Summary
BERCOFIN is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €218.8m and a net result of €1.6m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 84% of 2444 sector peers (fiscal year 2025). The company has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €218.8m
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 24-07-2026, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
29 d late
2023
30 d late
2022
31 d early
2021
26 d early
2020
23 d early
2019
18 d early
← 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 7 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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 24 July (4 of the last 5 filed years within 36 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€218.8m▲ 0.7%
2024 · €217.3m
Net result
€1.6m
2024 · -€311,630
Total assets
€230.9m▲ 1.1%
2024 · €228.5m
Solvency
94.7%▼ 0.4pp
2024 · 95.1%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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€38,149▲ 8.5%-€63,249-€402,364▼ 536%-€317,571▲ 21.1%-€801,361▼ 152%
Net result-€11,998below the sector's middle half-€234,218below the sector's middle half▼ 1,852%-€805,268below the sector's middle half▼ 244%-€311,630below the sector's middle half▲ 61.3%€1.6mabove the sector's middle half
Equity€4.0mabove the sector's middle half▼ 0.3%€3.7mabove the sector's middle half▼ 5.9%€71.8mabove the sector's middle half▲ 1,824%€217.3mabove the sector's middle half▲ 202%€218.8mabove the sector's middle half▲ 0.7%
Total assets€10.0mabove the sector's middle half▲ 75.4%€13.3mabove the sector's middle half▲ 33.0%€86.5mabove the sector's middle half▲ 551%€228.5mabove the sector's middle half▲ 164%€230.9mabove the sector's middle half▲ 1.1%
Debt€6.0m▲ 251%€9.6m▲ 58.7%€14.6m▲ 53.0%€11.2m▼ 23.5%€12.2m▲ 8.7%
Working capital-€5.4mbelow the sector's middle half▼ 220%-€5.3mbelow the sector's middle half▲ 2.5%-€8.4mbelow the sector's middle half▼ 59.5%€32.1mabove the sector's middle half€28.4mabove the sector's middle half▼ 11.6%
Solvency39.7%within the sector's middle half▼ 30.2pp28.1%within the sector's middle half▼ 11.6pp83.1%above the sector's middle half▲ 55.0pp95.1%above the sector's middle half▲ 12.0pp94.7%above the sector's middle half▼ 0.4pp
Current ratio0.09below the sector's middle half▲ 0.080.44within the sector's middle half▲ 0.340.37within the sector's middle half▼ 0.074.65above the sector's middle half▲ 4.283.82above the sector's middle half▼ 0.83
Return on assets (ROA)-0.1%below the sector's middle half▼ 0.7pp-1.8%below the sector's middle half▼ 1.6pp-0.9%below the sector's middle half▲ 0.8pp-0.1%below the sector's middle half▲ 0.8pp0.7%within the sector's middle half▲ 0.8pp
Staff (FTE)0.7within the sector's middle half1.6above the sector's middle half▲ 129%2.4within the sector's middle half▲ 50.0%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €801,361 in 2025 against €317,571 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 €230.9m
Fixed assets
€192.5m ▲ 2.6%
Current assets
€38.4m ▼ 6.0%
Equity and liabilities €230.9m
Equity
€218.8m ▲ 0.7%
Debt
€12.2m ▲ 8.7%
Debt's share of the balance-sheet total rises from 4.9% to 5.3%. Equity and debt are higher.
Key figures and ratios
ROE
0.7%▲
2024 · -0.1%
Debt ≤ 1 year
€10.1m▲
2024 · €8.8m
Debt > 1 year
€1.7m▼
2024 · €1.9m
Income taxes
-€8,407▼
2024 · €37,074
Staff costs
€233,715▲
2024 · €126,423
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €84,293 | €126,423 | €233,715 | ▲ 84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €4,394 | €10,583 | €22,465 | ▲ 112% |
| Other operating charges640/8 | €979 | €980 | €139,017 | €83,372 | €126,480 | ▲ 51.7% |
| Gross operating margin9900 | €39,128 | -€62,269 | -€174,660 | -€97,193 | -€418,702 | ▼ 331% |
| Operating profit (loss)9901 | €38,149 | -€63,249 | -€402,364 | -€317,571 | -€801,361 | ▼ 152% |
| Financial income75/76B | €1 | €64 | €5,072 | €584,254 | €2.9m | ▲ 390% |
| Recurring financial income75 | €1 | €64 | €5,072 | €584,254 | €2.9m | ▲ 390% |
| Financial charges65/66B | €50,148 | €171,033 | €407,975 | €541,240 | €513,361 | ▼ 5.2% |
| Recurring financial charges65 | €50,148 | €171,033 | €407,975 | €541,240 | €513,361 | ▼ 5.2% |
| Profit (loss) for the period before taxes9903 | -€11,998 | -€234,218 | -€805,267 | -€274,556 | €1.5m | ▲ 663% |
| Income taxes67/77 | €0 | €0 | €1 | €37,074 | -€8,407 | ▼ 123% |
| Profit (loss) for the period9904 | -€11,998 | -€234,218 | -€805,268 | -€311,630 | €1.6m | ▲ 599% |
| Profit (loss) for the period to be appropriated9905 | -€11,998 | -€234,218 | -€805,268 | -€311,630 | €1.6m | ▲ 599% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.0m | €13.3m | €86.5m | €228.5m | €230.9m | ▲ 1.1% |
| Fixed assets21/28 | €9.4m | €9.2m | €81.5m | €187.6m | €192.5m | ▲ 2.6% |
| Tangible fixed assets22/27 | €3.6m | €3.3m | €6.7m | €35.2m | €38.1m | ▲ 8.3% |
| Plant, machinery and equipment23 | - | - | €33,180 | €29,740 | €26,301 | ▼ 11.6% |
| Furniture and vehicles24 | - | €3,304 | €13,876 | €30,636 | €80,364 | ▲ 162% |
| Leasing and similar rights25 | - | - | €1.6m | €3.2m | €3.3m | ▲ 5.5% |
| Other tangible fixed assets26 | €3.3m | €3.3m | €4.0m | €29.8m | €29.7m | ▼ 0.4% |
| Assets under construction and advance payments27 | €250,000 | - | €1.1m | €2.1m | €4.9m | ▲ 133% |
| Financial fixed assets28 | €5.9m | €5.9m | €74.8m | €152.4m | €154.5m | ▲ 1.3% |
| Current assets29/58 | €546,075 | €4.1m | €5.0m | €40.9m | €38.4m | ▼ 6.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €1.7m | - |
| Other amounts receivable291 | - | - | - | - | €1.7m | - |
| Stocks and contracts in progress3 | - | - | - | €276,957 | €276,957 | = |
| Stocks30/36 | - | - | - | €276,957 | €276,957 | = |
| Amounts receivable within one year40/41 | €520,164 | €4.0m | €5.0m | €19.8m | €20.7m | ▲ 4.5% |
| Trade receivables40 | €57,600 | - | €2,674 | €159,417 | €287,661 | ▲ 80.4% |
| Other amounts receivable41 | €462,564 | €4.0m | €4.9m | €19.6m | €20.4m | ▲ 3.9% |
| Current investments50/53 | - | - | - | €17.1m | €11.6m | ▼ 32.3% |
| Cash at bank and in hand54/58 | €25,912 | €51,707 | €6,537 | €2.8m | €3.6m | ▲ 28.6% |
| Deferred charges and accrued income490/1 | - | €107 | €4,994 | €939,578 | €567,107 | ▼ 39.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.0m | €13.3m | €86.5m | €228.5m | €230.9m | ▲ 1.1% |
| Equity10/15 | €4.0m | €3.7m | €71.8m | €217.3m | €218.8m | ▲ 0.7% |
| Contributions10/11 | €1.7m | €1.7m | €70.6m | €71.3m | €71.3m | = |
| Capital10 | €1.7m | €1.7m | €70.6m | €71.3m | €71.3m | = |
| Issued capital100 | €1.7m | €1.7m | €70.6m | €71.3m | €71.3m | = |
| Reserves13 | €171,374 | €171,374 | €171,374 | €345,535 | €7.2m | ▲ 1,986% |
| Non-distributable reserves130/1 | €171,374 | €171,374 | €171,374 | €264,674 | €7.1m | ▲ 2,592% |
| Legal reserve130 | €171,374 | €171,374 | €171,374 | €264,674 | €7.1m | ▲ 2,592% |
| Distributable reserves133 | - | - | - | €80,860 | €80,860 | = |
| Profit (loss) carried forward14 | €2.1m | €1.8m | €1.0m | €145.7m | €140.3m | ▼ 3.7% |
| Amounts payable17/49 | €6.0m | €9.6m | €14.6m | €11.2m | €12.2m | ▲ 8.7% |
| Amounts payable after more than one year17 | - | - | €818,203 | €1.9m | €1.7m | ▼ 10.7% |
| Financial debts170/4 | - | - | €818,203 | €1.9m | €1.7m | ▼ 10.7% |
| Amounts payable within one year42/48 | €6.0m | €9.4m | €13.4m | €8.8m | €10.1m | ▲ 14.5% |
| Current portion of amounts payable after more than one year42 | - | - | €168,405 | €442,579 | €415,382 | ▼ 6.1% |
| Financial debts43 | - | - | - | €4.0m | €6.6m | ▲ 65.0% |
| Credit institutions430/8 | - | - | - | €4.0m | €6.6m | ▲ 65.0% |
| Trade debts44 | €10,494 | €52,547 | €42,570 | €223,775 | €191,943 | ▼ 14.2% |
| Suppliers440/4 | €10,494 | €52,547 | €42,570 | €223,775 | €191,943 | ▼ 14.2% |
| Taxes, remuneration and social security45 | - | - | €14,817 | €90,307 | €32,475 | ▼ 64.0% |
| Taxes450/3 | - | - | - | €76,635 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | €14,817 | €13,672 | €32,475 | ▲ 138% |
| Other amounts payable47/48 | €6.0m | €9.3m | €13.2m | €4.0m | €2.8m | ▼ 30.1% |
| Accrued charges and deferred income492/3 | €49,668 | €170,618 | €396,196 | €483,507 | €393,307 | ▼ 18.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,998 | -€234,218 | -€805,268 | -€311,630 | €1.6m | ▲ 599% |
| + Depreciation and write-downs630 | - | - | €4,394 | €10,583 | €22,465 | ▲ 112% |
| Operating cash flow (approximation) | -€11,998 | -€234,218 | -€800,874 | -€301,047 | €1.6m | ▲ 624% |
| Investment in fixed assets (approximation) | - | €248,301 | -€72.3m | -€106.1m | -€5.0m | ▲ 95.3% |
| Change in cash | - | €25,795 | -€45,170 | €2.8m | €809,784 | ▼ 71.3% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
28-05
State Gazette act
Resignations: STEENHOUT, Véronique Santens and CHEZVALAppointments: STEENHOUT, Alexandra De Clerck and 5 others · Permanent representatives: Valérie De Clerck, Maxime De Clerck and 3 others · Statutes amendment21 facts ▸
State Gazette act
Resignations: STEENHOUT, Véronique Santens and CHEZVAL
Appointments: STEENHOUT, Alexandra De Clerck and 5 others · Permanent representatives: Valérie De Clerck, Maxime De Clerck and 3 others · Statutes amendment21 facts ▸
- General meeting, 26-05-2026
- Other statement, algemene vergadering, intern reglement
- Director resignation, STEENHOUT (director)
- Director resignation, Véronique Santens (director)
- Director resignation, CHEZVAL (director)
- Director appointment, STEENHOUT (director)
- Director appointment, Alexandra De Clerck (director)
- Director appointment, CHEZVAL (director)
- Permanent representative, Valérie De Clerck (permanent representative)
- Director appointment, MANAMAX (director)
- Permanent representative, Maxime De Clerck (permanent representative)
- Director appointment, CHARLINVEST (director)
- +9 further facts in this act
2025
31-12
Financial
Back to profitnet €1.6m
Net result €1.6m after 4 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Liquidity times 13current ratio 4.65
Current ratio from 0.37 to 4.65; short-term debt falls from €13.4m to €8.8m.
31-12
Financial
Equity above €100mEq €217.3m ▲202%
Equity rises from €71.8m to €217.3m.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet -€805,268
Net result drops to -€805,268, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €50mEq €71.8m ▲1,824%
Equity rises from €3.7m to €71.8m.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €15,836
Net result €15,836 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-07
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.
1 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 1 has been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26333006). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 4
Alexandra De Clerck
CurrentDirector · since 26-05-2026
Charlinvest
CurrentDirector · since 26-05-2026 · Private limited company · perm. rep.: Charlotte De Clerck
MABETH
CurrentDirector · since 26-05-2026 · Private limited company · perm. rep.: Elisabeth De Clerck
ManaMax
CurrentDirector · since 26-05-2026 · Private limited company · perm. rep.: Maxime De Clerck
Day-to-day management 2
Dominiek DE CLERCK
CurrentManaging director · since 26-05-2026
ManaMax
CurrentManaging director · since 26-05-2026 · Private limited company · perm. rep.: Maxime De Clerck
Permanent representatives 3
Charlotte De Clerck
CurrentPermanent representative · since 26-05-2026 · for Charlinvest
Elisabeth De Clerck
CurrentPermanent representative · since 26-05-2026 · for MABETH
Maxime De Clerck
CurrentPermanent representative · since 26-05-2026 · for ManaMax
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
10 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1998
Ground area
624 m²
Building footprint
306 m²
Volume, LiDAR
4,985 m³
Parcel 44815F1349/00F000, Flanders · tallest building 22.6 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Korenlei 17-19, 9000 Gent
since 19982.085.458.131
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44815F1349/00F000 | Flanders | 624 m² | 1 · 306 m² | 22.6 m · 6 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
8 people since 2026, 5 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Alexandra De Clerck |
|
| Charlinvest |
|
| MABETH |
|
| ManaMax |
|
| Dominiek DE CLERCK |
|
| CHEZVAL |
|
| STEENHOUT |
|
| Véronique Santens |
|
Articles of association
Statutes amendment
Board rule
Raad kan voorzitter benoemen onder leden, raad van bestuur
Other statement
België of buitenland zoals oproeping, bijeenkomsten,beraadslaging en besluitvorming raad van bestuur
Bestuursbevoegdheid en dagelijks bestuur, meest uitgebreide macht voor handelingen nodig of dienstig voor voorwerp
Structure & network
Owners and holdings
5 holdings · 5 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 5
-
100%
-
100%
- TER LEMBEEK INTERNATIONALsubsidiaryEquity €48.5mResult €570,342100%
-
94.44%
-
13.16%
All subsidiaries, including indirect ones 5
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- CEFIMA 100%
- IMMO DESAN 100%
TER LEMBEEK INTERNATIONAL 100%1 subsidiary
- IMMOWILLCO 100%
- STEENHOUT 94.44%
According to the 2025 annual accounts of BERCOFIN and those 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
5 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
Recognitions · licences · registrations
Legal Entity Identifier
89450000B6RB8P4NT648
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Identification & contact
Identification
Legal formPublic limited company
Founded30-12-1997
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462301901
Also
9925:BE0462301901
Registered
22-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.