Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 52 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
VASTMA from Horebeke, company number BE0676870453, closed financial year 2025 with a result of € -212,198 after tax. For that financial year VASTMA recorded a gross margin of € -132,814 and equity of € 526,595. Compared with financial year 2024, the result moved from € -90,255 to € -212,198. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on December 19, 2025.
€ 526,595
▼ 29% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -212,198
▼ 135 % more loss than in 2024
Profit after tax over the fiscal year.
€ 20,453
▼ 35% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 193,595.
Debts at end 2025
€ 926,302
▲ 9% vs 2024
€ 24,788 is repaid this year. At this pace the long-term loan is gone in ≈ 37 years.
€ 61,704
▲ 241% vs 2024
Supplier invoices still open on the last day of the fiscal year.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,112,486 | € 117,843 | € 61,706 | € -132,814 | ▼ € 194,520 |
| Profit after taxes | € 772,682 | € 32,066 | € -90,255 | € -212,198 | ▼ € 121,943 |
| Equity | € 896,982 | € 829,048 | € 738,793 | € 526,595 | ▼ 29% |
| Total debts | € 2,160,334 | € 1,892,214 | € 1,581,724 | € 1,761,264 | ▲ 11% |
| Cash | € 678,419 | € 37,306 | € 31,273 | € 20,453 | ▼ 35% |
| Retained profit | € 563,982 | € 496,048 | € 405,793 | € 193,595 | ▼ 52% |
| Dividend | € 300,000 | € 100,000 | € 0 | € 0 | |
| Bank debt | € 1,617,783 | € 1,669,191 | € 850,651 | € 926,302 | ▲ 9% |
| Balance sheet total | € 3,057,316 | € 2,721,262 | € 2,320,517 | € 2,287,859 | ▼ 1% |
Key figures of VASTMA, 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 December 2026.
What happened to VASTMA?
What happened at VASTMA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 212,198. Source: NBB ↗
- New establishment in Horebeke. KBO
- Start of the company according to the CBE. KBO
- KRIS MAERTENS became a director. NBB
- Guy Vanhauteghem became a director. NBB
In short
From € 772,682 profit in 2022 to € 212,198 loss in 2025.
Paid € 265,591 in corporate taxes since 2022.
Best year ever: 2022, with € 772,682 profit.
Paid out € 400,000 in dividends to the owners in total.
Management
The stake of Flanders Investment Holding, M NINER comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
VASTMABehind VASTMA are KRIS MAERTENS and Guy Vanhauteghem. The shares are held by Flanders Investment Holding (30%) and M NINER (6%). It owns 50% of Bloemmolens and 25% of Maepo itself.
Directors
According to the 2025 annual accounts
KRIS MAERTENS
Managing director
Also active at: M NINER, M Triple Niner, MAEPO, Demote Vastgoed, DE GROOTE FABRIEKE, Mapi, BLOEMMOLENS
since 2017
Guy Vanhauteghem
Managing director
Also active at: Reizen De Globetrotter, MAENHAUT WIM, DE KAFHOEK, ISOTON, NASC, MATTHYS PROJECTEN, VABURAMA, COLOR DESIGN +18 more
since 2017
Shareholders
Participations
50%
25%
Establishments
Establishment units
Physical locations of this company
Steenberg 4
9667 Horebeke
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
All companies at this address →M NINER same network
€ 12,496 gross margin · 2025
M Triple Niner same network
€ 125,444 gross margin · 2025
MAEPO same network
€ -380,572 gross margin · 2025
DE GROOTE FABRIEKE same network
€ -2,251 gross margin · 2025
Mapi same network
€ -8,538 gross margin · 2025
+1 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0676.870.453
- VAT number
- BE 0676.870.453
- Registered office
- Steenberg 4, 9667 Horebeke
- Names & denominations
- VASTMA
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 16 June 2017
- Peppol
- Active · Active since 13 Jan 2026
- Activities · NACE
Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen
Verhuur en exploitatie van eigen of geleased niet-residentieel onroerend goed, exclusief terreinen
Overige zakelijke dienstverlening, neg
Handel in eigen onroerend goed