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VAS

Active
Public limited companyfounded 198541 yrs activeTwaalfkameren 17, 9000 Gent, BelgiumKBO/BCE: BE 0427.671.614
Summary

VAS has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.40M and a net result of €231k. Equity is growing by ~14.2% per year across the filed fiscal years. Its solvency ranks better than 78% of 9194 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Checked score

Score 2025
73 / 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability43▼-27
Solvency94▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €460k at 30 days acceptable
Liquidity tight (current ratio 1.35 against 1.11 in 2024; short-term debt: 18% and cash: 2.5% of total assets), and 31.4% of the assets are financed with debt.
Credit advice for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.
lowers riskneutral
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
Sector 68
lower
← 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 date
Age against the risk zone
highest failure risk from 2 to 8 years 41 years 0 50 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
68.6%
Return on assets
2.5%
Age of the figures
12 mo
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 26-03-2026, 35 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
35 d early
2024
2 d early
2023
27 d early
2022
2 d early
2021
39 d early
2020
39 d early
2019
2 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 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven months
Position in the running window
24-09-2026 today30-09-2026 close30-04-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2025, abbreviated schema

Equity
€6.40M▲ 6.5%
2024 · €6.01M
2018: €2.79M 2019: €2.80M 2020: €2.83M 2021: €2.83M 2022: €5.65M 2023: €5.91M 2024: €6.01M
2018 → 2025
Total assets
€9.33M▼ 3.1%
2024 · €9.63M
2018: €3.62M 2019: €3.57M 2020: €3.61M 2021: €3.88M 2022: €7.93M 2023: €8.36M 2024: €9.63M
2018 → 2025
Net result
€231k▲ 139%
2024 · €97k
2018: €8k 2019: €4k 2020: €35k 2021: €8k 2022: €2.64M 2023: €257k 2024: €97k
2018 → 2025
Working capital
€582k▲ 141%
2024 · €242k
2018: €187k 2019: €199k 2020: €362k 2021: €-41k 2022: €2.68M 2023: €2.37M 2024: €242k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20212022202320242025Trend
Equity€2.83M-€5.65M▲ 99.5%€5.91M▲ 4.5%€6.01M▲ 1.6%€6.40M▲ 6.5%
Operating result€3k-€3.65M▲ 105,392%€-32k€-13k▲ 59.5%€206k
Net result€8k-€2.64M▲ 32,211%€257k▼ 90.2%€97k▼ 62.4%€231k▲ 139%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
€-1.00M€0€1.00M€2.00M€3.00M€4.00MOperating result 2021: €3k€3kNet result 2021: €8k€8kOperating result 2022: €3.65M€3.65MNet result 2022: €2.64M€2.64MOperating result 2023: €-32k€-32kNet result 2023: €257k€257kOperating result 2024: €-13k€-13kNet result 2024: €97k€97kOperating result 2025: €206k€206kNet result 2025: €231k€231k20212022202320242025€-100k€0€100k€200k€300kOperating result 2023: €-32k€-32kNet result 2023: €257k€257kOperating result 2024: €-13k€-13kNet result 2024: €97k€97kOperating result 2025: €206k€206kNet result 2025: €231k€231k202320242025
The operating result returns to profit in 2025: €206k after a loss of €13k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.33M
Fixed assets €7.06M ▼ 0.5%
Current assets €2.26M ▼ 10.4%
Equity and liabilities €9.33M
Equity €6.40M ▲ 6.5%
Provisions €756k ▼ 12.1%
Debt €2.18M ▼ 21.2%
Debt's share of the balance-sheet total falls from 28.7% to 23.3%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€431k
2024 · €390k
Cash flow
€456k
2024 · €500k
Current ratio
1.35
2024 · 1.11
Debt to equity
0.34
2024 · 0.46
ROE
3.6%
2024 · 1.6%
ROA
2.5%
2024 · 1.0%
Interest coverage
2.48
2024 · 23.91
Debt ≤ 1 year
€1.68M
2024 · €2.29M
Debt > 1 year
€428k
2024 · €409k
Income taxes
€60k
2024 · €57k
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 · 66 lines
Balance sheet Code20242025
Assets
Total assets20/58€9.63M€9.33M
Fixed assets21/28€7.10M€7.06M
Tangible fixed assets22/27€5.82M€5.78M
Land and buildings22€5.76M€5.68M
Plant, machinery and equipment23€59k€99k
Furniture and vehicles24€3k€2k
Other tangible fixed assets26€6k€6k=
Financial fixed assets28€1.28M€1.28M=
Current assets29/58€2.53M€2.26M
Stocks and contracts in progress3€0-
Stocks30/36€0-
Amounts receivable within one year40/41€111k€143k
Trade receivables40€14k€44k
Other amounts receivable41€97k€98k
Current investments50/53€1.80M€1.88M
Cash at bank and in hand54/58€592k€231k
Deferred charges and accrued income490/1€29k€8k
Equity and liabilities
Total equity and liabilities10/49€9.63M€9.33M
Equity10/15€6.01M€6.40M
Contributions10/11€2.14M€2.20M
Capital10€2.14M€2.20M
Issued capital100€2.14M€2.20M
Reserves13€3.87M€4.19M
Non-distributable reserves130/1€214k€228k
Legal reserve130€214k€228k
Tax-exempt reserves132€2.36M€2.27M
Distributable reserves133€1.30M€1.70M
Profit (loss) carried forward14€74€337
Provisions and deferred taxes16€860k€756k
Provisions for liabilities and charges160/5€75k€0
Other liabilities and charges164/5€75k€0
Deferred taxes168€785k€756k
Amounts payable17/49€2.76M€2.18M
Amounts payable after more than one year17€409k€428k
Financial debts170/4€391k€403k
Other amounts payable178/9€17k€25k
Amounts payable within one year42/48€2.29M€1.68M
Trade debts44€2.06M€16k
Suppliers440/4€2.06M€16k
Advances received on contracts in progress46€0€22k
Taxes, remuneration and social security45€33k€35k
Taxes450/3€33k€35k
Other amounts payable47/48€188k€1.61M
Accrued charges and deferred income492/3€69k€67k
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€403k€226k
Provisions for liabilities and charges: additions (uses and reversals)635/8-€-75k
Other operating charges640/8€15k€24k
Non-recurring operating charges66A€126€2k
Gross operating margin9900€406k€382k
Operating profit (loss)9901€-13k€206k
Financial income75/76B€115k€230k
Recurring financial income75€115k€230k
Financial charges65/66B€16k€174k
Recurring financial charges65€16k€174k
Profit (loss) for the period before taxes9903€85k€261k
Transfer from deferred taxes780€68k€29k
Income taxes67/77€57k€60k
Profit (loss) for the period9904€97k€231k
Transfer from tax-exempt reserves789€204k€88k
Profit (loss) for the period to be appropriated9905€301k€318k
Appropriation of the result
Profit (loss) to be appropriated9906€301k€318k
Profit (loss) brought forward from the previous period14P€293€74
Transfer to equity691/2€301k€318k
To the legal reserve6920€0-
To other reserves6921€301k€318k
Social balance
Average headcount (FTE)90870.00.0=

The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 30-04-2027
2026
26-03
NBB filing Annual accounts filed
fiscal year 2025 · abbreviated schema
24-02
State Gazette act Capital & shares · Purpose · Statutes amendment · Restructuring
Demerger · Real estate · Capital increase14 facts ▸
  • General meeting, 05-02-2026
  • Demerger, Inbreng in natura ingevolge splitsing van NV COMMER naar NV VAS en NV VIM, partial split
  • Demerger, Inbreng in natura ingevolge splitsing van NV COMMER naar NV VIM, partial split
  • Real estate, Een handelshuis op en met grond, gestaan en gelegen aan de Brabantdam 9, 9000 Gent, sectie C, nummer 695/a, oppervlakte 84 ca.
  • Capital increase, €68.024,18
  • Share issue, Nieuwe aandelen uitgegeven aan aandeelhouders van de te splitsen vennootschap, 2956
  • Share transfer, COMMER → Philip Vancaeneghem
  • Share transfer, COMMER → Karina Van Lancker
  • Share transfer, COMMER → Valerie Marie Iris Vancaeneghem
  • Share transfer, COMMER → Anne-Sophie Vancaeneghem
  • Accounting effect, 01-07-2025
  • Purpose change, Uitbreiding van het voorwerp ingevolge splitsing
  • +2 further facts in this act
2025
28-04
NBB filing Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
03-04
NBB filing Annual accounts filed
fiscal year 2023 · micro schema
2023
28-04
NBB filing Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial Highest result since 2018net €2.64M ▲32211%
Operating result €3.65M, net result €2.64M, both a record.
30-09
Financial Liquidity quadruplescurrent ratio 4.01
Current ratio from 0.92 to 4.01.
30-09
Financial Equity above €5MEq €5.65M ▲99.5%
5 profitable years in a row build equity to €5.65M.
22-03
NBB filing Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
22-03
NBB filing Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
28-04
NBB filing Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial Weakest financial yearnet €4k ▼40.1%
Net result drops to €4k, the lowest in the series; recovery starts the following year.
Show earlier events
25-02
NBB filing Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
20-03
NBB filing Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-03
NBB filing Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1985
establishment The establishment unit on the map
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Twaalfkameren 179000 Gent
Ground area
2,001 m²
Building footprint
662 m²
Volume, LiDAR
7,078 m³
2 parcels, Flanders · tallest building 15.1 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
VAS
Jean-Baptiste de Ghellincklaan 13, 9051 GentNACE 70201
since 19852.027.814.890
2 parcels
Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
44062D0382/00M000 Flanders 1,417 m² 1 · 443 m² 15.1 m · 5 fl.
44815F1993/00S000 Flanders 583 m² 1 · 219 m² 14.6 m · 3 fl.
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Articles of association

Purpose
De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden of in deelneming met derden: - de aan- en verkoop, de…
Full purpose

De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden of in deelneming met derden: - de aan- en verkoop, de exploitatie, de valorisatie, het verkavelen, de urbanisatie, de ruiling en verdeling, het huren en verhuren van alle onroerende gebouwde en ongebouwde, gemeubileerde en niet-gemeubileerde goederen, alsook het uitvoeren van alle bouw- en verbouwingswerken, de aanverwante activiteiten, dit alles in de meest brede betekenis van het woord: - het vervullen van opdrachten als "syndicus" het in leasing geven en/of in leasing nemen van roerende en onroerende goederen; - de aankoop en verkoop, ruiling, beheer en valorisatie van geld en geldverbeeldende waarden; - het zoeken, begeleiden, bemiddelen, coördineren van projecten, terreinen en middelen; de binnenhuisinrichting van gebouwen en alle daarmee verband houdende activiteiten; zowel voor eigen rekening als voor rekening van derden het aannemen van bouwwerken, verbouwwerken, schrijn- en timmerwerken, dakwerken, isolatiewerken, winkelinrichting, binnenhuisinrichting zowel als hoofdactiviteit als in onderaanneming; - alle onderhouds-, instandhoudingswerken van gebouwen; - het uitbaten van een laadstation, het verhuren van laadpalen, het aan- en verkopen van energie, energiedelen; - de uitbating van een handel met wisselend assortiment van opkoop en in consignatieneming van alle stocks in de meest uitgebreide zin; - het uitbaten van groot- en kleinhandel, het huren en verhuren, de invoer en uitvoer van meubelen, kunst- en siervoorwerpen, antiquiteiten, collectievoorwerpen en aanverwanten, tapijten, huisraad, huishoudartikelen, textiel en allerlei non-food artikelen, nieuw- en tweedehandsmateriaal, onderhoudsartikelen en -producten, en allerlei verbruiksgoederen, - het inrichten van culturele en artistieke manifestaties, tentoonstellingen, vernissages, congressen en feestelijkheden allerhande; - het organiseren en verzorgen van bijeenkomsten, feesten en feestmalen; het verlenen van diensten als traiteur; - het verlenen van advies in zowel roerende als onroerende verrichtingen, en het bemiddelen bij dergelijke transacties; - het opmaken van juridische, financiële en economische studies met betrekking tot roerende en onroerende beleggingen en handelingen. consultancy op het gebied van management van bedrijven, zowel juridisch, financieel, operationeel en op het gebied van algemene strategie alsmede het waarnemen van bestuurstaken in bedrijven en andere vennootschappen. Dit alles in de breedste zin van het woord. De vennootschap zal bevoegd zijn alle handelingen zonder uitzondering te verrichten, die daartoe noodzakelijk, nuttig of zelfs alleen maar bevorderlijk zijn. Zij mag bij wijze van inbreng in speciën of in natura, van fusie, inschrijving, deelneming, financiële tussenkomst of op een andere wijze, een aandeel nemen in alle bestaande of op te richten vennootschappen of bedrijven, in België of het buitenland, waarvan het voorwerp identiek, gelijkaardig of verwant is met het hare, of van aard is de uitoefening van haar voorwerp te bevorderen. Daartoe kan de vennootschap samenwerken met, deelnemen in, of op gelijk welke wijze, rechtstreeks of onrechtstreeks, belangen nemen in andere ondernemingen van allerlei aard, alle verbintenissen aangaan, kredieten en leningen aangaan en toestaan. De vennootschap kan zowel tot waarborg van eigen verbintenissen als tot waarborg van verbintenissen van derden borg stellen, onder meer door haar goederen in hypotheek of in pand te geven, inclusief de eigen handelszaak. De vennootschap kan eveneens optreden als bestuurder, volmachtdrager, mandataris of vereffenaar in andere vennootschappen of ondernemingen. De vennootschap kan in het algemeen alle commerciële, industriële, financiële, roerende of onroerende handelingen verrichten in rechtstreeks of onrechtstreeks verband met haar voorwerp of welke van aard zouden zijn de verwezenlijking ervan geheel of ten dele te vergemakkelijken.

Structure & network

Acquisitions and mergers

1 transaction
Received in a demerger part of:COMMER
partial demerger · State Gazette act of 24-02-2026 · effective 01-07-2025

Capital and shareholders

Shareholders according to the acts
Share transfer act of 24-02-2026 ↗
  • COMMER to Philip Vancaeneghem 2,956 shares
  • COMMER to Karina Van Lancker 2,956 shares
  • COMMER to Valerie Marie Iris Vancaeneghem 2,956 shares
  • COMMER to Anne-Sophie Vancaeneghem 2,956 shares

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years
  1. 24-02-2026 Capital increase of 68,024.18 EUR · to 2,203,384.74 EUR

Similar companies · same sector, comparable size

Of 7,320 companies in sector 68110 we hold annual accounts for 5,381. 1,562 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification
Legal formPublic limited company
Founded17-07-1985
Fiscal year end30-09
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68310Real estate agency activities
Sources
Crossroads Bank for EnterprisesNational Bank · 38 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.

General meetings

1 convocation
General meeting
at the registered office · published 08-02-2010
Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijting bestuurders. Divers. (AOPC-1-10-00012/05.02)