ACTIVE

VSI

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Financial year 2025 · closed on 31/03/2025

Net result

41,1 k €

+165.0% YoY

Gross margin

117,4 k €

+228.4% YoY

Equity

1,3 M €

+3.2% YoY

What does VSI do?

VSI is a Private limited company incorporated in 2007. Its main activity is: Development of building projects. Its registered office is in Sint-Niklaas.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0891.939.150

Incorporation

10/09/2007

Legal form

Private limited company

Registered office

Vijfstraten 18
9100 Sint-Niklaas · FlandreSee on map

Contributed capital

786 000,00 €

Latest accounts

31/03/2025

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate 41102Development of building projects 68122Buying and selling of own real estate 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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		2009
Income statement
Gross margin	117,4 k €	+228%	35,8 k €	-86.4%	262,1 k €	-5.4%	277 k €	+125%	123,3 k €	+3.0%	119,8 k €	-11.4%	135,1 k €	+12.2%	120,5 k €	-0.2%	120,7 k €	-2.4%	123,7 k €	+12.2%	110,2 k €	+81.5%	60,7 k €	+9.8%	55,3 k €	+20.7%	45,8 k €	+16.6%	39,3 k €	-13.9%	45,6 k €	+48.8%	30,7 k €
EBITDA	110,5 k €	+281%	29 k €	-88.5%	252,5 k €	-5.0%	265,8 k €	+128%	116,4 k €	+13.9%	102,2 k €	-12.7%	117,1 k €	+7.2%	109,3 k €	+2.0%	107,2 k €	-4.8%	112,5 k €	+10.5%	101,9 k €	+91.9%	53,1 k €	+4.1%	51 k €	+23.0%	41,5 k €	+14.6%	36,2 k €	-14.9%	42,5 k €	+42.9%	29,8 k €
Operating result	74,3 k €	+293%	-38,5 k €	-120%	189,5 k €	-8.6%	207,4 k €	+257%	58 k €	+31.9%	44 k €	-5.0%	46,3 k €	-2.3%	47,4 k €	-3.1%	48,9 k €	-12.5%	55,9 k €	+24.4%	45 k €	+102%	22,3 k €	+4.9%	21,2 k €	+81.7%	11,7 k €	+76.9%	6,6 k €	-76.1%	27,7 k €	+340%	6,3 k €
Net result	41,1 k €	+165%	-63,2 k €	-150%	125,4 k €	-8.8%	137,5 k €	+335%	31,6 k €	+165%	11,9 k €	-34.9%	18,3 k €	-21.1%	23,2 k €	-12.0%	26,4 k €	-30.1%	37,7 k €	+25.7%	30 k €	+122%	13,5 k €	-11.2%	15,2 k €	+201%	5,1 k €	+238%	1,5 k €	-96.4%	41,3 k €	+4.4%	39,6 k €
Balance sheet
Equity	1,3 M €	+3.2%	1,3 M €	-4.7%	1,3 M €	+10.3%	1,2 M €	+12.7%	1,1 M €	+3.0%	1 M €	+1.1%	1 M €	+1.8%	1 M €	+2.3%	996,2 k €	+2.7%	969,8 k €	+4.0%	932,1 k €	+3.3%	902,1 k €	+1.5%	888,6 k €	+1.7%	873,4 k €	+0.6%	868,4 k €	+14.1%	760,9 k €	+5.7%	719,6 k €
Total assets	2,7 M €	+8.8%	2,5 M €	+1.9%	2,4 M €	-0.1%	2,4 M €	-0.7%	2,4 M €	+16.4%	2,1 M €	-1.9%	2,1 M €	+27.8%	1,7 M €	+18.9%	1,4 M €	-3.0%	1,4 M €	-1.9%	1,5 M €	+23.2%	1,2 M €	+11.0%	1,1 M €	-0.9%	1,1 M €	-2.2%	1,1 M €	+14.9%	965,3 k €	+4.5%	924 k €
Cash	216,6 k €	+20.4%	179,9 k €	-19.0%	222,1 k €	+58.1%	140,5 k €	+1.4%	138,5 k €	-56.6%	319 k €	-20.9%	403 k €	+1612%	23,5 k €	-68.6%	74,9 k €	+1.3%	74 k €	+206%	24,2 k €	-58.5%	58,2 k €	-69.7%	192,4 k €	+7.2%	179,5 k €	+24.0%	144,7 k €	+38.8%	104,2 k €	+202%	34,5 k €
Debts	1,3 M €	+14.8%	1,2 M €	+10.3%	1,1 M €	-10.8%	1,2 M €	-11.5%	1,3 M €	+29.9%	1 M €	-4.8%	1,1 M €	+69.1%	643,9 k €	+60.1%	402,3 k €	-14.8%	472,4 k €	-12.2%	538,3 k €	+84.8%	291,3 k €	+56.4%	186,2 k €	-11.9%	211,3 k €	-12.3%	241,1 k €	+17.9%	204,4 k €	+0.0%	204,4 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 31/03/2025 · 4 active · 9 ended

Active mandates

BART DHOLLANDER

Director · since 20 avril 2020

Active

Eric Wuytack

Director · since 20 avril 2020

Active

GUY THOON

Director · since 20 avril 2020

Active

LUC DE COCK

Director · since 20 avril 2020

Active

Ended mandates

ERIK WUYTACK

Director · since 20 avril 2020

Ended

BART DHOLLANDER

Manager · since 01 janvier 2018

Ended

Eric Wuytack

Manager · since 01 janvier 2018

Ended

GUY THOON

Manager · since 01 janvier 2018

Ended

At this address

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Solutions Development Projects● Active	0437.776.044
WEBCARE● Active	0466.617.609

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	01/04/2024	01/04/2023	01/04/2022	01/04/2021	01/04/2020	01/04/2019
Closing of the financial year	31/03/2025	31/03/2024	31/03/2023	31/03/2022	31/03/2021	31/03/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/10/2025	31/10/2024	30/10/2023	27/10/2022	29/10/2021	08/09/2020
General meeting	29/08/2025	30/08/2024	25/08/2023	26/08/2022	27/08/2021	28/08/2020
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

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/03/2025	29/08/2025	27/10/2025	Dutch	PDF
Micro model	31/03/2024	30/08/2024	31/10/2024	Dutch	PDF
Micro model	31/03/2023	25/08/2023	30/10/2023	Dutch	PDF
Micro model	31/03/2022	26/08/2022	27/10/2022	Dutch	PDF
Micro model	31/03/2021	27/08/2021	29/10/2021	Dutch	PDF
Micro model	31/03/2020	28/08/2020	08/09/2020	Dutch	PDF
Micro model	31/03/2019	30/08/2019	23/09/2019	Dutch	PDF
Micro model	31/03/2018	31/08/2018	10/09/2018	Dutch	PDF
Micro model	31/03/2017	25/08/2017	28/08/2017	Dutch	PDF
Abridged model	31/03/2016	26/08/2016	30/08/2016	Dutch	PDF
Abridged model	31/03/2015	28/08/2015	31/08/2015	Dutch	PDF
Abridged model	31/03/2014	29/08/2014	30/08/2014	Dutch	PDF
Abridged model	31/03/2013	30/08/2013	31/08/2013	Dutch	PDF
Abridged model	31/03/2012	31/08/2012	13/09/2012	Dutch	PDF
Abridged model	31/03/2011	26/08/2011	05/10/2011	Dutch	PDF
Abridged model	31/03/2010	27/08/2010	31/08/2010	Dutch	PDF
Abridged model	31/03/2009	28/08/2009	31/08/2009	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 31/03/2025 · 4 active · 9 ended

Active mandates

BART DHOLLANDER

Director · since 20 avril 2020

Active

Eric Wuytack

Director · since 20 avril 2020

Active

GUY THOON

Director · since 20 avril 2020

Active

LUC DE COCK

Director · since 20 avril 2020

Active

Ended mandates

ERIK WUYTACK

Director · since 20 avril 2020

Ended

BART DHOLLANDER

Manager · since 01 janvier 2018

Ended

Eric Wuytack

Manager · since 01 janvier 2018

Ended

GUY THOON

Manager · since 01 janvier 2018

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/04/2020
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/07/2018
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares26/01/2011
KAPITAAL - AANDELEN
PDF
Mandates14/11/2007
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other18/09/2007
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 202541,1 k €↑
2024
Annual accounts 2024-63,2 k €↓
2023
Annual accounts 2023125,4 k €↓
2022
Annual accounts 2022137,5 k €↑
2021
Annual accounts 202131,6 k €↑
2020
Annual accounts 202011,9 k €↓
2019
Annual accounts 201918,3 k €↓
2018
Annual accounts 201823,2 k €↓
2017
Annual accounts 201726,4 k €↓
2016
Annual accounts 201637,7 k €↑
2015
Annual accounts 201530 k €↑
2014
Annual accounts 201413,5 k €↓
2013
Annual accounts 201315,2 k €↑
2012
Annual accounts 20125,1 k €↑
2011
Annual accounts 20111,5 k €↓
2010
Annual accounts 201041,3 k €↑
2009
Annual accounts 200939,6 k €
10/09/2007
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

VSI

Overview

What does VSI do?

Trend over 17 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