Equity
€864,581 from €2.6m in 2011
Equity fell by 66% in 14 years.
CADFIN
Lifetime
20 annual accounts with figures on one time axis, 39 filings since 1987peak €1.5m (2006)
€137,881▲ 67.4%
lowest -€496,595 (2012)
-€70,104▲ €42,678
peak €2.6m (2011)
€864,581▼ 7.5%
€3.5m▼ 5.1%
peak 23.1 FTE (2007)
0 FTE
Board3 names since 2020
3 directorsCADUS and 2 others
Owners
99.99%CADUS
Documentsfilings and deeds
29-07-20262 days before the deadline
2025financial year
Gross margin from €82,376 to €137,881Loss of €70,104Cash from €11,165 to €2,342
Key points
from the 2025 annual accountsChecked score
87
Excellent
Financially stronger than 31% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,998 companies (NACE 68, small).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025lowest value
09-2025: 0.1%● unchanged vs 08-2025lowest value
10-2025: 0.1%● unchanged vs 09-2025lowest value
11-2025: 0.1%● unchanged vs 10-2025lowest value
12-2025: 0.1%● unchanged vs 11-2025lowest value
01-2026: 0.1%● unchanged vs 12-2025lowest value
02-2026: 0.1%● unchanged vs 01-2026lowest value
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 2.44, cash €2,342, halved
Equity €864,581 (16.9% of total assets)
lowers risk
Size: total assets €5.1m
Founded in 1987
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 37% of them on solvency, 42% on liquidity, 20% on profitability and 25% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,507 companies had the same profile as CADFIN has now. Each dot stands for 7 companies, two years later.
96.4%
were still trading
1.8%
stopped another way
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CADFIN itself is lower: 0.2% within 12 months. It rests on far more data about CADFIN than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,507 companies, not a prediction for CADFIN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €75,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.44 (2.37 in 2024), above the usual 1.5. Short-term debt is 17.7% and cash 0% of total assets. However, 83.1% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€70,104
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 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 days early
2024
9 days early
2023
44 days early
2022
61 days early
2021
61 days early
2020
59 days early
2019
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 18 June (4 of the last 5 accounts filed within 34 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0430565677
First establishment
Kustlaan 81/21, Knokke-Heist
Incorporation
published on 20-03-1987 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CADFIN Knokke-Heist | €5.1m | €137,881 | 16.9% | 0 |
| GILCOTRANS Knokke-Heist | €4.7m | €119,033 | 94.5% | 0 |
| E. INVEST Brussels | €4.5m | €162,664 | 66.6% | 0 |
| DIRA CONSULT Zwevegem | €6.2m | €125,569 | -5.5% | 0 |
| FILCHRIS Nieuwerkerken (Limb.) | €3.9m | €158,063 | 67.0% | 0 |
| CORTILI Sint-Lievens-Houtem | €4.5m | €140,485 | 91.4% | 0 |
| H.J.N. VOLLENBERG SPORTTRANS BEHEER Maaseik | €4.8m | €171,944 | 43.5% | 0 |
These companies have the same main activity as CADFIN: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €3.9m and €6.2m, founded between 1989 and 2001.
Official details
Source: KBO- Status
- Active since 20-02-1987Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 1 other
- Establishment unit
- 2.032.225.1258300 Knokke-Heist, since 23-04-1987
- Financial year end
- 31 December
- Peppol
- Reachable since 10-09-2025
Annual accounts 2025
- ≈ €190,000estimated
- €5.1m▼ 6.0%
- Filing
- Filed on 29-07-2026, 2 days before the end of the filing period
Insights on CADFIN
CADFIN has existed since 1987. The gross margin fell from €362,624 in 2020 to €62,339 in 2021.
CADUS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CADFIN
- What is the company number of CADFIN?
- The company number of CADFIN is 0430.565.677. The VAT number is the same number with BE in front: BE 0430.565.677.
- Where is CADFIN based?
- The registered office is at Kustlaan 81, 8300 Knokke-Heist.Company details
- What does CADFIN do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of CADFIN?
- CADFIN is a public limited company (NV).
- When was CADFIN founded?
- CADFIN was founded on 20-02-1987.
- Is CADFIN still active?
- Yes, CADFIN is an active enterprise in the KBO register.
- What is the turnover of CADFIN?
- The turnover in financial year 2025 is ≈ €190,000. This figure is estimated from the gross margin of €137,881 and 37 comparable companies (NACE 68203). It probably lies between €150,000 and €290,000.Financials
- Is CADFIN profitable?
- In financial year 2025, CADFIN made a loss of €70,104.
- Where can I find the annual accounts of CADFIN?
- CADFIN filed 39 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CADFIN due?
- CADFIN must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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