VERMEULEN
ActiveVERMEULEN has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €405k and a net result of €14k. Equity is growing by ~15.7% per year across the filed fiscal years. Its solvency ranks better than 39% of 7719 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
70
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability69▲+5
Solvency61▼-6
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 1.5 against 1.87 in 2024; short-term debt: 9.6% and cash: 11.1% of total assets), but 64.4% 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 risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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 dateAge against the risk zone
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
35.6%
Return on assets
1.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
14 d late
2024
2 d early
2023
21 d late
2022
4 d late
2021
6 d late
2020
on the day
2019
3 d early
← before the deadline
after the deadline →
Financials · fiscal year 2025, abbreviated schema
Equity
€405k▼ 5.9%
2024 · €431k
2018: €23k
2019: €70k
2020: €104k
2021: €332k
2022: €409k
2023: €433k
2024: €431k
2018 → 2025
Total assets
€1.14M▲ 10.3%
2024 · €1.03M
2018: €110k
2019: €203k
2020: €360k
2021: €680k
2022: €1.20M
2023: €1.16M
2024: €1.03M
2018 → 2025
Net result
€14k
2024 · €-2k
2018: €14k
2019: €47k
2020: €34k
2021: €228k
2022: €76k
2023: €15k
2024: €-2k
2018 → 2025
Working capital
€55k▼ 17.8%
2024 · €67k
2018: €26k
2019: €66k
2020: €82k
2021: €291k
2022: €108k
2023: €85k
2024: €67k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€332k-€409k▲ 23.0%€433k▲ 5.9%€431k▼ 0.5%€405k▼ 5.9%
Operating result€307k-€114k▼ 63.0%€82k▼ 28.0%€9k▼ 89.5%€42k▲ 389%
Net result€228k-€76k▼ 66.5%€15k▼ 80.5%€-2k€14k
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 recovers in 2025; 2025 is 389% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.14M
Fixed assets
€974k▲ 9.7%
Current assets
€165k▲ 14.3%
Equity and liabilities €1.14M
Equity
€405k▼ 5.9%
Debt
€733k▲ 21.9%
The debt ratio rises from 58.3% to 64.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€103k▲
2024 · €54k
Cash flow
€75k▲
2024 · €44k
Solvency
35.6%▼
2024 · 41.7%
Current ratio
1.50▼
2024 · 1.87
Quick ratio
1.50▼
2024 · 1.87
Debt / equity
1.81▲
2024 · 1.40
ROE
3.6%▲
2024 · -0.5%
ROA
1.3%▲
2024 · -0.2%
Interest coverage
5.81▲
2024 · 5.49
Debt
€733k▲
2024 · €601k
Debt ≤ 1 year
€110k▲
2024 · €77k
Debt > 1 year
€624k▲
2024 · €524k
Income taxes
€10k▲
2024 · €699
Staff costs
€19k▲
2024 · €17k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.03M€1.14M▲
Fixed assets21/28€888k€974k▲
Tangible fixed assets22/27€888k€974k▲
Land and buildings22€823k€885k▲
Plant, machinery and equipment23€42k€77k▲
Furniture and vehicles24€12k€12k▼
Leasing and similar rights25€11k-
Current assets29/58€144k€165k▲
Amounts receivable within one year40/41€90k€32k▼
Trade receivables40€45k€4k▼
Other amounts receivable41€45k€28k▼
Cash at bank and in hand54/58€35k€127k▲
Deferred charges and accrued income490/1€19k€6k▼
Equity and liabilities
Total equity and liabilities10/49€1.03M€1.14M▲
Equity10/15€431k€405k▼
Contributions10/11€19k€50k▲
Capital10€19k-
Issued capital100€19k-
Reserves13€412k€355k▼
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k-
Reserves not available under the articles1311-€2k
Tax-exempt reserves132€5k€5k=
Distributable reserves133€405k€348k▼
Amounts payable17/49€601k€733k▲
Amounts payable after more than one year17€524k€624k▲
Financial debts170/4€524k€624k▲
Amounts payable within one year42/48€77k€110k▲
Current portion of amounts payable after more than one year42€39k€36k▼
Trade debts44€35k€18k▼
Suppliers440/4€35k€18k▼
Taxes, remuneration and social security45€3k€24k▲
Taxes450/3€796€22k▲
Remuneration and social security454/9€2k€2k▼
Other amounts payable47/48-€32k
Income statement
Code20242025
Remuneration, social security and pensions62€17k€19k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€46k€61k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-5k-
Other operating charges640/8€4k€5k▲
Gross operating margin9900€70k€127k▲
Operating profit (loss)9901€9k€42k▲
Financial income75/76B€3€142▲
Recurring financial income75€3€2▼
Non-recurring financial income76B-€140
Financial charges65/66B€10k€18k▲
Recurring financial charges65€10k€18k▲
Non-recurring financial charges66B€51-
Profit (loss) for the period before taxes9903€-1k€25k▲
Income taxes67/77€699€10k▲
Profit (loss) for the period9904€-2k€14k▲
Profit (loss) for the period to be appropriated9905€-2k€14k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-2k€14k▲
Transfer from equity791/2€2k€40k▲
Transfer to equity691/2-€14k
To other reserves6921-€14k
Profit to be distributed694/7-€40k
Return on contributions (dividend)694-€40k
Social balance
Average headcount (FTE)90870.50.7▲
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 14 days late
2025
31-12
Financial
Back to profitnet €14k
Net result €14k after one loss-making year.
28-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Weakest financial yearnet €-2k ▼114%
Net result drops to €-2k, the lowest in the series; recovery starts the following year.
21-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 21 days late
2023
04-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 4 days late
2022
06-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 6 days late
2021
30-09
Financial
Highest result since 2018net €228k ▲563%
Operating result €307k, net result €228k, both a record.
30-09
Financial
Equity above €200kEq €332k ▲219%
4 profitable years in a row build equity to €332k.
30-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Equity above €100kEq €104k ▲49.4%
3 profitable years in a row build equity to €104k.
27-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
24-05
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Stekene · 1 establishment unit since 1982
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.
Vennestraat(STE) 269190 StekeneGround area
5,439 m²
Building footprint
150 m²
Volume, LiDAR
906 m³
Parcel 46322C0264/00P002, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vermeulen
since 19822.020.869.987
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46322C0264/00P002 | Flanders | 5,439 m² | 1 · 150 m² | 9.7 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Dual-learning approval
3 endedSimilar companies · same sector, comparable size
DENIS LEBEAU
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BE 0428.191.850
Péruwelz · Eq €406k
TOMA PEINTRE ET DECORATEUR
BE 0815.860.664
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Serpieters Authentic Painters
BE 0535.669.731
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COLORSENSE
BE 0869.919.952
Hasselt · Eq €404k
Of 7,864 companies in sector 43341 we hold annual accounts for 2,664. 1,627 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded28-06-1982
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
43341Painting of buildings
45441
43333Wallpapering and laying of floor and wall coverings in other materials
45433
47530Retail trade
52486
Sources
Crossroads Bank for EnterprisesNational Bank · 43 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.