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VSF MANAGEMENT

Active
Route du Condroz 322 ·4550 Nandrin, Belgium
KBO/BCE: BE 0802.053.507
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Belgian State Gazette acts: 1 of 4 read
Age3 yrs
Board1
Real estate1 parcel · 1,896 m²

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of VSF MANAGEMENT is 0.4% (very low). The 2025 annual accounts show equity of €980k and a net result of €647k. Its solvency ranks better than 17% of 309 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 2 annual accounts.

Signals

2 signals · with evidence
Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 309 sector peers (2025).
View the sector comparison
Consistently profitable
Positive net result in the two most recent financial years (2024 and 2025).
View the result trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide
Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-06-2026, 58 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
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.
How we compute the deadline
The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.
Deadline per financial year
Year closed Due by Filed Variance Reference
31-12-2025 31-07-2026 03-06-2026 58 d early 2026-00135045
31-12-2024 31-07-2025 03-06-2025 58 d early 2025-00116995
31-12-2023 31-07-2024 30-05-2024 62 d early 2024-00102187

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals
More than 3 years active
Founded in 2023, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone
0.4% Very low
0%0,5%1,5%4%10%≥25%
Lower-failure-rate sector −Young company +Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€647k+132.1%
Working capital€-1.21M+42.4%

Annual accounts & ratios

Source: NBB · 2025
Annual accounts filed on 03-06-2026 with the NBB · fiscal year 2025 · volledig
€0€500k€1.00MOperating result 2024: €599k€599kNet result 2024: €279k€279kOperating result 2025: €1.19M€1.19MNet result 2025: €647k€647k20242025
Operating resultNet result
Sector comparison
Fiscal year 2025 · NACE 70, Head offices & management consulting · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency 8.6% 42.2%
better than 17% of 309 sector peers
Net result €647k €54k
better than 86% of 308 sector peers
Equity €980k €210k
better than 70% of 309 sector peers
Gross operating margin €1.19M €83k
better than 95% of 256 sector peers
Employees (FTE) 0.0 1.6
better than 15% of 90 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€1.19M
- 24-25
Net profit
€647k
+132.1% 24-25
Cash flow
€652k
- 24-25
Total assets
€11.34M
+8.9% 24-25
Equity
€980k
+194.4% 24-25
Working capital
€-1.21M
+42.4% 24-25
Employees (FTE)
0
- 24-25
Income taxes
€191k
+105.0% 24-25
Show 10 other metrics
Debt
€10.36M
+2.8% 24-25
Debt ≤ 1y
€1.82M
-24.1% 24-25
Debt > 1y
€8.51M
+11.3% 24-25
Current ratio
0.33
+176.5% 24-25
Quick ratio
0.33
+176.5% 24-25
Solvency
8.6%
+170.4% 24-25
Debt / equity
10.57
-65.1% 24-25
ROE
66.0%
-21.2% 24-25
ROA
5.7%
+113.1% 24-25
Interest coverage
2.77
- 24-25
Figures by fiscal year
Fiscal year2025
Depositvolledig
Revenue-
EBITDA€1.19M
Net profit€647k
Cash flow€652k
Staff costs-
Income taxes€191k
Dividends-
Total assets€11.34M
Equity€980k
Debt€10.36M
of which ≤ 1y€1.82M
of which > 1y€8.51M
Working capital€-1.21M
Employees (FTE)0.0
Ratios (computed)
2025
Current ratio0.33
Quick ratio0.33
Working capital ratio-10.7%
Solvency8.6%
Debt / equity10.57
Long-term debt ratio8.68
Interest coverage2.77
Gross margin-
Net margin-
ROA5.7%
ROE66.0%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€11.34M
Fixed assets 21/28€10.74M
Intangible fixed assets 21€150k
Tangible fixed assets 22/27€916
Financial fixed assets 28€10.59M
Current assets 29/58€603k
Amounts receivable within one year 40/41€466k
Cash & bank 54/58€130k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€11.34M
Equity 10/15€980k
Contributions / capital 10/11€10k
Reserves 13€970k
Amounts payable 17/49€10.36M
Amounts payable after one year 17€8.51M
Amounts payable within one year 42/48€1.82M
Trade debts payable within one year 44€17k
Income statement
Gross operating margin 9900€1.19M
Operating result 9901€1.19M
Financial income 75€80k
Financial charges 65€430k
Result before taxes 9903€838k
Income taxes 67/77€191k
Net result for the period 9904€647k
Result to be appropriated 9905€647k
This table shows the latest fiscal year. 1 prior year, with figures and ratios, belongs to a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2025 · computed
46 / 100 Fair
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

1 director
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
  • PHARMACIE BLAIRVACQLegal entity
    Director· perm. rep.: François VAN SULL
    State Gazette act 23159146 (13-12-2023)
    Current
    01-12-2023 → present
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies(70200)
Legal form Private limited company(610)
Incorporation24-05-2023
StatusActive
Postal code4550

Structure & network

Locations & real estate

Registered office

on the map · from the address register
exact location from the address register On OpenStreetMap
8 companies at this address See who is registered here

Establishment units

1 location
VSF MANAGEMENT
Route du Condroz 322, 4550 NandrinOverige diensten op het gebied van informatietechnologie en computer
since 20232.345.470.886
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area1,896 m²
Buildings1
Building footprint655 m²

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
61043B0005/00H000 Wallonia 1,896 m² 1 · 655 m² -
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

1 of 4 acts read

Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

What every Belgian State Gazette publication actually says, each act broken down into appointments, capital movements, seat moves and statute amendments.

2026
11-08-2026 Resignations & appointments
5 facts
  • General meeting , 7 août 2026
  • Demerger , transmission de la branche d’activité « gestion de plusieurs participations dans des sociétés exploitant des pharmacies et l’exploitation des fonds de commerce…
  • Net-asset statement , 31 décembre 2025
  • Accounting effect , 31 décembre 2025
  • Capital reduction , 127911.26, EUR

Analysis

Financial profile

5 of 5 axes measured
Health46Profitability100Solvency6Growth78Stability94
65 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 46
Profitability 100
Solvency 6
Growth 78
Stability 94

Credit advice

verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Similar

Similar companies

Comparable size, same sector
We hold annual accounts for 15,456 of the 82,029 companies in this sector. 6,001 of them are within a factor 10 of this company's equity.

Company registry

Company registry (CBE)

Crossroads Bank
Activities
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220Holdings64200Activiteiten van holdings64210Overige ondersteunende activiteiten in verband met financiële diensten, exclusief verzekeringen en pensioenfondsen, n.e.g.66199Overige ondersteunende activiteiten in verband met financiële diensten, neg, exclusief verzekeringen en pensioenfondsen66199Handel in eigen onroerend goed68100Handel in eigen onroerend goed68110Activiteiten van hoofdkantoren70100Activiteiten van hoofdkantoren70100Overige zakelijke dienstverlening, n.e.g.82990Overige zakelijke dienstverlening, neg82990
Primary activity highlighted.
Names & trade names
Legal nameFR VSF MANAGEMENT
Registered office
Route du Condroz 322
4550 Nandrin, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.