Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 140.5 to 56.2.
Financials
Financial year 2025
VASCO from Dilsen-Stokkem, company number BE0479567901, closed financial year 2025 with a result of € 890,521 after tax. For that financial year VASCO recorded revenue of € 32.3 million and equity of € 22.4 million. Compared with financial year 2024, the result moved from € 1.2 million to € 890,521. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 27, 2026.
€ 22.4 million
▲ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 890,521
▼ 25% vs 2024
Profit after tax over the fiscal year.
€ 207,953
▲ 104% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 2 million.
People and assets in 2025
56.2
▼ 22.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 3.3 million
▼ 77% vs 2024
€ 59,400 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.
€ 1.3 million
▼ 17% vs 2024
Of which on lease € 1.2 million.
Debts at end 2025
€ 300,000
Loans from banks and other lenders, long and short.
€ 5 million
▲ 78% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 68 days on average.
€ 3.6 million
▲ 28% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 47,875,932 | € 39,027,745 | € 35,457,978 | € 32,333,815 | ▼ 9% |
| Profit after taxes | € 817,325 | € 1,184,656 | € 1,189,840 | € 890,521 | ▼ 25% |
| Equity | € 19,289,388 | € 20,416,384 | € 21,548,564 | € 22,381,425 | ▲ 4% |
| Total debts | € 9,956,476 | € 5,430,063 | € 5,563,985 | € 8,828,767 | ▲ 59% |
| Cash | € 47,420 | € 73,744 | € 101,912 | € 207,953 | ▲ 104% |
| Land & buildings | € 1,776,098 | € 2,191,483 | € 1,879,816 | € 1,711,327 | ▼ 9% |
| Retained profit | € -1,234,708 | € -50,052 | € 1,139,788 | € 2,030,308 | ▲ 78% |
| Bank debt | € 0 | € 0 | € 0 | € 300,000 | |
| Balance sheet total | € 29,567,823 | € 35,584,460 | € 27,370,102 | € 33,798,797 | ▲ 23% |
| Employees (FTE) | 150.7 | 140.5 | 78.6 | 56.2 | ▼ 22.4 |
Key figures of VASCO, 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 VASCO?
What happened at VASCO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 890,521 (▼ 25% vs 2024). Source: NBB ↗
- Raphael Ceuppens became a director. NBB
- Peter Ketelslegers became a director. NBB
- New establishment in Dilsen-Stokkem. KBO
- Start of the company according to the CBE. KBO
In short
From € 817,325 profit in 2022 to € 890,521 profit in 2025.
Paid € 1.9 million in corporate taxes since 2022.
Best year ever: 2024, with € 1.2 million profit.
Pays suppliers within 68 days on average.
A new publication or filing at VASCO? 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 VASCO are Raphael Ceuppens and Peter Ketelslegers. The shares are held by Vasco Group NV (100%) and Midea Climate Europe B.V. (0%). It owns 0% of Vasco Group Sp.z.o.o. itself.
Directors
According to the 2025 annual accounts
since 2024
since 2023
Shareholders
100%
Midea Climate Europe B.V.
0%
Participations
Vasco Group Sp.z.o.o.
0%
Establishments
Establishment units
Physical locations of this company
Kruishoefstraat 50
3650 Dilsen-Stokkem
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →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
COMBELL-AS, BE
Domain
Domain
vasco.eu
Registrar
InterNetX GmbH
Website info
Features
Security
Details
- Company number
- 0479.567.901
- VAT number
- BE 0479.567.901
- Registered office
- Kruishoefstraat 50, 3650 Dilsen-Stokkem
- Names & denominations
- VASCO
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 17 February 2003
- Peppol
- Active · Active since 1 Dec 2025
- Contact
- vasco.eu
- Activities · NACE
Opslag
Handel in elektriciteit
Productie van elektriciteit uit niet-hernieuwbare bronnen