Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
-
Tight liquidity NBB
Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
VICASA from Middelkerke, company number BE0786953278, closed financial year 2025 with a result of € -37,700 after tax. For that financial year VICASA recorded a gross margin of € 29,325 and equity of € -118,112. Compared with financial year 2024, the result moved from € 23,791 to € -37,700. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on August 31, 2026.
€ -118,112
▼ € 37,700 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -37,700
▼ still € 23,791 profit in 2024
Profit after tax over the fiscal year.
€ 363
▼ 95% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -123,112.
People and assets in 2025
1
Average over the fiscal year, from the social balance sheet.
€ 60,023
▲ 4% vs 2024
€ 60,000 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.
€ 8,711
▼ 38% vs 2024
Of which on lease € 8,711.
Debts at end 2025
€ 8,852
▼ 38% vs 2024
€ 5,537 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 154,661
▲ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 18,411
▲ 55% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -10,332 | € -13,090 | € 87,811 | € 29,325 | ▼ 67% |
| Profit after taxes | € -32,005 | € -77,198 | € 23,791 | € -37,700 | ▼ € 61,490 |
| Equity | € -27,005 | € -104,203 | € -80,412 | € -118,112 | ▼ € 37,700 |
| Total debts | € 183,592 | € 145,374 | € 243,454 | € 284,861 | ▲ 17% |
| Cash | € 15,714 | € 11,698 | € 7,937 | € 363 | ▼ 95% |
| Retained profit | € -32,005 | € -109,203 | € -85,412 | € -123,112 | ▼ € 37,700 |
| Bank debt | € 24,412 | € 19,395 | € 14,210 | € 8,852 | ▼ 38% |
| Balance sheet total | € 156,587 | € 41,171 | € 163,042 | € 166,749 | ▲ 2% |
| Employees (FTE) | 0.4 | 1 | 1 | 1 |
Key figures of VICASA, 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 VICASA?
What happened at VICASA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 37,700 (▼ € 61,490 vs 2024). filed late Source: NBB ↗
- New establishment in Middelkerke. KBO
- DEMOLAR BV became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 32,005 loss in 2022 to € 37,700 loss in 2025.
Best year ever: 2024, with € 23,791 profit.
On average € 29,300 of value added per employee in 2025.
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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
The stake of Salmanazar comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
VICASABehind VICASA is DEMOLAR BV. The shares are held by Salmanazar (100%).
Directors
According to the 2025 annual accounts
since 2022
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Zonnelaan 3
8430 Middelkerke
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0786.953.278
- VAT number
- BE 0786.953.278
- Registered office
- Zonnelaan 3, 8430 Middelkerke
- Names & denominations
- VICASA
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 9 June 2022
- Peppol
- Active · Active since 31 Mar 2026
- Activities · NACE
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