AFG

Active

Private limited companyfounded 20188 yrs activeSteenweg op Mechelen 455, 1950 Kraainem, BelgiumKBO/BCE: BE 0692.819.035

The computed 12-month bankruptcy probability of AFG is 2.6% (moderate). The 2025 annual accounts show equity of €44k and a net result of €25k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 34% of 4488 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

52 / 100

Fair

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability85▲+12

Solvency48▲+9

Growth85=

Track record100

Bankruptcy probability, 12 months

2.6% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €2k at 30 days acceptable

Liquidity short (current ratio 0.66 against 0.05 in 2024; short-term debt: 74.8% and cash: 0% of total assets), and 76.8% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 49

Relative position

BE, all sectors

reference

Sector 49

higher

← fewer bankruptcies more bankruptcies →

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

23.2%

Return on assets

13%

Age of the figures

9 mo

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Growing equity

Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €44k

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.

NBB · 8 filings

Deviation from the deadline

2025

on the day

2024

109 d late

2023

182 d late

2022

107 d late

2021

165 d late

2020

205 d late

2019

27 d late

← before the deadline after the deadline →

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 months

Position in the running window

17-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, micro schema

Turnover

€154k▲ 39.4%

2019 · €110k

2018: €41k 2019: €110k

2018 → 2020

EBIT margin

-9.8%▼ 2.4pp

2019 · -7.4%

2018: -5.2% 2019: -7.4%

2018 → 2020

Net result

€25k▲ 395%

2024 · €5k

2018: €-2k 2019: €-8k 2020: €-15k 2021: €-148 2022: €52k 2023: €-15k 2024: €5k

2018 → 2025

Working capital

€-48k▲ 48.8%

2024 · €-94k

2018: €-49k 2019: €-70k 2020: €-104k 2021: €-84k 2022: €-35k 2023: €-128k 2024: €-94k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€-7k-€30k€14k▼ 51.4%€19k▲ 34.8%€44k▲ 128%

Operating result€-28k-€54k€-14k€18k€37k▲ 109%

Net result€-148-€52k€-15k€5k€25k▲ 395%

Result per fiscal year

Operating resultNet result

After the dip in 2023 the operating result has climbed two years in a row; 2025 is 109% above 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €190k

50.6%

49.4%

Fixed assets €96k▼ 26.4%

Current assets €94k▲ 1,680%

Equity and liabilities €190k

23.2%

76.8%

Equity €44k▲ 128%

Debt €146k▲ 25.2%

The debt ratio falls from 85.7% to 76.8%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€71k▲

2024 · €62k

Cash flow

€59k▲

2024 · €49k

Solvency

23.2%▲

2024 · 14.3%

Current ratio

0.66▲

2024 · 0.05

Quick ratio

0.66▲

2024 · 0.05

Debt / equity

3.31▼

2024 · 6.01

ROE

56.1%▲

2024 · 25.8%

ROA

13.0%▲

2024 · 3.7%

Interest coverage

26.37▼

2024 · 30.33

Debt

€146k▲

2024 · €117k

Debt ≤ 1 year

€142k▲

2024 · €99k

Debt > 1 year

€4k▼

2024 · €17k

Income taxes

€9k▼

2024 · €11k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€136k€190k▲

Fixed assets21/28€131k€96k▼

Tangible fixed assets22/27€131k€96k▼

Furniture and vehicles24€131k€96k▼

Financial fixed assets28€100€100=

Current assets29/58€5k€94k▲

Amounts receivable within one year40/41€5k€94k▲

Trade receivables40€2k€94k▲

Other amounts receivable41€3k-

Cash at bank and in hand54/58€3€37▲

Deferred charges and accrued income490/1€766-

Equity and liabilities

Total equity and liabilities10/49€136k€190k▲

Equity10/15€19k€44k▲

Contributions10/11€19k€19k=

Profit (loss) carried forward14€775€25k▲

Amounts payable17/49€117k€146k▲

Amounts payable after more than one year17€17k€4k▼

Financial debts170/4€17k€4k▼

Amounts payable within one year42/48€99k€142k▲

Current portion of amounts payable after more than one year42€16k€15k▼

Trade debts44€9k€20k▲

Suppliers440/4€9k€20k▲

Taxes, remuneration and social security45€15k€26k▲

Taxes450/3€12k€21k▲

Remuneration and social security454/9€3k€4k▲

Other amounts payable47/48€58k€81k▲

Income statement Code20242025

Non-recurring operating income76A-€19k

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€35k▼

Other operating charges640/8€8k€1k▼

Gross operating margin9900€70k€73k▲

Operating profit (loss)9901€18k€37k▲

Financial charges65/66B€2k€3k▲

Recurring financial charges65€2k€3k▲

Profit (loss) for the period before taxes9903€16k€34k▲

Income taxes67/77€11k€9k▼

Profit (loss) for the period9904€5k€25k▲

Profit (loss) for the period to be appropriated9905€5k€25k▲

Appropriation of the result

Profit (loss) to be appropriated9906€775€25k▲

Profit (loss) brought forward from the previous period14P€-4k€775▲

The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 3Gazette 1Filings 8

Next filing, fiscal year 2026, expected by 31-07-2027

2026

12-08

State Gazette act Capital & shares · Resignations & appointments

General meeting · Director resignation · Share transfer3 facts ▸

General meeting, 30/09/2025
Director resignation, Ehsanullah MUTMAHIN (bestuurder)
Share transfer, Ehsanullah MUTMAHIN → Mohammad AMINY

31-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

17-11

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 109 days late

29-01

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 182 days late

2024

31-12

Financial Back to profitnet €5k

Net result €5k after one loss-making year.

2023

31-12

Financial Weakest financial yearnet €-15k ▼130%

Net result drops to €-15k, the lowest in the series; recovery starts the following year.

15-11

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 107 days late

12-01

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 165 days late

2022

31-12

Financial Back to profitnet €52k

Net result €52k after 4 loss-making years.

21-02

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 205 days late

2020

27-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 27 days late

2019

29-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 29 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2026

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

12-08-2026 Resigned as Director

Location & real-estate footprint

Registered office, Kraainem · 4 establishment units since 2018

establishment approximate All 4 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Steenweg op Mechelen 4551950 Kraainem

Ground area

3.1 ha

Building footprint

4,513 m²

Volume, LiDAR

49,973 m³

5 parcels, Brussels, Flanders · tallest building 42.8 m, ±14 floors. Linked by address, not a title deed.

4 establishment units

AFG

Houba de Strooperlaan 122, 1020 BrusselScheduled passenger transport by road

since 20182.274.337.026

AFG BVBA

Bruynstraat 86, 1120 BrusselScheduled passenger transport by road

since 20192.315.876.384

AFG BVBA 3

Théophile De Baisieuxstraat 235, 1020 BrusselScheduled passenger transport by road

since 20202.315.870.743

AFG SIEGE SUD

Alsembergsesteenweg 416D, 1180 UkkelScheduled passenger transport by road

since 20202.315.424.741

5 parcels

Flanders 1 (20%) Brussels 4 (80%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21819A0142/00E000	Brussels	1.6 ha	-	-
22002C0073/00N009	Flanders	1.1 ha	1 · 865 m²	42.8 m · 14 fl.
21016B0118/00T006	Brussels	2,482 m²	1 · 3,312 m²	12.5 m · 2 fl.
21816G0111/00D003	Brussels	994 m²	1 · 337 m²	6.2 m · 1 fl.
21816C0005/00M010	Brussels	212 m²	-	-