AFW-BOUW
ActiveSummary
AFW-BOUW has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €405k and a net result of €57k. Equity is growing by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 60% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability41▲+6
Solvency68▲+6
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity tight (current ratio 1.33 against 1.19 in 2024; short-term debt: 39.5% and cash: 2.7% of total assets), and 56.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
43.2%
Return on assets
6.1%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
158 d early
2022
10 d late
2021
110 d late
2020
89 d late
2019
15 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€405k▲ 16.0%
2024 · €349k
2019: €73klowest in 7 years
2020: €218k▲ +200% vs 2019
2021: €246k▲ +12.7% vs 2020
2022: €266k▲ +8.2% vs 2021
2023: €317k▲ +19.3% vs 2022
2024: €349k▲ +9.9% vs 2023
2025: €405k▲ +16.0% vs 2024highest in 7 years
2019 → 2025
Total assets
€937k▼ 0.5%
2024 · €941k
2019: €535klowest in 7 years
2020: €886k▲ +65.6% vs 2019
2021: €882k▼ -0.5% vs 2020
2022: €749k▼ -15.1% vs 2021
2023: €840k▲ +12.2% vs 2022
2024: €941k▲ +12.0% vs 2023highest in 7 years
2025: €937k▼ -0.5% vs 2024
2019 → 2025
Net result
€57k▲ 79.7%
2024 · €32k
2019: €120k
2020: €246k▲ +104% vs 2019highest in 7 years
2021: €78k▼ -68.4% vs 2020
2022: €20k▼ -74.2% vs 2021lowest in 7 years
2023: €81k▲ +305% vs 2022
2024: €32k▼ -61.2% vs 2023
2025: €57k▲ +79.7% vs 2024
2019 → 2025
Working capital
€121k▲ 60.4%
2024 · €75k
2019: €-11klowest in 7 years
2020: €127k▲ +1234% vs 2019
2021: €134k▲ +5.9% vs 2020
2022: €130k▼ -3.2% vs 2021
2023: €170k▲ +30.7% vs 2022highest in 7 years
2024: €75k▼ -55.6% vs 2023
2025: €121k▲ +60.4% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€246k-€266k▲ 8.2%€317k▲ 19.3%€349k▲ 9.9%€405k▲ 16.0%
2021: €246klowest in 5 years
2022: €266k▲ +8.2% vs 2021
2023: €317k▲ +19.3% vs 2022
2024: €349k▲ +9.9% vs 2023
2025: €405k▲ +16.0% vs 2024highest in 5 years
Operating result€101k-€180k▲ 78.0%€87k▼ 51.7%€209k▲ 141%€208k▼ 0.6%
2021: €101k
2022: €180k▲ +78.0% vs 2021
2023: €87k▼ -51.7% vs 2022lowest in 5 years
2024: €209k▲ +141% vs 2023highest in 5 years
2025: €208k▼ -0.6% vs 2024
Net result€78k-€20k▼ 74.2%€81k▲ 305%€32k▼ 61.2%€57k▲ 79.7%
2021: €78k
2022: €20k▼ -74.2% vs 2021lowest in 5 years
2023: €81k▲ +305% vs 2022highest in 5 years
2024: €32k▼ -61.2% vs 2023
2025: €57k▲ +79.7% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 1% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €937k
Fixed assets
€446k ▼ 3.2%
Current assets
€491k ▲ 2.2%
Equity and liabilities €937k
Equity
€405k ▲ 16.0%
Debt
€532k ▼ 10.2%
Debt's share of the balance-sheet total falls from 62.9% to 56.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€237k▲
2024 · €234k
Cash flow
€85k▲
2024 · €56k
Current ratio
1.33▲
2024 · 1.19
Quick ratio
0.86▼
2024 · 0.92
Debt to equity
1.31▼
2024 · 1.70
ROE
14.0%▲
2024 · 9.0%
ROA
6.1%▲
2024 · 3.4%
Interest coverage
1.72▲
2024 · 1.50
Debt ≤ 1 year
€370k▼
2024 · €405k
Debt > 1 year
€162k▼
2024 · €187k
Income taxes
€39k▲
2024 · €29k
Staff costs
€277k▼
2024 · €306k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines
Balance sheet
Code20242025
Assets
Total assets20/58€941k€937k▼
Fixed assets21/28€461k€446k▼
Tangible fixed assets22/27€461k€446k▼
Land and buildings22€426k€410k▼
Plant, machinery and equipment23€19k€15k▼
Furniture and vehicles24€16k€22k▲
Current assets29/58€481k€491k▲
Amounts receivable after more than one year29€159k€143k▼
Other amounts receivable291€159k€143k▼
Stocks and contracts in progress3€108k€174k▲
Stocks30/36€19k€15k▼
Contracts in progress37€88k€159k▲
Amounts receivable within one year40/41€190k€149k▼
Trade receivables40€119k€87k▼
Other amounts receivable41€71k€62k▼
Cash at bank and in hand54/58€18k€25k▲
Deferred charges and accrued income490/1€6k€0▼
Equity and liabilities
Total equity and liabilities10/49€941k€937k▼
Equity10/15€349k€405k▲
Contributions10/11€19k€19k=
Reserves13€101k€157k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€99k€155k▲
Profit (loss) carried forward14€230k€230k=
Amounts payable17/49€592k€532k▼
Amounts payable after more than one year17€187k€162k▼
Financial debts170/4€187k€162k▼
Amounts payable within one year42/48€405k€370k▼
Current portion of amounts payable after more than one year42€92k€45k▼
Financial debts43-€431
Credit institutions430/8-€431
Trade debts44€288k€296k▲
Suppliers440/4€288k€296k▲
Taxes, remuneration and social security45€25k€23k▼
Taxes450/3€3k€6k▲
Remuneration and social security454/9€22k€17k▼
Other amounts payable47/48€0€7k▲
Income statement
Code20242025
Non-recurring operating income76A€4k€0▼
Remuneration, social security and pensions62€306k€277k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25k€29k▲
Other operating charges640/8€20k€29k▲
Non-recurring operating charges66A€665€0▼
Gross operating margin9900€561k€543k▼
Operating profit (loss)9901€209k€208k▼
Financial income75/76B€7k€25k▲
Recurring financial income75€7k€25k▲
Financial charges65/66B€156k€138k▼
Recurring financial charges65€156k€138k▼
Profit (loss) for the period before taxes9903€60k€95k▲
Income taxes67/77€29k€39k▲
Profit (loss) for the period9904€32k€57k▲
Profit (loss) for the period to be appropriated9905€32k€57k▲
Appropriation of the result
Profit (loss) to be appropriated9906€261k€286k▲
Profit (loss) brought forward from the previous period14P€230k€230k=
Transfer to equity691/2€32k€56k▲
To other reserves6921€32k€56k▲
Profit to be distributed694/7€0€833▲
Return on contributions (dividend)694€0€833▲
Social balance
Average headcount (FTE)90874.54.5=
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4k | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €162k | €237k | €306k | €277k | ▼ 9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11k | €14k | €16k | €25k | €29k | ▲ 15.3% |
| Other operating charges640/8 | - | €5k | €11k | €20k | €29k | ▲ 45.0% |
| Non-recurring operating charges66A | - | - | - | €665 | €0 | ▼ 100% |
| Gross operating margin9900 | €324k | €360k | €351k | €561k | €543k | ▼ 3.2% |
| Operating profit (loss)9901 | €101k | €180k | €87k | €209k | €208k | ▼ 0.6% |
| Financial income75/76B | - | €24k | €91k | €7k | €25k | ▲ 250% |
| Recurring financial income75 | - | €24k | €91k | €7k | €25k | ▲ 250% |
| Non-recurring financial income76B | - | €413 | €0 | - | - | - |
| Financial charges65/66B | - | €171k | €66k | €156k | €138k | ▼ 11.9% |
| Recurring financial charges65 | €11k | €107k | €66k | €156k | €138k | ▼ 11.9% |
| Non-recurring financial charges66B | - | €64k | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €90k | €32k | €112k | €60k | €95k | ▲ 58.3% |
| Income taxes67/77 | €12k | €12k | €31k | €29k | €39k | ▲ 34.8% |
| Profit (loss) for the period9904 | €78k | €20k | €81k | €32k | €57k | ▲ 79.7% |
| Profit (loss) for the period to be appropriated9905 | €78k | €20k | €81k | €32k | €57k | ▲ 79.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €882k | €749k | €840k | €941k | €937k | ▼ 0.5% |
| Fixed assets21/28 | €207k | €207k | €200k | €461k | €446k | ▼ 3.2% |
| Tangible fixed assets22/27 | €207k | €207k | €200k | €461k | €446k | ▼ 3.2% |
| Land and buildings22 | - | €188k | €179k | €426k | €410k | ▼ 3.8% |
| Plant, machinery and equipment23 | - | €7k | €9k | €19k | €15k | ▼ 22.0% |
| Furniture and vehicles24 | - | €13k | €11k | €16k | €22k | ▲ 34.9% |
| Current assets29/58 | €674k | €541k | €640k | €481k | €491k | ▲ 2.2% |
| Amounts receivable after more than one year29 | - | €370k | €165k | €159k | €143k | ▼ 9.9% |
| Other amounts receivable291 | - | €370k | €165k | €159k | €143k | ▼ 9.9% |
| Stocks and contracts in progress3 | - | - | €17k | €108k | €174k | ▲ 61.3% |
| Stocks30/36 | - | - | €17k | €19k | €15k | ▼ 24.6% |
| Contracts in progress37 | - | - | - | €88k | €159k | ▲ 80.0% |
| Amounts receivable within one year40/41 | €654k | €131k | €367k | €190k | €149k | ▼ 21.4% |
| Trade receivables40 | - | €80k | €147k | €119k | €87k | ▼ 26.4% |
| Other amounts receivable41 | - | €51k | €220k | €71k | €62k | ▼ 13.1% |
| Cash at bank and in hand54/58 | €20k | €37k | €92k | €18k | €25k | ▲ 39.2% |
| Deferred charges and accrued income490/1 | - | €3k | €0 | €6k | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €882k | €749k | €840k | €941k | €937k | ▼ 0.5% |
| Equity10/15 | €246k | €266k | €317k | €349k | €405k | ▲ 16.0% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €18k | €18k | €69k | €101k | €157k | ▲ 55.5% |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €16k | €67k | €99k | €155k | ▲ 56.5% |
| Profit (loss) carried forward14 | €210k | €230k | €230k | €230k | €230k | = |
| Amounts payable17/49 | €636k | €483k | €523k | €592k | €532k | ▼ 10.2% |
| Amounts payable after more than one year17 | €96k | €71k | €52k | €187k | €162k | ▼ 13.5% |
| Financial debts170/4 | - | €71k | €52k | €187k | €162k | ▼ 13.5% |
| Amounts payable within one year42/48 | €540k | €411k | €471k | €405k | €370k | ▼ 8.6% |
| Current portion of amounts payable after more than one year42 | - | €29k | €29k | €92k | €45k | ▼ 51.7% |
| Financial debts43 | - | - | - | - | €431 | - |
| Credit institutions430/8 | - | - | - | - | €431 | - |
| Trade debts44 | €190k | €117k | €290k | €288k | €296k | ▲ 2.8% |
| Suppliers440/4 | - | €117k | €290k | €288k | €296k | ▲ 2.8% |
| Taxes, remuneration and social security45 | - | €50k | €119k | €25k | €23k | ▼ 8.5% |
| Taxes450/3 | - | €44k | €24k | €3k | €6k | ▲ 76.0% |
| Remuneration and social security454/9 | - | €5k | €96k | €22k | €17k | ▼ 21.3% |
| Other amounts payable47/48 | - | €216k | €33k | €0 | €7k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €78k | €20k | €81k | €32k | €57k | ▲ 79.7% |
| + Depreciation and write-downs630 | €11k | €14k | €16k | €25k | €29k | ▲ 15.3% |
| Operating cash flow (approximation) | €89k | €34k | €98k | €56k | €85k | ▲ 51.4% |
| Investment in fixed assets (approximation) | - | €-14k | €-9k | €-286k | €-14k | ▲ 95.2% |
| Change in cash | - | €17k | €55k | €-74k | €7k | ▲ 110% |
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
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
26-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
10-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 10 days late
31-03
Financial
Weakest financial yearnet €20k ▼74.2%
Net result drops to €20k, the lowest in the series; recovery starts the following year.
18-02
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 110 days late
2021
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 89 days late
2020
31-03
Financial
Highest result since 2019net €246k ▲104%
Operating result €312k, net result €246k, both a record.
31-03
Financial
Equity above €200kEq €218k ▲200%
2 profitable years in a row build equity to €218k.
2019
15-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 15 days late
2017
20-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
22-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2015
03-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
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, Hasselt · 1 establishment unit since 2011
Ground area
1,450 m²
Building footprint
201 m²
Volume, LiDAR
4,786 m³
Parcel 71328D0117/00H000, Flanders · tallest building 26.4 m, ±8 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
AFW-BOUW
since 20112.199.947.627
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71328D0117/00H000 | Flanders | 1,450 m² | 1 · 201 m² | 26.4 m · 8 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.
Similar companies · same sector, comparable size
HIGHLINE BRUSSELS SA
BE 0786.766.010
La Hulpe · Eq €407,132
FUTURN PROJECTS
BE 0841.123.523
Kortrijk · Eq €398,833
ANACON REAL ESTATE
BE 0838.776.123
Grimbergen · Eq €398,685
COTTAGE DREAMS IMMO
BE 0818.201.334
Eupen · Eq €416,438
Amogis
BE 0416.078.233
Brugge · Eq €417,178
Of 1,292 companies in sector 68122 we hold annual accounts for 901. 589 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 (pre-2019)
Founded11-04-2011
Fiscal year end31-03
Activities, NACEBEL 2025
41001General construction of residential buildings
68122Development of non-residential building projects
68121Development of residential building projects
68310Real estate agency activities
Scores and ratios are computed by Checked and are not a credit decision.