ACTIVE

VAS

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Financial year 2025 · closed on 31/12/2025

Net result

611,6 €

+35.2% YoY

Gross margin

57 k €

-16.6% YoY

Equity

285,9 k €

+0.2% YoY

What does VAS do?

VAS is a Public limited company incorporated in 1999. Its main activity is: Management consultancy activities. Its registered office is in Sint-Lievens-Houtem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0466.460.627

Incorporation

06/07/1999

Legal form

Public limited company

Registered office

Klein Zottegem 31
9521 Sint-Lievens-Houtem · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Signals

ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2008
Income statement
Gross margin	57 k €	-16.6%	68,4 k €	+25.1%	54,7 k €	+36.4%	40,1 k €	-10.8%	44,9 k €	-6.8%	48,2 k €	-28.1%	67 k €	-23.1%	87,2 k €	+42.2%	61,3 k €	+9.4%	56 k €	-35.2%	86,5 k €	-3.5%	89,6 k €	+14.8%	78,1 k €	-18.2%	95,4 k €	+15.5%	82,6 k €	-10.8%	92,6 k €	-25.2%	123,8 k €
EBITDA	43,5 k €	-19.8%	54,3 k €	+32.0%	41,1 k €	+45.1%	28,3 k €	-15.0%	33,3 k €	-4.6%	34,9 k €	-35.1%	53,8 k €	-27.0%	73,7 k €	+51.4%	48,7 k €	+11.4%	43,7 k €	-40.1%	72,9 k €	-5.0%	76,8 k €	+16.3%	66 k €	-20.6%	83,2 k €	+17.2%	71 k €	-12.4%	81 k €	-28.1%	112,7 k €
Operating result	7,8 k €	+20.1%	6,5 k €	+18.9%	5,4 k €	+776%	621 €	-85.0%	4,1 k €	-46.0%	7,6 k €	-71.1%	26,4 k €	-42.4%	45,8 k €	+120%	20,8 k €	+29.4%	16,1 k €	-64.4%	45,2 k €	-3.8%	47 k €	+43.7%	32,7 k €	-34.4%	49,8 k €	+45.2%	34,3 k €	-12.7%	39,3 k €	-25.4%	52,7 k €
Net result	611,6 €	+35.2%	452,2 €	-66.6%	1,4 k €	+155%	531,3 €	-70.4%	1,8 k €	-55.2%	4 k €	-80.4%	20,5 k €	-42.5%	35,7 k €	+316%	8,6 k €	+102%	4,3 k €	-81.5%	23 k €	+6.1%	21,7 k €	+111%	10,3 k €	-32.8%	15,3 k €	+230%	4,6 k €	-29.2%	6,5 k €	-49.2%	12,9 k €
Balance sheet
Equity	285,9 k €	+0.2%	285,3 k €	+0.2%	284,8 k €	+0.5%	283,5 k €	+0.2%	282,9 k €	+0.6%	281,1 k €	+1.4%	277,1 k €	+2.0%	271,6 k €	+7.0%	254 k €	+3.5%	245,4 k €	+1.8%	241,1 k €	+10.5%	218,1 k €	+11.0%	196,4 k €	+5.5%	186,2 k €	+8.9%	170,9 k €	+2.8%	166,2 k €	+8.2%	153,6 k €
Total assets	385,2 k €	-7.9%	418,3 k €	-7.5%	452 k €	+29.7%	348,6 k €	-6.9%	374,5 k €	-9.8%	415,2 k €	-2.7%	426,7 k €	-6.6%	456,7 k €	-4.6%	478,9 k €	-5.7%	507,8 k €	-10.8%	569,1 k €	-3.0%	586,4 k €	-4.3%	612,7 k €	-7.5%	662,1 k €	-3.2%	683,9 k €	-5.6%	724,9 k €	-8.9%	795,5 k €
Cash	28,4 k €	+79.2%	15,8 k €	-30.6%	22,8 k €	+79.0%	12,7 k €	+42.7%	8,9 k €	-63.1%	24,2 k €	+157%	9,4 k €	-29.9%	13,4 k €	+90.8%	7 k €	-6.9%	7,6 k €	-80.2%	38,3 k €	+39.3%	27,5 k €	-8.3%	29,9 k €	+839%	3,2 k €	-78.9%	15,1 k €	-3.1%	15,6 k €	+143%	6,4 k €
Debts	98,1 k €	-19.9%	122,5 k €	-21.8%	156,7 k €	+187%	54,6 k €	-30.4%	78,5 k €	-36.2%	122,9 k €	-12.7%	140,9 k €	-20.0%	176,2 k €	-19.7%	219,4 k €	-15.1%	258,4 k €	-20.7%	326 k €	-9.8%	361,6 k €	-10.0%	401,7 k €	-12.8%	460,6 k €	-8.1%	501,2 k €	-8.6%	548,1 k €	-13.4%	632,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 18 ended

Active mandates

Christophe Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Line De Wolf

Director · since 17 juin 2023 · until 02 juin 2029

Active

Luc Steppe

Managing director · since 17 juin 2023 · until 02 juin 2029

Active

Mathieu Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Thibault Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Ended mandates

Christophe Steppe

Director · since 06 juillet 1999

Ended

Christophe Steppe

Associate · since 06 juillet 1999

Ended

Line De Wolf

Director · since 06 juillet 1999

Ended

Line De Wolf

Associate · since 06 juillet 1999

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	08/06/2026	07/07/2025	15/07/2024	07/07/2023	27/06/2022	23/06/2021
General meeting	06/06/2026	16/06/2025	01/06/2024	03/06/2023	04/06/2022	05/06/2021
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
Micro model	31/12/2025	06/06/2026	08/06/2026	Dutch	PDF
Micro model	31/12/2024	16/06/2025	07/07/2025	Dutch	PDF
Micro model	31/12/2023	01/06/2024	15/07/2024	Dutch	PDF
Micro model	31/12/2022	03/06/2023	07/07/2023	Dutch	PDF
Micro model	31/12/2021	04/06/2022	27/06/2022	Dutch	PDF
Micro model	31/12/2020	05/06/2021	23/06/2021	Dutch	PDF
Micro model	31/12/2019	04/06/2020	11/08/2020	Dutch	PDF
Micro model	31/12/2018	06/06/2019	25/06/2019	Dutch	PDF
Micro model	31/12/2017	30/06/2018	29/08/2018	Dutch	PDF
Micro model	31/12/2016	13/06/2017	12/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	29/08/2016	Dutch	PDF
Abridged model	31/12/2014	06/06/2015	31/08/2015	Dutch	PDF
Abridged model	31/12/2013	07/06/2014	26/09/2014	Dutch	PDF
Abridged model	31/12/2012	01/06/2013	05/09/2013	Dutch	PDF
Abridged model	31/12/2011	02/06/2012	31/07/2012	Dutch	PDF
Abridged model	31/12/2010	04/06/2011	04/07/2011	Dutch	PDF
Abridged model	31/12/2009	05/06/2010	29/06/2010	Dutch	PDF
Abridged model	31/12/2008	23/06/2009	14/07/2009	Dutch	PDF
Abridged model	31/12/2007	07/06/2008	04/07/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	05/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 · 5 active · 18 ended

Active mandates

Christophe Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Line De Wolf

Director · since 17 juin 2023 · until 02 juin 2029

Active

Luc Steppe

Managing director · since 17 juin 2023 · until 02 juin 2029

Active

Mathieu Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Thibault Steppe

Director · since 17 juin 2023 · until 02 juin 2029

Active

Ended mandates

Christophe Steppe

Director · since 06 juillet 1999

Ended

Christophe Steppe

Associate · since 06 juillet 1999

Ended

Line De Wolf

Director · since 06 juillet 1999

Ended

Line De Wolf

Associate · since 06 juillet 1999

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/03/2018
ONTSLAGEN - BENOEMINGEN
PDF
Other18/01/2012
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates30/12/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/08/2005
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares15/04/2005
BOEKJAAR - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
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 2025611,6 €↑
2024
Annual accounts 2024452,2 €↓
2023
Annual accounts 20231,4 k €↑
2022
Annual accounts 2022531,3 €↓
2021
Annual accounts 20211,8 k €↓
2020
Annual accounts 20204 k €↓
2019
Annual accounts 201920,5 k €↓
2018
Annual accounts 201835,7 k €↑
2017
Annual accounts 20178,6 k €↑
2016
Annual accounts 20164,3 k €↓
2015
Annual accounts 201523 k €↑
2014
Annual accounts 201421,7 k €↑
2013
Annual accounts 201310,3 k €↓
2012
Annual accounts 201215,3 k €↑
2011
Annual accounts 20114,6 k €↓
2010
Annual accounts 20106,5 k €↓
2008
Annual accounts 200812,9 k €
06/07/1999
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

VAS

Overview

What does VAS do?

Trend over 17 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