Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 44 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 15.1 to 6.8.
-
Busy address KBO
11 other companies have their registered office at the same address; threshold 10.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
VM EUROPE from Etterbeek, company number BE0472972493, closed financial year 2025 with a result of € -281,105 after tax. For that financial year VM EUROPE recorded revenue of € 6.3 million and equity of € 406,203. Compared with financial year 2024, the result moved from € 119,951 to € -281,105. The company made a loss. The company holds a healthy buffer. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 9, 2026.
€ 406,203
▼ 41% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -281,105
▼ still € 119,951 profit in 2024
Profit after tax over the fiscal year.
€ 998,147
▼ 53% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 399,503.
People and assets in 2025
6.8
▼ 2.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 617,179
▼ 14% vs 2024
€ 90,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 2,185
▼ 20% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 3.6 million
▼ 8% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 130,648
▲ 49% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 8,517,111 | € 6,654,129 | € 5,720,313 | € 6,314,406 | ▲ 10% |
| Gross margin | € 1,008,027 | € 1,115,341 | € 878,689 | € 342,322 | ▼ 61% |
| Profit after taxes | € 65,653 | € 41,185 | € 119,951 | € -281,105 | ▼ € 401,057 |
| Equity | € 1,026,172 | € 1,067,357 | € 687,308 | € 406,203 | ▼ 41% |
| Total debts | € 4,148,215 | € 8,662,783 | € 4,294,955 | € 4,428,376 | ▲ 3% |
| Cash | € 1,534,517 | € 2,295,806 | € 2,126,169 | € 998,147 | ▼ 53% |
| Retained profit | € 1,019,472 | € 1,060,657 | € 680,608 | € 399,503 | ▼ 41% |
| Dividend | € 0 | € 0 | € 500,000 | € 0 | ▼ 100% |
| Balance sheet total | € 5,174,387 | € 9,730,139 | € 4,982,263 | € 4,834,578 | ▼ 3% |
| Employees (FTE) | 13.8 | 15.1 | 9.7 | 6.8 | ▼ 2.9 |
Key figures of VM EUROPE, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to VM EUROPE?
What happened at VM EUROPE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 281,105 (▼ € 401,057 vs 2024). Source: NBB ↗
- Jan Viegand became a director. NBB
- Carsten Glenting became a director. NBB
- Raphael Zayat became a director. NBB
- New establishment in Schaarbeek. KBO
- Start of the company according to the CBE. KBO
In short
From € 65,653 profit in 2022 to € 281,105 loss in 2025.
Paid € 96,192 in corporate taxes since 2022.
Best year ever: 2024, with € 119,951 profit.
On average € 50,300 of value added per employee in 2025.
A new publication or filing at VM EUROPE? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind VM EUROPE are Raphael Zayat, Jan Viegand and Carsten Glenting. The shares are held by Viegand Maagøe (100%).
Directors
According to the 2025 annual accounts
Raphael Zayat
Director
since 2006
Jan Viegand
Director
since 2024
Carsten Glenting
Director
since 2024
Shareholders
Viegand Maagøe
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Tervurenlaan 36 box 35
1040 Etterbeek
Auguste Reyerslaan 80
1030 Schaarbeek
Active since 9 November 2000
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 11 companies are registered at this address.
All companies at this address →Wakuti Belgium
G.A.S. FUND
ASSOCIATION EUROPEENNE DES PROFESSIONS IMMOBILIERES
AGRICONSULTING EUROPE
€ 30.4 million revenue · 2025
BONFINA EUROPE
€ 316,164 revenue · 2025
+6 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
HETZNER-AS, DE
Domain
Domain
viegandmaagoe.dk
Registered
2012-08-03
Expires
2026-08-31
Website info
Features
Security
Details
- Company number
- 0472.972.493
- VAT number
- BE 0472.972.493
- Registered office
- Tervurenlaan 36 bus 35, 1040 Etterbeek
- Names & denominations
- VM EUROPE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 9 October 2000
- Peppol
- Not registered
- Contact
- viegandmaagoe.dk +45 33 34 90 00
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