ALFA
ActiveSummary
ALFA has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €160,382 and a net result of €99,815. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 46% of 1235 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+16
Solvency71▼-8
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 1.79 against 2.12 in 2023; short-term debt: 54% and cash: 3.7% of total assets), but 54% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-10-2025, 77 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
77 d late
2023
55 d early
2022
31 d late
2021
31 d late
2020
1 d early
2019
2 d early
← 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 14 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€160,382▼ 0.1%
2023 · €160,567
Total assets
€348,468▲ 16.4%
2023 · €299,335
Net result
€99,815▲ 167%
2023 · €37,330
Working capital
€147,855▼ 5.2%
2023 · €156,020
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€71,104▼ 102%€29,186€36,723▲ 25.8%€34,682▼ 5.6%€90,892▲ 162%
Net result-€72,094▼ 99.6%€28,940€38,412▲ 32.7%€37,330▼ 2.8%€99,815▲ 167%
Equity€110,885▼ 39.4%€139,825▲ 26.1%€160,237▲ 14.6%€160,567▲ 0.2%€160,382▼ 0.1%
Total assets€190,058▼ 23.6%€224,213▲ 18.0%€251,911▲ 12.4%€299,335▲ 18.8%€348,468▲ 16.4%
Debt€79,173▲ 20.1%€84,388▲ 6.6%€91,674▲ 8.6%€138,768▲ 51.4%€188,086▲ 35.5%
Working capital€85,290▼ 41.8%€126,174▲ 47.9%€148,050▲ 17.3%€156,020▲ 5.4%€147,855▼ 5.2%
Staff (FTE)4.7▲ 6.8%4.3▼ 8.5%2.6▼ 39.5%2.6=
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 162% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €348,468
Fixed assets
€12,527 ▲ 175%
Current assets
€335,941 ▲ 14.0%
Equity and liabilities €348,468
Equity
€160,382 ▼ 0.1%
Debt
€188,086 ▲ 35.5%
Debt's share of the balance-sheet total rises from 46.4% to 54.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€92,698▲
2023 · €39,554
Cash flow
€101,621▲
2023 · €42,202
Current ratio
1.79▼
2023 · 2.12
Quick ratio
1.62▼
2023 · 1.90
Debt to equity
1.17▲
2023 · 0.86
ROE
62.2%▲
2023 · 23.2%
ROA
28.6%▲
2023 · 12.5%
Interest coverage
538.94▲
2023 · 10.28
Debt ≤ 1 year
€188,086▲
2023 · €138,768
Income taxes
€326▲
2023 · €276
Staff costs
€42,348▼
2023 · €128,405
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 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% | 1.6% |
| 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 74% 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 31,324 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 | - | - | - | - | €70,338 | - |
| Remuneration, social security and pensions62 | - | €169,801 | €147,630 | €128,405 | €42,348 | ▼ 67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,809 | €7,174 | €7,207 | €4,872 | €1,806 | ▼ 62.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0 | - | - | - | - |
| Other operating charges640/8 | - | €3,999 | €3,910 | €4,151 | €592 | ▼ 85.7% |
| Non-recurring operating charges66A | - | €0 | - | €3,099 | €1,281 | ▼ 58.7% |
| Gross operating margin9900 | €152,386 | €210,159 | €195,470 | €175,208 | €136,919 | ▼ 21.9% |
| Operating profit (loss)9901 | -€71,104 | €29,186 | €36,723 | €34,682 | €90,892 | ▲ 162% |
| Financial income75/76B | - | €1,318 | €3,570 | €6,770 | €9,421 | ▲ 39.1% |
| Recurring financial income75 | €2,779 | €1,318 | €3,570 | €6,770 | €9,421 | ▲ 39.1% |
| Financial charges65/66B | - | €1,564 | €1,881 | €3,847 | €172 | ▼ 95.5% |
| Recurring financial charges65 | €3,770 | €1,564 | €1,881 | €3,847 | €172 | ▼ 95.5% |
| Profit (loss) for the period before taxes9903 | -€72,094 | €28,940 | €38,412 | €37,606 | €100,141 | ▲ 166% |
| Income taxes67/77 | - | - | - | €276 | €326 | ▲ 18.1% |
| Profit (loss) for the period9904 | -€72,094 | €28,940 | €38,412 | €37,330 | €99,815 | ▲ 167% |
| Profit (loss) for the period to be appropriated9905 | -€72,094 | €28,940 | €38,412 | €37,330 | €99,815 | ▲ 167% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €190,058 | €224,213 | €251,911 | €299,335 | €348,468 | ▲ 16.4% |
| Fixed assets21/28 | €25,595 | €19,724 | €12,517 | €4,547 | €12,527 | ▲ 175% |
| Intangible fixed assets21 | €1,827 | €1,423 | €1,019 | €615 | €211 | ▼ 65.7% |
| Tangible fixed assets22/27 | €23,768 | €18,301 | €11,498 | €3,932 | €8,266 | ▲ 110% |
| Plant, machinery and equipment23 | - | €12,389 | €7,727 | €3,812 | €8,216 | ▲ 116% |
| Furniture and vehicles24 | - | €1,780 | €672 | €121 | €50 | ▼ 58.5% |
| Other tangible fixed assets26 | - | €4,131 | €3,099 | €0 | - | - |
| Financial fixed assets28 | - | - | - | - | €4,050 | - |
| Current assets29/58 | €164,463 | €204,489 | €239,394 | €294,788 | €335,941 | ▲ 14.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €168,000 | - |
| Other amounts receivable291 | - | - | - | - | €168,000 | - |
| Stocks and contracts in progress3 | €35,921 | €38,427 | €46,063 | €31,193 | €31,193 | = |
| Stocks30/36 | - | €38,427 | €46,063 | €31,193 | €31,193 | = |
| Amounts receivable within one year40/41 | €66,639 | €126,954 | €178,622 | €244,735 | €118,352 | ▼ 51.6% |
| Trade receivables40 | - | €58,761 | €71,513 | €41,357 | €59,034 | ▲ 42.7% |
| Other amounts receivable41 | - | €68,193 | €107,109 | €203,377 | €59,318 | ▼ 70.8% |
| Cash at bank and in hand54/58 | €59,853 | €35,924 | €11,458 | €15,648 | €12,796 | ▼ 18.2% |
| Deferred charges and accrued income490/1 | - | €3,184 | €3,252 | €3,213 | €5,600 | ▲ 74.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €190,058 | €224,213 | €251,911 | €299,335 | €348,468 | ▲ 16.4% |
| Equity10/15 | €110,885 | €139,825 | €160,237 | €160,567 | €160,382 | ▼ 0.1% |
| Contributions10/11 | - | €111,600 | €111,600 | €111,600 | €111,600 | = |
| Reserves13 | €47,954 | €47,954 | €47,954 | €47,954 | €48,782 | ▲ 1.7% |
| Non-distributable reserves130/1 | - | €11,160 | €11,160 | €0 | - | - |
| Reserves not available under the articles1311 | - | €11,160 | €11,160 | €0 | - | - |
| Tax-exempt reserves132 | - | €5,428 | €5,428 | €5,428 | €5,428 | = |
| Distributable reserves133 | - | €31,366 | €31,366 | €42,526 | €43,354 | ▲ 1.9% |
| Profit (loss) carried forward14 | -€48,670 | -€19,729 | €683 | €1,013 | - | - |
| Amounts payable17/49 | €79,173 | €84,388 | €91,674 | €138,768 | €188,086 | ▲ 35.5% |
| Amounts payable within one year42/48 | €79,173 | €78,315 | €91,344 | €138,768 | €188,086 | ▲ 35.5% |
| Trade debts44 | €31,173 | €23,385 | €41,786 | €42,609 | €88,774 | ▲ 108% |
| Suppliers440/4 | - | €23,385 | €41,786 | €42,609 | €88,774 | ▲ 108% |
| Taxes, remuneration and social security45 | - | €54,929 | €31,558 | €59,159 | €602 | ▼ 99.0% |
| Taxes450/3 | - | €14,648 | €4,177 | €36,145 | €602 | ▼ 98.3% |
| Remuneration and social security454/9 | - | €40,281 | €27,381 | €23,014 | - | - |
| Other amounts payable47/48 | - | - | €18,000 | €37,000 | €98,710 | ▲ 167% |
| Accrued charges and deferred income492/3 | - | €6,073 | €330 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€72,094 | €28,940 | €38,412 | €37,330 | €99,815 | ▲ 167% |
| + Depreciation and write-downs630 | €28,809 | €7,174 | €7,207 | €4,872 | €1,806 | ▼ 62.9% |
| Operating cash flow (approximation) | -€43,285 | €36,114 | €45,619 | €42,202 | €101,621 | ▲ 141% |
| Investment in fixed assets (approximation) | - | -€1,303 | €0 | €3,099 | -€9,786 | ▼ 416% |
| Change in cash | - | -€23,930 | -€24,466 | €4,190 | -€2,852 | ▼ 168% |
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
26-08
State Gazette act
Registered officeRegistered-office move1 fact ▸
State Gazette act
Registered office
Registered-office move1 fact ▸
- Registered-office move, Luxemburgstraat 20 9140 Temse
2025
16-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 77 days late
2024
31-12
Financial
Highest result since 2018net €99,815 ▲167%
Operating result €90,892, net result €99,815, both a record.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Equity above €150,000Eq €160,237 ▲14.6%
2 profitable years in a row build equity to €160,237.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Back to profitnet €28,940
Net result €28,940 after 2 loss-making years.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€72,094
Net result drops to -€72,094, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 21 days late
2017
25-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 56 days late
2016
18-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 18 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Temse · 1 establishment unit since 1989
Ground area
7,738 m²
Building footprint
2,007 m²
Volume, LiDAR
18,835 m³
2 parcels, Flanders · tallest building 16.4 m, ±4 floors. Linked by address, not a title deed.
308
companies at this address
See who is registered here
1 establishment unit
ALFA
since 19892.045.253.413
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46025B0179/09E000 | Flanders | 7,219 m² | 1 · 1,412 m² | 16.4 m · 4 fl. |
| 13008H1289/00L003 | Flanders | 519 m² | 1 · 595 m² | 8.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- VARGAS D & S
- ALFA
Highest known parent: VARGAS D & S. The sources do not say who stands above it.
Owners 1
- VARGAS D & Sparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 2,856 companies in sector 18130 we hold annual accounts for 832. 660 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
Founded11-10-1989
Fiscal year end31-12
Activities, NACEBEL 2025
18130Pre-press and pre-media services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0438452965
Also
9925:BE0438452965
Registered
02-01-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.