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ALTFIVE

Active Private limited companyfounded 2018active for 8 yearsBoerenstraat 57, 1040 EtterbeekKBO/BCE: BE 0686.967.262
ALTFIVE
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Overview

Lifetime

8 annual accounts with figures on one time axis
peak €166,867 (2025)
€166,867▲ 4.9%
peak €122,005 (2025)
€122,005▲ 4.9%
peak €218,652 (2020)
€20,460unchanged
€135,652▲ 2.0%
Board1 name since 2018
1 directorThomas Frezel
Documentsfilings and deeds
26-06-202635 days before the deadline
2025micro format
Dividend €122,005

Key points

from the 2025 annual accounts

Equity

€20,460 from €218,652 in 2020

Equity fell by 91% in 5 years.

Debts

€135,652 87% of the balance sheet
Suppliers 0%Taxes and wages 9%Other 90%

Position in the sector

€122,005

Higher net result than 95% of companies in computer programming and consultancy. Sector median €28,568 · 21,212 companies.

Checked score

93
Excellent
Financially stronger than 44% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).

Fewer than 1 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 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 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: < 0.1%● unchanged vs 07-2025 09-2025: < 0.1%● unchanged vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025 02-2026: < 0.1%● unchanged vs 01-2026 03-2026: < 0.1%● unchanged vs 02-2026 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026lowest value 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: 0.1%▲ +0.1 percentage points vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026highest value 10-2026: < 0.1%▼ -0.1 percentage points vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026

Financial strength
Strong

38=equity 13.1% of total assets
52=short-term debt 86.9% · cash 91.0%
100=return on assets 78.2%

Score breakdown

raises risk
Equity €20,460 (13.1% of total assets)
lowers risk
Sector: Computer programming, consultancy and related activities (NACE 62)
Liquidity: current ratio 1.07, cash €142,023
Size: total assets €156,112
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 62, micro). It does better than 18% of them on solvency, 33% on liquidity, 82% on profitability and 41% on growth.

The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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, 6,713 companies had the same profile as ALTFIVE has now. Each dot stands for 17 companies, two years later.

95.8%
were still trading
2.2%
stopped another way
1.8%
went bankrupt
  • Micro
  • 5 to 10 years old
  • solvency 10 to 30%
  • a profit of 5% of the balance sheet or more

Another 0.2% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of ALTFIVE itself is lower: < 0.1% within 12 months. It rests on far more data about ALTFIVE 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 6,713 companies, not a prediction for ALTFIVE. 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 €1,500 on 30-day terms is acceptable

Liquidity is tight, with a current ratio of 1.07 (1.06 in 2024), below the usual 1.5. Short-term debt is 86.9% and cash 91% of total assets. 86.9% of the assets are financed with debt and provisions.

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

Six signals.
lowers riskraises riskneutral
lowers risk · Sector: Computer programming, consultancy and related activities (NACE 62)
KBO
lowers risk · Liquidity: current ratio 1.07, cash €142,023
NBB · annual accounts
lowers risk · Size: total assets €156,112
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Equity €20,460 (13.1% of total assets)
NBB · annual accounts
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 21206 sector peers (2025).
NBB · sector comparison
Position among 21206 sector peers
Solvency
better than 16%
← 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 26-06-2026, 35 days ahead of the deadline.
NBB · 8 filings
Deviation from the deadline
2025
35 days early
2024
77 days early
2023
100 days early
2022
25 days early
2021
138 days early
2020
31 days early
2019
41 days late
← 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 52 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% 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 15 May (4 of the last 5 accounts filed within 52 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

TF
Thomas Frezel
Director, since 02-01-2018
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0686967262
Change of role: Thomas Frezel, from manager to director Director discharge: Thomas Frezel · Gazette deed
Incorporation published on 04-01-2018 · Gazette deed
First establishment ALFTIVE, Boerenstraat 57, Etterbeek
All 15 events

Comparable companies

same main activity, similar in size and age
Company
ALTFIVE Etterbeek €156,112 €166,867 13.1% -
FIT 4 IT Woluwe-Saint-Lambert €163,113 €168,947 11.5% -
Sigma Cubed Watermael-Boitsfort €171,393 €191,236 1.2% -
DevNet Consult Koekelberg €144,434 €191,935 15.0% -
BEFORMATIC Vilvoorde €176,847 €148,636 1.1% -
HYMS Bertem €158,357 €143,806 11.7% -
BITTRACK Lummen €133,398 €141,771 90.4% -

These companies have the same main activity as ALTFIVE: computer programming (NACE 62100). They are comparable in size and age: total assets between €133,000 and €177,000, founded between 2017 and 2018.

Official details

Source: KBO
Status
Active since 02-01-2018Normal situation
Activity
Computer programmingNACE 62100
Establishment unit
2.271.549.1661040 Etterbeek, since 02-01-2018
Financial year end
31 December
Peppol
Reachable since 18-11-2025
Company details

Annual accounts 2025

€166,867▲ 4.9%
≈ €240,000estimated
€122,005▲ 4.9%
€20,460=
€156,112▲ 1.8%
Filing
Filed on 26-06-2026, 35 days before the end of the filing period
Financials

Insights on ALTFIVE

ALTFIVE files the micro format. That format states no turnover. The gross margin rose from €105,826 in 2018 to €166,867 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 26-06-2026, 35 days before the deadline
€166,867
▲ 4.9%
€164,168
▲ 4.6%
€122,005
▲ 4.9%
€9,794
▲ 20.0%
13.1%
▼ 0.2 percentage points
1.07
▲ 0.01

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €240,000. Estimated: probably between €210,000 and €350,000.

Balance sheet

balance sheet total €156,112 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

13.1%

Higher than 16% of 21,206 companies in 2025.

1.07

Higher than 21% of 20,569 companies in 2025.

78.2%

Higher than 95% of 20,744 companies in 2025.

ALTFIVE Middle half of the sector 80% of the sector Micro accounts in computer programming and consultancy (NACE 62)

Net result: top quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018
Balance sheet: assets
20/58 156,112153,392162,875150,764370,572275,862188,251114,689
21/28 10,66612,30112,6871,5626,36611,75416,67018,383
22/27 10,64112,27612,6621,5376,34111,72916,64518,358
23 10,02411,53111,7895369151,4872,974-
24 ----4,2978,98413,67118,358
26 6177458731,0011,1301,258--
28 2525252525252525
29/58 145,446141,092150,187149,202364,205264,108171,58196,306
29 ----20,000---
291 ----20,000---
40/41 1919163,00019,68918,44618,27728,48217,893
40 -9163,00019,68918,44618,27728,48217,846
41 191------46
54/58 142,023139,355144,829128,605324,944245,006142,38777,250
490/1 3,2338212,3589078158267131,164
Balance sheet: equity and liabilities
10/49 156,112153,392162,875150,764370,572275,862188,251114,689
10/15 20,46020,46020,46020,4608,060218,652156,87984,132
10/11 18,60018,60018,60018,6006,2006,2006,2006,200
100 ------18,60018,600
101 ------12,40012,400
13 1,8601,8601,8601,8601,8601,8601,8601,860
130/1 1,8601,8601,8601,8601,8601,860--
130 ------1,8601,860
1311 1,8601,8601,8601,8601,8601,860--
14 -----210,592148,81976,072
17/49 135,652132,932142,415130,304362,51257,21031,37230,557
42/48 135,652132,932142,415130,304362,51257,21031,37230,557
44 3441,75712,5697,3561,20710,1627,1556,817
440/4 3441,75712,5697,3561,20710,1627,1556,817
45 12,78414,65721,09441,39257,12644,45222,60522,941
450/3 12,78412,34218,80839,14454,89544,45222,60522,621
454/9 -2,3152,2862,2482,231--320
47/48 122,524116,518108,75281,555304,1782,5961,612800
Income statement
9900 166,867159,094147,430115,306128,80485,058100,224105,826
630 1,6351,5215404,8046,5266,1996,1745,078
640/8 1,065573160117200198484287
9901 164,168157,000146,730110,384122,07878,66293,566100,461
75/76B -10-68-2--
75 -10-68----
76B -----2--
65/66B 296296272350369371110239
65 296296272350369371110239
9903 163,871156,713146,458110,102121,70978,29293,456100,222
67/77 41,86640,37837,87428,73128,30716,51919,89721,490
9904 122,005116,335108,58481,37193,40361,77373,55978,732
9905 122,005116,335108,58481,37193,40361,77373,55978,732
Appropriation of the result
9906 122,005116,335108,58481,371303,994210,592149,63178,732
691/2 -------1,860
6920 -------1,860
694/7 122,005116,335108,58481,371303,994-812800
694 122,005116,335108,58481,371303,994-812800
Document PDFPDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 26-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 26-06-2026 2026-00217721 PDF
31-12-2024 micro format 15-05-2025 2025-00099470 PDF
31-12-2023 micro format 22-04-2024 2024-00067061 PDF
31-12-2022 micro format 06-07-2023 2023-00215397 PDF
31-12-2021 micro format 15-03-2022 2022-07700327 PDF
31-12-2020 micro format 30-06-2021 2021-28300413 PDF
31-12-2019 micro format 10-09-2020 2020-52400273 PDF
31-12-2018 micro format 19-07-2019 2019-35400201 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018
165,803158,521147,270115,188128,60484,86099,740105,538
123,640117,856109,12486,17699,92967,97279,73383,810
01,13411,66501,1391,2834,46123,461
2,668-5,47516,224-196,33979,938102,61965,137-
9,7948,1597,77318,8981,694206,898140,20965,749
13.1%13.3%12.6%13.6%2.2%79.3%83.3%73.4%
1.071.061.051.151.004.625.473.15
6.636.506.966.3744.980.260.200.36
596.3%568.6%530.7%397.7%-28.3%46.9%93.6%
78.2%75.8%66.7%54.0%25.2%22.4%39.1%68.6%
over 100over 100over 100over 100----

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired
Item2025202420232022
Tangible fixed assets-€1,134€11,665-
€1,635€1,521€540€4,804

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on ALTFIVE

The operating result for 2025 is 5% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.

Debt's share of the balance-sheet total rises from 86.7% to 86.9%. Debt is higher.

Board & ownership

Board

1 director, last change in 2021
Thomas Frezel
Director (not named in the articles)
since 02-01-2018 term without a fixed end
earlier manager, until 21-12-2021
listed in the 2025 annual accounts, filed on 26-06-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 21-12-2021

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
Thomas Frezel
Director (not named in the articles)
BoardEarliermandate already running before its first mention
Mandates as a list
  • Thomas Frezel
    • Director (not named in the articles), from 02-01-2018 to date
    • Manager, until 21-12-2021

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution
€18,600
Source
2025 annual accounts

Articles of association

deed of 21-12-2021 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Share issue ruleThe articles set how and by whom new shares are issued.
“Courrier électronique,ou courrier ordinaire même jour pour personnes sans adresse électronique, au moins quinze jours à dater de l'ouverture…”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of June at 18:00

Capital transactions

Capital over time
  1. 21-12-2021 Converted to unavailable equity · €8,060
  2. 21-12-2021 Converted to uncalled contributions

Network & group

No group

ALTFIVE has no parent and no holdings in its annual accounts. Thomas Frezel is the only director. ALTFIVE shares no director with another company.

Timeline

Timeline

15 events since 2018

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 35 days before the deadline
2025
Highest result from 2018 to 2025 net €122,005 ▲4.9% The operating result of €164,168 and the net result of €122,005 are both a record.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0686967262
Annual accounts 2024 filed PDFmicro format · 77 days before the deadline
2024
Annual accounts 2023 filed PDFmicro format · 100 days before the deadline
2023
Annual accounts 2022 filed PDFmicro format · 25 days before the deadline
2022
Annual accounts 2021 filed PDFmicro format · 138 days before the deadline
2021
Change of role: Thomas Frezel, from manager to directorDirector discharge: Thomas Frezel5 points ▸
  • 100 shares
  • Director resignation, Thomas Frezel (manager)
  • Director appointment, Thomas Frezel (director (not named in the articles))
  • Director discharge, Thomas Frezel
  • Registered office clause, Rue des Boers 57/2, 1040 Etterbeek
  • The deed holds 5 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2020 filed PDFmicro format · 31 days before the deadline
2020
Equity above €200,000 equity €218,652 ▲39.4% With a profit in every financial year since 2018, equity grows to €218,652.
Annual accounts 2019 filed PDFmicro format · 41 days late
2019
Equity above €150,000 equity €156,879 ▲86.5% With a profit in every financial year since 2018, equity grows to €156,879.
Annual accounts 2018 filed PDFmicro format · 12 days before the deadline
2018
Incorporation PDFpublished on 04-01-2018
First establishment ALFTIVE, Boerenstraat 57, Etterbeek

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 2 January 2018, ALTFIVE was incorporated.1 Total assets went from €114,689 in 2018 to €156,112 in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0686.967.262
VAT number
BE 0686.967.262
Peppol ID
0208:0686967262
Other Peppol ID
9925:BE0686967262
Legal form
Private limited company
Status
Active, normal situation
Founded
02-01-2018
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of June at 18:00
deed of 21-12-2021 (in French)
Peppol
Reachable since 18-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
ALTFIVE in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 21-12-2021 (in French)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région de Bruxelles-Capitale”
deed of 21-12-2021 (in French)

Activities

NACEBEL 2025
62100 Computer programming main activity
Codes under NACEBEL 2008
62010 Computer programming, consultancy and related activities main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Toute opération dachat, de vente et de location de matériel informatique (hardware et software), de matériel et de mobilier de bureau et en…”
10 activities
  1. Toute opération dachat, de vente et de location de matériel informatique (hardware et software), de matériel et de mobilier de bureau et en général de tout matériel pouvant servir directement ou indirectement à son objet.
  2. La création, le développement, la distribution, linstallation, la programmation, la mise en service des supports informatiques aussi bien en matière de software que de hardware et la centralisation des données : gestion des réseaux et des ordinateurs, étude et développement de logiciels, la création, le développement, linstallation et la mise en œuvre de réseaux internationaux;
  3. Le développement, la coordination et la supervision du traitement des données, des programmes ainsi que du choix des matériels et logiciels informatiques;
  4. Lachat, lexploitation, la location, la cession de tout brevet, licence, intervention ou marque de fabrique se rattachant directement ou indirectement à lobjet de la société.
  5. Lorganisation, lélaboration et lanimation de conférences, de séminaires, de formations générales professionnelles ou techniques;
  6. Toute opération concernant linformation, la diffusion par toute voie existante de publicité et de documentation et le service aux personnes physiques et morales;
  7. Toute activité en rapport avec le service internet, extranet, intranet, ainsi que tous services en matière de télécommunication, informatique, présent ou futur;
  8. La production et la distribution darticles de souvenirs, de cadeaux et de promotions touristiques, notamment sans que cela ne soit limitatif, de photographies réalisées par toutes techniques de développement en gros, demi-gros, et en détail, par production propre, achat, vente, revente, transformation en produits finis de matières premières et produits semi-finis appartenant à des tiers, représentation, contrats de commission et de courtage, importation et exportation desdits articles, en ce compris leurs supports, leurs accessoires et le matériel permettant de les produire et de les reproduire.
  9. Elle exerce ses activités en qualité dagence photographique, de bureau de graphisme et de publicité, et de comptoirs de vente permanents ou circonstanciels.
  10. À titre patrimonial, lachat, la vente, la gestion, la location, lentretien et la rénovation de tous biens meubles ou immeubles généralement quelconques.
deed of 21-12-2021 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
ALFTIVE registered office Boerenstraat 57, 1040 Etterbeek 02-01-2018 2.271.549.166

Buildings and parcels at the address

Ground area
178 m²
Buildings
111 m²
Volume, LiDAR
1,514 m³
Tallest building
19.6 m
Buildings to scale, each on its own parcel
111 m², 19.6 m 111 m², 19.6 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
21364B0189/00Z000178 m² 1 · 111 m² 19.6 m · 5

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