BELFORM EUROPE
ActiveBELFORM EUROPE has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-667k) and a net result of €-998k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 6% of 130 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
28
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency0▼-45
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.52 against 0.95 in 2024; short-term debt: 125% and cash: 6.4% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Eight 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 · 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
-47.1%
Return on assets
-70.5%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 31
Relative position
BE, all sectors
reference
Sector 31
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-667k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
40 d late
2023
63 d early
2022
32 d early
2021
54 d early
2020
15 d early
2019
18 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-998k▼ 154%
2024 · €-393k
2018: €-111k
2019: €90k
2020: €984k
2021: €202k
2022: €350k
2023: €-26k
2024: €-393k
2018 → 2025
Working capital
€-843k▼ 1,372%
2024 · €-57k
2018: €1.13M
2019: €1.24M
2020: €2.37M
2021: €1.47M
2022: €1.84M
2023: €539k
2024: €-57k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.54M-€1.90M▲ 22.7%€724k▼ 61.8%€331k▼ 54.3%€-667k
Operating result€301k-€559k▲ 85.7%€12k▼ 97.8%€-322k€-1.18M▼ 265%
Net result€202k-€350k▲ 73.3%€-26k€-393k▼ 1,418%€-998k▼ 154%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.18M in 2025 against €322k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.35M
Fixed assets
€426k▼ 24.0%
Current assets
€928k▼ 9.3%
Key figures and ratios
EBITDA
€-1.02M▼
2024 · €-248k
Cash flow
€-840k▼
2024 · €-319k
Solvency
-47.1%▼
2024 · 19.8%
Current ratio
0.52▼
2024 · 0.95
Quick ratio
0.26▼
2024 · 0.41
Debt / equity
-3.11▼
2024 · 3.99
ROA
-70.5%▼
2024 · -23.5%
Interest coverage
-12.08▼
2024 · -3.04
Debt
€2.07M▲
2024 · €1.32M
Debt ≤ 1 year
€1.77M▲
2024 · €1.08M
Debt > 1 year
€134k▼
2024 · €242k
Income taxes
€2k
Staff costs
€658k▲
2024 · €510k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.67M€1.42M▼
Formation expenses20€87k€64k▼
Fixed assets21/28€560k€426k▼
Intangible fixed assets21€253k€183k▼
Tangible fixed assets22/27€307k€242k▼
Plant, machinery and equipment23€1k€125▼
Furniture and vehicles24€9k€5k▼
Leasing and similar rights25€229k€180k▼
Other tangible fixed assets26€68k€58k▼
Financial fixed assets28€350€350=
Current assets29/58€1.02M€928k▼
Stocks and contracts in progress3€580k€467k▼
Stocks30/36€580k€467k▼
Amounts receivable within one year40/41€333k€314k▼
Trade receivables40€288k€313k▲
Other amounts receivable41€45k€888▼
Cash at bank and in hand54/58€66k€90k▲
Deferred charges and accrued income490/1€44k€56k▲
Equity and liabilities
Total equity and liabilities10/49€1.67M€1.42M▼
Equity10/15€331k€-667k▼
Contributions10/11€550k€550k=
Capital10€550k€550k=
Issued capital100€550k€550k=
Reserves13€168k€158k▼
Non-distributable reserves130/1€55k€55k=
Legal reserve130€55k€55k=
Tax-exempt reserves132€67k€57k▼
Distributable reserves133€46k€46k=
Profit (loss) carried forward14€-387k€-1.37M▼
Provisions and deferred taxes16€16k€12k▼
Deferred taxes168€16k€12k▼
Amounts payable17/49€1.32M€2.07M▲
Amounts payable after more than one year17€242k€134k▼
Financial debts170/4€242k€134k▼
Other amounts payable178/9-€0
Amounts payable within one year42/48€1.08M€1.77M▲
Current portion of amounts payable after more than one year42€46k€48k▲
Financial debts43€498k€512k▲
Credit institutions430/8€498k€497k▼
Other loans439-€16k
Trade debts44€516k€1.18M▲
Suppliers440/4€516k€1.18M▲
Taxes, remuneration and social security45€20k€26k▲
Taxes450/3-€0
Remuneration and social security454/9€20k€26k▲
Other amounts payable47/48-€3k
Accrued charges and deferred income492/3€1k€167k▲
Income statement
Code20242025
Remuneration, social security and pensions62€510k€658k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€74k€158k▲
Other operating charges640/8€4k€2k▼
Non-recurring operating charges66A€71k€4k▼
Gross operating margin9900€337k€-354k▼
Operating profit (loss)9901€-322k€-1.18M▼
Financial income75/76B€8k€260k▲
Recurring financial income75€8k€211▼
Non-recurring financial income76B-€260k
Financial charges65/66B€81k€84k▲
Recurring financial charges65€81k€84k▲
Profit (loss) for the period before taxes9903€-395k€-1,000k▼
Transfer from deferred taxes780€2k€3k▲
Income taxes67/77-€2k
Profit (loss) for the period9904€-393k€-998k▼
Transfer from tax-exempt reserves789€6k€10k▲
Profit (loss) for the period to be appropriated9905€-387k€-988k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-387k€-1.37M▼
Profit (loss) brought forward from the previous period14P-€-387k
Social balance
Average headcount (FTE)908711.012.0▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet €-998k
Net result drops to €-998k, the lowest in the series.
09-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 40 days late
2024
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 9.57
Current ratio from 2.61 to 9.57; short-term debt falls from €909k to €215k.
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €984k ▲995%
Operating result €1.02M, net result €984k, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 17.15
Current ratio from 4.42 to 17.15; short-term debt falls from €363k to €146k.
31-12
Financial
Equity above €2MEq €2.45M ▲67.4%
2 profitable years in a row build equity to €2.45M.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €90k
Net result €90k after one loss-making year.
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
18-07
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.
Directors · office · real estate
Directors
8 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, Hasselt · 1 establishment unit since 1964
Cannot 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.
Ekkelgaarden 6A3500 HasseltGround area
1.0 ha
Building footprint
2,371 m²
Volume, LiDAR
1,011 m³
2 parcels, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Ekkelgaarden 6, 3500 Hasselt
since 19642.005.005.242
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71324E0542/00S000 | Flanders | 6,293 m² | 1 · 2,292 m² | 8.2 m |
| 71324E0542/00D002 | Flanders | 3,867 m² | 1 · 79 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 6 entries · 28,013 EUR awarded · 28,013 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 6,364 EUR | 6,364 EUR |
| 2024 | 1 | 7,543 EUR | 7,543 EUR |
| 2023 | 2 | 11,384 EUR | 11,384 EUR |
| 2022 | 2 | 2,722 EUR | 2,722 EUR |
Schemes
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
Vlaams opleidingsverlof (VOV)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Legal Entity Identifier
894500QREJ7HFMLK0C53
Similar companies · same sector, comparable size
WULFFAERT BV
BE 0466.154.086
Eeklo · Eq €332k
POLYLAK
BE 0444.057.387
Kalmthout · Eq €338k
SITAC EUROPE
BE 0751.645.872
Hasselt · Eq €340k
STOCKMAN
BE 0456.254.346
Eeklo · Eq €323k
V&I CONSULTANCY
BE 0463.747.991
Roeselare · Eq €340k
Of 1,499 companies in sector 31004 we hold annual accounts for 620. 466 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL
31004Manufacture of dining room, living room, bedroom and bathroom furniture
36111
36141
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryPhone:056/51.13.75