Equity
€871,226 from €1.6m in 2011
Equity fell by 46% in 14 years.
AFKOR
Lifetime
20 annual accounts with figures on one time axis, 48 filings since 1977peak €2.5m (2025)
€2.5m▲ 39.5%
peak €251,258 (2016)
€31,874▲ 346%
peak €1.6m (2011)
€871,226▲ 3.8%
€2.2m▼ 3.1%
peak 31.6 FTE (2025)
31.6 FTE▲ 18.4%
Board2 names since 2018
1 directorF.R.W. INVEST
Owners4 names in the annual accounts
Documentsfilings and deeds
28-08-202628 days late
2025financial year
Gross margin from €1.8m to €2.5mResult from €7,153 to €31,874Staff from 26.7 FTE to 31.6 FTECash from €105,906 to €312,298
Key points
from the 2025 annual accountsTurnover
≈ €11.0m estimated
The accounts state no turnover.
Debts
€2.2m 72% of the balance sheet
Financial debts 62%Suppliers 16%Taxes and wages 10%Other 12%
Of this, €1.6m falls due within a year.
Staff
34 employees on 31-12-2025
In 2025, 9 people joined and 6 left.
Filings
48 annual accounts since 1977
Nine of the last ten came late. The 2019 accounts came latest: 87 days after the end of the period.
Position in the sector
€2.5m
Higher gross margin than 95% of companies in wholesale trade. Sector median €354,372 · 3,327 companies.
Checked score
85
Excellent
Financially stronger than 39% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.4%▲ +0.1 percentage points vs 05-2025
07-2025: 0.5%▲ +0.1 percentage points vs 06-2025
08-2025: 0.8%▲ +0.3 percentage points vs 07-2025
09-2025: 0.7%▼ -0.1 percentage points vs 08-2025
10-2025: 0.7%● unchanged vs 09-2025
11-2025: 0.7%● unchanged vs 10-2025
12-2025: 0.7%● unchanged vs 11-2025
01-2026: 0.7%● unchanged vs 12-2025
02-2026: 0.7%● unchanged vs 01-2026
03-2026: 0.7%● unchanged vs 02-2026
04-2026: 0.7%● unchanged vs 03-2026
05-2026: 0.7%● unchanged vs 04-2026
06-2026: 0.7%● unchanged vs 05-2026
07-2026: 0.7%● unchanged vs 06-2026
08-2026: 1.4%▲ +0.7 percentage points vs 07-2026highest value
09-2026: 0.3%▼ -1.1 percentage points vs 08-2026lowest value
10-2026: 0.3%● unchanged vs 09-2026lowest value
11-2026: 0.3%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Last filed accounts filed 28 days late; 1 of the last 3 accounts late
Size: 31.6 FTE, total assets €3.1m
lowers risk
Founded in 1968
Legal form: public limited company
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 46, small). It does better than 32% of them on solvency, 39% on liquidity, 33% on profitability and 50% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 4,685 companies had the same profile as AFKOR has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of AFKOR itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,448 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 4,685 companies, not a prediction for AFKOR. 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.
Credit verdict
Credit of up to €70,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.32 (1.27 in 2024), below the usual 1.5. Short-term debt is 52.2% and cash 10% of total assets. 72% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 28 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
28 days late
2024
26 days late
2023
31 days late
2022
2 days early
2021
22 days late
2020
31 days late
2019
87 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 32 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- F.R.W. INVEST 99%equity €562,554 (2025) · 2025 annual accounts of F.R.W. INVEST
- Frederic WILLEMS 1%annual accounts 2016
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0405728630
1 director resigning
Change of role: F.R.W. Invest, from director to sole director · Resignation: Willems Frederic (director) · Permanent representative: Willems Frederic · Gazette deed
Demerger: AFKOR splits off to F.R.W. INVEST
F.R.W. INVEST holds 99 shares · Frederic WILLEMS holds 1 share · General meeting of 07-06-2019 · Gazette deed
1 director appointed, 2 reappointments
Reappointments: Frederic Willems and F.R.W. Invest · Permanent representative: Frederic Willems · Appointment: F.R.W. Invest (managing director) · General meeting of 02-01-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| AFKOR Kortrijk | €3.1m | €2.5m | 28.0% | 31.6 |
| HOBERG Wavre | €4.2m | €2.4m | 84.6% | 24.6 |
| HESSE BENELUX Nazareth-De Pinte | €2.6m | €2.6m | 46.4% | 21.5 |
| HUPPE BELGIUM Zaventem | €2.7m | €1.9m | 43.2% | 12.8 |
| TRIMMOVAN Tielt | €3.3m | €0.9m | 67.0% | - |
| HADIBOUW Herentals | €2.4m | €1.1m | 42.4% | 12.9 |
| MATERIAUX TONI Châtelet | €9.0m | - | 54.7% | 23 |
These companies have the same main activity as AFKOR: agents in the wholesale of timber and building materials (NACE 46130). They are comparable in size and age: total assets between €2.4m and €9m, founded between 1972 and 1995.
Official details
Source: KBO- Status
- ActiveNormal situation
- Registered office
- 10 active companies are registered at this addressSource: KBO register, as of 11 November 2026.
- Activity
- Agents in the wholesale of timber and building materialsNACE 46130and 3 others
- Establishment unit
- 2.001.424.6558510 Kortrijk, since 14-01-1992
- Financial year end
- 31 December
- Peppol
- Reachable since 28-04-2025
Insights on AFKOR
AFKOR has existed since 1968. The gross margin grew from €768,082 in 2006 to €2.5m in 2025 and staff from 8.5 to 31.6 full-time equivalents.
F.R.W. INVEST holds 99% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about AFKOR
- What is the company number of AFKOR?
- The company number of AFKOR is 0405.728.630. The VAT number is the same number with BE in front: BE 0405.728.630.
- Where is AFKOR based?
- The registered office is at Torkonjestraat 21, 8510 Kortrijk.Company details
- What does AFKOR do?
- According to the KBO register, the main activity is agents in the wholesale of timber and building materials (NACE 46130).
- What is the legal form of AFKOR?
- AFKOR is a public limited company (NV).
- When was AFKOR founded?
- AFKOR was founded on 01-01-1968.
- Is AFKOR still active?
- Yes, AFKOR is an active enterprise in the KBO register.
- How many employees does AFKOR have?
- AFKOR had an average of 31.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of AFKOR?
- The turnover in financial year 2025 is ≈ €11.0m. This figure is estimated from the gross margin of €2.5m and 98 comparable companies (NACE 46). It probably lies between €6.4m and €18.0m.
- Is AFKOR profitable?
- In financial year 2025, AFKOR made a profit of €31,874.
- Where can I find the annual accounts of AFKOR?
- AFKOR filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of AFKOR due?
- AFKOR must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check
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