AGREX
ActiveSummary
AGREX has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €131,054 and a net result of €5,815. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 51% of 2439 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability71▲+6
Solvency73▲+2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days only on tighter terms
Liquidity short (current ratio 0.95 against 0.75 in 2023; short-term debt: 43.1% and cash: 9% of total assets), and 52.2% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% more 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
47.8%
Return on assets
2.1%
Age of the figures
21 mo
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
182021222324
2018 to 2024 · latest year €131,054
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 08-07-2026, 342 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
342 d late
2023
707 d late
2022
213 d late
2021
31 d late
2020
153 d late
2018
7 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 242 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€131,054▲ 4.6%
2023 · €125,239
Total assets
€273,932▲ 1.2%
2023 · €270,709
Net result
€5,815
2023 · -€8,023
Working capital
-€6,359▲ 78.8%
2023 · -€30,013
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€8,117--€14,105▼ 73.8%-€3,884▲ 72.5%€4,181€5,886▲ 40.8%
Net result-€8,257below the sector's middle half--€14,160below the sector's middle half▼ 71.5%-€7,211below the sector's middle half▲ 49.1%-€8,023below the sector's middle half▼ 11.3%€5,815within the sector's middle half
Equity€129,634within the sector's middle half-€115,473within the sector's middle half▼ 10.9%€108,263within the sector's middle half▼ 6.2%€125,239within the sector's middle half▲ 15.7%€131,054within the sector's middle half▲ 4.6%
Total assets€218,799within the sector's middle half-€211,474within the sector's middle half▼ 3.3%€284,814within the sector's middle half▲ 34.7%€270,709within the sector's middle half▼ 5.0%€273,932within the sector's middle half▲ 1.2%
Debt€38,781-€85,509▲ 120%€166,060▲ 94.2%€134,979▼ 18.7%€132,387▼ 1.9%
Working capital€16,802within the sector's middle half--€32,331below the sector's middle half-€57,070below the sector's middle half▼ 76.5%-€30,013below the sector's middle half▲ 47.4%-€6,359below the sector's middle half▲ 78.8%
Solvency59.2%within the sector's middle half-54.6%within the sector's middle half▼ 4.6pp38.0%within the sector's middle half▼ 16.6pp46.3%within the sector's middle half▲ 8.3pp47.8%within the sector's middle half▲ 1.6pp
Current ratio1.50within the sector's middle half-0.62below the sector's middle half▼ 0.880.61below the sector's middle half▼ 0.010.75below the sector's middle half▲ 0.140.95below the sector's middle half▲ 0.19
Return on assets (ROA)-3.8%below the sector's middle half--6.7%below the sector's middle half▼ 2.9pp-2.5%below the sector's middle half▲ 4.2pp-3.0%below the sector's middle half▼ 0.4pp2.1%within the sector's middle half▲ 5.1pp
above
within
below
the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 41% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €273,932
Fixed assets
€162,259 ▼ 9.9%
Current assets
€111,673 ▲ 23.2%
Equity and liabilities €273,932
Equity
€131,054 ▲ 4.6%
Provisions
€10,491 =
Debt
€132,387 ▼ 1.9%
Debt's share of the balance-sheet total falls from 49.9% to 48.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,726▼
2023 · €28,783
Cash flow
€23,655▲
2023 · €16,579
Debt to equity
1.01▼
2023 · 1.08
ROE
4.4%▲
2023 · -6.4%
Interest coverage
269.61▲
2023 · 47.01
Debt ≤ 1 year
€118,032▼
2023 · €120,624
Debt > 1 year
€13,371=
2023 · €13,371
Income taxes
€0▼
2023 · €11,592
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 17,027 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €24 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,365 | €12,080 | €10,663 | €24,602 | €17,840 | ▼ 27.5% |
| Other operating charges640/8 | - | €2,436 | €2,184 | €1,626 | €2,262 | ▲ 39.1% |
| Gross operating margin9900 | €8,135 | €410 | €8,963 | €30,409 | €25,988 | ▼ 14.5% |
| Operating profit (loss)9901 | -€8,117 | -€14,105 | -€3,884 | €4,181 | €5,886 | ▲ 40.8% |
| Financial income75/76B | - | - | - | - | €17 | - |
| Recurring financial income75 | €0 | - | - | - | €17 | - |
| Financial charges65/66B | - | €461 | €3,327 | €612 | €88 | ▼ 85.6% |
| Recurring financial charges65 | €546 | €461 | €3,327 | €612 | €88 | ▼ 85.6% |
| Profit (loss) for the period before taxes9903 | -€8,663 | -€14,566 | -€7,211 | €3,569 | €5,815 | ▲ 63.0% |
| Transfer from deferred taxes780 | - | €406 | - | - | - | - |
| Income taxes67/77 | - | - | - | €11,592 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€8,257 | -€14,160 | -€7,211 | -€8,023 | €5,815 | ▲ 172% |
| Transfer from tax-exempt reserves789 | - | €1,624 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€6,632 | -€12,536 | -€7,211 | -€8,023 | €5,815 | ▲ 172% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €218,799 | €211,474 | €284,814 | €270,709 | €273,932 | ▲ 1.2% |
| Fixed assets21/28 | €168,343 | €159,279 | €196,858 | €180,099 | €162,259 | ▼ 9.9% |
| Tangible fixed assets22/27 | €165,296 | €156,232 | €193,811 | €177,051 | €159,212 | ▼ 10.1% |
| Land and buildings22 | - | €154,841 | €148,685 | €142,529 | €136,373 | ▼ 4.3% |
| Plant, machinery and equipment23 | - | €215 | €132 | €4,606 | €4,403 | ▼ 4.4% |
| Furniture and vehicles24 | - | €1,177 | €44,994 | €29,917 | €18,436 | ▼ 38.4% |
| Financial fixed assets28 | €3,047 | €3,047 | €3,047 | €3,047 | €3,047 | = |
| Current assets29/58 | €50,456 | €52,195 | €87,956 | €90,611 | €111,673 | ▲ 23.2% |
| Amounts receivable within one year40/41 | €2,138 | €5,972 | €22,680 | €7,230 | €25,143 | ▲ 248% |
| Trade receivables40 | - | €5,783 | €3,093 | €4,083 | €0 | ▼ 100% |
| Other amounts receivable41 | - | €189 | €19,586 | €3,147 | €25,143 | ▲ 699% |
| Current investments50/53 | €45,000 | €45,000 | - | - | - | - |
| Cash at bank and in hand54/58 | €3,317 | €1,222 | €65,276 | €17,406 | €24,700 | ▲ 41.9% |
| Deferred charges and accrued income490/1 | - | - | - | €65,975 | €61,830 | ▼ 6.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €218,799 | €211,474 | €284,814 | €270,709 | €273,932 | ▲ 1.2% |
| Equity10/15 | €129,634 | €115,473 | €108,263 | €125,239 | €131,054 | ▲ 4.6% |
| Contributions10/11 | €18,600 | €18,600 | €22,460 | €43,600 | €43,600 | = |
| Capital10 | - | €18,600 | - | - | - | - |
| Issued capital100 | - | €18,600 | - | - | - | - |
| Reserves13 | €95,925 | €94,301 | €90,441 | €94,301 | €94,301 | = |
| Non-distributable reserves130/1 | - | €3,860 | - | - | - | - |
| Legal reserve130 | - | €3,860 | - | - | - | - |
| Tax-exempt reserves132 | - | €53,967 | €53,967 | €53,967 | €53,967 | = |
| Distributable reserves133 | - | €36,474 | €36,474 | €40,334 | €40,334 | = |
| Profit (loss) carried forward14 | €15,108 | €2,573 | -€4,638 | -€12,662 | -€6,847 | ▲ 45.9% |
| Provisions and deferred taxes16 | €50,384 | €10,491 | €10,491 | €10,491 | €10,491 | = |
| Deferred taxes168 | - | €10,491 | €10,491 | €10,491 | €10,491 | = |
| Amounts payable17/49 | €38,781 | €85,509 | €166,060 | €134,979 | €132,387 | ▼ 1.9% |
| Amounts payable after more than one year17 | €5,127 | - | €20,051 | €13,371 | €13,371 | = |
| Financial debts170/4 | - | - | €18,401 | €11,721 | €11,721 | = |
| Other amounts payable178/9 | - | - | €1,650 | €1,650 | €1,650 | = |
| Amounts payable within one year42/48 | €33,653 | €84,526 | €145,026 | €120,624 | €118,032 | ▼ 2.1% |
| Current portion of amounts payable after more than one year42 | - | €5,127 | €5,437 | €6,204 | €0 | ▼ 100% |
| Trade debts44 | €7,452 | €13,545 | €6,872 | €9,163 | €12,056 | ▲ 31.6% |
| Suppliers440/4 | - | €13,545 | €6,872 | €9,163 | €12,056 | ▲ 31.6% |
| Advances received on contracts in progress46 | - | €2,487 | - | - | €776 | - |
| Taxes, remuneration and social security45 | - | - | €7,763 | €5,781 | €5,724 | ▼ 1.0% |
| Taxes450/3 | - | - | €6,413 | €4,431 | €4,374 | ▼ 1.3% |
| Remuneration and social security454/9 | - | - | €1,350 | €1,350 | €1,350 | = |
| Other amounts payable47/48 | - | €63,366 | €124,955 | €99,476 | €99,476 | = |
| Accrued charges and deferred income492/3 | - | €984 | €984 | €984 | €984 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,257 | -€14,160 | -€7,211 | -€8,023 | €5,815 | ▲ 172% |
| + Depreciation and write-downs630 | €13,365 | €12,080 | €10,663 | €24,602 | €17,840 | ▼ 27.5% |
| Operating cash flow (approximation) | €5,108 | -€2,080 | €3,452 | €16,579 | €23,655 | ▲ 42.7% |
| Investment in fixed assets (approximation) | - | -€3,016 | -€48,242 | -€7,843 | €0 | ▲ 100% |
| Change in cash | - | -€2,095 | €64,054 | -€47,870 | €7,295 | ▲ 115% |
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
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 342 days late
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 707 days late
2024
31-12
Financial
Back to profitnet €5,815
Net result €5,815 after 5 loss-making years.
29-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 213 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€14,160
Net result drops to -€14,160, the lowest in the series; recovery starts the following year.
31-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 153 days late
2019
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 7 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
2015
29-09
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Maldegem · 1 establishment unit since 1999
Ground area
348 m²
Building footprint
165 m²
Volume, LiDAR
1,828 m³
Parcel 43502D0157/00D002, Flanders · tallest building 14.1 m, ±4 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
AGREX
since 19992.090.417.009
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43502D0157/00D002 | Flanders | 348 m² | 1 · 165 m² | 14.1 m · 4 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.
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ADRIE CONSTRUCT
BE 0472.032.088
Eeklo · Eq €130,589
DE RYCKE METALWORX
BE 0652.817.324
Maldegem · Eq €130,504
Staal 64
BE 0565.971.343
Pelt · Eq €130,376
Of 3,984 companies in sector 25110 we hold annual accounts for 2,146. 1,655 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
Founded09-12-1998
Fiscal year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
43120Site preparation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0464790643
Also
9925:BE0464790643
Registered
17-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.