Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of BELFIMAS is 0.4% (very low). The 2025 annual accounts show equity of €315.52M and a net result of €39.08M. Equity remains stable across the filed fiscal years (±0.2% per year). The company has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 8 annual accounts.
Signals
1 signal · with evidenceConsistently profitable
Positive net result in the two most recent financial years (2024 and 2025).
View the result trend Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 03-12-2025, 148 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
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.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 30-09. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-09-2025, that is 30-04-2026.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 30-09-2025 | 30-04-2026 | 03-12-2025 | 148 d early | 2025-00579342 |
| 30-09-2024 | 30-04-2025 | 04-12-2024 | 147 d early | 2024-00613390 |
| 30-09-2023 | 30-04-2024 | 28-11-2023 | 154 d early | 2023-00520356 |
| 30-09-2022 | 30-04-2023 | 06-12-2022 | 145 d early | 2022-20534378 |
| 30-09-2021 | 30-04-2022 | 15-12-2021 | 136 d early | 2021-80900073 |
| 30-09-2020 | 30-04-2021 | 01-10-2021 | 154 d late | 2021-70700031 |
| 30-09-2019 | 30-04-2020 | 25-11-2019 | 157 d early | 2019-74400237 |
| 30-09-2018 | 30-04-2019 | 10-12-2018 | 141 d early | 2018-74000589 |
| 30-09-2017 | 30-04-2018 | 22-11-2017 | 159 d early | 2017-70100354 |
| 30-09-2016 | 30-04-2017 | 22-11-2016 | 159 d early | 2016-68200459 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsLong-established
Founded in 1997, 29 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.4%
Very low
0%0,5%1,5%4%10%≥25%
No NACE activity registered
+Annual accounts: healthy financial profile
−Long track record
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€39.08M+12.2%
Working capital€1.21M
Annual accounts & ratios
Source: NBB · 2025Annual accounts filed on 03-12-2025 with the NBB · fiscal year 2025 · volledig
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
stable
Equity: stable across 8 fiscal years (±0.2%/year).
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
€39.08M
+12.2%
18-25
€353.41M
+1.2%
18-25
€315.52M
+0.5%
18-25
€1.21M
-
18-25
€404k
-
18-25
€37.40M
+12.0%
18-25
€37.88M
+6.7%
18-25
€37.87M
+7.0%
18-25
€1.02M
-49.8%
18-25
1.03
+4.3%
18-25
1.03
+4.3%
18-25
89.3%
-0.6%
18-25
0.12
+6.1%
18-25
12.4%
+11.6%
18-25
11.1%
+10.9%
18-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | volledig |
| Revenue | - |
| EBITDA | - |
| Net profit | €39.08M |
| Cash flow | - |
| Staff costs | - |
| Income taxes | - |
| Dividends | €37.40M |
| Total assets | €353.41M |
| Equity | €315.52M |
| Debt | €37.88M |
| of which ≤ 1y | €37.87M |
| of which > 1y | - |
| Working capital | €1.21M |
| Employees (FTE) | - |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 1.03 |
| Quick ratio | 1.03 |
| Working capital ratio | 0.3% |
| Solvency | 89.3% |
| Debt / equity | 0.12 |
| Long-term debt ratio | - |
| Interest coverage | - |
| Gross margin | - |
| Net margin | - |
| ROA | 11.1% |
| ROE | 12.4% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2025
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €353.41M |
| Fixed assets | 21/28 | €314.33M |
| Financial fixed assets | 28 | €314.33M |
| Current assets | 29/58 | €39.08M |
| Amounts receivable within one year | 40/41 | €54k |
| Investments | 50/53 | €39.00M |
| Cash & bank | 54/58 | €19k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €353.41M |
| Equity | 10/15 | €315.52M |
| Contributions / capital | 10/11 | €158.76M |
| Reserves | 13 | €17.97M |
| Accumulated profits (losses) | 14 | €138.80M |
| Amounts payable | 17/49 | €37.88M |
| Amounts payable within one year | 42/48 | €37.87M |
| Trade debts payable within one year | 44 | €4k |
| Income statement | ||
| Operating result | 9901 | €-11k |
| Financial income | 75 | €39.12M |
| Financial charges | 65 | €32k |
| Result before taxes | 9903 | €39.08M |
| Net result for the period | 9904 | €39.08M |
| Result to be appropriated | 9905 | €39.08M |
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2025 · computed88
/ 100
Excellent
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Directors
Directors & mandates
6 directorsCurrent directors & mandates
-
Current23-09-2014 → present
5 events
- 16-12-2025 Mandate renewed· Director
- 16-12-2022 Mandate renewed· Director
- 12-06-2020 Mandate renewed· Director
- 09-12-2016 Mandate renewed· Director
- 23-09-2014 Mandate renewed· Director
-
Current14-05-2014 → present
6 events
- 16-12-2025 Mandate renewed· Director
- 16-12-2022 Mandate renewed· Director
- 12-06-2020 Mandate renewed· Director
- 09-12-2016 Mandate renewed· Director
- 23-09-2014 Appointed· Director
- 14-05-2014 Appointed· Director
-
Current22-12-2011 → present
4 events
- 22-12-2023 Mandate renewed· Director
- 05-11-2021 Mandate renewed· Director
- 09-12-2014 Mandate renewed· Director
- 22-12-2011 Mandate renewed· Director
Historic, not recently confirmed (1)
These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.
-
Not recently confirmedlast confirmed in an act from 2018
Former directors (2)
-
Former- → 19-03-2014
-
Former- → 19-03-2014
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.
Statutory auditor
5 auditors| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| Ernst & Young Bedrijfsrevisoren BVCurrent Statutory auditor · represented by Wim Van Gasse |
- | 22-12-2023 → present |
| Enst & Young Bedrijfsrevisoren bcvba Statutory auditor · represented by Mamix Van Dooren succeeded by EY Bedrijfsrevisoren BV in 2021 |
- | 09-12-2014 → 05-11-2021 |
| Ernst & Young Bedrijfsrevisoren BCVBA Statutory auditor · represented by Wim Van Gasse succeeded by Enst & Young Bedrijfsrevisoren bcvba in 2014 |
- | 22-11-2010 → 09-12-2014 |
| Ernst & Young Bedrijfsrevisoren Comm. V Statutory auditor · represented by Marnix Van Dooren succeeded by Enst & Young Bedrijfsrevisoren bcvba in 2014 |
- | 22-12-2011 → 09-12-2014 |
| EY Bedrijfsrevisoren BV Statutory auditor · represented by Wim Van Gasse succeeded by Ernst & Young Bedrijfsrevisoren BV in 2023 |
- | 05-11-2021 → 22-12-2023 |
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | - |
| Legal form | Public limited company(014) |
| Incorporation | 10-06-1997 |
| Status | Active |
| Postal code | 2000 |
Structure & network
Connections & network
1 connected companyNetwork connections
Shared address
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Locations & real estate
Registered office
from the Crossroads BankCannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Begijnenvest 1132000 AntwerpenEstablishment units
1 locationBELFIMAS
since 19972.082.476.667
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area942 m²
Buildings1
Building footprint212 m²
Volume (LiDAR)4,691 m³
Tallest building34.4 m · ±7 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11804D1916/00T002 | Flanders | 942 m² | 1 · 212 m² | 34.4 m · 7 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
17 acts Capital history · 1
04-10-2017
v3.2
Address history · 1
26-02-2007
v3.2
All acts · 17
updated 7 months ago
2025
16-12-2025 2 reappointed
2023
22-12-2023 2 reappointed
05-12-2023 Publication in the Belgian Official Gazette, Minor change
Summary:
Statutes changeNotary:
LARS HANSEN · AntwerpenFirm:
Deckers notarissen
2022
16-12-2022 2 reappointed
2021
05-11-2021 2 reappointed
2020
12-06-2020 2 reappointed
2018
09-01-2018 2 reappointed
2017
04-10-2017 Capital decrease to €158,761,608.91
Summary:
v3.2
2016
30-12-2016 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
otherNotary:
Luc Bertrand · Antwerpen
09-12-2016 2 reappointed
2014
09-12-2014 2 reappointed
23-09-2014 1 director appointed, 1 reappointed
14-05-2014 Frederic van Haaren appointed as director
19-03-2014 2 resigning
2011
22-12-2011 2 reappointed
01-04-2011 Marnix Van Dooren appointed as statutory auditor
2007
26-02-2007 Registered office moved from Wilrijk to Antwerpen
Analysis
Snowflake analysis
financial profile on 5 axes76
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
88
Profitability
62
Solvency
78
Growth
52
Stability
100
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Credit advice
verdict per customer and amountCompany registry
Company registry (CBE)
Crossroads BankNames & trade names
| Legal nameNL | BELFIMAS |
Registered office
Begijnenvest 113
2000 Antwerpen, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.