ACTIVE

VM

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Financial year 2025 · closed on 30/09/2025

Net result

-2 k €

-102.6% YoY

Gross margin

64,7 k €

-62.7% YoY

Equity

2,3 M €

-0.1% YoY

What does VM do?

VM is a Private limited company incorporated in 1997. Its main activity is: Management consultancy activities. Its registered office is in Waregem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0461.301.217

Incorporation

22/08/1997

Legal form

Private limited company

Registered office

Driekavenstraat 26
8790 Waregem · FlandreSee on map

Contributed capital

33 140,65 €

Latest accounts

30/09/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	64,7 k €	-62.7%	173,2 k €	+80.9%	95,7 k €	+7.3%	89,2 k €	+6.2%	84 k €	-32.1%	123,7 k €	-81.4%	666,5 k €	+144%	272,8 k €	+3.0%	264,8 k €	+76.0%	150,5 k €	+34.6%	111,8 k €	+18.3%	94,5 k €	-23.2%	123,1 k €	+46.0%	84,3 k €	-4.2%	88 k €	-6.8%	94,5 k €	+27.2%	74,3 k €	+17.7%	63,1 k €
EBITDA	58,7 k €	-65.2%	168,7 k €	+90.0%	88,8 k €	+1.9%	87,1 k €	+10.3%	79 k €	-63.4%	215,6 k €	-67.3%	659,3 k €	+147%	266,5 k €	+2.9%	258,9 k €	+79.1%	144,6 k €	+36.5%	106 k €	+16.5%	90,9 k €	-24.0%	119,6 k €	+143%	49,1 k €	-62.0%	129,2 k €	+59.6%	80,9 k €	+33.9%	60,4 k €	-21.4%	76,9 k €
Operating result	-33 k €	-141%	80,5 k €	+4679%	1,7 k €	+61.2%	1 k €	+120%	-5,1 k €	-104%	131 k €	-77.2%	574,3 k €	+226%	176,2 k €	+2.2%	172,3 k €	+221%	53,7 k €	+165%	20,3 k €	+33.2%	15,2 k €	-73.8%	58 k €	+1641%	-3,8 k €	-104%	83,8 k €	+54.7%	54,1 k €	+73.0%	31,3 k €	+249%	-21,1 k €
Net result	-2 k €	-103%	74,3 k €	+1740%	-4,5 k €	-143%	10,4 k €	+203%	-10,1 k €	-101%	1,6 M €	+410%	321,2 k €	+282%	84 k €	+59.0%	52,8 k €	+324%	12,4 k €	-96.3%	335,3 k €	+2567%	-13,6 k €	-127%	50,2 k €	-85.5%	345,5 k €	+487%	58,9 k €	+57.8%	37,3 k €	-89.9%	371 k €	+60.5%	231,2 k €
Balance sheet
Equity	2,3 M €	-0.1%	2,3 M €	+3.4%	2,2 M €	-0.2%	2,2 M €	-13.7%	2,5 M €	-0.4%	2,6 M €	+108%	1,2 M €	+35.4%	907,8 k €	+10.2%	823,8 k €	+6.9%	771 k €	+1.6%	758,5 k €	+79.2%	423,2 k €	-3.1%	436,8 k €	+13.0%	386,6 k €	+842%	41,1 k €	-92.9%	582,2 k €	+6.8%	544,9 k €	-25.6%	732,7 k €
Total assets	2,5 M €	-3.9%	2,6 M €	+4.6%	2,5 M €	-1.5%	2,5 M €	-8.5%	2,7 M €	-6.4%	2,9 M €	-7.1%	3,1 M €	+79.0%	1,8 M €	+6.0%	1,7 M €	-4.8%	1,7 M €	+1.6%	1,7 M €	+19.4%	1,4 M €	+10.2%	1,3 M €	+15.3%	1,1 M €	+36.7%	824,3 k €	+1.2%	814,2 k €	+2.2%	796,9 k €	-19.5%	990,2 k €
Cash	1,1 M €	+92.2%	589,8 k €	+60.6%	367,2 k €	-68.1%	1,2 M €	-17.2%	1,4 M €	-10.1%	1,5 M €	+27.7%	1,2 M €	+208%	393,2 k €	+78.2%	220,6 k €	-8.3%	240,5 k €	+18.3%	203,3 k €	+429%	38,4 k €	-82.6%	221,1 k €	-4.8%	232,3 k €	+196%	78,5 k €	+18.6%	66,2 k €	+576%	9,8 k €	-94.6%	181,2 k €
Debts	212,7 k €	-31.4%	310,3 k €	+14.4%	271,2 k €	-10.0%	301,3 k €	+60.5%	187,8 k €	-48.3%	363,3 k €	-79.9%	1,8 M €	+143%	747 k €	+2.2%	730,8 k €	-16.0%	870,2 k €	+1.7%	855,2 k €	-6.2%	912,1 k €	+19.1%	765,6 k €	+19.0%	643,2 k €	-10.4%	717,6 k €	+490%	121,5 k €	-20.3%	152,6 k €	-10.3%	170,2 k €

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 · 1 active · 3 ended

Active mandates

Nathalie Maes

Director

Active

Ended mandates

Nathalie Maes

Director · since 24 juin 2019

Ended

NATALIE MAES

Manager · since 20 août 1997

Ended

NATALIE MAES

Director

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Micro model	Micro model	Micro model	Abridged model	Micro 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	23/10/2025	18/12/2024	29/04/2024	02/05/2023	29/03/2022	30/04/2021
General meeting	23/10/2025	28/11/2024	29/04/2024	31/03/2023	25/02/2022	31/03/2021
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	23/10/2025	23/10/2025	Dutch	PDF
Micro model	30/09/2024	28/11/2024	18/12/2024	Dutch	PDF
Micro model	30/09/2023	29/04/2024	29/04/2024	Dutch	PDF
Micro model	30/09/2022	31/03/2023	02/05/2023	Dutch	PDF
Abridged model	30/09/2021	25/02/2022	29/03/2022	Dutch	PDF
Micro model	30/09/2020	31/03/2021	30/04/2021	Dutch	PDF
Micro model	30/09/2019	10/04/2020	05/05/2020	Dutch	PDF
Micro model	30/09/2018	22/02/2019	14/03/2019	Dutch	PDF
Micro model	30/09/2017	07/03/2018	05/04/2018	Dutch	PDF
Abridged model	30/09/2016	02/03/2017	30/03/2017	Dutch	PDF
Abridged model	30/09/2015	02/03/2016	30/03/2016	Dutch	PDF
Abridged model	30/09/2014	16/03/2015	30/03/2015	Dutch	PDF
Abridged model	30/09/2013	28/02/2014	18/03/2014	Dutch	PDF
Abridged model	30/09/2012	22/02/2013	21/03/2013	Dutch	PDF
Abridged model	30/09/2011	24/02/2012	14/03/2012	Dutch	PDF
Abridged model	30/09/2010	30/03/2011	29/04/2011	Dutch	PDF
Abridged model	30/09/2009	26/02/2010	04/03/2010	Dutch	PDF
Abridged model	30/09/2008	27/02/2009	05/03/2009	Dutch	PDF
Abridged model	30/09/2007	29/02/2008	17/03/2008	Dutch	PDF
Abridged model	30/09/2006	23/02/2007	13/03/2007	Dutch	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 · 1 active · 3 ended

Active mandates

Nathalie Maes

Director

Active

Ended mandates

Nathalie Maes

Director · since 24 juin 2019

Ended

NATALIE MAES

Manager · since 20 août 1997

Ended

NATALIE MAES

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Restructuring10/07/2019
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring06/05/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Registered office09/08/2013
MAATSCHAPPELIJKE ZETEL
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 2025-2 k €↓
2024
Annual accounts 202474,3 k €↑
2023
Annual accounts 2023-4,5 k €↓
2022
Annual accounts 202210,4 k €↑
2020
Annual accounts 2020-10,1 k €↓
2019
Annual accounts 20191,6 M €↑
2018
Annual accounts 2018321,2 k €↑
2017
Annual accounts 201784 k €↑
2016
Annual accounts 201652,8 k €↑
2015
Annual accounts 201512,4 k €↓
2014
Annual accounts 2014335,3 k €↑
2013
Annual accounts 2013-13,6 k €↓
2012
Annual accounts 201250,2 k €↓
2011
Annual accounts 2011345,5 k €↑
2010
Annual accounts 201058,9 k €↑
2009
Annual accounts 200937,3 k €↓
2008
Annual accounts 2008371 k €↑
2007
Annual accounts 2007231,2 k €
22/08/1997
IncorporationPrivate 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

VM

Overview

What does VM do?

Trend over 18 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