ACTIVE

VMI

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Financial year 2025 · closed on 30/09/2025

Net result

229,4 k €

-18.9% YoY

Gross margin

923,5 k €

-7.9% YoY

Equity

2 M €

+3.1% YoY

What does VMI do?

VMI is a Public limited company incorporated in 1989. Its main activity is: Development of building projects. Its registered office is in Oreye.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.252.334

Incorporation

31/08/1989

Legal form

Public limited company

Registered office

Chaussée Romaine 79
4360 Oreye · WallonieSee on map

Contributed capital

99 157,41 €

Latest accounts

30/09/2025

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate 70111Activities of head offices

Contacts

2 public details availableLog in to view

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	923,5 k €	-7.9%	1 M €	+4.5%	958,8 k €	+5.5%	908,5 k €	-3.6%	942,7 k €	+7.4%	877,5 k €	-1.5%	890,8 k €	-26.6%	1,2 M €	-3.6%	1,3 M €	+42.6%	882,6 k €	+2.3%	862,6 k €	+5.5%	817,9 k €	+3.1%	793,2 k €	+18.5%	669,4 k €	+3.1%	649,5 k €	+23.7%	524,9 k €	+3.1%	509 k €	+31.5%	387,2 k €	+2.6%	377,3 k €
EBITDA	727,4 k €	-9.5%	803,9 k €	-2.0%	820,5 k €	+5.6%	777,1 k €	+4.0%	747,5 k €	+2.7%	728,1 k €	-6.4%	777,5 k €	-29.3%	1,1 M €	-4.4%	1,2 M €	+54.0%	746,7 k €	-1.3%	756,9 k €	+8.6%	697,2 k €	+21.6%	573,6 k €	+16.9%	490,7 k €	+2.4%	479,1 k €	+9.6%	437,2 k €	-1.0%	441,8 k €	+29.3%	341,8 k €	+2.4%	333,6 k €
Operating result	380,7 k €	-20.6%	479,2 k €	+2.3%	468,4 k €	+19.1%	393,4 k €	+24.2%	316,7 k €	+3.9%	304,8 k €	+10.6%	275,7 k €	-59.6%	681,8 k €	-7.8%	739,6 k €	+132%	318,6 k €	-12.8%	365,3 k €	+19.6%	305,5 k €	+46.2%	209 k €	+45.3%	143,8 k €	-23.9%	189 k €	+11.9%	168,9 k €	-29.9%	241,1 k €	+76.8%	136,4 k €	+1.8%	134 k €
Net result	229,4 k €	-18.9%	282,7 k €	+3.9%	272,1 k €	+14.2%	238,3 k €	+35.1%	176,4 k €	+54.7%	114 k €	-19.0%	140,7 k €	-63.9%	389,3 k €	+29.3%	301,1 k €	+118%	138,1 k €	+277%	36,6 k €	-71.5%	128,6 k €	+62.5%	79,1 k €	+49.4%	52,9 k €	-46.3%	98,5 k €	+12.3%	87,7 k €	-46.2%	163 k €	+330%	37,9 k €	-35.1%	58,4 k €
Balance sheet
Equity	2 M €	+3.1%	1,9 M €	-3.1%	2 M €	+16.1%	1,7 M €	+6.2%	1,6 M €	+9.7%	1,5 M €	+8.5%	1,3 M €	+11.8%	1,2 M €	-8.1%	1,3 M €	+47.8%	880,3 k €	+18.6%	742,2 k €	+5.2%	705,6 k €	-7.6%	764 k €	-0.1%	764,9 k €	-3.4%	791,9 k €	-0.2%	793,4 k €	-5.1%	835,8 k €	+20.0%	696,2 k €	+5.8%	658,3 k €
Total assets	6,5 M €	+9.9%	5,9 M €	+3.7%	5,7 M €	+3.0%	5,5 M €	-3.3%	5,7 M €	+5.2%	5,4 M €	+11.3%	4,9 M €	+26.2%	3,9 M €	+4.8%	3,7 M €	-1.5%	3,7 M €	-3.7%	3,9 M €	-0.3%	3,9 M €	+0.4%	3,9 M €	+40.3%	2,8 M €	+10.8%	2,5 M €	+5.0%	2,4 M €	+3.3%	2,3 M €	+7.6%	2,1 M €	-0.8%	2,2 M €
Cash	1 M €	-40.5%	1,7 M €	-0.8%	1,7 M €	+12.9%	1,5 M €	-26.4%	2,1 M €	+17.9%	1,8 M €	+3.0%	1,7 M €	+37.9%	1,2 M €	+66.7%	743,2 k €	+71.5%	433,5 k €	+24.4%	348,4 k €	+824%	37,7 k €	-72.8%	138,7 k €	+306%	34,1 k €	-48.7%	66,6 k €	+138%	28 k €	-94.3%	492,6 k €	+108%	236,3 k €	-14.6%	276,6 k €
Debts	4,2 M €	+12.4%	3,8 M €	+7.5%	3,5 M €	-3.3%	3,6 M €	-6.5%	3,9 M €	+3.4%	3,8 M €	+14.8%	3,3 M €	+39.4%	2,3 M €	+5.9%	2,2 M €	-19.1%	2,7 M €	-11.0%	3,1 M €	-2.1%	3,1 M €	+2.3%	3,1 M €	+54.9%	2 M €	+21.4%	1,6 M €	+4.1%	1,6 M €	+7.6%	1,5 M €	+3.9%	1,4 M €	-6.1%	1,5 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 3 active · 14 ended

Active mandates

Alfred KEPPENNE

Managing director · since 22 novembre 2023 · until 23 avril 2029

Active

Hervé KEPPENNE

Director · since 22 novembre 2023 · until 23 avril 2029

Active

Olivier KEPPENNE

Director · since 22 novembre 2023 · until 23 avril 2029

Active

Ended mandates

Alfred KEPPENNE

Managing director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Hervé KEPPENNE

Director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Olivier KEPPENNE

Director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Alfred KEPPENNE

Mandate

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/05/2026	11/06/2025	27/05/2024	27/04/2023	31/05/2022	07/05/2021
General meeting	27/03/2026	10/03/2025	22/03/2024	24/03/2023	25/03/2022	26/03/2021
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
Abridged model	30/09/2025	27/03/2026	31/05/2026	French	PDF
Abridged model	30/09/2024	10/03/2025	11/06/2025	French	PDF
Abridged model	30/09/2023	22/03/2024	27/05/2024	French	PDF
Abridged model	30/09/2022	24/03/2023	27/04/2023	French	PDF
Abridged model	30/09/2021	25/03/2022	31/05/2022	French	PDF
Abridged model	30/09/2020	26/03/2021	07/05/2021	French	PDF
Abridged model	30/09/2019	27/03/2020	24/04/2020	French	PDF
Abridged model	30/09/2018	22/03/2019	09/04/2019	French	PDF
Abridged model	30/09/2017	23/03/2018	26/03/2018	French	PDF
Abridged model	30/09/2016	24/03/2017	11/04/2017	French	PDF
Abridged model	30/09/2015	26/03/2016	30/03/2016	French	PDF
Abridged model	30/09/2014	27/03/2015	30/03/2015	French	PDF
Abridged model	30/09/2013	28/03/2014	05/04/2014	French	PDF
Abridged model	30/09/2012	22/03/2013	05/04/2013	French	PDF
Abridged model	30/09/2011	23/03/2012	12/04/2012	French	PDF
Abridged model	30/09/2010	25/03/2011	04/04/2011	French	PDF
Abridged model	30/09/2009	26/03/2010	29/03/2010	French	PDF
Abridged model	30/09/2008	27/03/2009	31/03/2009	French	PDF
Abridged model	30/09/2007	28/03/2008	17/11/2008	French	PDF
Abridged model	30/09/2006	23/03/2007	28/03/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 30/09/2025 · 3 active · 14 ended

Active mandates

Alfred KEPPENNE

Managing director · since 22 novembre 2023 · until 23 avril 2029

Active

Hervé KEPPENNE

Director · since 22 novembre 2023 · until 23 avril 2029

Active

Olivier KEPPENNE

Director · since 22 novembre 2023 · until 23 avril 2029

Active

Ended mandates

Alfred KEPPENNE

Managing director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Hervé KEPPENNE

Director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Olivier KEPPENNE

Director · since 04 janvier 2018 · until 04 janvier 2024

Ended

Alfred KEPPENNE

Mandate

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Capital / shares19/04/2018
CAPITAL, ACTIONS
PDF
Capital / shares09/04/2014
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates17/05/2013
DEMISSIONS, NOMINATIONS
PDF
Mandates17/01/2012
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates01/08/2007
DEMISSIONS, NOMINATIONS
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 2025229,4 k €↓
2024
Annual accounts 2024282,7 k €↑
2023
Annual accounts 2023272,1 k €↑
2022
Annual accounts 2022238,3 k €↑
2021
Annual accounts 2021176,4 k €↑
2020
Annual accounts 2020114 k €↓
2019
Annual accounts 2019140,7 k €↓
2018
Annual accounts 2018389,3 k €↑
2017
Annual accounts 2017301,1 k €↑
2016
Annual accounts 2016138,1 k €↑
2015
Annual accounts 201536,6 k €↓
2014
Annual accounts 2014128,6 k €↑
2013
Annual accounts 201379,1 k €↑
2012
Annual accounts 201252,9 k €↓
2011
Annual accounts 201198,5 k €↑
2010
Annual accounts 201087,7 k €↓
2009
Annual accounts 2009163 k €↑
2008
Annual accounts 200837,9 k €↓
2007
Annual accounts 200758,4 k €
31/08/1989
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

VMI

Overview

What does VMI do?

Trend over 19 financial years

Indicative valuation

Board of directors

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