AVROY 44
ActiveSummary
AVROY 44 has been active since 1946 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12.1m and a net result of €36,516. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 91% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability19▼-1
Solvency100=
Growth38=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850,000 at 30 days acceptable
short-term debt: 0.6% and cash: 1.8% of total assets, and 10.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
89.8%
Return on assets
0.3%
Age of the figures
9 mo
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 d early
2024
1 d late
2023
5 d early
2022
12 d early
2021
31 d late
2020
40 d late
2019
38 d late
← 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 12 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 27 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
In the rankings
#5 oldest company in Liège, Real estate sector
Turnover
€652,420▼ 2.1%
2023 · €666,699
EBIT margin
-47.3%▼ 14.0pp
2023 · -33.2%
Net result
€36,516▼ 78.5%
2024 · €169,739
Working capital
€10.3m▼ 1.9%
2024 · €10.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Line20212022202320242025
Turnover€555,661▲ 6.0%€556,210▲ 0.1%€666,699▲ 19.9%€652,420▼ 2.1%
Operating result-€249,795▼ 134%-€364,087▼ 45.8%-€221,537▲ 39.2%-€308,333▼ 39.2%-€167,710▲ 45.6%
Net result-€190,068below the sector's middle half▼ 5.7%-€1.6mbelow the sector's middle half▼ 762%€77,369above the sector's middle half€169,739above the sector's middle half▲ 119%€36,516above the sector's middle half▼ 78.5%
EBIT margin-45.0%▼ 24.6pp-65.5%▼ 20.5pp-33.2%▲ 32.2pp-47.3%▼ 14.0pp
Equity€13.5mabove the sector's middle half▼ 1.6%€11.8mabove the sector's middle half▼ 12.2%€11.9mabove the sector's middle half▲ 0.7%€12.1mabove the sector's middle half▲ 1.4%€12.1mabove the sector's middle half▲ 0.3%
Total assets€14.8mabove the sector's middle half▼ 0.2%€13.2mabove the sector's middle half▼ 10.7%€13.2mabove the sector's middle half▼ 0.6%€13.3mabove the sector's middle half▲ 1.4%€13.5mabove the sector's middle half▲ 1.0%
Debt€330,371▲ 116%€379,230▲ 14.8%€226,650▼ 40.2%€241,025▲ 6.3%€340,267▲ 41.2%
Working capital€11.5mabove the sector's middle half▼ 10.6%€10.2mabove the sector's middle half▼ 11.1%€10.4mabove the sector's middle half▲ 1.4%€10.5mabove the sector's middle half▲ 1.8%€10.3mabove the sector's middle half▼ 1.9%
Solvency90.8%above the sector's middle half▼ 1.2pp89.4%above the sector's middle half▼ 1.5pp90.5%above the sector's middle half▲ 1.1pp90.5%above the sector's middle half=89.8%above the sector's middle half▼ 0.6pp
Current ratio55.03above the sector's middle half67.58above the sector's middle half
Return on assets (ROA)-1.3%within the sector's middle half▼ 0.1pp-12.4%below the sector's middle half▼ 11.1pp0.6%within the sector's middle half▲ 13.0pp1.3%within the sector's middle half▲ 0.7pp0.3%within the sector's middle half▼ 1.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result -78% on 2024. The accounts now follow the micro schema, last year the full schema.
- 2022 Net result -762% on 2021. The accounts now follow the micro schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €167,710 in 2025 against €308,333 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.5m
Fixed assets
€3.1m ▲ 15.7%
Current assets
€10.4m ▼ 2.6%
Equity and liabilities €13.5m
Equity
€12.1m ▲ 0.3%
Provisions
€1.0m =
Debt
€340,267 ▲ 41.2%
Debt's share of the balance-sheet total rises from 1.8% to 2.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€2,423▲
2024 · -€113,610
Cash flow
€201,803▼
2024 · €364,461
Debt to equity
0.03▲
2024 · 0.02
ROE
0.3%▼
2024 · 1.4%
Interest coverage
-0.06▼
2024 · 0.82
Debt ≤ 1 year
€83,115▼
2024 · €158,432
Debt > 1 year
€1,800=
2024 · €1,800
A ratio outside any meaningful range has been withheld (balance sheet total €13.5m, equity €12.1m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,860 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
98%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 1,860 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €555,661 | €556,210 | €666,699 | €652,420 | - | - |
| Non-recurring operating income76A | €75,036 | €441,846 | €13,300 | €530 | €32,227 | ▲ 5,978% |
| Goods, raw materials, services and sundry goods60/61 | €485,142 | €603,230 | €583,670 | €591,594 | €560,838 | ▼ 5.2% |
| Remuneration, social security and pensions62 | €882 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €239,851 | €286,298 | €194,619 | €194,723 | €165,287 | ▼ 15.1% |
| Other operating charges640/8 | €185,511 | €218,833 | €295,276 | €314,279 | €301,854 | ▼ 4.0% |
| Non-recurring operating charges66A | €100,685 | €391,893 | €952 | €25,043 | €5,698 | ▼ 77.2% |
| Gross operating margin9900 | €277,135 | €532,938 | €269,309 | €225,713 | €305,129 | ▲ 35.2% |
| Operating profit (loss)9901 | -€249,795 | -€364,087 | -€221,537 | -€308,333 | -€167,710 | ▲ 45.6% |
| Financial income75/76B | €124,611 | €66,536 | €33,010 | €339,708 | €246,523 | ▼ 27.4% |
| Recurring financial income75 | €124,611 | €66,536 | €33,010 | €339,708 | €246,523 | ▼ 27.4% |
| Financial charges65/66B | €39,884 | €1.3m | -€265,896 | -€138,363 | €42,297 | ▲ 131% |
| Recurring financial charges65 | €39,884 | €1.3m | -€265,896 | -€138,363 | €42,297 | ▲ 131% |
| Profit (loss) for the period before taxes9903 | -€165,068 | -€1.6m | €77,369 | €169,739 | €36,516 | ▼ 78.5% |
| Income taxes67/77 | €25,000 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€190,068 | -€1.6m | €77,369 | €169,739 | €36,516 | ▼ 78.5% |
| Profit (loss) for the period to be appropriated9905 | -€190,068 | -€1.6m | €77,369 | €169,739 | €36,516 | ▼ 78.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.8m | €13.2m | €13.2m | €13.3m | €13.5m | ▲ 1.0% |
| Fixed assets21/28 | €3.1m | €2.9m | €2.8m | €2.6m | €3.1m | ▲ 15.7% |
| Intangible fixed assets21 | - | - | €0 | - | €0 | - |
| Tangible fixed assets22/27 | €2.9m | €2.7m | €2.6m | €2.5m | €2.9m | ▲ 16.9% |
| Land and buildings22 | €2.5m | €2.3m | €2.2m | €2.1m | €2.0m | ▼ 5.4% |
| Plant, machinery and equipment23 | €45,848 | €298,141 | €326,223 | €288,037 | €249,852 | ▼ 13.3% |
| Furniture and vehicles24 | €0 | - | - | - | - | - |
| Other tangible fixed assets26 | €152,835 | €109,667 | €78,516 | €65,450 | €51,737 | ▼ 21.0% |
| Assets under construction and advance payments27 | €236,525 | €66,742 | €14,110 | - | €580,986 | - |
| Financial fixed assets28 | €185,950 | €185,950 | €185,950 | €185,950 | €185,950 | = |
| Current assets29/58 | €11.7m | €10.3m | €10.4m | €10.7m | €10.4m | ▼ 2.6% |
| Amounts receivable within one year40/41 | €183,553 | €274,206 | €200,459 | €59,234 | €34,360 | ▼ 42.0% |
| Trade receivables40 | €115,937 | €200,364 | €169,592 | €41,976 | €18 | ▼ 100.0% |
| Other amounts receivable41 | €67,615 | €73,842 | €30,867 | €17,258 | €34,342 | ▲ 99.0% |
| Current investments50/53 | €11.0m | €9.7m | €10.1m | €10.6m | €10.1m | ▼ 4.1% |
| Cash at bank and in hand54/58 | €490,895 | €321,859 | €124,468 | €59,283 | €236,540 | ▲ 299% |
| Deferred charges and accrued income490/1 | €8,968 | €6,649 | €6,529 | €12,240 | €8,989 | ▼ 26.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.8m | €13.2m | €13.2m | €13.3m | €13.5m | ▲ 1.0% |
| Equity10/15 | €13.5m | €11.8m | €11.9m | €12.1m | €12.1m | ▲ 0.3% |
| Contributions10/11 | - | - | €6.7m | €6.7m | €6.7m | = |
| Capital10 | - | - | €6.7m | €6.7m | €6.7m | = |
| Reserves13 | €4.1m | €4.1m | €4.1m | €4.1m | €4.1m | = |
| Profit (loss) carried forward14 | €2.6m | €995,397 | €1.1m | €1.2m | €1.3m | ▲ 2.9% |
| Provisions and deferred taxes16 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Deferred taxes168 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Amounts payable17/49 | €330,371 | €379,230 | €226,650 | €241,025 | €340,267 | ▲ 41.2% |
| Amounts payable after more than one year17 | €300 | €300 | €300 | €1,800 | €1,800 | = |
| Other amounts payable178/9 | €300 | €300 | €300 | €1,800 | €1,800 | = |
| Amounts payable within one year42/48 | €212,869 | €80,488 | €32,021 | €158,432 | €83,115 | ▼ 47.5% |
| Trade debts44 | €106,028 | €49,109 | €11,738 | €128,194 | €47,806 | ▼ 62.7% |
| Suppliers440/4 | €106,028 | €49,109 | €11,738 | €128,194 | €47,806 | ▼ 62.7% |
| Taxes, remuneration and social security45 | €106,841 | €31,379 | €20,284 | €30,238 | €35,309 | ▲ 16.8% |
| Taxes450/3 | €63,454 | €31,379 | €20,284 | €30,238 | €35,309 | ▲ 16.8% |
| Remuneration and social security454/9 | €43,387 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €117,203 | €298,442 | €194,329 | €80,793 | €255,352 | ▲ 216% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€190,068 | -€1.6m | €77,369 | €169,739 | €36,516 | ▼ 78.5% |
| + Depreciation and write-downs630 | €239,851 | €286,298 | €194,619 | €194,723 | €165,287 | ▼ 15.1% |
| Operating cash flow (approximation) | €49,783 | -€1.4m | €271,989 | €364,461 | €201,803 | ▼ 44.6% |
| Investment in fixed assets (approximation) | - | -€105,641 | -€27,280 | -€68,811 | -€580,990 | ▼ 744% |
| Change in cash | - | -€169,036 | -€197,391 | -€65,185 | €177,258 | ▲ 372% |
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
Next filing, fiscal year 2026, expected by
2026
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
01-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 1 day late
07-07
State Gazette act
General meeting · Name change
Corporate purpose · Statutes amendment
2024
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €77,369
Net result €77,369 after 3 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 324.68
Current ratio from 128.03 to 324.68; short-term debt falls from €80,488 to €32,021.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
02-02
State Gazette act
General meeting · Auditor appointment
Member resignation · Registered-office move
2022
31-12
Financial
Weakest financial yearnet -€1.6m
Net result drops to -€1.6m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 128.03
Current ratio from 55.03 to 128.03; short-term debt falls from €212,869 to €80,488.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 40 days late
Show earlier events
2020
31-12
Financial
Liquidity times 68current ratio 160.72
Current ratio from 2.38 to 160.72; short-term debt falls from €10.1m to €80,568.
07-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 38 days late
21-01
State Gazette act
General meeting · Statutes amendment
Corporate purpose · Demerger
2019
31-12
Financial
Back to profitnet €1.0m
Net result €1.0m after one loss-making year.
24-10
State Gazette act
Board meeting · General meeting
Demerger · Accounting effect
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 26 acts read
About the unread acts
We know of 26 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
26 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, Liège
Ground area
528 m²
Building footprint
276 m²
Volume, LiDAR
9,179 m³
Parcel 62803B0131/00B000, Wallonia · tallest building 36.5 m, ±11 floors. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62803B0131/00B000 | Wallonia | 528 m² | 1 · 276 m² | 36.5 m · 11 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.
Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionReceived a branch of activity from:SECRETARIAT SOCIAL DES CLASSES MOYENNES
Recognitions · licences · registrations
Legal Entity Identifier
967600ECFY96J55LS063
Similar companies · same sector, comparable size
COOPERATIEVE VOOR CULTURELE CENTRA
BE 0416.621.730
Sint-Pieters-Woluwe · Eq €12,124,677
VIJFDE HAVENDOK
BE 0465.991.067
Antwerpen · Eq €12,075,032
E 40 BUSINESS PARK
BE 0473.001.395
Awans · Eq €12,165,005
IPF BELCO
BE 0543.498.918
Ukkel · Eq €12,177,183
Alkimmo
BE 0418.666.351
Antwerpen · Eq €12,227,760
Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 1,683 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded04-12-1946
Fiscal year end31-12
Abbreviation FR
Secrétariat Social UCM Liège
Trade name FR
Soc.Secr.Soc.
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
94110Activities of business and employers' organisations
E-invoicing
Reachable via Peppol
Peppol ID
0208:0405842852
Also
9925:BE0405842852
Registered
10-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.