Equity
€66.7m from €1.20bn in 2010
Equity fell by 94% in 15 years.
AGFA
Lifetime
18 annual accounts with figures on one time axis, 30 filings since 1996peak €1.22bn (2008)
€374.7m▼ 11.9%
lowest -€226.5m (2021)
-€40.8m▼ €5.4m
peak €1.20bn (2010)
€66.7m▲ 143%
€285.2m▼ 4.5%
peak 896.8 FTE (2008)
246.5 FTE▼ 6.2%
Board26 names since 2003all names
4 directorsPJY Management BV and 3 others
Owners3 names in the annual accounts
99.99%Agfa-Gevaert and 1 other
Documentsfilings and deeds
21-05-202671 days before the deadline
2025financial year
Loss of €40.8mCapital increase 01-12Capital decrease of €50,500,000 to €24,500,000 21-05Resignation: Dirk De Man (director) 09-01Equity from €27.5m to €66.7m
Key points
from the 2025 annual accountsLosses
-€125.9m in three years
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
Debts
€285.2m 79% of the balance sheet
Financial debts 53%Suppliers 28%Taxes and wages 6%Other 13%
Of this, €128.1m falls due within a year.
Staff
246.5 FTE from 896.8 in 2008
Between 2008 and 2025, 73% of the full-time equivalents disappeared.
Filings
30 annual accounts since 1996
The last five annual accounts were filed 58 to 71 days before the end of the period.
Position in the sector
-€40.8m
Lower net result than 95% of companies in chemicals. Sector median €461,868 · 318 companies.
Equity +143%: capital increase
Checked score
54
Fair
Financially stronger than 29% of medium-sized companies in chemicals (NACE 20)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 108 companies (NACE 20, medium-sized).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.6%
01-2025: 1.6%● unchanged vs 12-2024
02-2025: 1.6%● unchanged vs 01-2025
03-2025: 1.6%● unchanged vs 02-2025
04-2025: 1.7%▲ +0.1 percentage points vs 03-2025highest value
05-2025: 1.7%● unchanged vs 04-2025highest value
06-2025: 1.6%▼ -0.1 percentage points vs 05-2025
07-2025: 1.4%▼ -0.2 percentage points vs 06-2025
08-2025: 1.4%● unchanged vs 07-2025
09-2025: 1.4%● unchanged vs 08-2025
10-2025: 1.4%● unchanged vs 09-2025
11-2025: 1.4%● unchanged vs 10-2025
12-2025: 1.4%● unchanged vs 11-2025
01-2026: 1.4%● unchanged vs 12-2025
02-2026: 1.4%● unchanged vs 01-2026
03-2026: 1.4%● unchanged vs 02-2026
04-2026: 1.4%● unchanged vs 03-2026
05-2026: 1.4%● unchanged vs 04-2026
06-2026: 0.8%▼ -0.6 percentage points vs 05-2026
07-2026: 0.8%● unchanged vs 06-2026
08-2026: 0.8%● unchanged vs 07-2026
09-2026: 0.8%● unchanged vs 08-2026
10-2026: 0.8%● unchanged vs 09-2026lowest value
11-2026: 0.8%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €40.8m, the second in a row (financial year 2025)
Liquidity: current ratio 1.88, cash €1.5m
Equity €66.7m (18.4% of total assets)
lowers risk
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 20, medium-sized). It does better than 17% of them on solvency, 31% on liquidity, 14% on profitability and 54% on growth.
The bankruptcy probability was computed on 06-11-2026 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 low class on 30-06-2025, 0.8% 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, 1,608 companies had the same profile as AGFA has now. Each dot stands for 5 companies, two years later.
88.9%
were still trading
6.7%
stopped another way
4.1%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AGFA itself is lower: 0.8% within 12 months. It rests on far more data about AGFA than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,608 companies, not a prediction for AGFA. 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 €3,600,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 1.88 (1.41 in 2024), above the usual 1.5. Short-term debt is 35.4% and cash 0.4% of total assets. However, 81.6% 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
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 317 sector peers (2025).
NBB · sector comparisonPosition among 317 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-05-2026, 71 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
71 days early
2024
58 days early
2023
63 days early
2022
60 days early
2021
61 days early
2020
80 days early
2019
59 days early
← 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 65 days before the deadline. In the sector (NACE 20), the median for financial year 2024 was 22 days before the deadline, and 26% 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 31 May (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
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
PM
PJY Management BV
Director, Pascal Juéry
LL
Lam Loi Ieng
Director, since 19-11-2024
- Agfa-Gevaert 99.99%score 65equity €67.9m (2025) · annual accounts 2025
- Luithagen 0.01%score 91equity €10.0m (2025) · annual accounts 2025
Shares in 17 companies, including Agfa Graphics Srl and Agfa HealthCare (Shanghai) Co Ltd
Board & ownershipRecent changes
Capital increase of €40,000,000 to €118,000,000
Capital from €78,000,000 to €118,000,000 · General meeting of 15-09-2026 · Gazette deed
Capital increase
Capital from €88,000,000 to €128,000,000 · Capital from €128,000,000 to €78,000,000 · Contribution of €40,000,000 · General meeting of 03-09-2026 · Gazette deed
Reappointment: PJY Management BV (director)
Permanent representative: Pascal Juéry · General meeting of 12-05-2026 · Gazette deed
Capital increase
Capital from €24,500,000 to €104,500,000 · Capital from €104,500,000 to €88,000,000 · General meeting of 26-11-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| AGFA Mortsel | €374.7m | -6.5% | 18.4% | 246.5 |
| FUJIFILM ELECTRONIC MATERIALS (EUROPE) Beveren-Kruibeke-Zwijndrecht | €248.8m | 7.7% | 70.7% | 225 |
| Taminco Ghent | €527.2m | 14.8% | 23.2% | 405.3 |
| SHELL CATALYSTS & TECHNOLOGIES BELGIUM Ghent | €284.2m | 7.8% | 60.4% | 115 |
| SOLUTIA EUROPE Ghent | €436.0m | 7.9% | 82.3% | 333.3 |
| CAPSUGEL BELGIUM Bornem | €307.8m | 22.9% | 54.9% | 473.8 |
| JSR Micro Leuven | €174.6m | 11.4% | 75.8% | 213.1 |
Grey: the largest companies of the sector (chemicals (NACE 20)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as AGFA: manufacture of chemicals and chemical products (NACE 20590). They are comparable in size and age: total assets between €145m and €1.6bn, founded between 1961 and 2003.
Official details
Source: KBO- Status
- Active since 22-11-1995Normal situation
- Registered office
- 12 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Manufacture of chemicals and chemical productsNACE 20590and 3 others
- Joint committee
- 207White-collar workers in the chemical industry · annual accounts 2025
- Establishment unit
- 2.175.469.2802640 Mortsel, since 01-01-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2025
- €362.1m▲ 8.8%
- Employeeson 31-12-2025
- 244▼ 10.0%
- Filing
- Filed on 21-05-2026, 71 days before the end of the filing period
Insights on AGFA
AGFA has existed since 1995. Turnover fell from €1.22bn in 2008 to €374.7m in 2025 and staff from 896.8 to 246.5 full-time equivalents.
Turnover has fallen every year since 2018. Solvency rose in 2025 from 8.3% to 18.4% because of a capital increase.
Agfa-Gevaert holds all 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 AGFA
- What is the company number of AGFA?
- The company number of AGFA is 0456.366.588. The VAT number is the same number with BE in front: BE 0456.366.588.
- Where is AGFA based?
- The registered office is at Septestraat 27, 2640 Mortsel.Company details
- What does AGFA do?
- According to the KBO register, the main activity is manufacture of chemicals and chemical products (NACE 20590).
- What is the legal form of AGFA?
- AGFA is a public limited company (NV).
- When was AGFA founded?
- AGFA was founded on 22-11-1995.
- Is AGFA still active?
- Yes, AGFA is an active enterprise in the KBO register.
- How many employees does AGFA have?
- AGFA had an average of 246.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does AGFA fall under?
- In its 2025 annual accounts, AGFA states joint committee 207 (White-collar workers in the chemical industry).
- What is the turnover of AGFA?
- The turnover of AGFA was €374.7m in financial year 2025, according to the filed annual accounts.
- Is AGFA profitable?
- In financial year 2025, AGFA made a loss of €40.8m.
- Where can I find the annual accounts of AGFA?
- AGFA filed 30 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of AGFA due?
- AGFA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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