AlfaSource
ActiveSummary
AlfaSource has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €25,769 and a net result of -€11,046. Equity has been growing by about 4.6% per year since 2018. Its solvency ranks better than 69% of 13,741 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-01-2009 Normal situation
- Activity
- Agents in non-specialised wholesale trade NACE 46190and 4 others
- Establishment unit
- 2.177.652.671 1410 Waterloo, since 14-01-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 09-07-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
Annual accounts 2025
- Gross margin
- -€7,494
- Loss
- €11,046
- Equity
- €25,769
- ▼ 30.0%
- Total assets
- €40,307
- ▼ 24.1%
- Staff
- ≈ 0 FTE
- estimated
Turnover not published (micro format)
Score breakdownraises riskLoss of €11,046 (financial year 2025)1 of the last 3 accounts latelowers riskFounded in 2009Liquidity: current ratio 2.54, cash €9,960, halvedShow the evidence
Checked score
Score 2025
82
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 40% of micro companies in wholesale trade (NACE 46)
Financial strength · tick: 2024
Average
Solvency
89-5
equity 63.9% of total assets
Liquidity
65-22
short-term debt 36.1% · cash 24.7%
Profitability
0-100
return on assets -27.4%
Bankruptcy probability within 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
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024lowest value
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.3%▲ +0.1 percentage points vs 08-2025
10-2025: 0.5%▲ +0.2 percentage points vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.7%▲ +0.2 percentage points vs 11-2025highest value
01-2026: 0.3%▼ -0.4 percentage points vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.2%▼ -0.1 percentage points 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
11-2026: 0.4%● unchanged vs 10-2026
Credit of up to €2,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.54 (3.09 in 2024), above the usual 1.5. Short-term debt is 36.1% and cash 24.7% of total assets. 36.1% of the assets are financed with debt and provisions.
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 46, micro). It does better than 70% of them on solvency, 71% on liquidity, 6% on profitability and 15% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 days early
2024
141 days late
2023
27 days early
2022
21 days late
2021
4 days early
2020
33 days early
2019
8 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 12 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% 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 27 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 17 filings
Equity
€25,769▼ 30.0%
2024 · €36,815
Total assets
€40,307▼ 24.1%
2024 · €53,102
Net result
-€11,046
2024 · €15,797
Working capital
€22,329▼ 34.3%
2024 · €33,988
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,708
2025
20182025
Net result
-€11,046
2025
lowest quarter of the sector
20182025
Equity
€25,769
▼ 30.0%
2025
middle half of the sector
20182025
Total assets
€40,307
▼ 24.1%
2025
lowest quarter of the sector
20182025
Debt
€14,537
▼ 10.7%
2025
20182025
Working capital
€22,329
▼ 34.3%
2025
middle half of the sector
20182025
Solvency
63.9%
▼ 5.4pp
2025
middle half of the sector
20182025
Current ratio
2.54
▼ 0.55
2025
middle half of the sector
20182025
Return on assets (ROA)
-27.4%
▼ 57.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,102-€11,426▼ 19.0%-€11,825-€4,396▲ 62.8%€7,999€5,716▼ 28.5%€21,117▲ 269%-€10,708
Net result€10,113-€7,766▼ 23.2%-€7,053below the sector's middle half-€4,658below the sector's middle half▲ 34.0%€7,403within the sector's middle half€3,523within the sector's middle half▼ 52.4%€15,797within the sector's middle half▲ 348%-€11,046below the sector's middle half
Equity€20,538-€28,304▲ 37.8%€21,251within the sector's middle half▼ 24.9%€16,593within the sector's middle half▼ 21.9%€23,995within the sector's middle half▲ 44.6%€27,519within the sector's middle half▲ 14.7%€36,815within the sector's middle half▲ 33.8%€25,769within the sector's middle half▼ 30.0%
Total assets€31,164-€40,042▲ 28.5%€36,368below the sector's middle half▼ 9.2%€26,651below the sector's middle half▼ 26.7%€33,544below the sector's middle half▲ 25.9%€38,230below the sector's middle half▲ 14.0%€53,102below the sector's middle half▲ 38.9%€40,307below the sector's middle half▼ 24.1%
Debt€10,626-€11,737▲ 10.5%€15,117▲ 28.8%€10,058▼ 33.5%€9,549▼ 5.1%€10,711▲ 12.2%€16,286▲ 52.0%€14,537▼ 10.7%
Working capital€20,538-€28,304▲ 37.8%€21,251within the sector's middle half▼ 24.9%€16,593within the sector's middle half▼ 21.9%€21,321within the sector's middle half▲ 28.5%€24,194within the sector's middle half▲ 13.5%€33,988within the sector's middle half▲ 40.5%€22,329within the sector's middle half▼ 34.3%
Solvency65.9%-70.7%▲ 4.8pp58.4%within the sector's middle half▼ 12.3pp62.3%within the sector's middle half▲ 3.8pp71.5%above the sector's middle half▲ 9.3pp72.0%above the sector's middle half▲ 0.4pp69.3%within the sector's middle half▼ 2.7pp63.9%within the sector's middle half▼ 5.4pp
Current ratio2.93-3.41▲ 0.482.41within the sector's middle half▼ 1.012.65within the sector's middle half▲ 0.243.23above the sector's middle half▲ 0.583.26within the sector's middle half▲ 0.033.09within the sector's middle half▼ 0.172.54within the sector's middle half▼ 0.55
Return on assets (ROA)32.5%-19.4%▼ 13.1pp-19.4%below the sector's middle half▼ 38.8pp-17.5%below the sector's middle half▲ 1.9pp22.1%above the sector's middle half▲ 39.5pp9.2%within the sector's middle half▼ 12.9pp29.7%above the sector's middle half▲ 20.5pp-27.4%below the sector's middle half▼ 57.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €10,708, after a profit of €21,117 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,307
Fixed assets
€3,440 ▲ 21.7%
Current assets
€36,867 ▼ 26.7%
Equity and liabilities €40,307
Equity
€25,769 ▼ 30.0%
Debt
€14,537 ▼ 10.7%
Debt's share of the balance-sheet total rises from 30.7% to 36.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€9,703▼
2024 · €21,614
Cash flow
-€10,041▼
2024 · €16,294
Debt to equity
0.56▲
2024 · 0.44
ROE
-42.9%▼
2024 · 42.9%
Interest coverage
-42.41▼
2024 · over 100
Debt ≤ 1 year
€14,537▼
2024 · €16,286
Income taxes
€109▼
2024 · €5,189
Staff costs
€652▲
2024 · €440
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,675 | €1,147 | - | €1,618 |
| Depreciation and write-downs of the year | - | €1 | €497 | €497 | €1,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €440 | €652 | ▲ 48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €1 | €497 | €497 | €1,005 | ▲ 102% |
| Other operating charges640/8 | - | - | - | €1,026 | €20 | €63 | €189 | €176 | ▼ 7.1% |
| Non-recurring operating charges66A | - | - | - | -€1,446 | - | -€253 | - | €1,382 | - |
| Gross operating margin9900 | €14,982 | €12,246 | -€11,556 | -€4,815 | €8,019 | €6,023 | €22,243 | -€7,494 | - |
| Operating profit (loss)9901 | €14,102 | €11,426 | -€11,825 | -€4,396 | €7,999 | €5,716 | €21,117 | -€10,708 | - |
| Financial income75/76B | - | - | - | €3 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €3 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €190 | €138 | €127 | €132 | €229 | ▲ 73.9% |
| Recurring financial charges65 | €130 | €92 | €119 | €190 | €138 | €127 | €132 | €229 | ▲ 73.9% |
| Profit (loss) for the period before taxes9903 | €13,972 | €11,334 | -€6,944 | -€4,582 | €7,860 | €5,589 | €20,986 | -€10,937 | - |
| Income taxes67/77 | €3,859 | €3,567 | €109 | €76 | €458 | €2,066 | €5,189 | €109 | ▼ 97.9% |
| Profit (loss) for the period9904 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| Profit (loss) for the period to be appropriated9905 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,164 | €40,042 | €36,368 | €26,651 | €33,544 | €38,230 | €53,102 | €40,307 | ▼ 24.1% |
| Fixed assets21/28 | - | - | - | - | €2,675 | €3,324 | €2,827 | €3,440 | ▲ 21.7% |
| Tangible fixed assets22/27 | - | - | - | - | €2,675 | €3,324 | €2,827 | €3,440 | ▲ 21.7% |
| Land and buildings22 | - | - | - | - | €2,675 | €2,407 | €2,139 | €1,872 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | - | - | €917 | €688 | €1,568 | ▲ 128% |
| Current assets29/58 | €31,164 | €40,042 | €36,368 | €26,651 | €30,869 | €34,906 | €50,274 | €36,867 | ▼ 26.7% |
| Amounts receivable within one year40/41 | €29,996 | €40,040 | €32,662 | €25,663 | €22,692 | €20,772 | €26,546 | €25,962 | ▼ 2.2% |
| Trade receivables40 | - | - | - | €190 | €2,783 | €1,392 | €6,676 | €7,281 | ▲ 9.1% |
| Other amounts receivable41 | - | - | - | €25,473 | €19,910 | €19,380 | €19,869 | €18,681 | ▼ 6.0% |
| Cash at bank and in hand54/58 | €968 | €2 | €3,706 | €988 | €7,977 | €13,934 | €22,628 | €9,960 | ▼ 56.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €200 | €200 | €1,101 | €944 | ▼ 14.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,164 | €40,042 | €36,368 | €26,651 | €33,544 | €38,230 | €53,102 | €40,307 | ▼ 24.1% |
| Equity10/15 | €20,538 | €28,304 | €21,251 | €16,593 | €23,995 | €27,519 | €36,815 | €25,769 | ▼ 30.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €78 | €7,844 | €791 | -€3,867 | €3,535 | €7,059 | €16,355 | €5,309 | ▼ 67.5% |
| Amounts payable17/49 | €10,626 | €11,737 | €15,117 | €10,058 | €9,549 | €10,711 | €16,286 | €14,537 | ▼ 10.7% |
| Amounts payable within one year42/48 | €10,626 | €11,737 | €15,117 | €10,058 | €9,549 | €10,711 | €16,286 | €14,537 | ▼ 10.7% |
| Trade debts44 | €3,105 | €2,221 | €8,056 | €6,336 | €4,413 | €4,092 | - | €1,829 | - |
| Suppliers440/4 | - | - | - | €6,336 | €4,413 | €4,092 | - | €1,829 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,723 | €5,136 | €6,619 | €13,836 | €12,709 | ▼ 8.1% |
| Taxes450/3 | - | - | - | €3,723 | €5,136 | €4,419 | €13,836 | €10,109 | ▼ 26.9% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,200 | €0 | €2,600 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €2,450 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| + Depreciation and write-downs630 | - | - | - | - | €1 | €497 | €497 | €1,005 | ▲ 102% |
| Operating cash flow (approximation) | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €4,020 | €16,294 | -€10,041 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€1,147 | €0 | -€1,618 | - |
| Change in cash | - | -€966 | €3,704 | -€2,719 | €6,989 | €5,957 | €8,694 | -€12,668 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,805 companies had the same profile as AlfaSource has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AlfaSource itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 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 4,805 companies, not a prediction for AlfaSource. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00317692 | |
| 31-12-2024 | micro format | 19-12-2025 | 2025-00585934 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00207019 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00337231 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20241223 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26300087 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33500447 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58900457 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60100057 | |
| 31-12-2016 | micro format | 30-09-2017 | 2017-64300447 |
Board & ownership
Directors
Directors
1 director
Demour Christophe
Current
Director · listed in the 2025 annual accounts, filed on 22-07-2026
Owners and capital
Owners
Network & group
AlfaSource shares no director with another company.
Companies at the same address
4 other companiesConnections & network
1 current directorThe network starts from the directors of AlfaSource. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
22-07
micro format · 9 days before the deadline
2025
31-12
Financial
Weakest financial yearnet -€11,046
The net result drops to -€11,046, the lowest from 2018 to 2025.
19-12
micro format · 141 days late
2024
31-12
Financial
Highest result from 2018 to 2025net €15,797 ▲348%
The operating result of €21,117 and the net result of €15,797 are both a record.
04-07
micro format · 27 days before the deadline
2023
21-08
micro format · 21 days late
2022
31-12
Financial
Back to profitnet €7,403
The net result is €7,403, after 2 loss-making years.
27-07
micro format · 4 days before the deadline
2021
28-06
micro format · 33 days before the deadline
2020
23-07
micro format · 8 days before the deadline
2019
29-08
micro format · 29 days late
2018
31-08
micro format · 31 days late
2017
30-09
micro format · 61 days late
2009
16-01
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
AlfaSource in Dutch
Enterprise number
0809.093.529
Legal form
Private limited company
Status
Active, normale toestand
Founded
14-01-2009
Entity type
Legal entity
Registered office and establishments
Registered office
Madeliefjesstraat 14, 7850 Enghien, Belgium
Establishment unit
Chemin de Ransbeek 1A, 1410 Waterloo since 14-01-2009 · unit number 2.177.652.671
Activities
NACEBEL 202546190
Agents in non-specialised wholesale trade main activity
31001
Manufacture of furniture
62200
Computer consultancy and computer facilities management
70200
Business and other management consultancy
71113
Urban planning and landscape architecture
Codes under NACEBEL 2008
46190
Wholesale trade main activity
31010
Manufacture of furniture
62020
IT consultancy
70220
Business consulting
71113
Architectural and engineering activities; technical testing and analysis
Invoicing and payment
VAT number
BE 0809.093.529
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the addresses
Ground area
1,938 m²
Building footprint
339 m²
Building volume
1,431 m³
Tallest building: 11.6 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25764N0766/00A000 | Wallonia | 997 m² | 1 · 176 m² | 11.6 m · 3 |
| 55025A0523/00D003 | Wallonia | 941 m² | 1 · 163 m² | 7.0 m · 2 |