ACTIVE

VAPAX

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Financial year 2025 · closed on 31/12/2025

Net result

1,3 k €

+297.8% YoY

Gross margin

131,7 k €

+90.8% YoY

Equity

3,5 M €

+289.0% YoY

What does VAPAX do?

VAPAX is a Private limited company incorporated in 2003. Its registered office is in Antwerpen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0861.600.223

Incorporation

13/11/2003

Legal form

Private limited company

Registered office

Van Putlei 9
2018 Antwerpen · FlandreSee on map

Contributed capital

318 600,00 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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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	131,7 k €	+90.8%	69 k €	-46.9%	130 k €	+57.2%	82,7 k €	-32.1%	121,8 k €	-5.1%	128,3 k €	+3.7%	123,7 k €	+1163%	-11,6 k €	-115%	78,1 k €	+44.4%	54,1 k €	+470%	9,5 k €	-94.1%	160,5 k €	-13.8%	186,1 k €	+2.8%	181,1 k €	+0.6%	180 k €	+63.1%	110,4 k €	-51.1%	225,7 k €	+50.2%	150,2 k €	+29.4%	116,1 k €
EBITDA	125,3 k €	+188%	43,6 k €	-63.8%	120,2 k €	+55.0%	77,6 k €	-33.0%	115,8 k €	-4.6%	121,4 k €	+3.4%	117,4 k €	+783%	-17,2 k €	-126%	65,9 k €	+45.7%	45,2 k €	+2366%	-2 k €	-101%	151 k €	-17.6%	183,1 k €	+3.3%	177,2 k €	+0.3%	176,7 k €	+49.0%	118,6 k €	-43.9%	211,3 k €	+42.0%	148,8 k €	+81.8%	81,9 k €
Operating result	-9,8 k €	+87.5%	-78,5 k €	-429%	23,8 k €	+426%	-7,3 k €	+75.6%	-29,9 k €	-3307%	-877,3 €	-102%	51 k €	+164%	-79,4 k €	-48378%	164,5 €	+101%	-32,8 k €	+63.0%	-88,5 k €	-353%	35 k €	-64.0%	97,3 k €	+9.7%	88,7 k €	-11.5%	100,2 k €	+566%	-21,5 k €	-113%	164,2 k €	+56.3%	105 k €	+133%	45 k €
Net result	1,3 k €	+298%	-679 €	-101%	65,2 k €	+9648%	-682,8 €	+96.8%	-21,2 k €	-78.6%	-11,9 k €	+14.8%	-13,9 k €	+87.1%	-107,7 k €	-1777%	6,4 k €	+111%	-59,1 k €	-113%	457,6 k €	+1166%	36,1 k €	-27.7%	50 k €	-2.3%	51,1 k €	-13.4%	59 k €	+264%	-36 k €	-134%	106,1 k €	+109%	50,7 k €	+250%	14,5 k €
Balance sheet
Equity	3,5 M €	+289%	907 k €	-0.1%	907,6 k €	+7.7%	842,5 k €	-0.1%	843,1 k €	-2.5%	864,3 k €	-1.4%	876,2 k €	-1.6%	890,1 k €	-10.0%	989 k €	-0.2%	990,6 k €	-5.6%	1 M €	+259%	292,2 k €	+14.1%	256,1 k €	+0.4%	255,1 k €	+25.0%	204 k €	+4.6%	195 k €	+2.7%	189,8 k €	+3.3%	183,7 k €	+38.1%	133 k €
Total assets	4,9 M €	+131%	2,1 M €	-0.7%	2,1 M €	-1.0%	2,1 M €	+2.8%	2,1 M €	-4.3%	2,2 M €	+46.7%	1,5 M €	-26.3%	2 M €	+16.5%	1,7 M €	-5.0%	1,8 M €	-19.2%	2,3 M €	+42.5%	1,6 M €	+19.1%	1,3 M €	+71.9%	772,3 k €	+4.8%	736,7 k €	-3.1%	760,6 k €	-0.7%	766,3 k €	+14.3%	670,5 k €	+3.1%	650,2 k €
Cash	31,7 k €	-90.3%	326,4 k €	+350%	72,5 k €	-49.9%	144,7 k €	+3100%	4,5 k €	-87.6%	36,4 k €	+408%	7,2 k €	+473%	1,3 k €	-99.8%	735,4 k €	-7.8%	797,4 k €	-27.5%	1,1 M €	+2105%	49,9 k €	-54.6%	109,9 k €	-15.6%	130,2 k €	+103%	64,3 k €	+64.0%	39,2 k €	-12.6%	44,8 k €	-18.7%	55,2 k €	-4.0%	57,5 k €
Debts	1,3 M €	+11.1%	1,2 M €	-1.1%	1,2 M €	-6.7%	1,3 M €	+4.7%	1,2 M €	-5.4%	1,3 M €	+115%	607,6 k €	-45.8%	1,1 M €	+52.2%	737,1 k €	-5.0%	776 k €	-35.5%	1,2 M €	-6.6%	1,3 M €	+20.2%	1,1 M €	+107%	516,4 k €	-3.0%	532,2 k €	-5.8%	565,1 k €	+0.3%	563,5 k €	+15.7%	486,9 k €	-5.8%	516,6 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 3 ended

Active mandates

Eline Verhulst

Director

Active

Xavier Van Paeschen

Director

Active

Ended mandates

Eline Verhulst

Manager

Ended

Winnefred Blindeman

Manager

Ended

XAVIER VAN PAESCHEN

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
ELOX● Active	0826.169.586
Groep Materné - Van Paeschen● Active	1020.852.645
Immopoli● Active	0778.650.375

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	01/01/2025	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	24/06/2026	10/07/2025	21/06/2024	23/06/2023	24/06/2022	05/07/2021
General meeting	19/06/2026	30/06/2025	21/06/2024	15/06/2023	17/06/2022	07/06/2021
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
Abridged model	31/12/2025	19/06/2026	24/06/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	10/07/2025	Dutch	PDF
Abridged model	31/12/2023	21/06/2024	21/06/2024	Dutch	PDF
Abridged model	31/12/2022	15/06/2023	23/06/2023	Dutch	PDF
Abridged model	31/12/2021	17/06/2022	24/06/2022	Dutch	PDF
Abridged model	31/12/2020	07/06/2021	05/07/2021	Dutch	PDF
Abridged model	31/12/2019	05/06/2020	29/06/2020	Dutch	PDF
Abridged model	31/12/2018	24/05/2019	20/06/2019	Dutch	PDF
Abridged model	31/12/2017	27/04/2018	09/05/2018	Dutch	PDF
Abridged model	31/12/2016	07/06/2017	29/06/2017	Dutch	PDF
Abridged model	31/12/2015	06/04/2016	11/04/2016	Dutch	PDF
Abridged model	31/12/2014	28/04/2015	29/04/2015	Dutch	PDF
Abridged model	31/12/2013	20/06/2014	20/06/2014	Dutch	PDF
Abridged model	31/12/2012	21/06/2013	24/06/2013	Dutch	PDF
Abridged model	31/12/2011	25/05/2012	12/06/2012	Dutch	PDF
Abridged model	31/12/2010	26/08/2011	29/08/2011	Dutch	PDF
Abridged model	31/12/2009	10/08/2010	13/08/2010	Dutch	PDF
Abridged model	31/12/2008	19/06/2009	03/07/2009	Dutch	PDF
Abridged model	31/12/2007	20/06/2008	26/06/2008	Dutch	PDF
Abridged model	31/12/2006	01/03/2007	28/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 2 active · 3 ended

Active mandates

Eline Verhulst

Director

Active

Xavier Van Paeschen

Director

Active

Ended mandates

Eline Verhulst

Manager

Ended

Winnefred Blindeman

Manager

Ended

XAVIER VAN PAESCHEN

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/06/2026
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring01/02/2022
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring09/09/2021
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Restructuring28/01/2021
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring19/10/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Registered office22/01/2020
MAATSCHAPPELIJKE ZETEL
PDF
Mandates20/02/2017
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 20251,3 k €↑
2024
Annual accounts 2024-679 €↓
2023
Annual accounts 202365,2 k €↑
2022
Annual accounts 2022-682,8 €↑
2021
Annual accounts 2021-21,2 k €↓
2020
Annual accounts 2020-11,9 k €↑
2019
Annual accounts 2019-13,9 k €↑
2018
Annual accounts 2018-107,7 k €↓
2017
Annual accounts 20176,4 k €↑
2016
Annual accounts 2016-59,1 k €↓
2015
Annual accounts 2015457,6 k €↑
2014
Annual accounts 201436,1 k €↓
2013
Annual accounts 201350 k €↓
2012
Annual accounts 201251,1 k €↓
2011
Annual accounts 201159 k €↑
2010
Annual accounts 2010-36 k €↓
2009
Annual accounts 2009106,1 k €↑
2008
Annual accounts 200850,7 k €↑
2007
Annual accounts 200714,5 k €
13/11/2003
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

VAPAX

Overview

What does VAPAX do?

Trend over 19 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