A.C. First
Open bankruptcySummary
A bankruptcy procedure is open for A.C. First according to publications in the Belgian State Gazette. The 2024 annual accounts show negative equity (-€302,025) and a net result of -€386,611.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Liège, Liège division
- Declared bankrupt
- 10 July 2025
- Supervising judge
- Benoit Burnotte
- Official Gazette
- 16-07-2025 (pdf) ↗search the document for 2025/131549
Deadlines
- Appeal or third-party opposition until
- passed on 31 July 2025Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 9 August 2025art. XX.104 and XX.155 CEL
- First verification report
- passed on 21 August 2025Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 10 July 2026Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curators
- Caroline DewandrePlace Verte 13, 4000 Liege 1caroline.dewandre@acteo.be
- Xavier DefoyPlace Verte 13, 4000 Liege 1xavier.defoy@acteo.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€302,025
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-06-2025, 31 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
31 d early
2023
26 d early
2022
18 d late
2021
31 d late
2020
31 d late
2019
92 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 19 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Insulation installation sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, abbreviated schema
Turnover
€0
2022 · €0
EBIT margin
Not included in this filing
Net result
-€386,611
2023 · €16,744
Working capital
-€512,628▼ 1,660%
2023 · -€29,134
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€0€0€0
Operating result€17,946▼ 55.9%€42,875▲ 139%€116,483▲ 172%€122,981▲ 5.6%-€277,062
Net result-€21,757below the sector's middle half€19,544within the sector's middle half€25,596within the sector's middle half▲ 31.0%€16,744within the sector's middle half▼ 34.6%-€386,611below the sector's middle half
Equity€22,703below the sector's middle half▼ 48.9%€42,247below the sector's middle half▲ 86.1%€67,843within the sector's middle half▲ 60.6%€84,587within the sector's middle half▲ 24.7%-€302,025below the sector's middle half
Total assets€938,911within the sector's middle half▲ 12.3%€1.2mwithin the sector's middle half▲ 23.9%€1.4mwithin the sector's middle half▲ 23.2%€2.5mabove the sector's middle half▲ 73.3%€1.7mabove the sector's middle half▼ 29.8%
Debt€916,208▲ 15.8%€1.1m▲ 22.3%€1.4m▲ 21.8%€2.4m▲ 75.7%€2.0m▼ 14.7%
Working capital-€16,495below the sector's middle half€75,749within the sector's middle half€82,140within the sector's middle half▲ 8.4%-€29,134below the sector's middle half-€512,628below the sector's middle half▼ 1,660%
Solvency2.4%below the sector's middle half▼ 2.9pp3.6%below the sector's middle half▲ 1.2pp4.7%below the sector's middle half▲ 1.1pp3.4%below the sector's middle half▼ 1.3pp-17.3%below the sector's middle half▼ 20.7pp
Current ratio0.98below the sector's middle half▼ 0.061.08below the sector's middle half▲ 0.101.07below the sector's middle half▼ 0.010.98below the sector's middle half▼ 0.090.65below the sector's middle half▼ 0.33
Return on assets (ROA)-2.3%below the sector's middle half▼ 5.1pp1.7%within the sector's middle half▲ 4.0pp1.8%within the sector's middle half▲ 0.1pp0.7%within the sector's middle half▼ 1.1pp-22.2%below the sector's middle half▼ 22.8pp
Staff (FTE)0below the sector's middle half▼ 100%0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €277,062 after €122,981 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.7m
Fixed assets
€797,816 ▼ 3.4%
Current assets
€945,793 ▼ 42.9%
Key figures and ratios
EBITDA
-€222,069▼
2023 · €184,055
Cash flow
-€331,618▼
2023 · €77,817
Quick ratio
0.63▼
2023 · 0.85
Debt to equity
-6.77▼
2023 · 28.35
Interest coverage
-1.94▼
2023 · 1.72
Debt ≤ 1 year
€1.5m▼
2023 · €1.7m
Debt > 1 year
€582,186▼
2023 · €702,509
Income taxes
€939▼
2023 · €12,570
Staff costs
€1,612▲
2023 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €0 | €0 | €0 | - | - |
| Non-recurring operating income76A | - | - | - | - | €39,381 | - |
| Goods, raw materials, services and sundry goods60/61 | - | €0 | €0 | €0 | - | - |
| Remuneration, social security and pensions62 | - | €0 | €0 | €0 | €1,612 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,849 | €39,060 | €16,323 | €61,074 | €54,993 | ▼ 10.0% |
| Other operating charges640/8 | - | €25,119 | €95,674 | €24,695 | €14,710 | ▼ 40.4% |
| Operating charges capitalised as restructuring costs649 | - | €0 | €0 | €0 | - | - |
| Gross operating margin9900 | €74,691 | €107,053 | €228,480 | €208,750 | -€205,748 | ▼ 199% |
| Operating profit (loss)9901 | €17,946 | €42,875 | €116,483 | €122,981 | -€277,062 | ▼ 325% |
| Financial income75/76B | - | €20,138 | €16,595 | €13,584 | €6,138 | ▼ 54.8% |
| Recurring financial income75 | €10,911 | €20,138 | €16,595 | €13,584 | €6,138 | ▼ 54.8% |
| Financial charges65/66B | - | €33,442 | €77,958 | €107,252 | €114,748 | ▲ 7.0% |
| Recurring financial charges65 | €23,981 | €33,442 | €77,958 | €107,252 | €114,748 | ▲ 7.0% |
| Profit (loss) for the period before taxes9903 | €4,876 | €29,571 | €55,120 | €29,314 | -€385,673 | ▼ 1,416% |
| Income taxes67/77 | €26,633 | €10,027 | €29,524 | €12,570 | €939 | ▼ 92.5% |
| Profit (loss) for the period9904 | -€21,757 | €19,544 | €25,596 | €16,744 | -€386,611 | ▼ 2,409% |
| Profit (loss) for the period to be appropriated9905 | €20,390 | €19,544 | €25,596 | €16,744 | -€386,611 | ▼ 2,409% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €938,911 | €1.2m | €1.4m | €2.5m | €1.7m | ▼ 29.8% |
| Fixed assets21/28 | €160,526 | €128,611 | €170,539 | €825,605 | €797,816 | ▼ 3.4% |
| Tangible fixed assets22/27 | €151,806 | €119,891 | €161,819 | €816,885 | €789,096 | ▼ 3.4% |
| Land and buildings22 | - | - | - | €641,016 | €730,094 | ▲ 13.9% |
| Plant, machinery and equipment23 | - | €3,972 | €10,058 | €11,114 | €7,899 | ▼ 28.9% |
| Furniture and vehicles24 | - | €4,121 | €9,177 | €52,977 | €37,783 | ▼ 28.7% |
| Leasing and similar rights25 | - | €111,799 | €142,584 | €111,779 | €13,320 | ▼ 88.1% |
| Other tangible fixed assets26 | - | €0 | €0 | €0 | - | - |
| Financial fixed assets28 | €8,720 | €8,720 | €8,720 | €8,720 | €8,720 | = |
| Current assets29/58 | €778,385 | €1.0m | €1.3m | €1.7m | €945,793 | ▼ 42.9% |
| Amounts receivable after more than one year29 | - | €191,943 | €188,749 | €168,386 | €167,362 | ▼ 0.6% |
| Other amounts receivable291 | - | €191,943 | €188,749 | €168,386 | €167,362 | ▼ 0.6% |
| Stocks and contracts in progress3 | €20,837 | €164,124 | €132,694 | €221,493 | €21,195 | ▼ 90.4% |
| Stocks30/36 | - | €164,124 | €132,694 | €221,493 | €21,195 | ▼ 90.4% |
| Amounts receivable within one year40/41 | €666,072 | €601,721 | €876,242 | €1.1m | €690,540 | ▼ 37.7% |
| Trade receivables40 | - | €570,268 | €819,017 | €975,409 | €553,923 | ▼ 43.2% |
| Other amounts receivable41 | - | €31,453 | €57,225 | €133,016 | €136,617 | ▲ 2.7% |
| Cash at bank and in hand54/58 | €4,264 | €65,074 | €64,193 | €156,166 | €59,457 | ▼ 61.9% |
| Deferred charges and accrued income490/1 | - | €11,482 | €289 | €2,721 | €7,238 | ▲ 166% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €938,911 | €1.2m | €1.4m | €2.5m | €1.7m | ▼ 29.8% |
| Equity10/15 | €22,703 | €42,247 | €67,843 | €84,587 | -€302,025 | ▼ 457% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €2,243 | €21,787 | €47,383 | €64,127 | -€322,485 | ▼ 603% |
| Amounts payable17/49 | €916,208 | €1.1m | €1.4m | €2.4m | €2.0m | ▼ 14.7% |
| Amounts payable after more than one year17 | €119,405 | €160,389 | €168,924 | €702,509 | €582,186 | ▼ 17.1% |
| Financial debts170/4 | - | €160,389 | €168,924 | €702,509 | €582,186 | ▼ 17.1% |
| Trade debts175 | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €794,881 | €958,595 | €1.2m | €1.7m | €1.5m | ▼ 13.5% |
| Current portion of amounts payable after more than one year42 | - | €224,925 | €201,123 | €289,113 | €250,221 | ▼ 13.5% |
| Financial debts43 | - | €0 | - | - | - | - |
| Credit institutions430/8 | - | €0 | - | - | - | - |
| Trade debts44 | €588,131 | €682,809 | €936,140 | €1.4m | €1.2m | ▼ 13.9% |
| Suppliers440/4 | - | €682,809 | €936,140 | €1.4m | €1.2m | ▼ 13.9% |
| Taxes, remuneration and social security45 | - | €38,926 | €30,925 | €44,105 | €9,739 | ▼ 77.9% |
| Taxes450/3 | - | €38,926 | €30,925 | €44,105 | €9,739 | ▼ 77.9% |
| Remuneration and social security454/9 | - | - | €0 | €0 | - | - |
| Other amounts payable47/48 | - | €11,935 | €11,839 | €937 | €34,288 | ▲ 3,558% |
| Accrued charges and deferred income492/3 | - | €1,725 | €15,912 | €9,376 | €5,026 | ▼ 46.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,757 | €19,544 | €25,596 | €16,744 | -€386,611 | ▼ 2,409% |
| + Depreciation and write-downs630 | €19,849 | €39,060 | €16,323 | €61,074 | €54,993 | ▼ 10.0% |
| Operating cash flow (approximation) | -€1,907 | €58,603 | €41,919 | €77,817 | -€331,618 | ▼ 526% |
| Investment in fixed assets (approximation) | - | -€7,145 | -€58,251 | -€716,140 | -€27,204 | ▲ 96.2% |
| Change in cash | - | €60,810 | -€881 | €91,973 | -€96,708 | ▼ 205% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
16-07
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · event 10-07-2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€386,611
Net result drops to -€386,611, the lowest in the series.
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 18 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Back to profitnet €19,544
Net result €19,544 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 92 days late
2019
12-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 12 days late
2018
23-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 23 days late
2017
24-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Saint-Georges-sur-Meuse · 1 establishment unit since 2008
Ground area
214 m²
Building footprint
174 m²
Volume, LiDAR
1,400 m³
Parcel 64065A0874/00V000, Wallonia · tallest building 11.5 m, ±3 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
A.C. First
since 20082.172.616.985
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 64065A0874/00V000 | Wallonia | 214 m² | 1 · 173 m² | 11.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | CAROLINE DEWANDRE PLACE VERTE 13,
4000 LIEGE 1 |
10-07-2025 → present |
| Curator | XAVIER DEFOY PLACE
VERTE 13, 4000 LIEGE 1 |
10-07-2025 → present |
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,242. 1,045 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-08-2008
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.