%
Debt
€820k ▲ 5.7%
Debt's share of the balance-sheet total rises from 56.0% to 58.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€216k▼
2024 · €377k
Cash flow
€183k▼
2024 · €300k
Current ratio
0.82▼
2024 · 1.18
Quick ratio
0.77▼
2024 · 1.11
Debt to equity
1.51▲
2024 · 1.39
ROE
5.0%▼
2024 · 28.0%
ROA
1.9%▼
2024 · 11.2%
Interest coverage
4.92▼
2024 · 10.36
Debt ≤ 1 year
€502k▲
2024 · €373k
Debt > 1 year
€308k▼
2024 · €394k
Income taxes
€5k▲
2024 · €605
Staff costs
€262k▲
2024 · €236k
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 · 67 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.39M€1.41M▲
Fixed assets21/28€946k€998k▲
Tangible fixed assets22/27€946k€998k▲
Land and buildings22€544k€699k▲
Plant, machinery and equipment23€63k€46k▼
Furniture and vehicles24€164k€104k▼
Leasing and similar rights25€174k€149k▼
Other tangible fixed assets26€167-
Financial fixed assets28€420€420=
Current assets29/58€439k€413k▼
Stocks and contracts in progress3€25k€25k=
Stocks30/36€25k€25k=
Amounts receivable within one year40/41€360k€297k▼
Trade receivables40€176k€186k▲
Other amounts receivable41€183k€111k▼
Cash at bank and in hand54/58€38k€76k▲
Deferred charges and accrued income490/1€16k€15k▼
Equity and liabilities
Total equity and liabilities10/49€1.39M€1.41M▲
Equity10/15€556k€543k▼
Contributions10/11€111k€111k=
Reserves13€424k€408k▼
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Tax-exempt reserves132€168k€152k▼
Distributable reserves133€256k€256k=
Profit (loss) carried forward14€22k€24k▲
Provisions and deferred taxes16€54k€49k▼
Deferred taxes168€54k€49k▼
Amounts payable17/49€775k€820k▲
Amounts payable after more than one year17€394k€308k▼
Financial debts170/4€344k€308k▼
Other amounts payable178/9€50k-
Amounts payable within one year42/48€373k€502k▲
Current portion of amounts payable after more than one year42€129k€83k▼
Trade debts44€79k€226k▲
Suppliers440/4€79k€226k▲
Taxes, remuneration and social security45€3k€9k▲
Taxes450/3€3k€9k▲
Remuneration and social security454/9€0-
Other amounts payable47/48€162k€183k▲
Accrued charges and deferred income492/3€7k€10k▲
Income statement
Code20242025
Non-recurring operating income76A€284k-
Remuneration, social security and pensions62€236k€262k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€145k€156k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€16k€17k▲
Non-recurring operating charges66A€95k-
Gross operating margin9900€724k€496k▼
Operating profit (loss)9901€232k€61k▼
Financial income75/76B€5k€10k▲
Recurring financial income75€5k€10k▲
Financial charges65/66B€36k€44k▲
Recurring financial charges65€36k€44k▲
Profit (loss) for the period before taxes9903€201k€27k▼
Transfer from deferred taxes780€3k€5k▲
Transfer to deferred taxes680€47k-
Income taxes67/77€605€5k▲
Profit (loss) for the period9904€156k€27k▼
Transfer from tax-exempt reserves789€8k€16k▲
Transfer to tax-exempt reserves689€142k-
Profit (loss) for the period to be appropriated9905€22k€42k▲
Appropriation of the result
Profit (loss) to be appropriated9906€22k€64k▲
Profit (loss) brought forward from the previous period14P-€22k
Transfer from equity791/2€0-
Profit to be distributed694/7-€40k
Directors or managers695-€40k
Social balance
Average headcount (FTE)90873.3-
The notes to these accounts (12 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €284k | - | - |
| Remuneration, social security and pensions62 | €404k | €459k | €225k | €236k | €262k | ▲ 10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €131k | €191k | €179k | €145k | €156k | ▲ 7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €-7k | €0 | - | - |
| Other operating charges640/8 | €18k | €27k | €23k | €16k | €17k | ▲ 7.2% |
| Non-recurring operating charges66A | - | - | - | €95k | - | - |
| Gross operating margin9900 | €834k | €707k | €360k | €724k | €496k | ▼ 31.5% |
| Operating profit (loss)9901 | €281k | €30k | €-61k | €232k | €61k | ▼ 73.8% |
| Financial income75/76B | €3k | €7k | €11k | €5k | €10k | ▲ 95.0% |
| Recurring financial income75 | €3k | €7k | €11k | €5k | €10k | ▲ 95.0% |
| Financial charges65/66B | €33k | €33k | €25k | €36k | €44k | ▲ 21.1% |
| Recurring financial charges65 | €33k | €33k | €25k | €36k | €44k | ▲ 21.1% |
| Profit (loss) for the period before taxes9903 | €252k | €5k | €-75k | €201k | €27k | ▼ 86.7% |
| Transfer from deferred taxes780 | - | €2k | €3k | €3k | €5k | ▲ 84.8% |
| Transfer to deferred taxes680 | €14k | - | - | €47k | - | - |
| Income taxes67/77 | €25k | €320 | €263 | €605 | €5k | ▲ 702% |
| Profit (loss) for the period9904 | €213k | €6k | €-72k | €156k | €27k | ▼ 82.7% |
| Transfer from tax-exempt reserves789 | - | €6k | €8k | €8k | €16k | ▲ 84.8% |
| Transfer to tax-exempt reserves689 | €42k | - | - | €142k | - | - |
| Profit (loss) for the period to be appropriated9905 | €171k | €12k | €-64k | €22k | €42k | ▲ 94.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.56M | €1.73M | €1.48M | €1.39M | €1.41M | ▲ 1.9% |
| Fixed assets21/28 | €885k | €1.21M | €1.05M | €946k | €998k | ▲ 5.5% |
| Tangible fixed assets22/27 | €884k | €1.21M | €1.05M | €946k | €998k | ▲ 5.5% |
| Land and buildings22 | €572k | €616k | €583k | €544k | €699k | ▲ 28.4% |
| Plant, machinery and equipment23 | €125k | €129k | €93k | €63k | €46k | ▼ 27.5% |
| Furniture and vehicles24 | €185k | €132k | €96k | €164k | €104k | ▼ 36.6% |
| Leasing and similar rights25 | - | €328k | €280k | €174k | €149k | ▼ 14.3% |
| Other tangible fixed assets26 | €2k | €548 | €357 | €167 | - | - |
| Financial fixed assets28 | €420 | €420 | €420 | €420 | €420 | = |
| Current assets29/58 | €675k | €521k | €423k | €439k | €413k | ▼ 5.9% |
| Stocks and contracts in progress3 | €10k | €18k | €25k | €25k | €25k | = |
| Stocks30/36 | €10k | €18k | €25k | €25k | €25k | = |
| Amounts receivable within one year40/41 | €627k | €387k | €355k | €360k | €297k | ▼ 17.4% |
| Trade receivables40 | €610k | €357k | €329k | €176k | €186k | ▲ 5.3% |
| Other amounts receivable41 | €17k | €31k | €26k | €183k | €111k | ▼ 39.2% |
| Cash at bank and in hand54/58 | €16k | €112k | €33k | €38k | €76k | ▲ 99.6% |
| Deferred charges and accrued income490/1 | €22k | €4k | €10k | €16k | €15k | ▼ 8.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.56M | €1.73M | €1.48M | €1.39M | €1.41M | ▲ 1.9% |
| Equity10/15 | €467k | €473k | €401k | €556k | €543k | ▼ 2.4% |
| Contributions10/11 | €111k | €111k | €111k | €111k | €111k | = |
| Reserves13 | €356k | €362k | €290k | €424k | €408k | ▼ 3.7% |
| Non-distributable reserves130/1 | €7k | €7k | €7k | €0 | - | - |
| Reserves not available under the articles1311 | €7k | €7k | €7k | €0 | - | - |
| Tax-exempt reserves132 | €48k | €42k | €34k | €168k | €152k | ▼ 9.3% |
| Distributable reserves133 | €300k | €313k | €249k | €256k | €256k | = |
| Profit (loss) carried forward14 | - | - | - | €22k | €24k | ▲ 11.2% |
| Provisions and deferred taxes16 | €14k | €12k | €9k | €54k | €49k | ▼ 9.6% |
| Deferred taxes168 | €14k | €12k | €9k | €54k | €49k | ▼ 9.6% |
| Amounts payable17/49 | €1.08M | €1.24M | €1.07M | €775k | €820k | ▲ 5.7% |
| Amounts payable after more than one year17 | €547k | €627k | €479k | €394k | €308k | ▼ 22.0% |
| Financial debts170/4 | €440k | €577k | €429k | €344k | €308k | ▼ 10.7% |
| Other amounts payable178/9 | €108k | €50k | €50k | €50k | - | - |
| Amounts payable within one year42/48 | €526k | €614k | €579k | €373k | €502k | ▲ 34.4% |
| Current portion of amounts payable after more than one year42 | €78k | €158k | €148k | €129k | €83k | ▼ 35.4% |
| Financial debts43 | €100k | €200k | €0 | - | - | - |
| Credit institutions430/8 | €100k | €200k | €0 | - | - | - |
| Trade debts44 | €173k | €190k | €202k | €79k | €226k | ▲ 185% |
| Suppliers440/4 | €173k | €190k | €202k | €79k | €226k | ▲ 185% |
| Advances received on contracts in progress46 | €7k | - | - | - | - | - |
| Taxes, remuneration and social security45 | €31k | €2k | €4k | €3k | €9k | ▲ 176% |
| Taxes450/3 | €31k | €2k | €3k | €3k | €9k | ▲ 176% |
| Remuneration and social security454/9 | - | - | €644 | €0 | - | - |
| Other amounts payable47/48 | €137k | €64k | €225k | €162k | €183k | ▲ 13.4% |
| Accrued charges and deferred income492/3 | €6k | €327 | €9k | €7k | €10k | ▲ 39.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €213k | €6k | €-72k | €156k | €27k | ▼ 82.7% |
| + Depreciation and write-downs630 | €131k | €191k | €179k | €145k | €156k | ▲ 7.6% |
| Operating cash flow (approximation) | €344k | €197k | €107k | €300k | €183k | ▼ 39.2% |
| Investment in fixed assets (approximation) | - | €-512k | €-26k | €-39k | €-208k | ▼ 437% |
| Change in cash | - | €96k | €-79k | €5k | €38k | ▲ 683% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 50 days late
2024
31-12
Financial
Back to profitnet €156k
Net result €156k after one loss-making year.
31-12
Financial
Equity above €500kEq €556k ▲38.8%
Equity rises from €401k to €556k.
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 50 days late
2023
31-12
Financial
Weakest financial yearnet €-72k
Net result drops to €-72k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
23-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 54 days late
2021
31-12
Financial
Highest result since 2018net €213k ▲59.4%
Operating result €281k, net result €213k, both a record.
07-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 129 days late
2020
31-12
Financial
Equity above €200kEq €333k ▲67%
3 profitable years in a row build equity to €333k.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 122 days late
Show earlier events
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Zwevegem · 2 establishment units since 2007
Ground area
9,162 m²
Building footprint
1,662 m²
Volume, LiDAR
731 m³
2 parcels, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
VADEGRO
since 20072.163.100.196
VADEGRO
since 20222.327.109.083
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34028A0021/00P000 | Flanders | 7,511 m² | 1 · 1,521 m² | 0.0 m |
| 34028A0901/00K000 | Flanders | 1,651 m² | 1 · 141 m² | 7.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 2,902 EUR awarded · 3,190 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 0 EUR | 222 EUR |
| 2024 | 1 | 282 EUR | 718 EUR |
| 2023 | 1 | 949 EUR | 579 EUR |
| 2022 | 1 | 1,671 EUR | 1,671 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
1 categoryVADEGRO BV37021
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Of 2,327 companies in sector 42110 we hold annual accounts for 1,097. 782 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
Founded11-05-2007
Fiscal year end31-12
Activities, NACEBEL 2025
42110Construction of roads and motorways
43120Site preparation
43990Other specialised construction activities
81300Landscape service activities
Scores and ratios are computed by Checked and are not a credit decision.