AFKOR
ActiveSummary
AFKOR has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €871,226 and a net result of €31,874. Equity is growing by ~6.6% per year across the filed fiscal years. Its solvency ranks better than 31% of 4909 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability50▲+6
Solvency53▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.27 in 2024; short-term debt: 52.2% and cash: 10% of total assets), and 72% 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
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
28%
Return on assets
1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
26 d late
2023
31 d late
2022
2 d early
2021
22 d late
2020
31 d late
2019
87 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 32 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€31,874▲ 346%
2024 · €7,153
Working capital
€522,137▲ 8.8%
2024 · €479,929
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
Line20212022202320242025
Operating result€82,415▲ 2.6%€99,948▲ 21.3%€177,943▲ 78.0%€117,909▼ 33.7%€133,229▲ 13.0%
Net result€30,378▼ 16.6%€53,136▲ 74.9%€100,036▲ 88.3%€7,153▼ 92.8%€31,874▲ 346%
Equity€679,027▲ 4.7%€732,163▲ 7.8%€832,199▲ 13.7%€839,352▲ 0.9%€871,226▲ 3.8%
Total assets€2.3m▼ 1.9%€2.4m▲ 3.5%€3.3m▲ 34.7%€3.1m▼ 3.2%€3.1m▼ 1.2%
Debt€1.7m▼ 4.3%€1.7m▲ 1.7%€2.4m▲ 43.9%€2.3m▼ 4.7%€2.2m▼ 3.1%
Working capital€462,600▼ 14.1%€464,756▲ 0.5%€889,377▲ 91.4%€479,929▼ 46.0%€522,137▲ 8.8%
Staff (FTE)25.4▲ 10.4%26.2▲ 3.1%26.2=26.7▲ 1.9%31.6▲ 18.4%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 13% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€793,737 ▲ 16.2%
Current assets
€2.1m ▼ 4.0%
Equity and liabilities €3.1m
Equity
€871,226 ▲ 3.8%
Debt
€2.2m ▼ 3.1%
Debt's share of the balance-sheet total falls from 73.3% to 72.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€364,506▲
2024 · €323,885
Cash flow
€263,151▲
2024 · €213,129
Current ratio
1.32▲
2024 · 1.27
Quick ratio
0.74▼
2024 · 0.75
Debt to equity
2.57▼
2024 · 2.75
ROE
3.7%▲
2024 · 0.9%
ROA
1.0%▲
2024 · 0.2%
Interest coverage
3.58▲
2024 · 2.95
Debt ≤ 1 year
€1.6m▼
2024 · €1.8m
Debt > 1 year
€552,211▲
2024 · €492,380
Income taxes
€1,677▲
2024 · €1,266
Staff costs
€2.2m▲
2024 · €1.8m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €19,000 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €1.4m | €1.5m | €1.7m | €1.8m | €2.2m | ▲ 23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €140,751 | €161,535 | €163,001 | €205,976 | €231,277 | ▲ 12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2,963 | -€29,847 | €25,577 | -€29,601 | -€2,529 | ▲ 91.5% |
| Other operating charges640/8 | €9,057 | €9,314 | €8,826 | €15,383 | €10,314 | ▼ 33.0% |
| Operating charges capitalised as restructuring costs649 | - | -€54,041 | - | -€246,471 | - | - |
| Gross operating margin9900 | €1.7m | €1.7m | €2.1m | €1.8m | €2.5m | ▲ 39.5% |
| Operating profit (loss)9901 | €82,415 | €99,948 | €177,943 | €117,909 | €133,229 | ▲ 13.0% |
| Financial income75/76B | €360 | €3,375 | €334 | €268 | €2,159 | ▲ 706% |
| Recurring financial income75 | €360 | €3,375 | €334 | €268 | €2,159 | ▲ 706% |
| Financial charges65/66B | €52,903 | €49,321 | €77,275 | €109,758 | €101,837 | ▼ 7.2% |
| Recurring financial charges65 | €52,903 | €49,321 | €77,275 | €109,758 | €101,837 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €29,872 | €54,002 | €101,002 | €8,419 | €33,551 | ▲ 299% |
| Income taxes67/77 | -€506 | €866 | €966 | €1,266 | €1,677 | ▲ 32.5% |
| Profit (loss) for the period9904 | €30,378 | €53,136 | €100,036 | €7,153 | €31,874 | ▲ 346% |
| Profit (loss) for the period to be appropriated9905 | €30,378 | €53,136 | €100,036 | €7,153 | €31,874 | ▲ 346% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €2.4m | €3.3m | €3.1m | €3.1m | ▼ 1.2% |
| Formation expenses20 | €69,497 | €89,563 | €55,590 | €229,934 | €169,831 | ▼ 26.1% |
| Fixed assets21/28 | €381,521 | €487,893 | €602,028 | €683,151 | €793,737 | ▲ 16.2% |
| Intangible fixed assets21 | €37,693 | €26,937 | €17,373 | €62,442 | €62,259 | ▼ 0.3% |
| Tangible fixed assets22/27 | €313,938 | €424,991 | €542,041 | €572,083 | €673,261 | ▲ 17.7% |
| Plant, machinery and equipment23 | €179,595 | €325,164 | €412,733 | €416,679 | €493,962 | ▲ 18.5% |
| Furniture and vehicles24 | €133,439 | €94,275 | €121,534 | €149,728 | €175,492 | ▲ 17.2% |
| Other tangible fixed assets26 | €904 | €5,552 | €7,774 | €5,676 | €3,807 | ▼ 32.9% |
| Financial fixed assets28 | €29,890 | €35,965 | €42,614 | €48,626 | €58,217 | ▲ 19.7% |
| Current assets29/58 | €1.9m | €1.8m | €2.6m | €2.2m | €2.1m | ▼ 4.0% |
| Stocks and contracts in progress3 | €659,546 | €710,644 | €841,620 | €915,214 | €938,803 | ▲ 2.6% |
| Stocks30/36 | €659,546 | €710,644 | €841,620 | €915,214 | €938,803 | ▲ 2.6% |
| Amounts receivable within one year40/41 | €942,221 | €752,307 | €1.2m | €901,188 | €798,946 | ▼ 11.3% |
| Trade receivables40 | €837,182 | €671,335 | €1.2m | €843,451 | €724,885 | ▼ 14.1% |
| Other amounts receivable41 | €105,039 | €80,972 | €49,619 | €57,737 | €74,061 | ▲ 28.3% |
| Current investments50/53 | €1,975 | €2,350 | €2,475 | €2,650 | €2,650 | = |
| Cash at bank and in hand54/58 | €123,880 | €198,859 | €319,298 | €105,906 | €312,298 | ▲ 195% |
| Deferred charges and accrued income490/1 | €155,474 | €173,102 | €204,248 | €309,402 | €92,217 | ▼ 70.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €2.4m | €3.3m | €3.1m | €3.1m | ▼ 1.2% |
| Equity10/15 | €679,027 | €732,163 | €832,199 | €839,352 | €871,226 | ▲ 3.8% |
| Contributions10/11 | €44,257 | €44,257 | €44,257 | €44,257 | €44,257 | = |
| Capital10 | - | - | €44,257 | €44,257 | €44,257 | = |
| Issued capital100 | - | - | €44,257 | €44,257 | €44,257 | = |
| Reserves13 | €634,770 | €687,906 | €787,942 | €795,095 | €826,969 | ▲ 4.0% |
| Non-distributable reserves130/1 | €4,441 | €4,441 | €4,441 | €4,441 | €4,441 | = |
| Legal reserve130 | - | - | €4,441 | €4,441 | €4,441 | = |
| Reserves not available under the articles1311 | €4,441 | €4,441 | - | - | - | - |
| Tax-exempt reserves132 | €220,919 | €220,919 | €220,919 | €220,919 | €220,919 | = |
| Distributable reserves133 | €409,410 | €462,546 | €562,582 | €569,735 | €601,609 | ▲ 5.6% |
| Amounts payable17/49 | €1.7m | €1.7m | €2.4m | €2.3m | €2.2m | ▼ 3.1% |
| Amounts payable after more than one year17 | €175,067 | €250,744 | €524,183 | €492,380 | €552,211 | ▲ 12.2% |
| Financial debts170/4 | €175,067 | €250,744 | €524,183 | €492,380 | €552,211 | ▲ 12.2% |
| Amounts payable within one year42/48 | €1.4m | €1.4m | €1.7m | €1.8m | €1.6m | ▼ 7.5% |
| Current portion of amounts payable after more than one year42 | €181,475 | €141,004 | €121,484 | €134,150 | €214,254 | ▲ 59.7% |
| Financial debts43 | €617,422 | €618,151 | €672,022 | €830,864 | €834,133 | ▲ 0.4% |
| Credit institutions430/8 | €617,422 | €618,151 | €672,022 | €830,864 | €834,133 | ▲ 0.4% |
| Trade debts44 | €521,807 | €450,795 | €549,708 | €533,945 | €360,906 | ▼ 32.4% |
| Suppliers440/4 | €521,807 | €450,795 | €549,708 | €533,945 | €360,906 | ▼ 32.4% |
| Taxes, remuneration and social security45 | €70,549 | €133,224 | €233,626 | €226,140 | €213,135 | ▼ 5.8% |
| Taxes450/3 | €1,901 | €1,082 | €17,992 | €27,067 | €498 | ▼ 98.2% |
| Remuneration and social security454/9 | €68,648 | €132,142 | €215,634 | €199,073 | €212,637 | ▲ 6.8% |
| Other amounts payable47/48 | €29,243 | €29,332 | €129,332 | €29,332 | €349 | ▼ 98.8% |
| Accrued charges and deferred income492/3 | €59,524 | €59,305 | €190,613 | €61,282 | €62,268 | ▲ 1.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,378 | €53,136 | €100,036 | €7,153 | €31,874 | ▲ 346% |
| + Depreciation and write-downs630 | €140,751 | €161,535 | €163,001 | €205,976 | €231,277 | ▲ 12.3% |
| Operating cash flow (approximation) | €171,129 | €214,671 | €263,037 | €213,129 | €263,151 | ▲ 23.5% |
| Investment in fixed assets (approximation) | - | -€267,907 | -€277,136 | -€287,099 | -€341,863 | ▼ 19.1% |
| Change in cash | - | €74,979 | €120,439 | -€213,392 | €206,392 | ▲ 197% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 26 days late
2024
31-12
Financial
Weakest financial yearnet €7,153 ▼92.8%
Net result drops to €7,153, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 31 days late
2023
31-12
Financial
Highest result since 2018net €100,036 ▲88.3%
Operating result €177,943, net result €100,036, both a record.
29-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 22 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 87 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Kortrijk · 1 establishment unit since 1992
Ground area
2,034 m²
Building footprint
704 m²
Volume, LiDAR
3,660 m³
Parcel 34026A0535/00F000, Flanders · tallest building 6.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
AFKOR
since 19922.001.424.655
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34026A0535/00F000 | Flanders | 2,034 m² | 1 · 704 m² | 6.1 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 7 entries · 23,929 EUR awarded · 23,807 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 8,879 EUR | 10,266 EUR |
| 2024 | 2 | 7,182 EUR | 10,293 EUR |
| 2023 | 2 | 4,790 EUR | 536 EUR |
| 2022 | 1 | 3,078 EUR | 2,712 EUR |
Recognitions · licences · registrations
Recognised contractor
3 categoriesAFKOR NV22558
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Of 1,136 companies in sector 46130 we hold annual accounts for 646. 361 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
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
46130Agents in the wholesale of timber and building materials
46190Agents in non-specialised wholesale trade
73300Public relations and communication consultancy
Scores and ratios are computed by Checked and are not a credit decision.