AF Solutions
ActiveSummary
AF Solutions has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €37,144 and a net result of €14,333. Equity is growing by ~15% per year across the filed fiscal years. Its solvency ranks better than 27% of 1006 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability59▲+16
Solvency51▲+7
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity short (current ratio 0.95 against 0.75 in 2024; short-term debt: 62% and cash: 0% of total assets), and 73.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
26.1%
Return on assets
10.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
28 d late
2023
29 d late
2022
30 d late
2021
11 d early
2020
on the day
2019
39 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 14 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€37,144▲ 62.8%
2024 · €22,811
Total assets
€142,242▲ 16.6%
2024 · €122,001
Net result
€14,333▲ 2,876%
2024 · €482
Working capital
-€4,186▲ 77.3%
2024 · -€18,436
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, 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
Line20212022202320242025
Operating result€14,247▼ 52.0%€15,177▲ 6.5%€8,190▼ 46.0%€10,840▲ 32.3%€32,219▲ 197%
Net result€8,144within the sector's middle half▼ 66.1%€2,157within the sector's middle half▼ 73.5%€768within the sector's middle half▼ 64.4%€482below the sector's middle half▼ 37.3%€14,333within the sector's middle half▲ 2,876%
Equity€19,405below the sector's middle half▲ 72.3%€21,561within the sector's middle half▲ 11.1%€22,329within the sector's middle half▲ 3.6%€22,811within the sector's middle half▲ 2.2%€37,144within the sector's middle half▲ 62.8%
Total assets€215,567within the sector's middle half▼ 2.5%€277,673within the sector's middle half▲ 28.8%€211,041within the sector's middle half▼ 24.0%€122,001within the sector's middle half▼ 42.2%€142,242within the sector's middle half▲ 16.6%
Debt€196,162▼ 6.5%€256,112▲ 30.6%€188,712▼ 26.3%€99,190▼ 47.4%€105,098▲ 6.0%
Working capital-€611below the sector's middle half▲ 94.1%-€27,021below the sector's middle half▼ 4,321%-€30,310below the sector's middle half▼ 12.2%-€18,436below the sector's middle half▲ 39.2%-€4,186below the sector's middle half▲ 77.3%
Solvency9.0%below the sector's middle half▲ 3.9pp7.8%below the sector's middle half▼ 1.2pp10.6%below the sector's middle half▲ 2.8pp18.7%below the sector's middle half▲ 8.1pp26.1%within the sector's middle half▲ 7.4pp
Current ratio1.00below the sector's middle half▲ 0.060.87below the sector's middle half▼ 0.120.82below the sector's middle half▼ 0.050.75below the sector's middle half▼ 0.060.95below the sector's middle half▲ 0.20
Return on assets (ROA)3.8%within the sector's middle half▼ 7.1pp0.8%within the sector's middle half▼ 3.0pp0.4%below the sector's middle half▼ 0.4pp0.4%below the sector's middle half=10.1%within the sector's middle half▲ 9.7pp
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 197% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €142,242
Fixed assets
€58,177 ▼ 10.8%
Current assets
€84,065 ▲ 48.1%
Equity and liabilities €142,242
Equity
€37,144 ▲ 62.8%
Debt
€105,098 ▲ 6.0%
Debt's share of the balance-sheet total falls from 81.3% to 73.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,682▲
2024 · €23,096
Cash flow
€26,796▲
2024 · €12,738
Quick ratio
0.46▲
2024 · 0.39
Debt to equity
2.83▼
2024 · 4.35
ROE
38.6%▲
2024 · 2.1%
Interest coverage
3.31▲
2024 · 2.89
Debt ≤ 1 year
€88,251▲
2024 · €75,199
Debt > 1 year
€13,003▼
2024 · €23,991
Income taxes
€4,891▲
2024 · €2,622
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,053 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 5,053 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,802 | €11,889 | €18,339 | €12,257 | €12,462 | ▲ 1.7% |
| Other operating charges640/8 | €7,499 | €4,085 | €2,118 | €6,230 | €2,648 | ▼ 57.5% |
| Non-recurring operating charges66A | €13,261 | - | - | - | - | - |
| Gross operating margin9900 | €45,809 | €31,152 | €28,648 | €29,327 | €47,329 | ▲ 61.4% |
| Operating profit (loss)9901 | €14,247 | €15,177 | €8,190 | €10,840 | €32,219 | ▲ 197% |
| Financial income75/76B | €1,634 | €263 | €1,128 | €268 | €495 | ▲ 84.7% |
| Recurring financial income75 | €1,634 | €263 | €1,128 | €268 | €495 | ▲ 84.7% |
| Financial charges65/66B | €5,467 | €10,794 | €7,254 | €8,004 | €13,490 | ▲ 68.5% |
| Recurring financial charges65 | €5,467 | €10,794 | €7,254 | €8,004 | €13,490 | ▲ 68.5% |
| Profit (loss) for the period before taxes9903 | €10,414 | €4,646 | €2,065 | €3,103 | €19,224 | ▲ 519% |
| Income taxes67/77 | €2,271 | €2,489 | €1,297 | €2,622 | €4,891 | ▲ 86.5% |
| Profit (loss) for the period9904 | €8,144 | €2,157 | €768 | €482 | €14,333 | ▲ 2,876% |
| Profit (loss) for the period to be appropriated9905 | €8,144 | €2,157 | €768 | €482 | €14,333 | ▲ 2,876% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €215,567 | €277,673 | €211,041 | €122,001 | €142,242 | ▲ 16.6% |
| Fixed assets21/28 | €62,867 | €90,753 | €73,666 | €65,238 | €58,177 | ▼ 10.8% |
| Tangible fixed assets22/27 | €46,027 | €73,880 | €56,794 | €48,365 | €41,304 | ▼ 14.6% |
| Plant, machinery and equipment23 | €33,585 | €31,015 | €27,146 | €23,856 | €20,986 | ▼ 12.0% |
| Furniture and vehicles24 | €163 | €3,032 | €2,982 | €2,258 | €6,056 | ▲ 168% |
| Leasing and similar rights25 | €12,279 | €39,833 | €26,666 | €22,251 | €14,263 | ▼ 35.9% |
| Financial fixed assets28 | €16,840 | €16,873 | €16,873 | €16,873 | €16,873 | = |
| Current assets29/58 | €152,700 | €186,920 | €137,375 | €56,763 | €84,065 | ▲ 48.1% |
| Stocks and contracts in progress3 | €48,041 | €85,370 | €43,909 | €27,582 | €43,511 | ▲ 57.8% |
| Stocks30/36 | €18,096 | €21,486 | €24,963 | €14,874 | €9,980 | ▼ 32.9% |
| Contracts in progress37 | €29,945 | €63,884 | €18,947 | €12,708 | €33,531 | ▲ 164% |
| Amounts receivable within one year40/41 | €103,262 | €94,667 | €91,031 | €22,230 | €37,045 | ▲ 66.6% |
| Trade receivables40 | €76,969 | €62,103 | €55,449 | €19,981 | €16,820 | ▼ 15.8% |
| Other amounts receivable41 | €26,292 | €32,564 | €35,582 | €2,249 | €20,224 | ▲ 799% |
| Cash at bank and in hand54/58 | €30 | €5,551 | - | €2,894 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €1,367 | €1,332 | €2,434 | €4,056 | €3,509 | ▼ 13.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €215,567 | €277,673 | €211,041 | €122,001 | €142,242 | ▲ 16.6% |
| Equity10/15 | €19,405 | €21,561 | €22,329 | €22,811 | €37,144 | ▲ 62.8% |
| Contributions10/11 | €18,600 | €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 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€1,055 | €1,101 | €1,869 | €2,351 | €16,684 | ▲ 610% |
| Amounts payable17/49 | €196,162 | €256,112 | €188,712 | €99,190 | €105,098 | ▲ 6.0% |
| Amounts payable after more than one year17 | €42,794 | €42,113 | €21,027 | €23,991 | €13,003 | ▼ 45.8% |
| Financial debts170/4 | €42,794 | €42,113 | €21,027 | €23,991 | €13,003 | ▼ 45.8% |
| Amounts payable within one year42/48 | €153,311 | €213,941 | €167,685 | €75,199 | €88,251 | ▲ 17.4% |
| Current portion of amounts payable after more than one year42 | €5,777 | €25,467 | €24,119 | €9,984 | €10,988 | ▲ 10.1% |
| Financial debts43 | €48,582 | €27,325 | €43,175 | €604 | €3,753 | ▲ 522% |
| Credit institutions430/8 | €30,459 | €14,252 | €39,201 | €604 | €3,753 | ▲ 522% |
| Other loans439 | €18,123 | €13,072 | €3,975 | €0 | - | - |
| Trade debts44 | €39,296 | €59,647 | €58,317 | €31,734 | €67,829 | ▲ 114% |
| Suppliers440/4 | €39,296 | €59,647 | €58,317 | €31,734 | €67,829 | ▲ 114% |
| Advances received on contracts in progress46 | €4,014 | €56,625 | - | - | - | - |
| Taxes, remuneration and social security45 | €23,180 | €12,415 | €9,611 | €32,878 | €5,682 | ▼ 82.7% |
| Taxes450/3 | €23,180 | €12,415 | €9,611 | €32,878 | €5,682 | ▼ 82.7% |
| Other amounts payable47/48 | €32,462 | €32,462 | €32,462 | €0 | - | - |
| Accrued charges and deferred income492/3 | €57 | €57 | - | - | €3,844 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,144 | €2,157 | €768 | €482 | €14,333 | ▲ 2,876% |
| + Depreciation and write-downs630 | €10,802 | €11,889 | €18,339 | €12,257 | €12,462 | ▲ 1.7% |
| Operating cash flow (approximation) | €18,945 | €14,046 | €19,107 | €12,738 | €26,796 | ▲ 110% |
| Investment in fixed assets (approximation) | - | -€39,775 | -€1,253 | -€3,828 | -€5,402 | ▼ 41.1% |
| Change in cash | - | €5,521 | - | - | -€2,894 | - |
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
Next filing, fiscal year 2026, expected by
2026
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €24,054
Net result €24,054 after one loss-making year.
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
31-12
Financial
Weakest financial yearnet -€37,517
Net result drops to -€37,517, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Wavre · 1 establishment unit since 2014
Ground area
2,209 m²
Building footprint
823 m²
Volume, LiDAR
4,803 m³
Parcel 25112C0079/00T000, Wallonia · tallest building 7.1 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
AF Solutions
since 20142.235.026.389
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25112C0079/00T000 | Wallonia | 2,209 m² | 1 · 823 m² | 7.1 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.
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Of 393 companies in sector 42990 we hold annual accounts for 182. 127 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
Founded08-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
42990Civil engineering
52100Warehousing and storage
81300Landscape service activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0846554632
Registered
16-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.