ACTIVE

VANGAEVER

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Financial year 2025 · closed on 31/12/2025

Net result

80,9 k €

-55.4% YoY

Revenue

16,9 M €

-3.3% YoY

Equity

3,5 M €

+2.4% YoY

Workforce

26,2 ETP

-1.5% YoY

What does VANGAEVER do?

VANGAEVER is a Public limited company incorporated in 1969. Its registered office is in Waregem. It employs on average 26,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0406.729.314

Incorporation

01/01/1969

Legal form

Public limited company

Registered office

Kabeljauwstraat 20
8790 Waregem · FlandreSee on map

Contributed capital

900 000,00 €

Latest accounts

31/12/2025

Average workforce

26,2 ETP

Joint committees (4)

14904
200
2000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	16,9 M €	-3.3%	17,5 M €	-16.0%	20,8 M €	-3.7%	21,6 M €	+15.7%	18,7 M €	+21.4%	15,4 M €	-3.3%	15,9 M €	+23.8%	12,9 M €	+2.9%	12,5 M €	+20.5%	10,4 M €	+1.3%	10,2 M €	+12.1%	9,1 M €	-2.2%	9,3 M €	-4.5%	9,8 M €	+4.1%	9,4 M €	+18.1%	8 M €	+0.5%	7,9 M €	-14.7%	9,3 M €	-22.9%	12 M €	+3.9%	11,6 M €
EBITDA	866,4 k €	-41.8%	1,5 M €	+58.5%	939,6 k €	-28.8%	1,3 M €	-1.2%	1,3 M €	-28.2%	1,9 M €	+203%	612,8 k €	+26.9%	483 k €	-9.5%	533,8 k €	+69.3%	315,3 k €	+51.0%	208,8 k €	-37.3%	333,1 k €	+72.8%	192,7 k €	-60.9%	492,7 k €	+27.0%	387,8 k €	-23.7%	508,3 k €	+799%	56,5 k €	-84.0%	353 k €	-16.6%	423 k €	-29.8%	602,4 k €
Operating result	481,8 k €	-10.5%	538,4 k €	-12.7%	617 k €	-44.7%	1,1 M €	+2.4%	1,1 M €	-32.0%	1,6 M €	+327%	375,3 k €	+125%	166,8 k €	-32.0%	245,4 k €	+140%	102 k €	+20544%	-499,2 €	-101%	80,7 k €	+184%	-96,5 k €	-175%	128,5 k €	+366%	27,6 k €	-73.0%	102,2 k €	+131%	-331 k €	-173%	-121,4 k €	-190%	135,3 k €	-61.6%	352,2 k €
Net result	80,9 k €	-55.4%	181,4 k €	-40.3%	303,8 k €	-68.8%	974 k €	+1.7%	957,6 k €	-32.5%	1,4 M €	+340%	322,8 k €	+77.3%	182 k €	-25.8%	245,3 k €	-45.0%	446,2 k €	+163%	169,4 k €	+1744%	9,2 k €	-15.8%	10,9 k €	-66.1%	32,2 k €	+210%	10,4 k €	-49.2%	20,5 k €	+105%	-398,9 k €	-1718%	24,7 k €	-89.4%	231,5 k €	-24.8%	307,6 k €
Balance sheet
Equity	3,5 M €	+2.4%	3,4 M €	+5.7%	3,2 M €	+42.4%	2,3 M €	+12.2%	2 M €	+8.5%	1,8 M €	+29.3%	1,4 M €	-42.7%	2,5 M €	+0.5%	2,5 M €	+0.2%	2,5 M €	+11.0%	2,2 M €	+2.9%	2,2 M €	+0.4%	2,2 M €	+0.5%	2,1 M €	+1.5%	2,1 M €	+0.5%	2,1 M €	+1.0%	2,1 M €	-16.1%	2,5 M €	+1.0%	2,5 M €	+1.0%	2,4 M €
Total assets	11,2 M €	-5.4%	11,9 M €	-15.7%	14,1 M €	+8.9%	12,9 M €	+73.7%	7,4 M €	+0.9%	7,4 M €	+9.4%	6,7 M €	+6.5%	6,3 M €	-6.0%	6,7 M €	+9.0%	6,2 M €	-0.9%	6,2 M €	+5.6%	5,9 M €	-3.7%	6,1 M €	-8.3%	6,7 M €	-7.5%	7,2 M €	+15.3%	6,3 M €	+7.5%	5,8 M €	-18.4%	7,1 M €	-1.8%	7,3 M €	-7.9%	7,9 M €
Cash	191,9 k €	-43.2%	337,7 k €	-40.3%	565,8 k €	-15.7%	671,3 k €	+13.5%	591,5 k €	+19.6%	494,3 k €	+27.2%	388,7 k €	+6.1%	366,3 k €	-13.8%	425 k €	+72.6%	246,2 k €	+34.0%	183,8 k €	-62.5%	489,9 k €	+499%	81,8 k €	-77.5%	363,9 k €	+41.8%	256,7 k €	-73.9%	983,2 k €	+243%	286,6 k €	+667%	37,4 k €	-86.4%	274,8 k €	+159%	106,2 k €
Debts	7,5 M €	-11.7%	8,5 M €	-22.0%	10,8 M €	+2.4%	10,6 M €	+95.3%	5,4 M €	-1.8%	5,5 M €	+13.1%	4,9 M €	+43.5%	3,4 M €	-11.0%	3,8 M €	+17.2%	3,3 M €	-11.6%	3,7 M €	+1.7%	3,6 M €	-5.8%	3,9 M €	-12.3%	4,4 M €	-7.2%	4,7 M €	+24.9%	3,8 M €	+11.8%	3,4 M €	-21.4%	4,3 M €	-3.6%	4,5 M €	-17.0%	5,4 M €
Other
Workforce	26,2 ETP	-1.5%	26,6 ETP	-4.3%	27,8 ETP	+0.4%	27,7 ETP	+3.0%	26,9 ETP	+11.6%	24,1 ETP	-0.4%	24,2 ETP	+0.4%	24,1 ETP	+33.1%	18,1 ETP	+16.8%	15,5 ETP	-17.1%	18,7 ETP	-20.8%	23,6 ETP	+7.3%	22,0 ETP	-3.1%	22,7 ETP	-7.3%	24,5 ETP	-6.1%	26,1 ETP	+13.5%	23,0 ETP	-10.9%	25,8 ETP	-11.6%	29,2 ETP	-5.2%	30,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 35 ended

Active mandates

VG CONNECTIONS

Managing director · since 22 septembre 2023 · until 21 septembre 2029 · 0731.747.412

Represented by Bruno VANGAEVER

Active

VG SOLUTIONS

Managing director · since 22 septembre 2023 · until 21 septembre 2029 · 0819.214.587

Represented by Luc VANGAEVER

Active

Ended mandates

VG CONNECTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0731.747.412

Represented by Luc Vangaever

Ended

VG CONNECTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0731.747.412

Represented by Luc VANGAEVER

Ended

VG SOLUTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0819.214.587

Represented by Bruno Vangaever

Ended

Bruno VANGAEVER

Managing director · since 01 juin 2015 · until 16 juillet 2019

Ended

At this address

Other companies at this address

Company	CBE no.
VG REAL ESTATE● Active	0437.307.177

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	08/07/2026	01/07/2025	23/07/2024	12/07/2023	06/07/2022	06/07/2021
General meeting	30/06/2026	30/06/2025	28/06/2024	30/06/2023	30/06/2022	30/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	08/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	01/07/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	23/07/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	12/07/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	06/07/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	06/07/2021	Dutch	PDF
Full model	31/12/2019	29/06/2020	10/07/2020	Dutch	PDF
Full model	31/12/2018	17/04/2019	08/05/2019	Dutch	PDF
Full model	31/12/2017	29/06/2018	06/07/2018	Dutch	PDF
Full model	31/12/2016	28/06/2017	26/07/2017	Dutch	PDF
Full model	31/12/2015	28/06/2016	04/07/2016	Dutch	PDF
Full model	31/12/2014	01/06/2015	01/07/2015	Dutch	PDF
Full model	31/12/2013	30/06/2014	16/07/2014	Dutch	PDF
Full model	31/12/2012	03/06/2013	01/07/2013	Dutch	PDF
Full model	31/12/2011	04/06/2012	03/07/2012	Dutch	PDF
Full model	31/12/2010	06/06/2011	04/07/2011	Dutch	PDF
Full model	31/12/2009	28/06/2010	25/08/2010	Dutch	PDF
Full model	31/12/2008	29/06/2009	20/07/2009	Dutch	PDF
Full model	31/12/2007	23/06/2008	16/07/2008	Dutch	PDF
Full model	31/12/2006	04/06/2007	03/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 35 ended

Active mandates

VG CONNECTIONS

Managing director · since 22 septembre 2023 · until 21 septembre 2029 · 0731.747.412

Represented by Bruno VANGAEVER

Active

VG SOLUTIONS

Managing director · since 22 septembre 2023 · until 21 septembre 2029 · 0819.214.587

Represented by Luc VANGAEVER

Active

Ended mandates

VG CONNECTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0731.747.412

Represented by Luc Vangaever

Ended

VG CONNECTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0731.747.412

Represented by Luc VANGAEVER

Ended

VG SOLUTIONS

Director · since 16 juillet 2019 · until 16 juillet 2025 · 0819.214.587

Represented by Bruno Vangaever

Ended

Bruno VANGAEVER

Managing director · since 01 juin 2015 · until 16 juillet 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares18/06/2021
KAPITAAL - AANDELEN
PDF
Restructuring09/08/2019
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring15/05/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates27/07/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/07/2015
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202580,9 k €↓
2024
Annual accounts 2024181,4 k €↓
2023
Annual accounts 2023303,8 k €↓
2022
Annual accounts 2022974 k €↑
2021
Annual accounts 2021957,6 k €↓
2020
Annual accounts 20201,4 M €↑
2019
Annual accounts 2019322,8 k €↑
2018
Annual accounts 2018182 k €↓
2017
Annual accounts 2017245,3 k €↓
2016
Annual accounts 2016446,2 k €↑
2015
Annual accounts 2015169,4 k €↑
2014
Annual accounts 20149,2 k €↓
2013
Annual accounts 201310,9 k €↓
2012
Annual accounts 201232,2 k €↑
2011
Annual accounts 201110,4 k €↓
2010
Annual accounts 201020,5 k €↑
2009
Annual accounts 2009-398,9 k €↓
2008
Annual accounts 200824,7 k €↓
2007
Annual accounts 2007231,5 k €↓
2006
Annual accounts 2006307,6 k €
01/01/1969
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

VANGAEVER

Overview

What does VANGAEVER do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline