Agref
ActiveSummary
Agref has been active since 1966 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.9m and a net result of €57,982. Equity remains stable across the filed financial years (±1.6% per year). Its solvency ranks better than 53% of 364 sector peers (NACE 23, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Activity
Manufacture of other non-metallic mineral products
NACE 23610
5th oldest company in Wetteren, Manufacturing sector1 site
Size
≈ €4.1mturnover 2025, estimated
- Staff
- 28.8 FTE
- Equity
- €2.9m
- Profit
- €57,982
Turnover estimated from the gross marginNet result -84%: other schema
Structure
- Parent
- MDW PROJECTS · 100%
- DEMALOManaging director
- MDW PROJECTSManaging director · permanent representative Martin De Witte
2025 accounts filed 28 days late1 of 9 deeds summarised
Why 83raises riskLiquidity: current ratio 1.22, cash €29,559, halvedLast filed accounts filed 28 days late; 1 of the last 3 lateProfit of €57,982 (financial year 2025)lowers riskFounded in 1966Show the evidence
Checked score
Score 2025
83
/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 45% of its sector peers (NACE 23, small)
Financial strength · tick = 2024
Strong
Solvency
74+3
equity 48.8% of total assets
Liquidity
38-2
short-term debt 29.8% · cash 0.5%
Profitability
70-6
return on assets 1.0%
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.3%
12-2024: 0.3%● unchanged vs 11-2024
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: 0.3%● unchanged vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.6%▲ +0.3 percentage points vs 07-2025
09-2025: 0.7%▲ +0.1 percentage points vs 08-2025highest value
10-2025: 0.2%▼ -0.5 percentage points vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026lowest value
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.4%● unchanged vs 08-2026
10-2026: 0.4%● unchanged vs 09-2026
Credit of up to €240,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.22, compared with 1.18 in 2024, below the usual 1.5; short-term debt: 29.8% and cash: 0.5% of total assets), and 51.2% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 23, small): better than 55% on solvency, 35% on liquidity, 49% on profitability and 41% on growth.
The bankruptcy probability was computed on 28-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
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
32 days late
2023
9 days early
2022
11 days early
2021
29 days late
2020
16 days early
2019
14 days early
← 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 6 days after the deadline; the sector median (NACE 23) for financial year 2024 is 9 days before the deadline, and 34% 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 28 August (4 of the last 5 filed years within 36 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
29-10-2026 today31-12-2026 year end31-07-2027 deadline
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · abbreviated…
- Back to profitnet €370,861
Financials · financial year 2025, full format
In the rankings
#5 oldest company in Wetteren, Manufacturing sector
2025 annual accounts filed late (28 days) Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00443383.
Turnover
≈ €4.1m
Estimated: probably between €2.8m and €6.7m
EBIT margin
Not included in this filing
Net result
€57,982▼ 84.4%
2024 · €370,861
Working capital
€394,523▲ 17.0%
2024 · €337,264
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 67% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.1m
2025
Net result€0.06m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€5.9m
2025
Equity€2.9m
2025
Debt€3.0m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.4m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency48.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.22
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)28.8
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 23, Manufacture of other non-metallic mineral products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.8m-€1.0m▲ 18.5%€0.6m▼ 38.0%€0.6m▲ 4.1%€0.5m▼ 23.9%€0.05m▼ 89.6%€0.4m▲ 799%€0.1m▼ 66.7%
Net result€0.7m-€0.9m▲ 25.6%€0.6mabove the sector's middle half▼ 36.4%€0.6mabove the sector's middle half▲ 5.1%€0.4mabove the sector's middle half▼ 39.1%-€0.01mbelow the sector's middle half€0.4mabove the sector's middle half€0.06mwithin the sector's middle half▼ 84.4%
Equity€3.2m-€2.6m▼ 20.0%€2.6mabove the sector's middle half▲ 1.0%€2.8mabove the sector's middle half▲ 8.9%€2.8mabove the sector's middle half▼ 3.0%€2.7mabove the sector's middle half▼ 0.4%€2.8mabove the sector's middle half▲ 4.1%€2.9mwithin the sector's middle half▲ 1.7%
Total assets€5.6m-€6.4m▲ 13.3%€5.2mabove the sector's middle half▼ 18.5%€6.3mabove the sector's middle half▲ 21.9%€6.6mabove the sector's middle half▲ 4.0%€6.2mabove the sector's middle half▼ 6.4%€6.2mabove the sector's middle half▲ 1.1%€5.9mwithin the sector's middle half▼ 5.0%
Debt€2.4m-€3.8m▲ 59.1%€2.6m▼ 31.9%€3.5m▲ 35.5%€3.8m▲ 9.8%€3.4m▼ 10.6%€3.4m▼ 1.1%€3.0m▼ 10.5%
Working capital€0.8m-€0.8m▼ 0.8%€0.3mwithin the sector's middle half▼ 57.8%€0.5mwithin the sector's middle half▲ 61.2%-€0.1mbelow the sector's middle half€0.1mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 178%€0.4mwithin the sector's middle half▲ 17.0%
Solvency57.1%-40.3%▼ 16.8pp50.0%within the sector's middle half▲ 9.7pp44.6%within the sector's middle half▼ 5.3pp41.7%within the sector's middle half▼ 3.0pp44.3%within the sector's middle half▲ 2.6pp45.6%within the sector's middle half▲ 1.3pp48.8%within the sector's middle half▲ 3.2pp
Current ratio1.39-1.28▼ 0.111.19within the sector's middle half▼ 0.081.28within the sector's middle half▲ 0.090.95below the sector's middle half▼ 0.341.06below the sector's middle half▲ 0.121.18within the sector's middle half▲ 0.121.22within the sector's middle half▲ 0.04
Return on assets (ROA)12.7%-14.1%▲ 1.4pp11.0%above the sector's middle half▼ 3.1pp9.5%within the sector's middle half▼ 1.5pp5.5%within the sector's middle half▼ 3.9pp-0.2%below the sector's middle half▼ 5.7pp5.9%within the sector's middle half▲ 6.1pp1.0%within the sector's middle half▼ 5.0pp
Staff (FTE)35.4-34.1▼ 3.7%38.4above the sector's middle half▲ 12.6%39.2above the sector's middle half▲ 2.1%40.4above the sector's middle half▲ 3.1%35.7above the sector's middle half▼ 11.6%31.6above the sector's middle half▼ 11.5%28.8within the sector's middle half▼ 8.9%
above
within
below
the middle half of NACE 23, Manufacture of other non-metallic mineral products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Why a figure moved sharply
- 2025 Net result -84% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.9m
Fixed assets
€3.8m ▼ 6.4%
Current assets
€2.2m ▼ 2.3%
Equity and liabilities €5.9m
Equity
€2.9m ▲ 1.7%
Provisions
€9,251 ▼ 29.7%
Debt
€3.0m ▼ 10.5%
Debt's share of the balance-sheet total falls from 54.2% to 51.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€622,898▼
2024 · €924,640
Cash flow
€534,344▼
2024 · €854,829
Quick ratio
0.77▲
2024 · 0.73
Debt to equity
1.05▼
2024 · 1.19
ROE
2.0%▼
2024 · 13.0%
Interest coverage
6.11▼
2024 · 9.99
Debt ≤ 1 year
€1.8m▼
2024 · €1.9m
Debt > 1 year
€1.2m▼
2024 · €1.5m
Income taxes
€19,190▲
2024 · €10,734
Staff costs
€1.7m▼
2024 · €1.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,766 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96.2% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96.2%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,766 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.03m | €0.08m | €0.02m | €0 | €0.01m | ▲ 1,305,305× |
| Remuneration, social security and pensions62 | - | - | - | €2.1m | €2.1m | €2.0m | €1.9m | €1.7m | ▼ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.03m | - | -€0.02m | €0.04m | -€0.02m | - |
| Other operating charges640/8 | - | - | - | €0.09m | €0.08m | €0.1m | €0.09m | €0.09m | ▼ 8.3% |
| Non-recurring operating charges66A | - | - | - | €0.02m | €0.02m | €0.1m | €0.007m | €0.006m | ▼ 9.8% |
| Gross operating margin9900 | €3.0m | €3.1m | €2.9m | €3.2m | €3.1m | €2.8m | €2.9m | €2.4m | ▼ 18.7% |
| Operating profit (loss)9901 | €0.8m | €1.0m | €0.6m | €0.6m | €0.5m | €0.05m | €0.4m | €0.1m | ▼ 66.7% |
| Financial income75/76B | - | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 1.2% |
| Recurring financial income75 | €0.06m | €0.07m | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 1.2% |
| Financial charges65/66B | - | - | - | €0.06m | €0.06m | €0.09m | €0.09m | €0.1m | ▲ 10.2% |
| Recurring financial charges65 | €0.03m | €0.05m | €0.05m | €0.06m | €0.06m | €0.09m | €0.09m | €0.1m | ▲ 10.2% |
| Profit (loss) for the period before taxes9903 | €0.8m | €1.0m | €0.6m | €0.6m | €0.4m | -€0.01m | €0.4m | €0.07m | ▼ 80.5% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.004m | ▼ 23.1% |
| Income taxes67/77 | €0.1m | €0.08m | €0.005m | €0.001m | €0.08m | €0.002m | €0.01m | €0.02m | ▲ 78.8% |
| Profit (loss) for the period9904 | €0.7m | €0.9m | €0.6m | €0.6m | €0.4m | -€0.01m | €0.4m | €0.06m | ▼ 84.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.2m | €0.02m | €0.02m | €0.01m | ▼ 23.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.06m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.9m | €0.6m | €0.6m | €0.5m | €0.004m | €0.4m | €0.07m | ▼ 81.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.6m | €6.4m | €5.2m | €6.3m | €6.6m | €6.2m | €6.2m | €5.9m | ▼ 5.0% |
| Fixed assets21/28 | €2.9m | €2.8m | €3.2m | €4.0m | €4.4m | €4.1m | €4.0m | €3.8m | ▼ 6.4% |
| Tangible fixed assets22/27 | €2.9m | €2.8m | €3.2m | €4.0m | €4.4m | €4.1m | €4.0m | €3.8m | ▼ 6.4% |
| Land and buildings22 | - | - | - | €3.0m | €3.2m | €3.0m | €2.8m | €2.7m | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | - | €0.8m | €0.9m | €0.8m | €1.0m | €0.9m | ▼ 7.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 17.8% |
| Financial fixed assets28 | - | - | - | - | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €2.8m | €3.6m | €2.0m | €2.4m | €2.2m | €2.1m | €2.2m | €2.2m | ▼ 2.3% |
| Amounts receivable after more than one year29 | - | - | - | €270 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €270 | - | - | - | - | - |
| Stocks and contracts in progress3 | €0.7m | €0.7m | €0.8m | €0.8m | €1.1m | €0.6m | €0.9m | €0.8m | ▼ 5.8% |
| Stocks30/36 | - | - | - | €0.8m | €1.1m | €0.6m | €0.9m | €0.8m | ▼ 5.8% |
| Amounts receivable within one year40/41 | €1.5m | €2.1m | €1.1m | €1.3m | €1.1m | €1.4m | €1.2m | €1.3m | ▲ 8.9% |
| Trade receivables40 | - | - | - | €1.3m | €1.1m | €1.4m | €1.1m | €1.2m | ▲ 11.8% |
| Other amounts receivable41 | - | - | - | - | €0.02m | €0.005m | €0.1m | €0.08m | ▼ 23.5% |
| Cash at bank and in hand54/58 | €0.02m | €0.06m | €0.1m | €0.2m | €0.04m | €0.09m | €0.1m | €0.03m | ▼ 78.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.02m | €0.01m | €0.02m | €0.02m | ▼ 5.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.6m | €6.4m | €5.2m | €6.3m | €6.6m | €6.2m | €6.2m | €5.9m | ▼ 5.0% |
| Equity10/15 | €3.2m | €2.6m | €2.6m | €2.8m | €2.8m | €2.7m | €2.8m | €2.9m | ▲ 1.7% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €2.0m | €1.5m | €1.5m | €1.8m | €1.7m | €1.7m | €1.8m | €1.8m | ▲ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.2% |
| Distributable reserves133 | - | - | - | €1.3m | €1.3m | €1.3m | €1.4m | €1.4m | ▲ 5.1% |
| Profit (loss) carried forward14 | €0.2m | €0.04m | €0.08m | €0.02m | €0.04m | - | - | - | - |
| Investment grants15 | - | - | - | €364 | €319 | €273 | €0.1m | €0.09m | ▼ 10.3% |
| Provisions and deferred taxes16 | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 29.7% |
| Deferred taxes168 | - | - | - | €0.03m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 29.7% |
| Amounts payable17/49 | €2.4m | €3.8m | €2.6m | €3.5m | €3.8m | €3.4m | €3.4m | €3.0m | ▼ 10.5% |
| Amounts payable after more than one year17 | €0.4m | €1.0m | €0.9m | €1.6m | €1.5m | €1.4m | €1.5m | €1.2m | ▼ 18.2% |
| Financial debts170/4 | - | - | - | €0.8m | €0.9m | €0.8m | €0.9m | €0.7m | ▼ 20.9% |
| Other amounts payable178/9 | - | - | - | €0.8m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 14.2% |
| Amounts payable within one year42/48 | €2.0m | €2.8m | €1.7m | €1.9m | €2.3m | €2.0m | €1.9m | €1.8m | ▼ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 7.8% |
| Financial debts43 | - | - | - | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 8.4% |
| Credit institutions430/8 | - | - | - | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 8.4% |
| Trade debts44 | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 29.8% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 29.8% |
| Advances received on contracts in progress46 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 63.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.1% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 17.0% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 3.2% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.7m | €0.3m | €0.4m | €0.3m | ▼ 40.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.06m | ▲ 66.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.9m | €0.6m | €0.6m | €0.4m | -€0.01m | €0.4m | €0.06m | ▼ 84.4% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 1.6% |
| Operating cash flow (approximation) | €1.0m | €1.2m | €0.9m | €1.0m | €0.8m | €0.4m | €0.9m | €0.5m | ▼ 37.5% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.7m | -€1.2m | -€0.9m | -€0.1m | -€0.4m | -€0.2m | ▲ 48.5% |
| Change in cash | - | €0.04m | €0.04m | €0.08m | -€0.1m | €0.05m | €0.05m | -€0.1m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00443383 |
| 31-12-2024 | abbreviated format | 01-09-2025 | 2025-00463460 |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00274726 |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00259541 |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20331316 |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-36200258 |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-31300038 |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-35000182 |
| 31-12-2017 | abbreviated format | 19-07-2018 | 2018-34800207 |
| 31-12-2016 | abbreviated format | 13-06-2017 | 2017-17000077 |
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Of the 398 active companies whose main activity is manufacture of other non-metallic mineral products (NACE 23610), figures are known for 321. 221 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €109,147 awarded · €38,587 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €44 | €44 |
| 2024 | 2 | €102,304 | €32,338 |
| 2023 | 1 | €2,731 | €2,137 |
| 2022 | 2 | €4,068 | €4,068 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
2 directors, 2 in day-to-day management
Board 2
DEMALO
CurrentDirector · Legal entity
MDW PROJECTS
CurrentDirector · Legal entity · permanent representative: Martin De Witte
Day-to-day management 2
DEMALO
CurrentManaging director · Legal entity
MDW PROJECTS
CurrentManaging director · Legal entity · permanent representative: Martin De Witte
Permanent representatives 1
Martin De Witte
CurrentPermanent representative · for MDW PROJECTS
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
8 of this company's 9 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
2 people since 2023, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| DEMALO |
|
| MDW PROJECTS |
|
Owners and capital
Owners
1 ownerChain of control
- MDW PROJECTS
- Agref
Highest known parent: MDW PROJECTS. The sources do not say who stands above it.
Owners 1
- MDW PROJECTSparent100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
Capital over the years
- 23-11-2023 Capital stated in the deed · €1,000,000 · 1,820 shares
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
financial year 2025 · full format · 28 days late
2025
01-09
NBB filing
Annual accounts filed
financial year 2024 · abbreviated format · 32 days late
2024
31-12
Financial
Back to profitnet €370,861
Net result €370,861 after one loss-making year.
22-07
NBB filing
Annual accounts filed
financial year 2023 · abbreviated format
2023
31-12
Financial
Weakest financial yearnet -€11,311
Net result drops to -€11,311, the lowest in the series; recovery starts the following year.
23-11
Gazette deed
Reappointments: DEMALO (director) and MDW PROJECTS (director)Permanent representatives: Benard De Witte, Martin De Witte and Bernard De Witte · Amendment of the articles · Capital13 facts ▸
Gazette deed
Reappointments: DEMALO (director) and MDW PROJECTS (director)
Permanent representatives: Benard De Witte, Martin De Witte and Bernard De Witte · Amendment of the articles · Capital13 facts ▸
- General meeting, 09-11-2023
- Other provision, 01-01-2020, “onmiddellijke toepassing dwingende bepalingen Wetboek van Vennootschappen en Verenigingen” (deed in Dutch)
- Amendment of the articles
- Capital, €1,000,000
- Registered office clause, 3, “vaststelling van de zetel” (deed in Dutch)
- Director reappointment, DEMALO (director)
- Director reappointment, MDW PROJECTS (director)
- Permanent representative, Benard De Witte
- Permanent representative, Martin De Witte
- Power of attorney
- Director reappointment, DEMALO (managing director)
- Director reappointment, MDW PROJECTS (managing director)
- +1 further fact in this act
20-07
NBB filing
Annual accounts filed
financial year 2022 · abbreviated format
2022
29-08
NBB filing
Annual accounts filed
financial year 2021 · abbreviated format · 29 days late
2021
15-07
NBB filing
Annual accounts filed
financial year 2020 · abbreviated format
2020
17-07
NBB filing
Annual accounts filed
financial year 2019 · abbreviated format
2019
31-12
Financial
Highest result from 2018 to 2025net €899,820 ▲25.6%
Operating result €955,086, net result €899,820, both a record.
19-07
NBB filing
Annual accounts filed
financial year 2018 · abbreviated format
2018
19-07
NBB filing
Annual accounts filed
financial year 2017 · abbreviated format
2017
13-06
NBB filing
Annual accounts filed
financial year 2016 · abbreviated format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 49 annual accounts filed, the latest 10 are here; all 49 are under Financials.
1 of 9 deeds read
About the unread acts
Of the 9 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Register details
Identification
Legal formPublic limited company
Founded22-09-1966
Financial year end31-12
Activities, NACEBEL 2025
23610Manufacture of other non-metallic mineral products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0400120842
Also
9925:BE0400120842
Registered
23-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
General meetings
5 meeting noticesOrdinary general meeting
Agenda
Verslag raad van bestuur. Goedkeuring van de jaarrekening per 31/12/2012. Bestemming van het resultaat. Kwijting aan de bestuur- ders. Allerlei. (AOPC11300200/ 13.03) (9155) SAGIMMO, naamloze vennootschap, Wolvendreef 57, 8500 KORTRIJK Ondernemingsnummer : 0413.747.758 Gewone algemene vergadering ten kantore Vandelanotte, 8500 Kort- rijk, Pres. Kennedypark 1a, op 02/04/2013 om 14 uur. Agenda : Nazicht van de stemgerechtigdheid volgens het aantal aandelen. De stemge- rechtigdheid zal bewezen worden door het aanwezig zijn van de desbetreffende aandelen. Bespreking en goedkeuring jaarrekening per 15/12/2012. Bestemming van het resultaat. Kwijting aan de bestuur- ders en goedkeuring van de vergo ...
Ordinary general meeting
Agenda
Verslag van de raad van bestuur. Goedkeuring van de jaarrekening per 31/12/2011. Bestemming van het resultaat. Kwijting aan de bestuur- ders. Ontslag en benoeming bestuurders. Allerlei. (AOPC11200537/15.03) (9544) « NV BELMAR SA », société anonyme, rue Emile Claus 49, bte 1, 1050 Bruxelles Numéro d’entreprise 0412.000.075 Assemblée ordinaire au siège social le 04/4/2012, à 15 heures. Ordre du jour : Rapport du C.A. Approbation comptes annuels. Affectation résultats. Décharge administrateurs. Nominations. Divers. (AOPC-1-12-00046/15.03) (9545) VANDENDRIESSCHE HOUT, naamloze vennootschap, Tijmlaan 22, 8790 WAREGEM Ondernemingsnummer 0436.227.608 Algemene vergadering ter zetel op 04/4/2012, om ...
Extraordinary general meeting
Agenda
Verslag van de raad van bestuur. Goekeuring van de jaarrekening per 31/12/2010. Bestemming van het resultaat. Kwijting aan de bestuur- ders. Allerlei. (AOPC11101575/18.03) (9891) ALL ASFALT WERKEN, naamloze vennootschap, Drukpersstraat 4, 1000 BRUSSEL Ondernemingsnummer 0437.938.568 Buitengewone algemene vergadering op het kantoor van notaris Eric Gilissen, te Hasselt, Luikersteenweg 165, op 31/03/2011, om 14 uur. Agenda : Bespreking voorstel tot ontbinding zoals toegelicht in het verslag opgemaakt door
Extraordinary general meeting
Agenda
Verslag van de raad van bestuur. Goedkeuring van de jaarrekening per 31/12/2009. Bestemming van het resultaat. Kwijting aan de bestuur- ders. Allerlei. (AOPC11002293/17.03) (8541) ANCIENS ETABLISSEMENTS GHISLAIN HANTSON, naamloze vennootschap, Kortrijksestraat 175, 8520 KUURNE Ondernemingsnummer 0400.221.802 Uitnodiging tot de jaarvergadering op 6 april 2010, om 14 uur, ten maatschappelijke zetel. Agenda : 1. Goedkeuring jaarrekening per 31/12/2009 inclusief toewijzing van het resultaat. 2. Kwijting bestuur- ders. 3. Varia. De aandeelhouders gelieven zich te schikken naar de statuten en de wettelijke voorschriften ter zake. De raad van bestuur. (AOPC-1-10-01792/17.03) (8542) BELGIAN BUSINESS ...
Ordinary general meeting
Agenda
Verslag raad van bestuur. Goedkeuring van de jaarrekening per 31/12/2008. Bestemming resultaat. Kwijting van bestuurders. Diversen. (AOPC1902668/17.03) (9054) ANCIENS ETABLISSEMENTS GHISLAIN HANTSON, naamloze vennootschap, Kortrijksestraat 175, 8520 KUURNE Ondernemingsnummer 0400.221.802 - RPR Kortrijk Uitnodiging tot de jaarvergadering op 6 april 2009, om 14 uur, ten maatschappelijke zetel. Dagorde : 1. Goedkeuring jaarrekening per 31/12/2008 Inclusief toewijzing van het resultaat 2. Kwijting bestuur- ders 3. Varia. De aandeelhouders gelieve zich te schikken naar de statuten en de wettelijke voorschriften terzake. De raad van bestuur. (AOPC-1-9-02518/17.03) (9055) ETABLISSEMENTS DEVILLE, so ...
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits
3 applications in Flanders since 2019 · 3 granted
Slopen van niet vrijstaande gebouwen of constructies
Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen; Verwijderen van vrijstaande gebouwen
Bouwen of herbouwen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Wetteren · 1 establishment unit since 1945
Ground area
1.9 ha
Building footprint
371 m²
Parcel 42302C0804/00H004, Flanders. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Tragelweg 4, 9230 Wetteren
since 1945unit no. 2.006.125.393
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 42302C0804/00H004 | Flanders | 1.9 ha | 1 · 371 m² | - |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “-het vervaardigen of laten vervaardigen,het kopen en verkopen van alle cementprodukter en agglomeraten met cement,het plaatsen,het…” (deed in Dutch)
6 activities (deed in Dutch)
- -het vervaardigen of laten vervaardigen,het kopen en verkopen van alle cementprodukter en agglomeraten met cement,het plaatsen,het verplaatsen en verbouwer ervan,het oprichten var gebouwen of installaties waarin cemeritagglomerater zijn of worden verwerkt,alsook alle meubilair,sanitair er alle hoegenaamde bouwmaterialen,zonder dat deze opsomming beperkend zou zijn.
- -de aankoop,verkoop,afstand,ruiling,beheer van alle roerende waarden,aandeler,obligaties,overheidsfondsen,var alle roerende en onroerernde rechten er goederer,de deelname onder welke vorm ook in alle vennootschapperi,,industriële,handels-,financiële,orroerende en alle bestaande of op te richten ondernemingen en financiële verrichtinger stellen,voor zover de wet het toelaat,dit alles in de meest ruime zijn van het woord;
- -het toestaar varı leninger en kredietopenirgen aan verinootschappen of partikulieren,onder om het even welke vorm er het steller van borgen en/of het verleren van aval telkens in de meest ruime zin;
- -het verlenen van adviezen van financiële,technische,commerciële of administratieve aard; in de ruimste zin zowel rechtstreeks als onrechtstreeks bijstand en diensten verlenen op het vlak van administratieve,financiën,verkoop,produktie en algemeen beheer;
- -het waarnemen van alle beheersopdrachten,het uitoefenen van mandaten en funkties welke rechtstreeks of onrechtstreeks met haar voorwerp verband houden;
- -het ontwikkelen,kopen,verkopen,in licentie nemen of geven van octrooien,know-how en aanverwante immateriële actíva;
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- AGREF
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, bij besluit van het bestuursorgaan,genomen met een gewone meerderheid van stemmen,mag de vennootschap…” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Tot redelijkerwijze in vervanging voorzien, uitvoering opdracht in naam en voor rekening rechtspersoon” (deed in Dutch)“Voor zover raad van bestuur bestaat, door raad onder leden om vergaderingen voor te zitten” (deed in Dutch)“Stuk met handtekening inclusief elektronische handtekening, binnen perken toepasselijke wettelijke bepalingen” (deed in Dutch)1 more provision on this in the deed
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Zonder laatste twee vermeldingen nietig geen geldige overdracht, bij gebreke tijdige uitoefening op alle aandelen mag kandidaat-overdrager…” (deed in Dutch)“Twee deskundigen, waarde elk aandeel toekomende aan niet-aanvaarde rechthebbenden van overleden aandeelhouder” (deed in Dutch)“Koopprijs toekomende aan niet-aangenomen rechthebbenden van overleden aandeelhouder, dag bepaling waarde aandelen” (deed in Dutch)“Geldwaarde, niet betaalde sommen” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Monday of April at 17:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Benoeming vereffenaars, één of meer” (deed in Dutch)“Bevoegdheden vereffenaars, algemene vergadering anders bij gewone meerderheid” (deed in Dutch)