BELFAS
ActiveSummary
BELFAS has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€68,178) and a net result of €9,203. Equity is growing by ~24.6% per year across the filed fiscal years. Its solvency ranks better than 6% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability57▼-43
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.64 against 0.71 in 2024; short-term debt: 156.3% and cash: 21.1% of total assets), and equity is negative.
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Signals
Five 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2025Solvency, return and age of the figures
Solvency
-56.3%
Return on assets
7.6%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 10519 sector peers (2025).
NBB · sector comparisonPosition among 10519 sector peers
Solvency
better than 6%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
21 d early
2023
15 d early
2022
4 d early
2021
2 d early
2020
24 d early
2019
385 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 45 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 26 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€68,178▲ 11.9%
2024 · -€77,381
Total assets
€121,002▼ 38.1%
2024 · €195,465
Net result
€9,203▼ 94.7%
2024 · €172,351
Working capital
-€69,029▲ 12.4%
2024 · -€78,837
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Operating result-€267,089▼ 135%€278,973€6,305▼ 97.7%€202,070▲ 3,105%€7,731▼ 96.2%
Net result€112,198within the sector's middle half€255,630above the sector's middle half▲ 128%€3,018below the sector's middle half▼ 98.8%€172,351above the sector's middle half▲ 5,611%€9,203within the sector's middle half▼ 94.7%
Equity-€508,380below the sector's middle half▲ 18.1%-€252,750below the sector's middle half▲ 50.3%-€249,732below the sector's middle half▲ 1.2%-€77,381below the sector's middle half▲ 69.0%-€68,178below the sector's middle half▲ 11.9%
Total assets€156,277below the sector's middle half▼ 50.8%€32,943below the sector's middle half▼ 78.9%€30,882below the sector's middle half▼ 6.3%€195,465below the sector's middle half▲ 533%€121,002below the sector's middle half▼ 38.1%
Debt€664,656▼ 29.1%€285,693▼ 57.0%€280,614▼ 1.8%€272,846▼ 2.8%€189,180▼ 30.7%
Working capital-€609,848below the sector's middle half▲ 25.9%-€252,750below the sector's middle half▲ 58.6%-€249,732below the sector's middle half▲ 1.2%-€78,837below the sector's middle half▲ 68.4%-€69,029below the sector's middle half▲ 12.4%
Solvency-325.3%below the sector's middle half▼ 129.8pp-767.2%below the sector's middle half▼ 441.9pp-808.7%below the sector's middle half▼ 41.4pp-39.6%below the sector's middle half▲ 769.1pp-56.3%below the sector's middle half▼ 16.8pp
Current ratio0.08below the sector's middle half▼ 0.040.12below the sector's middle half▲ 0.030.11below the sector's middle half▼ 0.010.71below the sector's middle half▲ 0.600.64below the sector's middle half▼ 0.08
Return on assets (ROA)71.8%above the sector's middle half▲ 108.7pp776.0%above the sector's middle half▲ 704.2pp9.8%within the sector's middle half▼ 766.2pp88.2%above the sector's middle half▲ 78.4pp7.6%within the sector's middle half▼ 80.6pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2023 Net result -99% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
- 2022 Net result +128% on 2021. The accounts now follow the micro schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 96% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €121,002
Fixed assets
€851 ▼ 41.6%
Current assets
€120,152 ▼ 38.1%
Key figures and ratios
EBITDA
€8,337▼
2024 · €202,431
Cash flow
€9,809▼
2024 · €172,712
Quick ratio
0.35▼
2024 · 0.71
Debt to equity
-2.77▲
2024 · -3.53
Interest coverage
-5.67▼
2024 · 6.81
Debt ≤ 1 year
€189,180▼
2024 · €272,846
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 3,798 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €101,469 | €101,469 | €0 | €361 | €606 | ▲ 67.9% |
| Other operating charges640/8 | €157,260 | €844 | €112 | €115 | €126 | ▲ 9.6% |
| Non-recurring operating charges66A | - | - | - | €22,137 | €0 | ▼ 100% |
| Gross operating margin9900 | -€8,361 | €381,286 | €6,417 | €224,684 | €8,463 | ▼ 96.2% |
| Operating profit (loss)9901 | -€267,089 | €278,973 | €6,305 | €202,070 | €7,731 | ▼ 96.2% |
| Financial income75/76B | €469,243 | €0 | - | - | - | - |
| Recurring financial income75 | €469,243 | €0 | - | - | - | - |
| Financial charges65/66B | €89,957 | €23,343 | €3,287 | €29,719 | -€1,472 | ▼ 105% |
| Recurring financial charges65 | €89,957 | €23,343 | €3,287 | €29,719 | -€1,472 | ▼ 105% |
| Profit (loss) for the period before taxes9903 | €112,198 | €255,630 | €3,018 | €172,351 | €9,203 | ▼ 94.7% |
| Profit (loss) for the period9904 | €112,198 | €255,630 | €3,018 | €172,351 | €9,203 | ▼ 94.7% |
| Profit (loss) for the period to be appropriated9905 | €112,198 | €255,630 | €3,018 | €172,351 | €9,203 | ▼ 94.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €156,277 | €32,943 | €30,882 | €195,465 | €121,002 | ▼ 38.1% |
| Fixed assets21/28 | €101,469 | €0 | - | €1,457 | €851 | ▼ 41.6% |
| Tangible fixed assets22/27 | €101,469 | €0 | - | €1,457 | €851 | ▼ 41.6% |
| Plant, machinery and equipment23 | €101,469 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €1,457 | €851 | ▼ 41.6% |
| Current assets29/58 | €54,808 | €32,943 | €30,882 | €194,008 | €120,152 | ▼ 38.1% |
| Stocks and contracts in progress3 | - | - | - | - | €53,009 | - |
| Stocks30/36 | - | - | - | - | €53,009 | - |
| Amounts receivable within one year40/41 | €19,988 | €356 | €23,675 | €118,210 | €3,251 | ▼ 97.2% |
| Trade receivables40 | - | - | €11,090 | €118,172 | €3,251 | ▼ 97.2% |
| Other amounts receivable41 | €19,988 | €356 | €12,585 | €38 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | €73,572 | €38,399 | ▼ 47.8% |
| Cash at bank and in hand54/58 | €34,820 | €32,587 | €7,207 | €2,226 | €25,493 | ▲ 1,045% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €156,277 | €32,943 | €30,882 | €195,465 | €121,002 | ▼ 38.1% |
| Equity10/15 | -€508,380 | -€252,750 | -€249,732 | -€77,381 | -€68,178 | ▲ 11.9% |
| Contributions10/11 | €55,776 | €55,776 | €55,776 | €55,776 | €55,776 | = |
| Profit (loss) carried forward14 | -€564,156 | -€308,526 | -€305,508 | -€133,157 | -€123,954 | ▲ 6.9% |
| Amounts payable17/49 | €664,656 | €285,693 | €280,614 | €272,846 | €189,180 | ▼ 30.7% |
| Amounts payable within one year42/48 | €664,656 | €285,693 | €280,614 | €272,846 | €189,180 | ▼ 30.7% |
| Trade debts44 | - | - | €3,364 | €36,096 | €101,748 | ▲ 182% |
| Suppliers440/4 | - | - | €3,364 | €36,096 | €101,748 | ▲ 182% |
| Taxes, remuneration and social security45 | €164,664 | €0 | - | - | €932 | - |
| Taxes450/3 | €164,664 | €0 | - | - | €932 | - |
| Other amounts payable47/48 | €499,993 | €285,693 | €277,250 | €236,750 | €86,500 | ▼ 63.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €112,198 | €255,630 | €3,018 | €172,351 | €9,203 | ▼ 94.7% |
| + Depreciation and write-downs630 | €101,469 | €101,469 | €0 | €361 | €606 | ▲ 67.9% |
| Operating cash flow (approximation) | €213,666 | €357,099 | €3,018 | €172,712 | €9,809 | ▼ 94.3% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €0 | - |
| Change in cash | - | -€2,233 | -€25,380 | -€4,981 | €23,266 | ▲ 567% |
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
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
09-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
15-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Highest result since 2018net €255,630 ▲128%
Operating result €278,973, net result €255,630, both a record.
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Back to profitnet €112,198
Net result €112,198 after 3 loss-making years.
20-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 385 days late
06-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet -€121,197
Net result drops to -€121,197, the lowest in the series; recovery starts the following year.
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
23-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Koksijde · 1 establishment unit since 1993
Ground area
3,303 m²
Building footprint
882 m²
Volume, LiDAR
1,939 m³
Parcel 38502F0745/00A000, Flanders · tallest building 8.1 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
BELFAS
since 19932.063.460.511
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38502F0745/00A000 | Flanders | 3,303 m² | 1 · 882 m² | 8.1 m · 1 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
Owners and holdings
1 ownerChain of control
- DEVAN HOLDING
- BELFAS
Highest known parent: DEVAN HOLDING. The sources do not say who stands above it.
Owners 1
- DEVAN HOLDINGparent100%
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.
Recognitions · licences · registrations
Legal Entity Identifier
699400461IZIMG536G65
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Roeselare
This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 3,224 companies in sector 47400 we hold annual accounts for 1,808. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-08-1993
Fiscal year end30-09
Activities, NACEBEL 2025
47400Retail sale of information and communication equipment
68121Development of residential building projects
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0450674668
Also
9925:BE0450674668
Registered
30-03-2026
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.