A4F
ActiveSummary
A4F has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €285,523 and a net result of -€18,049. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 46% of 9722 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability33▲+2
Solvency52▼-39
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity tight (current ratio 1.37 against 2.94 in 2023; short-term debt: 73% and cash: 22.6% of total assets), and 73% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
27%
Return on assets
-1.7%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€18,049
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 03-07-2025, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
28 d early
2023
35 d early
2022
32 d early
2021
20 d early
2020
43 d early
2019
38 d early
← 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 33 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€285,523▼ 5.9%
2023 · €303,572
Total assets
€1.1m▲ 130%
2023 · €459,693
Net result
-€18,049▼ 52.4%
2023 · -€11,844
Working capital
€286,181▼ 5.7%
2023 · €303,572
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€19,094-€5,865▲ 69.3%-€128,200▼ 2,086%-€13,238▲ 89.7%-€6,290▲ 52.5%
Net result-€17,811-€5,123▲ 71.2%-€126,909▼ 2,377%-€11,844▲ 90.7%-€18,049▼ 52.4%
Equity€47,448▼ 27.3%€42,325▼ 10.8%-€84,584€303,572€285,523▼ 5.9%
Total assets€47,490▼ 27.3%€45,955▼ 3.2%€49,146▲ 6.9%€459,693▲ 835%€1.1m▲ 130%
Debt€42=€3,630▲ 8,471%€133,730▲ 3,584%€156,121▲ 16.7%€773,187▲ 395%
Working capital€47,440▼ 27.3%€42,317▼ 10.8%-€84,592€303,572€286,181▼ 5.7%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2024 Total assets +130% on 2023. Cause not known from the registers.
- 2023 Net result +91% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
- 2023 Total assets +835% on 2022. Cause not known from the registers.
- 2022 Net result -2,377% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6,290 in 2024 against €13,238 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €1.1m
Equity
€285,523 ▼ 5.9%
Debt
€773,187 ▲ 395%
Debt's share of the balance-sheet total rises from 34.0% to 73.0%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
1.37▼
2023 · 2.94
Quick ratio
0.32▼
2023 · 2.45
Debt to equity
2.71▲
2023 · 0.51
ROE
-6.3%▼
2023 · -3.9%
ROA
-1.7%▲
2023 · -2.6%
Debt ≤ 1 year
€772,529▲
2023 · €156,121
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,501 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €690 | €126,994 | €1,029 | €1,866 | ▲ 81.3% |
| Gross operating margin9900 | -€18,622 | -€5,175 | -€1,206 | -€12,209 | -€4,423 | ▲ 63.8% |
| Operating profit (loss)9901 | -€19,094 | -€5,865 | -€128,200 | -€13,238 | -€6,290 | ▲ 52.5% |
| Financial income75/76B | - | €763 | €1,416 | €6,558 | €6,121 | ▼ 6.7% |
| Recurring financial income75 | €1,308 | €763 | €1,416 | €6,558 | €6,121 | ▼ 6.7% |
| Financial charges65/66B | - | €21 | €124 | €5,164 | €17,881 | ▲ 246% |
| Recurring financial charges65 | €25 | €21 | €124 | €5,164 | €17,881 | ▲ 246% |
| Profit (loss) for the period before taxes9903 | -€17,811 | -€5,123 | -€126,909 | -€11,844 | -€18,049 | ▼ 52.4% |
| Profit (loss) for the period9904 | -€17,811 | -€5,123 | -€126,909 | -€11,844 | -€18,049 | ▼ 52.4% |
| Profit (loss) for the period to be appropriated9905 | -€17,811 | -€5,123 | -€126,909 | -€11,844 | -€18,049 | ▼ 52.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €47,490 | €45,955 | €49,146 | €459,693 | €1.1m | ▲ 130% |
| Fixed assets21/28 | €8 | €8 | €8 | €0 | - | - |
| Financial fixed assets28 | €8 | €8 | €8 | €0 | - | - |
| Current assets29/58 | €47,483 | €45,947 | €49,138 | €459,693 | €1.1m | ▲ 130% |
| Stocks and contracts in progress3 | - | - | - | €77,636 | €814,305 | ▲ 949% |
| Contracts in progress37 | - | - | - | €77,636 | €814,305 | ▲ 949% |
| Amounts receivable within one year40/41 | €43,804 | €45,679 | €47,404 | €328,635 | €5,563 | ▼ 98.3% |
| Trade receivables40 | - | €6,000 | €6,000 | €0 | €174 | - |
| Other amounts receivable41 | - | €39,679 | €41,404 | €328,635 | €5,389 | ▼ 98.4% |
| Cash at bank and in hand54/58 | €3,679 | €268 | €1,735 | €53,422 | €238,842 | ▲ 347% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €47,490 | €45,955 | €49,146 | €459,693 | €1.1m | ▲ 130% |
| Equity10/15 | €47,448 | €42,325 | -€84,584 | €303,572 | €285,523 | ▼ 5.9% |
| Contributions10/11 | €410,022 | €410,022 | €410,022 | €810,022 | €810,022 | = |
| Capital10 | - | €410,022 | €410,022 | €810,022 | €810,022 | = |
| Issued capital100 | - | €410,022 | €410,022 | €810,022 | €810,022 | = |
| Reserves13 | €31,194 | €31,194 | €31,194 | €31,194 | €31,194 | = |
| Non-distributable reserves130/1 | - | €31,194 | €31,194 | €31,194 | €31,194 | = |
| Legal reserve130 | - | €31,194 | €31,194 | €31,194 | €31,194 | = |
| Profit (loss) carried forward14 | -€393,768 | -€398,891 | -€525,800 | -€537,644 | -€555,694 | ▼ 3.4% |
| Amounts payable17/49 | €42 | €3,630 | €133,730 | €156,121 | €773,187 | ▲ 395% |
| Amounts payable within one year42/48 | €42 | €3,630 | €133,730 | €156,121 | €772,529 | ▲ 395% |
| Financial debts43 | - | - | - | - | €56,000 | - |
| Other loans439 | - | - | - | - | €56,000 | - |
| Trade debts44 | €42 | €3,630 | €3,630 | €26,067 | €398 | ▼ 98.5% |
| Suppliers440/4 | - | €3,630 | €3,630 | €26,067 | €398 | ▼ 98.5% |
| Advances received on contracts in progress46 | - | - | - | - | €513,990 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €58,108 | - |
| Taxes450/3 | - | - | - | - | €58,108 | - |
| Other amounts payable47/48 | - | - | €130,100 | €130,055 | €144,034 | ▲ 10.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €658 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,811 | -€5,123 | -€126,909 | -€11,844 | -€18,049 | ▼ 52.4% |
| Operating cash flow (approximation) | -€17,811 | -€5,123 | -€126,909 | -€11,844 | -€18,049 | ▼ 52.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €8 | - | - |
| Change in cash | - | -€3,411 | €1,467 | €51,687 | €185,421 | ▲ 259% |
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
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity times 8current ratio 2.94
Current ratio from 0.37 to 2.94.
31-12
Financial
Equity above €200,000Eq €303,572
Equity rises from -€84,584 to €303,572.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€126,909
Net result drops to -€126,909, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity times 689current ratio 1541.76
Current ratio from 2.24 to 1541.76; short-term debt falls from €49,024 to €42.
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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
15 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, Aalst · 1 establishment unit since 1992
Ground area
9,053 m²
Building footprint
1,601 m²
Volume, LiDAR
10,903 m³
Parcel 41342B1195/00M000, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
93
companies at this address
See who is registered here
1 establishment unit
Industrielaan 4, 9320 Aalst
since 19922.058.898.640
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B1195/00M000 | Flanders | 9,053 m² | 1 · 1,601 m² | 7.8 m · 2 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.
Similar companies · same sector, comparable size
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BE 0429.822.836
Koksijde · Eq €286,841
ITEC-IMMO
BE 0547.903.411
Namur · Eq €284,118
TESCO ENGINEERING
BE 0477.579.104
Hulshout · Eq €287,564
BVI.EU GBP Surschiste
BE 0781.560.078
Wavre · Eq €282,651
Of 1,294 companies in sector 68122 we hold annual accounts for 903. 599 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-03-1992
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0446981542
Also
9925:BE0446981542
Registered
28-11-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.