Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 33 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
VSF MANAGEMENT from Nandrin, company number BE0802053507, closed financial year 2025 with a result of € 647,414 after tax. For that financial year VSF MANAGEMENT recorded a gross margin of € 1.2 million and equity of € 980,411. Compared with financial year 2024, the result moved from € 278,918 to € 647,414. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 3, 2026.
€ 980,411
▲ 194% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 647,414
▲ 132% vs 2024
Profit after tax over the fiscal year.
€ 129,780
▼ 4% 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 € 970,411.
People and assets in 2025
0
Average over the fiscal year, from the social balance sheet.
Debts at end 2025
€ 9 million
▲ 13% vs 2024
€ 519,809 is repaid this year. At this pace the long-term loan is gone in ≈ 17 years.
€ 17,228
▼ 98% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 59,238
▼ 27% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
| 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|
| Gross margin | € 97,836 | € 599,582 | € 1,193,165 | ▲ 99% |
| Profit after taxes | € 44,080 | € 278,918 | € 647,414 | ▲ 132% |
| Equity | € 54,080 | € 332,997 | € 980,411 | ▲ 194% |
| Total debts | € 4,880,794 | € 10,080,564 | € 10,359,918 | ▲ 3% |
| Cash | € 43,046 | € 135,489 | € 129,780 | ▼ 4% |
| Retained profit | € 44,080 | € 322,997 | € 970,411 | ▲ 200% |
| Bank debt | € 4,441,500 | € 8,023,677 | € 9,030,535 | ▲ 13% |
| Balance sheet total | € 4,934,874 | € 10,413,561 | € 11,340,329 | ▲ 9% |
Key figures of VSF MANAGEMENT, fiscal years 2023 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 VSF MANAGEMENT?
What happened at VSF MANAGEMENT in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 647,414 (▲ 132% vs 2024). Source: NBB ↗
- New establishment in Nandrin. KBO
- Start of the company according to the CBE. KBO
- Roel Fiey became a director. NBB
- François Van Sull became a director. NBB
In short
From € 44,080 profit in 2023 to € 647,414 profit in 2025.
Paid € 298,224 in corporate taxes since 2023.
Best year ever: 2025, with € 647,414 profit.
Management
Behind VSF MANAGEMENT are Roel Fiey and François Van Sull. It owns 100% of Pharmacie Blairvacq, 100% of Pharmacie D'Hélécine, 100% of Pharmacie Bastin Médiacité, 100% of Pharmarona and 25% of Pharmacie Sonnet itself.
Directors
According to the 2025 annual accounts
Roel Fiey
Manager
Also active at: Apotheek DE ZWAANTJES, FARMACIE AN-JOLIE, Pharmacie Flawinne, PHARMACIE NAIM, PHARMACIE DU PERRON, FARMACIE AN -JOLIE, PHARMACIE D'HELECINE, FARMACIE HENRI +5 more
since 2023
since 2023
Establishments
Establishment units
Physical locations of this company
Route du Condroz 322
4550 Nandrin
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 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.
Details
- Company number
- 0802.053.507
- VAT number
- BE 0802.053.507
- Registered office
- Route du Condroz 322, 4550 Nandrin
- Names & denominations
- VSF MANAGEMENT
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 24 May 2023
- Peppol
- Active · Active since 12 Sept 2025
- Activities · NACE
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