VF Capital
ActiveSummary
VF Capital has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €462.83M and a net result of €20.39M. Equity is growing by ~4.3% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability48▼-6
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 38.55 against 42.5 in 2024; short-term debt: 1.3% and cash: 0.4% of total assets), and 1.8% 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 · 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
98.2%
Return on assets
4.3%
Age of the figures
9 mo
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
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
63 d late
2023
8 d early
2022
32 d early
2021
31 d late
2020
31 d late
2019
70 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, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€20.39M▼ 33.0%
2024 · €30.44M
2018: €22.46M
2019: €2.49M▼ -88.9% vs 2018lowest in 8 years
2020: €8.37M▲ +237% vs 2019
2021: €19.03M▲ +127% vs 2020
2022: €27.07M▲ +42.3% vs 2021
2023: €17.88M▼ -34.0% vs 2022
2024: €30.44M▲ +70.3% vs 2023highest in 8 years
2025: €20.39M▼ -33.0% vs 2024
2018 → 2025
Working capital
€225.98M▲ 4.7%
2024 · €215.74M
2018: €329.81Mhighest in 8 years
2019: €309.12M▼ -6.3% vs 2018
2020: €303.14M▼ -1.9% vs 2019
2021: €279.21M▼ -7.9% vs 2020
2022: €265.17M▼ -5.0% vs 2021
2023: €235.40M▼ -11.2% vs 2022
2024: €215.74M▼ -8.4% vs 2023lowest in 8 years
2025: €225.98M▲ +4.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€384.62M-€409.69M▲ 6.5%€423.57M▲ 3.4%€447.44M▲ 5.6%€462.83M▲ 3.4%
2021: €384.62Mlowest in 5 years
2022: €409.69M▲ +6.5% vs 2021
2023: €423.57M▲ +3.4% vs 2022
2024: €447.44M▲ +5.6% vs 2023
2025: €462.83M▲ +3.4% vs 2024highest in 5 years
Operating result€-190k-€-327k▼ 72.0%€-4.51M▼ 1,279%€-910k▲ 79.8%€-877k▲ 3.6%
2021: €-190khighest in 5 years
2022: €-327k▼ -72.0% vs 2021
2023: €-4.51M▼ -1279% vs 2022lowest in 5 years
2024: €-910k▲ +79.8% vs 2023
2025: €-877k▲ +3.6% vs 2024
Net result€19.03M-€27.07M▲ 42.3%€17.88M▼ 34.0%€30.44M▲ 70.3%€20.39M▼ 33.0%
2021: €19.03M
2022: €27.07M▲ +42.3% vs 2021
2023: €17.88M▼ -34.0% vs 2022lowest in 5 years
2024: €30.44M▲ +70.3% vs 2023highest in 5 years
2025: €20.39M▼ -33.0% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €877k in 2025 against €910k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €471.19M
Fixed assets
€239.20M ▲ 1.7%
Current assets
€232.00M ▲ 5.0%
Equity and liabilities €471.19M
Equity
€462.83M ▲ 3.4%
Debt
€8.36M ▼ 4.2%
Debt's share of the balance-sheet total falls from 1.9% to 1.8%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
38.55▼
2024 · 42.50
Debt to equity
0.02▼
2024 · 0.02
ROE
4.4%▼
2024 · 6.8%
ROA
4.3%▼
2024 · 6.7%
Debt ≤ 1 year
€6.02M▲
2024 · €5.20M
Debt > 1 year
€2.29M▼
2024 · €3.47M
Income taxes
€1.89M▲
2024 · €1.43M
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 · 68 lines
Balance sheet
Code20242025
Assets
Total assets20/58€456.17M€471.19M▲
Fixed assets21/28€235.23M€239.20M▲
Financial fixed assets28€235.23M€239.20M▲
Affiliated companies280/1€35.88M€40.19M▲
Participating interests280€10.60M€10.60M=
Amounts receivable281€25.28M€29.59M▲
Other financial fixed assets284/8€199.35M€199.01M▼
Shares284€199.35M€199.01M▼
Current assets29/58€220.94M€232.00M▲
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€1.61M€1.63M▲
Other amounts receivable41€1.61M€1.63M▲
Current investments50/53€210.12M€228.05M▲
Other investments51/53€210.12M€228.05M▲
Cash at bank and in hand54/58€9.12M€2.05M▼
Deferred charges and accrued income490/1€93k€269k▲
Equity and liabilities
Total equity and liabilities10/49€456.17M€471.19M▲
Equity10/15€447.44M€462.83M▲
Contributions10/11€1.00M€1.00M=
Capital10€1.00M€1.00M=
Issued capital100€1.00M€1.00M=
Reserves13€104k€104k=
Non-distributable reserves130/1€104k€104k=
Legal reserve130€100k€100k=
Reserves not available under the articles1311€4k€4k=
Profit (loss) carried forward14€446.34M€461.73M▲
Amounts payable17/49€8.72M€8.36M▼
Amounts payable after more than one year17€3.47M€2.29M▼
Financial debts170/4€3.47M€2.29M▼
Other loans174€3.47M€2.29M▼
Amounts payable within one year42/48€5.20M€6.02M▲
Financial debts43€10k€13k▲
Credit institutions430/8€10k€13k▲
Trade debts44€23k€54k▲
Suppliers440/4€23k€54k▲
Taxes, remuneration and social security45€50k€816k▲
Taxes450/3€50k€816k▲
Other amounts payable47/48€5.12M€5.13M▲
Accrued charges and deferred income492/3€59k€50k▼
Income statement
Code20242025
Operating income70/76A-€48k
Other operating income74-€48k
Operating charges60/66A€910k€925k▲
Services and other goods61€909k€924k▲
Other operating charges640/8€968€998▲
Non-recurring operating charges66A€0-
Operating profit (loss)9901€-910k€-877k▲
Financial income75/76B€38.09M€33.85M▼
Recurring financial income75€38.09M€30.67M▼
Income from financial fixed assets750€29.40M€13.92M▼
Income from current assets751€3.75M€5.74M▲
Other financial income752/9€4.94M€11.00M▲
Non-recurring financial income76B-€3.19M
Financial charges65/66B€5.31M€10.70M▲
Recurring financial charges65€2.12M€1.11M▼
Debt charges650€606k€453k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€-287k€-2.12M▼
Other financial charges652/9€1.80M€2.78M▲
Non-recurring financial charges66B€3.19M€9.58M▲
Profit (loss) for the period before taxes9903€31.87M€22.28M▼
Income taxes67/77€1.43M€1.89M▲
Taxes670/3€1.43M€2.31M▲
Tax adjustments and reversals of tax provisions77€0€422k▲
Profit (loss) for the period9904€30.44M€20.39M▼
Profit (loss) for the period to be appropriated9905€30.44M€20.39M▼
Appropriation of the result
Profit (loss) to be appropriated9906€451.34M€466.73M▲
Profit (loss) brought forward from the previous period14P€420.90M€446.34M▲
Profit to be distributed694/7€5.00M€5.00M=
Return on contributions (dividend)694€5.00M€5.00M=
The notes to these accounts (47 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €48k | - |
| Other operating income74 | - | - | - | - | €48k | - |
| Operating charges60/66A | - | €327k | €4.51M | €910k | €925k | ▲ 1.7% |
| Services and other goods61 | - | €327k | €236k | €909k | €924k | ▲ 1.7% |
| Other operating charges640/8 | €868 | €868 | €2k | €968 | €998 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | €4.28M | €0 | - | - |
| Gross operating margin9900 | €-190k | - | - | - | - | - |
| Operating profit (loss)9901 | €-190k | €-327k | €-4.51M | €-910k | €-877k | ▲ 3.6% |
| Financial income75/76B | €23.17M | €41.04M | €24.97M | €38.09M | €33.85M | ▼ 11.1% |
| Recurring financial income75 | €23.17M | €41.04M | €24.97M | €38.09M | €30.67M | ▼ 19.5% |
| Income from financial fixed assets750 | - | - | - | €29.40M | €13.92M | ▼ 52.6% |
| Income from current assets751 | - | €10.90M | €15.71M | €3.75M | €5.74M | ▲ 53.2% |
| Other financial income752/9 | - | €30.14M | €9.26M | €4.94M | €11.00M | ▲ 123% |
| Non-recurring financial income76B | - | - | - | - | €3.19M | - |
| Financial charges65/66B | €2.07M | €12.07M | €1.21M | €5.31M | €10.70M | ▲ 102% |
| Recurring financial charges65 | €2.07M | €12.07M | €1.21M | €2.12M | €1.11M | ▼ 47.4% |
| Debt charges650 | - | €303k | €632k | €606k | €453k | ▼ 25.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | €7.51M | €440k | €-287k | €-2.12M | ▼ 638% |
| Other financial charges652/9 | - | €4.26M | €137k | €1.80M | €2.78M | ▲ 54.4% |
| Non-recurring financial charges66B | - | - | - | €3.19M | €9.58M | ▲ 201% |
| Profit (loss) for the period before taxes9903 | €20.91M | €28.64M | €19.24M | €31.87M | €22.28M | ▼ 30.1% |
| Income taxes67/77 | €1.88M | €1.57M | €1.37M | €1.43M | €1.89M | ▲ 32.2% |
| Taxes670/3 | - | €1.57M | €1.38M | €1.43M | €2.31M | ▲ 61.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | €8k | €0 | €422k | - |
| Profit (loss) for the period9904 | €19.03M | €27.07M | €17.88M | €30.44M | €20.39M | ▼ 33.0% |
| Profit (loss) for the period to be appropriated9905 | €19.03M | €27.07M | €17.88M | €30.44M | €20.39M | ▼ 33.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €391.24M | €415.87M | €431.38M | €456.17M | €471.19M | ▲ 3.3% |
| Fixed assets21/28 | €109.02M | €148.03M | €191.67M | €235.23M | €239.20M | ▲ 1.7% |
| Financial fixed assets28 | €109.02M | €148.03M | €191.67M | €235.23M | €239.20M | ▲ 1.7% |
| Affiliated companies280/1 | - | €19.57M | €35.29M | €35.88M | €40.19M | ▲ 12.0% |
| Participating interests280 | - | - | €10.60M | €10.60M | €10.60M | = |
| Amounts receivable281 | - | €19.57M | €24.69M | €25.28M | €29.59M | ▲ 17.1% |
| Other financial fixed assets284/8 | - | €128.46M | €156.38M | €199.35M | €199.01M | ▼ 0.2% |
| Shares284 | - | €128.46M | €156.38M | €199.35M | €199.01M | ▼ 0.2% |
| Current assets29/58 | €282.22M | €267.84M | €239.71M | €220.94M | €232.00M | ▲ 5.0% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €5.83M | €6.98M | €3.21M | €1.61M | €1.63M | ▲ 1.3% |
| Trade receivables40 | €108k | €0 | - | - | - | - |
| Other amounts receivable41 | €5.72M | €6.98M | €3.21M | €1.61M | €1.63M | ▲ 1.3% |
| Current investments50/53 | €183.77M | €174.28M | €232.22M | €210.12M | €228.05M | ▲ 8.5% |
| Other investments51/53 | - | €174.28M | €232.22M | €210.12M | €228.05M | ▲ 8.5% |
| Cash at bank and in hand54/58 | €92.49M | €86.40M | €4.14M | €9.12M | €2.05M | ▼ 77.5% |
| Deferred charges and accrued income490/1 | €128k | €188k | €132k | €93k | €269k | ▲ 189% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €391.24M | €415.87M | €431.38M | €456.17M | €471.19M | ▲ 3.3% |
| Equity10/15 | €384.62M | €409.69M | €423.57M | €447.44M | €462.83M | ▲ 3.4% |
| Contributions10/11 | €1.00M | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Capital10 | €1.00M | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Issued capital100 | €1.00M | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Reserves13 | €104k | €104k | €104k | €104k | €104k | = |
| Non-distributable reserves130/1 | €104k | €104k | €104k | €104k | €104k | = |
| Legal reserve130 | €100k | €100k | €100k | €100k | €100k | = |
| Reserves not available under the articles1311 | €4k | €4k | €4k | €4k | €4k | = |
| Profit (loss) carried forward14 | €383.52M | €408.59M | €422.46M | €446.34M | €461.73M | ▲ 3.4% |
| Amounts payable17/49 | €6.62M | €6.18M | €7.81M | €8.72M | €8.36M | ▼ 4.2% |
| Amounts payable after more than one year17 | €3.51M | €3.48M | €3.48M | €3.47M | €2.29M | ▼ 33.9% |
| Financial debts170/4 | €3.51M | €3.48M | €3.48M | €3.47M | €2.29M | ▼ 33.9% |
| Other loans174 | - | €3.48M | €3.48M | €3.47M | €2.29M | ▼ 33.9% |
| Amounts payable within one year42/48 | €3.01M | €2.67M | €4.31M | €5.20M | €6.02M | ▲ 15.8% |
| Financial debts43 | - | €4k | €11k | €10k | €13k | ▲ 32.4% |
| Credit institutions430/8 | - | €4k | €11k | €10k | €13k | ▲ 32.4% |
| Trade debts44 | €14k | €22k | €131k | €23k | €54k | ▲ 136% |
| Suppliers440/4 | €14k | €22k | €131k | €23k | €54k | ▲ 136% |
| Taxes, remuneration and social security45 | €721k | €531k | €50k | €50k | €816k | ▲ 1,544% |
| Taxes450/3 | €721k | €531k | €50k | €50k | €816k | ▲ 1,544% |
| Other amounts payable47/48 | €2.28M | €2.12M | €4.12M | €5.12M | €5.13M | ▲ 0.4% |
| Accrued charges and deferred income492/3 | €98k | €28k | €25k | €59k | €50k | ▼ 15.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19.03M | €27.07M | €17.88M | €30.44M | €20.39M | ▼ 33.0% |
| Operating cash flow (approximation) | €19.03M | €27.07M | €17.88M | €30.44M | €20.39M | ▼ 33.0% |
| Investment in fixed assets (approximation) | - | €-39.01M | €-43.64M | €-43.56M | €-3.96M | ▲ 90.9% |
| Change in cash | - | €-6.10M | €-82.25M | €4.97M | €-7.07M | ▼ 242% |
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
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
20-05
State Gazette act
General meeting · Director resignation
Director appointment · Mandate compensation
2025
02-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 63 days late
17-02
State Gazette act
General meeting · Correction
Joint declaration · Contribution in kind · Frederic HELSEN
2024
31-12
Financial
Highest result since 2018net €30.44M ▲70.3%
Net result €30.44M, the highest in the series.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
21-11
State Gazette act
General meeting · Director reappointment
Permanent representative · Mandate compensation
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 70 days late
2019
31-12
Financial
Weakest financial yearnet €2.49M ▼88.9%
Net result drops to €2.49M, the lowest in the series; recovery starts the following year.
Show earlier events
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-10
State Gazette act
General meeting · Statutes amendment
Approval · Capital decrease · Frank Liesse
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
02-06
State Gazette act
Incorporation · Founding capital
Bank account · Corporate purpose
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has 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.
Directors · office · real estate
Directors
7 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, Lubbeek · 1 establishment unit since 2013
Ground area
5.2 ha
Building footprint
642 m²
Volume, LiDAR
8,010 m³
Parcel 24063C0090/00C000, Flanders · tallest building 22.2 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
VF Capital
since 20132.226.299.161
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24063C0090/00C000 | Flanders | 5.2 ha | 1 · 642 m² | 22.2 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.
Structure & network
Connections & network
3 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
Shared director
→
Shared director
→
Shared director
→
Ownership & control
2 board mandatesBoard mandates of this companythis company sits on their board2
1 location
1 location
Recognitions · licences · registrations
Legal Entity Identifier
549300BYYAUJ4LTJ7F28
Identification & contact
Identification
Legal formPublic limited company
Founded22-11-2013
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.