AFISEC
ActiveSummary
AFISEC has been active since 1996 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €148,008 and a net result of €6,341. Equity has been growing by about 5.7% per year since 2018. Its solvency ranks better than 89% of 15,759 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 15-07-1996 Normal situation
- Activity
- Certified accountants and tax accountants NACE 69201
- Establishment units
- 2.077.440.387 4877 Olne, since 23-07-1996
- 2.379.820.566 4020 Liège, since 01-11-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 28-05-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €62,694
- ▼ 12.8%
- Turnover
- ≈ €130,000
- estimated
- Profit
- €6,341
- ▼ 62.6%
- Equity
- €148,008
- ▲ 4.5%
- Total assets
- €164,847
- ▲ 0.9%
- Employees on 31-12-2025
- 1
- =
Score breakdownlowers riskSector: Legal and accounting activities (NACE 69)Liquidity: current ratio 8.88, cash €37,499Equity €148,008 (89.8% of total assets)Figures for financial year 2025 (filed on 29-06-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 69, micro). It does better than 87% of them on solvency, 68% on liquidity, 24% on profitability and 47% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 24 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 30 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 43% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | - | - | - | - | 1 |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 | 1 |
| Average over the year, in full-time equivalents | 1.7 | 0.8 | 0.8 | 0.8 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 0 | - | - | - | 1 |
| Left | 1 | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,971 | €40,331 | - | €7,560 |
| Depreciation and write-downs of the year | €10,500 | €2,288 | €6,910 | €9,189 | €9,170 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as AFISEC: certified accountants and tax accountants (NACE 69201). They are comparable in size and age: total assets between €144,000 and €183,000, founded between 1996 and 1999.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| AFISEC Olne | 1996 | €164,847 | €148,008 | €62,694 | €6,341 | - | 2025 |
| Tom-Fisc Lendelede | 1998 | €160,170 | €147,623 | €62,458 | €2,661 | 1 | 2025 |
| FISCOMUST Andenne | 1996 | €182,844 | €116,549 | €58,302 | -€14,078 | - | 2025 |
| GCEF Lasne | 1998 | €164,543 | €93,535 | €56,186 | €21,009 | - | 2025 |
| RENVAL ESTATE La Hulpe | 1998 | €160,444 | €152,740 | €71,612 | €64,461 | - | 2025 |
| UNITED TAX NETWORK Pelt | 1999 | €148,333 | €122,906 | €64,512 | €51,802 | - | 2025 |
| FIDUCIAIRE LAMBRECHTS CONSULT Ternat | 1997 | €143,577 | €118,472 | €65,603 | €38,215 | - | 2025 |
They were chosen from the 7,241 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 17,041 companies had the same profile as AFISEC has now. Two years later, 0.5% had gone bankrupt and 94.4% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AFISEC itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for AFISEC. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €62,898 | €35,471 | €40,405 | €38,058 | €39,143 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,978 | €12,314 | €12,565 | €10,500 | €2,288 | €6,910 | €9,189 | €9,170 | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €465 | €200 | €675 | €245 | €465 | ▲ 89.8% |
| Gross operating margin9900 | €55,233 | €50,599 | €57,244 | €89,347 | €56,578 | €76,307 | €71,893 | €62,694 | ▼ 12.8% |
| Operating profit (loss)9901 | €10,169 | €3,671 | €7,982 | €15,484 | €18,618 | €28,317 | €24,400 | €13,917 | ▼ 43.0% |
| Financial income75/76B | - | - | - | €30 | - | €134 | €231 | €264 | ▲ 14.2% |
| Recurring financial income75 | €92 | €50 | €54 | €30 | - | €134 | €231 | €264 | ▲ 14.2% |
| Financial charges65/66B | - | - | - | €558 | €289 | €390 | €511 | €2,574 | ▲ 404% |
| Recurring financial charges65 | €858 | €797 | €784 | €558 | €289 | €390 | €511 | €2,574 | ▲ 404% |
| Profit (loss) for the period before taxes9903 | €9,404 | €2,924 | €7,253 | €14,956 | €18,329 | €28,062 | €24,120 | €11,606 | ▼ 51.9% |
| Income taxes67/77 | €3,761 | €2,131 | €3,874 | €6,028 | €6,444 | €9,986 | €7,158 | €5,265 | ▼ 26.4% |
| Profit (loss) for the period9904 | €5,643 | €793 | €3,378 | €8,929 | €11,885 | €18,075 | €16,962 | €6,341 | ▼ 62.6% |
| Profit (loss) for the period to be appropriated9905 | €5,643 | €793 | €3,378 | €8,929 | €11,885 | €18,075 | €16,962 | €6,341 | ▼ 62.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €146,879 | €129,575 | €134,871 | €141,990 | €155,732 | €156,530 | €163,438 | €164,847 | ▲ 0.9% |
| Fixed assets21/28 | €26,852 | €22,570 | €14,826 | €4,326 | €4,009 | €36,931 | €27,741 | €26,131 | ▼ 5.8% |
| Intangible fixed assets21 | - | - | - | - | - | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €26,852 | €22,570 | €14,826 | €4,326 | €4,009 | €36,931 | €27,741 | €26,131 | ▼ 5.8% |
| Furniture and vehicles24 | - | - | - | €4,326 | €4,009 | €36,931 | €27,741 | €22,184 | ▼ 20.0% |
| Other tangible fixed assets26 | - | - | - | - | - | €0 | €0 | €3,947 | - |
| Current assets29/58 | €120,027 | €107,005 | €120,045 | €137,663 | €151,723 | €119,599 | €135,697 | €138,716 | ▲ 2.2% |
| Amounts receivable within one year40/41 | €47,898 | €37,855 | €39,638 | €33,100 | €38,640 | €41,054 | €42,820 | €34,480 | ▼ 19.5% |
| Trade receivables40 | - | - | - | €33,100 | €38,640 | €41,054 | €42,820 | €31,152 | ▼ 27.2% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €3,327 | - |
| Current investments50/53 | €32,432 | €27,502 | €35,200 | €55,000 | €64,000 | €40,400 | €50,400 | €65,400 | ▲ 29.8% |
| Cash at bank and in hand54/58 | €38,586 | €41,648 | €44,707 | €49,008 | €48,356 | €37,385 | €42,476 | €37,499 | ▼ 11.7% |
| Deferred charges and accrued income490/1 | - | - | - | €555 | €727 | €760 | - | €1,338 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €146,879 | €129,575 | €134,871 | €141,990 | €155,732 | €156,530 | €163,438 | €164,847 | ▲ 0.9% |
| Equity10/15 | €101,645 | €102,438 | €105,816 | €114,745 | €113,630 | €124,705 | €141,667 | €148,008 | ▲ 4.5% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €7,359 | €8,059 | €11,359 | €20,259 | €32,059 | €50,059 | €67,019 | €73,359 | ▲ 9.5% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €18,400 | €30,200 | €48,200 | €65,160 | €71,500 | ▲ 9.7% |
| Profit (loss) carried forward14 | €75,693 | €75,786 | €75,865 | €75,893 | €62,979 | €56,054 | €56,056 | €56,057 | = |
| Amounts payable17/49 | €45,234 | €27,137 | €29,055 | €27,245 | €42,102 | €31,825 | €21,770 | €16,839 | ▼ 22.7% |
| Amounts payable after more than one year17 | €7,214 | €2,116 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €38,020 | €25,021 | €29,055 | €27,245 | €42,102 | €31,825 | €21,770 | €15,614 | ▼ 28.3% |
| Trade debts44 | €9,413 | €2,329 | €3,573 | €6,146 | €6,150 | €1,237 | €2,421 | €280 | ▼ 88.5% |
| Suppliers440/4 | - | - | - | €6,146 | €6,150 | €1,237 | €2,421 | €280 | ▼ 88.5% |
| Taxes, remuneration and social security45 | - | - | - | €16,463 | €18,878 | €22,356 | €16,072 | €15,156 | ▼ 5.7% |
| Taxes450/3 | - | - | - | €11,556 | €14,226 | €17,189 | €10,829 | €15,085 | ▲ 39.3% |
| Remuneration and social security454/9 | - | - | - | €4,907 | €4,651 | €5,167 | €5,243 | €71 | ▼ 98.7% |
| Other amounts payable47/48 | - | - | - | €4,635 | €17,074 | €8,232 | €3,277 | €179 | ▼ 94.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €1,225 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,643 | €793 | €3,378 | €8,929 | €11,885 | €18,075 | €16,962 | €6,341 | ▼ 62.6% |
| + Depreciation and write-downs630 | €10,978 | €12,314 | €12,565 | €10,500 | €2,288 | €6,910 | €9,189 | €9,170 | ▼ 0.2% |
| Operating cash flow (approximation) | €16,620 | €13,107 | €15,943 | €19,428 | €14,173 | €24,985 | €26,151 | €15,511 | ▼ 40.7% |
| Investment in fixed assets (approximation) | - | -€8,032 | -€4,820 | €0 | -€1,971 | -€39,831 | €0 | -€7,560 | - |
| Change in cash | - | €3,062 | €3,059 | €4,301 | -€652 | -€10,971 | €5,091 | -€4,977 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00209801 | NBB |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00186198 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00169769 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00248221 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20143235 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23700014 | |
| 31-12-2019 | micro format | 10-08-2020 | 2020-40100032 | |
| 31-12-2018 | micro format | 12-07-2019 | 2019-32000388 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-44400227 | |
| 31-12-2016 | full format | 28-06-2017 | 2017-23300135 |
Board & ownership
Directors
Owners and capital
Owners
Network & group
AFISEC shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of AFISEC. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63057A0392/00E000 | Wallonia | 1,611 m² | 1 · 142 m² | 8.9 m · 2 |
| 63057A0405/00E000 | Wallonia | 1,082 m² | 1 · 83 m² | 7.4 m · 2 |
| 62806C0657/00P006 | Wallonia | 162 m² | 1 · 60 m² | 15.5 m · 5 |